<SEC-DOCUMENT>0001104659-21-123768.txt : 20211007
<SEC-HEADER>0001104659-21-123768.hdr.sgml : 20211007
<ACCEPTANCE-DATETIME>20211006200559
ACCESSION NUMBER:		0001104659-21-123768
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20211006
FILED AS OF DATE:		20211007
DATE AS OF CHANGE:		20211006

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ferroglobe PLC
		CENTRAL INDEX KEY:			0001639877
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37668
		FILM NUMBER:		211310819

	BUSINESS ADDRESS:	
		STREET 1:		LEGALINX LTD, ONE FETTER LANE
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC4A 1BR
		BUSINESS PHONE:		4408009758080

	MAIL ADDRESS:	
		STREET 1:		LEGALINX LTD, ONE FETTER LANE
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC4A 1BR

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VeloNewco Ltd
		DATE OF NAME CHANGE:	20150417
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2127314d5_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT><B><BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16 UNDER<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of October, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-37668</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FERROGLOBE PLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">5 Fleet Place</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">London, EC4M7RD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;20-F </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;40-F </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Indicate by check
mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1): </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Indicate by check
mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7): </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant by furnishing the information
contained in this Form&nbsp;is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b)&nbsp;under the
Securities Exchange Act of 1934.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If &quot;Yes&quot; is marked, indicate below the file number assigned
to the registrant in connection with Rule&nbsp;12g3-2(b): N/A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION CONTAINED IN THIS FORM&nbsp;6-K
REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Report on Form&nbsp;6-K shall be incorporated
by reference into our registration statement on Form&nbsp;F-3, as declared effective by the Securities and Exchange Commission on June&nbsp;15,
2021 (Registration No.&nbsp;333-255973), as amended, to the extent not superseded by documents or reports subsequently filed by us under
the Securities Act of 1933 or the Securities Exchange of 1934, in each case as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Exhibit</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Description</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center"><A HREF="tm2127314d5_ex1-1.htm">1.1</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; text-align: left"><A HREF="tm2127314d5_ex1-1.htm">Equity
    Distribution Agreement, dated October 6, 2021, by and among Ferroglobe PLC; B. Riley Securities,&nbsp;Inc. and Cantor Fitzgerald &amp; Co.</A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><A HREF="tm2127314d5_ex5-1.htm">5.1</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="tm2127314d5_ex5-1.htm">Opinion of Slaughter and May,
    special counsel on matters of English law to Ferroglobe PLC, dated October 6, 2021</A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><A HREF="tm2127314d5_ex5-1.htm">23.1</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="tm2127314d5_ex5-1.htm">Consent of Slaughter and May (included in Exhibit 5.1)</A></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: October 6, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FERROGLOBE PLC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 47%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Marco Levi</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;&nbsp;Marco Levi</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tm2127314d5_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><B>Exhibit 1.1</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FERROGLOBE PLC<BR>
Ordinary Shares<BR>
Having an Aggregate Offering Price of up to<BR>
$100,000,000<BR>
Equity Distribution Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">October 6, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">B. Riley Securities,&nbsp;Inc.<BR>
299 Park Avenue, 21<SUP>st</SUP> Floor<BR>
New York, NY 10171</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cantor Fitzgerald&nbsp;&amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">499 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Ferroglobe PLC, a public limited company organized
under the laws of England and Wales (the &ldquo;<U>Company</U>&rdquo;), confirms its agreement (this &ldquo;<U>Agreement</U>&rdquo;) with
each of B. Riley Securities,&nbsp;Inc. and Cantor Fitzgerald&nbsp;&amp; Co. as sales agents and/or principal under any Terms Agreement
(in any such capacity, each an &ldquo;<U>Agent</U>&rdquo; and collectively, the &ldquo;<U>Agent</U>&rdquo;). The Company proposes to issue,
offer and sell to or through the Agents, in the manner and subject to the terms and conditions set forth herein to $100,000,000 aggregate
gross proceeds (the &ldquo;<U>Maximum Amount</U>&rdquo;) of ordinary shares of the Company&rsquo;s common stock, par value $0.01 per share
(the &ldquo;<U>Ordinary Shares</U>&rdquo;). For avoidance of doubt, the capitalized term &ldquo;Ordinary Shares&rdquo; as used in this
Agreement refers only to the Ordinary Shares to be sold pursuant to this Agreement. The issuance and sale of Ordinary Shares through the
Agents will be effected pursuant to a Registration Statement (as defined below) filed by the Company with the Securities and Exchange
Commission (the &ldquo;<U>Commission</U>&rdquo;) on May&nbsp;10, 2021, as amended on June&nbsp;11, 2021 and that was declared effective
by the Commission on June&nbsp;15, 2021, although nothing in this Agreement shall be construed as requiring the Company to use the Registration
Statement to issue Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company and the Agents agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Appointment
as Agents</U>. For purposes of selling the Ordinary Shares through the Agents, the Company hereby appoints the Agents as exclusive agents
of the Company for the purpose of soliciting purchases of the Ordinary Shares from the Company pursuant to this Agreement and the Agents
agree to use their reasonable efforts to solicit purchases of the Ordinary Shares on the terms and subject to the conditions stated herein.
The Company agrees that whenever it determines to sell the Ordinary Shares directly to the Agents as principals, the Company will authorize
entry into a separate agreement (each, a &ldquo;<U>Terms Agreement</U>&rdquo;) in substantially the form of <U>Annex I</U> hereto, relating
to such sale in accordance with Section&nbsp;3 of this Agreement. Certain terms used herein are defined in Section&nbsp;20 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Representations
and Warranties</U>. The Company represents and warrants to, and agrees with the Agents that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
registration statement on Form&nbsp;F-3 (File No.&nbsp;333-255973), including a prospectus (hereinafter referred to as the &ldquo;<U>Base
Prospectus</U>&rdquo;) in respect of the Ordinary Shares, has been declared effective by the Commission not earlier than three years prior
to the date hereof; the Base Prospectus and any post-effective amendment thereto, each in the form heretofore delivered to the Agents,
have been declared effective by the Commission in such form. Such registration statement, as amended, entered into in connection with
a specific offering of the Ordinary Shares and including any documents incorporated by reference therein, including exhibits (other than
any Form&nbsp;T-1) and financial statements and any prospectus supplement relating to the Ordinary Shares that is filed with the Commission
pursuant to Rule&nbsp;424(b)&nbsp;(&ldquo;<U>Rule&nbsp;424(b)</U>&rdquo;) under the Act (as such term is defined herein) and deemed part
of such registration statement pursuant to Rule&nbsp;430B under the Act, is hereinafter referred to as the &ldquo;<U>Registration Statement</U>&rdquo;.
The Company meets the requirements of the Act for the use of the Form&nbsp;F-3. No stop order suspending the effectiveness of the Registration
Statement, any part thereof or any post-effective amendment thereto, if any, has been issued and no proceeding for that purpose has been
initiated or threatened by the Commission. The prospectus supplement which describes the Ordinary Shares and the offering thereof is hereinafter
called the &ldquo;<U>Prospectus Supplement</U>&rdquo;. Such Prospectus Supplement, in the form first filed pursuant to Rule&nbsp;424(b)&nbsp;under
the Act in accordance with Section&nbsp;4(a)&nbsp;hereof, and supplementing the Base Prospectus, is hereinafter called the &ldquo;<U>Prospectus</U>&rdquo;.
Any reference herein to the Base Prospectus, Prospectus Supplement or the Prospectus shall be deemed to refer to and include the documents
incorporated by reference therein pursuant to Item 6 of Form&nbsp;F-3 under the Act, as of the date of such prospectus; any reference
to any amendment or supplement to the Base Prospectus, the Prospectus Supplement or the Prospectus shall be deemed to refer to and include
any post-effective amendment to the Registration Statement, any prospectus supplement relating to the Ordinary Shares filed with the Commission
pursuant to Rule&nbsp;424(b)&nbsp;under the Act and any documents filed under the Exchange Act (as such term is defined herein), and incorporated
therein, in each case after the date of the Base Prospectus, the Prospectus Supplement or the Prospectus, as the case may be; any reference
to any amendment to the Registration Statement shall be deemed to refer to and include any annual report of the Company filed pursuant
to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange Act after the effective date of the Registration Statement that is incorporated
by reference in the Registration Statement. Any &ldquo;issuer free writing prospectus&rdquo; as defined in Rule&nbsp;433 under the Act
relating to the Ordinary Shares is hereinafter called an &ldquo;<U>Issuer Free Writing Prospectus</U>&rdquo;;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">No
order preventing or suspending the use of any Prospectus or any Issuer Free Writing Prospectus has been issued by the Commission, and
the Prospectus, at the time of filing thereof, conformed in all material respects to the requirements of the Act and the rules&nbsp;and
regulations of the Commission thereunder, and did not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading; <I>provided</I>, <I>however</I>, that this representation and warranty shall not apply to any statements or omissions
made in reliance upon and in conformity with information furnished in writing to the Company by the Agents expressly for use therein.
For purposes of this Agreement, the only information furnished shall be the information in paragraph nine (9)&nbsp;under the heading &ldquo;Plan
of Distribution,&rdquo; in each case contained in the Prospectus (the &ldquo;<U>Agents Information</U>&rdquo;);</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Prospectus, as of each Applicable Time, did not include any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer
Free Writing Prospectus does not conflict with the information contained in the Registration Statement or the Prospectus, and each such
Issuer Free Writing Prospectus, as supplemented by and taken together with the Prospectus as of the relevant Applicable Time, did not
include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; <I>provided, however</I>, that this representation and warranty
shall not apply to statements or omissions made in an Issuer Free Writing Prospectus in reliance upon and in conformity with information
furnished in writing to the Company by the Agents expressly for use therein;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Registration Statement conforms, and the Prospectus and any further amendments or supplements to the Registration Statement and the Prospectus
will conform, in all material respects to the requirements of the Act and the rules&nbsp;and regulations of the Commission thereunder
and do not and will not, as of the applicable effective date as to each part of the Registration Statement and as of the applicable filing
date as to the Prospectus and any amendment or supplement thereto and as of any Settlement Date, contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; <I>provided,
however</I>, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity
with information furnished in writing to the Company by the Agents expressly for use therein;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company (i)&nbsp;has not alone engaged in any Testing the Waters Communication and (ii)&nbsp;has not authorized anyone to engage in Testing
the Waters Communications. The Company has not distributed or approved for distribution any Written Testing the Waters Communications.
