Document:

EX-4.2

 Exhibit 4.2 
  

 
 DEPOSIT AGREEMENT 

 
  

by and among 
 MEREO BIOPHARMA
GROUP PLC 
 and 

CITIBANK, N.A., 
 as
Depositary, 
 and 
 ALL
HOLDERS AND BENEFICIAL OWNERS OF 
 AMERICAN DEPOSITARY SHARES 

ISSUED HEREUNDER 
  

 
 Dated as of [DATE], 2019 

 TABLE OF CONTENTS 
  

							
	 ARTICLE I
	  		  			
		
	 DEFINITIONS
	  	 	1	 
	 Section 1.1
	  	“ADS Record Date”	  	 	1	 
	 Section 1.2
	  	“Affiliate”	  	 	1	 
	 Section 1.3
	  	“American Depositary Receipt(s)”, “ADR(s)” and “Receipt(s)”	  	 	1	 
	 Section 1.4
	  	“American Depositary Share(s)” and “ADS(s)”	  	 	2	 
	 Section 1.5
	  	“Applicant”	  	 	2	 
	 Section 1.6
	  	“Articles of Association”	  	 	2	 
	 Section 1.7
	  	“Beneficial Owner”	  	 	2	 
	 Section 1.8
	  	“Certificated ADS(s)”	  	 	3	 
	 Section 1.9
	  	“Citibank”	  	 	3	 
	 Section 1.10
	  	“Commission”	  	 	3	 
	 Section 1.11
	  	“Company”	  	 	3	 
	 Section 1.12
	  	“CREST”	  	 	3	 
	 Section 1.13
	  	“Custodian”	  	 	3	 
	 Section 1.14
	  	“Deliver” and “Delivery”	  	 	3	 
	 Section 1.15
	  	“Deposit Agreement”	  	 	4	 
	 Section 1.16
	  	“Depositary”	  	 	4	 
	 Section 1.17
	  	“Deposited Property”	  	 	4	 
	 Section 1.18
	  	“Deposited Securities”	  	 	4	 
	 Section 1.19
	  	“Dollars” and “$”	  	 	4	 
	 Section 1.20
	  	“DTC”	  	 	4	 
	 Section 1.21
	  	“DTC Participant”	  	 	4	 
	 Section 1.22
	  	“Exchange Act”	  	 	4	 
	 Section 1.23
	  	“Foreign Currency”	  	 	4	 
	 Section 1.24
	  	“Full Entitlement ADR(s)”, “Full Entitlement ADS(s)” and “Full Entitlement Share(s)”	  	 	5	 
	 Section 1.25
	  	“Holder(s)”	  	 	5	 
	 Section 1.26
	  	“Partial Entitlement ADR(s)”, “Partial Entitlement ADS(s)” and “Partial Entitlement Share(s)”	  	 	5	 
	 Section 1.27
	  	“Pounds”, “Pence” and “£”	  	 	5	 
	 Section 1.28
	  	“Principal Office”	  	 	5	 
	 Section 1.29
	  	“Registrar”	  	 	5	 
	 Section 1.30
	  	“Restricted Securities”	  	 	5	 
	 Section 1.31
	  	“Restricted ADR(s)”, “Restricted ADS(s)” and “Restricted Shares”	  	 	5	 
	 Section 1.32
	  	“Securities Act”	  	 	6	 
	 Section 1.33
	  	“Share Registrar”	  	 	6	 
	 Section 1.34
	  	“Shares”	  	 	6	 
	 Section 1.35
	  	“Uncertificated ADS(s)”	  	 	6	 
	 Section 1.36
	  	“United States” and “U.S.”	  	 	6	 

  
 i 

							
		
	 ARTICLE II
	  			
		
	 APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS;
	  			
	 DEPOSIT OF SHARES; EXECUTION AND
	  			
	 DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS
	  	 	6	 
	 Section 2.1
	  	Appointment of Depositary	  	 	6	 
	 Section 2.2
	  	Form and Transferability of ADSs	  	 	7	 
	 Section 2.3
	  	Deposit of Shares	  	 	8	 
	 Section 2.4
	  	Registration and Safekeeping of Deposited Securities	  	 	9	 
	 Section 2.5
	  	Issuance of ADSs	  	 	10	 
	 Section 2.6
	  	Transfer, Combination and Split-up of ADRs	  	 	11	 
	 Section 2.7
	  	Surrender of ADSs and Withdrawal of Deposited Securities	  	 	11	 
	 Section 2.8
	  	Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc.	  	 	12	 
	 Section 2.9
	  	Lost ADRs, etc.	  	 	13	 
	 Section 2.10
	  	Cancellation and Destruction of Surrendered ADRs; Maintenance of Records	  	 	13	 
	 Section 2.11
	  	Escheatment	  	 	14	 
	 Section 2.12
	  	Partial Entitlement ADSs	  	 	14	 
	 Section 2.13
	  	Certificated/Uncertificated ADSs	  	 	14	 
	 Section 2.14
	  	Restricted ADSs	  	 	16	 
		
	 ARTICLE III
	  			
		
	 CERTAIN OBLIGATIONS OF HOLDERS
	  			
	 AND BENEFICIAL OWNERS OF ADSs
	  	 	17	 
	 Section 3.1
	  	Proofs, Certificates and Other Information	  	 	17	 
	 Section 3.2
	  	Liability for Taxes and Other Charges	  	 	18	 
	 Section 3.3
	  	Representations and Warranties on Deposit of Shares	  	 	18	 
	 Section 3.4
	  	Compliance with Information Requests	  	 	19	 
	 Section 3.5
	  	Ownership Restrictions	  	 	19	 
	 Section 3.6
	  	Reporting Obligations and Regulatory Approvals	  	 	19	 
		
	 ARTICLE IV
	  			
		
	 THE DEPOSITED SECURITIES
	  	 	20	 
	 Section 4.1
	  	Cash Distributions	  	 	20	 
	 Section 4.2
	  	Distribution in Shares	  	 	21	 
	 Section 4.3
	  	Elective Distributions in Cash or Shares	  	 	22	 
	 Section 4.4
	  	Distribution of Rights to Purchase Additional ADSs	  	 	22	 
	 Section 4.5
	  	Distributions Other Than Cash, Shares or Rights to Purchase Shares	  	 	24	 
	 Section 4.6
	  	Distributions with Respect to Deposited Securities in Bearer Form	  	 	25	 
	 Section 4.7
	  	Redemption	  	 	25	 
	 Section 4.8
	  	Conversion of Foreign Currency	  	 	26	 
	 Section 4.9
	  	Fixing of ADS Record Date	  	 	27	 
	 Section 4.10
	  	Voting of Deposited Securities	  	 	27	 
	 Section 4.11
	  	Changes Affecting Deposited Securities	  	 	29	 

  
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	 Section 4.12
	  	Available Information	  	 	30	 
	 Section 4.13
	  	Reports	  	 	30	 
	 Section 4.14
	  	List of Holders	  	 	30	 
	 Section 4.15
	  	Taxation	  	 	30	 
		
	 ARTICLE V
	  			
		
	 THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY
	  	 	31	 
	 Section 5.1
	  	Maintenance of Office and Transfer Books by the Registrar	  	 	31	 
	 Section 5.2
	  	Exoneration	  	 	32	 
	 Section 5.3
	  	Standard of Care	  	 	33	 
	 Section 5.4
	  	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	 	34	 
	 Section 5.5
	  	The Custodian	  	 	34	 
	 Section 5.6
	  	Notices and Reports	  	 	35	 
	 Section 5.7
	  	Issuance of Additional Shares, ADSs etc.	  	 	36	 
	 Section 5.8
	  	Indemnification	  	 	37	 
	 Section 5.9
	  	ADS Fees and Charges	  	 	37	 
	 Section 5.10
	  	Restricted Securities Owners	  	 	39	 
		
	 ARTICLE VI
	  			
		
	 AMENDMENT AND TERMINATION
	  	 	39	 
	 Section 6.1
	  	Amendment/Supplement	  	 	39	 
	 Section 6.2
	  	Termination	  	 	40	 
		
	 ARTICLE VII
	  			
		
	 MISCELLANEOUS
	  	 	41	 
	 Section 7.1
	  	Counterparts	  	 	41	 
	 Section 7.2
	  	No Third-Party Beneficiaries	  	 	41	 
	 Section 7.3
	  	Severability	  	 	42	 
	 Section 7.4
	  	Holders and Beneficial Owners as Parties; Binding Effect	  	 	42	 
	 Section 7.5
	  	Notices	  	 	42	 
	 Section 7.6
	  	Governing Law and Jurisdiction	  	 	43	 
	 Section 7.7
	  	Assignment	  	 	44	 
	 Section 7.8
	  	Compliance with, and No Disclaimer under, U.S. Securities Laws	  	 	45	 
	 Section 7.9
	  	England and Wales Law References	  	 	45	 
	 Section 7.10
	  	Titles and References	  	 	45	 
			
	 EXHIBITS
	  		  			
			
		  	 Form of ADR
	  	 	A-1	 
		  	 Fee Schedule
	  	 	B-1	 

  
 iii 

 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT, dated as of [DATE], 2019, by and among (i) Mereo BioPharma Group plc, a public limited company incorporated
under the laws of England and Wales and its successors (the “Company”), (ii) CITIBANK, N.A., a national banking association organized under the laws of the United States of America (“Citibank”) acting in its
capacity as depositary, and any successor depositary hereunder (Citibank in such capacity, the “Depositary”), and (iii) all Holders and Beneficial Owners of American Depositary Shares issued hereunder (all such capitalized
terms as hereinafter defined). 
 W I T N E S S E T H    T H A T: 

WHEREAS, the Company desires to establish with the Depositary an ADR facility to provide for the deposit of the Shares (as hereinafter
defined) and the creation of American Depositary Shares representing the Shares so deposited and for the execution and Delivery (as hereinafter defined) of American Depositary Receipts (as hereinafter defined) evidencing such American Depositary
Shares; and 
 WHEREAS, the Depositary is willing to act as the Depositary for such ADR facility upon the terms set forth in the
Deposit Agreement (as hereinafter defined); and 
 WHEREAS, any American Depositary Receipts issued pursuant to the terms of the
Deposit Agreement are to be substantially in the form of Exhibit A attached hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in the Deposit Agreement. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows: 
 ARTICLE I 

DEFINITIONS 
 All
capitalized terms used, but not otherwise defined, herein shall have the meanings set forth below, unless otherwise clearly indicated: 

Section 1.1    “ADS Record Date” shall have the meaning given to such term in
Section 4.9. 
 Section 1.2    “Affiliate” shall have the meaning assigned to such
term by the Commission (as hereinafter defined) under Regulation C promulgated under the Securities Act (as hereinafter defined), or under any successor regulation thereto. 

Section 1.3    “American Depositary Receipt(s)”, “ADR(s)” and
“Receipt(s)” shall mean the certificate(s) issued by the Depositary to evidence the American Depositary Shares issued under the terms of the Deposit Agreement in the form of Certificated ADS(s) (as 

 
hereinafter defined), as such ADRs may be amended from time to time in accordance with the provisions of the Deposit Agreement. An ADR may evidence any number of ADSs and will, in the case of
ADSs held through a central depository such as DTC and notwithstanding any other provision of this Agreement, be in the form of a “Balance Certificate.” 

Section 1.4    “American Depositary Share(s)” and “ADS(s)” shall mean the rights
and interests in the Deposited Property (as hereinafter defined) granted to the Holders and Beneficial Owners pursuant to the terms and conditions of the Deposit Agreement and, if issued as Certificated ADS(s) (as hereinafter defined), the
ADR(s) issued to evidence such ADSs. ADS(s) may be issued under the terms of the Deposit Agreement in the form of (a) Certificated ADS(s) (as hereinafter defined), in which case the ADS(s) are evidenced by ADR(s), or (b) Uncertificated
ADS(s) (as hereinafter defined), in which case the ADS(s) are not evidenced by ADR(s) but are reflected on the direct registration system maintained by the Depositary for such purposes under the terms of Section 2.13. Unless otherwise specified
in the Deposit Agreement or in any ADR, or unless the context otherwise requires, any reference to ADS(s) shall include Certificated ADS(s) and Uncertificated ADS(s), individually or collectively, as the context may require. Each ADS shall
represent the right to receive, and to exercise the beneficial ownership interests in, the number of Shares specified in the form of ADR attached hereto as Exhibit A (as amended from time to time) that are on deposit with the
Depositary and/or the Custodian, subject, in each case, to the terms and conditions of the Deposit Agreement and the applicable ADR (if issued as a Certificated ADS), until there shall occur a distribution upon Deposited Securities referred to in
Section 4.2 or a change in Deposited Securities referred to in Section 4.11 with respect to which additional ADSs are not issued, and thereafter each ADS shall represent the right to receive, and to exercise the beneficial ownership
interests in, the applicable Deposited Property on deposit with the Depositary and the Custodian determined in accordance with the terms of such Sections, subject, in each case, to the terms and conditions of the Deposit Agreement and the applicable
ADR (if issued as a Certificated ADS). In addition, the ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and VI of the Deposit Agreement
(which may give rise to Depositary fees). 
 Section 1.5    “Applicant” shall have the
meaning given to such term in Section 5.10. 
 Section 1.6    “Articles of
Association” shall mean the Articles of Association of the Company, as amended and restated from time to time. 

Section 1.7    “Beneficial Owner” shall mean, as to any ADS, any person or entity having a
beneficial interest deriving from the ownership of such ADS. Notwithstanding anything else contained in the Deposit Agreement, any ADR(s) or any other instruments or agreements relating to the ADSs and the corresponding Deposited Property, the
Depositary, the Custodian and their respective nominees are intended to be, and shall at all times during the term of the Deposit Agreement be, the record holders only of the Deposited Property represented by the ADSs for the benefit of the Holders
and Beneficial Owners of the corresponding ADSs. The Depositary, on its own behalf and on behalf of the Custodian and their respective nominees, disclaims any beneficial ownership interest in the Deposited Property held on behalf of the Holders and
Beneficial Owners of ADSs. The beneficial ownership interests in the Deposited Property are intended to be, and shall at all times during the term of the Deposit Agreement continue to be, vested in the Beneficial Owners of the ADSs representing the
Deposited 

  
 2 

 
Property. The beneficial ownership interests in the Deposited Property shall, unless otherwise agreed by the Depositary, be exercisable by the Beneficial Owners of the ADSs only through the
Holders of such ADSs, by the Holders of the ADSs (on behalf of the applicable Beneficial Owners) only through the Depositary, and by the Depositary (on behalf of the Holders and Beneficial Owners of the corresponding ADSs) directly, or indirectly
through the Custodian or their respective nominees, in each case upon the terms of the Deposit Agreement and, if applicable, the terms of the ADR(s) evidencing the ADSs. A Beneficial Owner of ADSs may or may not be the Holder of such ADSs. A
Beneficial Owner shall be able to exercise any right or receive any benefit hereunder solely through the person who is the Holder of the ADSs owned by such Beneficial Owner. Unless otherwise identified to the Depositary, a Holder shall be deemed to
be the Beneficial Owner of all the ADSs registered in his/her/its name. The manner in which a Beneficial Owner holds ADSs (e.g., in a brokerage account vs. as registered holder) may affect the rights and obligations of, the manner in which,
and the extent to which, services are made available to, Beneficial Owners pursuant to the terms of the Deposit Agreement.  

Section 1.8    “Certificated ADS(s)” shall have the meaning set forth in Section 2.13.

 Section 1.9    “Citibank” shall mean Citibank, N.A., a national banking association
organized under the laws of the United States of America, and its successors. 

Section 1.10    “Commission” shall mean the Securities and Exchange Commission of the United
States or any successor governmental agency thereto in the United States. 

Section 1.11    “Company” shall mean Mereo BioPharma Group plc, a public limited company
incorporated under the laws of England and Wales, and its successors. 

Section 1.12    “CREST” shall mean the system for the paperless settlement of trades in
securities and the holding of uncertificated securities operated by Euroclear UK & Ireland Limited in accordance with the Uncertificated Securities Regulations 2001 (SI 2001 No. 3755), as amended from time to time, or any successor
thereto. 
 Section 1.13    “Custodian” shall mean (i) as of the date hereof, Citibank
N.A., London Branch, having its principal office at 25 Canada Square, Canary Wharf, London, E14 5LB, United Kingdom, as the custodian of Deposited Property for the purposes of the Deposit Agreement, (ii) Citibank, N.A., acting as custodian of
Deposited Property pursuant to the Deposit Agreement, and (iii) any other entity that may be appointed by the Depositary pursuant to the terms of Section 5.5 as successor, substitute or additional custodian hereunder. The term
“Custodian” shall mean any Custodian individually or all Custodians collectively, as the context requires. 

Section 1.14    “Deliver” and “Delivery” shall mean (x) when used in
respect of Shares and other Deposited Securities, either (i) the physical delivery of the certificate(s) representing such securities, or (ii) the book-entry transfer and recordation of such securities on the books of the Share
Registrar (as hereinafter defined) or in the book-entry settlement of CREST, and (y) when used in respect of ADSs, either (i) the physical delivery of ADR(s) evidencing the ADSs, or (ii) the book-entry transfer and recordation
of ADSs on the books of the Depositary or any book-entry settlement system in which the ADSs are settlement-eligible. 

  
 3 

 Section 1.15    “Deposit Agreement” shall
mean this Deposit Agreement and all exhibits hereto, as the same may from time to time be amended and supplemented from time to time in accordance with the terms of the Deposit Agreement. 

Section 1.16    “Depositary” shall mean Citibank, N.A., a national banking association
organized under the laws of the United States, in its capacity as depositary under the terms of the Deposit Agreement, and any successor depositary hereunder. 

Section 1.17    “Deposited Property” shall mean the Deposited Securities and any cash and
other property held on deposit by the Depositary and the Custodian in respect of the ADSs under the terms of the Deposit Agreement, subject, in the case of cash, to the provisions of Section 4.8. All Deposited Property shall be held by the
Custodian, the Depositary and their respective nominees for the benefit of the Holders and Beneficial Owners of the ADSs representing the Deposited Property. The Deposited Property is not intended to, and shall not, constitute proprietary assets of
the Depositary, the Custodian or their nominees. Beneficial ownership in the Deposited Property is intended to be, and shall at all times during the term of the Deposit Agreement continue to be, vested in the Beneficial Owners of the ADSs
representing the Deposited Property. 
 Section 1.18    “Deposited Securities” shall mean
the Shares and any other securities held on deposit by the Custodian from time to time in respect of the ADSs under the Deposit Agreement and constituting Deposited Property. 

Section 1.19    “Dollars” and “$” shall refer to the lawful currency of the United
States. 
 Section 1.20    “DTC” shall mean The Depository Trust Company, a national
clearinghouse and the central book-entry settlement system for securities traded in the United States and, as such, the custodian for the securities of DTC Participants (as hereinafter defined) maintained in DTC, and any successor thereto. 

Section 1.21    “DTC Participant” shall mean any financial institution (or any nominee of
such institution) having one or more participant accounts with DTC for receiving, holding and delivering the securities and cash held in DTC. A DTC Participant may or may not be a Beneficial Owner. If a DTC Participant is not the Beneficial Owner of
the ADSs credited to its account at DTC, or of the ADSs in respect of which the DTC Participant is otherwise acting, such DTC Participant shall be deemed, for all purposes hereunder, to have all requisite authority to act on behalf of the Beneficial
Owner(s) of the ADSs credited to its account at DTC or in respect of which the DTC Participant is so acting. A DTC Participant, upon acceptance in any one of its DTC accounts of any ADSs (or any interest therein) issued in accordance with the terms
and conditions of the Deposit Agreement, shall (notwithstanding any explicit or implicit disclosure that it may be acting on behalf of another party) be deemed for all purposes to be a party to, and bound by, the terms of the Deposit Agreement and
the applicable ADR(s) to the same extent as, and as if the DTC Participant were, the Holder of such ADSs. 

Section 1.22    “Exchange Act” shall mean the United States Securities Exchange Act of 1934,
as amended from time to time. 
 Section 1.23    “Foreign Currency” shall mean any currency
other than Dollars. 

  
 4 

 Section 1.24    “Full Entitlement ADR(s)”,
“Full Entitlement ADS(s)” and “Full Entitlement Share(s)” shall have the respective meanings set forth in Section 2.12. 

Section 1.25    “Holder(s)” shall mean the person(s) in whose name the ADSs are registered on
the books of the Depositary (or the Registrar, if any) maintained for such purpose. A Holder may or may not be a Beneficial Owner. If a Holder is not the Beneficial Owner of the ADS(s) registered in its name, such person shall be deemed, for all
purposes hereunder, to have all requisite authority to act on behalf of the Beneficial Owners of the ADSs registered in its name. The manner in which a Holder holds ADSs (e.g., in certificated vs. uncertificated form) may affect the rights and
obligations of, and the manner in which the services are made available to, Holders pursuant to the terms of the Deposit Agreement. 

Section 1.26    “Partial Entitlement ADR(s)”, “Partial Entitlement ADS(s)” and
“Partial Entitlement Share(s)” shall have the respective meanings set forth in Section 2.12. 

Section 1.27    “Pounds”, “Pence” and “£” shall refer to the
lawful currency of England. 
 Section 1.28     “Principal Office” shall mean, when
used with respect to the Depositary, the principal office of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of the Deposit Agreement, is located at 388 Greenwich Street, New
York, New York 10013, U.S.A. 
 Section 1.29    “Registrar” shall mean the
Depositary or any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to register issuances, transfers and cancellations of ADSs as herein provided, and shall include
any co-registrar appointed by the Depositary for such purposes. Registrars (other than the Depositary) may be removed and substitutes appointed by the Depositary. Each Registrar (other than the Depositary)
appointed pursuant to the Deposit Agreement shall be required to give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of the Deposit Agreement. 

Section 1.30    “Restricted Securities” shall mean Shares, Deposited Securities or
ADSs which (i) have been acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving any public offering and are subject to resale limitations under the Securities Act or the
rules issued thereunder, or (ii) are held by an executive officer or director (or persons performing similar functions) or other Affiliate of the Company, or (iii) are subject to other restrictions on sale or deposit under the laws of the
United States, England and Wales, or under a shareholder agreement or the Articles of Association of the Company or under the regulations of an applicable securities exchange unless, in each case, such Shares, Deposited Securities or ADSs are being
transferred or sold to persons other than an Affiliate of the Company in a transaction (a) covered by an effective resale registration statement, or (b) exempt from the registration requirements of the Securities Act (as hereinafter
defined), and the Shares, Deposited Securities or ADSs are not, when held by such person(s), Restricted Securities. 

Section 1.31    “Restricted ADR(s)”, “Restricted ADS(s)” and “Restricted
Shares” shall have the respective meanings set forth in Section 2.14. 

  
 5 

 Section 1.32    “Securities Act” shall mean
the United States Securities Act of 1933, as amended from time to time. 
 Section 1.33    “Share
Registrar” shall mean Link Asset Services (UK) Limited, a company registered in England and Wales under company number 03376447 and whose registered office is at 6th Floor, 65 Gresham Street, London, United Kingdom, EC2V 7NQ or any
other institution organized under the laws of England and Wales appointed by the Company from time to time to carry out the duties of registrar for the Shares, and any successor thereto. 

Section 1.34    “Shares” shall mean the Company’s ordinary shares, nominal value
£0.003 per share, validly issued and outstanding and fully paid and may, if the Depositary so agrees after consultation with the Company, include evidence of the right to receive Shares; provided that in no event shall Shares
include evidence of the right to receive Shares with respect to which the full purchase price has not been paid or Shares as to which preemptive rights have theretofore not been validly waived, disapplied or exercised; provided
further, however, that, if there shall occur any change in nominal value, split-up, consolidation, reclassification, exchange, conversion or any other event described in Section 4.11
in respect of the Shares of the Company, the term “Shares” shall thereafter, to the maximum extent permitted by law, represent the successor securities resulting from such event. 

Section 1.35    “Uncertificated ADS(s)” shall have the meaning set forth in
Section 2.13. 
 Section 1.36    “United States” and “U.S.” shall have the
meaning assigned to it in Regulation S as promulgated by the Commission under the Securities Act. 
 ARTICLE II 

APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; 

DEPOSIT OF SHARES; EXECUTION AND 

DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS 

Section 2.1    Appointment of Depositary. The Company hereby appoints the
Depositary as depositary for the Deposited Property and hereby authorizes and directs the Depositary to act in accordance with the terms and conditions set forth in the Deposit Agreement and the applicable ADRs. Each Holder and each Beneficial
Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and
the applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions
contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out
the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof. 

  
 6 

 Section 2.2    Form and Transferability of ADSs. 

(a)     Form. Certificated ADSs shall be evidenced by definitive ADRs which shall be engraved,
printed, lithographed or produced in such other manner as may be agreed upon by the Company and the Depositary. ADRs may be issued under the Deposit Agreement in denominations of any whole number of ADSs. The ADRs shall be substantially in the form
set forth in Exhibit A to the Deposit Agreement, with any appropriate insertions, modifications and omissions, in each case as otherwise contemplated in the Deposit Agreement or required by law. ADRs shall be
(i) dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the Depositary, (iii) countersigned by the manual or facsimile signature of a duly authorized signatory of the Registrar, and
(iv) registered in the books maintained by the Registrar for the registration of issuances and transfers of ADSs. No ADR and no Certificated ADS evidenced thereby shall be entitled to any benefits under the Deposit Agreement or be valid
or enforceable for any purpose against the Depositary or the Company, unless such ADR shall have been so dated, signed, countersigned and registered. ADRs bearing the facsimile signature of a duly-authorized signatory of the Depositary or the
Registrar, who at the time of signature was a duly-authorized signatory of the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the
Delivery of such ADR by the Depositary. The ADRs shall bear a CUSIP number that is different from any CUSIP number that was, is or may be assigned to any depositary receipts previously or subsequently issued pursuant to any other arrangement between
the Depositary (or any other depositary) and the Company and which are not ADRs outstanding hereunder. 

(b)    Legends. The ADRs may be endorsed with, or have incorporated in the text thereof, such
legends or recitals not inconsistent with the provisions of the Deposit Agreement as may be (i) necessary to enable the Depositary and the Company to perform their respective obligations hereunder, (ii) required to comply with any
applicable laws or regulations, or with the rules and regulations of any securities exchange or market upon which ADSs may be traded, listed or quoted, or to conform with any usage with respect thereto, (iii) necessary to indicate any special
limitations or restrictions to which any particular ADRs or ADSs are subject by reason of the date of issuance of the Deposited Securities or otherwise, or (iv) required by any book-entry system in which the ADSs are held. Holders and
Beneficial Owners shall be deemed, for all purposes, to have notice of, and to be bound by, the terms and conditions of the legends set forth, in the case of Holders, on the ADR registered in the name of the applicable Holders or, in the case of
Beneficial Owners, on the ADR representing the ADSs owned by such Beneficial Owners. 

(c)    Title. Subject to the limitations contained herein and in the ADR, title to an ADR (and
to each Certificated ADS evidenced thereby) shall be transferable upon the same terms as a certificated security under the laws of the State of New York, provided that, in the case of Certificated ADSs, such ADR has been properly endorsed or is
accompanied by proper instruments of transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the Holder of an ADS (that is, the person in whose name an ADS is registered on the books of the Depositary)
as the absolute owner thereof for all purposes. Neither the Depositary nor the Company shall have any obligation nor be subject to any liability under the Deposit Agreement or any ADR to any holder or any Beneficial Owner unless, in the case of a
holder of ADSs, such holder is the Holder registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner, or the Beneficial Owner’s representative, is the Holder registered on the books of the Depositary.

  
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(d)    Book-Entry Systems. The Depositary
shall make arrangements for the acceptance of the ADSs into DTC. All ADSs held through DTC will be registered in the name of the nominee for DTC (currently “Cede & Co.”). As such, the nominee for DTC will be the only
“Holder” of all ADSs held through DTC. The ADSs registered in the name of Cede & Co. will be evidenced by one or more ADR(s) in the form of a “Balance Certificate,” which will provide that it represents the aggregate
number of ADSs from time to time indicated in the records of the Depositary as being issued hereunder and that the aggregate number of ADSs represented thereby may from time to time be increased or decreased by making adjustments on such records of
the Depositary and of DTC or its nominee as hereinafter provided. Citibank, N.A. (or such other entity as is appointed by DTC or its nominee) may hold the “Balance Certificate” as custodian for DTC. Each Beneficial Owner of ADSs held
through DTC must rely upon the procedures of DTC and the DTC Participants to exercise or be entitled to any rights attributable to such ADSs. The DTC Participants shall for all purposes be deemed to have all requisite power and authority to act on
behalf of the Beneficial Owners of the ADSs held in the DTC Participants’ respective accounts in DTC and the Depositary shall for all purposes be authorized to rely upon any instructions and information given to it by DTC Participants. So long
as ADSs are held through DTC or unless otherwise required by law, ownership of beneficial interests in the ADSs registered in the name of the nominee for DTC will be shown on, and transfers of such ownership will be effected only through, records
maintained by (i) DTC or its nominee (with respect to the interests of DTC Participants), or (ii) DTC Participants or their nominees (with respect to the interests of clients of DTC Participants). Any distributions made, and any notices
given, by the Depositary to DTC under the terms of the Deposit Agreement shall (unless otherwise specified by the Depositary) satisfy the Depositary’s obligations under the Deposit Agreement to make such distributions, and give such notices, in
respect of the ADSs held in DTC (including, for avoidance of doubt, to the DTC Participants holding the ADSs in their DTC accounts and to the Beneficial Owners of such ADSs). 

Section 2.3    Deposit of Shares. Subject to the terms and conditions of the
Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares (other than Restricted Securities) may be deposited by any person (including the Depositary in its individual capacity but subject, however, in the case of the
Company or any Affiliate of the Company, to Section 5.7) at any time, whether or not the transfer books of the Company or the Share Registrar, if any, are closed, by Delivery of the Shares to the Custodian. Every deposit of Shares shall be
accompanied by the following: (A) (i) in the case of Shares represented by certificates issued in registered form, appropriate instruments of transfer or endorsement, in a form satisfactory to the Custodian, (ii) in the case
of Shares represented by certificates in bearer form, the requisite coupons and talons pertaining thereto, and (iii) in the case of Shares delivered by book-entry transfer and recordation, confirmation of such book-entry transfer and
recordation in the books of the Share Registrar or of CREST, as applicable, to the Custodian or that irrevocable instructions have been given to cause such Shares to be so transferred and recorded, (B) such certifications and payments
(including, without limitation, the Depositary’s fees and related charges) and evidence of such payments (including, without limitation, stamping or otherwise marking such Shares by way of receipt) as may be required by the Depositary or the
Custodian in accordance with the provisions of the Deposit Agreement and applicable law, (C) if the Depositary so requires, a written order directing the Depositary to issue and deliver to, or upon the written order of, the person(s) stated in
such order the number of ADSs representing the Shares so deposited, (D) evidence satisfactory to the Depositary (which may be an opinion of 

  
 8 

 
counsel) that all necessary approvals have been granted by, or there has been compliance with the rules and regulations of, any applicable governmental agency in England and Wales, and
(E) if the Depositary so requires, (i) an agreement, assignment or instrument satisfactory to the Depositary or the Custodian which provides for the prompt transfer by any person in whose name the Shares are or have been recorded to the
Custodian of any distribution, or right to subscribe for additional Shares or to receive other property in respect of any such deposited Shares or, in lieu thereof, such indemnity or other agreement as shall be satisfactory to the Depositary or the
Custodian and (ii) if the Shares are registered in the name of the person on whose behalf they are presented for deposit, a proxy or proxies entitling the Custodian to exercise voting rights in respect of the Shares for any and all purposes
until the Shares so deposited are registered in the name of the Depositary, the Custodian or any nominee. 
 Without limiting any other
provision of the Deposit Agreement, the Depositary shall instruct the Custodian not to, and the Depositary shall not knowingly, accept for deposit (a) any Restricted Securities, except as contemplated by Section 2.14 nor (b) any
fractional Shares or fractional Deposited Securities nor (c) a number of Shares or Deposited Securities which upon application of the ADS to Shares ratio would give rise to fractional ADSs. No Shares shall be accepted for deposit unless
accompanied by evidence, if any is required by the Depositary, that is reasonably satisfactory to the Depositary or the Custodian that all conditions to such deposit have been satisfied by the person depositing such Shares under the laws and
regulations of England and Wales and any necessary approval has been granted by any applicable governmental body in England and Wales, if any. The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any agent of
the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Such evidence of rights shall consist of written blanket or specific guarantees of
ownership of Shares furnished by the Company or any such custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. 

Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under the Deposit Agreement (A) any Shares or
other securities required to be registered under the provisions of the Securities Act, unless (i) a registration statement is in effect as to such Shares or other securities or (ii) the deposit is made upon terms contemplated in
Section 2.14, or (B) any Shares or other securities the deposit of which would violate any provisions of the Articles of Association of the Company. For purposes of the foregoing sentence, the Depositary shall be entitled to rely upon
representations and warranties made or deemed made pursuant to the Deposit Agreement and shall not be required to make any further investigation. The Depositary will comply with written instructions of the Company (received by the Depositary
reasonably in advance) not to accept for deposit hereunder any Shares identified in such instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company’s compliance
with the securities laws of the United States. 
 Section 2.4    Registration and
Safekeeping of Deposited Securities. The Depositary shall instruct the Custodian upon each Delivery of registered Shares being deposited hereunder with the Custodian (or other Deposited Securities pursuant to Article IV hereof), together
with the other documents above specified, to present such Shares, together with the appropriate 

  
 9 

 
instrument(s) of transfer or endorsement, duly stamped, to the Share Registrar for transfer and registration of the Shares (as soon as transfer and registration can be accomplished and at the
expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either. Deposited Securities shall be held by the Depositary, or by a Custodian for the account and to the order of the Depositary or a
nominee of the Depositary, in each case, on behalf of the Holders and Beneficial Owners, at such place(s) as the Depositary or the Custodian shall determine. Notwithstanding anything else contained in the Deposit Agreement, any ADR(s), or any other
instruments or agreements relating to the ADSs and the corresponding Deposited Property, the registration of the Deposited Securities in the name of the Depositary, the Custodian or any of their respective nominees, shall, to the maximum extent
permitted by applicable law, vest in the Depositary, the Custodian or the applicable nominee the record ownership in the applicable Deposited Securities with the beneficial ownership rights and interests in such Deposited Securities being at all
times vested with the Beneficial Owners of the ADSs representing the Deposited Securities. Notwithstanding the foregoing, the Depositary, the Custodian and the applicable nominee shall at all times be entitled to exercise the beneficial ownership
rights in all Deposited Property, in each case only on behalf of the Holders and Beneficial Owners of the ADSs representing the Deposited Property, upon the terms set forth in the Deposit Agreement and, if applicable, the ADR(s) representing the
ADSs. The Depositary, the Custodian and their respective nominees shall for all purposes be deemed to have all requisite power and authority to act in respect of Deposited Property on behalf of the Holders and Beneficial Owners of ADSs representing
the Deposited Property, and upon making payments to, or acting upon instructions from, or information provided by, the Depositary, the Custodian or their respective nominees all persons shall be authorized to rely upon such power and authority. 

Section 2.5    Issuance of ADSs. The Depositary has made arrangements with the
Custodian for the Custodian to confirm to the Depositary upon receipt of a deposit of Shares (i) that a deposit of Shares has been made pursuant to Section 2.3, (ii) that such Deposited Securities have been recorded in the name of the
Depositary, the Custodian or a nominee of either on the shareholders’ register maintained by or on behalf of the Company by the Share Registrar on the books of CREST, (iii) that all required documents have been received, and (iv) the
person(s) to whom or upon whose order ADSs are deliverable in respect thereof and the number of ADSs to be so delivered. Such notification may be made by letter, cable, telex, SWIFT message or, at the risk and expense of the person making the
deposit, by facsimile or other means of electronic transmission. Upon receiving such notice from the Custodian, the Depositary, subject to the terms and conditions of the Deposit Agreement and applicable law, shall issue the ADSs representing the
Shares so deposited to or upon the order of the person(s) named in the notice delivered to the Depositary and, if applicable, shall execute and deliver at its Principal Office Receipt(s) registered in the name(s) requested by such person(s) and
evidencing the aggregate number of ADSs to which such person(s) are entitled, but, in each case, only upon payment to the Depositary of the charges of the Depositary for accepting a deposit of Shares and issuing ADSs (as set forth in
Section 5.9 and Exhibit B hereto) and all taxes and governmental charges and fees payable in connection with such deposit and the transfer of the Shares and the issuance of the ADS(s). The Depositary shall only issue ADSs in whole numbers
and deliver, if applicable, ADR(s) evidencing whole numbers of ADSs. 

  
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 Section 2.6    Transfer, Combination and Split-up of ADRs. 
 (a)     Transfer. The
Registrar shall register the transfer of ADRs (and of the ADSs represented thereby) on the books maintained for such purpose and the Depositary shall (x) cancel such ADRs and execute new ADRs evidencing the same aggregate number of ADSs as
those evidenced by the ADRs canceled by the Depositary, (y) cause the Registrar to countersign such new ADRs and (z) Deliver such new ADRs to or upon the order of the person entitled thereto, if each of the following conditions has been
satisfied: (i) the ADRs have been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a transfer thereof, (ii) the surrendered ADRs have been
properly endorsed or are accompanied by proper instruments of transfer (including signature guarantees in accordance with standard securities industry practice), (iii) the surrendered ADRs have been duly stamped (if required by the laws of the
State of New York or of the United States), and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 and
Exhibit B hereto) have been paid, subject, however, in each case, to the terms and conditions of the applicable ADRs, of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof.

