<SEC-DOCUMENT>0000950103-24-006423.txt : 20240507
<SEC-HEADER>0000950103-24-006423.hdr.sgml : 20240507
<ACCEPTANCE-DATETIME>20240507160243
ACCESSION NUMBER:		0000950103-24-006423
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20240507
DATE AS OF CHANGE:		20240507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADC Therapeutics SA
		CENTRAL INDEX KEY:			0001771910
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-270570
		FILM NUMBER:		24921679

	BUSINESS ADDRESS:	
		STREET 1:		BIOPOLE
		STREET 2:		ROUTE DE LA CORNICHE 3B
		CITY:			EPALINGES
		STATE:			V8
		ZIP:			1066
		BUSINESS PHONE:		41 21 653 02 00

	MAIL ADDRESS:	
		STREET 1:		BIOPOLE
		STREET 2:		ROUTE DE LA CORNICHE 3B
		CITY:			EPALINGES
		STATE:			V8
		ZIP:			1066
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>dp210926_424b5.htm
<DESCRIPTION>FORM 424B5
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 424(b)(5)<BR>
Registration No. 333-270570</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; color: red">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">PROSPECTUS <FONT STYLE="font-weight: normal">&lrm;</FONT>SUPPLEMENT<BR>
(TO PROSPECTUS DATED MARCH 14, 2024)</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 92px; width: 163px"></FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">ADC THERAPEUTICS SA</P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&lrm;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
13,411,912 Common Shares<FONT STYLE="font-weight: normal">&lrm;</FONT><BR>
Pre-Funded Warrants to Purchase 8,163,265 Common Shares</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&lrm;We are offering (i) 13,411,912 of our
common shares and (ii) pre-funded warrants to purchase 8,163,265 of our common shares
(collectively, the &ldquo;securities&rdquo;). The pre-funded warrants will be exercisable immediately and each pre-funded warrant
will be initially exercisable for one common share at an exercise price of CHF 0.08 per share. The purchase price of each pre-funded
warrant will equal the price per share at which common shares are being sold to the public in this offering, minus the exercise
price. This prospectus supplement also relates to the offering of the common shares issuable upon exercise of the pre-funded
warrants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">Our common shares are listed on the New York Stock
Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;ADCT.&rdquo;&lrm; On May 3, 2024, the last reported sale price of our common shares
was $4.90 per share. We do not intend to list the pre-funded warrants on the NYSE, any other national securities exchange or any
other nationally recognized trading system.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><B>Investing in our securities involves a high degree
of risk. See &ldquo;Risk Factors&rdquo; beginning on page S-8 of this prospectus supplement and in our Securities and Exchange Commission
(&ldquo;SEC&rdquo;) filings that are &lrm;incorporated by reference in this prospectus supplement and the accompanying prospectus.&lrm;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the
accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense. </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Per Common Share</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Per Pre-Funded Warrant</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 46%">Public offering price</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">4.9000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">4.8120</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">105,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Underwriting discounts and commissions <SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.2940</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.2887</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,299,837</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Proceeds to us, before expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.6060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.5233</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">98,700,163</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 3pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt; width: 0.25in; text-align: left"><FONT STYLE="font-size: 9pt">(1)</FONT></TD>
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt">See &ldquo;Underwriting&rdquo; beginning on page S-45 for a description of the compensation payable
    to the underwriters.</FONT></TD>
</TR>
</TABLE>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">The securities are expected to be delivered to purchasers
on or about May 8, 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: center; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">Jefferies</FONT></TD>
    <TD STYLE="width: 33%; text-align: center; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">Guggenheim Securities</FONT></TD>
    <TD STYLE="width: 33%; text-align: center; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">Cantor</FONT></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Prospectus
supplement dated May 6, 2024.</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="TableOfContents"></A>table
of contentS</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><U>Page</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Prospectus
supplement</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="2" CELLSPACING="2" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_001">About This Prospectus Supplement</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_001">S-1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_002">Summary</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_002">S-2</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_003">Cautionary Statement Regarding Forward-Looking Statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_003">S-6</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_004">Risk Factors</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_004">S-8</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_005">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_005">S-10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_006">Dilution</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_006">S-11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_007">Description of Share Capital and Articles of Association</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_007">S-12</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_008">Description of Pre-Funded Warrants</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_008">S-34</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_009">Taxation</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_009">S-36</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_010">Underwriting</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_010">S-45</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_011">Legal Matters</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_011">S-56</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_012">Experts</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_012">S-56</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_013">Where You Can Find More Information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_013">S-56</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_014">Information Incorporated By Reference</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_014">S-57</A></TD></TR>
</TABLE>


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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><B>Prospectus</B></FONT></P>


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

<TABLE CELLPADDING="2" CELLSPACING="2" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_015">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_015">1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_016">OUR COMPANY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_016">3</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_017">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_017">4</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_018">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_018">5</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_019">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_019">7</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_020">DIVIDEND POLICY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_020">8</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_021">DESCRIPTION OF SHARE CAPITAL AND ARTICLES OF ASSOCIATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_021">9</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_022">DESCRIPTION OF DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_022">31</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_023">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_023">33</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_024">DESCRIPTION OF SUBSCRIPTION RIGHTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_024">34</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_025">DESCRIPTION OF PURCHASE CONTRACTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_025">35</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_026">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_026">36</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_027">FORMS OF SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_027">37</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_028">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_028">39</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_029">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_029">41</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_030">EXPERTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_030">41</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_031">ENFORCEMENT OF JUDGMENTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_031">41</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_032">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_032">42</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_033">INFORMATION INCORPORATED BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_033">43</A></TD></TR>
</TABLE>

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

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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_001"></A>About This Prospectus
Supplement</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">This document consists of two parts. The first part
is this prospectus supplement, which describes the specific terms of this offering. The second part is the accompanying prospectus, which
is part of a registration statement that we filed with the SEC using a &ldquo;shelf&rdquo; registration process. The accompanying prospectus
provides you with a general description of the securities that may be offered by us, some of which may not apply to this offering. This
prospectus supplement and the information incorporated by reference in this prospectus supplement adds to, updates and, where applicable,
modifies and supersedes information contained or incorporated by reference in the accompanying prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">Before buying any of the securities that we are offering,
you should carefully read both this prospectus supplement and the accompanying prospectus with all of the information incorporated by
reference in this prospectus supplement, as well as the additional information described under the heading &ldquo;Where You Can Find More
Information&rdquo; and &ldquo;Information Incorporated by Reference.&rdquo; These documents contain important information that you should
consider when making your investment decision. We have filed or incorporated by reference exhibits to the registration statement of which
this prospectus supplement forms a part. You should read the exhibits carefully for provisions that may be important to you.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">To the extent there is a conflict between the information
contained in this prospectus supplement, on the one hand, and the information contained in the accompanying prospectus or in any document
incorporated by reference in this prospectus supplement, on the other hand, you should rely on the information in this prospectus supplement,
provided that if any statement in one of these documents is inconsistent with a statement in another document having a later date&mdash;for
example, a document incorporated by reference in this prospectus supplement&mdash;the statement in the document having the later date
modifies or supersedes the earlier statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">The information contained in this prospectus supplement,
the accompanying prospectus or any document incorporated by reference in this prospectus supplement is accurate only as of their respective
dates, regardless of the time of delivery of this prospectus, the accompanying prospectus or the documents incorporated by reference in
this prospectus or in the accompanying prospectus or the sale of any securities. Our business, financial condition, results of operations
and prospects may have changed materially since those dates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">Neither we nor the underwriters have authorized anyone
to provide you with information that is different from that contained in this prospectus supplement, the accompanying prospectus, or any
free writing prospectus we may authorize to be delivered or made available to you. Neither we nor the underwriters take responsibility
for, or provide assurance as to the reliability of, any other information that others may give you. This prospectus supplement does not
constitute an offer to sell or the solicitation of an offer to buy any securities other than the securities described in this prospectus
supplement or an offer to sell or the solicitation of an offer to buy such securities in any circumstances in which such offer or solicitation
is unlawful.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">For investors outside the United States: Neither we
nor the underwriters have taken any action that would permit the offering or possession or distribution of this prospectus supplement
in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who
come into possession of this prospectus supplement must inform themselves about, and observe any restrictions relating to, the offering
of the securities described herein and the distribution of this prospectus supplement outside the United States.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">Unless otherwise indicated or the context otherwise
requires, all references in this prospectus to &ldquo;ADC Therapeutics,&rdquo; &ldquo;ADCT,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo;
&ldquo;our,&rdquo; &ldquo;ours,&rdquo; &ldquo;us&rdquo; or similar terms refer to ADC Therapeutics SA and its consolidated subsidiaries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

<DIV STYLE="padding: 4pt; border: Black 1pt solid">

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_002"></A>Summary</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><I>This summary highlights the information contained
elsewhere in this prospectus supplement or incorporated by reference herein. Because this is only a summary, it does not contain all of
the information that may be important to you. For a more complete understanding of this offering, we encourage you to read this entire
prospectus supplement and the documents incorporated by reference herein as well as the accompanying prospectus. You should read the following
summary together with the more detailed information and consolidated financial statements and the notes to those statements incorporated
by reference into this prospectus supplement. Some of the statements in this prospectus supplement are forward-looking statements. See
&ldquo;Cautionary Statement Regarding Forward-Looking Statements.&rdquo;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Overview</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">ADC Therapeutics is a leading, commercial-stage global pioneer in the
field of antibody drug conjugates (&ldquo;ADCs&rdquo;) with a validated and differentiated technology platform with multiple payloads
and targets, a robust next-generation research and development toolbox, and specialized end-to-end capabilities. We are advancing our
proprietary ADC technology to transform the treatment paradigm for patients with hematologic malignancies and solid tumors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Recent Developments</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On May 6, 2024, we announced our financial results for the three months
ended March 31, 2024. We reported:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">product revenues, net, of $17.8 million for the three months ended March 31,
2024, compared to $19.0 million for the three months ended March 31, 2023; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">total operating expense of $51.7 million for the three months ended March
31, 2024, compared to $69.2 million for the three months ended March 31, 2023, and adjusted total operating expense of $51.5 million for
the three months ended March 31, 2024, compared to $61.1 million for the three months ended March 31, 2023;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">net loss of $46.6 million for the three months ended March 31, 2024, compared
to $59.4 million for the three months ended March 31, 2023, and adjusted net loss of $31.1 million for the three months ended March 31,
2024, compared to $41.8 million for the three months ended March 31, 2023; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">net loss per share, basic and diluted, of $0.56 for the three months ended
March 31, 2024, compared to $0.73 for the three months ended March 31, 2023, and adjusted net loss per share of $0.38 for the three months
ended March 31, 2024, compared to $0.52 for the three months ended March 31, 2023.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Adjusted total operating expense, adjusted net loss and adjusted net