 &ldquo;<U>Testing the Waters Communication</U>&rdquo; shall mean any oral or written communication with potential investors undertaken
in reliance on Section&nbsp;5(d)&nbsp;of the Act. &ldquo;<U>Written Testing the Waters Communication</U>&rdquo; means any Testing the
Waters Communication that is a written communication within the meaning of rule&nbsp;405 under the Act;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Neither
the Company nor any of its subsidiaries have sustained, since the date of the latest audited financial statements included or incorporated
by reference in the Prospectus, any material loss or interference with its business from fire, explosion, flood, piracy, terrorism or
other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise
than as set forth or contemplated in the Prospectus; and, since the respective dates as of which information is given in the Registration
Statement and the Prospectus, there has not been any material adverse change, or any development that would reasonably be expected to
result in a material adverse change on the condition (financial or otherwise), net worth, earnings, prospects, cash flows, business
or results of operations or properties of the Company and its subsidiaries, taken as a whole (a &ldquo;<U>Material Adverse Effect</U>&rdquo;),
or any change in the share capital or long-term debt of the Company, otherwise than as set forth or contemplated in the Prospectus;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
as set forth in the Registration Statement or the Prospectus or such as in the aggregate does not currently result in, and is not reasonably
expected in the future to result in, a Material Adverse Effect, the Company and each of its Subsidiaries have good and marketable title
to their respective owned interests in real property (&ldquo;<U>Owned Property</U>&rdquo;) other than Mining Rights (as defined below)
free and clear of all liens, security interests, pledges, charges, encumbrances, mortgages and restrictions (collectively, &ldquo;<U>Liens</U>&rdquo;),
other than any Liens described in the Registration Statement or the Prospectus. No real property owned, leased, licensed, or used by the
Company or any subsidiary lies in an area which is, or to the knowledge of the Company will be, subject to restrictions which would prohibit,
and no statements of facts relating to the actions or inaction of another person or entity or his or its ownership, leasing, licensing,
or use of any real or personal property exists or will exist which would prevent, the continued effective ownership, leasing, licensing,
exploration, development or production or use of such real property in the business of the Company or any such Subsidiary as presently
conducted, except as may be described in the Registration Statement and the Prospectus or such as in the aggregate does not currently
result in, and is not reasonably expected in the future to result in, a Material Adverse Effect. The Company and each of its subsidiaries
have such consents, easements, rights of way or licenses from any person (&ldquo;<U>rights-of-way</U>&rdquo;) as are necessary to enable
the Company and each of its Subsidiaries to conduct its business as currently conducted, in the manner described in the Registration Statement
and the Prospectus, subject to such qualifications as may be set forth in the Registration Statement and the Prospectus, and except for
such rights-of-way the lack of which would not have, individually or in the aggregate, a Material Adverse Effect. For purposes of this
Agreement, &ldquo;Mining Rights&rdquo; means, without limitation, freehold title, fee title, leases, concessions, patented mining claims
and millsites, unpatented mining claims and millsites, prospecting and exploration rights, mining and mineral rights, in respect of the
Material Properties, or other conventional property or proprietary interests or rights, recognized in the jurisdiction in which the Material
Properties are located;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Mining Rights of the Company are in good standing, are valid, subsisting and enforceable, other than as set out in the Registration
Statement and Prospectus, except where the invalidity of any of the applicable Mining Rights would not have a Material Adverse
Effect (and provided that nothing in this Agreement shall be deemed a representation (a)&nbsp;that any of the Mining Rights contains
a discovery of valuable minerals, (b)&nbsp;as to the validity of any of Mining Rights comprising unpatented millsites, or
(c)&nbsp;that the Company or any subsidiary has established or is maintaining&nbsp;<I>pedis possessio</I>&nbsp;rights with respect
to any of the Mining Rights), and, other than as set forth in the Registration Statement and Prospectus, are free and clear of any
material Liens or charges.&nbsp; Other than as set out in the Registration Statement and Prospectus, no material commission,
royalty, license fee or similar payment is payable in respect of any of them. No other material property rights are necessary for
the conduct of the Company&rsquo;s business as currently carried on as of the date hereof; and there are no material restrictions on
the ability of the Company to use, transfer or otherwise exploit any such property rights. The Company is the holder of all material
Mining Rights necessary to carry on the activities of the Company as currently conducted. Mining Rights held by the Company cover
the areas required by the Company for such purposes.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
and all of the mining agreements and other documents and instruments pursuant to which the Company holds mining rights are valid and subsisting
agreements, documents or instruments in full force and effect, enforceable in accordance with the terms thereof, the Company is not in
default of any of the material provisions of any such agreements, documents or instruments, nor to the knowledge of the Company has any
such default been alleged, except in each case as would not reasonably be expected to have a Material Adverse Effect on the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">All
claim maintenance fees required to be paid in relation to the material unpatented mining claims and millsites of the Company and the subsidiaries
in order to maintain their respective interests therein, if any, have been paid to date and the Company and each of the Subsidiaries has
complied in all material respects with all applicable governmental laws, regulations and policies in this regard as well as with regard
to legal, contractual obligations to third parties in this regard, except in respect of unpatented mining claims and millsites that the
Company or any of the Subsidiaries intends to abandon or relinquish and except for any non-compliance which would not either individually
or in the aggregate have a Material Adverse Effect.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">All
mining operations on the properties of the Company and the Subsidiaries have been conducted in all material respects in accordance with
good mining and engineering practices and all applicable workers&rsquo; compensation and health and safety and workplace laws, regulations
and policies have been duly complied with in all material respects.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company and each of its Significant Subsidiaries (as defined in Rule&nbsp;1-02(w)&nbsp;of Regulation S-X) have been duly formed or incorporated
and is validly existing as a public limited company, corporation, limited partnership, limited liability company, or other entity, as
applicable, in good standing under the laws of its respective jurisdiction of formation or incorporation, to the extent the concept of
good standing is applicable in such jurisdiction, with all corporate, limited partnership, limited liability company or other entity power
and authority, as applicable, to own or lease and to operate its properties currently owned or leased or to be owned or leased at each
Time of Delivery, Settlement Date and Representation Date and to conduct its business as currently conducted or as to be conducted at
each Time of Delivery, Settlement Date and Representation Date, in each case as described in the Prospectus, except where the failure
to be so qualified or in good standing and to have such power or authority would not, individually or in the aggregate, result in a Material
Adverse Effect. Each of the Significant Subsidiaries of the Company is, and at the each Time of Delivery, Settlement Date and Representation
Date will be, (i)&nbsp;duly qualified to do business as a foreign limited partnership, limited liability company, corporation or other
entity, as applicable, and (ii)&nbsp;is in good standing under the laws of each jurisdictions, to the extent the concept of good standing
is applicable in such jurisdiction, that requires, and at the each Time of Delivery, Settlement Date and Representation Date will require,
such qualification or registration except to the extent that a lack of such qualification would not, individually or in the aggregate,
have a Material Adverse Effect;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">At
each Settlement Date and each Time of Delivery, if any, the Ordinary Shares to be sold by the Company pursuant to this Agreement and any
Terms Agreement have been duly authorized for issuance and sale to the Agents in accordance with this Agreement or such Terms Agreement,
as applicable, and when issued and delivered by the Company pursuant to this Agreement or such Terms Agreement, against payment of the
consideration set forth in Section&nbsp;3(a)(v)&nbsp;or such Terms Agreement, will be validly issued, fully paid and non-assessable, will
conform in all material respects to the information in the Prospectus and to the description of such Ordinary Shares contained in the
Prospectus; the shareholders of the Company do not and will not have preemptive rights with respect to the Ordinary Shares that have not
been waived; and none of the outstanding Ordinary Shares of the Company have been issued in violation of any preemptive or similar rights
of any security holder;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
issue and sale of the Ordinary Shares and the execution, delivery and performance of the terms of the Operative Agreements by the Company,
and the consummation of the transactions set forth therein by the Company (i)&nbsp;will not conflict with or result in a breach or violation
of any of the terms or provisions of, or require the consent of any person, or constitute a default or Debt Repayment Triggering Event
(as defined below), or result in the imposition of any lien, charge or encumbrance on any property of the Company or any of its subsidiaries,
under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which any of the property or assets of
the Company or any of its subsidiaries is subject; and (ii)&nbsp;will not result in any violation of (A)&nbsp;the Articles of Association,
charter, bylaws or similar organization documents, as applicable, of the Company or any of its subsidiaries or (B)&nbsp;any statute or
any order, rule&nbsp;or regulation of any court or governmental agency or body having jurisdiction over the Company and any of its subsidiaries
or any of their respective properties or assets, except in the case of clause (i), for any conflict, breach, or violation that would not
result in a Material Adverse Effect or have a material adverse effect on the consummation of the transactions contemplated hereby; and
no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is
required for the issue and sale of the Ordinary Shares or the consummation by the Company of the transactions contemplated by this Agreement
or any Terms Agreement, except the registration under the Act of the Ordinary Shares and such consents, approvals, authorizations, registrations
or qualifications as may be required under state securities or blue sky laws in connection with the purchase and distribution of the Ordinary
Shares by the Agents, and such other consents, approvals, authorizations, orders, registrations or qualifications that have already been
obtained. A &ldquo;<U>Debt Repayment Triggering Event</U>&rdquo; means any event or condition that gives, or with the giving of notice
or lapse of time would give, the holder of any loan, note, debenture or other evidence of indebtedness (or any person acting on such holder&rsquo;s
behalf) the right to accelerate the due date of any payment of, or to require the repurchase, redemption or repayment of all or a portion
of such indebtedness by the Company (for the avoidance of doubt, Debt Repayment Triggering Event excludes any put right that is not triggered
by the occurrence of an extraordinary event);</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
as disclosed in the Prospectus, neither the Company nor any of its Significant Subsidiaries is (i)&nbsp;in violation of its organizational
or governing documents, (ii)&nbsp;in violation of any applicable statute, law, rule, regulation, judgment, order or decree of any competent
court, regulatory body, administrative agency, governmental body, arbitrator or other authority or (iii)&nbsp;in default (or with the
giving of notice or lapse of time would be in default) under any existing obligation, agreement, covenant or condition contained in any
indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it is bound
or to which any of its properties is subject, except in each case covered by clauses&nbsp;(ii)&nbsp;and (iii)&nbsp;such as would not result
in a Material Adverse Effect or have a material adverse effect on the consummation of the transactions contemplated hereby;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(p)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">No
subsidiary of the Company is currently prohibited, directly or indirectly, from paying any cash distributions to any of the other subsidiaries
of the Company, from making any other distribution on its equity securities, or from transferring any of its property or assets to any
the other subsidiaries of the Company, except as described in the Prospectus;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(q)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">There
are no contracts, agreements or understandings between the Company and any person that would give rise to a valid claim against the Company
or the Agents for a brokerage commission, finder&rsquo;s fee or other like payment in connection with the issuance and sale of the Ordinary
Shares pursuant to this Agreement or any Terms Agreement;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(r)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
statements set forth or incorporated by reference in the Prospectus under the captions &ldquo;Distributions and Dividends&rdquo;, &ldquo;Description
of Share Capital and Articles of Association&rdquo;, &ldquo;Taxation&mdash;Taxation in the United States&rdquo;, and &ldquo;Taxation&mdash;Taxation
in the United Kingdom&rdquo;, insofar as such statements purport to summarize legal matters, agreements, documents or proceedings discussed
therein, are accurate and fair summaries of such legal matters, agreements, documents or proceedings and present the information required
to be shown;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(s)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">There
are no business relationships or transactions with related parties involving the Company or any of its subsidiaries required to be described
in the Registration Statement and the Prospectus which have not been described as required or through incorporation by reference therein;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(t)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">As
of the effective date of the Prospectus, any statistical and market-related data included in the Prospectus is based on or derived from
sources that the Company reasonably believes to be reliable and accurate;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(u)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">No
forward-looking statement (within the meaning of Section&nbsp;27A of the Act and Section&nbsp;21E of the Exchange Act) contained in the
Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Other
than as set forth in the Prospectus, there are no legal or governmental proceedings pending to which the Company or any subsidiary is
a party or of which any property of the Company is the subject or, which, if determined adversely to any such entity, would individually
or in the aggregate have a Material Adverse Effect; and, to the Company&rsquo;s knowledge, no such proceedings are threatened or contemplated
by governmental authorities or threatened by others;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(w)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Other
than as set forth in the Prospectus, (A)(i)&nbsp;neither the Company nor any of its subsidiaries are in violation of any statute, law,
rule, regulation, ordinance, code, other requirement or rule&nbsp;of law (including common law), or decision or order of any governmental
agency, governmental body or court applicable to them, relating to pollution, to the use, handling, transportation, treatment, storage,
discharge, disposal or release of Hazardous Substances (as defined below), to the protection or restoration of the environment or natural
resources or to health and safety as such relates to exposure to Hazardous Substances (collectively, &ldquo;<U>Environmental Laws</U>&rdquo;),
(ii)&nbsp;neither the Company nor any of its subsidiaries owns, operates or leases any real property contaminated with Hazardous Substances,
(iii)&nbsp;neither the Company nor any of its subsidiaries is conducting or funding any investigation, remediation, remedial action or
monitoring of actual or suspected Hazardous Substances in the environment at any location, (iv)&nbsp;neither the Company nor any of its
subsidiaries is liable or allegedly liable for any release or threatened release of Hazardous Substances, including at any off-site treatment,
storage or disposal site, (v)&nbsp;neither the Company nor any of its subsidiaries is a party to any claim by any governmental agency
or governmental body or person relating to Environmental Laws or Hazardous Substances, and (vi)&nbsp;the Company and each of its subsidiaries
have received and are in compliance with all, and have no liability under any, permits, licenses, authorizations, identification numbers
or other approvals required under applicable Environmental Laws to conduct their respective businesses, except, in the case covered by
clause (i)&nbsp;- (vi), as would not individually or in the aggregate have a Material Adverse Effect; and (B)&nbsp;to the Company&rsquo;s
knowledge, there are no (i)&nbsp;facts or circumstances that would reasonably be expected to result in a violation of, liability under,