 (b)    Combination &
Split-Up. The Registrar shall register the split-up or combination of ADRs (and of the ADSs represented thereby) on the books maintained for such purpose
and the Depositary shall (x) cancel such ADRs and execute new ADRs for the number of ADSs requested, but in the aggregate not exceeding the number of ADSs evidenced by the ADRs canceled by the Depositary, (y) cause the Registrar to
countersign such new ADRs and (z) Deliver such new ADRs to or upon the order of the Holder thereof, if each of the following conditions has been satisfied: (i) the ADRs have been duly Delivered by the Holder (or by a duly authorized
attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a split-up or combination thereof, and (ii) all applicable fees and charges of, and expenses incurred by, the
Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 and Exhibit B hereto) have been paid, subject, however, in each case, to the terms and conditions of the applicable ADRs, of the Deposit
Agreement and of applicable law, in each case as in effect at the time thereof. 
 Section 2.7    Surrender
of ADSs and Withdrawal of Deposited Securities. The Holder of ADSs shall be entitled to Delivery (at the Custodian’s designated office) of the Deposited Securities at the time represented by the ADSs upon satisfaction of each of the
following conditions: (i) the Holder (or a duly-authorized attorney of the Holder) has duly Delivered ADSs to the Depositary at its Principal Office (and if applicable, the ADRs evidencing such ADSs) for the purpose of withdrawal of the
Deposited Securities represented thereby, (ii) if applicable and so required by the Depositary, the ADRs Delivered to the Depositary for such purpose have been properly endorsed in blank or are accompanied by proper instruments of transfer in
blank (including signature guarantees in accordance with standard securities industry practice), (iii) if so required by the Depositary, the Holder of the ADSs has executed and delivered 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 the person(s) designated in such order, and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all
applicable taxes and governmental charges (as are set forth in Section 5.9 and Exhibit B) have been paid, subject, however, in each case, to the terms and conditions of the ADRs evidencing the surrendered ADSs, of the Deposit Agreement,
of the Company’s Articles 

  
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of Association and of any applicable laws and the rules of CREST, and to any provisions of or governing the Deposited Securities, in each case as in effect at the time thereof. Upon satisfaction
of each of the conditions specified above, the Depositary (i) shall cancel the ADSs Delivered to it (and, if applicable, the ADR(s) evidencing the ADSs so Delivered), (ii) shall direct the Registrar to record the cancellation of the ADSs
so Delivered on the books maintained for such purpose, and (iii) shall direct the Custodian to Deliver, or cause the Delivery of, in each case, without unreasonable delay, the Deposited Securities represented by the ADSs so canceled together
with any certificate or other document of title for the Deposited Securities, or evidence of the electronic transfer thereof (if available), as the case may be, to or upon the written order of the person(s) designated in the order delivered to the
Depositary for such purpose, subject however, in each case, to the terms and conditions of the Deposit Agreement, of the ADRs evidencing the ADSs so canceled, of the Articles of Association of the Company, of any applicable laws and of the
rules of CREST, and to the terms and conditions of or governing the Deposited Securities, in each case as in effect at the time thereof. The Depositary shall not accept for surrender ADSs representing less than one (1) Share. In the case of
Delivery to it of ADSs representing a number other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the
Depositary, either (i) return to the person surrendering such ADSs the number of ADSs representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Share represented by the ADSs so surrendered and remit the
proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) applicable taxes withheld) to the person surrendering the ADSs. 

Notwithstanding anything else contained in any ADR or the Deposit Agreement, the Depositary may make delivery at the Principal Office of the
Depositary of Deposited Property consisting of (i) any cash dividends or cash distributions, or (ii) any proceeds from the sale of any non-cash distributions, which are at the time held by the
Depositary in respect of the Deposited Securities represented by the ADSs surrendered for cancellation and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs, and for the account of such Holder, the Depositary shall
direct the Custodian to forward (to the extent permitted by law) any Deposited Property (other than Deposited Securities) held by the Custodian in respect of such ADSs to the Depositary for delivery at the Principal Office of the Depositary. Such
direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. 

Section 2.8    Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer,
etc. 
 (a)     Additional Requirements. As a condition precedent to the
execution and Delivery, the registration of issuance, transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal of any Deposited Property, the
Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of ADSs or of an ADR 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 and charges of the Depositary as provided in Section 5.9 and Exhibit B, (ii) the
production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter 

  
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contemplated by Section 3.1, and (iii) compliance with (A) any laws or governmental regulations relating to the execution and Delivery of ADRs or ADSs or to the withdrawal of
Deposited Securities and (B) such reasonable regulations as the Depositary and the Company may establish consistent with the provisions of the representative ADR, if applicable, the Deposit Agreement and applicable law. 

(b)    Additional Limitations. The issuance of ADSs against deposits of Shares generally or
against deposits of particular Shares may be suspended, or the deposit of particular Shares may be refused, or the registration of transfer of ADSs in particular instances may be refused, or the registration of transfers of ADSs generally may be
suspended, during any period when the transfer books of the Company, the Depositary, a Registrar or the Share Registrar are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or
from time to time because of any requirement of law or regulation, any government or governmental body or commission or any securities exchange on which the ADSs or Shares are listed, or under any provision of the Deposit Agreement or the
representative ADR(s), if applicable, or under any provision of, or governing, the Deposited Securities, or because of a meeting of shareholders of the Company or for any other reason, subject, in all cases, to Section 7.8(a). 

(c)    Regulatory Restrictions. Notwithstanding any provision of the Deposit Agreement or any
ADR(s) to the contrary, Holders are entitled to surrender outstanding ADSs to withdraw the Deposited Securities associated herewith at any time subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the
Company or the deposit of Shares in connection with voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental
regulations relating to the ADSs or to the withdrawal of the Deposited Securities, and (iv) other circumstances specifically contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 (as
such General Instructions may be amended from time to time). 
 Section 2.9    Lost
ADRs, etc. In case any ADR shall be mutilated, destroyed, lost, or stolen, the Depositary shall execute and deliver a new ADR of like tenor at the expense of the Holder (a) in the case of a mutilated ADR, in exchange of and
substitution for such mutilated ADR upon cancellation thereof, or (b) in the case of a destroyed, lost or stolen ADR, in lieu of and in substitution for such destroyed, lost, or stolen ADR, after the Holder thereof (i) has submitted
to the Depositary a written request for such exchange and substitution before the Depositary has notice that the ADR has been acquired by a bona fide purchaser, (ii) has provided such security or indemnity (including an indemnity bond) as may
be required by the Depositary to save it and any of its agents harmless, and (iii) has satisfied any other reasonable requirements imposed by the Depositary, including, without limitation, evidence satisfactory to the Depositary of such
destruction, loss or theft of such ADR, the authenticity thereof and the Holder’s ownership thereof. 

Section 2.10    Cancellation and Destruction of Surrendered ADRs; Maintenance of
Records. All ADRs surrendered to the Depositary shall be canceled by the Depositary. Canceled ADRs shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable against the Depositary for any purpose. The
Depositary is authorized to destroy ADRs so canceled, provided the Depositary maintains a record of all destroyed ADRs. Any 

  
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ADSs held in book-entry form (e.g., through accounts at DTC) shall be deemed canceled when the Depositary causes the number of ADSs evidenced by the Balance Certificate to be reduced by
the number of ADSs surrendered (without the need to physically destroy the Balance Certificate). 

Section 2.11    Escheatment. In the event any unclaimed property relating to the ADSs, for any reason,
is in the possession of Depositary and has not been claimed by the Holder thereof or cannot be delivered to the Holder thereof through usual channels, the Depositary shall, upon expiration of any applicable statutory period relating to abandoned
property laws, escheat such unclaimed property to the relevant authorities in accordance with the laws of each of the relevant States of the United States. 

Section 2.12    Partial Entitlement ADSs. In the event any Shares are deposited
which (i) entitle the holders thereof to receive a per-share distribution or other entitlement in an amount different from the Shares then on deposit or (ii) are not fully fungible (including,
without limitation, as to settlement or trading) with the Shares then on deposit (the Shares then on deposit collectively, “Full Entitlement Shares” and the Shares with different entitlement, “Partial Entitlement Shares”), the
Depositary shall (i) cause the Custodian to hold Partial Entitlement Shares separate and distinct from Full Entitlement Shares, and (ii) subject to the terms of the Deposit Agreement, issue ADSs representing Partial Entitlement Shares
which are separate and distinct from the ADSs representing Full Entitlement Shares, by means of separate CUSIP numbering and legending (if necessary) and, if applicable, by issuing ADRs evidencing such ADSs with applicable notations thereon
(“Partial Entitlement ADSs/ADRs” and “Full Entitlement ADSs/ADRs”, respectively). If and when Partial Entitlement Shares become Full Entitlement Shares, the Depositary shall (a) give notice thereof to Holders of Partial
Entitlement ADSs and give Holders of Partial Entitlement ADRs the opportunity to exchange such Partial Entitlement ADRs for Full Entitlement ADRs, (b) cause the Custodian to transfer the Partial Entitlement Shares into the account of the Full
Entitlement Shares, and (c) take such actions as are necessary to remove the distinctions between (i) the Partial Entitlement ADRs and ADSs, on the one hand, and (ii) the Full Entitlement ADRs and ADSs on the other. Holders and
Beneficial Owners of Partial Entitlement ADSs shall only be entitled to the entitlements of Partial Entitlement Shares. Holders and Beneficial Owners of Full Entitlement ADSs shall be entitled only to the entitlements of Full Entitlement Shares. All
provisions and conditions of the Deposit Agreement shall apply to Partial Entitlement ADRs and ADSs to the same extent as Full Entitlement ADRs and ADSs, except as contemplated by this Section 2.12. The Depositary is authorized to take any and
all other actions as may be necessary (including, without limitation, making the necessary notations on ADRs) to give effect to the terms of this Section 2.12. The Company agrees to give timely written notice to the Depositary if any Shares
issued or to be issued are Partial Entitlement Shares and shall assist the Depositary with the establishment of procedures enabling the identification of Partial Entitlement Shares upon Delivery to the Custodian. 

Section 2.13    Certificated/Uncertificated ADSs. Subject to Section 1.4 but
notwithstanding any other provision of the Deposit Agreement, the Depositary may, at any time and from time to time, issue ADSs that are not evidenced by ADRs issued to the Holders thereof (such ADSs, the “Uncertificated ADS(s)” and the
ADS(s) evidenced by ADR(s) issued to the Holders thereof, the “Certificated ADS(s)”). When issuing and maintaining Uncertificated 

  
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ADS(s) under the Deposit Agreement, the Depositary shall at all times be subject to (i) the standards applicable to registrars and transfer agents maintaining direct registration systems for
equity securities in New York and issuing uncertificated securities under New York law, and (ii) the terms of New York law applicable to uncertificated equity securities. Uncertificated ADSs shall be evidenced by registration in the books of
the Depositary maintained for such purpose. Holders of Uncertificated ADSs, that are not subject to any registered pledges, liens, restrictions or adverse claims of which the Depositary has notice at such time, shall at all times have the right to
exchange the Uncertificated ADS(s) for Certificated ADS(s) of the same type and class, subject in each case to (x) applicable laws and any rules and regulations the Depositary may have established in respect of the Uncertificated ADSs, and
(y) the continued availability of Certificated ADSs in the U.S. Holders of Certificated ADSs shall, if the Depositary maintains a direct registration system for the ADSs, have the right to exchange the Certificated ADSs for Uncertificated ADSs
upon (i) the due surrender of the Certificated ADS(s) to the Depositary for such purpose and (ii) the presentation of a written request to that effect to the Depositary, subject in each case to (a) all liens and restrictions noted on
the ADR evidencing the Certificated ADS(s) and all adverse claims of which the Depositary then has notice, (b) the terms of the Deposit Agreement and the rules and regulations that the Depositary may establish for such purposes hereunder,
(c) applicable law, and (d) payment of the Depositary fees and expenses applicable to such exchange of Certificated ADS(s) for Uncertificated ADS(s). Uncertificated ADSs shall in all material respects be identical to Certificated ADS(s) of
the same type and class, except that (i) no ADR(s) shall be, or shall need to be, issued to evidence Uncertificated ADS(s), (ii) Uncertificated ADS(s) shall, subject to the terms of the Deposit Agreement, be transferable upon the same
terms and conditions as uncertificated securities under New York law, (iii) the ownership of Uncertificated ADS(s) shall be recorded on the books of the Depositary maintained for such purpose and evidence of such ownership shall be reflected in
periodic statements provided by the Depositary to the Holder(s) in accordance with applicable New York law, (iv) the Depositary may from time to time, upon notice to the Holders of Uncertificated ADSs affected thereby, establish rules and
regulations, and amend or supplement existing rules and regulations, as may be deemed reasonably necessary to maintain Uncertificated ADS(s) on behalf of Holders, provided that (a) such rules and regulations do not conflict with the terms of
the Deposit Agreement and applicable law, and (b) the terms of such rules and regulations are readily available to Holders upon request, (v) the Uncertificated ADS(s) shall not be entitled to any benefits under the Deposit Agreement or be
valid or enforceable for any purpose against the Depositary or the Company unless such Uncertificated ADS(s) is/are registered on the books of the Depositary maintained for such purpose, (vi) the Depositary may, in connection with any deposit
of Shares resulting in the issuance of Uncertificated ADSs and with any transfer, pledge, release and cancellation of Uncertificated ADSs, require the prior receipt of such documentation as the Depositary may deem reasonably appropriate, and
(vii) upon termination of the Deposit Agreement, the Depositary shall not require Holders of Uncertificated ADSs to affirmatively instruct the Depositary before remitting proceeds from the sale of the Deposited Property represented by such
Holders’ Uncertificated ADSs under the terms of Section 6.2. When issuing ADSs under the terms of the Deposit Agreement, including, without limitation, issuances pursuant to Sections 2.5, 4.2, 4.3, 4.4, 4.5 and 4.11, the Depositary may in
its discretion determine to issue Uncertificated ADSs rather than Certificated ADSs, unless otherwise specifically instructed by the applicable Holder to issue Certificated ADSs. All provisions and conditions of the Deposit Agreement shall apply to
Uncertificated ADSs to the 

  
 15 

 
same extent as to Certificated ADSs, except as contemplated by this Section 2.13. The Depositary is authorized and directed to take any and all actions and establish any and all procedures
deemed reasonably necessary to give effect to the terms of this Section 2.13. Any references in the Deposit Agreement or any ADR(s) to the terms “American Depositary Share(s)” or “ADS(s)” shall, unless the context otherwise
requires, include Certificated ADS(s) and Uncertificated ADS(s). Except as set forth in this Section 2.13 and except as required by applicable law, the Uncertificated ADSs shall be treated as ADSs issued and outstanding under the terms of the
Deposit Agreement. In the event that, in determining the rights and obligations of parties hereto with respect to any Uncertificated ADSs, any conflict arises between (a) the terms of the Deposit Agreement (other than this Section 2.13)
and (b) the terms of this Section 2.13, the terms and conditions set forth in this Section 2.13 shall be controlling and shall govern the rights and obligations of the parties to the Deposit Agreement pertaining to the Uncertificated
ADSs. 
 Section 2.14    Restricted ADSs. The Depositary shall, at the request
and expense of the Company, establish procedures enabling the deposit hereunder of Shares that are Restricted Securities in order to enable the holder of such Shares to hold its ownership interests in such Restricted Securities in the form of ADSs
issued under the terms hereof (such Shares, “Restricted Shares”). Upon receipt of a written request from the Company to accept Restricted Shares for deposit hereunder, the Depositary agrees to establish procedures permitting the deposit of
such Restricted Shares and the issuance of ADSs representing the right to receive, subject to the terms of the Deposit Agreement and the applicable ADR (if issued as a Certificated ADS), such deposited Restricted Shares (such ADSs, the
“Restricted ADSs,” and the ADRs evidencing such Restricted ADSs, the “Restricted ADRs”). Subject to Section 1.4 but notwithstanding anything contained in this Section 2.14, the Depositary and the Company may, to the
extent not prohibited by law, agree to issue the Restricted ADSs in uncertificated form (“Uncertificated Restricted ADSs”) upon such terms and conditions as the Company and the Depositary may deem necessary and appropriate. The Company
shall assist the Depositary in the establishment of such procedures and agrees that it shall take all steps necessary and satisfactory to the Depositary to ensure that the establishment of such procedures does not violate the provisions of the
Securities Act or any other applicable laws. The depositors of such Restricted Shares and the Holders of the Restricted ADSs may be required prior to the deposit of such Restricted Shares, the transfer of the Restricted ADRs and Restricted ADSs or
the withdrawal of the Restricted Shares represented by Restricted ADSs to provide such written certifications or agreements as the Depositary or the Company may require. The Company shall provide to the Depositary in writing the legend(s) to be
affixed to the Restricted ADRs (if the Restricted ADSs are to be issued as Certificated ADSs), or to be included in the statements issued from time to time to Holders of Uncertificated ADSs (if issued as Uncertificated Restricted ADSs), which
legends shall (i) be in a form reasonably satisfactory to the Depositary and (ii) contain the specific circumstances under which the Restricted ADSs, and, if applicable, the Restricted ADRs evidencing the Restricted ADSs, may be
transferred or the Restricted Shares withdrawn. The Restricted ADSs issued upon the deposit of Restricted Shares shall be separately identified on the books of the Depositary and the Restricted Shares so deposited shall, to the extent required by
law, be held separate and distinct from the other Deposited Securities held hereunder. The Restricted ADSs shall not be eligible for inclusion in any book-entry settlement system, including, without limitation, DTC, and shall not in any way be
fungible with the ADSs issued under the terms hereof that are not Restricted ADSs. The Restricted ADSs, 

  
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and, if applicable, the Restricted ADRs evidencing the Restricted ADSs, shall be transferable only by the Holder thereof upon delivery to the Depositary of (i) all documentation otherwise
contemplated by the Deposit Agreement and (ii) an opinion of counsel satisfactory to the Depositary setting forth, inter alia, the conditions upon which the Restricted ADSs presented, and, if applicable, the Restricted ADRs evidencing
the Restricted ADSs, are transferable by the Holder thereof under applicable securities laws and the transfer restrictions contained in the legend applicable to the Restricted ADSs presented for transfer. Except as set forth in this
Section 2.14 and except as required by applicable law, the Restricted ADSs and the Restricted ADRs evidencing Restricted ADSs shall be treated as ADSs and ADRs issued and outstanding under the terms of the Deposit Agreement. In the event that,
in determining the rights and obligations of parties hereto with respect to any Restricted ADSs, any conflict arises between (a) the terms of the Deposit Agreement (other than this Section 2.14) and (b) the terms of (i) this
Section 2.14 or (ii) the applicable Restricted ADR, the terms and conditions set forth in this Section 2.14 and of the Restricted ADR shall be controlling and shall govern the rights and obligations of the parties to the Deposit
Agreement pertaining to the deposited Restricted Shares, the Restricted ADSs and Restricted ADRs. 
 If the Restricted ADRs, the Restricted
ADSs and the Restricted Shares cease to be Restricted Securities, the Depositary, upon receipt of (x) an opinion of counsel satisfactory to the Depositary setting forth, inter alia, that the Restricted ADRs, the Restricted ADSs and the
Restricted Shares are not as of such time Restricted Securities, and (y) instructions from the Company to remove the restrictions applicable to the Restricted ADRs, the Restricted ADSs and the Restricted Shares, shall (i) eliminate the
distinctions and separations that may have been established between the applicable Restricted Shares held on deposit under this Section 2.14 and the other Shares held on deposit under the terms of the Deposit Agreement that are not Restricted
Shares, (ii) treat the newly unrestricted ADRs and ADSs on the same terms as, and fully fungible with, the other ADRs and ADSs issued and outstanding under the terms of the Deposit Agreement that are not Restricted ADRs or Restricted ADSs, and
(iii) take all actions necessary to remove any distinctions, limitations and restrictions previously existing under this Section 2.14 between the applicable Restricted ADRs and Restricted ADSs, respectively, on the one hand, and the other
ADRs and ADSs that are not Restricted ADRs or Restricted ADSs, respectively, on the other hand, including, without limitation, by making the newly-unrestricted ADSs eligible for inclusion in the applicable book-entry settlement systems. 

ARTICLE III 
 CERTAIN
OBLIGATIONS OF HOLDERS 
 AND BENEFICIAL OWNERS OF ADSs 

Section 3.1    Proofs, Certificates and Other Information. Any person presenting
Shares for deposit, any Holder and any Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary and the Custodian such proof of citizenship or residence, taxpayer status, payment
of all applicable taxes or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Property, compliance with applicable laws, the terms of the Deposit Agreement or the ADR(s) evidencing the ADSs and
the provisions of, or governing, the Deposited Property, to execute such certifications and to make such representations and warranties, and to provide such 

  
 17 

 
other information and documentation (or, in the case of Shares in registered form presented for deposit, such information relating to the registration on the books of the Company or of the Share
Registrar) as the Depositary or the Custodian may deem necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations under the Deposit Agreement and the applicable ADR(s). The
Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration of transfer of any ADR or ADS or the distribution or sale of any dividend or distribution of rights or of the proceeds thereof or, to the extent not
limited by the terms of Section 7.8(a), the delivery of any Deposited Property until such proof or other information is filed or such certifications are executed, or such representations and warranties are made, or such other documentation or
information provided, in each case to the Depositary’s, the Registrar’s and the Company’s satisfaction. The Depositary shall provide the Company, in a timely manner, with copies or originals if necessary and appropriate of
(i) any such proofs of citizenship or residence, taxpayer status, or exchange control approval or copies of written representations and warranties which it receives from Holders and Beneficial Owners, and (ii) any other information or
documents which the Company may reasonably request and which the Depositary shall request and receive from any Holder or Beneficial Owner or any person presenting Shares for deposit or ADSs for cancellation, transfer or withdrawal. Nothing herein
shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners, or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.

 Section 3.2    Liability for Taxes and Other Charges. Any tax or other
governmental charge payable by the Custodian or by the Depositary with respect to any Deposited Property, ADSs or ADRs shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the Custodian and/or the Depositary may
withhold or deduct from any distributions made in respect of Deposited Property held on behalf of such Holder and/or Beneficial Owner, and may sell for the account of a Holder and/or Beneficial Owner any or all of such Deposited Property and apply
such distributions and sale proceeds in payment of, any taxes (including applicable interest and penalties) or charges that are or may be payable by Holders or Beneficial Owners in respect of the ADSs, Deposited Property and ADRs, the Holder and the
Beneficial Owner remaining liable for any deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer of ADSs, register the
split-up or combination of ADRs and (subject to Section 7.8(a)) the withdrawal of Deposited Property until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial
Owner agrees to indemnify the Depositary, the Company, the Custodian, and any of their agents, officers, employees and Affiliates for, and to hold each of them harmless from, any claims with respect to taxes (including applicable interest and
penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. Notwithstanding anything to the contrary contained in the Deposit Agreement or any ADR, the obligations of Holders and Beneficial Owners under this
Section 3.2 shall survive any transfer of ADSs, any cancellation of ADSs and withdrawal of Deposited Securities, and the termination of the Deposit Agreement. 

Section 3.3    Representations and Warranties on Deposit of Shares. Each person
depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly allotted and issued, fully paid, not subject to any call for the
payment of further capital and legally obtained 

  
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by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived, disapplied or exercised, (iii) the person making such deposit is
duly authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, (v) the Shares presented for deposit are not, and the ADSs issuable upon
such deposit will not be, Restricted Securities (except as contemplated in Section 2.14), and (vi) the Shares presented for deposit have not been stripped of any rights or entitlements. Such representations and warranties shall survive the
deposit and withdrawal of Shares, the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. If any such representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost
and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof. 

Section 3.4    Compliance with Information Requests. Notwithstanding any other
provision of the Deposit Agreement or any ADR(s), each Holder and Beneficial Owner agrees to comply with requests from the Company pursuant to applicable law, the rules and requirements of The NASDAQ Global Market and any other stock exchange on
which the Shares or ADSs are, or will be, registered, traded or listed or the Articles of Association of the Company, which are made to provide information, inter alia, as to the capacity in which such Holder or Beneficial Owner owns ADSs
(and Shares as the case may be) and regarding the identity of any other person(s) interested in such ADSs and the nature of such interest and various other matters, whether or not they are Holders and/or Beneficial Owners at the time of such
request. The Depositary agrees to use its reasonable efforts to forward, upon the request of the Company and at the Company’s expense, any such request from the Company to the Holders and to forward to the Company any such responses to such
requests received by the Depositary. 
 Section 3.5    Ownership Restrictions.
Notwithstanding any other provision contained in the Deposit Agreement or any ADR(s) to the contrary, the Company may restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable law
or the Articles of Association of the Company. The Company may also restrict, in such manner as it deems appropriate, transfers of the ADSs where such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder
or Beneficial Owner to exceed any such limits. The Company may, in its sole discretion but subject to applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial Owner in excess of the
limits set forth in the preceding sentence, including, but not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting rights or mandatory sale or disposition on behalf of a Holder or Beneficial Owner
of the Shares represented by the ADSs held by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the Articles of Association of the Company. Nothing herein shall be
interpreted as obligating the Depositary or the Company to ensure compliance with the ownership restrictions described in this Section 3.5. 

Section 3.6    Reporting Obligations and Regulatory Approvals. Applicable laws and
regulations may require holders and beneficial owners of Shares, including the Holders and Beneficial Owners of ADSs, to satisfy reporting requirements and obtain regulatory approvals in certain circumstances. Holders and Beneficial Owners of ADSs
are solely responsible for determining and complying with such reporting requirements and obtaining such approvals. 

  
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Each Holder and each Beneficial 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 Beneficial Owners to determine or
satisfy such reporting requirements or obtain such regulatory approvals under applicable laws and regulations. 
 ARTICLE IV 

THE DEPOSITED SECURITIES 

Section 4.1    Cash Distributions. Whenever the Company intends to make a
distribution of a cash dividend or other cash distribution in respect of any Deposited Securities, the Company shall give notice thereof to the Depositary at least twenty (20) days (or such other number of days as mutually agreed to in writing
by the Depositary and the Company) prior to the proposed distribution specifying, inter alia, the record date applicable for determining the holders of Deposited Securities entitled to receive such distribution. Upon the timely receipt of
such notice, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9. Upon receipt of confirmation of the receipt of (x) any cash dividend or other cash distribution on any Deposited Securities, or
(y) proceeds from the sale of any Deposited Property held in respect of the ADSs under the terms hereof, the Depositary will (i) if at the time of receipt thereof any amounts received in a Foreign Currency can, in the judgment of the
Depositary (pursuant to Section 4.8), be converted on a practicable basis into Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the terms
described in Section 4.8), (ii) if applicable and unless previously established, establish the ADS Record Date upon the terms described in Section 4.9, and (iii) distribute promptly the amount thus received (net of (a) the
applicable fees and charges of, and expenses incurred by, the Depositary and (b) applicable taxes withheld) to the Holders entitled thereto as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date. The
Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent, and any balance not so distributed shall be held by the Depositary (without liability for interest thereon) and
shall be added to and become part of the next sum received by the Depositary for distribution to Holders of ADSs outstanding at the time of the next distribution. If the Company, the Custodian or the Depositary is required to withhold and does
withhold from any cash dividend or other cash distribution in respect of any Deposited Securities, or from any cash proceeds from the sales of Deposited Property, an amount on account of taxes, duties or other governmental charges, the amount
distributed to Holders on the ADSs shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be
forwarded by the Company to the Depositary upon request. The Depositary will hold any cash amounts it is unable to distribute in a non-interest bearing account for the benefit of the applicable Holders and
Beneficial Owners of ADSs until the distribution can be effected or the funds that the Depositary holds must be escheated as unclaimed property in accordance with the laws of the relevant states of the United States. Notwithstanding anything
contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for in this Section 4.1, the Depositary agrees to use

  
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commercially reasonable efforts to perform the actions contemplated in this Section 4.1, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no
liability for the Depositary’s failure to perform the actions contemplated in this Section 4.1 where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein. 

Section 4.2    Distribution in Shares. Whenever the Company intends to make a
distribution that consists of a dividend in, or free distribution of, Shares, the Company shall give notice thereof to the Depositary at least twenty (20) days (or such other number of days as mutually agreed to in writing by the Depositary and
the Company) prior to the proposed distribution, specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such distribution. Upon the timely receipt of such notice from the Company, the
Depositary shall establish the ADS Record Date upon the terms described in Section 4.9. Upon receipt of confirmation from the Custodian of the receipt of the Shares so distributed by the Company, the Depositary shall either (i) subject to
Section 5.9, distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as such dividend, or free
distribution, subject to the other terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) applicable taxes), or (ii) if additional ADSs
are not so distributed, take all actions necessary so that each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional integral number of Shares
distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) applicable taxes). In lieu of delivering fractional ADSs, the Depositary shall
sell the number of Shares or ADSs, as the case may be, represented by the aggregate of such fractions and distribute the net proceeds upon the terms described in Section 4.1. In the event that the Depositary determines that any distribution in
property (including Shares) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, if the Company in the fulfillment of its obligation under Section 5.7, has furnished an opinion of U.S. counsel
determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders (and no such registration statement has been declared effective), the Depositary may dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale
(after deduction of (a) applicable taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon the terms described in Section 4.1. The Depositary shall hold and/or distribute any
unsold balance of such property in accordance with the provisions of the Deposit Agreement. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the
proposed distribution provided for in this Section 4.2, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this Section 4.2, and the Company, the Holders and the Beneficial Owners
acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in this Section 4.2 where such notice has not been so timely given, other than its failure to use commercially
reasonable efforts, as provided herein. 

  
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 Section 4.3    Elective Distributions in
Cash or Shares. Whenever the Company intends to make a distribution payable at the election of the holders of Deposited Securities in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least sixty
(60) days (or such other number of days as mutually agreed to in writing by the Depositary and the Company) prior to the proposed distribution specifying, inter alia, the record date applicable to holders of Deposited Securities entitled
to receive such elective distribution and whether or not it wishes such elective distribution to be made available to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such elective distribution to be made
available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available
to the Holders of ADSs. The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall
have determined that such distribution is reasonably practicable and (iii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7. If the above conditions are not satisfied or if the Company requests
such elective distribution not to be made available to Holders of ADSs, the Depositary shall establish the ADS Record Date on the terms described in Section 4.9 and, to the extent permitted by law, distribute to the Holders, on the basis of the
same determination as is made in England and Wales in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing such additional Shares upon the
terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date on the terms described in Section 4.9 and establish procedures to enable Holders to elect the receipt of the proposed
distribution in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. If a Holder elects to receive the proposed distribution (X) in cash, the distribution shall be made
upon the terms described in Section 4.1, or (Y) in ADSs, the distribution shall be made upon the terms described in Section 4.2. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the
elective distribution in Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of
Shares. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for in this Section 4.3, the Depositary agrees to use
commercially reasonable efforts to perform the actions contemplated in this Section 4.3, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform
the actions contemplated in this Section 4.3 where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein. 

Section 4.4    Distribution of Rights to Purchase Additional ADSs. 

(a)     Distribution to ADS Holders. Whenever the Company intends to distribute to the
holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least sixty (60) days (or such other number of days as mutually agreed to in writing by the Depositary and
the Company) prior to the proposed distribution specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such distribution and whether or not it wishes such rights to be made available

  
 22 

 
to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to
determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to Holders only if
(i) the Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall have
determined that such distribution of rights is reasonably practicable. In the event any of the conditions set forth above are not satisfied or if the Company requests that the rights not be made available to Holders of ADSs, the Depositary shall
proceed with the sale of the rights as contemplated in Section 4.4(b) below. In the event all conditions set forth above are satisfied, the Depositary shall establish the ADS Record Date (upon the terms described in Section 4.9) and
establish procedures to (x) distribute rights to purchase additional ADSs (by means of warrants or otherwise), (y) enable the Holders to exercise such rights (upon payment of the subscription price and of the applicable (a) fees and
charges of, and expenses incurred by, the Depositary and (b) taxes), and (z) deliver ADSs upon the valid exercise of such rights. The Company shall assist the Depositary to the extent necessary in establishing such procedures. Nothing
herein shall obligate the Depositary to make available to the Holders a method to exercise rights to subscribe for Shares (rather than ADSs). 

(b)    Sale of Rights. If (i) the Company does not timely request the Depositary to make
the rights available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5.7, or determines it is not reasonably practicable
to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, in a riskless
principal capacity, at such place and upon such terms (including public or private sale) as it may deem practicable. The Company shall assist the Depositary to the extent necessary to determine such legality and practicability. The Depositary shall,
upon such sale, convert and distribute proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) upon the terms set forth in Section 4.1. 

(c)    Lapse of Rights. If the Depositary is unable to make any rights available to Holders
upon the terms described in Section 4.4(a) or to arrange for the sale of the rights upon the terms described in Section 4.4(b), the Depositary shall allow such rights to lapse. 

The Depositary shall not be liable for (i) any failure to accurately determine whether it may be lawful or practicable to make such
rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of
the Company in connection with the rights distribution. 
 Notwithstanding anything to the contrary in this Section 4.4, if
registration (under the Securities Act or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities
represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act (or other 

  
 23 

 
applicable law) covering such offering is in effect or (ii) unless the Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company
in any other applicable country in which rights would be distributed, in each case satisfactory to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require
registration under, the provisions of the Securities Act or any other applicable laws. 
 In the event that the Company, the Depositary or
the Custodian shall be required to withhold and does withhold from any distribution of Deposited Property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to the Holders of ADSs shall be reduced
accordingly. In the event that the Depositary determines that any distribution of Deposited Property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to
withhold, the Depositary may dispose of all or a portion of such Deposited Property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and
practicable to pay any such taxes or charges. 
 There can be no assurance that Holders generally, or any Holder in particular, will be
given the opportunity to receive or exercise rights on the same terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights
or Shares or other securities to be acquired upon the exercise of such rights. 

Section 4.5    Distributions Other Than Cash, Shares or Rights to Purchase Shares. 

(a)    Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash,
Shares or rights to purchase additional Shares, the Company shall give timely notice thereof to the Depositary and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating that the
Company wishes such distribution to be made to Holders of ADSs, the Depositary shall consult with the Company, and the Company shall assist the Depositary, to determine whether such distribution to Holders is lawful and reasonably practicable. The
Depositary shall not make such distribution unless (i) the Company shall have requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of
Section 5.7, and (iii) the Depositary shall have determined that such distribution is reasonably practicable. 

(b)    Upon receipt of satisfactory documentation and the request of the Company to distribute property to Holders
of ADSs and after making the requisite determinations set forth in (a) above, the Depositary shall distribute the property so received to the Holders of record, as of the ADS Record Date, in proportion to the number of ADSs held by them
respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and (ii) net of
any applicable taxes withheld. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to
satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution. 

  
 24 

 (c)    If (i) the Company does not request the Depositary to
make such distribution to Holders or requests the Depositary not to make such distribution to Holders, (ii) the Depositary does not receive satisfactory documentation within the terms of Section 5.7, or (iii) the Depositary determines
that all or a portion of such distribution is not reasonably practicable, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem practicable and shall
(i) cause the proceeds of such sale, if any, to be converted into Dollars and (ii) distribute the proceeds of such conversion received by the Depositary (net of applicable (a) fees and charges of, and expenses incurred by, the
Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms of Section 4.1. If the Depositary is unable to sell such property, the Depositary may dispose of such property for the account of the Holders in any way it
deems reasonably practicable under the circumstances. 
 (d)    Neither the Depositary nor the Company shall be
liable for (i) any failure to accurately determine whether it is lawful or practicable to make the property described in this Section 4.5 available to Holders in general or any Holders in particular, nor (ii) any loss incurred in
connection with the sale or disposal of such property. 
 Section 4.6    Distributions
with Respect to Deposited Securities in Bearer Form. Subject to the terms of this Article IV, distributions in respect of Deposited Securities that are held by the Depositary or the Custodian in bearer form shall be made to the Depositary
for the account of the respective Holders of ADS(s) with respect to which any such distribution is made upon due presentation by the Depositary or the Custodian to the Company of any relevant coupons, talons, or certificates. The Company shall
promptly notify the Depositary of such distributions. The Depositary or the Custodian shall promptly present such coupons, talons or certificates, as the case may be, in connection with any such distribution. 

Section 4.7    Redemption. If the Company intends to exercise any right of
redemption in respect of any of the Deposited Securities, the Company shall give notice thereof to the Depositary at least sixty (60) days (or such other number of days as mutually agreed to in writing by the Depositary and the Company) prior
to the intended date of redemption which notice shall set forth the particulars of the proposed redemption. Upon timely receipt of (i) such notice and (ii) satisfactory documentation given by the Company to the Depositary within the terms
of Section 5.7, and only if the Depositary shall have determined that such proposed redemption is practicable, the Depositary shall provide to each Holder a notice setting forth the intended exercise by the Company of the redemption rights and
any other particulars set forth in the Company’s notice to the Depositary. The Depositary shall instruct the Custodian to present to the Company the Deposited Securities in respect of which redemption rights are being exercised against payment
of the applicable redemption price. Upon receipt of confirmation from the Custodian that the redemption has taken place and that funds representing the redemption price have been received, the Depositary shall convert, transfer, and distribute the
proceeds (net of applicable (a) fees and charges of, and the expenses incurred by, the Depositary, and (b) taxes), retire ADSs and cancel ADRs, if applicable, upon delivery of such ADSs by Holders thereof and the terms set forth in
Sections 4.1 and 6.2. If less than all outstanding Deposited Securities are 

  
 25 

 
redeemed, the ADSs to be retired will be selected by lot or on a pro rata basis, as may be determined by the Depositary. The redemption price per ADS shall be the dollar equivalent of the per
share amount received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited Securities represented by ADSs (subject
to the terms of Section 4.8 and the applicable fees and charges of, and expenses incurred by, the Depositary, and applicable taxes) multiplied by the number of Deposited Securities represented by each ADS redeemed. 

Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely
notice of the proposed redemption provided for in this Section 4.7, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this Section 4.7, and the Company, the Holders and the Beneficial
Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in this Section 4.7 where such notice has not been so timely given, other than its failure to use commercially
reasonable efforts, as provided herein. 
 Section 4.8    Conversion of Foreign
Currency. Whenever the Depositary or the Custodian shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of Deposited Property, which in the judgment of the Depositary can at such time
be converted on a practicable basis, by sale or in any other manner that it may determine in accordance with applicable law, into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary shall
convert or cause to be converted, by sale or in any other manner that it may determine, such Foreign Currency into Dollars, and shall distribute such Dollars (net of any applicable fees, any reasonable and customary expenses incurred in such
conversion and any expenses incurred on behalf of the Holders in complying with currency exchange control or other governmental requirements) in accordance with the terms of the applicable sections of the Deposit Agreement. If the Depositary shall
have distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to the holders of such warrants and/or instruments upon surrender thereof for cancellation, in either case
without liability for interest thereon. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Holders on account of any application of exchange restrictions or otherwise. 