loss per share are non-GAAP financial measures. Management uses such measures internally when monitoring and evaluating our operational
performance, generating future operating plans and making strategic decisions regarding the allocation of capital. We believe that these
adjusted financial measures provide useful information to investors and others in understanding and evaluating our operating results in
the same manner as our management and facilitate operating performance comparability across both past and future reporting periods. These
non-GAAP measures have limitations as financial measures and should be considered in addition to, and not in isolation or as a substitute
for, the information prepared in accordance with GAAP. When preparing these supplemental non-GAAP measures, management typically excludes
certain GAAP items that management does not believe are indicative of our ongoing operating performance. Furthermore, management does
not consider these GAAP items to be normal, recurring cash operating expenses; however, these items may not meet the GAAP definition of
unusual or non-recurring items. Since non-GAAP financial measures do not have standardized definitions and meanings, they may differ from
the non-GAAP financial measures used by other companies, which reduces their usefulness as</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<DIV STYLE="padding: 4pt; border: Black 1pt solid">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">comparative financial measures. Because of these limitations, you should
consider these adjusted financial measures alongside other GAAP financial measures. Set forth below are reconciliations of non-GAAP financial
measures to the most comparable GAAP financial measures:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">(in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 62%; font-weight: bold; text-align: left">Total operating expense</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">(51,666</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">(69,202</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Adjustments:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Share-based compensation expense (i)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">158</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,074</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Adjusted total operating expense</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(51,508</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(61,128</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">in thousands (except for share and per share data)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 62%; font-weight: bold; text-align: left">Net loss</TD><TD STYLE="width: 8%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">(46,606</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">$</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">(59,374</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Adjustments:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Share-based compensation expense (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,074</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deerfield warrants obligation, change in fair value expense (income) (ii)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,068</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(616</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Effective interest expense on senior secured term loan facility (iii)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,403</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,540</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred royalty obligation interest expense (iv)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,093</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,746</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Deferred royalty obligation cumulative catch-up adjustment income (iv)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(263</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(129</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Adjusted net loss</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(31,147</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(41,759</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net loss per share, basic and diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.56</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.73</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Adjustment to net loss per share, basic and diluted</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.18</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.21</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Adjusted net loss per share, basic and diluted</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(0.38</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(0.52</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Weighted average shares outstanding, basic and diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,552,322</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,805,770</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">(i)</FONT></TD><TD><FONT STYLE="font-size: 9pt">Share-based compensation expense represents
                                            the cost of equity awards issued to our directors, management and employees. The fair value
                                            of awards is computed at the time the award is granted, and is recognized over the requisite
                                            service period less actual forfeitures by a charge to the statement of operations and a corresponding
                                            increase in additional paid-in capital within equity. These accounting entries have no cash
                                            impact.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">(ii)</FONT></TD><TD><FONT STYLE="font-size: 9pt">Change in the fair value of the Deerfield
                                            warrant obligation results from the valuation at the end of each accounting period. There
                                            are several inputs to these valuations, but those most likely to result in significant changes
                                            to the valuations are changes in the value of the underlying instrument (i.e., changes in
                                            the price of our common shares) and changes in expected volatility in that price. These accounting
                                            entries have no cash impact.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">(iii)</FONT></TD><TD><FONT STYLE="font-size: 9pt">Effective interest expense on senior secured
                                            term loans relates to the increase in the value of our loans in accordance with the amortized
                                            cost method.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">(iv)</FONT></TD><TD><FONT STYLE="font-size: 9pt">Deferred royalty obligation interest expense
                                            relates to the accretion expense on our deferred royalty obligation pursuant to the royalty
                                            purchase agreement with HCR and cumulative catch-up adjustments related to changes in the
                                            expected payments to HCR based on a periodic assessment of our underlying revenue projections.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Company and Corporate Information</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">We are a Swiss stock corporation (<I>soci&eacute;t&eacute;
anonyme</I>) organized under the laws of Switzerland. We were incorporated &lrm;as a Swiss limited liability company (<I>soci&eacute;t&eacute;
&agrave; responsabilit&eacute; limit&eacute;e</I>) on June 6, 2011 and converted into a Swiss &lrm;stock corporation (<I>soci&eacute;t&eacute;
anonyme</I>) under the laws of Switzerland on October 13, 2015. We have three &lrm;subsidiaries: ADC Therapeutics (UK) Limited, ADC Therapeutics
America, Inc. and ADC Therapeutics (NL) BV. &lrm;Our principal executive office is located at Biop&ocirc;le, Route de la Corniche 3B,
1066 Epalinges, Switzerland and our &lrm;telephone number is +41 21 653 02 00. Our website is <I>adctherapeutics.com</I>. The reference
to our website is an &lrm;inactive textual reference only, and information contained therein or connected thereto is not incorporated
into this &lrm;prospectus supplement or the registration statement of which it forms a part.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

<DIV STYLE="padding: 4pt; border: Black 1pt solid">

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">The Offering</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Common shares offered by us&#9;</FONT></TD>
    <TD STYLE="padding-left: 0.125in; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13,411,912
    shares.&lrm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pre-funded warrants offered by us&#9;</FONT></TD>
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pre-funded warrants to purchase 8,163,265
    common shares. See &ldquo;Description of Pre-Funded Warrants&rdquo; for a description of the material terms of the pre-funded
    warrants. This prospectus supplement also relates to the offering of the common shares issuable upon exercise of the pre-funded
    warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Common shares outstanding after this offering&#9;</FONT></TD>
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">96,189,138
    shares, excluding common shares issuable upon the exercise of the pre-funded warrants.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Use of proceeds&#9;</FONT></TD>
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We
    estimate that the net proceeds from this offering will be approximately $97.3 million, after
    deducting underwriting discounts and commissions and estimated offering expenses payable by us. We intend to use the net proceeds
    from this offering primarily to fund research and development and commercialization activities and for working capital and other
    general corporate purposes. See &ldquo;Use of Proceeds&rdquo; for additional information.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Risk factors&#9;</FONT></TD>
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&lrm;Investing in our securities involves a high degree &lrm;of risk. See &ldquo;Risk Factors&rdquo; in this prospectus supplement and in our SEC filings that are incorporated by reference in this prospectus supplement and the accompanying prospectus.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.125in; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Listing&#9;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1in">Our common shares are listed on the NYSE under the symbol
    &ldquo;ADCT.&rdquo;&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1in">There is no established public trading market for the
pre-funded warrants and we do not expect a market to develop. We do not intend to list the pre-funded warrants on the NYSE, any other
national securities exchange or any other nationally recognized trading system.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The number of common shares outstanding after this offering is based
on 82,777,226 common shares outstanding as of March 31, 2024. The number of shares outstanding as of March 31, 2024 excludes:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10,607,005 aggregate common shares issuable upon the exercise of options outstanding
under our 2019 Equity Incentive Plan, Conditional Share Capital Plan and Inducement Plan (collectively, our &ldquo;share-based compensation
plans&rdquo;) as of March 31, 2024, at a weighted-average exercise price of $7.33 per share;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,006,391 common shares issuable upon vesting of restricted share units outstanding
under our share-based compensation plans as of March 31, 2024;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7,690,770 additional common shares reserved for future issuance under our
share-based compensation plans as of March 31, 2024;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,264,720 common shares we hold in treasury as of March 31, 2024; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<DIV STYLE="padding: 4pt; border: Black 1pt solid">

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,940,135 common shares issuable upon the exercise of the warrants outstanding
as of March 31, 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Unless otherwise indicated, all information in this prospectus supplement
assumes no exercise of the pre-funded warrants that we are offering in this offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_003"></A>Cautionary Statement
Regarding Forward-Looking Statements</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">This prospectus supplement and the documents incorporated
by reference in this prospectus supplement contain statements that constitute &lrm;forward-looking statements within the meaning of Section
21E of the Exchange Act and Section 27A of the &lrm;Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). All statements
other than statements of historical facts,&lrm; &lrm;including statements regarding our future catalysts, results of operations and financial
position, business and commercial &lrm;strategy, market opportunities, products and product candidates, research pipeline, ongoing and
planned &lrm;preclinical studies and clinical trials, regulatory submissions and approvals, research and development costs, projected
revenues and expenses and &lrm;the timing of revenues and expenses, timing and likelihood of success, as well as plans and objectives
of &lrm;management for future operations are forward-looking statements. Many of the forward-looking statements &lrm;contained in this
prospectus supplement can be identified by the use of forward-looking words such as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;could,&rdquo;
&ldquo;expect,&rdquo; &ldquo;should,&rdquo; &ldquo;plan,&rdquo; &ldquo;intend,&rdquo; &ldquo;estimate,&rdquo; &ldquo;will&rdquo; and &ldquo;potential,&rdquo;
among others.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">Forward-looking statements are based on our management&rsquo;s
beliefs and assumptions and on information available &lrm;to our management at the time such statements are made. Such statements are
subject to known and unknown risks and uncertainties, <I>&lrm;</I>and actual results may differ materially from those expressed or implied
in the forward-looking statements due to <I>&lrm;</I>various factors, including, but not limited to: the substantial net losses that we
have incurred since our inception, our expectation to continue to incur losses for the foreseeable future and our need to raise additional
capital to fund our operations and execute our business plan; our indebtedness under the loan agreement and guaranty (the &ldquo;Loan
Agreement&rdquo;) with certain affiliates and/or funds managed by each of Oaktree Capital Management, L.P. and Owl Rock Capital Advisors
LLC, as lenders, and Blue Owl Opportunistic Master Fund I, L.P., as administrative agent, and the associated restrictive covenants thereunder;
the purchase and sale agreement with certain entities managed by HealthCare Royalty Management, LLC and its negative effect on the amount
of cash that we are able to generate from sales of, and licensing agreements involving, ZYNLONTA and on our attractiveness as an acquisition
target; our ability to complete clinical trials on expected timelines, if at all; the timing, outcome and results of ongoing or planned
clinical trials, whether the Company-sponsored trials or investigator-initiated trials, and the sufficiency of such results; undesirable
side effects or adverse events of our products and product candidates; our and our partners&rsquo; ability to obtain and maintain regulatory
approval for our product and product candidates; our and our partners&rsquo; ability to successfully commercialize our products and grow
sales of our products in the United States and elsewhere; the availability and scope of coverage and reimbursement for our products; the
complexity and difficulty of manufacturing our products and product candidates; the substantial competition in our industry, including
new technologies and therapies; the timing and results of any early research projects and future clinical outcomes; our reliance on third
parties for preclinical studies and clinical trials and for the manufacture, production, storage and distribution of our products and
product candidates and certain commercialization activities for our products; our ability to obtain, maintain and protect our intellectual
property rights and our ability to operate our business without infringing on the intellectual property rights of others; our estimates
regarding future revenue, expenses and needs for additional financing; the size and growth potential of the markets for our products and
product candidates potential product liability lawsuits and product recalls; and those identified <I>&lrm;</I>in the &ldquo;Risk Factors&rdquo;
section of this prospectus supplement and the documents incorporated by reference in this prospectus supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">Because forward-looking statements are inherently
subject to risks and <I>&lrm;</I>uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control,
you <I>&lrm;</I>should not rely on these forward-looking statements as predictions of future events. Moreover, we operate in an <I>&lrm;</I>evolving
environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for <I>&lrm;</I>management to predict
all risk factors and uncertainties. Except as required by applicable law, we do not plan to <I>&lrm;</I>publicly update or revise any
forward-looking statements, whether as a result of any new information, future <I>&lrm;</I>events, changed circumstances or otherwise.