or claim against, the Company pursuant to any Environmental Law that would have a Material Adverse Effect or (ii)&nbsp;requirements proposed
for adoption or implementation under any Environmental Law that would reasonably be expected to have a Material Adverse Effect. For purposes
of this subsection, &ldquo;<U>Hazardous Substances</U>&rdquo; means (x)&nbsp;petroleum and petroleum products, by-products or breakdown
products, radioactive materials, asbestos-containing materials, polychlorinated biphenyls and metals and (y)&nbsp;any other chemical,
material or substance defined or regulated as toxic or hazardous or as a pollutant, contaminant or waste under Environmental Laws;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Other
than as set forth in the Prospectus, the Company and each of its subsidiaries possess all certificates, authorizations and permits issued
by the appropriate federal, state or foreign regulatory authorities as necessary for the Company to conduct its business as currently
conducted, except as would not individually or in the aggregate have a Material Adverse Effect; and the Company has not received any notice
of proceedings relating to the revocation or modification of any such certificate, authorization or permit which, individually or in the
aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(y)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company and each of its subsidiaries owns or possesses, or holds a right or license to use, or can acquire on reasonable terms, all material
patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary
or confidential information, systems or procedures), trademarks, service marks and trade names currently employed by them in connection
with the business now operated by them, and neither the Company nor any subsidiary has received any notice of infringement of or conflict
with asserted rights of others with respect to any of the foregoing, which if the subject of an unfavorable decision, ruling or finding,
would have a Material Adverse Effect;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(z)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Other
than as set forth in the Prospectus, no material labor dispute, work stoppage, slow down or other conflict with the employees of the Company
or any of its subsidiaries that would have a Material Adverse Effect exists or, to the Company&rsquo;s knowledge, is threatened or contemplated;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(aa)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company and each of its subsidiaries is insured by insurers of recognized financial responsibility against such losses and risks and in
such amounts as are prudent and customary in the businesses in which they are engaged; the Company has not been refused any insurance
coverage sought or applied for; and the Company has no reason to believe that it will not be able to renew its existing insurance coverage
as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at
a cost that would not have a Material Adverse Effect;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(bb)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company has no off-balance sheet arrangements, except as described in the Registration Statement and the Prospectus;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(cc)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">(A)&nbsp;Neither
the Company nor any of its subsidiaries nor, to the Company&rsquo;s knowledge, any of the directors, executive officers, affiliates, employees
or agents or other persons associated with or acting on behalf of the Company or any of its subsidiaries knowingly does any business with
or involving the government of, or any person or project located in, any country targeted by any of the economic sanctions promulgated
by any Executive Order issued by the President of the United States or administered by the United States Treasury Department&rsquo;s Office
of Foreign Assets Control or the U.S. Department of State and including, without limitation, the designation as a &ldquo;specially designated
national&rdquo; or &ldquo;blocked person&rdquo;, the United Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury
or other relevant sanctions authority (collectively, &ldquo;<U>Sanctions</U>&rdquo;); (B)&nbsp;the Company is not controlled (within the
meaning of the Executive Orders or regulations promulgating such Sanctions or the laws authorizing such promulgation) by any such government
or person; (C)&nbsp;the proceeds from the offering of the Ordinary Shares contemplated hereby will not, directly or indirectly, be used
to fund any operations in, to finance any investments, projects or activities in, or to make any payments to, any country, or to make
any payments to, or finance any activities with, any person targeted by any of such Sanctions; and (D)&nbsp;the Company maintains and
has implemented adequate internal controls and procedures to monitor and audit transactions that are reasonably designed to detect and
prevent any use of the proceeds from the offering of the Ordinary Shares contemplated hereby that is inconsistent with any of the representations
and obligations under clause (C)&nbsp;of this paragraph or in the Registration Statement or Prospectus;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(dd)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Neither
the Company nor any of its subsidiaries nor, to the Company&rsquo;s knowledge, any directors, executive officers, affiliates, employees
or agents or other persons associated with or acting on behalf of the Company, has taken any action in furtherance of an offer, payment,
promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything else of value, directly or
indirectly, to any &ldquo;government official&rdquo; (including any officer or employee of a government or government-owned or controlled
entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing,
or any political party or party official or candidate for political office) to influence official action or secure an improper advantage
in violation of any applicable law; and the Company, its subsidiaries and, to the knowledge of the Company, its affiliates have conducted
their businesses in compliance with applicable anti-corruption laws and have instituted and maintain and will continue to maintain policies
and procedures designed to promote and achieve compliance with such laws and with the representation and warranty contained herein;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ee)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping
and reporting requirements, including to the extent applicable those of the Currency and Foreign Transactions Reporting Act of 1970, as
amended, the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), the money laundering statutes of all jurisdictions, the rules&nbsp;and
regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental
agency (collectively, the &ldquo;<U>Money Laundering Laws</U>&rdquo;); and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator or non-governmental authority involving the Company with respect to the Money Laundering Laws
is pending or, to the Company&rsquo;s knowledge, threatened;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ff)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">As
of the effective date of the Registration Statement, the Company, each of its subsidiaries and, to the knowledge of the Company, the officers
and directors of the Company, in their capacities as such, were, and at each Settlement Date and each Representation Date will be, in
compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules&nbsp;and regulations
promulgated in connection therewith that are then in effect and with which any of them is required to comply, including Section&nbsp;402
related to loans;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(gg)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">There
are no restrictions on subsequent transfers of the Ordinary Shares under the laws of England and Wales;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(hh)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
as disclosed in the Prospectus, there are no contracts, agreements or understandings between the Company and any person granting such
person the right to require the Company to file a registration statement under the Act with respect to any securities of the Company or
to require the Company to include such securities with the securities registered pursuant to the Registration Statement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Ordinary Shares are listed on the Nasdaq Capital Market (the &ldquo;<U>Nasdaq</U>&rdquo;), and have been authorized for listing on the
Nasdaq, subject to official notice of issuance;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(jj)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company has taken all necessary actions to comply with all applicable corporate governance requirements of the Nasdaq that are applicable
to the Company, except for such requirements that have been waived and disclosed in the Prospectus;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(kk)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company has not taken, directly or indirectly, any action which was designed to or which has constituted or which might reasonably be
expected to cause or result in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale
of the Ordinary Shares;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ll)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company is not and, after giving effect to the offering and sale of the Ordinary Shares pursuant to this Agreement or any Terms Agreement
and the application of the proceeds thereof, will not be required to register as an &ldquo;investment company&rdquo;, as such term is
defined in the Investment Company Act of 1940, as amended (&ldquo;<U>1940 Act</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(mm)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">At
the time of filing the Registration Statement and as of each Applicable Time, the Company was not and is not an &ldquo;ineligible issuer&rdquo;,
as defined under Rule&nbsp;405 under the Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(nn)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">As
described in the Registration Statement and subject to the limitations and restrictions described therein, the Company believes that the
Company should not be a &ldquo;passive foreign investment company&rdquo; (&ldquo;<U>PFIC</U>&rdquo;) as defined in the Internal Revenue
Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;);</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(oo)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company is a &ldquo;foreign private issuer&rdquo; as defined in Rule&nbsp;405 under the Act;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(pp)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Deloitte
S.L., who has certified certain financial statements included or incorporated by reference in the Registration Statement and the Prospectus,
are independent public accountants with respect to the Company as required by the Act and the rules&nbsp;and regulations of the Commission
thereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(qq)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company maintains a system of internal control over financial reporting (as such term is defined in Rule&nbsp;13a-15(f)&nbsp;under the
Exchange Act) sufficient to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with international financial reporting standards as adopted by the International Accounting
Standards Board (&ldquo;IFRS&rdquo;) and such system will comply in all material respects with the requirements of the Exchange Act when
so required. Except as set forth in the Prospectus, the Company is not aware of any material weaknesses in its internal control over financial
reporting;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(rr)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Since
the date of the latest audited financial statements included or incorporated by reference in the Prospectus, there has been no change
in the Company&rsquo;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect,
the Company&rsquo;s internal control over financial reporting;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ss)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company maintains disclosure controls and procedures (as such term is defined in Rule&nbsp;13a-15(e)&nbsp;under the Exchange Act) that
have been designed to ensure that material information relating to the Company and its subsidiaries is made known to the Company&rsquo;s
principal executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures
are effective in all material respects to perform the functions for which they were established;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(tt)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
financial statements of the Company included or incorporated by reference in the Prospectus, together with the related notes thereto,
present fairly in all material respects the consolidated financial position of the Company and its subsidiaries as of the date shown,
and such financial statements have been prepared in conformity with IFRS, applied on a consistent basis throughout the periods involved.
The selected financial data and the summary financial information included or incorporated by reference in the Prospectus present fairly
the information shown therein and have been compiled on a basis consistent with that of the audited and unaudited financial statements
included in the Prospectus. Any pro forma financial information included or incorporated by reference in the Prospectus complies as to
form with the applicable accounting requirements of Regulation S-X under the Act and includes assumptions that provide a reasonable basis
for presenting the significant effects directly attributable to the transactions and events described therein, the related pro forma adjustments
give appropriate effect to those assumptions, and the pro forma adjustments reflect the proper application of those adjustments to the
historical financial statement amounts in the pro forma balance sheet included in the Prospectus. All disclosures contained in the Prospectus
or incorporated by reference therein regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined by the rules&nbsp;and
regulations of the Commission) comply with Regulation G of the 1934 Act and Item 10 of Regulation S-K of the 1933 Act, to the extent applicable;
and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(uu)</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company and its subsidiaries have filed all United States federal, state and local and non-U.S. tax returns that are required to be filed
or have requested extensions thereof (except in any case in which the failure so to file would not, individually or in the aggregate,
have a Material Adverse Effect); except as set forth in the Prospectus, the Company has paid all taxes (including any assessments, fines
or penalties that are currently owed and due) required to be paid by them and that are currently owed and due, except for any such taxes,
assessments, fines or penalties currently being contested in good faith or as would not, individually or in the aggregate, have a Material
Adverse Effect; and no capital gains, income, withholding or other taxes or stamp or other issuance or transfer taxes or duties or similar
fees or charges are payable by or on behalf of the Agents in connection with the sale and delivery by the Company of the Ordinary Shares
to or for the account of the Agents or the sale and delivery by the Agents of the Ordinary Shares to the initial purchasers thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Sale
and Delivery of Shares</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Sale
of Ordinary Shares by Agents, as Sales Agents</I>. Subject to the terms and conditions and in reliance upon the representations and warranties
herein set forth, the Company agrees to issue and sell Ordinary Shares from time to time through the Agents, acting as sales agents, and
the Agents agree to use their reasonable efforts to sell, as sales agents for the Company, such Ordinary Shares on the following terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Ordinary Shares are to be sold on a daily basis or otherwise as shall be agreed to by the Company and the Agents on any day that (A)&nbsp;is
a trading day for the Nasdaq (such day, a &ldquo;<U>Trading Day</U>&rdquo;), (B)&nbsp;the Company has instructed the Agents by telephone
(confirmed promptly by electronic mail) to make such sales and (C)&nbsp;the conditions to the obligations of the Agents set forth under
Section&nbsp;6 of this Agreement have been satisfied; <I>provided</I> that the Company shall not request sales during any period in which
the Company is in possession of material non-public information. The Company will designate the maximum amount of the Ordinary Shares
to be sold by the Agents daily as agreed to by the Agents (in any event not in excess of the amount available for issuance under the Prospectus
and the currently effective Registration Statement) and the minimum price per share at which such Ordinary Shares may be sold. Subject
to the terms and conditions hereof, the Agents shall use their reasonable efforts to sell on a particular day all of the Ordinary Shares
designated for sale by the Company on such day. In any event, the Agents cannot and will not sell fractional Ordinary Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company acknowledges and agrees that (A)&nbsp;there can be no assurance that the Agents will be successful in selling the Ordinary Shares,
(B)&nbsp;the Agents will incur no liability or obligation to the Company or any other person or entity if it does not sell Ordinary Shares
for any reason other than a failure by the Agents to use their reasonable efforts consistent with their normal trading and sales practices
and applicable law and regulations to sell such Ordinary Shares as required under this Agreement, and (C)&nbsp;the Agents shall be under
no obligation to purchase Ordinary Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed by
the Agents and the Company in a Terms Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company shall not authorize the issuance and sale of, and the Agents shall not sell, any Ordinary Share at a price lower than the minimum
price therefor designated, if any, from time to time by the Board, a duly authorized committee thereof or any individual to whom such
authority has been duly and properly delegated by the Board or a duly authorized committee thereof and notified to the Agents in writing.