If such conversion or distribution generally or with regard to a particular Holder can be effected only with the approval or license of any
government or agency thereof, the Depositary shall have authority to file such application for approval or license, if any, as it may deem desirable. In no event, however, shall the Depositary be obligated to make such a filing. 

If at any time the Depositary shall determine that in its judgment the conversion of any Foreign Currency and the transfer and distribution of
proceeds of such conversion received by the Depositary is not practicable or lawful, or if any approval or license of any governmental authority or agency thereof that is required for such conversion, transfer and distribution is denied or, in the
opinion of the Depositary, not obtainable at a reasonable cost or within a reasonable period, the Depositary may, in its discretion, (i) make such conversion and distribution in Dollars to the Holders for whom such conversion, transfer and
distribution is lawful and practicable, (ii) distribute the Foreign Currency (or an appropriate document 

  
 26 

 
evidencing the right to receive such Foreign Currency) to Holders for whom this is lawful and practicable, or (iii) hold (or cause the Custodian to hold) such Foreign Currency (without
liability for interest thereon) for the respective accounts of the Holders entitled to receive the same. 

Section 4.9    Fixing of ADS Record Date. Whenever the Depositary shall receive
notice of the fixing of a record date by the Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares, rights, or other distribution), or whenever for any reason the Depositary
causes a change in the number of Shares that are represented by each ADS, or whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders of Shares or other Deposited Securities, or whenever the
Depositary shall find it necessary or convenient in connection with the giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix the record date (the “ADS Record Date”) for the determination of the
Holders of ADS(s) who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise take action,
or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS. The Depositary shall make reasonable efforts to establish the ADS Record Date as closely as practicable to the applicable record date for the
Deposited Securities (if any) set by the Company in England and Wales and shall not announce the establishment of any ADS Record Date prior to the relevant corporate action having been made public by the Company (if such corporate action affects the
Deposited Securities). Subject to applicable law and the provisions of Section 4.1 through 4.8 and to the other terms and conditions of the Deposit Agreement, only the Holders of ADSs at the close of business in New York on such ADS Record Date
shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action. 

Section 4.10    Voting of Deposited Securities. As soon as practicable after
receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such
meeting or solicitation of consent or proxy in accordance with Section 4.9. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not
have been received by the Depositary at least thirty (30) days prior to the date of such vote or meeting), at the Company’s expense and provided no U.S. legal prohibitions exist, distribute to Holders as of the ADS Record Date:
(a) such notice of meeting or solicitation of consent or proxy, (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of the Deposit Agreement, the
Articles of Association of the Company and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights,
if any, pertaining to the Deposited Securities represented by such Holder’s ADSs, and (c) a brief statement as to the manner in which such voting instructions may be given to the Depositary or in which voting instructions may be deemed to
have been given in accordance with this Section 4.10 if no instructions are received prior to the deadline set for such purposes to the Depositary to give a discretionary proxy to a person designated by the Company. 

  
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 Notwithstanding anything contained in the Deposit Agreement or any ADR, with the
Company’s prior consent, the Depositary may, to the extent not prohibited by law or regulations, or by the requirements of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in
connection with any meeting of, or solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides Holders with, or otherwise publicizes to Holders, instructions on how to retrieve such
materials or receive such materials upon request (e.g., by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials). 

The Depositary has been advised by the Company that under the Articles of Association of the Company as in effect on the date of the Deposit
Agreement, voting at any meeting of shareholders of the Company is by show of hands unless a poll is demanded in accordance with the Articles of Association. The Depositary will not join in demanding a poll, whether or not requested to do so by
Holders of ADSs. Under the Articles of Association of the Company as in effect on the date of the Deposit Agreement, a poll may be demanded by (a) the chairman of the Company’s board of directors, (b) a majority of the directors of
the Company, (c) two or more shareholders present and having the right to vote on the resolution, or (d) any shareholder(s) representing not less than 10% of the total voting rights of all the shareholders having the right to vote on the
resolution (excluding any Shares held in treasury). 
 Voting instructions may be given only in respect of a number of ADSs representing an
integral number of Deposited Securities. Upon the timely receipt from a Holder of ADSs as of the ADS Record Date of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted
under applicable law, the provisions of the Deposit Agreement, Articles of Association of the Company and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the Deposited Securities (in person or by proxy)
represented by such Holder’s ADSs as follows: (a) in the event voting takes place at a shareholders’ meeting by a show of hands, the Depositary will instruct the Custodian to vote all Deposited Securities in accordance with the voting
instructions timely received from a majority of Holders of ADSs who provided voting instructions, and (b) in the event voting takes place at a shareholders’ meeting by poll, the Depositary will instruct the Custodian to vote the Deposited
Securities in accordance with the voting instructions timely received from the Holders of ADSs. If voting is by poll and the Depositary does not receive voting instructions from a Holder as of the ADS Record Date on or before the date established by
the Depositary for such purpose, such Holder shall be deemed, and the Depositary shall deem such Holder, to have instructed the Depositary to give a discretionary proxy to a person designated by the Company to vote the Deposited Securities;
provided, however, that no such discretionary proxy shall be given by the Depositary with respect to any matter to be voted upon as to which the Company informs the Depositary that (a) the Company does not wish such proxy to be given,
(b) substantial opposition exists, or (c) the rights of holders of Deposited Securities may be adversely affected. 
 Neither the
Depositary nor the Custodian shall under any circumstances exercise any discretion as to voting and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of, for purposes of establishing a
quorum or otherwise, the Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting instructions timely received from Holders or as otherwise contemplated herein. If the Depositary timely receives voting
instructions from a Holder which fail to specify the 

  
 28 

 
manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs, the Depositary will deem such Holder (unless otherwise specified in the notice
distributed to Holders) to have instructed the Depositary to vote in favor of the items set forth in such voting instructions. Deposited Securities represented by ADSs for which no timely voting instructions are received by the Depositary from the
Holder shall not be voted (except (a) in the case voting is by show of hands, in which case the Depositary will instruct the Custodian to vote all Deposited Securities in accordance with the voting instructions received from a majority of
Holders of ADSs who timely provided voting instructions, and (b) as contemplated in this Section 4.10). 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 Holders as of the ADS Record Date) for the sole purpose of establishing quorum at a meeting of shareholders. 

Notwithstanding anything else contained in the Deposit Agreement or any ADR, the Depositary shall not have any obligation to take any action
with respect to any meeting, or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. laws. The Company agrees to take any and all actions reasonably necessary and as permitted by the
laws of England and Wales to enable Holders and Beneficial Owners to exercise the voting rights accruing to the Deposited Securities and to deliver to the Depositary an opinion of U.S. counsel addressing any actions requested to be taken if so
requested by the Depositary. 
 There can be no assurance that Holders generally or any Holder in particular will receive the notice
described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner. 

Section 4.11    Changes Affecting Deposited Securities. Upon any change in nominal
or par value, split-up, cancellation, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale of assets affecting the
Company or to which it is a party, any property which shall be received by the Depositary or the Custodian in exchange for, or in conversion of, or replacement of, or otherwise in respect of, such Deposited Securities shall, to the extent permitted
by law, be treated as new Deposited Property under the Deposit Agreement, and the ADSs shall, subject to the provisions of the Deposit Agreement, any ADR(s) evidencing such ADSs and applicable law, represent the right to receive such additional or
replacement Deposited Property. In giving effect to such change, split-up, cancellation, consolidation or other reclassification of Deposited Securities, recapitalization, reorganization, merger, consolidation
or sale of assets, the Depositary may, with the Company’s approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and
expenses incurred by, the Depositary, and (b) applicable taxes) and receipt of an opinion of counsel to the Company satisfactory to the Depositary that such actions are not in violation of any applicable laws or regulations, (i) issue and
deliver additional ADSs as in the case of a stock dividend on the Shares, (ii) amend the Deposit Agreement and the applicable ADRs, (iii) amend the applicable Registration Statement(s) on Form F-6

  
 29 

 
as filed with the Commission in respect of the ADSs, (iv) call for the surrender of outstanding ADRs to be exchanged for new ADRs, and (v) take such other actions as are appropriate to
reflect the transaction with respect to the ADSs. The Company agrees to, jointly with the Depositary, amend the Registration Statement on Form F-6 as filed with the Commission to permit the issuance of such
new form of ADRs. Notwithstanding the foregoing, in the event that any Deposited Property so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company’s approval, and shall, if the Company requests,
subject to receipt of an opinion of Company’s counsel satisfactory to the Depositary that such action is not in violation of any applicable laws or regulations, sell such Deposited Property at public or private sale, at such place or places and
upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) for the account of the Holders otherwise entitled to
such Deposited Property upon an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash
pursuant to Section 4.1. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such Deposited Property available to Holders in general or to any Holder in particular,
(ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such Deposited Property. 

Section 4.12    Available Information. 

The Company is subject to the periodic reporting requirements of the Exchange Act and, accordingly, is required to file or furnish certain reports with the
Commission. These reports can be retrieved from the Commission’s website (www.sec.gov) and can be inspected and copied at the public reference facilities maintained by the Commission located (as of the date of the Deposit Agreement) at
100 F Street, N.E., Washington D.C. 20549. 
 Section 4.13    Reports. The
Depositary shall make available for inspection by Holders at its Principal Office any reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian,
or the nominee of either of them as the holder of the Deposited Property and (b) made generally available to the holders of such Deposited Property by the Company. The Depositary shall also provide or make available to Holders copies of such
reports when furnished by the Company pursuant to Section 5.6. 

Section 4.14    List of Holders. Promptly upon written request by the Company, the
Depositary shall furnish to it a list, as of a recent date, of the names, addresses and holdings of ADSs of all Holders. 

Section 4.15    Taxation. The Depositary will, and will instruct the Custodian to,
forward to the Company or its agents such information from its records as the Company may reasonably request to enable the Company or its agents to file the necessary tax reports with governmental authorities or agencies. The Depositary, the
Custodian or the Company and its agents may file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Property under applicable tax treaties or laws for the Holders and
Beneficial Owners. In accordance with instructions from the Company and to the extent practicable, the Depositary or the Custodian will take reasonable administrative actions to obtain tax refunds, reduced withholding of tax at source on dividends
and other benefits under applicable tax treaties or laws with respect to dividends and other distributions on the Deposited Property. As a condition to receiving such benefits, Holders and Beneficial

  
 30 

 
Owners of ADSs may be required from time to time, and in a timely manner, to file such proof of taxpayer status, residence and beneficial ownership (as applicable), to execute such certificates
and to make such representations and warranties, or to provide any other information or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary’s or the Custodian’s obligations under applicable
law. The Depositary and the Company shall have no obligation or liability to any person if any Holder or Beneficial Owner fails to provide such information or if such information does not reach the relevant tax authorities in time for any Holder or
Beneficial Owner to obtain the benefits of any tax treatment. The Holders and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian and any of their respective directors, employees, agents and Affiliates against, and hold each
of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained. 

If the Company (or any of its agents) withholds from any distribution any amount on account of taxes or governmental charges, or pays any
other tax in respect of such distribution (e.g., stamp duty tax, capital gains or other similar tax), the Company shall (and shall cause such agent to) remit promptly to the Depositary information about such taxes or governmental charges
withheld or paid, and, if so requested, the tax receipt (or other proof of payment to the applicable governmental authority) therefor, in each case, in a form satisfactory to the Depositary. The Depositary shall, to the extent required by U.S. law,
report to Holders any taxes withheld by it or the Custodian, and, if such information is provided to it by the Company, any taxes withheld by the Company. The Depositary and the Custodian shall not be required to provide the Holders with any
evidence of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the Depositary or the Custodian, as applicable. Neither the
Depositary nor the Custodian shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder’s or Beneficial
Owner’s income tax liability. 
 The Depositary is under no obligation to provide the Holders and Beneficial Owners with any
information about the tax status of the Company. The Depositary shall not incur any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the ADSs, including without limitation, tax
consequences resulting from the Company (or any of its subsidiaries) being treated as a “Passive Foreign Investment Company” (in each case as defined in the U.S. Internal Revenue Code and the regulations issued thereunder) or otherwise.

 ARTICLE V 
 THE
DEPOSITARY, THE CUSTODIAN AND THE COMPANY 
 Section 5.1    Maintenance of Office
and Transfer Books by the Registrar. Until termination of the Deposit Agreement in accordance with its terms, the Registrar shall maintain in the Borough of Manhattan, the City of New York, an office and facilities for the issuance and
delivery of ADSs, the acceptance for surrender of ADS(s) for the purpose of withdrawal of Deposited Securities, the registration of issuances, cancellations, transfers, combinations and 

  
 31 

 
split-ups of ADS(s) and, if applicable, to countersign ADRs evidencing the ADSs so issued, transferred, combined or
split-up, in each case in accordance with the provisions of the Deposit Agreement. 
 The Registrar
shall keep books for the registration of ADSs which at all reasonable times shall be open for inspection by the Company and by the Holders of such ADSs, provided that such inspection shall not be, to the Registrar’s knowledge, for the purpose
of communicating with Holders of such ADSs in the interest of a business or object other than the business of the Company or other than a matter related to the Deposit Agreement or the ADSs. 

The Registrar may close the transfer books with respect to the ADSs, at any time or from time to time, when deemed necessary or advisable by
it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Section 7.8(a). 

If any ADSs are listed on one or more stock exchanges or automated quotation systems in the United States, the Depositary shall act as
Registrar or appoint a Registrar or one or more co-registrars for registration of issuances, cancellations, transfers, combinations and split-ups of ADSs and, if
applicable, to countersign ADRs evidencing the ADSs so issued, transferred, combined or split-up, in accordance with any requirements of such exchanges or systems. Such Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary. 

Section 5.2    Exoneration. Notwithstanding anything contained in the Deposit
Agreement or any ADR, neither the Depositary nor the Company shall be obligated to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or incur any liability (to the extent not limited by Section 7.8(b)) (i)
if the Depositary or the Company shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required by the terms of the Deposit Agreement, by reason of any provision of any present or future law or regulation of the
United States, England and Wales or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of potential criminal or civil penalties or restraint, or by reason of any provision, present or
future, of the Articles of Association of the Company or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization,
expropriation, currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the
Deposit Agreement or in the Articles of Association of the Company or provisions of or governing Deposited Securities, (iii) for any action or inaction in reliance upon the advice of or information from legal counsel, accountants, any person
presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or
Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADSs, or (v) for
any consequential or punitive damages (including lost profits) for any breach of the terms of the Deposit Agreement. 

  
 32 

 The Depositary, its controlling persons, its agents, any Custodian and the Company, its
controlling persons and its agents may rely and shall be protected in acting upon any written notice, request or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

Section 5.3    Standard of Care. The Company and the Depositary assume no
obligation and shall not be subject to any liability under the Deposit Agreement or any ADRs to any Holder(s) or Beneficial Owner(s), except that the Company and the Depositary agree to perform their respective obligations specifically set forth in
the Deposit Agreement or the applicable ADRs without negligence or bad faith. 
 Without limitation of the foregoing, neither the
Depositary, nor the Company, nor any of their respective controlling persons, or agents, shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Property or in respect of the
ADSs, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required (and no Custodian shall
be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary). 

The Depositary and its agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or
for the manner in which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and without negligence and in accordance with the terms of the Deposit Agreement. The Depositary shall not incur any
liability for any failure to accurately determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any
translation thereof, for any investment risk associated with acquiring an interest in the Deposited Property, for the validity or worth of the Deposited Property, for the value of any Deposited Property or any distribution thereon, for any interest
on Deposited Property, for any tax consequences that may result from the ownership of ADSs, Shares or other Deposited Property, for the credit-worthiness of any third party, for allowing any rights to lapse
upon the terms of the Deposit Agreement, for the failure or timeliness of any notice from the Company, or for any action of or failure to act by, or any information provided or not provided by, DTC or any DTC Participant. 

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 any acts or omissions
made by a predecessor depositary whether in connection with an act or omission of the Depositary or in connection with any matter arising wholly prior to the appointment of the Depositary or 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. 

  
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 Section 5.4    Resignation and Removal
of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary hereunder by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the
90th day after delivery thereof to the Company (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2), or (ii) the appointment by the Company of a successor depositary and its acceptance of such
appointment as hereinafter provided. 
 The Depositary may at any time be removed by the Company by written notice of such removal, which
removal shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2), or (ii) upon the appointment by the
Company of a successor depositary and its acceptance of such appointment as hereinafter provided. 
 In case at any time the Depositary
acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor
depositary shall be required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed (except
as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations of its predecessor (other than as contemplated in Sections 5.8 and 5.9). The predecessor depositary, upon payment of all sums due it
and on the written request of the Company, shall, (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9), (ii) duly
assign, transfer and deliver all of the Depositary’s right, title and interest to the Deposited Property to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADSs and such other information
relating to ADSs and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly provide notice of its appointment to such Holders. 

Any entity into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or
filing of any document or any further act. 
 Section 5.5    The Custodian. The
Depositary has initially appointed Citibank N.A., London Branch, as Custodian for the purpose of the Deposit Agreement. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the
Depositary for the Deposited Property for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Property and no other Custodian
has previously been appointed hereunder, the Depositary shall promptly appoint a substitute custodian. The Depositary shall require such resigning or discharged Custodian to Deliver, or cause the Delivery of, the Deposited Property held by it,
together with all such records maintained by it as Custodian with respect to such Deposited Property as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, in its discretion, that it is
appropriate to 

  
 34 

 
do so, it may appoint an additional custodian with respect to any Deposited Property, or discharge the Custodian with respect to any Deposited Property and appoint a substitute custodian, which
shall thereafter be Custodian hereunder with respect to the Deposited Property. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of ADSs, each other Custodian and the Company. 

Citibank may at any time act as Custodian of the Deposited Property pursuant to the Deposit Agreement, in which case any reference to
Custodian shall mean Citibank solely in its capacity as Custodian pursuant to the Deposit Agreement. Notwithstanding anything contained in the Deposit Agreement or any ADR to the contrary, the Depositary shall not be obligated to give notice to the
Company, any Holders of ADSs or any other Custodian of its acting as Custodian pursuant to the Deposit Agreement. 
 Upon the appointment of
any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Property without any further act or writing, and shall be subject to the direction of
the successor depositary. The successor depositary so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete
power and authority to act on the direction of such successor depositary. 

Section 5.6    Notices and Reports. On or before the first date on which the
Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a meeting, or of the
taking of any action in respect of any cash or other distributions or the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in the English language
but otherwise in the form given or to be given to holders of Shares or other Deposited Securities. The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions of the
Articles of Association of the Company that may be relevant or pertain to such notice of meeting or be the subject of a vote thereat. 
 The
Company will also transmit to the Depositary (a) an English language version of the other notices, reports and communications which are made generally available by the Company to holders of its Shares or other Deposited Securities and
(b) the English-language versions of the Company’s annual and semi-annual reports prepared in accordance with the applicable requirements of the Commission.
The Depositary shall arrange, at the request of the Company and at the Company’s expense, to provide copies thereof to all Holders or make such notices, reports and other communications available to all Holders on a basis similar to that for
holders of Shares or other Deposited Securities or on such other basis as the Company may advise the Depositary or as may be required by any applicable law, regulation or stock exchange requirement. The Company has delivered to the Depositary and
the Custodian a copy of the Company’s Articles of Association along with the provisions of or governing the Shares and any other Deposited Securities issued by the Company in connection with such Shares, and promptly upon any amendment thereto
or change therein, the Company shall deliver to the Depositary and the Custodian a copy of such amendment thereto or change therein. The Depositary may rely upon such copy for all purposes of the Deposit Agreement. 

  
 35 

 The Depositary will, at the expense of the Company, make available a copy of any such
notices, reports or communications issued by the Company and delivered to the Depositary for inspection by the Holders of the ADSs at the Depositary’s Principal Office, at the office of the Custodian and at any other designated transfer office.

 Section 5.7    Issuance of Additional Shares, ADSs etc. The Company agrees
that in the event it or any of its Affiliates proposes (i) an issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an issuance or assumption of
securities convertible into or exchangeable for Shares, (iv) an issuance of rights to subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited
Securities, (vii) a meeting of holders of Deposited Securities, or solicitation of consents or proxies, relating to any reclassification of securities, merger or consolidation or transfer of assets, (viii) any assumption, reclassification,
recapitalization, reorganization, merger, consolidation or sale of assets which affects the Deposited Securities, or (ix) a distribution of securities other than Shares, it will obtain U.S. legal advice and take all steps necessary to ensure
that the application of the proposed transaction to Holders and Beneficial Owners does not violate the registration provisions of the Securities Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as
amended, the Exchange Act and the securities laws of the states of the U.S.). In support of the foregoing, the Company will furnish to the Depositary (a) a written opinion of U.S. counsel (reasonably satisfactory to the Depositary) stating
whether such transaction (1) requires a registration statement under the Securities Act to be in effect or (2) is exempt from the registration requirements of the Securities Act and (b) an opinion of English counsel stating that
(1) making the transaction available to Holders and Beneficial Owners does not violate the laws or regulations of England and Wales and (2) all requisite regulatory consents and approvals have been obtained in England and Wales. If the
filing of a registration statement is required, the Depositary shall not have any obligation to proceed with the transaction unless it shall have received evidence reasonably satisfactory to it that such registration statement has been declared
effective. If, being advised by counsel, the Company determines that a transaction is required to be registered under the Securities Act, the Company will either (i) register such transaction to the extent necessary, (ii) alter the terms
of the transaction to avoid the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures, in each case as contemplated in the Deposit Agreement, to prevent such transaction from violating the
registration requirements of the Securities Act. The Company agrees with the Depositary that neither the Company nor any of its Affiliates will at any time (i) deposit any Shares or other Deposited Securities, either upon original issuance or
upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company or by any such Affiliate, or (ii) issue additional Shares, rights to subscribe for such Shares, securities convertible into or exchangeable for
Shares or rights to subscribe for such securities or distribute securities other than Shares, unless such transaction and the securities issuable in such transaction do not violate the registration provisions of the Securities Act, or any other
applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act and the securities laws of the states of the U.S.). 

Notwithstanding anything else contained in the Deposit Agreement, nothing in the Deposit Agreement shall be deemed to obligate the Company to
file any registration statement in respect of any proposed transaction. 

  
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 Section 5.8    Indemnification.
The Depositary agrees to indemnify the Company and its directors, officers, employees, agents and Affiliates against, and hold each of them harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not
limited to, the reasonable fees and expenses of counsel) which may arise out of acts performed or omitted by the Depositary under the terms hereof due to the negligence or bad faith of the Depositary. 

The Company agrees to indemnify the Depositary, the Custodian and any of their respective directors, officers, employees, agents and
Affiliates against, and hold each of them harmless from, any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not limited to, the reasonable fees and expenses of counsel) that may arise (a) out of, or in
connection with, any offer, issuance, sale, resale, transfer, deposit or withdrawal of ADRs, ADSs, the Shares, or other Deposited Securities, as the case may be, (b) out of, or as a result of, any offering documents in respect thereof or
(c) out of acts performed or omitted, including, but not limited to, any delivery by the Depositary on behalf of the Company of information regarding the Company, in connection with the Deposit Agreement, any ancillary or supplemental agreement
entered into between the Company and the Depositary, the ADRs, the ADSs, the Shares, or any Deposited Property, in any such case (i) by the Depositary, the Custodian or any of their respective directors, officers, employees, agents and
Affiliates, except to the extent such loss, liability, tax, charge or expense is due to the negligence or bad faith of any of them, or (ii) by the Company or any of its directors, officers, employees, agents and Affiliates. The Company shall
not indemnify the Depositary or the Custodian (for so long as the Custodian is a branch of Citibank, N.A.) against (x) any liability or expense arising out of information relating to the Depositary or such Custodian, as the case may be,
furnished in a signed writing to the Company, executed by the Depositary expressly for use in any registration statement, prospectus or preliminary prospectus relating to any Deposited Securities represented by the ADSs or (y) any fees, charges
or expenses payable by third party Holders or Beneficial Owners under this Deposit Agreement. 
 The obligations set forth in this Section
shall survive the termination of the Deposit Agreement and the succession or substitution of any party hereto. 
 Any person seeking
indemnification hereunder (an “indemnified person”) shall notify the person from whom it is seeking indemnification (the “indemnifying person”) of the commencement of any indemnifiable action or claim promptly after such
indemnified person becomes aware of such commencement (provided that the failure to make such notification shall not affect such indemnified person’s rights to seek indemnification except to the extent the indemnifying person is materially
prejudiced by such failure) and shall consult in good faith with the indemnifying person as to the conduct of the defense of such action or claim that may give rise to an indemnity hereunder, which defense shall be reasonable in the circumstances.
No indemnified person shall compromise or settle any action or claim that may give rise to an indemnity hereunder without the consent of the indemnifying person, which consent shall not be unreasonably withheld. 

Section 5.9    ADS Fees and Charges. The Company, the Holders, the Beneficial
Owners, persons depositing Shares or withdrawing Deposited Securities in connection with the issuance and cancellation of ADSs, and persons receiving ADSs upon issuance or whose ADSs 

  
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are being cancelled shall be required to pay the ADS fees and charges identified as payable by them respectively in the ADS fee schedule attached hereto as Exhibit B. All ADS fees and charges so
payable may be deducted from distributions or must be remitted to the Depositary, or its designee, may be waived by the Depositary in full or in part with respect to some or all ADSs upon such terms, and subject to such conditions, as the Depositary
and Company may determine in its sole discretion, and may, at any time and from time to time, be changed by agreement between the Depositary and the Company, but, in the case of ADS fees and charges payable by Holders and Beneficial Owners, any such
change (excluding any changes to the waiver by the Depositary of fees and charges contemplated herein) may be made only in the manner contemplated in Section 6.1. The Depositary shall provide, without charge, a copy of its latest ADS fee
schedule to anyone upon request. 
 ADS fees and charges for (i) the issuance of ADSs and (ii) the cancellation of ADSs will be
payable by the person for whom the ADSs are so issued by the Depositary (in the case of ADS issuances) and by the person for whom ADSs are being cancelled (in the case of ADS cancellations). In the case of ADSs issued by the Depositary into DTC or
presented to the Depositary via DTC, the ADS issuance and cancellation fees and charges will be payable by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) holding the ADSs being cancelled, as the case may be,
on behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the account(s) of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC Participant(s) as in effect at the time. ADS fees
and charges in respect of distributions and the ADS service fee are payable by Holders as of the applicable ADS Record Date established by the Depositary. In the case of distributions of cash, the amount of the applicable ADS fees and charges is
deducted from the funds being distributed. In the case of (i) distributions other than cash and (ii) the ADS service fee, the applicable Holders as of the ADS Record Date established by the Depositary will be invoiced for the amount of the
ADS fees and charges and such ADS fees may be deducted from distributions made to Holders. For ADSs held through DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted from distributions made through
DTC, and may be charged to the DTC Participants in accordance with the procedures and practices prescribed by DTC from time to time and the DTC Participants in turn charge the amount of such ADS fees and charges to the Beneficial Owners for whom
they hold ADSs. In the case of (i) registration of ADS transfers, the ADS transfer fee will be payable by the ADS Holder whose ADSs are being transferred or by the person to whom the ADSs are transferred, and (ii) conversion of ADSs of one
series for ADSs of another series, the ADS conversion fee will be payable by the Holder whose ADSs are converted or by the person to whom the converted ADSs are delivered. 

The Depositary may reimburse the Company for certain expenses incurred by the Company in respect of the ADR program established pursuant to
the Deposit Agreement, by making available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company and the Depositary agree from time to time. The Company shall pay to the
Depositary such fees and charges, and reimburse the Depositary for such out-of-pocket expenses, as the Depositary and the Company may agree from time to time.
Responsibility for payment of such fees, charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise agreed, the Depositary shall present its statement for such fees, charges and
reimbursements to the Company once every three months. The charges and expenses of the Custodian are for the sole account of the Depositary. 

  
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 The obligations of Holders and Beneficial Owners to pay ADS fees and charges shall survive
the termination of the Deposit Agreement. As to any Depositary, upon the resignation or removal of such Depositary as described in Section 5.4, the right to collect ADS fees and charges shall extend for those ADS fees and charges incurred prior
to the effectiveness of such resignation or removal. 
 Section 5.10    Restricted
Securities Owners. The Company agrees to advise in writing each of the persons or entities who, to the knowledge of the Company, holds Restricted Securities that such Restricted Securities are ineligible for deposit hereunder (except under
the circumstances contemplated in Section 2.14) and, to the extent practicable, shall require each of such persons to represent in writing that such person will not deposit Restricted Securities hereunder (except under the circumstances
contemplated in Section 2.14). 
 ARTICLE VI 

AMENDMENT AND TERMINATION 

Section 6.1    Amendment/Supplement. Subject to the terms and conditions of this
Section 6.1 and applicable law, the ADRs outstanding at any time, the provisions of the Deposit Agreement and the form of ADR attached hereto and to be issued under the terms hereof may at any time and from time to time be amended or
supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable without the prior written consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose
or increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial
existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding ADSs until the expiration of thirty (30) days after notice of such amendment or supplement shall have been given to the Holders of
outstanding ADSs. Notice of any amendment to the Deposit Agreement or any ADR shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such
notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (e.g., upon retrieval from the
Commission’s, the Depositary’s or the Company’s website or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the
Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs to be settled solely in electronic book-entry form
and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial existing rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at
the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADSs, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement and the ADR, if applicable, as amended or
supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to 

  
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surrender such ADS and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any
governmental body should adopt new laws, rules or regulations which would require an amendment of, or supplement to, the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement
and any ADRs at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement and any ADRs in such circumstances may become effective before a notice of such amendment or supplement is
given to Holders or within any other period of time as required for compliance with such laws, rules or regulations. 

Section 6.2    Termination. The Depositary shall, at any time at the written
direction of the Company, terminate the Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. If ninety
(90) days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the
Depositary, and, in either case, a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4 of the Deposit Agreement, the Depositary may terminate the Deposit Agreement by distributing notice of
such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. The date so fixed for termination of the Deposit Agreement in any termination notice so
distributed by the Depositary to the Holders of ADSs is referred to as the “Termination Date”. Until the Termination Date, the Depositary shall continue to perform all of its obligations under the Deposit Agreement, and the Holders and
Beneficial Owners will be entitled to all of their rights under the Deposit Agreement. 
 If any ADSs shall remain outstanding after the
Termination Date, the Registrar and the Depositary shall not, after the Termination Date, have any obligation to perform any further acts under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms and
conditions of the Deposit Agreement, continue to (i) collect dividends and other distributions pertaining to Deposited Securities, (ii) sell Deposited Property received in respect of Deposited Securities, (iii) deliver Deposited
Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any other Deposited Property, in exchange for ADSs surrendered to the Depositary (after deducting, or charging, as the
case may be, in each case, the fees and charges of, and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the terms set forth in
Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be required under applicable law in connection with its role as Depositary under the Deposit Agreement. 

At any time after the Termination Date, the Depositary may sell the Deposited Property then held under the Deposit Agreement and shall after
such sale hold un-invested the net proceeds of such sale, together with any other cash then held by it under the Deposit Agreement, in an un-segregated account and
without liability for interest, for the pro rata benefit of the Holders whose ADSs have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement except (i) to
account for such net proceeds and other cash (after deducting, or charging, as the case may be, in 

  
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each case, the fees and charges of, and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case
upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in connection with the termination of the Deposit Agreement. 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, 5.9 and 7.6 of the Deposit Agreement. The obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs
outstanding as of the Termination Date shall survive the Termination Date and shall be discharged only when the applicable ADSs are presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement (except as
specifically provided in the Deposit Agreement). 
 Notwithstanding anything contained in the Deposit Agreement or any ADR, in connection
with the termination of the Deposit Agreement, the Depositary may, independently and without the need for any action by the Company, make available to Holders of ADSs a means to withdraw the Deposited Securities represented by their ADSs and to
direct the deposit of such Deposited Securities into an unsponsored American depositary shares program established by the Depositary, upon such terms and conditions as the Depositary may deem reasonably appropriate, subject however, in each case, to
satisfaction of the applicable registration requirements by the unsponsored American depositary shares program under the Securities Act, and to receipt by the Depositary of payment of the applicable fees and charges of, and reimbursement of the
applicable expenses incurred by, the Depositary. 
 ARTICLE VII 

MISCELLANEOUS 

Section 7.1    Counterparts. The Deposit Agreement may be executed in any number
of counterparts, each of which shall be deemed an original and all of such counterparts together shall constitute one and the same agreement. Copies of the Deposit Agreement shall be maintained with the Depositary and shall be open to inspection by
any Holder during business hours. 
 Section 7.2    No Third-Party Beneficiaries. The Deposit Agreement is for the exclusive benefit of the parties hereto (and their successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever
to any other person, except to the extent specifically set forth in the Deposit Agreement. Nothing in the Deposit Agreement shall be deemed to give rise to a partnership or joint venture among the parties nor establish a fiduciary or similar
relationship among the parties. The parties hereto acknowledge and agree that (i) Citibank and its Affiliates may at any time have multiple banking relationships with the Company, the Holders, the Beneficial Owners, and their respective
Affiliates, (ii) Citibank and its Affiliates may own and deal in any class of securities of the Company and its Affiliates and in ADSs, and may be engaged at any time in transactions in which parties adverse to the Company, the Holders, the
Beneficial Owners or their respective Affiliates may have interests, (iii) the Depositary and its Affiliates may from time to time have in their possession non-public information about the Company, the
Holders, the Beneficial Owners, and their respective Affiliates, (iv) nothing contained in the Deposit Agreement shall (a) preclude Citibank or any of its Affiliates from engaging in such transactions or establishing or maintaining such
relationships, or (b) obligate Citibank or any of 

  
 41 

 
its Affiliates to disclose such information, transactions or relationships, or to account for any profit made or payment received in such transactions or relationships, and (v) the
Depositary shall not be deemed to have knowledge of any information any other division of Citibank or any of its Affiliates may have about the Company, the Holders, the Beneficial Owners, or any of their respective Affiliates. 

Section 7.3    Severability. In case any one or more of the provisions contained
in the Deposit Agreement or in the ADRs should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced
or disturbed thereby. 
 Section 7.4    Holders and Beneficial Owners as Parties;
Binding Effect. The Holders and Beneficial Owners from time to time of ADSs issued hereunder shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of any ADR evidencing their ADSs by
acceptance thereof or any beneficial interest therein. 

Section 7.5    Notices. Any and all notices to be given to the Company shall be
deemed to have been duly given if personally delivered or sent by mail, air courier or cable, telex or facsimile transmission, confirmed by letter personally delivered or sent by mail or air courier, addressed to Mereo BioPharma Group plc, Fourth
Floor, One Cavendish Place, London W1G 0QF, United Kingdom, Attention: General Counsel, or to any other address which the Company may specify in writing to the Depositary. 

Any and all notices to be given to the Depositary shall be deemed to have been duly given if personally delivered or sent by mail, air courier
or cable, telex or facsimile transmission, confirmed by letter personally delivered or sent by mail or air courier, addressed to Citibank, N.A., 388 Greenwich Street, New York, New York 10013, U.S.A., Attention: Depositary Receipts
Department, or to any other address which the Depositary may specify in writing to the Company. 
 Any and all notices to be given to any
Holder shall be deemed to have been duly given (a) if personally delivered or sent by mail or cable, telex or facsimile transmission, confirmed by letter, addressed to such Holder at the address of such Holder as it appears on the books of the
Depositary or, if such Holder shall have filed with the Depositary a request that notices intended for such Holder be mailed to some other address, at the address specified in such request, or (b) if a Holder shall have designated such means of
notification as an acceptable means of notification under the terms of the Deposit Agreement, by means of electronic messaging addressed for delivery to the e-mail address designated by the Holder for such
purpose. Notice to Holders shall be deemed to be notice to Beneficial Owners for all purposes of the Deposit Agreement. Failure to notify a Holder or any defect in the notification to a Holder shall not affect the sufficiency of notification to
other Holders or to the Beneficial Owners of ADSs held by such other Holders. Any notices given to DTC under the terms of the Deposit Agreement shall (unless otherwise specified by the Depositary) constitute notice to the DTC Participants who hold
as the ADSs in their DTC accounts and to the Beneficial Owners of such ADSs. 

  
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 Delivery of a notice sent by mail, air courier or cable, telex or facsimile transmission
shall be deemed to be effective at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage prepaid, in a post-office letter box or delivered
to an air courier service, without regard for the actual receipt or time of actual receipt thereof by a Holder. The Depositary or the Company may, however, act upon any cable, telex or facsimile transmission received by it from any Holder, the
Custodian, the Depositary, or the Company, notwithstanding that such cable, telex or facsimile transmission shall not be subsequently confirmed by letter. 

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

Section 7.6    Governing Law and Jurisdiction. The Deposit Agreement, the ADRs and
the ADSs 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 applicable to contracts made and to be wholly performed in that
State. Notwithstanding anything contained in the Deposit Agreement to the contrary, any ADR or any present or future provisions of the laws of the State of New York, the rights of holders of Shares and of any other Deposited Securities 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 (or, if applicable, such other laws as may govern the Deposited Securities). 