You should read this prospectus supplement, the documents incorporated by <I>&lrm;</I>reference in this prospectus supplement and the
documents that we have filed as exhibits to the registration statement of which <I>&lrm;</I>the accompanying prospectus is a part completely
and with the understanding that our actual future results may be materially <I>&lrm;</I>different from what we expect.<I>&lrm;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">In addition, statements that &ldquo;we believe&rdquo;
and similar statements reflect our beliefs and opinions on the relevant &lrm;subject. These statements are based upon information available
to us as of the date of such statements, and while &lrm;we believe such information forms a reasonable basis for such statements, such
information may be limited or &lrm;incomplete, and our statements should not be read to indicate that we have conducted an exhaustive
inquiry into, &lrm;or review of, all potentially available relevant information. These statements are inherently uncertain and investors
&lrm;are cautioned not to unduly rely upon these statements.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_004"></A>Risk Factors</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in"><I>Investing in our securities involves risk. Before
making a decision to invest in our securities, you should carefully consider the risks described below and under &ldquo;Risk Factors&rdquo;
in our most recent Annual Report on Form 10-K, and any updates to those risk factors in our subsequent Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K incorporated by reference in this prospectus supplement, together with all of the other information appearing
or incorporated by reference in this prospectus supplement, in light of your particular investment objectives and financial circumstances.
These risks and uncertainties are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently
believe to be immaterial may also adversely affect our business. If any of the events or developments were to occur, our business, results
of operations, financial condition and prospects could suffer materially.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Risks Related to this Offering</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If you purchase securities in this offering, you will experience
immediate and substantial dilution in the book value of your investment.</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">If you purchase our securities in this offering, you
will experience immediate dilution in an amount equal to the difference between the public offering price and our net tangible book value
per share after this offering. See &ldquo;Dilution.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have broad discretion in the use of the net proceeds
from this offering, and we may not use them effectively.</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">We currently intend to use the net proceeds from this
offering as described in &ldquo;Use of Proceeds.&rdquo; However, our board of directors and our management retain broad discretion in
the application of the net proceeds from this offering and could spend the proceeds in ways that do not improve our results of operations
or enhance the value of our common shares. Our failure to apply these funds effectively could result in financial losses, which could
have a material adverse effect on our business, results of operations, financial condition and prospects.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Risks Related to the Pre-Funded Warrants</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">There is no public market for the pre-funded warrants.</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">There is no established public trading market for
the pre-funded warrants and we do not expect a market to develop. In addition, we do not intend to apply to list the pre-funded warrants
on the NYSE, any other national securities exchange or any other nationally recognized trading system. Without an active market, the liquidity
of the pre-funded warrants will be limited.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Holders of pre-funded warrants will have no rights as shareholders
until they acquire our common shares.</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">Until holders of pre-funded warrants acquire our common
shares upon exercise of the pre-funded warrants, such holders will have no rights with respect to the common shares underlying such pre-funded
warrants. Upon exercise of the pre-funded warrants, the holders will be entitled to exercise the rights of a common shareholder only as
to matters for which the record date occurs after the exercise date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Significant holders or beneficial holders of our common
shares may not be permitted to exercise the pre-funded warrants that they hold.</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">A holder of the pre-funded warrants will not be entitled
to exercise any portion of any pre-funded warrant that, upon giving effect to such exercise, would cause the aggregate number of our common
shares beneficially owned by such holder (together with its affiliates) to exceed 9.99% (or, 61 days after a written notice from such
holder, any other percentage not in excess of 19.99%) of the number of our common shares immediately after giving effect to the exercise,
as such percentage ownership is determined in accordance with the terms of the pre-funded warrants. As a result, a holder of the pre-funded
warrants</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">may not be able to exercise its pre-funded warrants
for our common shares at a time financially beneficial for it to do so.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The pre-funded warrants may only be cashless exercised in certain circumstances, the occurrence of which is outside of the control of the holders of pre-funded warrants (and otherwise must be exercised by cash payment of the aggregate exercise price), and we are not obligated to maintain a current prospectus for the issuance of shares upon exercise of
the pre-funded warrants, which would limit the ability of the holders of the pre-funded warrants to immediately resell the shares issued
upon exercise of the pre-funded warrants.</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">As described in &ldquo;Description of Pre-Funded Warrants,&rdquo;
the pre-funded warrants may only be cashless exercised in certain circumstances, the occurrence of which is outside of the control of the holders of the pre-funded warrants. Otherwise, the pre-funded warrants must be exercised by cash payment of the aggregate exercise price. Further, although in this prospectus we
are registering the issuance of the shares upon exercise of the pre-funded warrants, we are under no obligation to maintain a current
prospectus for such purpose. As a result, if a holder of pre-funded warrants exercise such pre-funded warrants at a time when cashless exercise is not available and there is
not a current prospectus for our issuance of the shares upon such exercise, the common shares that such holder would acquire would be
&ldquo;restricted securities&rdquo; under U.S. federal securities laws that cannot be resold to the public except in a transaction registered
under the Securities Act or an exemption from such registration is available.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_005"></A>Use of Proceeds</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">We estimate that the net proceeds from this offering
will be approximately $97.3 million, after deducting underwriting discounts and commissions
and estimated offering expenses payable by us. We will receive nominal proceeds, if any, from any exercise of the pre-funded warrants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">We intend to use the net proceeds from this offering
primarily to fund research and development and commercialization activities and for working capital and other general corporate purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">Our expected use of the net proceeds from this offering
represents our current intentions based on our present plans and business condition, which could change as our plans and business conditions
evolve. The amounts and timing of our actual use of the net proceeds from this offering will vary depending on numerous factors. As a
result, we cannot predict with certainty all of the particular uses for any net proceeds to be received or the amounts that we will actually
spend on the uses set forth above. Our board of directors and our management retains broad discretion in the application of the net proceeds
from this offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">Based upon our current operating plan, we estimate
that the net proceeds from this offering, together with our existing cash and cash equivalents, revenues from sales of ZYNLONTA and potential
milestone and royalty payments under our licensing agreements, will enable us to fund our operating expenses and capital expenditure requirements
into mid-2026.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">Pending the use of the proceeds from this offering,
we intend to invest the net proceeds in a variety of capital preservation instruments, which may include all or a combination of short-term
and long-term interest-bearing instruments, investment-grade securities, and direct or guaranteed obligations of the U.S. government.
We cannot predict whether the proceeds invested will yield a favorable return.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_006"></A>Dilution</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">Net tangible book value per common share is determined
by dividing our total assets, less intangible assets, less total liabilities by the number of our common shares outstanding.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">Our historical net tangible book value as of March 31, 2024 was -$204.5 million, or -$2.47 per common share. After giving effect to this
offering (and assuming no exercise of the pre-funded warrants) and after deducting underwriting discounts and commissions and estimated
offering expenses payable by us, our as adjusted net tangible book value as of March 31, 2024 would have been -$107.2 million, or -$1.11
per common share, representing an immediate increase of $1.36 per common share. If you purchase our common shares in this offering, you
will experience immediate dilution of $6.01 per common share, which is the difference between the public offering price and our as adjusted
net tangible book value per common share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">After giving effect to this offering (and assuming the immediate and full exercise of the pre-funded warrants) and after deducting underwriting
discounts and commissions and estimated offering expenses payable by us, our as adjusted net tangible book value as of March 31, 2024
would have been -$106.9 million, or -$1.02 per common share, representing an immediate increase of $1.45 per common share. If you purchase
our common shares in this offering, you will experience immediate dilution of $5.92 per common share, which is the difference between
the public offering price and our as adjusted net tangible book value per common share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">To the extent that any outstanding warrants are exercised,
any outstanding options under our share-based compensation plans are exercised, any outstanding RSUs under our share-based compensation
plans vest, new options or RSUs are issued under our share-based compensation plans or we issue additional common shares in the future,
there will be further dilution to investors participating in this offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_007"></A>Description of Share
Capital and Articles of Association</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The Company</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We are a Swiss stock corporation (<I>soci&eacute;t&eacute; anonyme</I>)
organized under the laws of Switzerland. We were incorporated &lrm;as a Swiss limited liability company (<I>soci&eacute;t&eacute; &agrave;
responsabilit&eacute; limit&eacute;e</I>) on June 6, 2011 with our registered office and &lrm;domicile in Epalinges, Canton of Vaud, Switzerland.