The Company or the Agents may, upon notice to the other party hereto by telephone (confirmed promptly by electronic mail), suspend or
terminate the offering of the Ordinary Shares hereunder for any reason and at any time; <I>provided, however</I>, that such suspension
or termination shall not affect or impair the parties&rsquo; respective obligations with respect to the Ordinary Shares sold hereunder
prior to the giving of such notice. During any such period of suspension, the Company shall not be obligated to deliver (or cause to be
delivered) any of the documents referred to in Sections 4(k)&nbsp;- 4(o)&nbsp;and Section&nbsp;4(q), be deemed to affirm any of the representations
or warranties contained in this Agreement pursuant to Section&nbsp;2 or 4 hereof, or be obligated to conduct any due diligence session
as referred to in Section&nbsp;4(r)&nbsp;until the termination of the suspension and the recommencement of the offering of the Ordinary
Shares pursuant to this Agreement (which termination of suspension shall constitute a Representation Date, as defined in Section&nbsp;4(k)).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Agents hereby covenant and agree not to make any sales of the Ordinary Shares on behalf of the Company, pursuant to this Section&nbsp;3(a),
other than (A)&nbsp;by means of ordinary brokers&rsquo; transactions between members of the Nasdaq that qualify for delivery of a Prospectus
to the Nasdaq in accordance with Rule&nbsp;153 under the Act and (B)&nbsp;such other sales of the Ordinary Shares on behalf of the Company
in their capacity as agents of the Company as shall be agreed by the Company and the Agents.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
compensation to the Agents for sales of the Ordinary Shares with respect to which the Agents act as sales agents under this Agreement
shall be at a mutually agreed rate between the Company and the applicable Agent, not to exceed 3.0% of the gross sales price of the Ordinary
Shares sold pursuant to this Section&nbsp;3(a)&nbsp;and payable as described in the succeeding subsection 3(a)(vi)&nbsp;below. The foregoing
rate of compensation shall not apply when the Agents act as principals, in which case the Company may sell Ordinary Shares to the Agents
as principals at a price agreed upon at the relevant Applicable Time pursuant to a Terms Agreement. The remaining proceeds, after further
deduction for any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales (the &ldquo;<U>Transaction
Fees</U>&rdquo;), shall constitute the net proceeds to the Company for such Ordinary Shares (the &ldquo;<U>Net Proceeds</U>&rdquo;). The
Agents shall notify the Company as promptly as practicable if any deduction referenced in the preceding sentence will be made, and shall
provide an itemization of any such deductions to the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Agents shall provide written confirmation (which may be by facsimile or electronic mail) to the Company following the close of trading
on the Nasdaq each day in which the Ordinary Shares are sold under this Section&nbsp;3(a)&nbsp;setting forth the number of the Ordinary
Shares sold on such day, the aggregate gross sales proceeds and the Net Proceeds to the Company, and the compensation payable by the Company
to the Agents with respect to such sales. Such compensation shall be set forth and invoiced in periodic statements from the Agents to
the Company, with payment to be made by the Company promptly after its receipt thereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Settlement
for sales of the Ordinary Shares pursuant to this Section&nbsp;3(a)&nbsp;will occur on the second Business Day following the date on which
such sales are made (each such day, a &ldquo;<U>Settlement Date</U>&rdquo;). On each Settlement Date, the Ordinary Shares sold through
the Agents for settlement on such date shall be issued and delivered by the Company to the Agents against payment of the aggregate gross
sales proceeds less any Transaction Fees for the sale of such Ordinary Shares. Settlement for all such Ordinary Shares shall be effected
by free delivery of the Ordinary Shares to the Agents&rsquo; or the Agents&rsquo; designees&rsquo; account at The Depository Trust Company
(&ldquo;<U>DTC</U>&rdquo;) in return for payments in same day funds delivered to the Company by federal funds wire transfer to the account
designated by the Company. If the Company or its transfer agents (if applicable) shall default on its obligation to deliver the Ordinary
Shares on any Settlement Date, the Company shall (A)&nbsp;indemnify and hold the Agents harmless against any loss, claim or damage arising
from or as a result of such default by the Company and (B)&nbsp;pay the Agents any commission to which it would otherwise be entitled
absent such default. If the Agents breach this Agreement by failing to deliver the aggregate gross sales proceeds less any Transaction
Fees to the Company on any Settlement Date for the Ordinary Shares delivered by the Company, the Agents will pay the Company interest
based on the effective overnight federal funds rate on such unpaid amount less any compensation due to the Agents. The applicable Net
Proceeds on any Settlement Date shall be delivered by the Agents simultaneously with the Ordinary Shares delivered by the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">At
each Applicable Time, Settlement Date and Representation Date (as defined in Section&nbsp;4(k)), the Company shall be deemed to have affirmed
each representation and warranty contained in this Agreement as if such representation and warranty were made as of such date; <I>provided</I>
that all such representations and warranties shall be deemed modified as necessary to relate to the Registration Statement and the Prospectus
as amended or supplemented as of such date. Any obligation of the Agents to use their reasonable efforts to sell the Ordinary Shares on
behalf of the Company shall be subject to the continuing accuracy of the representations and warranties of the Company herein, to the
performance by the Company of its obligations hereunder and to the continuing satisfaction of the additional conditions specified in Section&nbsp;6
of this Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Sale
of Ordinary Shares by Agents, as Principals</I>. If the Company wishes to issue and sell Ordinary Shares pursuant to this Agreement but
other than as set forth in Section&nbsp;3(a)&nbsp;of this Agreement (each, a &ldquo;<U>Placement</U>&rdquo;), it will notify the Agents
of the proposed terms of such Placement. If the Agents, acting as principal, wishes to accept such proposed terms (which they may decline
to do for any reason in their sole discretion) or, following discussions with the Company wish to accept amended terms, the Agents and
the Company will enter into a Terms Agreement setting forth the terms of such Placement. The terms set forth in a Terms Agreement will
not be binding on the Company or the Agents unless and until the Company and the Agents have each executed such Terms Agreement accepting
all of the terms of such Terms Agreement. In the event of a conflict between the terms of this Agreement and the terms of a Terms Agreement,
the terms of such Terms Agreement will control.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Terms
Agreement</I>. Each sale of the Ordinary Shares to the Agents shall be made in accordance with the terms of this Agreement and, if applicable,
a Terms Agreement, which will provide for the sale of such Ordinary Shares to, and the purchase thereof by, the Agents. A Terms Agreement
may also specify certain provisions relating to the reoffering of such Ordinary Shares by the Agents. The commitment of the Agents to
purchase the Ordinary Shares pursuant to any Terms Agreement shall be deemed to have been made on the basis of the representations and
warranties of the Company herein contained and shall be subject to the terms and conditions herein set forth. Each Terms Agreement shall
specify the number of Ordinary Shares to be purchased by the Agents pursuant thereto, the price to be paid to the Company for such Ordinary
Shares, any provisions relating to rights of, and default by, Agents acting together in the reoffering of the Ordinary Shares, and the
time and date (each such time and date being referred to herein as a &ldquo;<U>Time of Delivery</U>&rdquo;) and place of delivery of and
payment for such Ordinary Shares. Such Terms Agreement shall also specify any requirements for opinions of counsel, accountants&rsquo;
letters and officers&rsquo; certificates pursuant to Section&nbsp;6 of this Agreement and any other information or documents required
by the Agents. No Terms Agreement may authorize the sale of fractional Ordinary Shares.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Limitation
on Number and Amount of Ordinary Shares Sold</I>. Under no circumstances shall the number and aggregate amount of the Ordinary Shares
sold pursuant to this Agreement and any Terms Agreement exceed (i)&nbsp;the aggregate amount set forth in Section&nbsp;1, (ii)&nbsp;the
number or amount of Ordinary Shares available for issuance under the currently effective Registration Statement, (iii)&nbsp;the maximum
number or aggregate gross or net sales price of the Ordinary Shares authorized from time to time to be issued and sold under this Agreement
by the Board, or a duly authorized committee thereof or (iv)&nbsp;the aggregate offering price for Ordinary Shares available for sale
under the Prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Agreements</U>.
The Company agrees with the Agents that:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Filing
of Amendment or Supplement</I>. During any period when the delivery of a prospectus relating to the Ordinary Shares is required under
the Act (including in circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172), the Company will not file any
amendment of the Registration Statement or supplement (including the Prospectus Supplement) to the Base Prospectus or any Rule&nbsp;462(b)&nbsp;Registration
Statement, in each case only to the extent relating to the Ordinary Shares to be issued and sold pursuant to this Agreement, unless the
Company has furnished to the Agents a copy for their review prior to filing and will not file any such proposed amendment or supplement
to which the Agents reasonably object. The Company has properly completed the Prospectus, in a form approved by the Agents, and filed
such Prospectus, as amended at the Execution Time, with the Commission pursuant to the applicable paragraph of Rule&nbsp;424(b)&nbsp;by
the Execution Time and will cause any supplement to the Prospectus to be properly completed, in a form approved by the Agents, and will
file such supplement with the Commission pursuant to the applicable paragraph of Rule&nbsp;424(b)&nbsp;within the time period prescribed
thereby and will provide evidence satisfactory to the Agents of such timely filing. The Company will promptly advise the Agents (i)&nbsp;when
the Prospectus, and any supplement thereto, shall have been filed (if required) with the Commission pursuant to Rule&nbsp;424(b)&nbsp;or
when any Rule&nbsp;462(b)&nbsp;Registration Statement shall have been filed with the Commission, (ii)&nbsp;when, during any period when
the delivery of a prospectus (whether physically or through compliance with Rule&nbsp;172 or any similar rule) is required under the Act
in connection with the offering or sale of the Ordinary Shares, any amendment to the Registration Statement shall have been filed or become
effective, (iii)&nbsp;of any request by the Commission or its staff for any amendment of the Registration Statement, or any Rule&nbsp;462(b)&nbsp;Registration
Statement, or for any supplement to the Prospectus or for any additional information, (iv)&nbsp;of the issuance by the Commission of any
stop order suspending the effectiveness of the Registration Statement or of any notice objecting to its use or the institution or threatening
of any proceeding for that purpose and (v)&nbsp;of the receipt by the Company of any notification with respect to the suspension of the
qualification of the Ordinary Shares for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose.
The Company will use its commercially reasonable efforts to prevent the issuance of any such stop order or the occurrence of any such
suspension or objection to the use of the Registration Statement and, upon such issuance, occurrence or notice of objection, to use promptly
its commercially reasonable efforts to obtain the withdrawal of such stop order or relief from such occurrence or objection, including,
if necessary, by filing an amendment to the Registration Statement or a new registration statement and using its commercially reasonable
efforts to have such amendment or new registration statement declared effective as soon as practicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Notice
of Material Change</I>. If, at any time on or after an Applicable Time but prior to the related Settlement Date or Time of Delivery, any
event occurs as a result of which the Prospectus, as amended or supplemented, would include any untrue statement of a material fact or
omit to state any material fact necessary to make the statements therein in the light of the circumstances under which they were made
or the circumstances then prevailing not misleading, the Company will (i)&nbsp;notify promptly the Agents so that any use of the Prospectus
may cease until it is amended or supplemented; (ii)&nbsp;amend or supplement the Prospectus to correct such statement or omission; and
(iii)&nbsp;supply any amendment or supplement to the Agents in such quantities as the Agents may reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Material
Misstatements or Omissions in Prospectus</I>. During any period when the delivery of a prospectus relating to the Ordinary Shares is required
under the Act (including in circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172), if any event occurs as a
result of which the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state
any material fact necessary to make the statements therein in the light of the circumstances under which they were made at such time not
misleading, or if it shall be necessary to amend the Registration Statement, file a new registration statement or supplement the Prospectus
to comply with the Act or the Exchange Act or the respective rules&nbsp;thereunder, including in connection with use or delivery of the
Prospectus, the Company promptly will (i)&nbsp;notify the Agents of any such event, (ii)&nbsp;prepare and file with the Commission, subject
to the first sentence of Section&nbsp;4(a), an amendment or supplement or new registration statement which will correct such statement
or omission or effect such compliance, (iii)&nbsp;use its commercially reasonable efforts to have any amendment to the Registration Statement
or new registration statement declared effective as soon as practicable in order to avoid any disruption in use of the Prospectus and
(iv)&nbsp;supply any supplemented Prospectus to the Agents in such quantities as the Agents may reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Reports
to Security Holders and Agents</I>. As soon as reasonably practicable, the Company will make generally available, via the Commission&rsquo;s
Electronic Data Gathering Analysis and Retrieval (EDGAR) System, to its security holders and to the Agents an earnings statement or statements
of the Company and its subsidiaries which will satisfy the provisions of Section&nbsp;11(a)&nbsp;of the Act and Rule&nbsp;158.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Signed
Copies of Registration Statement</I>. The Company will furnish, or otherwise make available upon request, to the Agents and counsel for
the Agents, without charge, signed copies of the Registration Statement (including exhibits thereto) and, so long as delivery of a prospectus
by the Agents or dealer may be required by the Act (including in circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172),
as many copies of the Prospectus and any supplement thereto as the Agents may reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Qualifications</I>.
The Company will cooperate with the Agents and their counsel, if necessary, to qualify the Ordinary Shares for sale under the laws of
such jurisdictions as the Agents may reasonably designate and will maintain such qualifications in effect so long as reasonably required
for the distribution of the Ordinary Shares; <I>provided</I> that in connection therewith the Company shall not be required to qualify
as a foreign corporation or to file a general consent to service of process or to subject itself to taxation for doing business in any
jurisdiction if it is not otherwise so subject.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>No
Issuer Free Writing Prospectus</I>. The Company agrees that, unless it obtains the prior written consent of the Agents, and each Agent
agrees with the Company that, unless it has obtained or will obtain, as the case may be, the prior written consent of the Company, it
has not made and will not make any offer relating to the Ordinary Shares that would constitute an Issuer Free Writing Prospectus or that
would otherwise constitute a &ldquo;free writing prospectus&rdquo; (as defined in Rule&nbsp;405) required to be filed by the Company with
the Commission or retained by the Company under Rule&nbsp;433.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Limitation
on Sale of Ordinary Shares</I>. If sales of the Ordinary Shares have been made but not settled, or the Company has had outstanding with
the Agents any instructions to sell the Ordinary Shares, in either case, within the prior five Business Days, the Company will not offer,
sell, contract to sell, pledge, or otherwise dispose of, (or enter into any transaction which is designed to, or might reasonably be expected
to, result in the disposition of (whether by actual disposition or effective economic disposition due to cash settlement or otherwise)
by the Company or any affiliate of the Company or any person in privity with the Company or any affiliate of the Company) directly or
indirectly, including the filing (or participation in the filing) of a registration statement with the Commission (other than a registration
statement on Form&nbsp;S-8, a post-effective amendment to the Registration Statement made in compliance with paragraph (a)&nbsp;of this
Section&nbsp;4 or a new &ldquo;shelf&rdquo; registration statement) in respect of, or establish or increase a put equivalent position
or liquidate or decrease a call equivalent position within the meaning of Section&nbsp;16 of the Exchange Act, any Ordinary Shares or
any securities convertible into, or exercisable, or exchangeable for, Ordinary Shares; or publicly announce an intention to effect any
such transaction without (i)&nbsp;giving the Agents at least three Business Days&rsquo; prior written notice specifying the nature of
the proposed transaction and the date of such proposed transaction and (ii)&nbsp;the Agents suspending acting under this Agreement for
such period of time requested by the Company or as deemed reasonably appropriate by the Agents in light of the proposed transaction; <I>provided,
however</I>, that the Company may (i)&nbsp;issue and sell Ordinary Shares pursuant to this Agreement or any Terms Agreement, (ii)&nbsp;issue
and sell Ordinary Shares pursuant to employee stock option or other incentive compensation plans or employment arrangements existing on
the date hereof as described in the Prospectus (as such plans may be amended, supplemented or replaced), or pursuant to incentive compensation
plans or employment arrangements entered into in the ordinary course, (iii)&nbsp;issue Ordinary Shares upon the exercise of an option
or warrant or the conversion of a security outstanding on the date hereof which is disclosed in the Registration Statement and the Prospectus,
and (iv)&nbsp;establish a trading plan pursuant to Rule&nbsp;10b5-1 under the Act for the transfer of Ordinary Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Market
Stabilization</I>. The Company will not (i)&nbsp;take, directly or indirectly, any action designed to or that would constitute or that
might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of
any security of the Company to facilitate the sale or resale of any Ordinary Shares or (ii)&nbsp;sell, bid for, purchase or pay any person
(other than as contemplated by this Agreement or any Terms Agreement) any compensation for soliciting purchases of the Ordinary Shares;
provided that nothing herein shall prevent the Company from filing or submitting reports under the Exchange Act or issuing press releases
in the ordinary course of business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Notifications
to Agents</I>. The Company will, at any time during the term of this Agreement, as supplemented from time to time, advise the Agents immediately
after it shall have received notice or obtained knowledge thereof, of any information or fact that would materially alter or affect any
opinion, certificate, letter and other document provided to the Agents pursuant to Section&nbsp;6 herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Certificates</I>.