Except as set forth in the following paragraph of this Section 7.6, the Company and the Depositary agree that the federal or state courts
in the City of New York shall have jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection with the Deposit Agreement and, for such purposes, each irrevocably
submits to the non-exclusive jurisdiction of such courts. The Company hereby irrevocably designates, appoints and empowers Cogency Global Inc. (the “Agent”) now at 10 East 40th Street, 10th
Floor, New York, New York 10016, as its authorized agent to receive and accept for and on its behalf, and on behalf of its properties, assets and revenues, service by mail of any and all legal process, summons, notices and documents that may be
served in any suit, action or proceeding brought against the Company in any federal or state court as described in the preceding sentence or in the next paragraph of this Section 7.6. If for any reason the Agent shall cease to be available to
act as such, the Company agrees to designate a new agent in New York on the terms and for the purposes of this Section 7.6 reasonably satisfactory to the Depositary. The Company further hereby irrevocably consents and agrees to the service of
any and all legal process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Agent (whether or not the appointment of such Agent shall for any reason prove to be
ineffective or such Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 7.5. The Company agrees that the failure of
the Agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon. 

  
 43 

 Notwithstanding the foregoing, the Depositary and the Company unconditionally agree that in
the event that a Holder or Beneficial Owner brings a suit, action or proceeding against (a) the Company, (b) the Depositary in its capacity as Depositary under the Deposit Agreement or (c) against both the Company and the Depositary,
in any such case, in any state or federal court of the United States, and the Depositary or the Company have any claim, for indemnification or otherwise, against each other arising out of the subject matter of such suit, action or proceeding, then
the Company and the Depositary may pursue such claim against each other in the state or federal court in the United States in which such suit, action, or proceeding is pending and, for such purposes, the Company and the Depositary irrevocably submit
to the non-exclusive jurisdiction of such courts. The Company agrees that service of process upon the Agent in the manner set forth in the preceding paragraph shall be effective service upon it for any suit,
action or proceeding brought against it as described in this paragraph. 
 The Company irrevocably and unconditionally waives, to the
fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any actions, suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and
unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, and agrees not to plead or claim, any right of
immunity from legal action, suit or proceeding, 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, from execution of
judgment, or from any other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, and consents to such relief and enforcement against it, its assets and its revenues in any jurisdiction, in each case with
respect to any matter arising out of, or in connection with, the Deposit Agreement, any ADR or the Deposited Property. 
 EACH OF THE
PARTIES TO THE DEPOSIT AGREEMENT (INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY
AND/OR THE DEPOSITARY ARISING OUT OF, OR RELATING TO, THE DEPOSIT AGREEMENT, ANY ADR AND ANY TRANSACTIONS CONTEMPLATED THEREIN (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE). 

The provisions of this Section 7.6 shall survive any termination of the Deposit Agreement, in whole or in part. 

Section 7.7    Assignment. Subject to the provisions of Section 5.4, the
Deposit Agreement may not be assigned by either the Company or the Depositary. 

  
 44 

 Section 7.8    Compliance with, and No Disclaimer under, U.S.
Securities Laws. 
 (a)     Notwithstanding anything in the Deposit Agreement to the contrary, the withdrawal or
delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to Form F-6 Registration Statement, as
amended from time to time, under the Securities Act. 
 (b)    Each of the parties to the Deposit Agreement (including,
without limitation, each Holder and Beneficial Owner) acknowledges and agrees that no provision of the Deposit Agreement or any ADR shall, or shall be deemed to, disclaim any liability under the Securities Act or the Exchange Act, in each case to
the extent established under applicable U.S. laws. 
 Section 7.9    England and Wales
Law References. Any summary of the laws and regulations of England and Wales and of the terms of the Company’s Articles of Association set forth in the Deposit Agreement have been provided by the Company solely for the convenience of
Holders, Beneficial Owners and the Depositary. While such summaries are believed by the Company to be accurate as of the date of the Deposit Agreement, (i) they are summaries and as such may not include all aspects of the materials summarized
applicable to a Holder or Beneficial Owner, and (ii) these laws and regulations and the Company’s Articles of Association may change after the date of the Deposit Agreement. Neither the Depositary nor the Company has any obligation under
the terms of the Deposit Agreement to update any such summaries. 
 Section 7.10    Titles and
References. 
 (a)    Deposit Agreement. All references in the Deposit Agreement to
exhibits, articles, sections, subsections, and other subdivisions refer to the exhibits, articles, sections, subsections and other subdivisions of the Deposit Agreement unless expressly provided otherwise. The words “the Deposit
Agreement”, “herein”, “hereof”, “hereby”, “hereunder”, and words of similar import refer to the Deposit Agreement as a whole as in effect at the relevant time between the Company, the Depositary and the
Holders and Beneficial Owners of ADSs and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and words in the singular form shall be
construed to include the plural and vice versa unless the context otherwise requires. Titles to sections of the Deposit Agreement are included for convenience only and shall be disregarded in construing the language contained in the Deposit
Agreement. References to “applicable laws and regulations” shall refer to laws and regulations applicable to ADRs, ADSs or Deposited Property as in effect at the relevant time of determination, unless otherwise required by law or
regulation. 
 (b)    ADRs. All references in any ADR(s) to paragraphs, exhibits, articles,
sections, subsections, and other subdivisions refer to the paragraphs, exhibits, articles, sections, subsections and other subdivisions of the ADR(s) in question unless expressly provided otherwise. The words “the Receipt”, “the
ADR”, “herein”, “hereof”, “hereby”, “hereunder”, and words of similar import used in any ADR refer to the ADR as a whole and as in effect at the relevant time, and not to any particular subdivision unless
expressly so limited. Pronouns in masculine, feminine and neuter gender in any ADR shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa unless the context
otherwise requires. Titles to paragraphs of any ADR are included for convenience only and shall be disregarded in construing the language contained in the ADR. 

  
 45 

 
References to “applicable laws and regulations” shall refer to laws and regulations applicable to ADRs, ADSs or Deposited Property as in effect at the relevant time of determination,
unless otherwise required by law or regulation. 

  
 46 

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

			
	MEREO BIOPHARMA GROUP PLC
		
	By:	 	              

	Name:	 	
	Title:	 	
	
	CITIBANK, N.A.
		
	By:	 	              

	Name:	 	
	Title:	 	

  
 47 

 EXHIBIT A 

[FORM OF ADR] 
  

			
	Number	  	CUSIP NUMBER:                         
	                        	  	
		  	American Depositary Shares (each American Depositary Share representing the right to receive five (5) fully paid ordinary shares)

 AMERICAN DEPOSITARY RECEIPT 

for 
 AMERICAN DEPOSITARY SHARES

 representing 
 DEPOSITED
ORDINARY SHARES 
 of 
 MEREO
BIOPHARMA GROUP PLC 
 (Incorporated under the laws of England and Wales) 

CITIBANK, N.A., a national banking association organized and existing under the laws of the United States of America, as depositary (the
“Depositary”), hereby certifies that                      is the owner of
                     American Depositary Shares (hereinafter “ADS”) representing deposited ordinary shares, including evidence of rights to
receive such ordinary shares (the “Shares”), of Mereo BioPharma Group plc, a public limited company incorporated under the laws of England and Wales (the “Company”). As of the date of issuance of this ADR, each ADS represents the
right to receive five (5) Shares deposited under the Deposit Agreement (as hereinafter defined) with the Custodian, which at the date of execution of the Deposit Agreement is Citibank, N.A. London Branch (the “Custodian”). The ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and VI of the Deposit Agreement. The Depositary’s Principal Office is located at 388 Greenwich
Street, New York, New York 10013, U.S.A. 
 (1)    The Deposit Agreement. This American
Depositary Receipt is one of an issue of American Depositary Receipts (“ADRs”), all issued and to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of
[                ], 2019 (as amended and supplemented from time to time, the “Deposit Agreement”), by and among the Company, the Depositary, and all Holders
and Beneficial Owners from time to time of ADSs issued thereunder. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners of ADSs and the rights and duties of the Depositary in respect of the Shares deposited
thereunder and any and all other Deposited Property (as defined in the Deposit Agreement) from time to time received and held on deposit in respect of the ADSs. Copies of the Deposit Agreement are 

  
 A-1 

 
on file at the Principal Office of the Depositary and with the Custodian. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with
the terms and conditions of the Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and the applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt
any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the
taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof. 
 The statements made on the face and
reverse of this ADR are summaries of certain provisions of the Deposit Agreement and the Articles of Association of the Company (as in effect on the date of the signing of the Deposit Agreement) and are qualified by and subject to the detailed
provisions of the Deposit Agreement and the Articles of Association, to which reference is hereby made. 
 All capitalized terms not defined
herein shall have the meanings ascribed thereto in the Deposit Agreement. 
 The Depositary makes no representation or warranty as to the
validity or worth of the Deposited Property. The Depositary has made arrangements for the acceptance of the ADSs into DTC. Each Beneficial Owner of ADSs held through DTC must rely on the procedures of DTC and the DTC Participants to exercise and be
entitled to any rights attributable to such ADSs. The Depositary may issue Uncertificated ADSs subject, however, to the terms and conditions of Section 2.13 of the Deposit Agreement. 

(2)    Surrender of ADSs and Withdrawal of Deposited Securities. The Holder of this ADR (and of the
ADSs evidenced hereby) shall be entitled to Delivery (at the Custodian’s designated office) of the Deposited Securities at the time represented by the ADSs evidenced hereby upon satisfaction of each of the following conditions: (i) the
Holder (or a duly-authorized attorney of the Holder) has duly Delivered ADSs to the Depositary at its Principal Office the ADSs evidenced hereby (and if applicable, this ADR evidencing such ADSs) for the purpose of withdrawal of the Deposited
Securities represented thereby, (ii) if applicable and so required by the Depositary, this ADR Delivered to the Depositary for such purpose has been properly endorsed in blank or is accompanied by proper instruments of transfer in blank
(including signature guarantees in accordance with standard securities industry practice), (iii) if so required by the Depositary, the Holder of the ADSs has executed and delivered 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 the person(s) designated in such order, and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable
taxes and governmental charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been paid, subject, however, in each case, to the terms and conditions of this ADR evidencing the surrendered ADSs,
of the Deposit Agreement, of the Company’s Articles of Association and of any applicable laws and the rules of CREST, and to any provisions of or governing the Deposited Securities, in each case as in effect at the time thereof. 

  
 A-2 

 Upon satisfaction of each of the conditions specified above, the Depositary (i) shall
cancel the ADSs Delivered to it (and, if applicable, the ADR(s) evidencing the ADSs so Delivered), (ii) shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books maintained for such purpose, and
(iii) shall direct the Custodian to Deliver, or cause the Delivery of, in each case, without unreasonable delay, the Deposited Securities represented by the ADSs so canceled together with any certificate or other document of title for the
Deposited Securities, or evidence of the electronic transfer thereof (if available), as the case may be, to or upon the written order of the person(s) designated in the order delivered to the Depositary for such purpose, subject however, in each
case, to the terms and conditions of the Deposit Agreement, of this ADR evidencing the ADSs so canceled, of the Articles of Association of the Company, of any applicable laws and of the rules of CREST, and to the terms and conditions of or
governing the Deposited Securities, in each case as in effect at the time thereof. 
 The Depositary shall not accept for surrender ADSs
representing less than one (1) Share. In the case of Delivery to it of ADSs representing a number other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance
with the terms hereof, and shall, at the discretion of the Depositary, either (i) return to the person surrendering such ADSs the number of ADSs representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional
Share represented by the ADSs so surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) applicable taxes withheld) to the person surrendering the ADSs.

 Notwithstanding anything else contained in this ADR or the Deposit Agreement, the Depositary may make delivery at the Principal Office of
the Depositary of Deposited Property consisting of (i) any cash dividends or cash distributions, or (ii) any proceeds from the sale of any non-cash distributions, which are at the time held by the
Depositary in respect of the Deposited Securities represented by the ADSs surrendered for cancellation and withdrawal. At the request, risk and expense of any Holder so surrendering ADSs represented by this ADR, and for the account of such Holder,
the Depositary shall direct the Custodian to forward (to the extent permitted by law) any Deposited Property (other than Deposited Securities) held by the Custodian in respect of such ADSs to the Depositary for delivery at the Principal Office of
the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. 

(3)    Transfer, Combination and Split-up of ADRs. The
Registrar shall register the transfer of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose and the Depositary shall (x) cancel this ADR and execute new ADRs evidencing the same aggregate number of ADSs as
those evidenced by this ADR when canceled by the Depositary, (y) cause the Registrar to countersign such new ADRs and (z) Deliver such new ADRs to or upon the order of the person entitled thereto, if each of the following conditions has

  
 A-3 

 
been satisfied: (i) this ADR has been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a
transfer thereof, (ii) this surrendered ADR has been properly endorsed or is accompanied by proper instruments of transfer (including signature guarantees in accordance with standard securities industry practice), (iii) this surrendered
ADR has been duly stamped (if required by the laws of the State of New York or of the United States), and (iv) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as
are set forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been paid, subject, however, in each case, to the terms and conditions of this ADR, of the Deposit Agreement and of applicable law,
in each case as in effect at the time thereof. 
 The Registrar shall register the split-up or
combination of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose and the Depositary shall (x) cancel this ADR and execute new ADRs for the number of ADSs requested, but in the aggregate not exceeding the
number of ADSs evidenced by this ADR canceled by the Depositary, (y) cause the Registrar to countersign such new ADRs and (z) Deliver such new ADRs to or upon the order of the Holder thereof, if each of the following conditions has been
satisfied: (i) this ADR has been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of effecting a split-up or
combination thereof, and (ii) all applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set forth in Section 5.9 of, and Exhibit B to,
the Deposit Agreement) have been paid, subject, however, in each case, to the terms and conditions of this ADR, of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof. 

(4)    Pre-Conditions to Registration, Transfer, Etc.
As a condition precedent to the execution and Delivery, the registration of issuance, transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal
of any Deposited Property, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of ADSs or of this ADR 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 and charges of the Depositary as provided in Section 5.9 and
Exhibit B to the Deposit Agreement and in this ADR, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1 of the Deposit Agreement, and
(iii) compliance with (A) any laws or governmental regulations relating to the execution and Delivery of this ADR or ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations as the Depositary and the
Company may establish consistent with the provisions of this ADR, if applicable, the Deposit Agreement and applicable law. 
 The issuance
of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the deposit of particular Shares may be refused, or the registration of transfer of ADSs in particular instances may be refused, or the
registration of transfers of ADSs generally may be suspended, during any period when the transfer books of the Company, the Depositary, a Registrar or the Share Registrar are closed or if any such action is

  
 A-4 

 
deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law or regulation, any government or governmental
body or commission or any securities exchange on which the ADSs or Shares are listed, or under any provision of the Deposit Agreement or this ADR, if applicable, or under any provision of, or governing, the Deposited Securities, or because of a
meeting of shareholders of the Company or for any other reason, subject, in all cases, to paragraph (25) of this ADR and Section 7.8 of the Deposit Agreement. Notwithstanding any provision of the Deposit Agreement or this ADR to the
contrary, Holders are entitled to surrender outstanding ADSs to withdraw the Deposited Securities associated herewith at any time subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the
deposit of Shares in connection with voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations
relating to the ADSs or to the withdrawal of the Deposited Securities, and (iv) other circumstances specifically contemplated by Instruction I.A.(l) of the General Instructions to Form F-6 (as such
General Instructions may be amended from time to time). 
 (5)    Compliance with Information
Requests. Notwithstanding any other provision of the Deposit Agreement or this ADR, each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to applicable law, the rules
and requirements of The NASDAQ Global Market and any other stock exchange on which the Shares or ADSs are, or will be, registered, traded or listed or the Articles of Association of the Company, which are made to provide information, inter
alia, as to the capacity in which such Holder or Beneficial Owner owns ADSs (and the Shares represented by such ADSs, as the case may be) and regarding the identity of any other person(s) interested in such ADSs (and the Shares represented by
such ADSs, as the case may be) and the nature of such interest and various other matters, whether or not they are Holders and/or Beneficial Owners at the time of such request. The Depositary agrees to use its reasonable efforts to forward, upon the
request of the Company and at the Company’s expense, any such request from the Company to the Holders and to forward to the Company any such responses to such requests received by the Depositary. 

(6)    Ownership Restrictions. Notwithstanding any other provision contained in this ADR or of
the Deposit Agreement to the contrary, the Company may restrict transfers of the Shares where such transfer might result in ownership of Shares exceeding limits imposed by applicable law or the Articles of Association of the Company. The Company may
also restrict, in such manner as it deems appropriate, transfers of the ADSs where such transfer may result in the total number of Shares represented by the ADSs owned by a single Holder or Beneficial Owner to exceed any such limits. The Company
may, in its sole discretion but subject to applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits set forth in the preceding sentence, including, but
not limited to, the imposition of restrictions on the transfer of ADSs, the removal or limitation of voting rights or mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by such Holder
or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the Articles of Association of the Company. Nothing herein or in the Deposit Agreement shall be interpreted as obligating the
Depositary or the Company to ensure compliance with the ownership restrictions described herein or in Section 3.5 of the Deposit Agreement. 

  
 A-5 

 (7)    Reporting Obligations and Regulatory
Approvals. Applicable laws and regulations may require holders and beneficial owners of Shares, including the Holders and Beneficial Owners of ADSs, to satisfy reporting requirements and obtain regulatory approvals in certain
circumstances. Holders and Beneficial Owners of ADSs are solely responsible for determining and complying with such reporting requirements and obtaining such approvals. Each Holder and each Beneficial 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 Beneficial Owners to determine or satisfy such reporting requirements or obtain such regulatory approvals under applicable laws and regulations. 

(8)    Liability for Taxes and Other Charges. Any tax or other governmental charge payable by
the Custodian or by the Depositary with respect to any Deposited Property, ADSs or this ADR shall be payable by the Holders and Beneficial Owners to the Depositary The Company, the Custodian and/or the Depositary may withhold or deduct from any
distributions made in respect of Deposited Property held on behalf of such Holder and/or Beneficial Owner, and may sell for the account of a Holder and/or Beneficial Owner any or all of such Deposited Property and apply such distributions and sale
proceeds in payment of, any taxes (including applicable interest and penalties) or charges that are or may be payable by Holders or Beneficial Owners in respect of the ADSs, Deposited Property and this ADR, the Holder and the Beneficial Owner hereof
remaining liable for any deficiency. The Custodian may refuse the deposit of Shares and the Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer of ADSs, register the split-up or
combination of ADRs and (subject to paragraph (25) of this ADR and Section 7.8 of the Deposit Agreement) the withdrawal of Deposited Property until payment in full of such tax, charge, penalty or interest is received. Every Holder and
Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, and any of their agents, officers, employees and Affiliates for, and to hold each of them harmless from, any claims with respect to taxes (including applicable interest
and penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. Notwithstanding anything to the contrary contained in the Deposit Agreement or any ADR, the obligations of Holders and Beneficial Owners under
Section 3.2 of the Deposit Agreement shall survive any transfer of ADSs, any cancellation of ADSs and withdrawal of Deposited Securities, and the termination of the Deposit Agreement. 

(9)    Representations and Warranties on Deposit of Shares. Each person depositing Shares
under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly allotted and issued, fully paid, not subject to any call for the payment of further
capital and legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived, disapplied or exercised, (iii) the person making such deposit is duly authorized so to do,
(iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, (v) the Shares presented for deposit are not, 

  
 A-6 

 
and the ADSs issuable upon such deposit will not be, Restricted Securities (except as contemplated in Section 2.14 of the Deposit Agreement), and (vi) the Shares presented for deposit
have not been stripped of any rights or entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. If any such
representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof. 

(10)    Proofs, Certificates and Other Information. Any person presenting Shares for deposit,
any Holder and any Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary and the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable
taxes or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Property, compliance with applicable laws, the terms of the Deposit Agreement or this ADR evidencing the ADSs and the provisions of,
or governing, the Deposited Property, to execute such certifications and to make such representations and warranties, and to provide such other information and documentation (or, in the case of Shares in registered form presented for deposit, such
information relating to the registration on the books of the Company or of the Share Registrar) as the Depositary or the Custodian may deem necessary or proper or as the Company may reasonably require by written request to the Depositary consistent
with its obligations under the Deposit Agreement and this ADR. The Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration of transfer of any ADR or ADS or the distribution or sale of any dividend or
distribution of rights or of the proceeds thereof or, to the extent not limited by paragraph (25) and the terms of Section 7.8 of the Deposit Agreement, the delivery of any Deposited Property until such proof or other information is filed
or such certifications are executed, or such representations and warranties are made, or such other documentation or information provided, in each case to the Depositary’s, the Registrar’s and the Company’s satisfaction. The
Depositary shall provide the Company, in a timely manner, with copies or originals if necessary and appropriate of (i) any such proofs of citizenship or residence, taxpayer status, or exchange control approval or copies of written
representations and warranties which it receives from Holders and Beneficial Owners, and (ii) any other information or documents which the Company may reasonably request and which the Depositary shall request and receive from any Holder or
Beneficial Owner or any person presenting Shares for deposit or ADSs for cancellation, transfer or withdrawal. Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or
Beneficial Owners, or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners. 

(11)    ADS Fees and Charges. The following ADS fees are payable under the terms of the
Deposit Agreement: 
  

	 	(i)	 ADS Issuance Fee: by any person to whom the ADSs are issued (e.g., an issuance of ADSs upon a
deposit of Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), excluding ADS issuances as a result of distributions described in paragraph
(iv) below, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) issued under the terms of the Deposit Agreement; 

  
 A-7 

	 	(ii)	 ADS Cancellation Fee: by any person whose ADSs are being cancelled (e.g., a cancellation of ADSs
for delivery of Deposited Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction
thereof) cancelled; 

  

	 	(iii)	 Cash Distribution Fee: by any Holder of ADSs, a fee not in excess of U.S. $5.00 per 100 ADSs (or
fraction thereof) held for the distribution of cash dividends or other cash distributions (e.g., upon sale of rights and other entitlements); 

  

	 	(iv)	 Stock Distribution /Rights Exercise Fee: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per
100 ADSs (or fraction thereof) held for (a) the distribution of stock dividends or other free stock distributions or (b) the exercise of rights to purchase additional ADSs; 

 

	 	(v)	 Other Distribution Fee: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or
fraction thereof) held for the distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., spin-off shares); 

 

	 	(vi)	 Depositary Services Fee: by any Holder of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or
fraction thereof) held on the applicable record date(s) established by the Depositary; 

  

	 	(vii)	 Transfer Fee: by any Holder of ADS(s) being transferred or by any person to whom ADSs are transferred, a
fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) transferred; and 

  

	 	(viii)	 Conversion Fee: by any Holder of ADS(s) being transferred or by any person to whom the converted ADSs
are delivered, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) converted from one ADS series to another ADS series (e.g., upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs, or upon conversion of
Restricted ADSs into freely transferrable ADSs). 

  
 A-8 

 The Company, Holders, Beneficial Owners, persons depositing Shares or withdrawing Deposited
Securities in connection with the issuance and cancellation of ADSs, persons receiving ADSs upon issuance, and persons whose ADSs are being cancelled shall be responsible for the following ADS charges under the terms of the Deposit Agreement: 

 

	 	(a)	 taxes (including applicable interest and penalties) and other governmental charges; 

 

	 	(b)	 such registration fees as may from time to time be in effect for the registration of Shares or other Deposited
Securities on the share register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any nominees upon the making of deposits and withdrawals, respectively;

  

	 	(c)	 such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit
Agreement to be at the expense of the person depositing Shares or withdrawing Deposited Securities or of the Holders and Beneficial Owners of ADSs; 

  

	 	(d)	 the expenses and charges incurred by the Depositary in the conversion of foreign currency;

  

	 	(e)	 such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control
regulations and other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs; and 

  

	 	(f)	 the fees, charges, costs and expenses incurred by the Depositary, the Custodian, or any nominee in connection
with the ADR program. 

 All ADS fees and charges so payable may be deducted from distributions or must be remitted to the
Depositary, or its designee, may be waived by the Depositary in full or in part with respect to some or all ADSs upon such terms, and subject to such conditions, as the Depositary and Company may determine in its sole discretion and may, at any time
and from time to time, be changed by agreement between the Depositary and the Company, but, in the case of ADS fees and charges payable by Holders and Beneficial Owners, any such change (excluding any changes to the waiver by the Depositary of fees
and charges contemplated herein) may be made only in the manner contemplated by paragraph (23) of this ADR and as contemplated in Section 6.1 of the Deposit Agreement. The Depositary shall provide, without charge, a copy of its latest ADS
fee schedule to anyone upon request. 
 ADS fees and charges for (i) the issuance of ADSs and (ii) the cancellation of ADSs will
be payable by the person for whom the ADSs are so issued by the Depositary (in the case of ADS issuances) and by the person for whom ADSs are being cancelled (in the case of ADS cancellations). In the case of ADSs issued by the Depositary into DTC
or presented to the Depositary via DTC, the ADS issuance and cancellation fees and charges will be payable by the DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) holding the ADSs being cancelled, as the case may
be, on behalf of the Beneficial Owner(s) and will be 

  
 A-9 

 
charged by the DTC Participant(s) to the account(s) of the applicable Beneficial Owner(s) in accordance with the procedures and practices of the DTC Participant(s) as in effect at the time. ADS
fees and charges in respect of distributions and the ADS service fee are payable by Holders as of the applicable ADS Record Date established by the Depositary. In the case of distributions of cash, the amount of the applicable ADS fees and charges
is deducted from the funds being distributed. In the case of (i) distributions other than cash and (ii) the ADS service fee, the applicable Holders as of the ADS Record Date established by the Depositary will be invoiced for the amount of
the ADS fees and charges and such ADS fees may be deducted from distributions made to Holders. For ADSs held through DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted from distributions made
through DTC, and may be charged to the DTC Participants in accordance with the procedures and practices prescribed by DTC from time to time and the DTC Participants in turn charge the amount of such ADS fees and charges to the Beneficial Owners for
whom they hold ADSs. 
 The Depositary may reimburse the Company for certain expenses incurred by the Company in respect of the ADR program
established pursuant to the Deposit Agreement, by making available a portion of the ADS fees charged in respect of the ADR program or otherwise, upon such terms and conditions as the Company and the Depositary agree from time to time. The Company
shall pay to the Depositary such fees and charges, and reimburse the Depositary for such out-of-pocket expenses, as the Depositary and the Company may agree from time to
time. Responsibility for payment of such fees, charges and reimbursements may from time to time be changed by agreement between the Company and the Depositary. Unless otherwise agreed, the Depositary shall present its statement for such fees,
charges and reimbursements to the Company once every three months. The charges and expenses of the Custodian are for the sole account of the Depositary. 

The obligations of Holders and Beneficial Owners to pay ADS fees and charges shall survive the termination of the Deposit Agreement. As to any
Depositary, upon the resignation or removal of such Depositary as described in Section 5.4 of the Deposit Agreement, the right to collect ADS fees and charges shall extend for those ADS fees and charges incurred prior to the effectiveness of
such resignation or removal. 
 (12)    Title to ADRs. Subject to the limitations contained
in the Deposit Agreement and in this ADR, it is a condition of this ADR, and every successive Holder of this ADR by accepting or holding the same consents and agrees, that title to this ADR (and to each Certificated ADS evidenced hereby) shall be
transferable upon the same terms as a certificated security under the laws of the State of New York, provided that, in the case of Certificated ADSs, this ADR has been properly endorsed or is accompanied by proper instruments of transfer.
Notwithstanding any notice to the contrary, the Depositary and the Company may deem and treat the Holder of this ADR (that is, the person in whose name this ADR is registered on the books of the Depositary) as the absolute owner thereof for all
purposes. Neither the Depositary nor the Company shall have any obligation nor be subject to any liability under the Deposit Agreement or this ADR to any holder of this ADR or any Beneficial Owner unless, in the case of a holder of ADSs, such holder
is the Holder of this ADR registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner, or the Beneficial Owner’s representative, is the Holder registered on the books of the Depositary. 

  
 A-10 

 (13)    Validity of ADR. The Holder(s) of
this ADR (and the ADSs represented hereby) shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose against the Depositary or the Company unless this ADR has been (i) dated, (ii) signed by the
manual or facsimile signature of a duly-authorized signatory of the Depositary, (iii) countersigned by the manual or facsimile signature of a duly-authorized signatory of the Registrar, and (iv) registered in the books maintained by the
Registrar for the registration of issuances and transfers of ADRs. An ADR bearing the facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly authorized signatory of the
Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the delivery of such ADR by the Depositary. 

(14)    Available Information; Reports; Inspection of Transfer Books. The Company is subject
to the periodic reporting requirements of the Exchange Act and, accordingly, is required to file or furnish certain reports with the Commission. These reports can be retrieved from the Commission’s website (www.sec.gov) and can be
inspected and copied at the public reference facilities maintained by the Commission located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington D.C. 20549. 

The Depositary shall make available for inspection by Holders at its Principal Office any reports and communications, including any proxy
soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Property and (b) made generally available to the holders of such
Deposited Property by the Company. The Depositary shall also provide or make available to Holders copies of such reports when furnished by the Company pursuant to Section 5.6 of the Deposit Agreement. 

Until termination of the Deposit Agreement in accordance with its terms, the Registrar shall maintain in the Borough of Manhattan, the City of
New York, an office and facilities for the issuance and delivery of ADSs, the acceptance for surrender of ADS(s) for the purpose of withdrawal of Deposited Securities, the registration of issuances, cancellations, transfers, combinations and split-ups of ADS(s) and, if applicable, to countersign ADRs evidencing the ADSs so issued, transferred, combined or split-up, in each case in accordance with the provisions of
the Deposit Agreement. 
 The Registrar shall keep books for the registration of ADSs which at all reasonable times shall be open for
inspection by the Company and by the Holders of such ADSs, provided that such inspection shall not be, to the Registrar’s knowledge, for the purpose of communicating with Holders of such ADSs in the interest of a business or object other than
the business of the Company or other than a matter related to the Deposit Agreement or the ADSs. 

  
 A-11 

 The Registrar may close the transfer books with respect to the ADSs, at any time or from
time to time, when deemed necessary or advisable by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Section 7.8 of the Deposit Agreement.

 Dated: 
  

									
	CITIBANK, N.A.
Transfer Agent and Registrar	 		 	CITIBANK, N.A.
as Depositary
					
	By:	 	  
	 		 	By:	 	  

		 	Authorized Signatory	 		 		 	Authorized Signatory

 The address of the Principal Office of the Depositary is 388 Greenwich Street, New York, New York 10013, U.S.A.

 [FORM OF REVERSE OF ADR] 

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS 

OF THE DEPOSIT AGREEMENT 

(15)    Dividends and Distributions in Cash, Shares, etc. (a) Cash Distributions:
Whenever the Company intends to make a distribution of a cash dividend or other cash distribution in respect of any Deposited Securities, the Company shall give notice thereof to the Depositary at least twenty (20) days (or such other
number of days as mutually agreed to in writing by the Depositary and the Company) prior to the proposed distribution specifying, inter alia, the record date applicable for determining the holders of Deposited Securities entitled to receive
such distribution. Upon the timely receipt of such notice, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement. Upon receipt of confirmation of the receipt of (x) any cash
dividend or other cash distribution on any Deposited Securities, or (y) proceeds from the sale of any Deposited Property held in respect of the ADSs under the terms of the Deposit Agreement, the Depositary will (i) if at the time of
receipt thereof any amounts received in a Foreign Currency can, in the judgment of the Depositary (pursuant to Section 4.8 of the Deposit Agreement), be converted on a practicable basis into Dollars transferable to the United States, promptly
convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the terms described in Section 4.8 of the Deposit Agreement), (ii) if applicable and unless previously established, establish the ADS

  
 A-12 

 
Record Date upon the terms described in Section 4.9 of the Deposit Agreement, and (iii) distribute promptly the amount thus received (net of (a) the applicable fees and charges of,
and expenses incurred by, the Depositary and (b) applicable taxes withheld) to the Holders entitled thereto as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date. The Depositary shall distribute only such
amount, however, as can be distributed without attributing to any Holder a fraction of one cent, and any balance not so distributed shall be held by the Depositary (without liability for interest thereon) and shall be added to and become part of the
next sum received by the Depositary for distribution to Holders of ADSs outstanding at the time of the next distribution. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash
distribution in respect of any Deposited Securities, or from any cash proceeds from the sales of Deposited Property, an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs shall be reduced
accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon
request. The Depositary will hold any cash amounts it is unable to distribute in a non-interest bearing account for the benefit of the applicable Holders and Beneficial Owners of ADSs until the distribution
can be effected or the funds that the Depositary holds must be escheated as unclaimed property in accordance with the laws of the relevant states of the United States. Notwithstanding anything contained in the Deposit Agreement to the contrary, in
the event the Company fails to give the Depositary timely notice of the proposed distribution provided for in Section 4.1 of the Deposit Agreement, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated
in Section 4.1 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in Section 4.1 of
the Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein. 

(b)    Share Distributions: Whenever the Company intends to make a distribution that consists of a
dividend in, or free distribution of, Shares, the Company shall give notice thereof to the Depositary at least twenty (20) days (or such other number of days as mutually agreed to in writing by the Depositary and the Company) prior to the
proposed distribution, specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such distribution. Upon the timely receipt of such notice from the Company, the Depositary shall establish the
ADS Record Date upon the terms described in Section 4.9 of the Deposit Agreement. Upon receipt of confirmation from the Custodian of the receipt of the Shares so distributed by the Company, the Depositary shall either (i) subject to
Section 5.9 of the Deposit Agreement, distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as
such dividend, or free distribution, subject to the other terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) applicable taxes), or
(ii) if additional ADSs are not so distributed, take all actions necessary so that each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the
additional integral number of Shares distributed upon the Deposited Securities 

  
 A-13 

 
represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) applicable taxes). In lieu of delivering fractional ADSs, the
Depositary shall sell the number of Shares or ADSs, as the case may be, represented by the aggregate of such fractions and distribute the net proceeds upon the terms described in Section 4.1 of the Deposit Agreement. In the event that the
Depositary determines that any distribution in property (including Shares) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, if the Company in the fulfillment of its obligation under
Section 5.7 of the Deposit Agreement, has furnished an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders (and no such registration statement has been
declared effective), the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and
practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of (a) applicable taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon the terms
described in Section 4.1 of the Deposit Agreement. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement. Notwithstanding anything contained in the
Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for above, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated
in Section 4.2 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in Section 4.2 of
the Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein. 

(c)    Elective Distributions in Cash or Shares: Whenever the Company intends to make a distribution
payable at the election of the holders of Deposited Securities in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least sixty (60) days (or such other number of days as mutually agreed to in writing by
the Depositary and the Company) prior to the proposed distribution specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such elective distribution and whether or not it wishes such elective
distribution to be made available to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary shall consult with the Company to
determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall make such elective distribution
available to Holders only if (i) the Company shall have timely requested that the elective distribution be made available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and
(iii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement. If the above conditions are not satisfied or if the Company requests such elective distribution not to be made
available to Holders of ADSs, the Depositary shall establish the ADS Record Date on the terms described in Section 4.9 of the Deposit Agreement and, to the extent permitted by law, distribute to the Holders, on the basis of the same
determination as is made in England and Wales in respect of the Shares for which no election is made, either (X) cash upon the terms described in Section 4.1 of the Deposit Agreement or (Y) additional ADSs representing

  
 A-14 

 
such additional Shares upon the terms described in Section 4.2 of the Deposit Agreement. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date on the terms
described in Section 4.9 of the Deposit Agreement and establish procedures to enable Holders to elect the receipt of the proposed distribution in cash or in additional ADSs. The Company shall assist the Depositary in establishing such
procedures to the extent necessary. If a Holder elects to receive the proposed distribution (X) in cash, the distribution shall be made upon the terms described in Section 4.1 of the Deposit Agreement, or (Y) in ADSs, the distribution
shall be made upon the terms described in Section 4.2 of the Deposit Agreement. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective distribution in Shares (rather than ADSs). There can be
no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares. Notwithstanding anything contained in the Deposit Agreement
to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for in Section 4.3 of the Deposit Agreement, the Depositary agrees to use commercially reasonable efforts to perform the
actions contemplated in Section 4.3 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated
in Section 4.3 of the Deposit Agreement where such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein. 

(d)    Distribution of Rights to Purchase Additional ADSs: Whenever the Company intends to distribute to the
holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least sixty (60) days (or such other number of days as mutually agreed to in writing by the Depositary and
the Company) prior to the proposed distribution specifying, inter alia, the record date applicable to holders of Deposited Securities entitled to receive such distribution and whether or not it wishes such rights to be made available
to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary
in its determination, whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to Holders only if (i) the Company shall have timely requested that such rights
be made available to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution of rights
is reasonably practicable. In the event any of the conditions set forth above are not satisfied or if the Company requests that the rights not be made available to Holders of ADSs, the Depositary shall proceed with the sale of the rights as
contemplated in Section 4.4(b) of the Deposit Agreement. In the event all conditions set forth above are satisfied, the Depositary shall establish the ADS Record Date (upon the terms described in Section 4.9 of the Deposit Agreement) and
establish procedures to (x) distribute rights to purchase additional ADSs (by means of warrants or otherwise), (y) enable the Holders to exercise such rights (upon payment of the subscription price and of the applicable (a) fees and
charges of, and expenses incurred by, the Depositary and (b) taxes), and (z) deliver ADSs upon the valid exercise of such rights. The Company shall assist the Depositary to the extent necessary in establishing such procedures. Nothing
herein shall obligate the Depositary to make available to the Holders a method to exercise rights to subscribe for Shares (rather than ADSs). 

  
 A-15 

 If (i) the Company does not timely request the Depositary to make the rights available
to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, or determines it is not reasonably
practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, in a
riskless principal capacity, at such place and upon such terms (including public or private sale) as it may deem practicable. The Company shall assist the Depositary to the extent necessary to determine such legality and practicability. The
Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) upon the terms set forth in Section 4.1 of the Deposit
Agreement. 
 If the Depositary is unable to make any rights available to Holders upon the terms described in Section 4.4(a) of the
Deposit Agreement or to arrange for the sale of the rights upon the terms described in Section 4.4(b) of the Deposit Agreement, the Depositary shall allow such rights to lapse. 

The Depositary shall not be liable for (i) any failure to accurately determine whether it may be lawful or practicable to make such
rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of
the Company in connection with the rights distribution. 
 Notwithstanding anything to the contrary in Section 4.4 of the Deposit
Agreement, if registration (under the Securities Act or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the
securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act (or other applicable law) covering such offering is in effect or
(ii) unless the Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactory to the
Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. 