We converted to a Swiss stock corporation under the laws of &lrm;Switzerland on October 13, 2015. Our domicile is in Epalinges, Canton
of Vaud, Switzerland. Our registered office &lrm;and head office is currently located at Biop&ocirc;le, Route de la Corniche 3B, 1066
Epalinges, Switzerland.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of January 1, 2023, certain amendments to the law governing, among
other things, Swiss stock corporations, took effect. Provisions in the articles of association or regulations of companies that do not
comply with the new rules continue to be effective until they are amended, but for not longer than two years after January 1, 2023. Our
articles of association have not yet been fully amended to reflect the new provisions of Swiss corporation law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Unless otherwise noted, the following is a summary of the material provisions
of our share capital and our articles of association that are in effect on the date of this prospectus and does not reflect the amendments
to our articles of association proposed to our shareholders for consideration at our 2024 annual general meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Articles of Association</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ordinary Capital Increase, Capital Range and Conditional
Share Capital</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under Swiss law, we may increase our share capital (<I>capital-actions</I>)
with a resolution of the general meeting of &lrm;shareholders (ordinary capital increase) that must be carried out by the board of directors
within six months of &lrm;the respective general meeting in order to become effective. Under our articles of association and Swiss law,
in the &lrm;case of subscription and increase against payment of contributions in cash, a resolution passed by a &lrm;majority of the
shares represented at the general meeting of shareholders is required. In the case of subscription and &lrm;increase against contributions
in kind or to fund acquisitions in kind, when shareholders&rsquo; statutory pre-emptive &lrm;subscription rights or advance subscription
rights are limited or withdrawn or where transformation of freely &lrm;disposable equity into share capital is involved, a resolution
passed by two-thirds of the shares represented at a &lrm;general meeting of shareholders and the majority of the par value of the shares
represented is required.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under the Swiss Code of Obligations (<I>Code des obligations</I>) (the
&ldquo;CO&rdquo;), our shareholders, by a &lrm;resolution passed by two-thirds of the shares represented at a general meeting of shareholders
and the &lrm;majority of the par value of the shares represented, can:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">adopt conditional share capital (<I>capital-actions conditionnel</I>) in the
aggregate amount of up to 50% of the share capital for the purpose of issuing shares in connection &lrm;with, among other things, option
and conversion rights granted to shareholders, the creditors of bonds and similar debt instruments, employees, members &lrm;of the board
of directors of the Company or of any group company, or to any third parties; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in the form of capital range (<I>marge de fluctuation du capital</I>), empower
our board of directors to increase and/or decrease our share capital by up to 50% of the share capital, by issuing or canceling shares,
or by increasing or decreasing the par value of shares, including through the creation of conditional share capital; such capital range
is to be utilized by the board of directors within a period &lrm;determined by the shareholders but not exceeding five years from the
date of the shareholder approval.&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <!-- Field: /Page -->


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Symbol"></P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Pre-Emptive and Advance Subscription Rights</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Pursuant to the CO, shareholders have pre-emptive subscription rights
(<I>droits de souscription pr&eacute;f&eacute;rentiels</I>) to &lrm;subscribe for new issuances of shares. With respect to conditional
capital, shareholders have (i) pre-emptive subscription rights for the subscription of option rights and (ii) advance subscription rights
&lrm;&lrm;(<I>droit de souscription pr&eacute;alable</I>) for the subscription of bonds and similar debt &lrm;instruments to which option
or conversion rights are attached.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A resolution passed at a general meeting of shareholders by two-thirds
of the shares represented and the &lrm;majority of the par value of the shares represented may authorize our board of directors to withdraw
or limit pre-&lrm;emptive subscription rights or advance subscription rights in certain circumstances.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If pre-emptive subscription rights are granted, but not exercised, the
board of directors may allocate the unexercised &lrm;pre-emptive subscription rights at its discretion.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our Capital Range</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under our articles of association, we have a capital range ranging from
CHF 7,123,355.68 (lower limit) to CHF 10,685,033.52 (upper limit). Our board of directors is authorized within the capital range to increase
or decrease our share capital once or several times and in any amounts and to acquire or dispose of shares, directly or indirectly, until
June 14, 2028, or until an earlier expiry of the capital range. The capital increase or reduction may be effected by issuing up to 44,520,973
common shares and canceling up to 44,520,973 common shares, as applicable, or by increasing or reducing the par value of the existing
shares within the limits of the capital range, or by simultaneous reduction and re-increase of the share capital. If our share capital
increases as a result of a share issue from conditional capital (see next subsection), the upper and lower limits of the capital range
will increase in an amount corresponding to such increase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the event of a capital increase within the capital range, the board
of directors has to determine the type of &lrm;contributions, the issue price and the date on which the dividend entitlement starts.&lrm;
In the event of a capital reduction within the capital range, the board of directors has to determine the use of the reduction amount,
to the extent necessary.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In a capital increase within the capital range, the board of directors
is authorized by our articles of association to &lrm;withdraw or to limit the pre-emptive subscription rights of shareholders, and to
allocate them to third parties or to us, &lrm;in the event that the newly issued shares are issued under the following circumstances:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if the issue price of the new registered shares is determined by reference
to the market price;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for raising of equity capital (including private placements) in a fast and
flexible manner, which would not be &lrm;possible, or might only be possible with great difficulty or delays or at significantly less
favorable &lrm;conditions, without the exclusion of the statutory pre-emptive subscription rights of the existing &lrm;shareholders;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for the acquisition of an enterprise, parts of an enterprise or participations,
for the acquisition of products, &lrm;intellectual property or licenses by or for investment projects of the Company or any of its group
&lrm;companies, or for the financing or refinancing of any of such transactions through a placement of shares;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for purposes of broadening the shareholder constituency of the Company in
certain geographic, financial &lrm;or investor markets, for purposes of the participation of strategic partners, including financial investors,
or in connection with the listing &lrm;of new shares on domestic or foreign stock exchanges;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for purposes of granting an over-allotment option or an option to purchase
additional shares in a &lrm;placement or sale of shares to the respective initial purchaser(s) or underwriter(s);&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for the participation of members of the board of directors, members of the
executive committee, &lrm;employees, contractors, consultants or other persons performing services for the benefit of the Company &lrm;or
any of its group companies;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">following a shareholder or a group of shareholders acting in concert having
accumulated shareholdings in &lrm;excess of 20% of our share capital registered in the Commercial Register without having submitted to
all &lrm;other shareholders a takeover offer recommended by the board of directors;<B><I>&lrm;</I></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for the defense of an actual, threatened or potential takeover bid, that the
board of directors, upon &lrm;consultation with an independent financial adviser retained by it, has not recommended to the &lrm;shareholders
acceptance on the basis that the board of directors has not found the takeover bid to be &lrm;financially fair to the shareholders or
not to be in the Company&rsquo;s interest; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for other valid grounds in the sense of Article 652b para. 2 of the CO.&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This authorization to withdraw or to limit the pre-emptive subscription
of shareholders is exclusively linked to our capital range. If the capital range lapses for any reasons, such as if an ordinary capital
increase is completed, the authorization to withdraw or to limit the pre-emptive subscription rights lapses &lrm;simultaneously with the
capital range.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have agreed not to use the foregoing authorization to &lrm;withdraw
or to limit the pre-emptive subscription rights of shareholders, and to allocate them to third parties or to us, in certain circumstances.
Specifically, we will not restrict the preemptive rights of Redmile Group, LLC (&ldquo;Redmile&rdquo;) or its affiliates based on Article
4a(4)(g) of the articles of association or restrict the advance subscription rights of Redmile or its affiliates based on Article 4c(3)
of the articles of association as long as (i) Redmile (including its affiliates and any other person or entity forming a &ldquo;group&rdquo;
(as defined in Rule 13d-5 under the Exchange Act)) does not directly or indirectly control, own or have the right to control or own, collectively,
shares representing more than 20% of the Company&rsquo;s share capital or (ii) Redmile (including its affiliates and any other person
or entity forming a &ldquo;group&rdquo; (as defined in Rule 13d-5 under the Exchange Act)) directly or indirectly controls, owns or has
the right to control or own, collectively, shares representing more than 20% of the Company&rsquo;s share capital but the board of directors
determines that Redmile does not have an intent to effect a change of control of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our Conditional Share Capital</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Conditional Share Capital for Warrants and Convertible Bonds</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our nominal share capital may be increased, including to prevent takeovers
and changes in control, by a maximum &lrm;aggregate amount of CHF 1,432,776.24 through the issuance of not more than 17,909,703 common
shares, which &lrm;would have to be fully paid-in, each with a par value of CHF 0.08 per share, by the exercise of option and &lrm;conversion
rights granted in connection with warrants, convertible bonds or similar instruments of the Company or &lrm;one of our subsidiaries. Shareholders
will not have pre-emptive subscription rights in such circumstances, but will &lrm;have advance subscription rights to subscribe for such
warrants, convertible bonds or similar instruments. The &lrm;holders of warrants, convertible bonds or similar instruments are entitled
to the new shares upon the occurrence of &lrm;the applicable conversion feature.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">When issuing convertible bonds, warrants or similar instruments, the
board of directors is authorized to withdraw or &lrm;to limit the advance subscription right of shareholders:&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for the purpose of financing or refinancing, or the payment for, the acquisition
of enterprises, parts of &lrm;enterprises, participations, intellectual property rights, licenses or investments;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if the issuance occurs in domestic or international capital markets, including
private placements;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">following a shareholder or a group of shareholders acting in concert having
accumulated shareholdings in &lrm;excess of 20% of the share capital registered in the Commercial Register </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">without having submitted to all &lrm;other shareholders a
takeover offer recommended by the board of directors; or</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for the defense of an actual, threatened or potential takeover bid that the
board of directors, upon &lrm;consultation with an independent financial adviser retained by it, has not recommended to the &lrm;shareholders
to accept on the basis that the board of directors has not found the takeover bid to be &lrm;financially fair to the shareholders or not
to be in the Company&rsquo;s interest.&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To the extent that the advance subscription rights are withdrawn or
limited, (i) the convertible bonds, warrants or &lrm;similar instruments are to be issued at market conditions; (ii) the term to exercise
the convertible bonds, warrants or &lrm;similar instruments may not exceed ten years from the date of issue of the respective instrument
and (iii) the conversion, exchange or exercise price of &lrm;the convertible bonds, warrants or similar instruments has to be set with
reference to or be subject to change based &lrm;upon the valuation of the Company&rsquo;s equity or market conditions.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Conditional Share Capital for Equity Incentive Plans</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our nominal share capital may, to the exclusion of the pre-emptive subscription
rights and advance subscription &lrm;rights of shareholders, be increased by a maximum aggregate amount of CHF 936,000 through the (direct
or &lrm;indirect) issuance of not more than 11,700,000 common shares, which would have to be fully paid-in, each with a &lrm;par value
of CHF 0.08 per share, by the exercise of options, other rights to receive shares or conversion rights that &lrm;have been granted to
employees, members of the board of directors, contractors or consultants of the Company or &lrm;of one of our subsidiaries or other persons
providing services to the Company or to a subsidiary through one or &lrm;more equity incentive plans created by the board of directors.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Uncertificated Securities</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our shares are in the form of uncertificated securities (<I>droits-valeurs</I>,
within the meaning of Article 973c of the CO). &lrm;In accordance with Article 973c of the CO, we maintain a non-public register of uncertificated
securities &lrm;&lrm;(<I>registre des droits-valeurs</I>). We may at any time convert uncertificated securities into share certificates
(including &lrm;global certificates), one kind of certificate into another, or share certificates (including global certificates) into
&lrm;uncertificated securities. Following entry in the share register, a shareholder may at any time request from us a &lrm;written confirmation
in respect of his or her shares. Shareholders are not entitled, however, to request the conversion &lrm;and/or printing and delivery of
share certificates. We may print and deliver certificates for shares at any time.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">General Meeting of Shareholders</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ordinary/Extraordinary Meetings, Powers</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The general meeting of shareholders is our supreme corporate body. Under
Swiss law, an annual general meeting of &lrm;shareholders must be held annually within six months after the end of a corporation&rsquo;s
financial year. In our case, &lrm;this generally means on or before June 30. In addition, extraordinary general meetings of shareholders
may be held.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A general meeting of shareholders may take place at different places
simultaneously if the votes of the participants are immediately transmitted to all meeting venues (multilocal shareholders&rsquo; meeting).