Upon commencement of the offering of the Ordinary Shares under this Agreement (and, to the extent not duplicative of a Representation
Date (as defined below) referred to in (i)&nbsp;&ndash; (iv)&nbsp;below, upon the recommencement of the ability of the Company to offer
Ordinary Shares under this Agreement upon the termination of a suspension of sales hereunder) and each time that (i)&nbsp;the Registration
Statement or the Prospectus shall be amended or supplemented (other than an amendment or supplement effected by the filing with the Commission
of any document incorporated by reference therein which shall be subject to the provisions of subclause (ii)&nbsp;below), (ii)&nbsp;the
Company shall file an Annual Report on Form&nbsp;20-F (the date of each such filing, and any date on which an amendment to any such document
is filed, an &ldquo;<U>Annual Filing Date</U>&rdquo;), (iii)&nbsp;the Company files a Form&nbsp;6-K containing interim financial data,
or (iv)&nbsp;otherwise as the Agents may reasonably request upon reasonable advance notice to the Company (such commencement or recommencement
date and each such date referred to in (i)&nbsp;- (iv)&nbsp;above, a &ldquo;<U>Representation Date</U>&rdquo;), the Company shall furnish
or cause to be furnished to the Agents within three Trading Days of such Representation Date if requested by the Agents or their counsel
a certificate in form satisfactory to the Agents to the effect that the statements contained in the certificate referred to in Section&nbsp;6(d)&nbsp;of
this Agreement which were last furnished to the Agents are true and correct at the time of such commencement or recommencement, amendment,
supplement, filing, or delivery, as the case may be, as though made at and as of such time (except that such statements shall be deemed
to relate to the Registration Statement and the Prospectus as amended and supplemented to such time) or, in lieu of such certificate,
a certificate of the same tenor as the certificate referred to in said Section&nbsp;6(d), modified as necessary to relate to the Registration
Statement and the Prospectus as amended and supplemented to the time of delivery of such certificate. Notwithstanding the foregoing or
anything in this Agreement to the contrary, no Representation Date shall be deemed to occur during any period where either the Company
or the Agents have suspended sales hereunder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Opinion
of Company Counsel</I>. Within five (5)&nbsp;trading days of each Representation Date, the Company shall furnish or cause to be furnished
forthwith to the Agents and to counsel to the Agents a written opinion of Cravath, Swaine&nbsp;&amp; Moore LLP, U.S. counsel for the Company,
dated and delivered the date of such Representation Date and addressed to the Agents, in form and substance satisfactory to the Agents,
of the same tenor as the opinion provided in <U>Annex II</U>, but modified as necessary to relate to the Registration Statement and the
Prospectus as amended and supplemented to the time of delivery of such opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Opinion
of Slaughter and May</I>. Within five (5)&nbsp;trading days of each Representation Date, the Company shall furnish or cause to be furnished
forthwith to the Agents and to counsel to the Agents a written opinion of Slaughter and May&nbsp;(or other counsel satisfactory to the
Agents), special counsel on matters of English law for the Company, dated and delivered the date of such Representation Date and addressed
to the Agents, in form and substance satisfactory to the Agents, of the same tenor as the opinion provided in <U>Annex III</U>, but modified
as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Opinion
of Agents Counsel</I>. At each Representation Date, except in connection with Section&nbsp;4(k)(iii), Duane Morris LLP, counsel to the
Agents, shall deliver a written opinion, dated and delivered the date of such Representation Date and addressed to the Agents, in form
and substance satisfactory to the Agents, with respect to the issuance and sale of the Ordinary Shares, the Registration Statement, the
Prospectus (together with any supplement thereto) and other related matters as the Agents may reasonably require, modified as necessary
to relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinion. The Company
shall have furnished to such counsel such documents as they reasonably request for the purpose of enabling them to pass upon such matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(o)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Letters
of Independent Accountant</I>. Upon commencement of the offering of the Ordinary Shares under this Agreement (and upon the recommencement
of the ability of the Company to offer Ordinary Shares under this Agreement upon the termination of a suspension of sales hereunder),
and within five (5)&nbsp;trading days of each Representation Date, the Company shall cause Deloitte S.L. (or other independent accountants
satisfactory to the Agents) forthwith, to furnish the Agents a letter, dated the date of commencement or recommencement, effectiveness
of such amendment, the date of filing of such supplement or other document with the Commission, or the Time of Delivery, as the case may
be, in form satisfactory to the Agents, of the same tenor as the letters referred to in Section&nbsp;6(e)&nbsp;but modified to relate
to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(p)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Due
Diligence</I>. At each Representation Date, the Company will conduct a due diligence session, in form and substance satisfactory to the
Agents, which shall include representatives of the management and the independent accountants of the Company. The Company shall cooperate
timely with any reasonable due diligence request from or review conducted by the Agents or their agents from time to time in connection
with the transactions contemplated by this Agreement, including, without limitation, providing information and available documents and
access to appropriate corporate officers and the Company&rsquo;s agents during regular business hours and at the Company&rsquo;s principal
offices, and timely furnishing or causing to be furnished such certificates, letters and opinions from the Company, its officers and its
agents, as the Agents may reasonably request.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(q)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Agents
Trading</I>. The Company consents to the Agents trading in the Ordinary Shares for each of the Agents&rsquo; own account and for the account
of its clients at the same time as sales of the Ordinary Shares occur pursuant to this Agreement or pursuant to a Terms Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(r)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Disclosures
in Periodic Reports</I>. At all times during which a prospectus is required by the Act to be delivered (whether physically or through
compliance with Rule&nbsp;172 or any similar rule) in connection with any offer of Ordinary Shares, the Company shall file its Annual
Reports on Form&nbsp;20-F within the period required under the Exchange Act setting forth consolidated financial statements and financial
schedules of the Company and the subsidiaries of the Company, together with related notes, prepared in accordance with Regulation S-X
under the Act and with IFRS consistently applied at the times and during the periods involved. The Company shall disclose in such Annual
Reports on Form&nbsp;20-F the number of Ordinary Shares sold through the Agents under this Agreement, the Net Proceeds to the Company
and the compensation paid by the Company with respect to sales of Ordinary Shares pursuant to this Agreement during the relevant period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(s)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Failure
of Certain Conditions</I>. If, to the knowledge of the Company, the conditions set forth in Sections 6(a), 6(f)&nbsp;or 6(g)&nbsp;shall
not be true and correct on the applicable Settlement Date, the Company will offer to any person who has agreed to purchase Ordinary Shares
from the Company as the result of an offer to purchase solicited by the Agents the right to refuse to purchase and pay for such Ordinary
Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(t)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Affirmation
of Representations and Warranties</I>. At each Applicable Time, Settlement Date and Representation Date, the Company shall be deemed to
have affirmed each representation and warranty contained in this Agreement as if such representation and warranty were made as of such
date, modified as necessary to relate to the Registration Statement and the Prospectus as amended and supplemented as of such date; and
each execution and delivery by the Company of a Terms Agreement, shall be deemed to be an affirmation to the Agents that the representations
and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance or
of such Terms Agreement as though made at and as of such date, and an undertaking that such representations and warranties will be true
and correct as of the Settlement Date for the Ordinary Shares relating to such acceptance or as of the Time of Delivery relating to such
sale, as the case may be, as though made at and as of such date, modified as necessary to relate to the Registration Statement and the
Prospectus as amended and supplemented as of such date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(u)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Sufficient
Ordinary Shares for Issuance</I>. The Company shall ensure that there are at all times sufficient Ordinary Shares to provide for the issuance,
free of any preemptive rights, out of its authorized but unissued Ordinary Shares or Ordinary Shares held in treasury, of the maximum
aggregate number of Ordinary Shares authorized for issuance by the Company pursuant to the terms of this Agreement. The Company will use
its commercially reasonable efforts to cause the Ordinary Shares to be listed for trading on the Nasdaq and to maintain such listing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Delivery
of Prospectus</I>. During any period when the delivery of a prospectus relating to the Ordinary Shares is required under the Act (including
in circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172), the Company will file all documents required to be
filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and the regulations thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(w)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>DTC</I>.
The Company shall cooperate with Agents and use their reasonable efforts to permit the Ordinary Shares to be eligible for clearance and
settlement through the facilities of DTC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(x)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Use
of Proceeds</I>. The Company will apply the Net Proceeds from the sale of the Ordinary Shares in the manner set forth in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(y)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Investment
Company; PFIC</I>. For a period of four years after any Settlement Date, the Company will use its commercially reasonable efforts to ensure
that no subsidiary of the Company shall become required to register as an &ldquo;investment company&rdquo; under the 1940 Act. For a period
of three years after any Settlement Date, the Company will use its commercially reasonable efforts to ensure that no subsidiary of the
Company shall become a PFIC that would require action on the part of a shareholder to make an election to treat the PFIC as a &ldquo;qualified
electing fund&rdquo; with respect to such shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(z)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>PFIC
Notice to Shareholders</I>. If the Company notifies its shareholders that it or a subsidiary will be a PFIC, it will contemporaneously
give similar notice to the Agents, along with information concerning the potential availability of a &ldquo;qualified electing fund&rdquo;
election (or elections) under Section&nbsp;1295 of the Code or any other applicable election with respect to each subsidiary of the Company
that is a PFIC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(aa)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Sales
under this Agreement shall cease on June&nbsp;15, 2024 unless and until the Company has filed a new prospectus supplement (the &ldquo;<U>New
Prospectus Supplement</U>&rdquo;) relating to the Ordinary Shares to an effective subsequent registration statement on Form&nbsp;F-3 (the
 &ldquo;<U>Subsequent Registration Statement</U>&rdquo;), and has taken all other reasonable actions necessary or appropriate to permit
the offering and sale of the Ordinary Shares to continue as contemplated in the expired registration statement relating to such Ordinary
Shares and this Agreement. Upon effectiveness of the Subsequent Registration Statement and filing of the New Prospectus Supplement, except
where the context otherwise requires, references herein to the &ldquo;Registration Statement&rdquo; shall be deemed to refer to the Subsequent
Registration Statement, and references herein to the &ldquo;Prospectus Supplement&rdquo; shall be deemed to refer to the New Prospectus
Supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Payment
of Expenses</U>. The Company agrees to pay the costs, fees and expenses relating to the following matters: (i)&nbsp;the preparation,
printing or reproduction and, if applicable, filing with the Commission of the Registration Statement (including financial
statements and exhibits thereto), the Prospectus, each Issuer Free Writing Prospectus and each amendment or supplement to any of
them; (ii)&nbsp;the printing (or reproduction) and delivery (including postage, air freight charges and charges for counting and
packaging) of such copies of the Registration Statement, the Prospectus and each Issuer Free Writing Prospectus, and all amendments
or supplements to any of them, as may, in each case, be reasonably requested for use in connection with the offering and sale of the
Ordinary Shares; (iii)&nbsp;the preparation, printing, authentication, issuance and delivery of certificates, if any, for the
Ordinary Shares, including any stamp or transfer taxes in connection with the original issuance and sale of the Ordinary Shares;
(iv)&nbsp;the listing of the Ordinary Shares on the Nasdaq (including any supplemental listing application); (v)&nbsp;any
registration or qualification of the Ordinary Shares for offer and sale under the securities or blue sky laws of the several states
(including filing fees and the reasonable fees and expenses of counsel for the Agents relating to such registration and
qualification); (vi)&nbsp;the transportation and other expenses incurred by or on behalf of Company&rsquo;s representatives in
connection with any presentations to prospective purchasers of the Ordinary Shares; (vii)&nbsp;the fees and expenses of the
Company&rsquo;s accountants and the fees and expenses of counsel (including local and special counsel) for the Company;
(viii)&nbsp;all other costs, fees and expenses incident to the performance by the Company of its obligations hereunder and
(ix)&nbsp;the reasonable and documented fees, disbursements and expenses of counsel for the Agents in connection with this Equity
Distribution Agreement, the related prospectus supplement to be filed with the Commission on October 6, 2021 in an amount
not to exceed $75,000 and ongoing services in connection with the transactions contemplated hereunder, not to exceed $5,000 per
calendar quarter starting from the date of this Agreement. Notwithstanding anything to the contrary, except as expressly provided in
this Section&nbsp;5, or otherwise as agreed with the Company in writing, the Agents shall be responsible for any transfer taxes on
resale of Ordinary Shares by them and any costs and expenses associated with this Agreement, any Terms Agreements, the transactions
contemplated hereby and the sale and marketing of the Ordinary Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">6.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Conditions
to the Obligations of the Agents</U>. The obligations of the Agents under this Agreement and any Terms Agreement shall be subject to (i)&nbsp;the
accuracy of the representations and warranties on the part of the Company contained herein as of the Execution Time, each Representation
Date, and as of each Applicable Time, Settlement Date and Time of Delivery, (ii)&nbsp;the performance by the Company of its obligations
hereunder and (iii)&nbsp;the following additional conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Prospectus, and any supplement thereto, required by Rule&nbsp;424 to be filed with the Commission have been filed in the manner and within
the time period required by Rule&nbsp;424(b)&nbsp;with respect to any sale of Ordinary Shares; any material required to be filed by the