In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of
Deposited Property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to the Holders of ADSs shall be reduced accordingly. In the event that the Depositary determines that any distribution of
Deposited Property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such Deposited Property
(including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or charges. 

  
 A-16 

 There can be no assurance that Holders generally, or any Holder in particular, will be given
the opportunity to receive or exercise rights on the same terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or
Shares or other securities to be acquired upon the exercise of such rights. 
 (e)    Distributions Other Than
Cash, Shares or Rights to Purchase Shares: Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase additional Shares, the Company shall give timely notice
thereof to the Depositary and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating that the Company wishes such distribution to be made to Holders of ADSs, the Depositary shall
consult with the Company, and the Company shall assist the Depositary, to determine whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the Company shall have
requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, and (iii) the Depositary shall have determined
that such distribution is reasonably practicable. 
 Upon receipt of satisfactory documentation and the request of the Company to distribute
property to Holders of ADSs and after making the requisite determinations set forth in (a) above, the Depositary shall distribute the property so received to the Holders of record, as of the ADS Record Date, in proportion to the number of ADSs
held by them respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and
(ii) net of any applicable taxes withheld. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable
or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution. 

If (i) the Company does not request the Depositary to make such distribution to Holders or requests the Depositary not to make such
distribution to Holders, (ii) the Depositary does not receive satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, or (iii) the Depositary determines that all or a portion of such distribution is not
reasonably practicable, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem practicable and shall (i) cause the proceeds of such sale, if any, to be
converted into Dollars and (ii) distribute the proceeds of such conversion received by the Depositary (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to the Holders as of the ADS
Record Date upon the terms of Section 4.1 of the Deposit Agreement. If the Depositary is unable to sell such property, the Depositary may dispose of such property for the account of the Holders in any way it deems reasonably practicable under
the circumstances. 

  
 A-17 

 Neither the Depositary nor the Company shall be liable for (i) any failure to
accurately determine whether it is lawful or practicable to make the property described in Section 4.5 of the Deposit Agreement available to Holders in general or any Holders in particular, nor (ii) any loss incurred in connection with the
sale or disposal of such property. 
 (16)    Redemption. If the Company intends to exercise any
right of redemption in respect of any of the Deposited Securities, the Company shall give notice thereof to the Depositary at least sixty (60) days (or such other number of days as mutually agreed to in writing by the Depositary and the
Company) prior to the intended date of redemption which notice shall set forth the particulars of the proposed redemption. Upon timely receipt of (i) such notice and (ii) satisfactory documentation given by the Company to the
Depositary within the terms of Section 5.7 of the Deposit Agreement, and only if the Depositary shall have determined that such proposed redemption is practicable, the Depositary shall provide to each Holder a notice setting forth the intended
exercise by the Company of the redemption rights and any other particulars set forth in the Company’s notice to the Depositary. The Depositary shall instruct the Custodian to present to the Company the Deposited Securities in respect of which
redemption rights are being exercised against payment of the applicable redemption price. Upon receipt of confirmation from the Custodian that the redemption has taken place and that funds representing the redemption price have been received, the
Depositary shall convert, transfer, and distribute the proceeds (net of applicable (a) fees and charges of, and the expenses incurred by, the Depositary, and (b) taxes), retire ADSs and cancel ADRs, if applicable, upon delivery of such
ADSs by Holders thereof and the terms set forth in Sections 4.1 and 6.2 of the Deposit Agreement. If less than all outstanding Deposited Securities are redeemed, the ADSs to be retired will be selected by lot or on a pro rata basis, as may be
determined by the Depositary. The redemption price per ADS shall be the dollar equivalent of the per share amount received by the Depositary (adjusted to reflect the
ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited Securities represented by ADSs (subject to the terms of Section 4.8 of the Deposit Agreement and the
applicable fees and charges of, and expenses incurred by, the Depositary, and applicable taxes) multiplied by the number of Deposited Securities represented by each ADS redeemed. 

Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails to give the Depositary timely
notice of the proposed redemption provided for in Section 4.7 of the Deposit Agreement, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.7 of the Deposit Agreement, and the
Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform the actions contemplated in Section 4.7 of the Deposit Agreement where such notice has not been
so timely given, other than its failure to use commercially reasonable efforts, as provided herein. 

(17)    Fixing of ADS Record Date. Whenever the Depositary shall receive notice of the fixing
of a record date by the Company for the determination of holders of Deposited Securities entitled to receive any distribution (whether in cash, Shares, rights, or other distribution), or whenever for any reason the Depositary causes a change in the
number of Shares 

  
 A-18 

 
that are represented by each ADS, or whenever the Depositary shall receive notice of any meeting of, or solicitation of consents or proxies of, holders of Shares or other Deposited Securities, or
whenever the Depositary shall find it necessary or convenient in connection with the giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix the record date (the “ADS Record Date”) for the
determination of the Holders of ADS(s) who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to
otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS. The Depositary shall make reasonable efforts to establish the ADS Record Date as closely as practicable to the
applicable record date for the Deposited Securities (if any) set by the Company in England and Wales and shall not announce the establishment of any ADS Record Date prior to the relevant corporate action having been made public by the Company (if
such corporate action affects the Deposited Securities). Subject to applicable law and the provisions of Section 4.1 through 4.8 of the Deposit Agreement and to the other terms and conditions of the Deposit Agreement, only the Holders of ADSs
at the close of business in New York on such ADS Record Date shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action. 

(18)    Voting of Deposited Securities. As soon as practicable after receipt of notice of any
meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of
consent or proxy in accordance with Section 4.9 of the Deposit Agreement. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not
have been received by the Depositary at least thirty (30) days prior to the date of such vote or meeting), at the Company’s expense and provided no U.S. legal prohibitions exist, distribute to Holders as of the ADS Record Date:
(a) such notice of meeting or solicitation of consent or proxy, (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of the Deposit Agreement, the
Articles of Association of the Company and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights,
if any, pertaining to the Deposited Securities represented by such Holder’s ADSs, and (c) a brief statement as to the manner in which such voting instructions may be given to the Depositary or in which voting instructions may be deemed to
have been given in accordance with Section 4.10 of the Deposit Agreement if no instructions are received prior to the deadline set for such purposes to the Depositary to give a discretionary proxy to a person designated by the Company. 

Notwithstanding anything contained in the Deposit Agreement or any ADR, with the Company’s prior written consent, the Depositary may, to
the extent not prohibited by law or regulations, or by the requirements of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or solicitation of
consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides Holders with, or otherwise publicizes to Holders, instructions on how to retrieve such materials or receive such materials upon request
(e.g., by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials). 

  
 A-19 

 The Depositary has been advised by the Company that under the Articles of Association of the
Company as in effect on the date of the Deposit Agreement, voting at any meeting of shareholders of the Company is by show of hands unless a poll is demanded in accordance with the Articles of Association. The Depositary will not join in demanding a
poll, whether or not requested to do so by Holders of ADSs. Under the Articles of Association of the Company as in effect on the date of the Deposit Agreement, a poll may be demanded by (a) the chairman of the Company’s board of directors,
(b) a majority of the directors of the Company, (c) two or more shareholders present and having the right to vote on the resolution, or (d) any shareholder(s) representing not less than 10% of the total voting rights of all the
shareholders having the right to vote on the resolution (excluding any Shares held in treasury). 
 Voting instructions may be given only in
respect of a number of ADSs representing an integral number of Deposited Securities. Upon the timely receipt from a Holder of ADSs as of the ADS Record Date of voting instructions in the manner specified by the Depositary, the Depositary shall
endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit Agreement, Articles of Association of the Company and the provisions of the Deposited Securities, to vote, or cause the Custodian to vote, the
Deposited Securities (in person or by proxy) represented by such Holder’s ADSs as follows: (a) in the event voting takes place at a shareholders’ meeting by a show of hands, the Depositary will instruct the Custodian to vote all
Deposited Securities in accordance with the voting instructions timely received from a majority of Holders of ADSs who provided voting instructions, and (b) in the event voting takes place at a shareholders’ meeting by poll, the Depositary
will instruct the Custodian to vote the Deposited Securities in accordance with the voting instructions timely received from the Holders of ADSs. If voting is by poll and the Depositary does not receive voting instructions from a Holder as of the
ADS Record Date on or before the date established by the Depositary for such purpose, such Holder shall be deemed, and the Depositary shall deem such Holder, to have instructed the Depositary to give a discretionary proxy to a person designated by
the Company to vote the Deposited Securities; provided, however, that no such discretionary proxy shall be given by the Depositary with respect to any matter to be voted upon as to which the Company informs the Depositary that (a) the Company
does not wish such proxy to be given, (b) substantial opposition exists, or (c) the rights of holders of Deposited Securities may be adversely affected. 

Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion as to voting and neither the Depositary nor the
Custodian shall vote, attempt to exercise the right to vote, or in any way make use of, for purposes of establishing a quorum or otherwise, the Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting
instructions timely received from Holders or as otherwise contemplated in the Deposit Agreement. If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited
Securities represented by such Holder’s ADSs, the Depositary will deem such Holder (unless otherwise specified in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items set forth in such voting
instructions. Deposited Securities represented by ADSs for which no timely voting instructions are received by the Depositary from the Holder shall not be voted (except (a) in the case voting is by show of hands, in which case the Depositary
will instruct the Custodian to vote all Deposited Securities in accordance with the voting instructions received from a majority of Holders of ADSs who timely provided voting instructions, and (b) as contemplated

  
 A-20 

 
in Section 4.10 of the Deposit Agreement). 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 Holders as of the ADS Record Date) for the sole purpose of establishing quorum at a meeting of shareholders.     

Notwithstanding anything else contained in the Deposit Agreement or any ADR, the Depositary shall not have any obligation to take any action
with respect to any meeting, or solicitation of consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. laws. The Company agrees to take any and all actions reasonably necessary and as permitted by the
laws of England and Wales to enable Holders and Beneficial Owners to exercise the voting rights accruing to the Deposited Securities and to deliver to the Depositary an opinion of U.S. counsel addressing any actions requested to be taken if so
requested by the Depositary. 
 There can be no assurance that Holders generally or any Holder in particular will receive the notice
described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner. 

(19)    Changes Affecting Deposited Securities. Upon any change in nominal or par value, split-up, cancellation, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, consolidation or sale of assets affecting the Company or to which it
is a party, any property which shall be received by the Depositary or the Custodian in exchange for, or in conversion of, or replacement of, or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as
new Deposited Property under the Deposit Agreement, and the ADSs shall, subject to the provisions of the Deposit Agreement, any ADR(s) evidencing such ADSs and applicable law, represent the right to receive such additional or replacement Deposited
Property. In giving effect to such change, split-up, cancellation, consolidation or other reclassification of Deposited Securities, recapitalization, reorganization, merger, consolidation or sale of assets,
the Depositary may, with the Company’s approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by,
the Depositary, and (b) applicable taxes) and receipt of an opinion of counsel to the Company satisfactory to the Depositary that such actions are not in violation of any applicable laws or regulations, (i) issue and deliver additional
ADSs as in the case of a stock dividend on the Shares, (ii) amend the Deposit Agreement and the applicable ADRs, (iii) amend the applicable Registration Statement(s) on Form F-6 as filed with the
Commission in respect of the ADSs, (iv) call for the surrender of outstanding ADRs to be exchanged for new ADRs, and (v) take such other actions as are appropriate to reflect the transaction with respect to the ADSs. The Company agrees to,
jointly with the Depositary, amend the Registration Statement on Form F-6 as filed with the Commission to permit the issuance of such new form of ADRs. Notwithstanding the foregoing, in the event that any
Deposited Property so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company’s approval, and shall, if the Company requests, subject to receipt of an opinion of Company’s counsel satisfactory
to the Depositary that such action is not in violation of any applicable laws or regulations, sell such Deposited Property at public or private sale, at such place or places and 

  
 A-21 

 
upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes)
for the account of the Holders otherwise entitled to such Deposited Property upon an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable as
in the case of a distribution received in cash pursuant to Section 4.1 of the Deposit Agreement. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such Deposited Property
available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such Deposited Property. 

(20)    Exoneration. Notwithstanding anything contained in the Deposit Agreement or any ADR,
neither the Depositary nor the Company shall be obligated to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or incur any liability (to the extent not limited by paragraph (25) hereof) (i) if the
Depositary or the Company shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required by the terms of the Deposit Agreement, by reason of any provision of any present or future law or regulation of the United
States, England and Wales or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of potential criminal or civil penalties or restraint, or by reason of any provision, present or future,
of the Articles of Association of the Company or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation,
currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit
Agreement or in the Articles of Association of the Company or provisions of or governing Deposited Securities, (iii) for any action or inaction in reliance upon the advice of or information from legal counsel, accountants, any person presenting
Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or Beneficial
Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADSs, or (v) for any
consequential or punitive damages (including lost profits) for any breach of the terms of the Deposit Agreement. 
 The Depositary, its
controlling persons, its agents, any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request or other document believed by it to be genuine and to have been signed
or presented by the proper party or parties. 
 (21)    Standard of Care. The Company and
the Depositary assume no obligation and shall not be subject to any liability under the Deposit Agreement or any ADRs to any Holder(s) or Beneficial Owner(s), except that the Company and the Depositary agree to perform their respective obligations
specifically set forth in the Deposit Agreement or the applicable ADRs without negligence or bad faith. 

  
 A-22 

 Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of
their respective controlling persons, or agents, shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Property or in respect of the ADSs, which in its opinion may involve it
in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with
respect to such proceedings, the responsibility of the Custodian being solely to the Depositary). 
 The Depositary and its agents shall not
be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and without negligence
and in accordance with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure to accurately determine that any distribution or action may be lawful or reasonably practicable, for the content of any
information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Property, for the validity or worth of the
Deposited Property or for any tax consequences that may result from the ownership of ADSs, Shares or other Deposited Property, for the credit-worthiness of any third party, for allowing any rights to lapse
upon the terms of the Deposit Agreement, for the failure or timeliness of any notice from the Company, or for any action of or failure to act by, or any information provided or not provided by, DTC or any DTC Participant. 

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 any acts or omissions
made by a predecessor depositary whether in connection with an act or omission of the Depositary or in connection with any matter arising wholly prior to the appointment of the Depositary or 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. 

(22)    Resignation and Removal of the Depositary; Appointment of Successor Depositary. The
Depositary may at any time resign as Depositary hereunder by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the
Depositary shall be entitled to take the actions contemplated in Section 6.2 of the Deposit Agreement), or (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided. 

  
 A-23 

 The Depositary may at any time be removed by the Company by written notice of such removal,
which removal shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2 of the Deposit Agreement), or
(ii) upon the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided. 

In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor
depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be required by the Company to execute and deliver to its predecessor and to the Company an
instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations
of its predecessor (other than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement). The predecessor depositary, upon payment of all sums due it and on the written request of the Company, shall, (i) execute and deliver an
instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement), (ii) duly assign, transfer and deliver all of the Depositary’s
right, title and interest to the Deposited Property to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADSs and such other information relating to ADSs and Holders thereof as the successor may
reasonably request. Any such successor depositary shall promptly provide notice of its appointment to such Holders. 
 Any 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. 

(23)    Amendment/Supplement. Subject to the terms and conditions of Section 6.1 of the
Deposit Agreement and applicable law, the ADRs outstanding at any time, the provisions of the Deposit Agreement and the form of ADR attached hereto and to be issued under the terms hereof may at any time and from time to time be amended or
supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable without the prior written consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose
or increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial
existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding ADSs until the expiration of thirty (30) days after notice of such amendment or supplement shall have been given to the Holders of
outstanding ADSs. Notice of any amendment to the Deposit Agreement or any ADR shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such
notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (e.g., upon retrieval from the
Commission’s, the Depositary’s or the Company’s website or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably necessary

  
 A-24 

 
(as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs to
be settled solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any
substantial existing rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADSs, to consent and agree to such amendment or
supplement and to be bound by the Deposit Agreement and the ADR, if applicable, as amended or supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such ADS and receive therefor the Deposited
Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require an amendment of, or
supplement to, the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and any ADRs at any time in accordance with such changed laws, rules or regulations. Such amendment or
supplement to the Deposit Agreement and any ADRs in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, rules or
regulations. 
 (24)    Termination. The Depositary shall, at any time at the written
direction of the Company, terminate the Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. If ninety
(90) days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the
Depositary, and, in either case, a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4 of the Deposit Agreement of the Deposit Agreement, the Depositary may terminate the Deposit Agreement
by distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for such termination. The date so fixed for termination of the Deposit Agreement in any
termination notice so distributed by the Depositary to the Holders of ADSs is referred to as the “Termination Date”. Until the Termination Date, the Depositary shall continue to perform all of its obligations under the Deposit
Agreement, and the Holders and Beneficial Owners will be entitled to all of their rights under the Deposit Agreement. 
 If any ADSs shall
remain outstanding after the Termination Date, the Registrar and the Depositary shall not, after the Termination Date, have any obligation to perform any further acts under the Deposit Agreement, except that the Depositary shall, subject, in each
case, to the terms and conditions of the Deposit Agreement, continue to (i) collect dividends and other distributions pertaining to Deposited Securities, (ii) sell Deposited Property received in respect of Deposited Securities,
(iii) deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any other Deposited Property, in exchange for ADSs surrendered to the Depositary (after
deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred by, the Depositary, and all applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the
terms set forth in Section 5.9 of the Deposit Agreement), and (iv) take such actions as may be required under applicable law in connection with its role as Depositary under the Deposit Agreement. 

  
 A-25 

 At any time after the Termination Date, the Depositary may sell the Deposited Property then
held under the Deposit Agreement and shall after such sale hold un-invested the net proceeds of such sale, together with any other cash then held by it under the Deposit Agreement, in an un-segregated account and without liability for interest, for the pro rata benefit of the Holders whose ADSs have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all
obligations under the Deposit Agreement except (i) to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the fees and charges of, and expenses incurred by, the Depositary, and all
applicable taxes or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in connection with the
termination of the Deposit Agreement. 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, 5.9 and 7.6 of the Deposit
Agreement. The obligations under the terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination Date shall survive the Termination Date and shall be discharged only when the applicable ADSs are
presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement (except as specifically provided in the Deposit Agreement). 

Notwithstanding anything contained in the Deposit Agreement or in this ADR, in connection with the termination of the Deposit Agreement, the
Depositary may, independently and without the need for any action by the Company, make available to Holders of ADSs a means to withdraw the Deposited Securities represented by their ADSs and to direct the deposit of such Deposited Securities into an
unsponsored American depositary shares program established by the Depositary, upon such terms and conditions as the Depositary may deem reasonably appropriate, subject however, in each case, to satisfaction of the applicable registration
requirements by the unsponsored American depositary shares program under the Securities Act, and to receipt by the Depositary of payment of the applicable fees and charges of, and reimbursement of the applicable expenses incurred by, the Depositary.

 (25)    Compliance with, and No Disclaimer under, U.S. Securities Laws. 

(a)     Notwithstanding anything in the Deposit Agreement to the contrary, the withdrawal or delivery of Deposited
Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to
time, under the Securities Act. 
 (b)    Each of the parties to the Deposit Agreement (including, without limitation,
each Holder and Beneficial Owner) acknowledges and agrees that no provision of the Deposit Agreement or any ADR shall, or shall be deemed to, disclaim any liability under the Securities Act or the Exchange Act, in each case to the extent established
under applicable U.S. laws. 

  
 A-26 

 (26)    No Third Party
Beneficiaries/Acknowledgements. The Deposit Agreement is for the exclusive benefit of the parties hereto (and their successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other
person, except to the extent specifically set forth in the Deposit Agreement. Nothing in the Deposit Agreement shall be deemed to give rise to a partnership or joint venture among the parties nor establish a fiduciary or similar relationship among
the parties. The parties hereto acknowledge and agree that (i) Citibank and its Affiliates may at any time have multiple banking relationships with the Company, the Holders, the Beneficial Owners, and their respective Affiliates,
(ii) Citibank and its Affiliates may own and deal in any class of securities of the Company and its Affiliates and in ADSs, and may be engaged at any time in transactions in which parties adverse to the Company, the Holders, the Beneficial
Owners or their respective Affiliates may have interests, (iii) the Depositary and its Affiliates may from time to time have in their possession non-public information about the Company, the Holders, the
Beneficial Owners, and their respective Affiliates, (iv) nothing contained in the Deposit Agreement shall (a) preclude Citibank or any of its Affiliates from engaging in such transactions or establishing or maintaining such relationships,
or (b) obligate Citibank or any of its Affiliates to disclose such information, transactions or relationships, or to account for any profit made or payment received in such transactions or relationships, (v) the Depositary shall not be
deemed to have knowledge of any information any other division of Citibank or any of its Affiliates may have about the Company, the Holders, the Beneficial Owners, or any of their respective Affiliates, and (vi) the Company, the Depositary, the
Custodian and their respective agents and controlling persons may be subject to the laws and regulations of jurisdictions other than the U.S. and the United Kingdom, and the authority of courts and regulatory authorities of such other jurisdictions,
and, consequently, the requirements and the limitations of such other laws and regulations, and the decisions and orders of such other courts and regulatory authorities, may affect the rights and obligations of the parties to the Deposit Agreement.

 (27)    Governing Law and Jurisdiction. The Deposit Agreement, the ADRs and the ADSs
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 applicable to contracts made and to be wholly performed in that State.
Notwithstanding anything contained in the Deposit Agreement to the contrary, any ADR or any present or future provisions of the laws of the State of New York, the rights of holders of Shares and of any other Deposited Securities 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 (or, if applicable, such other laws as may govern the Deposited Securities). 

EACH OF THE PARTIES TO THE DEPOSIT AGREEMENT (INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY ARISING OUT OF, OR RELATING TO, THE DEPOSIT AGREEMENT, ANY ADR AND ANY TRANSACTIONS CONTEMPLATED THEREIN (WHETHER BASED
ON CONTRACT, TORT, COMMON LAW OR OTHERWISE). 

  
 A-27 

 (ASSIGNMENT AND TRANSFER SIGNATURE LINES) 

FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto
                                         
    whose taxpayer identification number is
                                     and whose address including
postal zip code is                                     , the within
ADR and all rights thereunder, hereby irrevocably constituting and appointing
                                         attorney-in-fact to transfer said ADR on the books of the Depositary with full power of substitution in the premises. 

 

							
	Dated:	 	Name:	 	  

		 		 		 	By:
		 		 		 	Title:
			
		 		 	NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change
whatsoever.
			
		 		 	If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity and proper evidence of authority to act in
such capacity, if not on file with the Depositary, must be forwarded with this ADR.
	  
	 		 		 	
	SIGNATURE GUARANTEED	 		 		 	
		 		 	All endorsements or assignments of ADRs must be guaranteed by a member of a Medallion Signature Program approved by the Securities Transfer Association, Inc.

 Legends 

[The ADRs issued in respect of Partial Entitlement American Depositary Shares shall bear the following legend on the face of the ADR: “This ADR evidences
ADSs representing ‘partial entitlement’ Shares of Mereo BioPharma Group plc and as such do not entitle the holders thereof to the same per-share entitlement as other Shares (which are ‘full
entitlement’ Shares) issued and outstanding at such time. The ADSs represented by this ADR shall entitle holders to distributions and entitlements identical to other ADSs when the Shares represented by such ADSs become ‘full
entitlement’ Shares.”] 

  
 A-28 

 EXHIBIT B 

FEE SCHEDULE 
 ADS FEES
AND RELATED CHARGES 
 All capitalized terms used but not otherwise defined herein shall have the meaning given to such terms in the Deposit Agreement.
Except as otherwise specified herein, any reference to ADSs herein includes Partial Entitlement ADSs, Full Entitlement ADSs, Certificated ADSs, Uncertificated ADSs, and Restricted ADSs 

I.    ADS Fees 
 The following
ADS fees are payable under the terms of the Deposit Agreement: 
  

					
	 Service
	  	 Rate
	  	 By Whom Paid

	(1) Issuance of ADSs (e.g., an issuance upon a deposit of Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason),
excluding issuances as a result of distributions described in paragraph (4) below.	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) issued.	  	Person for whom ADSs are issued.
			
	(2) Cancellation of ADSs (e.g., a cancellation of ADSs for Delivery of deposited Shares, upon a change in the ADS(s)-to-Share(s) ratio, or
for any other reason).	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) cancelled.	  	Person for whom ADSs are being cancelled.
			
	(3) Distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements).	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	  	Person to whom the distribution is made.
			
	(4) Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii) an exercise of rights to purchase additional ADSs.	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	  	Person to whom the distribution is made.
			
	(5) Distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., spin-off shares).	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	  	Person to whom the distribution is made.

  
 B-1 

					
			
	6) ADS Services.	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held on the applicable record date(s) established by the Depositary.	  	Person holding ADSs on the applicable record date(s) established by the Depositary.
			
	7) Registration of ADS Transfers (e.g., upon a registration of the transfer of registered ownership of ADSs, upon a transfer of ADSs into DTC and vice versa, or for any other reason).	  	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) transferred.	  	Person for whom or to whom ADSs are transferred.
			
	8) Conversion of ADSs of one series for ADSs of another series (e.g., upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs, or upon conversion of Restricted ADSs into freely transferable ADSs, and vice
versa).	  	 Up to U.S. $5.00 per 100
 ADSs (or fraction
thereof) converted.
	  	Person for whom ADSs are converted or to whom the converted ADSs are delivered.

  

	II.	 Charges 

The Company, Holders, Beneficial Owners, persons depositing Shares or withdrawing Deposited Securities in connection with ADS issuances and cancellations, and
persons for whom ADSs are issued or cancelled shall be responsible for the following ADS charges under the terms of the Deposit Agreement: 
  

	(i)	 taxes (including applicable interest and penalties) and other governmental charges; 

 

	(ii)	 such registration fees as may from time to time be in effect for the registration of Shares or other Deposited
Securities on the share register and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any nominees upon the making of deposits and withdrawals, respectively;

  

	(iii)	 such cable, telex and facsimile transmission and delivery expenses as are expressly provided in the Deposit
Agreement to be at the expense of the person depositing Shares or withdrawing Deposited Property or of the Holders and Beneficial Owners of ADSs; 

  

	(iv)	 the expenses and charges incurred by the Depositary in the conversion of foreign currency;

  
 B-2 

	(v)	 such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control
regulations and other regulatory requirements applicable to Deposited Property, ADSs and ADRs; and 

  

	(vi)	 the fees, charges, costs and expenses incurred by the Depositary, the Custodian, or any nominee in connection
with the ADR program. 

  
 B-3EX-10.1

 Exhibit 10.1 

Dated 17 August 2015 

(1)    O&H (CAVENDISH PLACE) LIMITED 

- and - 

(2)    MEREO BIOPHARMA GROUP LIMITED 

 
  

UNDERLEASE OF FOURTH FLOOR ONE 

CAVENDISH PLACE LONDON W1 
  

 
 Mishcon de Reya

 Summit House 
 12 Red Lion
Square 
 London WC1R 4QD 
 Tel:
020 7440 7000 
 Fax: 020 7404 5982 

Ref: EHP.16795.490 
 E-mail: edward.hughes-power@mishcon.com 

 TABLE OF CONTENTS 

 

							
	No.	 	Heading	  	Page	 
	 1.
	 	 DEFINITIONS
	  	 	3	 
			
	 2.
	 	 INTERPRETATION
	  	 	8	 
			
	 3.
	 	 GRANT, RIGHTS AND OTHER MATTERS
	  	 	9	 
			
	 4.
	 	 RENTS
	  	 	11	 
			
	 5.
	 	 INTEREST
	  	 	14	 
			
	 6.
	 	 OUTGOINGS
	  	 	14	 
			
	 7.
	 	 VALUE ADDED TAX
	  	 	15	 
			
	 8.
	 	 LANDLORD’S COSTS
	  	 	15	 
			
	 9.
	 	 REPAIRS, DECORATION ETC.
	  	 	16	 
			
	 10.
	 	 YIELD UP
	  	 	17	 
			
	 11.
	 	 COMPLIANCE WITH NOTICES
	  	 	17	 
			
	 12.
	 	 ALTERATIONS
	  	 	17	 
			
	 13.
	 	 USE OF PROPERTY
	  	 	18	 
			
	 14.
	 	 USE RESTRICTIONS
	  	 	18	 
			
	 15.
	 	 LANDLORD’S REGULATIONS
	  	 	18	 
			
	 16.
	 	 USE OF PROPERTY OUTSIDE BUSINESS HOURS
	  	 	19	 
			
	 17.
	 	 EXCLUSION OF WARRANTY AS TO USER
	  	 	19	 
			
	 18.
	 	 GENERAL RESTRICTIONS
	  	 	19	 
			
	 19.
	 	 ASSIGNMENT
	  	 	20	 
			
	 20.
	 	 UNDERLETTING
	  	 	21	 
			
	 21.
	 	 REGISTRATION OF DISPOSITIONS
	  	 	23	 
			
	 22.
	 	 STATUTORY REQUIREMENTS
	  	 	23	 
			
	 23.
	 	 PLANNING ACTS
	  	 	24	 
			
	 24.
	 	 STATUTORY NOTICES
	  	 	25	 
			
	 25.
	 	 FIRE PRECAUTIONS AND EQUIPMENT
	  	 	26	 
			
	 26.
	 	 DEFECTIVE PROPERTY
	  	 	26	 
			
	 27.
	 	 INSURANCE PROVISIONS
	  	 	26	 
			
	 28.
	 	 DEFAULT OF TENANT
	  	 	29	 
			
	 29.
	 	 LANDLORD’S SERVICES
	  	 	31	 
			
	 30.
	 	 SERVICE CHARGE
	  	 	32	 
			
	 31.
	 	 OBLIGATIONS AND CONSENTS UNDER SUPERIOR LEASE
	  	 	36	 
			
	 32.
	 	 QUIET ENJOYMENT
	  	 	37	 
			
	 33.
	 	 EXCLUSION OF IMPLIED COVENANTS BY LANDLORD
	  	 	37	 
			
	 34.
	 	 RELETTING NOTICES
	  	 	37	 
			
	 35.
	 	 DISCLOSURE OF INFORMATION
	  	 	37	 
			
	 36.
	 	 INDEMNITY
	  	 	37	 

							
	 37.
	 	 REPRESENTATIONS
	  	 	38	 
			
	 38.
	 	 EFFECT OF WAIVER
	  	 	38	 
			
	 39.
	 	 NOTICES
	  	 	38	 
			
	 40.
	 	 NEW TENANCY
	  	 	38	 
			
	 41.
	 	 INVALIDITY OF CERTAIN PROVISIONS
	  	 	38	 
			
	 42.
	 	 THIRD PARTY RIGHTS
	  	 	39	 
			
	 43.
	 	 EXCLUSION OF SECURITY OF TENURE
	  	 	39	 
			
	 44.
	 	 TENANT’S BREAK CLAUSE
	  	 	39	 
			
	 45.
	 	 CONTRIBUTION WORKS
	  	 	40	 
		
	 SCHEDULE 1 RIGHTS AND EASEMENTS GRANTED
	  	 	41	 
		
	 SCHEDULE 2 EXCEPTIONS AND RESERVATIONS
	  	 	43	 
		
	 SCHEDULE 3 USE RESTRICTIONS
	  	 	44	 
		
	 SCHEDULE 4 COVENANTS BY GUARANTOR
	  	 	46	 
		
	 SCHEDULE 5 ITEMS OF EXPENDITURE AS REFERRED TO IN CLAUSE 30
	  	 	50	 
		
	 SCHEDULE 6 DEEDS AND DOCUMENTS CONTAINING MATTERS TO WHICH THE PROPERTY ARE
SUBJECT
	  	 	53	 
		
	 SCHEDULE 7 AUTHORISED GUARANTEE AGREEMENT TO BE GIVEN BY TENANT PURSUANT TO CLAUSE
19.3.2
	  	 	54	 

  
 ii 

 THIS UNDERLEASE is made on the 17 day of August 2015 

BETWEEN: 
  

			
	LR1. Date of lease	  	 :  

		
	LR2. Title number(s)	  	 :  LR2.1 Landlord’s title number(s)

 
 314084

		
		  	 :  LR2.2 Other title numbers

 
 None

		
	LR3. Parties to this lease	  	 :  Landlord

 
 O & H (Cavendish Place) Limited (company reg. no. 06291120)
whose registered office is at 25-28 Old Burlington Street, London W1S 3AN

		
		  	 :  Tenant

 
 Mereo Biopharma Group Limited (company reg. no. 09481161) whose
registered office is at Green Park House, 15 Stratton Street, London W1J 8LQ

		
	LR4. Property	  	 :  In the case of a conflict between this clause and the remainder of this lease
then, for the purposes of registration, this clause shall prevail.
  

Those parts of the fourth floor of the building known as One Cavendish Place London W1G 0QF as are shown edged red on the attached plan as
more particularly described in the definition of “Property” at clause 1.3

		
	LR5. Prescribed statements etc	  	 :  LR5.1 Statements prescribed under rules 179 (dispositions in favour of a charity),
180 (dispositions by a charity) or 196 (leases under the Leasehold Reform, Housing and Urban Development Act 1993) of the Land Registration Rules 2003
  

None
  

LR5.2 This lease is made under, or by reference to, provisions of:

 

None

			
	LR6. Term for which the Property is leased	  	 :  From and including 17 August 2015 to and including 16 August
2025

		
	LR7. Premium	  	 :  None

		
	LR8. Prohibitions or restrictions on disposing of this lease	  	 :  This lease contains a provision that prohibits or restricts
dispositions.

		
	LR9. Rights of acquisition etc.	  	 :  LR9.1 Tenant’s contractual rights to renew this lease, to acquire the
reversion or another lease of the Property, or to acquire an interest in other land
  

None

		
		  	 :  LR9.2 Tenant’s covenant to (or offer to) surrender this lease

 
 None

		
		  	 :  LR9.3 Landlord’s contractual rights to acquire this lease

 
 None

		
	LR10. Restrictive covenants given in this Lease by the Landlord in respect of land other than the Property	  	 :  None

		
	LR11. Easements	  	 :  LR11.1 Easements granted by this lease for the benefit of the Property

 
 See clause 3.2 and Schedule 1

		
		  	 :  LR11.2 Easements granted or reserved by this lease over the Property for the
benefit of other property
  
 See clauses 3.3 and 3.4 and
Schedule 2

		
	LR12. Estate rentcharge burdening the Property	  	 :  None

		
	LR13. Application for standard form of restriction	  	 :  None

  
 2 

			
	LR14. Declaration of trust where there is more than one person comprising the Tenant	  	 :  Not applicable

		
	A. Principal Rent	  	 :  For the period from and including the Rent Commencement Date and expiring on and
including 16 December 2016 £162,960 per annum (exclusive of Value Added Tax)
  

And then for the period from and including 17 December 2016 £325,920 per annum (exclusive of Value Added Tax) and subject to
upwards review in accordance with this Lease

		
	B. Rent Commencement Date	  	 :  17 August 2015

		
	C. Permitted Use	  	 :  Use as high class offices within Class B1(a) of the Schedule to the Town
and Country Planning (Use Classes) Order 1987 as it applies at the date of this Lease and purposes ancillary to such use

		
	D. Building	  	 :  the land and building known as One Cavendish Place, London WI and being the
whole of the land in title number 314084 and each and every part of it including all landlord’s fixtures and fittings, plant, machinery, apparatus and equipment now or after the date of this Lease in or upon the same and any additions,
alterations and improvements

		
	E. Rent Review Date(s)	  	 :  17 August 2020

		
	F. Tenant’s Break Date	  	 :  16 August 2020

  

	1.	 DEFINITIONS 

  

	1.1	 The expressions “Landlord”, “Tenant”, “Property” and “Term” have the
meanings given to them in clauses LR3, LR4 and LR6. 

  

	1.2	 The expressions “Principal Rent”, “Rent Commencement Date”, “Permitted Use”,
“Building”, “Rent Review Date(s)” and “Tenant’s Break Date” have the meanings given to them in clauses A to F. 