If the articles of association so permit, a general meeting of shareholders may be held outside Switzerland. The board of directors may
allow shareholders that are not present at the meeting venue of the general meeting of shareholders to participate and exercise their
rights electronically (&ldquo;hybrid shareholder meeting&rdquo;). A general meeting of shareholders without a physical meeting venue but
that takes place using electronic means (&ldquo;virtual shareholder meeting&rdquo;) may be held, subject to certain legal requirements
and if the articles of association so allow. Our articles of association currently do not provide for general meetings of shareholders
outside Switzerland or virtual shareholder meetings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">According to our articles of association, the following powers are vested
exclusively in the general meeting of shareholders:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">adopting and amending the articles of association, including the change of
a company&rsquo;s purpose or domicile;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">electing the members of the board of directors, the chairman of the board
of directors, the members of the compensation committee, the auditors and the independent proxy;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">approving the business report, the annual statutory and consolidated financial
statements, and deciding on the allocation of profits as shown on the balance sheet, in particular with regard to dividends;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">approving the aggregate amount of compensation of members of the board of
directors and the executive committee;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">discharging the members of the board of directors and the executive committee
from liability with respect to their conduct of business;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">dissolving a company with or without liquidation; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">deciding matters reserved to the general meeting of shareholders by law or
the articles of association or submitted to it by the board of directors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, the following powers are vested exclusively in the general
meeting of shareholders by operation of statutory law: (i) determination of the interim dividend and approval of the requisite interim
financial statements, (ii) repayment of the statutory capital reserve (<I>r&eacute;serve l&eacute;gale</I>), and (iii) approval of our
report on non-financial matters (if applicable).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">An extraordinary general meeting of shareholders may be called by a
resolution of the board of directors or the &lrm;general meeting of shareholders or, under certain circumstances, by a company&rsquo;s
auditors, liquidator or the &lrm;representatives of bondholders, if any. In addition, our articles of association require the board of
directors to convene an extraordinary &lrm;general meeting of shareholders if shareholders representing at least 10% of our share capital
request such general &lrm;meeting of shareholders in writing. The amended Swiss corporation law requires the board of directors to convene
an extraordinary general meeting of shareholders if shareholders representing at least 5% of the share capital or of the voting rights
so request in writing. Our articles of association do not yet comply with this lower threshold. Unless our articles of association are
amended earlier to reflect this change, this lower threshold will apply to us as from January 1, 2025. A request for an extraordinary
general meeting of shareholders must set forth the items to be discussed and the proposals to be &lrm;acted upon. Further, the board of
directors must convene an extraordinary general meeting of shareholders and propose &lrm;financial restructuring measures if, based on
our stand-alone annual statutory balance sheet, half of our share &lrm;capital and statutory reserves are not covered by our assets and
a contemplated restructuring measure falls within the competence of the general meeting of shareholders.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Voting and Quorum Requirements</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Shareholder resolutions and elections (including elections of members
of the board of directors) require the &lrm;affirmative vote of the majority of shares represented at the general meeting of shareholders,
unless &lrm;otherwise stipulated by law or our articles of association.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under our articles of association, a resolution of the general meeting
of shareholders passed by &lrm;two-thirds of the votes and the majority of the par value of the shares, each as &lrm;represented at the
meeting, is required for:&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">amending the Company&rsquo;s corporate purpose;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Symbol"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">creating shares with preference rights;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">cancelling or amending the transfer restrictions of shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">creating conditional share capital or capital range;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">increasing share capital out of equity, against contributions in-kind or for
the purpose of acquiring specific assets and granting specific benefits;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">limiting or withdrawing shareholder&rsquo;s pre-emptive subscription rights;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">changing the Company&rsquo;s domicile;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">amending or repealing the voting and recording restrictions, the provision
setting a maximum board size or the indemnification provision for the board of directors and the executive committee set forth in our
articles of association;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">converting registered shares into bearer shares; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">removing the chairman or any member of the board of directors before the end
of his or her term of office; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">dissolving or liquidating the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, a resolution of the general meeting of shareholders passed
by two-thirds of the votes and the majority of the par value of the shares, each as represented at the meeting is, by operation of statutory
law required for: (i) a consolidation of shares (reverse split); (ii) a capital increase through contribution by set-off; (iii) a conversion
of participation certificates into shares; (iv) a change of currency of the share capital; (v) the introduction of a casting vote of the
chairperson at the general meeting of shareholders; (vi) a provision in the articles of association regarding the holding of the general
meeting of shareholders outside Switzerland; (vii) a delisting of the equity securities; and (viii) the introduction of an arbitration
clause in the articles of association.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The same voting requirements apply to resolutions regarding transactions
among corporations based on Switzerland&rsquo;s Federal Act on Mergers, Demergers, Transformations and the Transfer of Assets of 2003,
as amended (the &ldquo;Swiss Merger Act&rdquo;). See &ldquo;&mdash;Articles of Association&mdash;Compulsory Acquisitions; Appraisal Rights.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In accordance with Swiss law and generally accepted business practices,
our articles of association do not provide quorum requirements generally applicable to general meetings of shareholders. To this extent,
our practice varies from NYSE listing standards, which require an issuer to provide in its bylaws for a generally applicable quorum, and
that such quorum may not be less than one-third of the outstanding voting shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Notice</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">General meetings of shareholders must be convened by the board of directors
at least 20 days before the date of &lrm;the meeting. The general meeting of shareholders is convened by way of a notice appearing in
our official &lrm;publication medium, currently the Swiss Official Gazette of Commerce. Registered shareholders may also be &lrm;informed
by ordinary mail or e-mail. The notice of a general meeting of shareholders must state the date, the starting time, the form and location
of the meeting, the items on the &lrm;agenda, the motions to the shareholders including a short explanation for these motions, the name
and address of the independent representative and, in case of elections, the names of the nominated candidates. A &lrm;resolution on a
matter which is not on the agenda may not be passed at a general meeting of shareholders, except &lrm;for motions to convene an extraordinary
general meeting of shareholders or to initiate a special investigation, on &lrm;which the general meeting of shareholders may vote at
any time. No</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">previous notification is required for motions &lrm;concerning items
included in the agenda or for debates that do not result in a vote.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">All owners or representatives of our shares may, if no objection is
raised, hold a general meeting of shareholders without complying with the formal requirements for convening general meetings of shareholders
(a&nbsp;universal meeting). This universal meeting of shareholders may discuss and pass binding resolutions on all matters within the
purview of the general meeting of shareholders, provided that the owners or representatives of all the shares are present at the meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Agenda Requests</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Pursuant to our articles of association, one or more shareholders whose
combined shareholdings &lrm;represent the lower of (i) one tenth of our share capital and (ii) an aggregate par value of at least CHF
1,000,000 &lrm;may request that an item be included in the agenda for a general meeting of shareholders. The amended Swiss corporation
law gives one or more shareholders whose combined shareholdings &lrm;represent 0.5% of our voting rights or of our share capital the right
to request that an item including a proposal, or a proposal with respect to an existing agenda item, be included in the agenda of a general
meeting of shareholders. Our articles of association do not yet comply with these new rules. Unless our articles of association are amended
earlier to reflect this change, the new rules will apply to us as from January 1, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To be timely, the &lrm;shareholder&rsquo;s request must be received
by us generally at least 45 calendar days in advance of the meeting. At our 2024 annual general meeting, we included a proposal to amend
the Company&rsquo;s articles of association to provide that the request must be received by us at least 90 calendar days in advance of
the meeting. The &lrm;request must be made in writing and contain, for each of the agenda items, the following information:&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a brief description of the business desired to be brought before the general
meeting of shareholders and the reasons for conducting such business at the general meeting of shareholders;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the motions regarding the agenda item; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the name and address, as they appear in the share register, of the shareholder
proposing such business;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the number of shares which are beneficially owned by such shareholder (including
documentary support of such beneficial ownership);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the dates upon which the shareholder acquired such shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any material interest of the proposing shareholder in the proposed business;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a statement in support of the matter; and </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">all other information required under the applicable laws and stock exchange
rules.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, if the shareholder intends to solicit proxies from the
shareholders of a company, such shareholder shall notify the company of this intent in accordance with SEC Rule 14a-4 and/or Rule 14a-8.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our business report, the compensation report and the auditor&rsquo;s
report must be published or otherwise made accessible to our &lrm;shareholders no later than 20 days prior to the general meeting of shareholders.