Company pursuant to Rule&nbsp;433(d)&nbsp;under the Act, shall have been filed with the Commission within the applicable time periods
prescribed for such filings by Rule&nbsp;433; and no stop order suspending the effectiveness of the Registration Statement or any notice
objecting to its use shall have been issued and no proceedings for that purpose shall have been instituted or, to the knowledge of the
Company, threatened.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company shall have furnished or caused to be furnished the opinions and letters from its counsel and accountants as set forth in Section&nbsp;4,
on the dates as set forth in Section&nbsp;4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Agents shall have received from Duane Morris LLP, counsel for the Agents, an opinion as set forth in Section&nbsp;4(p), on the dates as
set forth in Section&nbsp;4, and the Company shall have furnished to such counsel such documents as they reasonably request for the purpose
of enabling them to pass upon such matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company shall have furnished or caused to be furnished to the Agents, on every date specified in Section&nbsp;4(k)&nbsp;of this Agreement,
a certificate by the principal executive officer or principal financial officer of the Company, dated as of such date, to the effect that
the signer of such certificate has carefully examined the Registration Statement and the Prospectus and any supplements or amendments
thereto and this Agreement and that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
representations and warranties of the Company in this Agreement are true and correct on and as of such date with the same effect as if
made on such date and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or
satisfied at or prior to such date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">no
stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use has been issued by the Commission
and no proceedings for that purpose have been instituted or, to such officer&rsquo;s knowledge, threatened; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">since
the date of the most recent financial statements included in the Prospectus, there has been no material adverse change, or any
development that would reasonably be expected to result in a material adverse change on the condition (financial or otherwise), net
worth, earnings, prospects, cash flows, business or results of operations or properties of the Company and its subsidiaries, taken
as a whole, or any change in the share capital or long-term debt of the Company, otherwise than as set forth in or contemplated in
the Prospectus, as amended or supplemented.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company shall have requested and caused Deloitte S.L. or other independent accountants satisfactory to the Agents) to have furnished to
the Agents, on every date specified in Section&nbsp;4(q)&nbsp;hereof, a comfort letter, dated respectively as of such date, in form and
substance reasonably satisfactory to the Agents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Subsequent
to the respective dates as of which information is disclosed in the Registration Statement and the Prospectus, except as otherwise stated
therein, there shall not have been (i)&nbsp;any adverse change or decrease specified in the letter referred to in Section&nbsp;6(e)&nbsp;or
(ii)&nbsp;any adverse change, or any development involving a prospective adverse change that would reasonably be expected to have a Material
Adverse Effect, which, in the Agents&rsquo; opinion, would materially and adversely affect the market for Ordinary Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Between
the Execution Time and the time of any sale of Ordinary Shares through the Agents, there shall not have been any decrease in the rating
of any of the debt securities of the Company by any &ldquo;nationally recognized statistical rating organization&rdquo; (as defined for
purposes of Rule&nbsp;436(g)&nbsp;under the Act) that is so material as to make it impracticable or inadvisable in the sole judgment of
the Agents to proceed with the offering or delivery of the Ordinary Shares on the terms and in the manner contemplated in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">FINRA
shall not have raised any objection with respect to the fairness and reasonableness of the terms and arrangements under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Trading
in the Ordinary Shares shall not have been suspended on the Nasdaq.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Prior
to each Settlement Date and Time of Delivery, as applicable, the Company shall have furnished to the Agents such further information,
certificates and documents as the Agents may reasonably request for the purposes of enabling them to pass upon the issuance and sale of
the Ordinary Shares as contemplated herein, in any Terms Agreement, or in order to evidence the accuracy of any of the representations
and warranties, or the satisfaction of any of the conditions or agreements, herein contained.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any of the conditions specified in this Section&nbsp;6 shall not
have been fulfilled when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in
this Agreement shall not be reasonably satisfactory in form and substance to the Agents and counsel for the Agents, this Agreement and
all obligations of the Agents hereunder may be canceled at, or at any time prior to, any Settlement Date or Time of Delivery, as applicable,
by the Agents. Notice of such cancellation shall be given to the Company in writing or by telephone or facsimile confirmed in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The documents required to be delivered by this Section&nbsp;6 shall
be delivered to the office of Duane Morris LLP, counsel for the Agents, at 1540 Broadway, New York, NY 10036, or electronically to an
address provided by it to the Company or their counsel, on each such date as provided in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">7.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Indemnification and
Contribution</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company will indemnify and hold harmless each Agent against any losses, claims, damages or liabilities, joint or several, to which such
Agent may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement,
Prospectus, Base Prospectus or Prospectus Supplement, or any amendment or supplement thereto, any Issuer Free Writing Prospectus or any
 &ldquo;issuer information&rdquo; filed or required to be filed pursuant to Rule&nbsp;433(d)&nbsp;under the Act, or arise out of or are
based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, and will reimburse each Agent for any legal or other expenses reasonably incurred by such Agent in connection
with investigating or defending any such action or claim as such expenses are incurred; <I>provided</I>, <I>however</I>, that the Company
shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, Prospectus, Base Prospectus
or Prospectus Supplement, or any amendment or supplement thereto, any Issuer Free Writing Prospectus, in reliance upon and in conformity
with any Agents Information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
Agent, severally and not jointly will indemnify and hold harmless the Company against any losses, claims, damages or liabilities to which
the Company may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement, Prospectus, Base Prospectus or Prospectus Supplement, or any amendment or supplement thereto, any Issuer Free Writing Prospectus,
or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission was made in the Registration Statement, Prospectus, Base Prospectus or Prospectus Supplement,
or any amendment or supplement thereto, any Issuer Free Writing Prospectus, in reliance upon and in conformity with Agents Information;
and will reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with investigating or
defending any such action or claim as such expenses are incurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Promptly
after receipt by an indemnified party under subsection (a)&nbsp;or (b)&nbsp;above of notice of the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying
party in writing of the commencement thereof; but the omission so to notify the indemnifying party shall not relieve it from any liability
which it may have to any indemnified party otherwise than under such subsection. In case any such action shall be brought against any
indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to
participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the
defense thereof, with counsel satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party,
be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume
the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses
of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof
other than reasonable costs of investigation. No indemnifying party shall, without the written consent of the indemnified party, effect
the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in
respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential
party to such action or claim) unless such settlement, compromise or judgment (i)&nbsp;includes an unconditional release of the indemnified
party from all liability arising out of such action or claim and (ii)&nbsp;does not include a statement as to or an admission of fault,
culpability or a failure to act, by or on behalf of any indemnified party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">If
the indemnification provided for in this Section&nbsp;7 is unavailable to or insufficient to hold harmless an indemnified party under
subsection (a)&nbsp;or (b)&nbsp;above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred
to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such
losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits
received by the Company on the one hand and the Agents on the other from the offering of the Ordinary Shares. If, however, the allocation
provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the notice
required under subsection (c)&nbsp;above, then each indemnifying party shall contribute to such amount paid or payable by such indemnified
party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the
one hand and the Agents on the other in connection with the statements or omissions which resulted in such losses, claims, damages or
liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by
the Company on the one hand and the Agents on the other shall be deemed to be in the same proportion as the total net proceeds from the
offering (before deducting expenses) received by the Company bear to the total sales commissions received by the Agents. The relative
fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Agents on
the other and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission. The Company and the Agents agree that it would not be just and equitable if contribution pursuant to this subsection (d)&nbsp;were
determined by pro rata allocation (even if the Agents were treated as one entity for such purposes) or by any other method of allocation
which does not take account of the equitable considerations referred to above in this subsection (d). The amount paid or payable by an
indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this
subsection (d)&nbsp;shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection
with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection (d), no Agent shall be required
to contribute any amount in excess of the amount by which the total price at which the Ordinary Shares distributed to the public were
offered to the public exceeds the amount of any damages which such Agent has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of
the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Agents&rsquo;
obligations in this subsection (d)&nbsp;to contribute are several and not joint.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
obligations of the Company under this Section&nbsp;7 shall be in addition to any liability which the Company may otherwise have and shall
extend, upon the same terms and conditions, to each person, if any, who controls any Agents within the meaning of the Act, each broker-dealer
affiliate of any Agents and each director, officer, employee and agents of any Agents or broker-dealer affiliate of any Agents; and the
obligations of the Agents under this Section&nbsp;7 shall be in addition to any liability which the respective Agents may otherwise have
and shall extend, upon the same terms and conditions, to each officer and director of the Company (including any person who, with his
or her consent, is named in any Registration Statement as about to become a director of the Company) and to each person, if any, who controls
the Company within the meaning of the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">8.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Termination</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating
to the solicitation of offers to purchase the Ordinary Shares in its sole discretion at any time. Any such termination shall be without
liability of any party to any other party except that (i)&nbsp;if Ordinary Shares have been sold through the Agents, then Section&nbsp;4(u)&nbsp;shall
remain in full force and effect, (ii)&nbsp;with respect to any pending sale of Ordinary Shares through the Agents, the obligations of
the Company, including in respect of compensation of the Agents, shall remain in full force and effect notwithstanding the termination
and (iii)&nbsp;the provisions of Sections 5, 7, 9, 10, 12, 14, 15, 16 and 17 of this Agreement shall remain in full force and effect notwithstanding
such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Agents shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of this Agreement relating
to the solicitation of offers to purchase the Ordinary Shares in their sole discretion at any time. Any such termination shall be without
liability of any party to any other party except that the provisions of Sections 5, 7, 9, 10, 12, 14, 15, 16 and 17 of this Agreement
shall remain in full force and effect notwithstanding such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">This
Agreement shall remain in full force and effect unless terminated pursuant to Section&nbsp;8(a)&nbsp;or 8(b)&nbsp;above or otherwise by
mutual written agreement of the parties; <I>provided</I> that any such termination by mutual agreement shall in all cases be deemed to
provide that Sections 5, 7, 9, 10, 12, 14, 15, 16 and 17 shall remain in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
termination of this Agreement shall be effective on the date specified in such notice of termination; <I>provided</I> that such termination
shall not be effective until the close of business on the date of receipt of such notice by the Agents or the Company, as the case may
be. If such termination shall occur prior to the Settlement Date or Time of Delivery for any sale of the Ordinary Shares, such sale shall
settle in accordance with the provisions of Section&nbsp;3(a)(vii)&nbsp;of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the case of any purchase of Ordinary Shares by the Agents pursuant to a Terms Agreement, the obligations of the Agents pursuant to such
Terms Agreement shall be subject to termination, in the absolute discretion of the Agents, by notice given to the Company prior to the
Time of Delivery relating to such Ordinary Shares, if at any time prior to such delivery and payment (i)&nbsp;trading in the Ordinary
Shares shall have been suspended by the Commission or the Nasdaq or trading in securities generally on the Nasdaq shall have been suspended
or limited or minimum prices shall have been established on such exchange, (ii)&nbsp;a banking moratorium shall have been declared either
by Federal or New York State authorities or (iii)&nbsp;there shall have occurred any outbreak or escalation of hostilities, declaration
by the United States of a national emergency or war, or other calamity or crisis the effect of which on financial markets is such as to
make it, in the sole judgment of the Agents, impractical or inadvisable to proceed with the offering or delivery of the Ordinary Shares
as contemplated by the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">9.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Representations
and Indemnities to Survive</U>. The respective agreements, representations, warranties, indemnities and other statements of the Company
or its officers and of the Agents set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of
any investigation made by the Agents or the Company or any of the officers, directors, employees, agents, broker-dealer affiliates or
controlling persons referred to in Section&nbsp;7 hereof, and will survive delivery of and payment for the Ordinary Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Notices</U>.