  

	1.3	 These further definitions apply: 

“Additional Rent” means all sums referred to in clause 5, and all sums which are recoverable as rent in arrear or
stated in this Lease to be due to the Landlord; 
 “Adjoining Property” means any land and/or buildings adjoining or
neighbouring the Property; 

  
 3 

 “Base Rate” means the base rate for the time being of Barclays Bank PLC
or some other London clearing bank nominated from time to time by the Landlord or, in the event of base rate being abolished, such other comparable rate of interest as the Landlord shall reasonably specify; 

“Business Hours” means the hours between 7 am and 7 pm on weekdays; 

“Common Parts” means any entrance halls, lavatories, cleaning cupboards, risers, corridors, passages, lobbies,
landings, staircases, lifts, pedestrian ways, courtyards, forecourts, and service areas and loading bays if any and any other amenities in, or forming part of, the Building which are or may from time to time be provided or designated by the Landlord
for common use by the tenants and occupiers of the Building and all persons expressly or by implication authorised by them but excluding the Lettable Areas; 

“Conduits” means all drains, pipes, gullies, gutters, sewers, ducts, mains, channels, subways, wires, cables, conduits, flues
and any other conducting media of whatsoever nature; 
 Contribution Works means the works to the Property being the
installation of floor boxes of flush type comprising three compartments each accommodating a double or twin accessory plate with one box every 10 square metres; 

“Development” means development as defined in section 55 of the Town and Country Planning Act 1990; 

“Enactment” means any Statute, Statutory Instrument, Order or Byelaw issued by any competent authority for the time being and
from time to time in force and any rule, regulation, scheme, plan or direction issued under or deriving authority from any of them; 

“Fair Proportion” means a fair and reasonable proportion appropriate to the Property or its use to be determined from
time to time by the Surveyor (acting reasonably); 
 “Group Company” means a company that is from time to time a
member of the same group within the meaning of Section 42 (as unamended) of the Landlord and Tenant Act 1954; 

“Guarantor” means the party (if any) named as “Guarantor” in this Lease and includes the person from time to
time guaranteeing the obligations of the Tenant under this Lease and, in the case of an individual, includes his personal representatives provided that in the context of clause 28.2 it shall exclude a guarantor pursuant to an authorised guarantee
agreement; 
 “Insurance Rent” means: 
  

	 	(a)	 a Fair Proportion of the sums which the Landlord pays from time to time for insuring the Building against the
Insured Risks pursuant to clause 27.1.1 and the other items referred to in clause 27.1.3; and 

  

	 	(b)	 all sums which the Landlord pays from time to time for insuring against the loss of the Principal Rent and the
Service Charge pursuant to clause 27.1.2; 

  
 4 

 “Insured Risks” means (to the extent that any of the same are insurable
in the London insurance market at reasonable cost and on reasonable terms) fire, storm, tempest, flood, earthquake, lightning, explosion, terrorism, impact, aircraft (other than hostile aircraft) and other aerial devices and articles dropped from
them, riot, civil commotion and malicious damage, bursting or overflowing of water tanks, apparatus or pipes, and such other risks as the Landlord may, in its discretion (acting reasonably) from time to time, determine; 

“Landlord” means the person for the time being entitled to the reversion immediately expectant on the determination of the
Term; 
 “this Lease” means this underlease and any document which is supplemental to it, whether or not it is
expressly stated to be so; 
 “Lettable Areas” means those parts of the Building leased, intended to be leased or
capable of being leased to occupational tenants; 
 “Open Market Rent” means the annual rent that might
reasonably be expected to be paid for the Property if it were let on the Rent Review Date as a whole in the open market without a premium with vacant possession by a willing lessor to a willing lessee on a lease for a term commencing on the Rent
Review Date equal in duration to ten years with a tenant’s right to determine at the fifth anniversary of the term in substantially the same form (mutatis mutandis) as clause 44 and on the same terms and conditions (except for the amount of
rent but including the provisions for rent review at the expiry of each period of five years throughout the term) as in this Lease and with the benefit of any licence approval or consent granted by the Landlord at the request of the Tenant and
assuming: 
  

	 	(a)	 that the rent will be payable as from the expiry of a rent free period of such length (commencing on the Rent
Review Date) as the willing lessee would negotiate in the open market for (but only for) fitting out the Property; 

  

	 	(b)	 that all the covenants contained in this Lease on the part of the Tenant have been fully observed and performed
at all times; 

  

	 	(c)	 that on the Rent Review Date the Property is capable of immediate occupation and use and fully fitted out and
that nothing has been done to the Property by the Tenant or any subtenant which has diminished the rental value of the Property; 

  

	 	(d)	 that in the event that the Property has been destroyed or damaged by an Insured Risk it has been fully restored
by the Rent Review Date; 

  

	 	(e)	 that no works have been carried out to the Property during the Term which would diminish the rental value of
the Property; 

  

	 	(f)	 the Contribution Works have been carried out and completed at the cost of the Landlord; 

but disregarding: 
  

	 	(i)	 any effect on rent of the fact that the Tenant or any permitted subtenant may have been in occupation of the
Property; 

  

	 	(ii)	 any goodwill attached to the Property by reason of its use by the Tenant or any permitted subtenant;

  
 5 

	 	(iii)	 any effect on rent of any alteration, addition or improvement to the Property made by the Tenant or a permitted
subtenant at its own expense with the written consent of the Landlord (where required) otherwise than under any obligation to the Landlord or for which the Landlord has made a financial contribution. 

“Plan” means the plan annexed to this Lease; 

“Planning Acts” means the Town and Country Planning Act 1990, the Planning (Listed Buildings and Conservation Areas)
Act 1990, the Planning (Hazardous Substances) Act 1990, the Planning (Consequential Provisions) Act 1990, and the Planning and Compensation Act 1991 and any other town and country planning or related legislation; 

“Property” means the part of the fourth floor of the Building shown edged red on the Plan including:- 

 

	 	(a)	 the internal plaster surfaces and finishes of any structural or load bearing walls and columns in or which
enclose it, but not any other part of such walls and columns; 

  

	 	(b)	 the entirety of any non-structural or
non-load bearing walls and columns wholly within the Property; 

  

	 	(c)	 the inner half (severed medially) of any internal non-load bearing
walls which divide it from any other part of the Building; 

  

	 	(d)	 the floor (including raised floors and the cavity below them) but the lower limit of the Property shall not
extend to anything below the upper surface of the floor slabs; 

  

	 	(e)	 the ceiling finishes, including suspended ceilings and suspended plaster ceiling (if any) and light fittings
but the upper limit of the Property shall not extend to anything above the ceiling finishes other than the cavity above any suspended ceilings which shall be included (but the floor slabs above shall be excluded); 

 

	 	(f)	 all glass in the external windows; 

 

	 	(g)	 all sanitary and hot and cold water apparatus and equipment and any radiators within the Property and all fire
fighting equipment and hoses within the Property; 

  

	 	(h)	 all Conduits within and exclusively serving the Property, except those of any utility company;

  

	 	(i)	 all landlord’s fixtures, fittings, plant, machinery, apparatus and equipment at any time in or on the
Property (but not any air conditioning units, sprinklers and ducting and ancillary plant, machinery, apparatus or equipment); and 

  

	 	(j)	 any additions, alterations and improvements made by the Tenant or any
sub-tenant during the term; 

 both excluding the Retained Parts. 

“Prescribed Rate” means four per cent (4%) per annum above the Base Rate; 

  
 6 

 

 

 “Present Tenant” means (in Schedule 4) the Tenant at the time the
covenants on the part of the Guarantor are entered into and (in Schedule 7) the Tenant at the time the covenants on the part of the Present Tenant therein referred to are entered into; 

“President” means the President for the time being of, the Royal Institution of Chartered Surveyors (or in the event that such
Institution ceases to exist such other independent body as the Landlord may reasonably nominate) and includes the duly appointed deputy of the President or any person authorised by the President or by the Institution or nominated body to make
appointments on his or its behalf; 
 “Rents” means the sums payable by the Tenant under clause 4; 

“Retained Parts” means all parts of the Building which do not comprise Lettable Areas, including:- 

 

	 	(a)	 the Common Parts; 

  

	 	(b)	 any parts of the Building reserved by the Landlord for the housing of plant, machinery or equipment, or
otherwise in connection with, or required for, the provision of services (which for the avoidance of doubt includes the air conditioning apparatus and risers); 

 

	 	(c)	 all Conduits in, on, over or under, or exclusively serving the Building, except any that form part of the
Lettable Areas; 

  

	 	(d)	 the main structure of the Building, including the roof and its structural parts, the foundations, all external
walls, any internal structural or load bearing walls and columns, the structural slabs of the ceilings and floors, any party structures, boundary walls, railings and fences, and all exterior parts of the Building and any pavements, pavement lights,
roads and car parking areas (if any) which form part of the Building; 

 “Reviewed Rent” means in
respect of the period commencing on the Rent Review Date the reviewed rent at the Rent Review Date determined in accordance with the terms of clause 4.8; 

“Service Charge” has the meaning given to that expression in clause 30; 

“Superior Landlord” means the person for the time being entitled to any estate in the Building which is reversionary
(whether immediate or mediate) upon the Landlord’s estate; 
 “Superior Lease” means the lease of the Building
dated 2 November 1925 and made between The Right Honourable Thomas Evelyn Baron Howard de Walden and Seaford (1) and James Rossdale (2) for the term of 999 years from 6 January 1914 together with any documents supplemental or
collateral thereto; 
 “Surveyor” means any third party professional organisation with appropriate professional
qualifications appointed by the Landlord to perform the function of a surveyor or an accountant for any purpose of this Lease and any professionally qualified organisation appointed by the Landlord to collect the rents or to manage the Building;

 “Tenant” means the party named as ‘Tenant’ in this Lease and includes the Tenant’s successors in title and
assigns and, in the case of an individual, his personal representatives; 

  
 7 

 “Tenant’s Plant” means: 

 

	 	(a)	 any supplemental air conditioning and heating plant and equipment and all pipes, cables and other conduits
necessary to connect the air conditioning and heating plant and equipment to the Property, 

  

	 	(b)	 a domestic sized satellite dish or aerial (or other telecommunications equipment) for receiving and
transmitting telecommunications signals and all cables necessary to connect the telecommunications equipment to the Property; 

“Tenant’s Plant Area” means those parts of the roof of the Building as the Landlord determines from time to
time; 
 “Uninsured Risk” means any risk against which insurance cover is obtainable on normal commercial terms in
the London Insurance market today but which in the future ceases to be so obtainable but an Insured Risk does not become an Uninsured Risk for the purposes of this Lease by reason only of: 

 

	 	(a)	 normal exclusion provisions in relation to a level of excess liability; 

 

	 	(b)	 rejection by the insurer of liability, or some part of it, due to any act or default by the Tenant.

 “Utilities” means water, soil, steam, air, electricity, radio, television, telegraphic, telephone,
telecommunications and other services and supplies of whatsoever nature; 
 “Value Added Tax” means value
added tax as defined in the Value Added Tax Act 1994 and any tax of a similar nature substituted for, or levied in addition to, such value added tax; 

“Working Day” means any day, other than a Saturday or Sunday, on which clearing banks in the United Kingdom are open to
the public for the transaction of business. 
  

	2.	 INTERPRETATION 

Unless there is something in the subject or context inconsistent with the same:- 

 

	2.1	 every covenant by a party comprising more than one person shall be deemed to be made by such party jointly and
severally; 

  

	2.2	 words importing persons shall include firms, companies and corporations and vice versa; 

 

	2.3	 any covenant by the Tenant not to do any act or thing shall include an obligation not to knowingly permit or
suffer such act or thing to be done; 

  

	2.4	 any reference to the right of the Landlord to have access to, or to enter, the Property shall be construed as
extending to the Superior Landlord and to any mortgagee of the Landlord or the Superior Landlord and to all persons authorised by them, including agents, professional advisers, contractors, workmen and others; 

 

	2.5	 any requirement that the Tenant must obtain the approval or consent of the Landlord in respect of any matter
mentioned in this Lease includes a requirement that, where necessary under the Superior Lease, the approval or consent of the Superior Landlord must also be obtained in respect of that matter; 

  
 8 

	2.6	 any reference to a statute (whether specifically named or not) shall include any amendment or re-enactment of it for the time being in force, and all instruments, orders, notices, regulations, directions, bye-laws, permissions and plans for the time being made, issued
or given under it, or deriving validity from it; 

  

	2.7	 all agreements and obligations by any party contained in this Lease (whether or not expressed to be covenants)
shall be deemed to be, and shall be construed as, covenants by such party; 

  

	2.8	 any covenant by the Tenant (other than any relating to payment of any of the Rents hereby reserved) shall be
construed as being not only with the Landlord but also with the Superior Landlord; 

  

	2.9	 the word “assignment” includes equitable assignment and the words “assign” and
“assignee” shall be construed accordingly; 

  

	2.10	 the words “including” and “include” shall be deemed to be followed by the words
“without limitation”; 

  

	2.11	 the titles or headings appearing in this Lease are for reference only and shall not affect its construction;

  

	2.12	 any reference to a clause or schedule shall mean a clause or schedule of this Lease. 

 

	3.	 GRANT, RIGHTS AND OTHER MATTERS 

 

	3.1	 Demise and Term 

In consideration of the rents, covenants and agreements reserved by, and contained in, this Lease to be paid and performed by the Tenant, the
Landlord with full title guarantee leases the Property to the Tenant for the Term paying the Rents to the Landlord in accordance with clause 4. 
  

	3.2	 Rights and Easements 

There are granted the rights and easements set out in Schedule 1. 
  

	3.3	 Exceptions and reservations 

There are excepted and reserved out of this Lease the rights and easements set out in Schedule 2. 

 

	3.4	 Third party rights 

This Lease is granted subject to any rights, easements, reservations, privileges, covenants, restrictions, stipulations and other matters
affecting the Property which would be disclosed by any searches and enquiries which a prudent prospective tenant would have made before entering into this Lease including any exceptions or reservations and other matters contained or referred to in
the Superior Lease and any matters contained or referred to in the deeds and documents listed in Schedule 6 so far as any of them relate to the Property and are still subsisting and capable of taking effect. 

  
 9 

	3.5	 No implied easements 

Nothing contained in this Lease shall confer on, or grant to, the Tenant any easement, right or privilege, other than those expressly granted
by this Lease. 
  

	3.6	 Covenants affecting reversion 

The Tenant shall perform and observe the agreements, covenants, restrictions and stipulations contained or referred to in the deeds and
documents listed in Schedule 6 and the Superior Lease (other than provisions for the payment of rent or other sums) so far as any of them relate to the Property and are still subsisting and capable of taking effect. 

 

	3.7	 Encroachments and easements 

The Tenant shall not stop up or obstruct any of the windows or lights belonging to the Property and shall not permit any new window, light,
opening, doorway, passage, Conduit or other encroachment or easement to be made or acquired into, on or over the Property or any part of them. If any person shall attempt to make or acquire any encroachment or easement whatsoever, the Tenant shall
give written notice of that fact to the Landlord promptly after it shall come to the notice of the Tenant and, at the request and cost of the Landlord, adopt such means as may be reasonably required by the Landlord for preventing any encroachment or
the acquisition of any easement. 
  

	3.8	 Covenants relating to other property 

Nothing contained in, or implied by, this Lease shall give the Tenant the benefit of, or the right to enforce or prevent the release or
modification of, any covenant or agreement entered into by any tenant of the Landlord in respect of any property not comprised in this Lease. 
  

	3.9	 Rights of entry by Landlord 

The Tenant shall permit the Landlord or its surveyor/employees with all necessary materials and appliances to enter and remain for so long as
is reasonably necessary on the Property:- 
  

	 	3.9.1	 to examine the condition of the Property and to take details of the landlord’s fixtures in them;

  

	 	3.9.2	 to exercise any of the rights excepted and reserved by this Lease; 

 

	 	3.9.3	 for any purpose that, in the reasonable opinion of the Landlord, is necessary to enable it to comply with any
covenant on its part contained in the Superior Lease even though the obligation to comply with such covenant may be imposed on the Tenant by this Lease; 

  

	 	3.9.4	 for any other reasonable purpose connected with the interest of the Landlord in the Property or the Building,
including valuing or disposing of the Landlord’s interest in them; 

  

	 	3.9.5	 to carry out inspection, repairs, renewals (when necessary) and maintenance of the air conditioning units and
apparatus within the Property. 

  
 10 

	3.10	 Terms of entry by Landlord 

In exercising any of the rights mentioned in clause 3.9, the Landlord or the person exercising the right shall: 

 

	 	3.10.1	 give to the Tenant reasonable prior notice that the right is to be exercised (and insofar as reasonably
practicable not less than 48 hours’ prior notice in the case of exercising rights (other than carrying out works) under clauses 3.9.1, 3.9.2, 3.9.3 and 3.9.4 and not less than five working days’ notice for the purposes of carrying out any
works under clauses 3.9.1, 3.9.2, 3.9.3, 3.9.4 and 3.9.5) and shall only exercise it at reasonable times (except in an emergency, when no notice need be given and when it can be exercised at any time); 

 

	 	3.10.2	 cause as little inconvenience as practicable to the Tenant or any other permitted occupier of any part of the
Property; and 

  

	 	3.10.3	 make good, as soon as practicable and to the reasonable satisfaction of the Tenant, any physical damage caused
to the Property and indemnify the Tenant for any other physical damage caused to the Tenant’s fixtures, fittings and contents. 

  

	4.	 RENTS 

  

	4.1	 Tenant’s obligation to pay 

The Tenant covenants to pay to the Landlord at all times during the Term:- 

 

	 	4.1.1	 yearly, and proportionately for any fraction of a year, the Principal Rent; 

 

	 	4.1.2	 the Insurance Rent; 

  

	 	4.1.3	 the Service Charge; and 

 

	 	4.1.4	 any Value Added Tax which may be chargeable in respect of the Principal Rent, the Insurance Rent and the
Service Charge. 

  

	4.2	 Dates of payment of Principal Rent 

The Principal Rent and any Value Added Tax chargeable on it shall be paid in four (4) equal instalments in advance on each 25th March,
24th June, 29th September and 25th December in every year. The first payment is payable as from the Rent Commencement Date and the first payment is to be made on that date or a proportion (calculated on a daily basis) in respect of the period from
the Rent Commencement Date to the day before the next quarter day. 
  

	4.3	 Method of payment of Principal Rent 

The Principal Rent and any Value Added Tax chargeable on it shall be paid by standing order or direct debit from the Tenant’s bankers so
that the Landlord shall receive full value in cleared funds on the date when payment is due. 
  

	4.4	 Rent Review 

The amount of the Principal Rent will increase on the Rent Review Date to the Open Market Rent (ascertained in accordance with clause 4.8) of
the Property on that date if that is more than the Principal Rent payable before that date, but the amount of the Principal Rent will not decrease. 

  
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	4.5	 Dates of payment of Insurance Rent and Additional
Rent 

 The Insurance Rent and the Additional Rent and any Value Added Tax chargeable on either of them shall be
paid within ten (10) Working Days of written demand, the first payment of the Insurance Rent having been made on the date of this Lease. 
  

	4.6	 Dates of payment of Service Charge 

The Service Charge and any Value Added Tax chargeable on it shall be paid in accordance with clause 30. 

 

	4.7	 No right of set-off 

Subject to any contrary statutory right, the Tenant shall not exercise any legal or equitable rights of
set-off, deduction, abatement or counterclaim which it may have to reduce its liability for Rents. 
  

	4.8	 Rent Review 

 

	 	4.8.1	 The Landlord and the Tenant may agree the Open Market Rent at any time. If the Open Market Rent has not been
agreed by the date three months before the Rent Review Date then until it has been agreed either of them may, by giving notice in writing to the other, require the matter to be decided by an independent surveyor (“the valuer”) of not less
than ten years qualification and having practical experience in and knowledge of commercial lettings of property similar to the Property and situated in the area in which the Property is situated. 

 

	 	4.8.2	 The valuer shall act as an arbitrator and not as an expert and the Arbitration Act 1996 shall apply to his
determination. 

  

	 	4.8.3	 The valuer shall be appointed (in the event of the Landlord and the Tenant failing to agree on the appointee)
by or on behalf of the President for the time being of the Royal Institution of Chartered Surveyors (“RICS”) on the application of either party. 

  

	 	4.8.4	 The Landlord and the Tenant may agree in writing the Reviewed Rent at any time and if they do so after a
referral to the valuer then:- 

  

	 	(a)	 the valuer’s appointment shall (subject only to resolution of the issue of costs) be determined upon such
agreement; 

  

	 	(b)	 the valuer’s costs to the date of such agreement and relating to any award as to costs shall be in the
determination of the valuer as part of the reference to it insofar as not agreed between the Landlord and the Tenant. 

  

	 	4.8.5	 If the valuer shall die delay or become unwilling, unfit or incapable of acting or if for any other reason the
President for the time being of the Royal Institution of Chartered Surveyors or the person acting on its behalf shall in its absolute discretion think fit he may on the application of either party by writing discharge the valuer and appoint another
in its place. 

  

	 	4.8.6	 The valuer’s determination shall be dated with the date on which it is actually despatched to the Landlord
and the Tenant and not any earlier date. 

  
 12 

	 	4.8.7	 Where the Rent Review Date is a quarter day and the Reviewed Rent payable on and from that Rent Review Date has
been ascertained by that day, the Principal Rent payable on that day shall be calculated at the rate of the Reviewed Rent. 

  

	 	4.8.8	 Where the Rent Review Date is not a quarter day: 

 

	 	(a)	 if the Reviewed Rent payable on and from the Rent Review Date has been ascertained by the immediately preceding
quarter day, the Principal Rent payable on that quarter day shall comprise rent at the then current rate of Principal Rent (“the Previous Rent”) for the period to immediately before the Rent Review Date together with
rent at the rate of the Reviewed Rent for the remainder of the quarter; 

  

	 	(b)	 if the Reviewed Rent is ascertained after the quarter day immediately preceding the Rent Review Date but before
the Rent Review Date, then on that quarter day the Tenant shall pay on account of the Principal Rent a full quarterly rent at the rate of the Previous Rent, and on the Rent Review Date the Tenant shall pay to the Landlord additional rent for the
remainder of that quarter at the rate by which the Reviewed Rent exceeds the Previous Rent. 

  

	 	4.8.9	 Where the Reviewed Rent payable on and from the Rent Review Date is ascertained after the Rent Review Date,
then: 

  

	 	(a)	 on the quarter day falling before the ascertainment of the Reviewed Rent the Tenant shall pay on account rent
at the rate of the Previous Rent, and 

  

	 	(b)	 on the quarter day following ascertainment of the Reviewed Rent the Tenant shall pay to the Landlord
(a) rent for the ensuing quarter at the rate of the Reviewed Rent and (b) a sum equal to the shortfall by which the Reviewed Rent calculated from the Rent Review Date down to immediately before that quarter day exceeds the rent paid on
account and (c) interest at the Base Rate on that shortfall calculated from day to day on each part of the shortfall for the period from the date on which it would have been payable if the Reviewed Rent had been ascertained by the Rent Review
Date. 

  

	 	4.8.10	 For the purposes of this clause, the Reviewed Rent is “ascertained” when it is agreed in writing
between the Landlord and the Tenant or if determined by the valuer in accordance with the provisions of clause 4.8.6. 

  

	 	4.8.11	 If either the Landlord or the Tenant shall fail to pay the appropriate amount of the fees and expenses of the
valuer as determined by it within fourteen days of the same being demanded by the valuer, the other shall be entitled to pay the same and the amount so paid shall be repaid on demand with interest at the Prescribed Rate by the party chargeable on
demand. 

  

	 	4.8.12	 If at the Rent Review Date there shall be in force any Enactment which shall restrict curtail or modify the
effect or operation of the provisions of this clause 4.8 then the Landlord shall in addition to the review herein provided for on the occasion such Enactment or any part thereof is removed relaxed or modified be entitled on giving not less than one
month’s notice in writing expiring after such removal relaxation or modification to introduce a special review date which shall be the date of expiration of such notice and the rent from such special review date if any shall be determined in
accordance with the provisions of this clause 4.8 mutatis mutandis. 

  
 13 

	 	4.8.13	 Immediately after agreement (as distinct from determination) of the Reviewed Rent a memorandum as to its amount
shall be signed by the Landlord and the Tenant. 

  

	5.	 INTEREST 

  

	5.1	 Interest on late payments 

Without prejudice to any other right, remedy or power contained in this Lease or otherwise available to the Landlord, if any of the Rents
(whether formally demanded or not in case of the Principal Rent) or any other sum of money payable to the Landlord by the Tenant under this Lease shall not be paid so that the Landlord receives full value in cleared funds on the date being 10
Working Days after the due payment date under the terms of this Lease the Tenant shall pay interest on such Rents and/or sums at the Prescribed Rate from and including the date when payment was due in respect of the Principal Rent and from demand in
respect of all other payments to the date of payment to the Landlord (both before and after any judgment). 
  

	5.2	 Interest on refused payments 

Without prejudice to any other right, remedy or power contained in this Lease or otherwise available to the Landlord, if the Landlord shall
with good reason decline to accept any of the Rents so as not to waive any existing breach, the Tenant shall pay interest on such Rent at the Prescribed Rate from and including the date when payment was due (or, where applicable, would have been due
if demanded on the earliest date on which it could have been demanded) to the date when payment is accepted by the Landlord. 
  

	6.	 OUTGOINGS 

  

	6.1	 Tenant’s obligation to pay 

The Tenant shall pay, or indemnify the Landlord against, all existing and future rates, taxes, duties, charges, assessments, impositions and
other outgoings whatsoever (whether parliamentary, parochial, local or of any other description and whether or not of a capital or non-recurring nature or of a wholly novel character) which are now or may at
any time during the Term be charged, levied, assessed or imposed upon, or payable in respect of, the Property or upon the owner or occupier of them (excluding any tax payable by the Landlord occasioned by any disposition of, or dealing with, the
reversion of this Lease) and, in the absence of a direct assessment on the Property, shall pay to the Landlord a fair proportion (to be reasonably determined by the Landlord) of any such outgoings. 

 

	6.2	 Costs of utilities etc. 

The Tenant shall:- 
  

	 	6.2.1	 pay all charges for electricity, gas and water consumed in the Property, including any connection and hiring
charges and meter rents; and 

  

	 	6.2.2	 perform and observe all present and future regulations and requirements of the electricity, gas and water
supply companies or boards in respect of the supply and consumption of electricity, gas and water on the Property. 

  
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	7.	 VALUE ADDED TAX 

 

	7.1	 Sums exclusive of VAT 

All sums payable under this Lease by the Tenant to the Landlord shall be deemed to be exclusive of Value Added Tax. 

 

	7.2	 Tenant to pay VAT 

Where pursuant to the terms of this Lease the Landlord makes a supply to the Tenant (other than a supply made in consideration for the payment
of the Rents) and Value Added Tax is payable in respect of such supply, the Tenant shall pay to the Landlord on the date of such supply a sum equal to the amount of Value Added Tax so payable and any penalty or interest incurred by the Landlord for
any late payment of such Value Added Tax and the Landlord shall supply to the Tenant a Value Added Tax invoice in respect of the same. 
  

	7.3	 VAT incurred by Landlord 

Where the Tenant is required by the terms of this Lease to reimburse the Landlord for the costs or expenses of any supplies made to the
Landlord, the Tenant shall also at the same time pay or, as the case may be, indemnify the Landlord against all Value Added Tax input tax incurred by the Landlord in respect of those supplies save to the extent that the Landlord is entitled to
repayment or credit in respect of such Value Added Tax input tax. 
  

	8.	 LANDLORD’S COSTS 

Within ten (10) Working Days of written demand, the Tenant shall pay, or indemnify the Landlord and the Superior Landlord against, all
reasonable and proper costs, fees, charges, disbursements and expenses properly incurred by them, including those payable to solicitors, counsel, surveyors, architects and bailiffs:- 

 

	8.1	 in relation to the preparation and service of a notice under section 146 of the Law of Property Act 1925 or any
proceedings under section 146 or section 147 of that Act (whether or not any right of re-entry or forfeiture has been waived by the Landlord or a notice served under section 146 is complied with by the Tenant
or the Tenant has been relieved under the provisions of that Act and even though forfeiture may be avoided otherwise than by relief granted by the court); 

  

	8.2	 in relation to the preparation and service of all notices and schedules relating to any wants of repair,
whether served during or within three (3) months after the expiration of the Term (but relating in all cases only to such wants of repair which accrued not later than the expiration or earlier determination of the Term); 

 

	8.3	 in connection with the recovery or attempted recovery of arrears of rent or other sums due from the Tenant, or
in procuring the remedying of the breach of any covenant by the Tenant; 

  

	8.4	 in relation to any application for consent required or made necessary by this Lease (such costs to include
reasonable management fees and expenses) whether or not it is granted (except in cases where the Landlord is obliged not to withhold its consent unreasonably and the withholding of its consent is held to be unreasonable), or the application is
withdrawn. 

  
 15 

	9.	 REPAIRS, DECORATION ETC. 

 

	9.1	 Repairs 

Subject to clause 9.2, the Tenant shall: 
  

	 	9.1.1	 repair and keep in good and substantial repair and condition the Property; and 

 

	 	9.1.2	 as and when reasonably necessary, replace any of the landlord’s fixtures and fittings (excluding all air
conditioning units, sprinklers and ducting and ancillary plant, machinery, apparatus or equipment situated in the Property) which become beyond repair with new ones which are similar in type and quality. 

 

	9.2	 Damage by the Insured/Uninsured Risks 

There shall be excepted from the obligations contained in clause 9.1: 
  

	 	9.2.1	 any damage caused by the Insured Risks (to the extent to which the Landlord covenants to insure the same under
Clause 27.1) save to the extent that payment of the insurance monies shall be withheld by reason of any act, neglect or default of the Tenant, any undertenant or occupier or any of their respective agents, licensees, visitors or contractors or any
person under the control of any of them unless the Tenant shall have complied with the provisions of clause 27.7; 

  

	 	9.2.2	 any damage caused by an Uninsured Risk 

 

	9.3	 Decorations 

The Tenant shall in the fifth year of the Term and in the last three (3) months of the Term (whether determined by passage of time or
otherwise) in a good and workmanlike manner prepare and decorate with at least two coats of good quality paint or otherwise treat, as appropriate, all parts of the Property, such decorations and treatment in the last year of the Term to be executed
in such colours and materials as the Landlord may reasonably require; 
  

	9.4	 Cleaning 

The Tenant shall: 
  

	 	9.4.1	 keep the Property in a clean and tidy condition; 

 

	 	9.4.2	 as often as reasonably necessary properly clean the inside of the windows or window frames and all other glass
in the Property unless the Landlord, in its discretion, arranges for the cleaning of the windows or window frames of the Property itself. 

  

	9.5	 Tenant’s Plant 

The Tenant shall keep in good and substantial repair and condition any Tenant’s Plant. 

  
 16 

	10.	 YIELD UP 

 

	10.1	 Reinstatement of Property 

Immediately prior to the expiration or earlier determination of the Term the Tenant shall at its cost:- 

 

	 	10.1.1	 replace any of the landlord’s fixtures and fittings which shall be missing, damaged or destroyed, with new
ones of similar kind and quality or (at the option of the Landlord) pay to the Landlord the reasonable cost of replacing any of them; 

  

	 	10.1.2	 remove from the Property any sign, writing or painting of the name or business of the Tenant or any occupier of
them and all tenant’s fixtures, fittings, furniture and effects and make good, to the reasonable satisfaction of the Landlord, all damage caused by such removal; 

 

	 	10.1.3	 unless directed not to do so by the Landlord before the end of the Term, remove and make good any alterations
or additions made to the Property during the Term and well and substantially reinstate the Property to an open plan layout and to the Landlord’s reasonable satisfaction. 

 

	10.2	 Yielding up in repair 

At the expiration or earlier determination of the Term, the Tenant shall quietly yield up the Property to the Landlord in the standard of
repair and condition required by the covenants by the Tenant contained in this Lease. 
  

	11.	 COMPLIANCE WITH NOTICES 

 

	11.1	 Tenant to remedy breaches of covenant 

Whenever the Landlord shall give written notice to the Tenant of any defects, wants of repair or breaches of covenant, the Tenant shall, within
forty (40) days of such notice, or sooner if requisite, make good such defects or wants of repair and remedy the breach of covenant to the reasonable satisfaction of the Landlord. 

 

	11.2	 Failure of Tenant to repair 

If the Tenant shall fail within fifteen (15) Working Days of such notice, or as soon as reasonably possible in the case of emergency, to
commence and then diligently and expeditiously to continue to comply with such notice, the Landlord may enter the Property and carry out, or cause to be carried out, any of the works referred to in such notice and all reasonable and proper costs and
expenses properly incurred as a result shall be paid by the Tenant to the Landlord within ten (10) days of written demand and, in default of payment, shall be recoverable as a debt. 

 

	12.	 ALTERATIONS 

  

	12.1	 No structural or external alterations 

The Tenant shall not alter, cut into or remove any of the principal or load-bearing walls, floors, beams or columns in or enclosing the
Property and shall not make any alterations which affect the external appearance of the Property and/or Building. 
  

	12.2	 No alterations to landlord’s fixtures 

The Tenant shall not make any alteration or addition to any of the landlord’s fixtures which for the avoidance of doubt includes the door
and glass screens at the entrance to the Property or to any of the Conduits in the Property. 

  
 17 

	12.3	 Non-structural alterations 

The Tenant may make non-structural internal alterations to the Property with the prior written consent
of the Landlord (such consent not to be unreasonably withheld or delayed) but the Tenant may, without the Landlord’s consent, install, alter or remove internal non-structural partitioning and associated
works (including cabling works within the Property and associated mechanical and electrical modifications) subject to: 
  

	 	12.3.1	 the Tenant otherwise complying with the provisions of this Lease regarding such works; 

 

	 	12.3.2	 such works not adversely affecting or interfering with any heating, cooling or other services and Conduits in
the Building; 

  

	 	12.3.3	 the Tenant providing the Landlord with details of such works promptly upon their completion and in any event
within 20 Working Days of completion of the works. 

  

	12.4	 Covenants by Tenant 

The Tenant shall enter into such covenants as the Landlord may reasonably require regarding the execution of any works to which the Landlord
consents under this clause, but will include an obligation to reinstate the Property at the end or earlier determination of the Term provided they are consistent with clause 10.1.3. 

 

	13.	 USE OF PROPERTY 

 

	13.1	 Permitted use 

The Tenant shall not use the Property or any part of them except for the Permitted Use. 

 

	13.2	 Tenant not to leave Property unoccupied 

The Tenant shall not leave the Property continuously unoccupied for more than thirty (30) days without notifying the Landlord. 

 

	13.3	 Details of keyholders 

The Tenant shall ensure that, at all times, the Landlord has particulars of the name, home address and home telephone number of at least two
keyholders of the Property. 
  

	13.4	 Keys to be given to the Landlord 

The Tenant shall provide the Landlord with a set of keys to the Property to enable the Landlord or its agents and others authorised by the
Landlord to enter the Property for security purposes or in cases of emergency. 
  

	14.	 USE RESTRICTIONS 

The Tenant shall perform and observe the obligations set out in Schedule 3. 

 

	15.	 LANDLORD’S REGULATIONS 

The Tenant shall comply with all reasonable regulations made by the Landlord from time to time and notified to the Tenant in writing for the
general management and security of the Building, the Common Parts and other areas used or to be used in common with others save that if any such regulations are inconsistent with this Lease, this Lease prevails. 

  
 18 

	16.	 USE OF PROPERTY OUTSIDE BUSINESS HOURS 

If the Tenant wants to use the Property outside Business Hours the Tenant shall be entitled to use the Property and to have access to them at
any time of the day or night on any day of the year on the following terms: 
  

	16.1	 the Tenant shall pay to the Landlord within ten (10) Working Days of written demand the whole of the
reasonable and proper expenses attributable to the provision of any such staff, services and security required and as requested by the Tenant outside Business Hours or if such staff, services and security are used in conjunction with other tenants
in the Building a fair and reasonable proportion of such costs according to use; and 

  

	16.2	 the Landlord shall not be obliged to provide any services to the Building in general or to the Property in
particular if the Landlord, in its reasonable discretion, considers it impractical to do so. 

  

	17.	 EXCLUSION OF WARRANTY AS TO USER 

 

	17.1	 No warranty by Landlord 

Nothing contained in this Lease, or in any consent or approval granted by the Landlord under this Lease, shall imply or warrant that the
Property may be used under the Planning Acts for the purpose permitted by this Lease or any purpose subsequently permitted. 
  

	17.2	 Tenant’s acknowledgement 

The Tenant acknowledges that neither the Landlord nor any person acting on behalf of the Landlord has at any time made any representation or
given any warranty that any use permitted by this Lease is, will be, or will remain, a use authorised under the Planning Acts. 
  

	17.3	 Tenant to remain bound 

Even though any such use may not be a use authorised under the Planning Acts, the Tenant shall remain fully liable to the Landlord in respect
of the obligations undertaken by the Tenant in this Lease without being entitled to any compensation, recompense or relief of any kind. 
  

	18.	 GENERAL RESTRICTIONS 

 

	18.1	 Alienation generally 

The Tenant shall not assign, charge, underlet or part with possession or share the occupation of, or permit any person to occupy, or create any
trust in respect of the Tenant’s interest in, the whole or any part of the Property, except as may be expressly permitted by this clause and clauses 19 and 20. 
  

	18.2	 Sharing with a Group Company 

Nothing in this clause or clauses 19 and 20 shall prevent the Tenant from sharing occupation of the whole or any part of the Property with any
company which is, for the time being, a Group Company of the Tenant subject to (a) the Tenant giving to the Landlord prior written notice of the sharing of occupation and the name of the Group Company (b) the Tenant and that Group Company
remaining in the same relationship whilst the sharing lasts and (c) the sharing not creating the relationship of landlord and tenant between the Tenant and that Group Company. 

  
 19 

	18.3	 Charging 

The Tenant may charge the whole of the Property with the Landlord’s consent (such consent not to be unreasonably withheld or delayed) but
no consent is required for the creation of a floating charge over the whole or substantially the whole of the Tenant’s assets as part of its normal business. 
  

	19.	 ASSIGNMENT 

  

	19.1	 No Assignment of Part 

The Tenant shall not assign any part or parts (as distinct from the whole) of the Property. 

 

	19.2	 Circumstances in which consent to Assignment may be
withheld 

 For the purposes of Section 19(1A) of the Landlord and Tenant Act 1927 it is agreed that the
Landlord may withhold its consent to an assignment of the whole of the Property in the following circumstances:- 
  

	 	19.2.1	 Where the proposed assignee is not resident in a jurisdiction where reciprocal enforcement of judgements exists
or in the reasonable opinion of the Landlord does not have sufficient assets within the jurisdiction of England and Wales to satisfy the Tenant’s financial covenants and obligations under this Lease. 

 

	 	19.2.2	 Where the proposed assignee is any person or entity who has the right to claim sovereign or diplomatic immunity
or exemption from liability from the covenants on the part of the Tenant contained in this Lease. 

  

	 	19.2.3	 If there are any outstanding material subsisting breaches of the Tenant’s obligations under this Lease.

  

	 	19.2.4	 Where the proposed assignee is a Group Company. 

 

	19.3	 Conditions for Landlord’s Consent 

For the purposes of Section 19(1A) of the Landlord and Tenant Act 1927 it is further agreed that any consent of the Landlord to an
assignment of the whole of the Property may be subject: 
  

	 	19.3.1	 If reasonably required by the Landlord a condition requiring the proposed assignee upon completion of the
proposed assignment either; 

  

	 	(a)	 to deposit in such account such sum as may be reasonably required by the Landlord and to deliver to the
Landlord a duly executed rent deposit deed in such form as the Landlord may reasonably require; or 

  

	 	(b)	 to provide an acceptable guarantor for any proposed assignee and such guarantor shall execute and deliver to
the Landlord a deed containing covenants by that guarantor (or, if more than one, joint and several covenants) with the Landlord, as a primary obligation, in the terms contained in Schedule 4 (with any necessary changes). 