Shareholders &lrm;of record may be notified of this in writing.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Voting Rights</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Each of our common shares entitles a holder to one vote. The common
shares are not divisible. The right to vote and the other rights of share ownership may only be exercised by shareholders (including any
nominees) or usufructuaries who are entered in the share register at a cut-off date determined by the board of directors. Those entitled
to vote in the general meeting of shareholders may be represented by the independent proxy holder (annually elected by the general meeting
of shareholders), by its legal representative or by another registered shareholder with written authorization to act as proxy. The chairman
has the power to decide whether to recognize a power of attorney.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our articles of association contain provisions that prevent investors
from acquiring voting rights exceeding 15% of our issued share capital. Specifically, if an individual or legal entity acquires common
shares and, as a result, directly or indirectly, has voting rights with respect to more than 15% of the registered share capital recorded
in the Commercial Register, the registered shares exceeding the limit of 15% shall be entered in the share register as shares without
voting rights (<I>limitation &agrave; l&rsquo;inscription</I>). This restriction applies equally to parties acting in concert and to shares
held or acquired via a nominee, including via Cede &amp; Co., New York (or any successor), as the nominee of The Depository Trust Company
(&ldquo;DTC&rdquo;), New York, acting in its capacity as clearing nominee. Specifically, if shares are being held by a nominee for third-party
beneficiaries, which control (alone or together with third parties) voting rights with respect to more than 15% of the share capital recorded
in the Commercial Register, our articles of association provide that the board of directors may cancel the registration of the shares
with voting rights held by such nominee in excess of the limit of 15%. Furthermore, our articles of association contain provisions that
allow the board of directors to make the registration with voting rights of shares held by a nominee subject to conditions, limitations
and reporting requirements or to impose or adjust such conditions, limitations and requirements once registered. However, any shareholders
who held more than 15% prior to our initial public offering remain registered with voting rights for such shares. Furthermore, the board
of directors may in special cases approve exceptions to these restrictions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Dividends and Other Distributions</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our board of directors may propose to shareholders that a dividend or
interim dividend or other distribution be paid but cannot itself &lrm;authorize the distribution. Dividend and interim dividend payments
require a resolution passed by a majority of the shares &lrm;represented at a general meeting of shareholders. In addition, our auditors
must confirm that the dividend proposal &lrm;of our board of directors conforms to Swiss statutory law and our articles of association.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under Swiss law, we may pay dividends only if we have sufficient distributable
profits from the previous or current business &lrm;year (<I>b&eacute;n&eacute;fice r&eacute;sultant du bilan</I>) or brought forward from
the previous business years (<I>report des b&eacute;n&eacute;fices</I>), or if we &lrm;have distributable capital reserves (<I>r&eacute;serve
l&eacute;gale issue du capital</I>), each as evidenced by audited stand-alone &lrm;statutory annual or interim financial statements prepared
pursuant to Swiss law, and after allocations to reserves required by Swiss law and &lrm;by the articles of association have been deducted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under the CO at least 5% of our annual profit must be retained as statutory
profit reserve (<I>r&eacute;serve l&eacute;gale</I>). If there is a loss carried forward, such loss must be eliminated before allocation
to the statutory profit reserve. The statutory profit reserve shall be accumulated until it reaches, together with the statutory capital
reserve, 50% of our share capital recorded in the Commercial Register. In addition, we have to allocate, among other things, the net proceeds
of share issuances to the statutory capital reserve. The CO permits us to accrue &lrm;additional reserves. Further, a purchase of our
own shares (whether by us or a subsidiary) reduces the distributable reserves in an amount corresponding to the purchase price of such
own shares. Finally, the CO under &lrm;certain circumstances requires the creation of revaluation reserves which are not distributable.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Distributions out of issued share capital (i.e., the aggregate par value
of our issued shares) are not allowed and may &lrm;be made only by way of an ordinary capital reduction or within a capital range that
(also) allows for a capital reduction (see &ldquo;Description of Share Capital and Articles of Association&mdash;Articles of Association&mdash;Ordinary
Capital Increase, Capital Range and Conditional Share Capital&rdquo;). An ordinary capital reduction requires a resolution passed by a&lrm;
majority of the shares represented at a general meeting of shareholders. The board of directors must publish a call to creditors in the
Swiss Official</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Gazette of Commerce in which creditors are advised that they may request,
subject to certain conditions, security for their claims within &lrm;30 days of the publication of the creditor call. A licensed audit
expert must then confirm, based on the results of the call to creditors, that the claims of the creditors remain fully &lrm;covered despite
the reduction in our share capital recorded in the Commercial Register. If all requirements for an ordinary capital reduction have been
met, the board of directors has to amend the articles of association in a public deed. Our share capital may be &lrm;reduced to a level
below CHF 100,000 only if and to the extent that at the same time the statutory minimum share capital of &lrm;CHF 100,000 is reestablished
by sufficient new fully paid-up capital. An ordinary capital reduction must be completed within six months after the resolution of the
general meeting of shareholders.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our board of directors determines the date on which the dividend entitlement
starts. Dividends are usually due and &lrm;payable shortly after the shareholders have passed the resolution approving the payment, but
shareholders may &lrm;also resolve at the annual general meeting of shareholders to pay dividends in quarterly or other installments.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Transfer of Shares</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Shares in uncertificated form (<I>droits-valeurs</I>) may only be transferred
by way of assignment. Shares or the beneficial interest in shares, as applicable, credited in a securities account may only be transferred
when a credit of the relevant intermediated securities to the acquirer&rsquo;s securities account is made in accordance with applicable
rules. Our articles of association provide that in the case of securities held with an intermediary such as a registrar, transfer agent,
trust corporation, bank or similar entity, any transfer, grant of a security interest or usufructuary right in such intermediated securities
and the appurtenant rights associated therewith requires the cooperation of the intermediary in order for such transfer, grant of a security
interest or usufructuary right to be valid against us.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Voting rights may be exercised only after a shareholder has been entered
in the share register (<I>registre des actions</I>) with his or her name and address (in the case of legal entities, the registered office)
as a shareholder with voting rights. For a discussion of the restrictions applicable to the control and exercise of voting rights, see
&ldquo;Description of Share Capital and Articles of Association&mdash;Articles of Association&mdash;Voting Rights.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Inspection of Books and Records</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under the CO, a shareholder has a right to inspect the share register
with respect to his or her own shares and &lrm;otherwise to the extent necessary to exercise his or her shareholder rights. No other person
has a right to inspect the &lrm;share register. Shareholders holding in the aggregate at least 5% of our nominal share capital or of our
voting rights have the right to inspect our books and correspondence, subject to the safeguarding of our business secrets and other legitimate
interests. Our board of directors is required to decide on an inspection request within four months after receipt of such request. Denial
of the request will need to be justified in writing. If an inspection request is denied by the board of directors, shareholders may request
the order of an inspection by the court within 30 days. See &ldquo;Comparison of Swiss Law and Delaware Law&mdash;Inspection of books
and &lrm;records.&rdquo;&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Special Investigation</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If a shareholder has exercised its information or inspection rights,
&lrm;such shareholder may propose to the general meeting of shareholders that specific facts be examined by a special &lrm;examiner in
a special investigation. If the general meeting of shareholders approves the proposal, we or any &lrm;shareholder may, within 30 calendar
days after the general meeting of shareholders, request a court at our registered &lrm;office (currently Epalinges, Canton of Vaud, Switzerland)
to appoint a special examiner. If the general meeting of &lrm;shareholders rejects the request, one or more shareholders representing
at least 5% of our share capital or voting rights may request that the court appoint a special &lrm;examiner. The court will issue such
an order if the petitioners can demonstrate that &lrm;members of the board of directors or our executive committee infringed the law or
our articles of association and that such violation is suitable to cause a damage to the Company or the shareholders. The costs of the
investigation would generally be &lrm;allocated to us and only in exceptional cases to the petitioners.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Compulsory Acquisitions; Appraisal Rights</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Business combinations and other transactions that are governed by the
Swiss Merger Act (i.e., mergers, demergers, &lrm;transformations and certain asset transfers) are binding on all shareholders. A statutory
merger or demerger requires &lrm;approval of two-thirds of the shares represented at a general meeting of shareholders and the majority
of &lrm;the par value of the shares represented.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If a transaction under the Swiss Merger Act receives all of the necessary
consents, all shareholders are compelled to participate in such transaction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Swiss corporations may be acquired by an acquirer through the direct
acquisition of the shares of the Swiss corporation. The Swiss Merger Act provides for the possibility of a so-called &ldquo;cash-out&rdquo;
or &ldquo;squeeze-out&rdquo; merger with the approval of holders of 90% of the issued shares. In these limited circumstances, minority
shareholders of the corporation being acquired may be compensated in a form other than through shares of the acquiring corporation (for
instance, through cash or securities of a parent corporation of the acquiring corporation or of another corporation). For business combinations
effected in the form of a statutory merger or demerger and subject to Swiss law, the Swiss Merger Act provides that if equity rights have
not been adequately preserved or compensation payments in the transaction are unreasonable, a shareholder may request the competent court
to determine a reasonable amount of compensation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, under Swiss law, the sale of &ldquo;all or substantially
all of our assets&rdquo; by us may require the approval of &lrm;two-thirds of the number of shares represented at a general meeting of
shareholders and the majority of &lrm;the par value of the shares represented. Whether a shareholder resolution is required depends on
the particular &lrm;transaction, including whether the following test is satisfied:&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a core part of our business is sold without which it is economically impracticable
or unreasonable to continue to operate the remaining business;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">our assets, after the divestment, are not invested in accordance with our
corporate purpose as set forth in the articles of association; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the proceeds of the divestment are not earmarked for reinvestment in accordance
with our corporate purpose but, instead, are intended for distribution to our shareholders or for financial investments unrelated to our
corporate purpose.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A shareholder of a Swiss corporation participating in certain major
corporate transactions may, under certain circumstances, be entitled to appraisal rights. As a result, such shareholder may, in addition
to the consideration (be it in shares or in cash) receive an additional amount to ensure that the shareholder receives the fair value
of the shares held by the shareholder. Following a statutory merger or demerger, pursuant to the Swiss Merger Act, shareholders can file
an appraisal action against the surviving company. If the consideration is deemed inadequate, the court will determine an adequate compensation
payment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Board of Directors</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our articles of association provide that the board of directors shall
consist of at least three and not more than nine &lrm;members.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The members of the board of directors and the chairman are elected annually
by the general meeting of shareholders for a period until the completion of the subsequent annual general meeting of shareholders and
are eligible for re-election. Each member of the board of directors must be elected individually.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Powers</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">According to our articles of association, the board of directors has