All communications hereunder will be in writing and effective only on receipt, and, if sent to the Agents, will be mailed, e-mailed,
delivered or telefaxed to: B. Riley Securities,&nbsp;Inc., 299 Park Avenue, 7<SUP>th</SUP> Floor, New York, NY 10171, Attention: General
Counsel (email: <U>atmdesk@brileyfin.com</U>) and Cantor Fitzgerald&nbsp;&amp; Co., 499 Park Avenue, New York, NY 10022, with a copy
to Duane Morris LLP, 1540 Broadway, New York, NY 10036, Attention: Dean M. Colucci (email: <U>dmcolucci@duanemorris.com</U>) ; or, if
sent to the Company, will be mailed, e-mailed, delivered or telefaxed to the address of the Company set forth in the Registration Statement,
with a copy to Cravath, Swaine&nbsp;&amp; Moore LLP, 825 Eighth Avenue, New York, New York 10019-7475, Attn: Philip Boeckman; Sasha Rosenthal-Larrea
(email: <U>pboeckman@cravath.com</U>; <U>srosenthal-larrea@cravath.com</U>).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Successors
and Parties in Interest</U>. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective
successors, and no other person shall have any right or obligation hereunder. This Agreement has been and is made solely for the benefit
of the Agents and the Company and, to the extent provided in Section&nbsp;7 of this Agreement, the officers, directors, employees, agents,
broker-dealer affiliates and controlling persons referred to in Section&nbsp;7 and their respective successors, assigns, heirs, personal
representatives and executors and administrators. No other person shall acquire or have any right under or by virtue of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">12.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Fiduciary Duty</U>. The Company hereby acknowledges that (a)&nbsp;the purchase and sale of the Ordinary Shares pursuant to this Agreement
is an arm&rsquo;s-length commercial transaction between the Company, on the one hand, and the Agents and any affiliate through which
it may be acting, on the other, (b)&nbsp;the Agents are acting solely as sales agents and/or principals in connection with the purchase
and sale of the Ordinary Shares and not as a fiduciary of the Company and (c)&nbsp;the Company&rsquo;s engagement of the Agents in connection
with the offering and the process leading up to the offering is as independent contractors and not in any other capacity. Furthermore,
the Company agrees that it is solely responsible for making its own judgments in connection with the offering (irrespective of whether
the Agents have advised or is currently advising the Company on related or other matters). The Company agrees that it will not claim
that the Agents have rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the Company,
in connection with such transactions contemplated by this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">13.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Integration</U>.
This Agreement and any Terms Agreement supersede all prior agreements and understandings (whether written or oral) between the Company
and the Agents with respect to the subject matter hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">14.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Applicable
Law</U>. This Agreement and any Terms Agreement will be governed by and construed in accordance with the laws of the State of New York
applicable to contracts made and to be performed within the State of New York. The Company agrees that any suit or proceeding arising
in respect of this agreement or the engagement of the Agents will be tried exclusively in the U.S. District Court for the Southern District
of New York or, if that court does not have subject matter jurisdiction, in any state court located in The City and County of New York,
and the Company agrees to submit to the jurisdiction of, and to venue in, such courts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">15.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Compliance
with USA Patriot Act</U>. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October&nbsp;26,
2001)), the Agents are required to obtain, verify and record information that identifies their respective clients, including the Company,
which information may include the name and address of their respective clients, as well as other information that will allow the Agents
to properly identify their respective clients.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">16.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Recognition
of the U.S. Special Resolution Regimes</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the event that any Agents that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from such Agents of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation,
were governed by the laws of the United States or a state of the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">In
the event that any Agents that is a Covered Entity or a BHC Act Affiliate of such Agents becomes subject to a proceeding under a U.S.
Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Agents are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed
by the laws of the United States or a state of the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">17.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Waiver
of Jury Trial</U>. The Company hereby irrevocably waived, to the fullest extent permitted by applicable law, any and all right to trial
by jury in any legal proceeding arising out of or relating to this Agreement, any Terms Agreement or the transactions contemplated hereby
or thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">18.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
This Agreement and any Terms Agreement may be signed in one or more counterparts, each of which shall constitute an original and all
of which together shall constitute one and the same agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">19.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Headings.
The section headings used in this Agreement and any Terms Agreement are for <U>convenience</U> only and shall not affect the construction
hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">20.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Definitions</U>.
The terms that follow, when used in this Agreement and any Terms Agreement, shall have the meanings indicated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Act</U>&rdquo; shall mean the Securities
Act of 1933, as amended, and the rules&nbsp;and regulations of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Applicable Time</U>&rdquo; shall mean,
with respect to any Ordinary Shares, the time of sale of such Ordinary Shares pursuant to this Agreement or any relevant Terms Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Base Prospectus</U>&rdquo; shall mean
the base prospectus referred to in Section&nbsp;2(a)&nbsp;above contained in the Registration Statement at the Execution Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>BHC Act Affiliate</U>&rdquo; has the meaning
assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Business Day</U>&rdquo; shall mean any
day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated
by law to close in New York City.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Commission</U>&rdquo; shall mean the Securities
and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Covered Entity</U>&rdquo; means any of
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(i)&nbsp;a &ldquo;covered entity&rdquo;
as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(ii)&nbsp;a &ldquo;covered bank&rdquo;
as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(iii)&nbsp;a &ldquo;covered FSI&rdquo;
as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Default Right</U>&rdquo; has the meaning
assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Earnings Announcement</U>&rdquo; shall
mean a press release or other public announcement of the Company containing its earnings, revenues or other results of operations for
a quarterly or annual period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Effective Date</U>&rdquo; shall mean each
date and time that the Registration Statement and any post-effective amendment or amendments thereto became or becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Exchange Act</U>&rdquo; shall mean the
Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Execution Time</U>&rdquo; shall mean the
date and time that this Agreement is executed and delivered by the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Issuer Free Writing Prospectus</U>&rdquo;
shall mean an issuer free writing prospectus, as defined in Section&nbsp;2(a)&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Operative Agreements</U>&rdquo; shall
mean the agreements listed in Schedule I hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Prospectus</U>&rdquo; shall mean the prospectus,
as defined in Section&nbsp;2(a)&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Prospectus Supplement</U>&rdquo; shall
mean the prospectus supplement, as defined in Section&nbsp;2(a)&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Registration Statement</U>&rdquo; shall
mean the registration statement referred to in Section&nbsp;2(a)&nbsp;above, including exhibits and financial statements and any prospectus
supplement relating to the Ordinary Shares that is filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;and deemed part of such
registration statement pursuant to Rule&nbsp;430B, as amended on each Effective Date and, in the event any post-effective amendment thereto
or any Rule&nbsp;462(b)&nbsp;Registration Statement becomes effective, shall also mean such registration statement as so amended or such
Rule&nbsp;462(b)&nbsp;Registration Statement, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Rule&nbsp;158</U>&rdquo;, &ldquo;<U>Rule&nbsp;172</U>&rdquo;,
 &ldquo;<U>Rule&nbsp;405</U>&rdquo;, &ldquo;<U>Rule&nbsp;424</U>&rdquo;, &ldquo;<U>Rule&nbsp;430B</U>&rdquo;, &ldquo;<U>Rule&nbsp;433</U>&rdquo;
and &ldquo;<U>Rule&nbsp;462</U>&rdquo; refer to such rules&nbsp;under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Rule&nbsp;462(b)&nbsp;Registration Statement</U>&rdquo;
shall mean a registration statement and any amendments thereto filed pursuant to Rule&nbsp;462(b)&nbsp;relating to the offering covered
by the registration statement referred to in Section&nbsp;2(a)&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>U.S. Special Resolution Regime</U>&rdquo;
means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">21.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Company has appointed Globe Specialty Metals,&nbsp;Inc. as its authorized agents (the &ldquo;<U>Authorized Agents</U>&rdquo;) upon whom
process may be served in any suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated
herein which may be instituted, by any Agents, the directors, officers, employees and agents of any Agents, or by any person who controls
any Agents, and expressly accepts the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding.
The Company hereby represents and warrants that the Authorized Agents has accepted such appointment and has agreed to act as said agents
for service of process, and each of them agrees to take any and all action, including the filing of any and all documents that may be
necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agents shall be
deemed, in every respect, effective service of process upon the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page&nbsp;Follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the foregoing correctly sets forth the understanding
between the Company and the Agents, please so indicate in the space provided below for that purpose, whereupon this Agreement and your
acceptance shall constitute a binding agreement between the Company and the Agents. Alternatively, the execution of this Agreement by
the Company and its acceptance by or on behalf of the Agents may be evidenced by an exchange of telegraphic or other written communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ferroglobe PLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Javier L&oacute;pez Madrid</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Javier L&oacute;pez Madrid</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and Executive Chairman</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page&nbsp;to Equity Distribution
Agreement]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The foregoing Agreement is hereby</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">confirmed and accepted as of the</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">date first written above.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">B. RILEY SECURITIES,&nbsp;INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Patrice McNicoll</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patrice McNicoll</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Head Investment Banking</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page&nbsp;to Equity Distribution
Agreement]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The foregoing Agreement is hereby</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">confirmed and accepted as of the</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">date first written above.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">CANTOR FITZGERALD&nbsp;&amp;
    CO.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Sage Kelly</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD> Sage Kelly<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>Global Head of Investment Banking</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page&nbsp;to Equity Distribution
Agreement]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Schedule I</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Operative Agreements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">This
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
Terms Agreement </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><B>Annex I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ferroglobe PLC<BR>
Ordinary Shares<BR>
<U>TERMS AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">B. Riley Securities,&nbsp;Inc.<BR>
299 Park Avenue, 21<SUP>st</SUP> Floor<BR>
New York, NY 10171</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cantor Fitzgerald&nbsp;&amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">499 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Ferroglobe PLC, a public limited company
organized under the laws of England and Wales (the &ldquo;<U>Company</U>&rdquo;), proposes, subject to the terms and conditions
stated herein and in the Equity Distribution Agreement, dated October 6, 2021 (the &ldquo;<U>Equity Distribution
Agreement</U>&rdquo;), among the Company, B. Riley Securities,&nbsp;Inc. and Cantor Fitzgerald&nbsp;&amp; Co. (the
 &ldquo;<U>Purchasers</U>&rdquo;) to issue and sell to the Purchasers the securities specified in Schedule 1 hereto (the
 &ldquo;<U>Purchased Ordinary Shares</U>&rdquo;) [, and solely for the purpose of covering over-allotments, to grant to the
Purchasers the option to purchase the additional securities specified in the Schedule 1 hereto (the &ldquo;<U>Additional Ordinary
Shares</U>&rdquo;)].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[The Purchasers shall have the right to purchase
from the Company all or a portion of the Additional Ordinary Shares as may be necessary to cover over-allotments made in connection with
the offering of the Purchased Ordinary Shares, at the same purchase price per share to be paid by the Purchasers to the Company for the
Purchased Ordinary Shares. This option may be exercised by the Purchasers at any time (but not more than once) on or before the 30th
day following the date hereof, by written notice to the Company. Such notice shall set forth the aggregate number of Additional Ordinary
Shares as to which the option is being exercised, and the date and time when the Additional Ordinary Shares are to be delivered (such
date and time being herein referred to as the &ldquo;<U>Option Closing Date</U>&rdquo;); <I>provided, however</I>, that the Option Closing
Date shall not be earlier than the Time of Delivery (as set forth in the Schedule 1 hereto) nor earlier than the second business day
after the date on which the option shall have been exercised nor later than the fifth business day after the date on which the option
shall have been exercised. Payment of the purchase price for the Additional Ordinary Shares shall be made at the Option Closing Date
in the same manner and at the same office as the payment for the Purchased Ordinary Shares.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of the provisions of the Equity Distribution
Agreement not specifically related to the solicitation by the Purchasers, as agents of the Company, of offers to purchase securities
is incorporated herein by reference in its entirety, and shall be deemed to be part of this Terms Agreement to the same extent as if
such provisions had been set forth in full herein. Each of the representations and warranties set forth therein shall be deemed to have
been made at and as of the date of this Terms Agreement [and] [,] the Time of Delivery [and any Option Closing Date], except that each
representation and warranty in Section&nbsp;2 of the Equity Distribution Agreement which makes reference to the Prospectus (as therein
defined) shall be deemed to be a representation and warranty as of the date of the Equity Distribution Agreement in relation to the Prospectus,
and also a representation and warranty as of the date of this Terms Agreement [and] [,] the Time of Delivery [and any Option Closing
Date] in relation to the Prospectus as amended and supplemented to relate to the Purchased Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An amendment to the Registration Statement (as
defined in the Equity Distribution Agreement), or a supplement to the Prospectus, as the case may be, relating to the Purchased Ordinary
Shares [and the Additional Ordinary Shares], in the form heretofore delivered to the Purchaser will be promptly filed with the Securities
and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the terms and conditions set forth
herein and in the Equity Distribution Agreement which are incorporated herein by reference, the Company agrees to issue and sell to the
Purchaser and the latter agree to purchase from the Company the number of the Purchased Ordinary Shares at the time and place and at
the purchase price set forth in the Schedule 1 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Capitalized terms used but not defined herein
shall have the meaning ascribed to them in the Equity Distribution Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature pages&nbsp;follow</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the foregoing is in accordance with your understanding, please
sign and return to us a counterpart hereof, whereupon this Terms Agreement, including those provisions of the Equity Distribution Agreement
incorporated herein by reference, shall constitute a binding agreement between the Purchasers and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ferroglobe PLC</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 40 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACCEPTED as of the date first written above</FONT></TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; text-transform: uppercase">[&#9679;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 41 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Schedule 1 to Terms Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD COLSPAN="2" STYLE="padding-top: 0.25pt; padding-right: 5.65pt; padding-bottom: 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Title
    of Purchased Ordinary Shares [and Additional Ordinary Shares]:</FONT></TD>
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt 0.25pt 6.25pt 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">Common
    Stock</FONT></TD>
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 0.25pt; padding-right: 5.65pt; padding-bottom: 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Number
    of Purchased Ordinary Shares:</FONT></TD>
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 0.25pt; padding-right: 5.65pt; padding-bottom: 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">[Number
    of Additional Ordinary Shares:]</FONT></TD>
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 0.25pt; padding-right: 5.65pt; padding-bottom: 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">[Price