  
 20 

	 	19.3.2	 A condition that the Tenant shall, prior to the proposed assignment being completed, execute and deliver to the
Landlord a deed which shall be prepared by the Landlord’s solicitors containing covenants on the part of the Tenant in the form of those contained in Schedule 7 (therein defined as the “Present Tenant”) or in such other terms as the
Landlord may reasonably require. 

  

	 	19.3.3	 A condition that any guarantor of the Tenant shall, prior to the proposed assignment being completed, execute
and deliver to the Landlord a deed which shall be prepared by the Landlord’s solicitors which provides for the guarantor to guarantee the Tenant’s observance and performance of the covenants contained in the deed referred to in clause
19.3.2 in such form as the Landlord shall reasonably require. 

  

	19.4	 Assignment of the whole 

Without prejudice to the provisions of Clauses 18 to 19.3 inclusive the Tenant shall not assign the whole of the Property without the prior
written consent of the Landlord and except in relation to the circumstances mentioned in Clause 19.2 and the conditions mentioned in Clause 19.3 such consent shall not be unreasonably withheld or delayed. The parties agree that in considering
whether or not the Landlord is reasonably withholding such consent due and proper regard shall be had to the provisions and effect of the Landlord and Tenant (Covenants) Act 1995. 

 

	20.	 UNDERLETTING 

  

	20.1	 Underletting 

  

	 	20.1.1	 The Tenant shall not underlet the whole or part of the Property other than on condition that:-

  

	 	(a)	 if the Landlord shall reasonably so require, the undertenant obtains an acceptable guarantor for any proposed
undertenant and such guarantor shall execute and deliver to the Landlord a deed containing covenants by that guarantor (or, if more than one, joint and several covenants) with the Landlord, as a primary obligation, in the terms contained in Schedule
4 (with any necessary changes); and 

  

	 	(b)	 the tenancy created by the underlease is validly excluded from sections 24 to 28 of the Landlord and Tenant Act
1954. 

  

	 	20.1.2	 No subletting of part shall result in the division of the Property into more than two occupancies (one of which
must be occupied by the Tenant) and each underletting of part shall only be of a part approved by the Landlord (such approval not to be unreasonably withheld or delayed) that is capable of being occupied and used as a self-contained unit with all
necessary and proper services and any areas created as common parts (and approved by the Landlord) between such divided space shall not be considered as occupied by a party but shall be retained by the Tenant for use by the Tenant and the sub-tenant. 

  

	20.2	 Underletting rent 

The Tenant shall not underlet the whole or part of the Property at a fine or premium or at a rent less than the open market rent of the
Property (or the part underlet (as applicable)). 

  
 21 

	20.3	 Direct covenants from undertenant 

Prior to any permitted underlease, the Tenant shall procure that the undertenant enters into the following direct covenants with the Landlord:-

  

	 	20.3.1	 an unqualified covenant by the undertenant not to assign or charge any part (as opposed to the whole) of the
Property to be underlet; 

  

	 	20.3.2	 an unqualified covenant by the undertenant not to underlet the whole or any part of the Property to be underlet
nor (save by way of an assignment of the whole of the Property to be underlet or sharing with a Group Company pursuant to the terms of clause 18.2) part with possession or share the occupation of the whole or any part of the Property to be underlet
or permit any person to occupy them; 

  

	 	20.3.3	 a covenant by the undertenant not to assign or charge the whole of the Property to be underlet without the
prior written consent of the Landlord, such consent not to be unreasonably withheld or delayed; 

  

	 	20.3.4	 a covenant by the undertenant to perform and observe all the tenant’s covenants contained in (a) this
Lease (other than the payment of the Rents) so far as the same are applicable to the property to be underlet and (b) the permitted underlease. 

  

	20.4	 Contents of underlease 

Every permitted underlease (a final copy of which shall be supplied to, and approved by, the Landlord prior to its grant, such approval not to
be unreasonably withheld or delayed) shall contain:- 
  

	 	20.4.1	 a covenant by the undertenant (which the Tenant covenants to use reasonable endeavours to enforce) prohibiting
the undertenant from doing or suffering any act or thing on, or in relation to, the property underlet inconsistent with, or in breach of, this Lease; 

  

	 	20.4.2	 a condition for re-entry on breach of any covenant by the undertenant;

  

	 	20.4.3	 the same restrictions as to assignment, charging and parting with or sharing the possession or occupation of
the Property underlet, and the same provisions for direct covenants and registration, as are in this Lease (with any necessary changes); 

  

	 	20.4.4	 an absolute prohibition on any further sub underletting; and 

 

	 	20.4.5	 (if the term of the underlease extends beyond the Rent Review Date under this Lease) subject to review on the
same dates and on the same basis as under this Lease. 

  

	20.5	 Tenant to obtain Landlord’s consent 

Without prejudice to the other provisions of this clause, the Tenant shall not underlet the whole or part of the Property without the prior
written consent of the Landlord, such consent not to be unreasonably withheld or delayed. 

  
 22 

	20.6	 Tenant to enforce obligations 

The Tenant shall use reasonable endeavours to enforce the performance and observance of the covenants by the undertenant contained in any
permitted underlease and shall not, at any time, either expressly or by implication, waive any breach of them. 
  

	20.7	 No variation of terms 

The Tenant shall not vary the terms of any permitted underlease, without the prior written consent of the Landlord, such consent not to be
unreasonably withheld or delayed. 
  

	20.8	 No reduction in rent 

The Tenant shall procure that the rent payable under any permitted underlease is not commuted or made payable more than one quarter in advance
and shall not permit any reduction of that rent (but this will not prevent the grant of a rent free period of such length as is usual on a new letting of similar premises at that time). 

 

	20.9	 Rent review 

The Tenant shall not agree a revised rent under any permitted underlease pursuant to any rent review provisions contained therein without the
prior written consent of the Landlord, such consent not to be unreasonably withheld or delayed. 
  

	21.	 REGISTRATION OF DISPOSITIONS 

Within twenty (20) Working Days of every assignment, transfer, assent, underlease, assignment of underlease, mortgage, charge or any other
disposition, whether mediate or immediate, of or relating to the Property, the Tenant shall provide the Landlord or its solicitors with a copy (certified as true) of the deed, instrument or other document evidencing or effecting such disposition
and, on each occasion, shall pay to the Landlord or its solicitors a fee of fifty pounds (£50.00). 
  

	22.	 STATUTORY REQUIREMENTS 

 

	22.1	 Tenant to comply with statutes 

The Tenant shall, at its expense, comply in all respects with every statute now in force or which may, after the date of this Lease, be in
force and any other obligation imposed by law and all regulations laws or directives made or issued by or with the authority of The European Commission and/or The Council of Ministers relating to the Property or their use, including (but without
limitation) the Defective Property Act 1972, the Health and Safety at Work etc. Act 1974, the Environmental Protection Act 1990, the Water Resources Act 1991, the Environment Act 1995 and the Disability Discrimination Act 1995 but only insofar such
statute or other such obligations relate to and affect the Tenant’s use and occupation of the Property. 
  

	22.2	 Tenant to execute necessary works 

The Tenant shall execute all works and provide and maintain all arrangements on or in respect of the Property or their use which are required
by any statute now in force or which may after the date of this Lease be in force or by any government department, local, public or other competent authority or court of competent jurisdiction acting under or in pursuance of any statute, whether any
of the same are required to be carried out by the landlord, tenant or occupier, and shall indemnify the Landlord against all reasonable and proper costs, charges, fees and expenses of, or incidental to, the execution of any works or the provision or
maintenance of any arrangements so required but only insofar such statute or other such obligations relate to and affect the Tenant’s use and occupation of the Property. 

  
 23 

	22.3	 Tenant to refrain from certain acts 

The Tenant shall not do, or omit to be done, in the Property, any act or thing by reason of which the Landlord may, under any statute, incur or
have imposed upon it, or become liable to pay, any damages, compensation, costs, charges, expenses or penalty. 
  

	23.	 PLANNING ACTS 

 

	23.1	 Tenant’s obligation to comply 

The Tenant shall comply with the Planning Acts relating to, or affecting, the Property, and indemnify the Landlord against all actions,
proceedings, claims, demands, losses, costs, expenses, damages and liability whatsoever in respect of any non-compliance. 
  

	23.2	 No application for planning permission without consent

 The Tenant shall not make any application for planning permission or for other consents required under the Planning Acts
in respect of the Property without the prior written consent of the Landlord, such consent not to be unreasonably withheld or delayed. 
  

	23.3	 Tenant to obtain all permissions 

The Tenant shall, at its expense, obtain and, if appropriate, renew any planning permission and any other consent and serve all necessary
notices required for the carrying out by the Tenant of any operations or the commencement or continuance of any use on the Property. 
  

	23.4	 Tenant to pay planning charges 

The Tenant shall pay and satisfy any charge or levy imposed under the Planning Acts in respect of any Development by the Tenant on the
Property. 
  

	23.5	 No implementation of permission without approval

 The Tenant shall not implement any planning permission or consent required under the Planning Acts before it has been
produced to, and approved in writing by, the Landlord, such approval not to be unreasonably withheld or delayed but the Landlord may refuse to approve such planning permission or consent on the grounds that any condition contained in it, or anything
omitted from it, or the period referred to in it, would, in the reasonable opinion of the Landlord, be or be likely to be prejudicial to the Landlord’s interest in the Property or the Building or in any Adjoining Property, whether during or
following the expiration or earlier determination of the Term. 
  

	23.6	 Tenant to carry out works before end of Term

 Unless the Landlord shall otherwise direct in writing, the Tenant shall carry out and complete before the expiration or
earlier determination of the Term:- 
  

	 	23.6.1	 any works required to be carried out to the Property as a condition of any planning permission granted during
the Term and implemented by the Tenant whether or not the date by which the planning permission requires such works to be carried out is within the Term; and 

  
 24 

	 	23.6.2	 any Development begun upon the Property in respect of which the Landlord may be or become liable for any charge
or levy under the Planning Acts. 

  

	23.7	 Plans etc. to be produced 

The Tenant shall produce to the Landlord as soon as reasonably practicable following written demand all plans, documents and other evidence as
the Landlord may reasonably require in order to satisfy itself that this clause has been complied with. 
  

	24.	 STATUTORY NOTICES 

 

	24.1	 Notices Generally 

The Tenant shall:- 
  

	 	24.1.1	 within ten (10) Working Days (or sooner if necessary having regard to the requirements of the notice or
order in question or the time limits stated in it) of receipt of any notice or order or proposal for a notice or order given to the Tenant and relevant to the Property or any occupier of them by any government department, local, public or other
competent authority or court of competent jurisdiction, provide the Landlord with a true copy of it; 

  

	 	24.1.2	 without delay, take all necessary steps to comply with the notice or order so far as the same is the
responsibility of the Tenant but only insofar such statute or other such obligations relate to and affect the Tenant’s use and occupation of the Property; and 

 

	 	24.1.3	 at the request and cost of the Landlord join with the Landlord in making such objection, complaint,
representation or appeal against or in respect of any such notice, order or proposal as the Landlord shall reasonably deem expedient. 

  

	24.2	 Party Wall etc. Act 1996 

The Tenant shall:- 
  

	 	24.2.1	 Forthwith after receipt by the Tenant of any notice served on the Tenant under the Party Wall etc Act 1996
provide the Landlord with a true copy of it; 

  

	 	24.2.2	 At the request and cost of the Landlord join with the Landlord in making such objection complaint
representation and in serving such counter notice against or in respect of any such notice as the Landlord shall reasonably deem expedient; 

  

	 	24.2.3	 At the request and cost of the Landlord join with the Landlord in serving any such notice on any adjoining
owner under the Party Wall etc. Act 1996 as the Landlord may from time to time reasonably require. 

  
 25 

	25.	 FIRE PRECAUTIONS AND EQUIPMENT 

 

	25.1	 Compliance with requirements 

The Tenant shall comply with the requirements and recommendations of the fire authority and the insurers of the Building and notified to the
Tenant by the Landlord and the reasonable requirements of the Landlord in relation to fire precautions affecting the Property. 
  

	25.2	 Fire fighting appliances to be supplied 

The Tenant shall keep the Property equipped with such fire fighting appliances as shall be required by any statute, the fire authority or the
insurers of the Building, or as shall be reasonably required by the Landlord (or, at the Landlord’s option, the Tenant shall pay to the Landlord within twenty (20) Working Days of written demand the reasonable cost of the Landlord
providing and installing any such appliances) and the Tenant shall keep such appliances open to inspection and maintained to the reasonable satisfaction of the Landlord. 
  

	25.3	 Access to be kept clear 

The Tenant shall not obstruct the access to, or means of working, any fire fighting appliances or the means of escape from the Property or the
Building in case of fire or other emergency. 
  

	26.	 DEFECTIVE PROPERTY 

As soon as reasonably practicable after becoming aware of the same the Tenant shall give written notice to the Landlord of any defect in the
Property which might give rise to an obligation on the Landlord to do, or refrain from doing, any act or thing so as to comply with any duty of care imposed on the Landlord under the Defective Property Act 1972, and shall display and maintain in the
Property all notices which the Landlord may, from time to time, reasonably require to be displayed in relation to any such matters. 
  

	27.	 INSURANCE PROVISIONS 

 

	27.1	 Landlord to insure 

The Landlord shall insure and keep insured with some publicly quoted insurance company (or a subsidiary of a publicly quoted company) or with
Lloyd’s underwriters and through such agency of repute as the Landlord may from time to time, reasonably determine, subject to such exclusions, excesses, limitations, terms and conditions as may be contained in any policy taken out by the
Landlord and as are usual in the marketplace:- 
  

	 	27.1.1	 the Building (including plate glass) in its Full Reinstatement Cost against loss or damage by the Insured
Risks; 

  

	 	27.1.2	 the loss of the Principal Rent and the Service Charge from time to time payable, or reasonably estimated to be
payable, under this Lease for three (3) years; 

  

	 	27.1.3	 explosion of any engineering and electrical plant and machinery in the Building to the extent that the same is
not covered by clause 27.1.1; 

  

	 	27.1.4	 property owner’s liability and such other insurances in respect of the Building as the Landlord may acting
reasonably, from time to time, deem necessary to effect. 

  
 26 

	27.2	 Full Reinstatement Cost 

In this clause, “Full Reinstatement Cost” means the full cost of reinstating the Building at the time when such reinstatement is
likely to take place, having regard to any possible increases in building costs, and including the cost of demolition, shoring up, site clearance, ancillary expenses and architects’, surveyors’ and other professional fees and any necessary
Value Added Tax. 
  

	27.3	 Landlord to produce evidence of insurance 

At the request of the Tenant, the Landlord shall produce to the Tenant reasonable evidence from the insurers of the terms of the insurance
policy and the fact that the policy is subsisting and in effect. 
  

	27.4	 Damage to the Building 

If the Building or any part of it shall be damaged or destroyed by any of the Insured Risks then:- 

 

	 	27.4.1	 unless payment of the insurance monies shall be refused wholly or partly by reason of any act or default of the
Tenant, any undertenant or occupier of any part of the Property or any of their respective agents, licensees, visitors or contractors or any person under the control of any of them and the Tenant has not complied with its obligations under clause
27.7; and 

  

	 	27.4.2	 subject to the Landlord being able to obtain any necessary planning permission and all other necessary
licences, approvals and consents, which the Landlord shall use reasonable endeavours to obtain but shall not be obliged to institute any appeals; and 

  

	 	27.4.3	 subject to any necessary labour and materials being and remaining available, which the Landlord shall use all
reasonable endeavours to obtain as soon practicable 

 the Landlord shall lay out the net proceeds of such insurance
received by the Landlord in respect of such damage, (other than any in respect of loss of rent and service charge), in the reinstatement and rebuilding of the part of the Building so damaged or destroyed substantially as it was prior to any such
damage or destruction (but not so as to provide accommodation identical in layout if it would not be reasonably practical to do so). 
  

	27.5	 Uninsured Damage 

 

	 	27.5.1	 In the event that the Building or any part of it is damaged or destroyed by an Uninsured Risk so that the
Property or any part of it is unfit for occupation and/or inaccessible and/or use then the Landlord shall within six months from the date of such damage or destruction (the “Election Period”) elect and notify the Tenant in writing whether
or not the Landlord intends to reinstate the Property 

  

	 	27.5.2	 If the Landlord serves notice in accordance with clause 27.5.1 that it intends to reinstate the Property then
the provisions of this Lease shall apply in all respects as if the damage and destruction had been caused by an Insured Risk. 

  

	 	27.5.3	 If: 

  

	 	(a)	 The Landlord elects not to reinstate the Property then this lease will be deemed to have been immediately
determined upon receipt of such notice by the Tenant; 

  
 27 

	 	(b)	 By the end of the Election Period the Landlord has failed to notify the Tenant of its election either party may
at any time after the end of the Election Period serve immediate notice on the other party to determine this Lease and this Lease shall immediately determine 

(but in either case without prejudice to the accrued rights or remedies of either party). 

 

	 	27.5.4	 If the Landlord serves notice in accordance with clause 27.5.1 that it intends to reinstate the Property, then:

  

	 	(a)	 the Landlord immediately loses its entitlement to elect not to reinstate the Property; 

 

	 	(b)	 the Landlord will reinstate the Building at its own cost but otherwise subject to the terms of clause 27.4; and

  

	 	(c)	 if, after the expiry of a period of two years and nine months from and including the date on which the damage
or destruction by an Uninsured Risk occurs, reinstatement has not been completed so that the Property remains unfit for occupation or use or inaccessible, then the Tenant may determine this lease on three months’ notice unless the Landlord will
before the expiry of such notice have so completed such reinstatement. 

  

	 	27.5.5	 The rent suspension provisions in clause 27.8 shall apply from the date of damage or destruction caused by an
Uninsured Risk as if the damage and destruction has been caused by an Insured Risk. 

  

	27.6	 Where reinstatement is prevented 

 

	 	27.6.1	 If the Landlord is prevented from reinstating or rebuilding the Property or the Building, due to a lack of all
planning permissions, approvals and consents necessary for such purpose having used all reasonable endeavours to obtain them, and the Landlord continues to be prevented from reinstating or rebuilding for a period of three (3) years after the
date of the damage or destruction due to a continuing lack of all such permissions, approvals and consents, the Landlord shall thereupon be released from such obligation and shall be solely entitled to all the insurance monies. Unless this Lease has
been terminated by frustration in the meantime, the Landlord or the Tenant may, at any time after the expiry of such period but only in circumstances where the Landlord has not reinstated such damage to the Building so as to render the Property fit
for use and occupation and accessible, determine this Lease by giving written notice to the other but such determination shall be without prejudice to any claim which either party may have against the other for any previous breach of covenant or sum
previously accrued due. 

  

	27.7	 Payment of insurance money refused 

If payment of any insurance money is refused as a result of some act or default of the Tenant, any undertenant or occupier of any part of the
Property or any of their respective agents, licensees, visitors or contractors or any person under the control of any of them, the Tenant shall pay to the Landlord, within ten (10) Working Days of written demand, the amount so refused. 

  
 28 

	27.8	 Suspension of rent payments 

If the Property or the Building or any part of them shall be damaged or destroyed by any of the Insured Risks so as to render the Property
unfit for use and/or occupation and/or inaccessible, the Principal Rent and the Service Charge, or a fair proportion of them according to the nature and extent of the damage sustained, shall not be payable until the Property or the part damaged or
destroyed shall be again rendered fit for use and occupation by the Tenant and accessible or until the expiration of (in the case of the Principal Rent) the loss of rent insurance or (in the case of the Service Charge) the loss of service charge
insurance (whichever is the earlier). Such suspension of rent shall be conditional upon the insurance not having been vitiated or payment of the policy monies refused wholly or partly as a result of some act or default of the Tenant, any undertenant
or occupier of any part of the Property or any of their respective agents, licensees, visitors or contractors or any person under the control of any of them unless the Tenant has complied with its obligations under clause 27.8. Any dispute regarding
the suspension of payment of the Principal Rent or the Service Charge shall be referred to a single arbitrator to be appointed, in default of agreement, upon the application of either party, by the President in accordance with the Arbitration Act
1996. 
  

	27.9	 Insurance becoming void 

The Tenant shall not do, or omit to do:- 
  

	 	27.9.1	 anything which could cause any policy of insurance covering the Property or the Building or any Adjoining
Property owned by the Landlord (but only in circumstances where the Landlord has provided the Tenant with details of the insurance policies which relate to the Building or any such Adjoining Property) to become wholly or partly void or voidable; or

  

	 	27.9.2	 anything whereby any abnormal or loaded premium may become payable in respect of the policy, unless the Tenant
has previously notified the Landlord and agreed to pay the increased premium and, in any event, the Tenant shall pay to the Landlord within ten (10) Working Days of written demand any additional premium incurred by the Landlord.

  

	27.10	 Requirements of insurers 

The Tenant shall, at all times, comply with any requirements and reasonable recommendations of the insurers of the Building so far as the same
are known by the Tenant. 
  

	27.11	 Notice by Tenant 

The Tenant shall give notice to the Landlord as soon as practicable upon becoming aware of the happening of any event or thing which might
affect any insurance policy relating to the Property or the Building. 
  

	28.	 DEFAULT OF TENANT 

 

	28.1	 Re-entry 

Without prejudice to any other right, remedy or power contained in this Lease or otherwise available to the Landlord, on or at any time after
the happening of any of the events mentioned in clause 28.2, the Landlord may re-enter the Property or any part of 

  
 29 

 
them in the name of the whole, and the Term shall then end, but without prejudice to any claim which either party may have against the other or against any Guarantor for any previous breach of
covenant or sum previously accrued due. 
  

	28.2	 Events of default 

The events referred to in clause 28.1 are the following:- 
  

	 	28.2.1	 if the Rents or any part of them shall be unpaid for 15 Working Days after becoming payable (in the case of
Principal Rent whether formally demanded or not); or 

  

	 	28.2.2	 if any of the covenants by the Tenant contained in this Lease shall not be performed and observed; or

  

	 	28.2.3	 if the Tenant, for the time being, and/or the Guarantor (if any) (being a body corporate):-

  

	 	(a)	 submits to any of its creditors a proposal under Part 1 of the Insolvency Act 1986; or enters into any
arrangement, scheme, compromise, moratorium or composition with any of its creditors (whether under Part 1 of the Insolvency Act 1986 or otherwise); or 

  

	 	(b)	 has an administrative receiver or a receiver or a receiver and manager appointed in respect of the
Tenant’s or the Guarantor’s property or assets or any part; or 

  

	 	(c)	 resolves or the directors or shareholders resolve to present a petition for an administration order in respect
of the Tenant or the Guarantor (as the case may be); or an administrator is appointed; or 

  

	 	(d)	 passes a winding-up resolution (other than a voluntary winding-up while solvent for the purposes of amalgamation or reconstruction); or calls a meeting of its creditors for the purposes of considering a resolution that it be
wound-up voluntarily; or resolves to present its own winding-up petition; or an administrator is appointed or is wound-up
(whether in England or elsewhere); or has a liquidator or provisional liquidator appointed; or 

  

	 	(e)	 shall cease for any reason to maintain its corporate existence; or is struck off the register of companies; or
otherwise ceases to exist; or 

  

	 	28.2.4	 if the Tenant, for the time being, and/or the Guarantor (if any) (being an individual, or if more than one
individual, then any one of them) is adjudged bankrupt (whether in England or elsewhere); or has a receiver appointed in respect of the Tenant’s or the Guarantor’s property or assets or any part; or 

 

	 	28.2.5	 if analogous proceedings or events to those referred to in this clause shall be instituted or occur in relation
to the Tenant, for the time being, and/or the Guarantor (if any) elsewhere than in the United Kingdom; or 

  

	 	28.2.6	 if the Tenant, for the time being, and/or the Guarantor (if any) suffers any distress or execution to be levied
on the Property which is not discharged in full within twenty one (21) days after the levy has been made; or becomes unable to pay its debts as and when they fall due. 

  
 30 

	29.	 LANDLORD’S SERVICES 

 

	29.1	 Provision of Services 

The Landlord covenants with the Tenant that it shall use reasonable endeavours to provide the following services in accordance with the
principles of good estate management:- 
  

	 	29.1.1	 Repairs 

So far as may be necessary for the reasonable use and enjoyment by the Tenant of the Property and the Building, to keep the Retained Parts in
good and substantial repair and condition; 
  

	 	29.1.2	 Common Parts 

To keep clean and maintained in a proper manner the Common Parts, including windows, and any lavatories of which the Tenant has the use, and,
where appropriate, to keep them adequately lighted; 
  

	 	29.1.3	 Lift 

To provide a lift service by the operation of the lifts now installed in the Building or by such substituted lifts as the Landlord may, in its
reasonable discretion, from time to time install; 
  

	 	29.1.4	 Hot and cold water 

To provide an adequate supply of hot water and cold water to the sinks and wash basins in any , kitchen or lavatory of which the Tenant has
the use; 
  

	 	29.1.5	 Heating 

To provide to the Property and the Common Parts heating to such temperature as the Landlord may from time to time reasonably consider adequate
and for such periods of the year as the Landlord may reasonably consider desirable having regard to the comfort of those persons occupying the Property; 
  

	 	29.1.6	 Air Conditioning 

To provide air conditioning to the Property to such reasonable standard as the air conditioning system was designed to achieve and having
regard to the comfort of those persons occupying the Property; 
  

	 	29.1.7	 Staff 

To employ such staff as the Landlord may, reasonably, deem necessary to enable it to provide any of the services in the Building and for its
general management and security; 

  
 31 

	 	29.1.8	 Name Boards 

To provide name boards of such size and design as the Landlord may, in its reasonable discretion, determine in the main entrance to the
Building and at such other locations as the Landlord may reasonably consider desirable; 
  

	 	29.1.9	 Open Areas 

To repair and maintain those parts of the Building which are not built on, and keep them clear of all rubbish and free from weeds, and, at the
Landlord’s reasonable discretion, to maintain such plants, shrubs, trees or garden or grassed areas as may be appropriate, and to keep them planted, free from weeds and the grass cut; 

 

	29.2	 Appointment of agents 

In performing its obligations under this clause, the Landlord shall be entitled to employ such properly professionally qualified agents,
contractors or other persons as it may reasonably think fit, and to delegate its duties and powers to them and their reasonable and proper fees and expenses shall form part of the Expenditure (as defined in clause 30). 

 

	29.3	 Variation of services 

The Landlord may, at its discretion, add to, extend, vary or withhold from time to time any of the services referred to in this clause if the
Landlord shall reasonably consider it desirable to do so for the more efficient management, operation or security of the Building, or for the comfort of the tenants in the Building and such changes shall be in the interests of good estate
management. 
  

	29.4	 Failure by Landlord to provide services 

The Landlord shall not be liable to the Tenant in respect of any failure by the Landlord to perform any of the services referred to in this
clause unless the Tenant has given to the Landlord written notice of the failure in question and the Landlord has failed within a reasonable time to remedy it, and then the Landlord shall be liable to compensate the Tenant only for any loss or
damage sustained by the Tenant after that reasonable time has elapsed. 
  

	29.5	 Exclusion of Landlord’s liability 

The Landlord shall not incur any liability for any failure or interruption in any of the services to be provided by the Landlord or for any
inconvenience or injury to person or property arising from that failure or interruption, in either case due to any maintenance, servicing, repair, replacement, mechanical breakdown, failure, malfunction, shortages, labour disputes or any cause or
circumstance beyond the control of the Landlord, but the Landlord shall use reasonable endeavours to cause the service in question to be reinstated with the minimum of delay. 
  

	30.	 SERVICE CHARGE 

 

	30.1	 Definitions 

In this Lease:- 
  

	 	30.1.1	 “Advance Payment” means the Fair Proportion of the Estimated Expenditure; 

  
 32 

	 	30.1.2	 “Estimated Expenditure” means, for any Financial Year during the Term, such sum as the Landlord may,
from time to time, specify as being a fair and reasonable estimate of the Expenditure for the current Financial Year based on a budget prepared by the Landlord and submitted to the Tenant, and includes, for the Financial Year in question, any
revised budget of the Landlord’s estimate of the Expenditure for that Financial Year such that the Landlord shall only be permitted to revise its budget twice in any Financial Year; 

 

	 	30.1.3	 “Expenditure” means: 

 

	 	(a)	 the aggregate of all costs, expenses and outgoings whatsoever properly incurred by the Landlord in complying
with its covenants under clause 29 and in respect of the items set out in Schedule 5, whether the Landlord is obliged by this Lease to incur them or not; and 

  

	 	(b)	 such sums or provision as the Landlord may, in its reasonable discretion, reasonably consider desirable to set
aside from time to time for the purpose of providing for periodically recurring items of expenditure, whether recurring at regular or irregular intervals or for anticipated expenditure in respect of any of the services to be provided by the Landlord
or any of the items set out in Schedule 5; 

  

	 	30.1.4	 “Financial Year” means the period from 1 January in every year to 31 December of that year,
or such other period as the Landlord may, in its reasonable discretion, from time to time reasonably determine but shall always be a period of 12 months; 

  

	 	30.1.5	 “Index” means the “All Items” index figure of the Index of Retail Prices published by the
Office for National Statistics or any successor ministry or department. 

  

	 	30.1.6	 “Service Charge” means the Fair Proportion of the Expenditure; 

 

	 	30.1.7	 “Service Charge Commencement Date” means the date hereof. 

The Landlord shall, as soon as practical after the end of each Financial Year (and in any event within three months thereof), prepare an
account showing the Expenditure for that Financial Year and containing a fair summary of the various items comprising the Expenditure, and on such account being certified by the Surveyor and a copy of it supplied to the Tenant, it shall be
conclusive evidence save in the event of manifest error or mistake, for the purposes of this Lease, of all matters of fact referred to in the account. Within one month following receipt of the account, the Tenant may inspect the accounts and
supporting invoices and receipts by prior appointment with the Landlord. 
  

	30.2	 Service Charge Cap 

 

	 	30.2.1	 In this clause 302. 

  

	 	(a)	 “Index-Linked Cap” has the meaning set out in clause 30.2.3; 

 

	 	(b)	 “Initial Maximum Sum” means £61,110; and 

 

	 	(c)	 “Relevant Year” means each of the first five years of the Term. 

  
 33 

	 	30.2.2	 The Tenant shall pay the Service Charge to the Landlord as additional rent. 

 

	 	30.2.3	 The Service Charge in each Relevant Year shall not exceed the Index-Linked Cap or that year, calculated as
follows: 

  

	 	(a)	 For the first Relevant Year, the Index-Linked Cap shall be the Initial Maximum Sum. 

 

	 	(b)	 For each subsequent Relevant Year throughout the Term, the Index-Linked Cap shall be the greater of:

 (i) the Index-Linked Cap for the previous Relevant Year; and 

(ii) the amount ascertained by applying the following formula:- 
  

 
 where:- 

K – is the Initial Maximum Sum; 

L - is the last index figure of the Index published immediately before the start of the Relevant Year; and 

M - is the index figure of the Index published immediately before the date of this Lease. 

 

	 	(c)	 If the final Relevant Year is less than a full year, then the Index-Linked Cap for that year shall be
apportioned on a daily basis for the period from the start of that Relevant Year until the end of the Term. 

  

	 	(d)	 If there is any material change after the date of this Lease in the reference base used to compile the Index,
the figure taken to be shown in the Index after such change shall be the figure which would have been shown in the Index if the reference base current at the date of this Lease had been retained. 

 

	 	(e)	 If it becomes impossible by reason of any change after the date of this Lease in the methods used to compile
the Index or for any other reason whatsoever to calculate the revised Service Charge by reference to the Index, or if any dispute or question whatsoever arises between the Landlord and the Tenant with respect to the amount of the Service Charge or
with respect to the construction or effect of this clause 30.2, then the determination of the Service Charge or other matter at issue shall be determined by a single arbitrator to be appointed, in default of agreement, upon the application of either
party, by the President in accordance with the Arbitration Act 1996 who shall have full power to determine on such dates as he shall deem apposite what would have been the change in the Index had it continued on the basis current at the date of this
Lease and given the information assumed to be available for the operation of this clause or (if that determination shall also be impossible) shall determine a reasonable revised Service Charge having regard to the purposes and intent of the
provisions in the Lease for the capping of the Service Charge. 

  
 34 

	30.3	 Advance Payment 

The Tenant shall pay to the Landlord on account of the Service Charge:- 

 

	 	30.3.1	 for the period beginning on the Service Charge Commencement Date to the end of the Financial Year current at
the date of this Lease a pro-rated amount of the Advance Payment for that Financial Year; and 

  

	 	30.3.2	 for each Financial Year following that current at the date of this Lease the Advance Payment for the Financial
Year in question, 

 all such payments to be made by equal quarterly payments in advance on the same dates as the Principal
Rent is payable and to be subject to adjustment if the Estimated Expenditure is revised as contemplated by its definition, the first instalment, being a proportion of the quarterly Advance Payment for the period beginning on the Service Charge
Commencement Date and ending on the day before the quarter day following the Service Charge Commencement Date, to be made on the date of this Lease and the last instalment being a proportion of the quarterly Advance Payment for the period beginning
on the last quarter day occurring during the Term and ending on the last day of the Term. 
  

	30.4	 Balancing payment 

If the Service Charge for any Financial Year:- 
  

	 	30.4.1	 shall exceed the Advance Payment for that Financial Year, the excess shall be paid by the Tenant to the
Landlord within ten (10) Working Days of written demand; or 

  

	 	30.4.2	 shall be less than the Advance Payment for that Financial Year, the overpayment shall be credited to the Tenant
against the next quarterly payment of the Service Charge, or, if there is none, refunded to the Tenant within ten (10) Working Days of the reconciliation of the service charge at the end of the Financial Year. 

 

	30.5	 Omissions 

Any omission by the Landlord to include in the account of the Expenditure in any Financial Year a sum expended or a liability incurred in that
Financial Year shall not preclude the Landlord from including that sum or the amount of that liability in the next (but not any later) Financial Year. 
  

	30.6	 Continuing application of provisions 

This clause 30 shall continue to apply notwithstanding the expiration or earlier determination of the Term but only in respect of the period
down to such expiration or earlier determination, the Service Charge for that Financial Year for that period being apportioned on a daily basis. 

  
 35 

	30.7	 Exclusions from Service Charge 

The Expenditure for the purposes of the calculation of the Service Charge shall not include: 

 

	 	30.7.1	 any liability or expenditure which the other tenants or occupiers of the Building shall individually be
responsible for under the terms of the tenancy or other arrangement by which they use or occupy the Building; 

  

	 	30.7.2	 expenses relating to the collection of rents the review of rents and the letting and re-letting of Lettable Areas and any consents required under any leases of any other Lettable Areas and any proceedings against any of the tenants of the Building; 

 

	 	30.7.3	 any costs incurred in connection with the making good of any damage to or the destruction of the Building or
any part thereof caused by an Uninsured Risk or an Insured Risk (except to the extent that the policy of insurance has been vitiated or the payment of the policy monies refused in whole or in part by reason of any act or omission or default of the
Tenant or any undertenant or anyone else claiming an interest under any of them); 

  

	 	30.7.4	 any costs incurred in respect of any Lettable Area that is unlet and the Landlord shall for the avoidance of
doubt bear the proportion of the Expenditure attributable to any unlet Lettable Area; 

  

	 	30.7.5	 any cost associated with promoting or marketing the Building (including any inducements offered or paid in
connection with any letting); 

  

	 	30.7.6	 expenses incurred by the Landlord or any predecessor in title in relation to the original design and
construction of the Property and/or the Building; 

  

	 	30.7.7	 expenses relating to any expenditure necessitated by the wrongful act or default of the Landlord its servants
or agents. 

  

	30.8	 Costs of replacement and renewal 

The costs of replacement and renewal may only be included as items comprising the Expenditure if: 

 

	 	30.8.1	 the relevant items are beyond, or are shortly to become beyond, economic repair, 

 

	 	30.8.2	 the relevant items are beyond, or are shortly to become beyond, efficient or economic operation, or are coming
to the end of their projected useful life, or 

  

	 	30.8.3	 replacement or renewal can be effected at a relatively low cost compared with the much greater cost that would
probably be occasioned by postponement. 

  

	31.	 OBLIGATIONS AND CONSENTS UNDER SUPERIOR LEASE 

 

	31.1	 Obligations by Tenant 

The Tenant shall perform and observe the tenant’s covenants in the Superior Lease (other than the covenant to pay rents) so far as any of
them relate to the Property but not any tenant’s covenant which is expressly assumed by the Landlord under this Lease. 
  

	31.2	 Obligations by Landlord 

The Landlord shall pay the rents reserved by the Superior Lease and, by way of indemnity only, perform and observe the tenant’s covenants
contained in the Superior Lease to the 

  
 36 

 
extent that the Superior Landlord requires any such covenant to be performed but excluding any tenant’s covenants which are to be performed and observed by the Tenant under this Lease. 

 

	31.3	 Obligations by Superior Landlord 

The Landlord shall use reasonable endeavours to enforce the performance and observance of any covenant by the Superior Landlord in the Superior
Lease so far as it relates to the Property. 
  

	31.4	 Consents under Superior Lease 

Where the Tenant applies to the Landlord for any consent in respect of any matter mentioned in this Lease and, under the Superior Lease, the
consent of the Superior Landlord is also required in respect of that matter then, at the written request and at the cost of the Tenant, the Landlord shall use reasonable endeavours to obtain that consent of the Superior Landlord but only in those
cases where the Landlord is willing to give its consent or where the Landlord’s consent is not to be unreasonably withheld or delayed. 
  

	32.	 QUIET ENJOYMENT 

The Landlord covenants with the Tenant that the Tenant shall and may peaceably hold and enjoy the Property during the Term without any
interruption by the Landlord or any person lawfully claiming through, under, or in trust for it or by title paramount. 
  

	33.	 EXCLUSION OF IMPLIED COVENANTS BY LANDLORD 

Any covenants on the part of the Landlord which would otherwise be implied by law are hereby expressly excluded. 