the following non-delegable and inalienable powers and duties:&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the ultimate direction of the business of the Company and issuing of the relevant
directives;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">laying down the organization of the Company;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">formulating accounting procedures, financial controls and financial planning;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">nominating and removing persons entrusted with the management and representation
of the Company &lrm;and regulating the power to sign for the Company;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the ultimate supervision of those persons entrusted with management of the
Company, with particular &lrm;regard to adherence to law, our articles of association, and regulations and directives of the Company;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">issuing the business report and the compensation report, and preparing for
the general meeting of &lrm;shareholders and carrying out its resolutions; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">informing the court in case of over-indebtedness.&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">By operation of statutory law, the board of directors has the additional
non-delegable and inalienable power and duty to submit an application for debt-restructuring moratorium if needed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The board of directors may, while retaining such non-delegable and inalienable
powers and duties, delegate some of &lrm;its powers, in particular direct management, to a single or to several of its members, committees
or to third parties &lrm;&lrm;(such as executive officers) who need be neither members of the board of directors nor shareholders. Pursuant
to &lrm;Swiss law and our articles of association, details of the delegation and other procedural rules such as quorum &lrm;requirements
have been set in the organizational rules established by the board of directors.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Indemnification of Executive Officers and Directors</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Subject to Swiss law, our articles of association provide for indemnification
of the existing and former members of the board of directors and the executive committee and their heirs, executors and administrators,
against liabilities arising in connection with the performance of their duties in such capacity, and permits us to advance the expenses
of defending any act, suit or proceeding to our directors and executive officers to the extent not included in insurance coverage or advanced
by third parties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, under general principles of Swiss employment law, an employer
may be required to indemnify an employee against losses and expenses incurred by such employee in the proper execution of his or her duties
under the employment agreement with the employer. See &ldquo;Comparison of Swiss Law and Delaware Law&mdash;Indemnification of directors
and executive officers and limitation of liability.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have entered into indemnification agreements with each of the members
of our board of directors and executive officers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Conflicts of Interest, Management Transactions</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The members of the board of directors and the executive committee are
required to immediately and fully inform the board of directors about conflicts of interests concerning them. The board of directors is
furthermore required to take measures in order to protect the interests of the company. More generally, the CO requires our directors
and executive officers to safeguard the Company&rsquo;s interests and imposes a duty of &lrm;loyalty and duty of care on our directors
and executive officers. This rule is generally understood to disqualify &lrm;directors and executive officers from participation in decisions
that directly affect them. Our directors and &lrm;executive officers are personally liable to us for breaches of these obligations. In
addition, Swiss law contains &lrm;provisions under which directors and all persons engaged in the Company&rsquo;s management are liable
to the &lrm;Company, each shareholder and the Company&rsquo;s creditors for damages caused by an intentional or negligent &lrm;violation
of their duties. Furthermore, Swiss law contains a provision</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">under which payments made to any of the &lrm;Company&rsquo;s shareholders
or directors or any person related to any such shareholder or director, other than payments &lrm;made at arm&rsquo;s length, must be repaid
to the Company if such shareholder or director acted in bad faith.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our board of directors has adopted a Code of Business Conduct and Ethics
and other policies that cover a broad &lrm;range of matters, including the handling of conflicts of interest.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Principles of the Compensation of the Board of Directors and
the Executive Committee</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Pursuant to Swiss law, the aggregate amount of compensation of the &lrm;board
of directors and the persons whom the board of directors has, fully or partially, entrusted with the &lrm;management (which we refer to
as our &ldquo;executive committee&rdquo;) of the Company has to be submitted to our shareholders for approval each year. Our executive
committee currently comprises the Chief Executive Officer, the Chief Financial Officer, the Chief Scientific Officer and the Swiss Managing
Director.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The board of directors must issue, on an annual basis, a written compensation
report that must be reviewed by our &lrm;auditors. The compensation report must disclose, among other things, all compensation granted
by the Company, directly or indirectly, &lrm;to current members of the board of directors and the executive committee and, to the extent
related to their former &lrm;role within the Company or not on customary market terms, to former members of the board of directors and
&lrm;former executive officers.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The disclosure concerning compensation, loans and other forms of indebtedness
must include the aggregate amount for the board of directors and the executive committee, respectively, as well as the particular amount
for each member of the board of directors and for the highest paid executive officer, specifying the name and function of each of these
persons.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We are prohibited from granting certain forms of compensation to members
of our board of directors and executive committee, such as:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">severance payments (compensation due until the termination of a contractual
relationship does not qualify as severance payment);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">advance compensation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">incentive fees for the acquisition or transfer of companies, or parts thereof,
by the Company or by companies being, directly or indirectly, controlled by us;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loans, other forms of indebtedness, pension benefits not based on occupational
pension schemes and performance-based compensation not provided for in the articles of association; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">equity-based compensation not provided for in the articles of association.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Compensation to members of the board of directors and the executive
committee for activities in entities that are, directly or indirectly, controlled by the Company is prohibited if (i)&nbsp;the compensation
would be prohibited if it were paid directly by the Company, (ii)&nbsp;the articles of association do not provide for it, or (iii)&nbsp;the
compensation has not been approved by the general meeting of shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In each year, the general meeting of shareholders has to vote on the
proposals of the board of directors with respect to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the maximum aggregate amount of compensation of the board of directors for
the term of office until the next annual general meeting of shareholders; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the maximum aggregate amount of fixed compensation of the executive committee
for the following financial year; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the maximum aggregate amount of variable compensation of the executive committee
for the current financial year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The board of directors may submit for approval at the general meeting
of shareholders deviating or additional proposals relating to the same or different periods.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If, at the general meeting of shareholders, the shareholders do not
approve a compensation proposal of the board of directors, the board of directors must prepare a new proposal, taking into account all
relevant factors, and submit the new proposal for approval by the same general meeting of shareholders, at a subsequent extraordinary
general meeting of shareholders or the next annual general meeting of shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition to fixed compensation, members of the board of directors
and the executive committee may be paid variable compensation, depending on the achievement of certain performance criteria. The performance
criteria may include individual targets, targets of the Company or parts thereof and targets in relation to the market, other companies
or comparable benchmarks, taking into account the position and level of responsibility of the recipient of the variable compensation.
The board of directors or, where delegated to it, the compensation committee shall determine the relative weight of the performance criteria
and the respective target values.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Compensation may be paid or granted in the form of cash, shares, financial
instruments, in kind, or in the form of other types of benefits. The board of directors or, where delegated to it, the compensation committee
shall determine grant, vesting, exercise and forfeiture conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Borrowing Powers</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Neither Swiss law nor our articles of association restricts our power
to borrow and raise funds. The decision to borrow funds is made by or under the direction of our board of directors, and no approval by
the shareholders is required in relation to any such borrowing.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Repurchases of Shares and Purchases of Own Shares</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The CO limits our ability to repurchase and hold our own shares. We
and our subsidiaries may repurchase shares only to the extent that (i)&nbsp;we have freely distributable reserves in the amount of the
purchase price; and (ii)&nbsp;the aggregate par value of all shares held by us does not exceed 10% of our share capital. Pursuant to Swiss
law, where shares are acquired in connection with a transfer restriction set out in the articles of association, the foregoing upper limit
is 20%. If we own shares that exceed the threshold of 10% of our share capital, the excess must be sold or cancelled by means of a capital
reduction within two years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Shares held by us or our subsidiaries are not entitled to vote at the
general meeting of shareholders but are entitled to the economic benefits applicable to the shares generally, including dividends and
pre-emptive subscription rights in the case of share capital increases.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, selective share repurchases are only permitted under certain
circumstances. Within these limitations, as is customary for Swiss corporations, we may, subject to applicable law, purchase and sell
our own shares from time to time in order to meet imbalances of supply and demand, to provide liquidity and to even out variances in the
market price of shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Notification and Disclosure of Substantial Share Interests</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The disclosure obligations generally applicable to shareholders of Swiss
corporations under the Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading, or the
Financial Market Infrastructure Act (the &ldquo;FMIA&rdquo;), do not apply to us since our shares are not listed on a Swiss exchange.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Mandatory Bid Rules</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The obligation of any person or group of persons that acquires more
than one-third of a company&rsquo;s voting rights to submit a cash offer for all the outstanding listed equity securities of the relevant
company at a minimum price pursuant to the FMIA does not apply to us since our shares are not listed on a Swiss exchange.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Nonresident or Foreign Owners</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Other than limitations that apply to all holders of our common shares,
there are no limitations on the right of nonresident or foreign owners of our common shares from holdings or voting such common shares
imposed by Swiss law or our articles of association.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Exchange Controls</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Other than sanctions against specific countries, individuals, and organizations,
there are no governmental laws, decrees, regulations or other legislation in Switzerland affecting the remittance of dividends, interest
and other payments to nonresident holders of our common shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Stock Exchange Listing</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our common shares are listed on the NYSE under the symbol &ldquo;ADCT.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The Depository Trust Company</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Each person owning a beneficial interest in common shares held through
DTC must rely on the procedures thereof and on institutions that have accounts therewith to exercise any rights of a holder of the shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Transfer Agent and Registrar