    to Public:]</FONT></TD>
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 0.25pt; padding-right: 5.65pt; padding-bottom: 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Purchase
    Price by Purchasers:</FONT></TD>
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 0.25pt; padding-right: 5.65pt; padding-bottom: 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Method
    of and Specified Funds for Payment of Purchase Price:</FONT></TD>
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 5.65pt 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">By wire transfer to a bank account
    specified by the Company in same day funds.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 0.25pt; padding-right: 5.65pt; padding-bottom: 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Method
    of Delivery:</FONT></TD>
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 5.65pt 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Free delivery of the Ordinary
    Shares to the Purchasers&rsquo; accounts at The Depository Trust Company in return for payment of the purchase price.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 0.25pt; padding-right: 5.65pt; padding-bottom: 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Time
    of Delivery:</FONT></TD>
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 0.25pt; padding-right: 5.65pt; padding-bottom: 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Closing
    Location:</FONT></TD>
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 0.25pt; padding-right: 5.65pt; padding-bottom: 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Documents
    to be Delivered:</FONT></TD>
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 5.65pt 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">The following documents referred
    to in the Equity Distribution Agreement shall be delivered as a condition to the closing at the Time of Delivery [and on any Option
    Closing Date]:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 5.65pt 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(1)&nbsp;The opinions referred
    to in Sections 4(l)-4(m).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 5.65pt 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(2)&nbsp;The opinion referred
    to in Section&nbsp;4(p).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 5.65pt 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(3)&nbsp;The accountant&rsquo;s
    letter referred to in Section&nbsp;4(q).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 5.65pt 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(4)&nbsp;The officers&rsquo;
    certificate referred to in Section&nbsp;4(k).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 5.65pt 6.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt 5.65pt 6.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">(5)&nbsp;Such other documents
    as the Agents shall reasonably request. </FONT></TD></TR>
  <TR>
    <TD STYLE="width: 13%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 66%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 21%; padding: 0.25pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2127314d5_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="padding: 0; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0; width: 15%">6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> October&nbsp;2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0"></TD>
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your reference</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ferroglobe Plc</B></FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5 Fleet Place,</B></FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>London,</B></FONT></TD>
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our reference</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EC4M 7RD</B></FONT></TD>
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RJZS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B. Riley Securities,&nbsp;Inc.</B></FONT></TD>
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Direct line</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>299 Park Avenue, 7th Floor</B></FONT></TD>
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+44 (0)20 7090 3386</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New York, NY 10171</B></FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>and</B></FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cantor Fitzgerald&nbsp;&amp; Co.</B></FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>499 Park Avenue</B></FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New York, NY 10022 (the &ldquo;Sales Agents&rdquo;)</B></FONT></TD>
    <TD STYLE="padding: 0">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sir / Madam</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Ferroglobe PLC (the &ldquo;Company&rdquo;)<BR>
At-the-Market Program (the &ldquo;ATM Program&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Introduction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We refer to: (i)&nbsp;the shelf
                                                                                                                              registration statement on Form&nbsp;F-3 (Registration No.&nbsp;333-255973) filed by the Company on 10 May&nbsp;2021, as amended by
                                                                                                                              Amendment No.&nbsp;1 to Form&nbsp;F-3 filed on 11 June&nbsp;2021 and declared effective on 15 June&nbsp;2021 (the
                                                                                                                              &ldquo;<B>Registration Statement</B>&rdquo;); (ii)&nbsp;the equity distribution agreement between the Company and the Sales Agents
                                                                                                                              dated 6 October&nbsp;2021 (the &ldquo;<B>Distribution Agreement</B>&rdquo;); and (iii)&nbsp;the prospectus supplement </FONT>to
                                                                                                                              the Registration Statement to register the issuance and sale of Ordinary Shares pursuant to the ATM Program dated
                                                                                                                              6 October&nbsp;2021 (the &ldquo;<B>Prospectus Supplement</B>&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">2.</TD><TD STYLE="text-align: justify">Unless otherwise defined in this letter, terms and expressions defined in the Distribution Agreement have
the same meanings when used in this letter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">3.</TD><TD STYLE="text-align: justify">We have been instructed by our client, the Company, and have been requested by the Company to write this
letter. We have not been involved in the preparation of the ATM Program and our role has been limited to the writing of this letter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">4.</TD><TD STYLE="text-align: justify">This letter sets out our opinion on certain matters of English law as at today&rsquo;s date and as currently
applied by the English courts. We have not made any investigation of, and do not express any opinion on, any other law. This letter is
to be governed by and construed in accordance with English law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">5.</TD><TD STYLE="text-align: justify">For the purposes of this letter, we have examined:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">a copy of the Certificate of Incorporation, Memorandum and Articles of Association (together with the
resolutions and agreement filed at Companies House under section 30 of the Companies Act 2006 and its predecessors) of the Company certified
as true, complete and up-to-date by Thomas Wiesner;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">a copy of the Amended and Restated Shareholders&rsquo; Agreement in respect of the Company, dated 21 November&nbsp;2017,
as further amended on 23 January&nbsp;2018 and 13 May&nbsp;2021 certified to be a true copy and as being in full force and effect by Thomas
Wiesner;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a copy of the waiver letter dated 30
                                                                                                                               September 2021 sent by Group Villa Mir S.A.U. to the Company, certified to be a true copy and as being in full force and effect by </FONT>Javier
                                                                                                                               Lopez Madrid;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(d)</TD><TD STYLE="text-align: justify">a certificate of Thomas Wiesner dated 6 October 2021 certifying (i)&nbsp;the number of shares issued
                                                               by the Company since 26 October&nbsp;2017; (ii)&nbsp;the total issued share capital of the Company as at today&rsquo;s date; and
                                                               (iii)&nbsp;the total number of shares remaining un-allotted under the cap on the directors&rsquo; authority to allot as at
                                                               today&rsquo;s date; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(e)</TD><TD STYLE="text-align: justify">a copy of the written resolution of Board of Directors of the Company dated 30 September 2021
                                                               certified to be a true copy and as being in full force and effect by Thomas Wiesner.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For the purposes of this letter, the
                                                                                                                              following searches have been carried out: (i)&nbsp;a search at the Registrar of Companies in respect of the Company on 6 October
                                                                                                                              2021</FONT>; and (ii)&nbsp;a search at the Central Registry of Winding-Up Petitions in respect of the Company on 6 October 2021
                                                                                                                              (together the &ldquo;<B>Searches</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Assumptions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">7.</TD><TD STYLE="text-align: justify">For the purposes of this letter, we have assumed each of the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">that all signatures on the executed documents which, or copies of which, we have examined are genuine;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">the copy (including electronic copy) of documents examined by us are complete and up to date, conform
to the originals, and would, if issued today, comply, as respects the Articles of Association with section 36 of the Companies Act 2006;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(c)</TD><TD STYLE="text-align: justify">that (i)&nbsp;the information disclosed by the Searches was complete, up to date and accurate as at the
date each was conducted and has not since then been altered or added to;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(d)</TD><TD STYLE="text-align: justify">the Searches did not fail to disclose any information relevant for the purposes of this opinion;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(e)</TD><TD STYLE="text-align: justify">the statements contained in the certificate of Thomas Wiesner referred to in section 5 above are complete
and accurate as at today&rsquo;s date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(f)</TD><TD STYLE="text-align: justify">the directors&rsquo; written resolutions referred to in sub-paragraph 5(e)&nbsp;are a true record of the
resolutions passed by the Board and have not subsequently been amended, revoked, rescinded or superseded;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(g)</TD><TD STYLE="text-align: justify">in resolving to issue the Ordinary Shares, the directors of the Company will act in good faith to promote
the success of the Company for the benefit of its members as a whole and in accordance with any other duty, breach of which could give
rise to such transactions being avoided;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(h)</TD><TD STYLE="text-align: justify">that the names of the appropriate persons will be entered in the Company&rsquo;s register of members upon
allotment of the Ordinary Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(i)</TD><TD STYLE="text-align: justify">the directors of the Company have complied with their duties as directors in so far as relevant to this
opinion letter;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(j)</TD><TD STYLE="text-align: justify">that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(i)</TD><TD STYLE="text-align: justify">no proposal has been made for a voluntary arrangement, and no moratorium has been obtained, in relation
to the Company under Part&nbsp;I of the Insolvency Act 1986;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(ii)</TD><TD STYLE="text-align: justify">the Company has not given any notice in relation to or passed any winding-up resolution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(iii)</TD><TD STYLE="text-align: justify">no application has been made or petition presented to a court, and no order has been made by a court,
for the winding up, or administration of the Company, and no step has been taken to strike off or dissolve the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(iv)</TD><TD STYLE="text-align: justify">no liquidator, administrator, receiver, administrative receiver, trustee in bankruptcy or similar officer
has been appointed in relation to the Company or any of its assets or revenues, and no notice has been given or filed in relation to the
appointment of such an officer; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 34.3pt">(v)</TD><TD STYLE="text-align: justify">no insolvency proceedings or analogous procedures have been commenced in any jurisdiction outside England
and Wales in relation to the Company or any of its assets or revenues; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(k)</TD><TD STYLE="text-align: justify">that all acts, conditions or things required to be fulfilled performed or effected in connection with
the Ordinary Shares under the laws of any jurisdiction other than England have been duly fulfilled, performed and effected.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Opinion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">8.</TD><TD STYLE="text-align: justify">Based on and subject to the foregoing, and subject to the reservations set out below and to any matter
of fact not disclosed to us, we are of the opinion that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">the Company is a limited liability company which has been duly incorporated and is validly existing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">the Company has the capacity and power to issue the Ordinary Shares; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(c)</TD><TD STYLE="text-align: justify">the Ordinary Shares have been duly created, their issue duly authorised and, upon the Company&rsquo;s
receipt of the consideration therefor and entry of the names of the appropriate persons in the Company&rsquo;s register of members, will
be duly issued and fully paid and are non-assessable. The term &ldquo;non-assessable&rdquo;, which has no recognised meaning in English
law, for the purposes of this opinion means that, a holder of the Ordinary Shares is not liable, solely because he is holder of such Ordinary
Shares, for additional assessments or calls on such Ordinary Shares by the Company or its creditors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reservations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">9.</TD><TD STYLE="text-align: justify">Our reservations are as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(a)</TD><TD STYLE="text-align: justify">The Searches are not conclusive as to whether or not insolvency proceedings have been commenced in relation
to the Company or any of its assets. For example, information required to be filed with the Registrar of Companies or the Central Registry
of Winding up Petitions is not in all cases required to be filed immediately (and may not be filed at all or on time); once filed, the
information may not be made publicly available immediately (or at all); information filed with a District Registry or County Court may
not, and in the case of administrations will not, become publicly available at the Central Registry; and the Searches may not reveal whether
insolvency proceedings or analogous procedures have been commenced in jurisdictions outside England and Wales;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(b)</TD><TD STYLE="text-align: justify">Article&nbsp;5.1(a)&nbsp;of the Articles of Association of the Company states that the directors&rsquo;
authority to disapply pre-emption rights expires five years from the date of the adoption of the Articles of Association. Failure to renew
this authority at the Company&rsquo;s next Annual General Meeting will result in the need to apply pre-emption rights to future issues;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 34.9pt">(c)</TD><TD STYLE="text-align: justify">this opinion is subject to any limitations arising from insolvency, liquidation, administration, moratorium,
reorganisation and similar laws and procedures affecting the rights of creditors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">10.</TD><TD STYLE="text-align: justify">We have taken instructions solely from the Company, and have been requested by it to deliver this opinion
to you. We have not advised you in connection with the Agreements, and are under no obligation to do so. Nothing in this letter nor the
delivery of it to you shall create or constitute a solicitor-client (or any other fiduciary) relationship between us, nor prevent us from
advising and representing the Company or any of its affiliates from time to time in relation to any matters in connection with the ATM
Program or any related or unrelated matter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">11.</TD><TD STYLE="text-align: justify">To the extent permitted by applicable law and regulation, you may rely on this letter only on condition
that your recourse to us in respect of the matters addressed in this letter is against the firm&rsquo;s assets only and not against the
personal assets of any individual partner. The firm&rsquo;s assets for this purpose consists of all assets of the firm&rsquo;s business,
including any right of indemnity of the firm or its partners under the firm&rsquo;s professional indemnity insurance policies, but excluding
any right to seek contribution or indemnity from or against any partner of the firm or person working for the firm or similar right.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We hereby consent to the filing of this opinion
as an exhibit to the Registration Statement and to the use of our name in the section under the heading </FONT>&ldquo;Legal Matters&rdquo;
in the Prospectus Supplement. In giving this consent we do not admit that we are &ldquo;experts&rdquo; under the Securities Act of 1933
or the rules&nbsp;and regulations of the United States Securities and Exchange Commission issued thereunder with respect to any part of
the Registration Statement or Prospectus Supplement, including this opinion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt">13.</TD><TD STYLE="text-align: justify">This opinion is provide to you in connection with the ATM Program. It is not to be reproduced, quoted,
summarised or relied upon by anyone else or for any other purpose without our express consent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yours faithfully,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; width: 50%; text-align: left">/s/ Slaughter and May</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 1pt; text-align: left">Slaughter and May</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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