 

	34.	 RELETTING NOTICES 

The Tenant shall permit all persons with the written authority of the Landlord to view the Property at all reasonable hours in the daytime,
upon prior appointment having been made not less than 24 hours prior to the viewing and otherwise subject to the provisions of clause 3.10. 
  

	35.	 DISCLOSURE OF INFORMATION 

Upon making any application or request in connection with the Property or this Lease, or upon written request by the Landlord from time to
time, the Tenant shall disclose to the Landlord such information as the Landlord may reasonably require and, whenever the Landlord shall reasonably request, the Tenant shall supply full particulars of all occupations and derivative interests in the
Property, however remote or inferior. 
  

	36.	 INDEMNITY 

The Tenant shall keep the Landlord fully indemnified from and against all actions, proceedings, claims, demands, losses, costs, expenses,
damages and liability arising in any way directly out of:- 
  

	36.1	 any act, omission, neglect or default of the Tenant or any persons in the Property expressly or impliedly with
the Tenant’s authority; or 

  
 37 

	36.2	 any breach of any covenant by the Tenant contained in this Lease. 

And the Landlord shall use all reasonable endeavours to mitigate its loss. 

 

	37.	 REPRESENTATIONS 

The Tenant acknowledges that this Lease has not been entered into in reliance, wholly or partly, on any statement or representation save as is
expressly set out in this Lease, or in the Landlord’s (or its solicitors) provision of written replies to standard enquiries or in written replies to the Tenant’s (or its solicitors) specific enquiries (any such enquiries and their
associated replies may be given in email format). 
  

	38.	 EFFECT OF WAIVER 

Each covenant by the Tenant shall remain in full force even though the Landlord may have waived or released it temporarily or waived or
released (temporarily or permanently, revocably or irrevocably) a similar covenant affecting other property belonging to the Landlord. 
  

	39.	 NOTICES 

  

	39.1	 Notices to Tenant or Guarantor 

 

	 	39.1.1	 Any demand or notice required to be made, given to, or served on, the Tenant or the Guarantor (if any) under
this Lease shall be duly and validly made, given or served if addressed to the Tenant or the Guarantor respectively (and, if there shall be more than one of them, then any one of them) and delivered personally, or sent by pre-paid registered or recorded delivery mail to its registered office. 

  

	 	39.1.2	 A notice given by fax or email shall not be validly served for the purposes of this Lease.

  

	39.2	 Notices to Landlord 

 

	 	39.2.1	 Any notice required to be given to, or served on, the Landlord shall be duly and validly given or served if
delivered personally or sent by pre-paid registered or recorded delivery mail to the Landlord at its registered office. 

 

	 	39.2.2	 A notice given by fax or email shall not be validly served for the purposes of this Lease.

  

	40.	 NEW TENANCY 

This Lease constitutes a new tenancy for the purposes of the Landlord and Tenant (Covenants) Act 1995. 

 

	41.	 INVALIDITY OF CERTAIN PROVISIONS 

If any term of this Lease or the application thereof to any person or circumstances shall to any extent be invalid or unenforceable the same
shall be severable and the remainder of this Lease or the application of such term to persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby and each term and provision of this Lease
shall be valid and be enforced to the fullest extent permitted by law. 

  
 38 

	42.	 THIRD PARTY RIGHTS 

Subject to clause 3, a person who is not a party to this Lease has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce
any term of this Lease but this does not affect any right or remedy of a third party which exists or is available apart from that Act. 
  

	43.	 EXCLUSION OF SECURITY OF TENURE 

 

	43.1	 The Parties confirm that: 

 

	 	43.1.1	 The Landlord served a notice on the Tenant as required by Section 38(A)(3)(a) of the Landlord and Tenant
Act 1954 (“the 1954 Act”) and which applies to the tenancy created by this Lease before this Lease was entered into; and 

  

	 	43.1.2	 RACHEL EDWARDS who was duly authorised by the Tenant to do so made a statutory declaration dated 14 August
2015 in accordance with the requirements of Section 38(A)(3)(b) of the 1954 Act. 

  

	43.2	 The parties to this Lease agree that the provisions of Sections 24 to 28 of the 1954 Act are excluded in
relation to the tenancy created by this Lease. 

  

	44.	 TENANT’S BREAK CLAUSE 

 

	44.1	 If the Tenant wishes to determine this Lease on the Tenant’s Break Date and the Tenant gives to the
Landlord notice in writing to that effect such notice to be received by the Landlord not later than six months before the Tenant’s Break Date (as to which time shall be of the essence) and on the Tenant’s Break Date:-

  

	 	44.1.1	 the Tenant has paid all Principal Rent which has been demanded in writing not less than 10 Working Days prior
to the Tenant’s Break Date; 

  

	 	44.1.2	 the Tenant returns the Property to the Landlord free of the Tenant’s own occupation and that of any third
party or the right to occupation of any third party whatsoever and leaves behind no continuing subleases; and 

  

	 	44.1.3	 the Tenant has paid the Landlord £27,160 (exclusive of Value Added Tax, if any); 

then this Lease shall determine and the Term shall end on the Tenant’s Break Date but without prejudice to the rights and remedies of
either party in respect of any antecedent breach non-observance or non-performance of any of the covenants or the conditions contained in this Lease by the other party.

 The conditions in this clause 44 are for the benefit of the Landlord. If such notice is given but any such condition is not satisfied the
Landlord may in its absolute discretion elect that such notice shall nevertheless have effect (without prejudice to any other rights of the Landlord). 
  

	44.2	 Within 15 Working Days of the determination of this Lease on the Tenant’s Break Date the Landlord shall
refund the Tenant: 

  

	 	44.2.1	 the proportion of the Principal Rent paid in advance by the Tenant for the period from (but not including) the
Tenant’s Break Date up to but excluding the next quarter day (if any), calculated on a daily basis (less any sums which are properly due to the Landlord under this Lease and remain unpaid); 

  
 39 

	 	44.2.2	 the proportion of the Insurance Rent paid in advance by the Tenant for the period from (but not including) the
Tenant’s Break Date up to but excluding the date for renewal of the relevant insurance policy or policies (if any) calculated on a daily basis. 

  

	44.3	 Within 40 Working Days after the date of termination of this Lease pursuant to this clause 44 the Landlord will
carry out a reconciliation in respect of the Service Charge and notify the Tenant of any underpayment or overpayment. Credit will be given for all amounts of Service Charge already paid by the Tenant. Any underpayment by the Tenant will be paid by
the Tenant to the Landlord within 10 Working Days of such reconciliation and any overpayment by the Tenant will be refunded to the Tenant within 10 Working Days of such reconciliation. 

 

	44.4	 If the Tenant does not lawfully exercise the right to determine this Lease under clause 44.1, the Principal
Rent for the period from and including 16 August 2020 to and including 15 April 2021 shall be 50 percent of the Principal Rent. 

  

	45.	 CONTRIBUTION WORKS 

 

	45.1	 Upon receipt of a valid Value Added Tax invoice, the Landlord shall pay to the Tenant £2,835 plus Value
Added Tax (if applicable) following completion of the Contribution Works to the Landlord’s reasonable satisfaction. 

 IN WITNESS
whereof this Deed has been executed by the parties and is intended to be and is hereby delivered on the date first written above. 

  
 40 

 SCHEDULE 1 

RIGHTS AND EASEMENTS GRANTED 
  

	1.	 Subject to any existing or future regulations made by the Landlord in accordance with the terms of this Lease
and to any temporary interruption for repairs, alterations or replacements, the right for the Tenant and all persons expressly or by implication authorised by the Tenant (in common with the Landlord and all persons having a similar right):-

  

	1.1	 to use such of the Common Parts as shall be reasonably designated from time to time for use by the Tenant for
all proper purposes in connection with the use and enjoyment of the Property; 

  

	1.2	 to use such of the passenger lifts in the Building as shall be reasonably designated from time to time for use
by the Tenant for the purpose only of obtaining access to and egress from the Property; 

  

	1.3	 to use such of the lavatories and the kitchens in the Building as shall be reasonably designated from time to
time for use by the Tenant; 

  

	2.	 Subject to any temporary interruption for repairs, alterations or replacements, the right to the passage of any
of the Utilities to and from the Property through any relevant Conduits which are now or at any time in future may be in, under, or over any other part of the Building, in each case so far as any of the same are necessary for the reasonable use and
enjoyment of the Property; 

  

	3.	 The right of support and protection from all other parts of the Building as is now enjoyed by the Property;

  

	4.	 The right for the Tenant and any other permitted occupier of any part of the Property to have displayed on the
name board provided by the Landlord in the main entrance to the Building the name and location within the Building of the offices of the Tenant and that occupier in such style as the Landlord in its reasonable discretion permits;

  

	5.	 The right for the Tenant and any permitted occupier to display a sign conforming with its corporate identity of
a size and design to be approved by the Landlord (such approval not to be unreasonably withheld or delayed) on the tenant’s directory board in the ground floor reception and the lift lobby area on the fourth floor of the Building.

  

	6.	 The right to install such Tenant’s Plant as the Landlord approves (such approval not to be unreasonably
withheld) in such part of the Tenant’s Plant Area as the Landlord approves (such approval not to be unreasonably withheld) subject to:- 

  

	6.1	 the Tenant obtaining all necessary licences, approvals, permissions and consents from all government
departments, local authorities and other competent authorities and the insurers; 

  

	6.2	 there being sufficient space within the Tenant’s Plant Area for such installation; 

 

	6.3	 any conduits serving the Tenant’s Plant being installed through a route approved by the Landlord (such
approval not to be unreasonably withheld); 

  

	6.4	 the Tenant’s Plant being affixed and used in a manner which does not interfere with the Landlord’s or
other occupiers’ fixtures, plant and/or any other equipment in the Building; 

  
 41 

	6.5	 the Tenant’s Plant not damaging or penetrating the roof coverings and not overloading the structure of the
Building; 

  

	6.6	 the Tenant’s Plant being used solely in connection with the Tenant’s own business and as ancillary to
the Permitted Use; 

  

	6.7	 the Tenant removing any Tenant’s Plant which becomes redundant; and 

 

	6.8	 the right for the Landlord to require the Tenant at the Landlord’s cost to move any Tenant’s Plant to
another location on the roof of the Building (such other location in relation to any satellite dish or aerial to be such as allows the satellite dish or aerial to operate not materially less efficiently than before such move). 

  
 42 

 SCHEDULE 2 

EXCEPTIONS AND RESERVATIONS 
  

	1.	 There are excepted and reserved to the Landlord and the tenants and occupiers of the Building and all other
persons authorised by the Landlord or having similar rights:- 

  

	1.1	 the right to the passage and running of the Utilities through any relevant Conduits which are now, or may at
any time be in, under, or over the Property; 

  

	1.2	 the right (insofar as there is no reasonable alternative available to the Landlord)on reasonable prior notice
and otherwise in compliance within the provisions of clause 3.10 to enter the Property in order to: 

  

	 	1.2.1	 inspect, clean, maintain, repair, renew, relay, replace, alter or execute any works whatsoever to, or in
connection with the air conditioning situated in the Property and any of the Conduits or any other services; 

  

	 	1.2.2	 execute repairs, decorations, alterations or any other works, and to make installations to, the Property, the
Building or to any Adjoining Property; 

  

	 	1.2.3	 access any plant/machinery contained in the Building including risers; or 

 

	 	1.2.4	 do anything which the Landlord may do under this Lease; 

 

	1.3	 the right for as short a period as is reasonably practicable to erect scaffolding for the purpose of repairing
or cleaning the Building or any building now, or after the date of this Lease, erected on any Adjoining Property, or in connection with the exercise of any of the rights mentioned in this Schedule even though such scaffolding may temporarily
restrict the access to, or enjoyment or use of, the Property; 

  

	1.4	 any rights of light, air, support, protection and shelter or other easements and rights now, or after the date
of this Lease, belonging to, or enjoyed by, other parts of the Building or any Adjoining Property; 

  

	1.5	 full right and liberty at any time after the date of this Lease to raise the height of, or make any alterations
or additions or execute any other works to, the Building or any buildings on any Adjoining Property, or to erect any new buildings of any height on any Adjoining Property in such manner as the Landlord or the person exercising the right shall think
fit and even though they may obstruct, affect or interfere with the amenity of, or access to, the Property or the passage of light and air to the Property, but not so that the Tenant’s use and occupation of them is materially affected;

 Provided that any interruption shall be kept to a minimum and that access to the Property shall be maintained at all times. 

  
 43 

 SCHEDULE 3 

USE RESTRICTIONS 
  

	1.	 Dangerous materials and use of machinery 

The Tenant shall not: 
  

	1.1	 bring into the Building or keep in the Property any article or thing which is or may become combustible,
dangerous, explosive, inflammable, offensive or radioactive, or which might increase the risk of fire or explosion; 

  

	1.2	 keep or operate in the Property any machinery which is unduly noisy or causes vibration, or which is likely to
annoy or disturb any other tenant or occupier of the Building. 

  

	2.	 Overloading floors and services 

The Tenant shall not: 
  

	2.1	 overload the floors of the Property or the Building nor suspend any excessive weight from any ceiling, roof,
stanchion, structure or wall of the Building nor overload any Utility in or serving it; 

  

	2.2	 do anything which may subject the Property or the Building to any strain beyond that which they are designed to
bear (with due margin for safety); 

  

	2.3	 exceed the weight limits prescribed for any lift in the Building. 

 

	3.	 Discharges into Conduits 

The Tenant shall not discharge into any Conduit any oil or grease or any noxious or deleterious effluent or substance which may cause an
obstruction or might be or become a source of danger, or which might damage any Conduit or the drainage system of the Building or any Adjoining Property. 
  

	4.	 Disposal of refuse 

The Tenant shall not deposit in the Common Parts any refuse, rubbish or trade empties of any kind other than in proper receptacles and as may
be designated by the Landlord, and shall not burn any refuse or rubbish on the Property. 
  

	5.	 Obstruction of Common Parts 

The Tenant shall not do anything as a result of which the Common Parts or other area over which the Tenant may have rights of access or use may
be damaged, or their fair use by others may be obstructed in any way and shall not park any vehicle on any road or open area forming part of the Building. 
  

	6.	 Prohibited uses 

The Tenant shall not use the Property for any public or political meeting, or public exhibition or public entertainment, show or spectacle; or
for any dangerous, noisy, noxious or offensive business, occupation or trade; or for any illegal or immoral purpose; or for residential or sleeping purposes; or for betting, gambling, gaming or wagering; or as a betting office; or as a club; or for
the sale of any beer, wines or spirits; or for any auction. 

  
 44 

	7.	 Nuisance 

The Tenant shall not:- 
  

	7.1	 do anything in the Property or the Building which may be or become a legal nuisance, or which may in the
reasonable opinion of the Landlord cause damage to the Landlord or any other tenant or occupier in the Building; 

  

	7.2	 play any musical instrument, or use any loudspeaker, radio, tape recorder, record or compact disc player or
similar apparatus in such a manner as to be audible outside the Property; 

  

	7.3	 place outside the Property or in the Common Parts or expose from any window of the Property any articles, goods
or things of any kind. 

  
 45 

 SCHEDULE 4 

COVENANTS BY GUARANTOR 
  

	1.	 Covenant and indemnity by Guarantor 

The Guarantor:- 
  

	1.1	 covenants with the Landlord, as a primary obligation, that the Present Tenant or the Guarantor shall, at all
times during the period in respect of which the Tenant is liable under the covenants in this Lease, duly perform and observe all the covenants on the part of the Tenant contained in this Lease, including the payment of the Rents and all other sums
payable under this Lease in the manner and at the times specified in this Lease; 

  

	1.2	 indemnifies, as a primary obligation, the Landlord against all claims, demands, losses, damages, liability,
costs, fees and expenses whatsoever sustained by the Landlord by reason of or arising in any way directly out of any default by the Present Tenant in the performance and observance of any of its obligations or the payment of any rent and other sums;
and 

  

	1.3	 indemnifies, as a primary obligation, the Landlord against any loss sustained by the Landlord as a result of
any of the obligations of the Present Tenant contained in this Lease being or becoming void, voidable, unenforceable or ineffective for any reason whatsoever and whether or not known to the Landlord, the amount of such loss being the amount which
the Landlord would otherwise have been able to recover from the Present Tenant. 

  

	2.	 Guarantor’s liability 

The Guarantor further covenants with the Landlord, as a primary obligation, that the Guarantor shall be liable (whether before or after any
disclaimer by a liquidator or trustee in bankruptcy) for the fulfilment of all the obligations of the Present Tenant under this Lease and agrees that the Landlord, in the enforcement of its rights under this Lease, may proceed against the Guarantor
as if the Guarantor was named as the Tenant in this Lease. 
  

	3.	 Waiver by Guarantor 

The Guarantor waives any right to require the Landlord to proceed against the Present Tenant or to pursue any other remedy whatsoever which may
be available to the Landlord before proceeding against the Guarantor. 
  

	4.	 Postponement of claims by Guarantor against Tenant

 The Guarantor further covenants with the Landlord that the Guarantor shall:- 

 

	4.1	 not claim in any liquidation, bankruptcy, composition or arrangement of the Present Tenant in competition with
the Landlord and shall remit to the Landlord the proceeds of all judgments and all distributions it may receive from any liquidator, trustee in bankruptcy or supervisor of the Present Tenant; 

 

	4.2	 hold for the benefit of the Landlord all security and rights the Guarantor may have over assets of the Present
Tenant whilst any liabilities of the Present Tenant or the Guarantor to the Landlord remain outstanding; and 

  

	4.3	 not exercise any right or remedy in respect of any amount paid or any liability incurred by the Guarantor in
performing or discharging its obligations contained in this Schedule, or claim any contribution from any other guarantor. 

  
 46 

	5.	 Postponement of participation by Guarantor in security

 The Guarantor shall not be entitled to participate in any security held by the Landlord in respect of the Tenant’s
obligations to the Landlord under this Lease or to stand in the place of the Landlord in respect of any such security until all the obligations of the Present Tenant or the Guarantor to the Landlord under this Lease have been performed or
discharged. 
  

	6.	 No release of Guarantor 

None of the following, or any combination of them, shall release, determine, discharge or in any way lessen or affect the liability of the
Guarantor as principal obligor under this Lease or otherwise prejudice or affect the right of the Landlord to recover from the Guarantor to the full extent of this guarantee:- 
  

	6.1	 any neglect, delay or forbearance of the Landlord in endeavouring to obtain payment of the Rents or the amounts
required to be paid by the Tenant or in enforcing the performance or observance of any of the obligations of the Tenant under this Lease; 

  

	6.2	 any refusal by the Landlord to accept rent tendered by or on behalf of the Tenant at a time when the Landlord
was entitled (or would after the service of a notice under Section 146 of the Law of Property Act 1925 have been entitled) to re-enter the Property; 

 

	6.3	 any extension of time given by the Landlord to the Tenant; 

 

	6.4	 (subject to Section 18 of the 1995 Act) any variation of the terms of this Lease or the transfer of the
Landlord’s reversion or the assignment of this Lease; 

  

	6.5	 any change in the constitution, structure or powers of either the Tenant, the Guarantor or the Landlord or the
liquidation, administration or bankruptcy (as the case may be) of either the Tenant or the Guarantor; 

  

	6.6	 any legal limitation, or any immunity, disability or incapacity of the Tenant (whether or not known to the
Landlord) or the fact that any dealings with the Landlord by the Tenant may be outside, or in excess of, the powers of the Tenant; 

  

	6.7	 any other act, omission, matter or thing whatsoever as a result of which, but for this provision the Guarantor
would be exonerated either wholly or partly (other than a release executed and delivered as a deed by the Landlord). 

  

	7.	 Disclaimer or forfeiture of Lease 

The Guarantor further covenants with the Landlord that:- 
  

	7.1	 if a liquidator or trustee in bankruptcy shall disclaim this Lease; or 

 

	7.2	 if this Lease shall be forfeited; or 

 

	7.3	 if the Present Tenant shall cease to exist; 

the Guarantor shall, if the Landlord by notice in writing given to the Guarantor within six (6) months after such disclaimer or other
event so requires accept from, and execute and deliver to, the Landlord a counterpart of a new lease of the Property for a term commencing on the date of the disclaimer or other event and continuing for the residue then remaining unexpired of the
Term, such new lease to be at the reasonable and proper cost of the Guarantor and to be at the same Rents and subject to the same covenants and provisions as are contained in this Lease. 

  
 47 

	8.	 Terms of new lease 

The new lease referred to above is to take effect from the date of such disclaimer or other event (the “Relevant
Event”) and is to be on the following terms: 
  

	8.1	 for a term equal to the residue of the Term which would have remained had the Relevant Event not occurred;

  

	8.2	 at the rent reserved by the Lease on the date of the Relevant Event (subject to paragraph 9) and subject to
review on the same terms and dates as provided by the Lease; 

  

	8.3	 including, where appropriate, provisions reflecting paragraph 9; 

 

	8.4	 otherwise subject to the same terms, conditions and provisions contained in the Lease and subject to the Lease
if the Lease is still subsisting or the right of any person to have the Lease vested in it. 

  

	9.	 Rent review in new lease 

If at the date of the Relevant Event there is a rent review pending under the Lease, then: 

 

	9.1	 the relevant review date in the Lease shall also be a rent review date in the new lease; 

 

	9.2	 the rent reserved by the new lease shall be the rent at the relevant review date as agreed or determined in
accordance with the new lease (“New Principal Rent”); 

  

	9.3	 until the rent is agreed or determined the rent reserved by the new lease shall be payable at the rate that was
payable (ignoring any suspension or abatement of rent) under the Lease immediately before the Relevant Event (“New Initial Rent”); 

 

	9.4	 the provisions in the new lease relating to the payment of any shortfall and interest following agreement or
determination of a rent review shall apply in relation to any shortfall between the New Initial Rent and the New Principal Rent of the new lease in respect of the period after the date of the Relevant Event. 

 

	10.	 Guarantor to pay sum equal to rents 

If the Landlord shall not require the Guarantor to take a new lease pursuant to paragraph 7, the Guarantor shall nevertheless within 10 Working
Days of written demand pay to the Landlord a sum equal to the Rents and other sums that would have been payable under this Lease but for the disclaimer or other event in respect of the period from and including the date of such disclaimer or other
event until the expiration of six (6) months from such date or until the Landlord shall have granted a lease of the Property to a third party (whichever shall occur first). 

 

	11.	 Benefit of guarantee 

This guarantee shall enure for the benefit of the successors and assigns of the Landlord under this Lease without the necessity for any
assignment. 

  
 48 

	12.	 Guarantor to guarantee Authorised Guarantee Agreement

 The Guarantor covenants with the Landlord that the Present Tenant will comply with its obligations under any deed which
the Present Tenant is required to execute and deliver to the Landlord pursuant to clause 19.3.2, and will indemnify the Landlord against any losses, damages, costs and expenses incurred by the Landlord if the Present Tenant fails to do so. 

 

	13.	 Invalidity of certain provisions 

If any term of this guarantee or the application thereof to any person or circumstances shall to any extent be invalid or unenforceable the
same shall be severable and the remainder of this guarantee or the application of such term to persons or circumstances other than those as to which it is held invalid or unenforceable shad not be affected thereby and each term and provision of this
guarantee shall be valid and be enforced to the fullest extent permitted by law. 

  
 49 

 SCHEDULE 5 

ITEMS OF EXPENDITURE AS REFERRED TO IN CLAUSE 30 
  

	1.	 Repairs and maintenance 

 

	1.1	 Repairing, maintaining, decorating and (where appropriate) cleaning, lighting, heating, servicing and (as and
when necessary) altering, reinstating, renewing (by way of repair) or rebuilding each part of the Retained Parts; 

  

	1.2	 Carpeting, furnishing and equipping the Retained Parts as the Landlord may reasonably determine, including
providing floral decorations, desks, tables, chairs and other fixtures and fittings in the main entrance halls and lift lobby areas. 

  

	2.	 Plant and machinery 

Providing, maintaining, repairing, operating, inspecting, servicing, cleaning, lighting and (as and when necessary) renewing (by way of repair)
or replacing (where beyond economic repair) any plant, machinery, apparatus and equipment in the Retained Parts, including any boiler and items relating to the ventilation, heating, air conditioning and hot and cold water systems, any lift, lift
shaft and lift motor room, any fuel and electricity for them and any necessary maintenance contracts and insurance in respect of them. 
  

	3.	 Security and emergency systems 

Providing, maintaining, repairing, operating, inspecting, servicing, cleaning and (as and when necessary) renewing (by way of repair) or
replacing (where beyond economic repair) any security or emergency systems for the Building, including alarm systems, internal telephone systems, closed circuit television systems, generators, emergency lighting, fire detection or prevention
systems, sprinkler systems, any fire escapes for the Building and fire fighting and fire prevention equipment and appliances (other than those for which a tenant is responsible). 

 

	4.	 Staff 

Providing staff (including such direct or indirect labour as the Landlord reasonably considers appropriate) for the day-to-day running of the installations and plant in, and the provision of other services to, the Building and for its general management, operation and security and all other
incidental expenditure, including:- 
  

	4.1	 insurance, health, pension, welfare, severance and other payments, contributions and premiums;

  

	4.2	 providing uniforms, working clothes, tools, appliances, materials and equipment (including telephones) for the
proper performance of the duties of any such staff; 

  

	5.	 Signs etc. 

Providing, maintaining and renewing name boards and signs in the main entrance halls, lift lobby areas and any other parts of the Building, and
any directional signs and fire regulation notices and any flags, flag poles, television and radio aerials and satellite dishes. 

  
 50 

	6.	 Refuse 

Providing and (when necessary) renewing (by way of repair) or replacing (where beyond economic repair) any paladins, compactors or other
receptacles for refuse for the Building and the cost of collecting, storing and disposing of refuse. 
  

	7.	 Landscaping 

Maintaining floodlighting and any plants, shrubs, trees or garden or grassed areas in the Retained Parts. 

 

	8.	 Miscellaneous items 

 

	8.1	 Leasing or hiring any of the items referred to in this Schedule. 

 

	8.2	 Interest, commission and fees at usual standard rates in respect of any monies borrowed to finance the
provision of services and any of the items referred to in this Schedule. 

  

	8.3	 Enforcing for the general benefit of the tenants of the Building (as reasonably determined by the Landlord) the
covenants in any of the other leases of the Building (but not the enforcement of any covenant to pay the Rents). 

  

	9.	 Insurance 

  

	9.1	 Periodic valuations of the Building for insurance purposes but not more than once in each calendar year.

  

	9.2	 Works required to the Building in order to satisfy the requirements of any insurer of the Building.

  

	9.3	 Property owner’s liability, third party liability and employer’s liability and such other insurances
as the Landlord may, from time to time, reasonably determine. 

  

	9.4	 Any amount which may be deducted or disallowed by any insurer of the Building under any excess provision in the
insurance policy and which is normal in the market and reasonable in the circumstances on settlement of any claim by the Landlord. 

  

	10.	 Common facilities 

Making, laying, repairing, maintaining, rebuilding, decorating, cleaning and lighting (as the case may require), any roads, ways, forecourts,
passages, pavements, party walls or fences, party structures, Conduits or other conveniences and easements whatsoever which may belong to, or be capable of being used or enjoyed by, the Building in common with any Adjoining Property. 

 

	11.	 Outgoings 

All existing or future rates (including water rates) taxes, duties, charges, assessments, impositions and outgoings whatsoever (whether
parliamentary, parochial, local or of any other description and whether or not of a capital or non-recurring nature or of a wholly novel character) payable by the Landlord in respect of the Retained Parts or
any part of them (excluding any tax payable by the Landlord occasioned by any disposition of, or dealing with, the reversion of this Lease). 

  
 51 

	12.	 Statutory requirements 

Carrying out any works to the Building required to comply with any statute (other than works for which any tenant or occupier is responsible).

  

	13.	 Representations 

Taking any steps reasonably considered desirable or expedient by the Landlord and in any event proportionate for complying with, making
representations against, or otherwise contesting liability under, any statute concerning town planning, public health, highways, streets, drainage and any other matters relating or alleged to relate to the Building or any part of it for which any
tenant is not directly responsible. 
  

	14.	 Management 

  

	14.1	 The proper and reasonable fees, costs, expenses and disbursements of the Surveyor or any other person employed
or retained by the Landlord for, or in connection with, surveying and accounting functions, the performance of the services and any other duties in and about the Building or any part of it, and relating to the general management, administration,
security, maintenance, protection and cleanliness of the Building. 

  

	14.2	 The proper and reasonable fees and expenses of the Landlord or a Group Company of the Landlord in connection
with the management of the Building and any of the functions and duties referred to in paragraph 14.1 that may be undertaken by the Landlord or that Group Company, such fees and expenses to include overheads and profits commensurate with current
market practice of property companies providing management services. 

 Provided that all fees costs and expenses referred
to in this paragraph 14 shall not exceed 10% of the other Expenditure. 
  

	15.	 Reserve Fund 

Such annual provision as the Landlord may, acting reasonably, determine as being proper and reasonable and in the interest of good estate
management for the establishment and maintenance of a reserve fund for the replacement of any boilers, plant, machinery, apparatus and equipment or comprising the Retained Parts. 

 

	16.	 Generally 

Any other reasonable and proper costs and expenses which the Landlord reasonably and properly incurs in providing such other services and in
carrying out such other works as the Landlord may, in its reasonable discretion, consider desirable or necessary for the benefit of the Building or any part of it or the tenants or occupiers of it, or for securing or enhancing any amenity of, or
within, the Building, and in the interest of good estate management. 
  

	17.	 Value Added Tax 

Value Added Tax in respect of any item of expenditure referred to in this Schedule to the extent that it is not otherwise recoverable by the
Landlord. 

  
 52 

 SCHEDULE 6 

DEEDS AND DOCUMENTS CONTAINING MATTERS TO WHICH THE PROPERTY 

ARE SUBJECT 
 All matters contained in the
title registers for Title Number 314084 as at 09:29:29 on 17 April 2015. 

  
 53 

 SCHEDULE 7 

AUTHORISED GUARANTEE AGREEMENT TO BE GIVEN BY TENANT PURSUANT 

TO CLAUSE 19.3.2 
 THIS DEED is made the
[    ] day of [        ] 
 BETWEEN: 

 

	(3)	
[                    ] whose registered
office is at
[                                        ]
(Company registration number [                    ]) (the “Present Tenant”). 

 

	(4)	
[                    ] whose registered
office is at
[                                        ]
(Company registration number [                    ]) (the “Landlord”). 

WHEREAS: 
  

	(A)	 This Agreement is made pursuant to the lease dated
[                    ] and made between
[                    ] (the “Lease”) which expression shall include (where the context so admits) all deeds and documents supplemental to
it (whether expressed to be so or not) relating to the Property at [                    ] (the “Property”). 

 

	(B)	 The Present Tenant holds the Property under the Lease and wishes to assign the Lease to
[                    ] (the “Assignee”), and pursuant to the Lease the Landlord’s consent is required to such assignment (the
“Assignment”) and such consent is given subject to a condition that the Present Tenant is to enter into a deed in the form of this Deed. 

NOW THIS DEED WITNESSES as follows:- 
  

	1.	 Authorised Guarantee 

Pursuant to the condition referred to above, the Present Tenant covenants with the Landlord, as a primary obligation, that the Assignee or the
Present Tenant shall, at all times during the period (the “Guarantee Period”) from the completion of the Assignment until the Assignee shall have ceased to be bound by the tenant covenants (which in this Deed shall have the meaning
attributed by section 28(l) of the Landlord and Tenant (Covenants) Act 1995 (the “1995 Act”)) contained in the Lease (including the payment of the rents and all other sums payable under the Lease in the manner and at the times specified in
the Lease), duly perform and observe the tenant covenants. 
  

	2.	 Present Tenant’s Liability 

 

	2.1	 The Present Tenant agrees that the Landlord, in the enforcement of its rights under this Deed, may proceed
against the Present Tenant as if the Present Tenant were the sole or principal debtor in respect of the tenant covenant in question. 

  

	2.2	 For the avoidance of doubt, notwithstanding the termination of the Guarantee Period the Present Tenant shall
remain liable under this Deed in respect of any liabilities which may have accrued prior to such termination. 

  
 54 

	2.3	 For the avoidance of doubt the Present Tenant shall be liable under this Deed for any reasonable costs and
expenses properly incurred by the Landlord in enforcing the Present Tenant’s obligations under this Deed. 

  

	3.	 Disclaimer of Lease 

The Present Tenant further covenants with the Landlord that if the Crown or a liquidator or trustee in bankruptcy shall disclaim the Lease
during the Guarantee Period the Present Tenant shall, if the Landlord by notice in writing given to the Present Tenant within six (6) months after such disclaimer so requires accept from, and execute and deliver to, the Landlord a counterpart
of a new lease of the Property for a term commencing on the date of the disclaimer and continuing for the residue then remaining unexpired of the term of the Lease, such new lease to be at the same rents and subject to the same covenants and
provisions as are contained in the Lease. 
  

	4.	 Supplementary provisions 

By way of provision incidental or supplementary to clauses 1, 2 and 3 of this Deed: 

 

	4.1	 Postponement of claims by Present Tenant 

The Present Tenant further covenants with the Landlord that the Present Tenant shall:- 

 

	 	4.1.1	 not claim in any liquidation, bankruptcy, composition or arrangement of the Assignee in competition with the
Landlord and shall remit to the Landlord the proceeds of all judgments and all distributions it may receive from any liquidator, trustee in bankruptcy or supervisor of the Assignee; 

 

	 	4.1.2	 hold for the benefit of the Landlord all security and rights the Present Tenant may have over assets of the
Assignee whilst any liabilities of the Present Tenant or the Assignee to the Landlord remain outstanding; and 

  

	 	4.1.3	 not exercise any right or remedy in respect of any amount paid or any liability incurred by the Present Tenant
in performing or discharging its obligations contained in this Deed, or claim any contribution from any other guarantor. 

  

	4.2	 Postponement of participation by Present Tenant in security 

The Present Tenant shall not be entitled to participate in any security held by the Landlord in respect of the Assignee’s obligations to
the Landlord under the Lease or to stand in the place of the Landlord in respect of any such security until all the obligations of the Present Tenant or the Assignee to the Landlord under the Lease have been performed or discharged. 

 

	4.3	 No release of Present Tenant 

None of the following, or any combination of them, shall release, determine, discharge or in any way lessen or affect the liability of the
Present Tenant as principal obligor under this Deed or otherwise prejudice or affect the right of the Landlord to recover from the Present Tenant to the full extent of this guarantee:- 

 

	 	4.3.1	 any neglect, delay or forbearance of the Landlord in endeavouring to obtain payment of any rents or other
amounts required to be paid by the Assignee or in enforcing the performance or observance of any of the obligations of the Assignee under the Lease; 

  
 55 

	 	4.3.2	 any refusal by the Landlord to accept rent tendered by or on behalf of the Assignee at a time when the Landlord
was entitled (or would after the service of a notice under Section 146 of the Law of Property Act 1925 have been entitled) to re-enter the Property; 

 

	 	4.3.3	 any extension of time given by the Landlord to the Assignee; 

 

	 	4.3.4	 (subject to Section 18 of the 1995 Act) any variation of the terms of the Lease or the transfer of the
Landlord’s reversion; 

  

	 	4.3.5	 any change in the constitution, structure or powers of either the Present Tenant, the Assignee or the Landlord
or the liquidation, administration or bankruptcy (as the case may be) of either the Present Tenant or the Assignee; 

  

	 	4.3.6	 any legal limitation, or any immunity, disability or incapacity of the Assignee (whether or not known to the
Landlord) or the fact that any dealings with the Landlord by the Assignee may be outside, or in excess of, the powers of the Assignee; 

  

	 	4.3.7	 any other deed, act, omission, failure, matter or thing whatsoever as a result of which, but for this
provision, the Present Tenant would be exonerated either wholly or partly (other than a release executed and delivered as a deed by the Landlord or a release effected by virtue of the 1995 Act). 

 

	4.4	 Costs of new lease 

The Landlord’s reasonable costs in connection with any new lease granted pursuant to clause 3 of this Deed shall be borne by the Present
Tenant and paid to the Landlord (together with Value Added Tax) upon completion of such new lease. 
  

	5.	 Guarantor to pay sum equal to rents 

If the Landlord shall not require the Present Tenant to take a new lease pursuant to paragraph 4, the Present Tenant shall nevertheless within
10 Working Days of written demand pay to the Landlord a sum equal to the Rents and other sums that would have been payable under this Lease but for the disclaimer or other event in respect of the period from and including the date of such disclaimer
or other event until the expiration of six (6) months from such date or until the Landlord shall have granted a lease of the Property to a third party (whichever shall occur first). 

 

	6.	 Invalidity of certain provisions 

If any term of this Deed or the application thereof to any person or circumstances shall to any extent be invalid or unenforceable the same
shall be severable and the remainder of this Deed or the application of such term to persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby and each term and provision of this Deed
shall be valid and be enforced to the fullest extent permitted by law. 
 IN WITNESS whereof this deed has been executed by the Present Tenant and is
intended to be and is hereby delivered on the date first above written. 

  
 56 

 EXECUTED as a deed by O & H (CAVENDISH PLACE) LIMITED
acting by a director in the presence of:- 
  

	
	Signature
	
	/s/ Peter Dee-Shapland
	
	Director
	
	  

	 Print name
  

PETER DEE-SHAPLAND

  

			
	Witness signature	 	 /s/ David Lyons

	
	Name (in BLOCK CAPITALS) DAVID LYONS
	
	Address c/o O&H PROPERTIES, 25-28 OLD               BURLINGTON STREET
	              LONDON W1S 3AN
	
	Occupation CHARTERED SURVEYOR

  
 57 

 EXECUTED as a deed by MEREO BIOPHARMA GROUP LIMITED acting by a director in
the presence of:- 
  

	
	Signature
	
	/s/ Denise Scots-Knight
	
	Director
	
	  

	Print name
	
	Denise Scots-Knight

  

			
	Witness signature	 	 /s/ Jessica Doughty

			
	
	Name (in BLOCK CAPITALS) JESSICA DOUGHTY
	
	Address 39 WINTON CRESCENT
	              WD3 3QX
	
	Occupation PERSONAL ASSISTANT

  
 58

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