of Shares</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our share register is kept by Computershare Trust Company, N.A., which
acts as transfer agent and registrar. The share register reflects only record owners of our shares. Swiss law does not recognize fractional
share interests.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Comparison of Swiss Law and
Delaware Law</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Swiss laws applicable to Swiss corporations and their shareholders
differ from laws applicable to &lrm;U.S. corporations and their shareholders. The following table summarizes significant differences in
shareholder &lrm;rights pursuant to the provisions of the CO, by which our Company is governed (but see &ldquo;Description of Share Capital
and Articles of Association&mdash;The Company&rdquo; regarding the two-year transition period that currently applies), and the Delaware
General Corporation Law applicable to companies &lrm;incorporated in Delaware and their shareholders. Please note that this is only a
general summary of certain &lrm;provisions applicable to companies in Delaware. Certain Delaware companies may be permitted to exclude
certain &lrm;of the provisions summarized below in their charter documents.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>DELAWARE CORPORATE LAW</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&lrm; &lrm;SWISS CORPORATE LAW</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Mergers and similar arrangements</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Under the Delaware General Corporation Law, with &lrm;certain exceptions, a merger, consolidation, sale, lease or &lrm;transfer of all or substantially all of the assets of a &lrm;corporation must be approved by the board of directors &lrm;and a majority of the outstanding shares entitled to vote &lrm;thereon. A shareholder of a Delaware corporation &lrm;participating in certain major corporate transactions may, &lrm;under certain circumstances, be entitled to appraisal rights &lrm;pursuant to which such shareholder may receive cash in &lrm;the amount of the fair value of the shares held by such &lrm;shareholder (as determined by a court) in lieu of the &lrm;consideration such shareholder would otherwise receive in &lrm;the transaction. The Delaware General Corporation Law &lrm;also provides that a parent corporation, by resolution of &lrm;its board of directors, may merge with any subsidiary, of &lrm;which it owns at least 90.0% of each class of capital &lrm;stock without a vote by the shareholders of such &lrm;subsidiary. Upon any such merger, dissenting &lrm;shareholders of the subsidiary would have appraisal &lrm;rights.&lrm;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&lrm;Under Swiss law, with certain exceptions, a merger or a &lrm;demerger of the corporation or a sale of all or &lrm;substantially all of the assets of a corporation must be &lrm;approved by two-thirds of the voting rights represented &lrm;at the respective general meeting of shareholders as &lrm;well as the majority of the par value of shares &lrm;represented at such general meeting of shareholders. &lrm;A shareholder of a Swiss corporation participating in a &lrm;statutory merger or demerger pursuant to the Swiss &lrm;Merger Act <I>(Loi sur la fusion</I>) can file a lawsuit against &lrm;the surviving company. If the consideration is deemed &lrm;&lrm;&rdquo;inadequate,&rdquo; such shareholder may, in addition to the &lrm;consideration (be it in shares or in cash) receive an &lrm;additional amount to ensure that such shareholder &lrm;receives the fair value of the shares held by such &lrm;shareholder. Swiss law also provides that if the merger &lrm;agreement provides only for a compensation payment, &lrm;at least 90% of all members in the transferring legal &lrm;entity who are entitled to vote shall approve the &lrm;merger agreement.&lrm;</FONT></TD></TR>
  </TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Shareholders&rsquo; suits</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Class actions and derivative actions generally are &lrm;available to shareholders of a Delaware corporation for, &lrm;among other things, breach of fiduciary duty, corporate &lrm;waste and actions not taken in accordance with &lrm;applicable law. In such actions, the court has discretion to &lrm;permit the winning party to recover attorneys&rsquo; fees &lrm;incurred in connection with such action.&lrm;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&lrm;Class actions and derivative actions as such are not &lrm;available under Swiss law. Nevertheless, certain actions &lrm;may have a similar effect. A shareholder is entitled to &lrm;bring suit against directors, officers or liquidators for &lrm;breach of their duties and claim the payment of the &lrm;company&rsquo;s losses or damages to the corporation and, &lrm;in some cases, to the individual shareholder. Likewise, &lrm;an appraisal lawsuit won by a shareholder may &lrm;indirectly compensate all shareholders. In addition, to &lrm;the extent that U.S. laws and regulations provide a &lrm;basis for liability and U.S. courts have jurisdiction, a &lrm;class action may be available.&lrm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Under Swiss law, the winning party is generally entitled &lrm;to recover a limited amount of attorneys&rsquo; fees incurred &lrm;in connection with such action. The court has discretion &lrm;to permit the shareholder who lost the lawsuit to &lrm;recover attorneys&rsquo; fees incurred to the extent that he or &lrm;she acted in good faith.&lrm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Shareholder vote on board and management compensation</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Under the Delaware General Corporation Law, the board &lrm;of directors has the authority to fix the compensation of &lrm;directors, unless otherwise restricted by the certificate of &lrm;incorporation or bylaws.&lrm;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pursuant to Swiss law, the general meeting of &lrm;shareholders has the non-transferable right, amongst &lrm;others, to vote separately and bindingly on the &lrm;aggregate amount of compensation of the members of &lrm;the board of directors, of the executive committee and &lrm;of the advisory boards.&lrm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Annual vote on board renewal</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Unless directors are elected by written consent in lieu of &lrm;an annual
    meeting, directors are elected in an annual &lrm;meeting of shareholders on a date and at a time &lrm;designated by or in the manner provided
    in the bylaws. &lrm;Re-election is possible.&lrm; &lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Classified boards are permitted.&lrm;</P></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The general meeting of shareholders elects the &lrm;members of the board of directors, the chairperson of &lrm;the board of directors and the members of the &lrm;compensation committee individually and annually for &lrm;a term of office until the end of the following general &lrm;meeting of shareholders. Re-election is possible.&lrm;</FONT></TD></TR>
  </TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Indemnification of directors and executive officers and limitation of liability</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Delaware General Corporation Law provides that a &lrm;certificate
    of incorporation may contain a provision &lrm;eliminating or limiting the personal liability of directors and officers &lrm;&lrm;(but
    not other controlling persons) of the corporation for &lrm;monetary damages for breach of a fiduciary duty as a &lrm;director, except
    no provision in the certificate of &lrm;incorporation may eliminate or limit liability of:&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&lrm;&nbsp;&nbsp;&nbsp;&nbsp;a
    director or officer for any breach of the duty of loyalty to the &lrm;corporation or its shareholders;&lrm; </FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;a
    director or officer for acts or omissions not in good faith or which involve &lrm;intentional misconduct or a knowing violation of &lrm;law;&lrm;
    &lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;a
    director for statutory liability for unlawful payment of dividends &lrm;or unlawful share purchase or redemption; </FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;a
    director or officer for any transaction from which the director or officer derived an &lrm;&lrm;improper personal benefit; or</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;an
    officer in any action by or in right of the corporation.&lrm; </FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A Delaware corporation may indemnify any person who &lrm;was or
is a party or is threatened to be made a party to &lrm;any proceeding, other than an action by or on behalf of &lrm;the corporation,
because the person is or was a director or &lrm;officer, against liability incurred in connection with the &lrm;proceeding if the director
or officer acted in good faith &lrm;and in a manner reasonably believed to be in, or not &lrm;opposed to, the best interests of the corporation;
and the &lrm;director or officer, with respect to any criminal action or &lrm;proceeding, had no reasonable cause to believe his or her
&lrm;conduct was unlawful.&lrm;</P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&lrm;Under Swiss corporate law, an indemnification by the &lrm;corporation
    of a director or member of the executive &lrm;committee in relation to potential personal liability is &lrm;not effective to the extent
    the director or member of &lrm;the executive committee intentionally or negligently &lrm;violated his or her corporate duties towards
    the &lrm;corporation (certain views advocate that at least a &lrm;grossly negligent violation is required to exclude the &lrm;indemnification).
    Furthermore, the general meeting of &lrm;shareholders may discharge (release) the directors and &lrm;members of the executive committee
    from liability for &lrm;their conduct to the extent the respective facts are &lrm;known to shareholders. Such discharge is effective only
    &lrm;with respect to claims of the company and of those &lrm;shareholders who approved the discharge or who have &lrm;since acquired their
    shares in full knowledge of the &lrm;discharge. Most violations of corporate law are &lrm;regarded as violations of duties towards the
    corporation &lrm;rather than towards the shareholders. In addition, &lrm;indemnification of other controlling persons is not &lrm;permitted
    under Swiss corporate law, including &lrm;shareholders of the corporation.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The articles of association of a Swiss corporation may &lrm;also set
    forth that the corporation shall indemnify and &lrm;hold harmless, to the extent permitted by the law, the &lrm;directors and executive
    managers out of assets of the &lrm;corporation against threatened, pending or completed &lrm;actions.&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Also, a corporation may enter into and pay for &lrm;directors&rsquo;
    and officers&rsquo; liability insurance, which may &lrm;cover negligent acts as well.&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Unless ordered by a court, any foregoing indemnification &lrm;is subject
    to a determination that the director or officer &lrm;has met the applicable standard of conduct:&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;by
    a majority vote of the directors who are not &lrm;parties to the proceeding, even though less than a &lrm;quorum;&lrm; </FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;by
    a committee of directors designated by a majority &lrm;vote of the eligible directors, even though less than a &lrm;quorum;&lrm; </FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;by
    independent legal counsel in a written opinion if &lrm;there are no eligible directors, or if the eligible &lrm;directors so direct; or
    &lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;by
    the shareholders.&lrm; </FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Moreover, a Delaware corporation may not indemnify a &lrm;director
or officer in connection with any proceeding in &lrm;which the director or officer has been adjudged to be &lrm;liable to the corporation
unless and only to the extent that &lrm;the court determines that, despite the adjudication of &lrm;liability but in view of all the
circumstances of the case, &lrm;the director or officer is fairly and reasonably entitled to &lrm;indemnity for those expenses which
the court deems &lrm;proper.&lrm;</P></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Directors&rsquo; fiduciary duties</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A director of a Delaware corporation has a fiduciary duty &lrm;to the
    corporation and its shareholders. This duty has two &lrm;components:&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;the
    duty of care; and</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;the
    duty of loyalty.&lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The duty of care requires that a director act in good faith, &lrm;with
    the care that an ordinarily prudent person would &lrm;exercise under similar circumstances. Under this duty, a &lrm;director must inform
    himself or herself of, and disclose to &lrm;shareholders, all material information reasonably &lrm;available regarding a significant transaction.&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The duty of loyalty requires that a director act in a &lrm;manner he
    or she reasonably believes to be in the best &lrm;interests of the corporation. He or she must not use his or &lrm;her corporate position
    for personal gain or advantage. &lrm;This duty prohibits self-dealing by a director and &lrm;mandates that the best interest of the corporation
    and its &lrm;shareholders take precedence over any interest possessed &lrm;by a director, officer or controlling shareholder and not &lrm;shared
    by the shareholders generally. In general, actions &lrm;of a director are presumed to have been made on an &lrm;informed basis, in good
    faith and in the honest belief that &lrm;the action taken was in the best interests of the &lrm;corporation. However, this presumption
    may be rebutted &lrm;by evidence of a breach of one of the fiduciary duties.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Should such evidence be presented concerning a &lrm;transaction
by a director, a director must prove the &lrm;procedural fairness of the transaction, and that the &lrm;transaction was of fair value
to the corporation.&lrm;</P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The board of directors of a Swiss corporation manages &lrm;the business
    of the corporation, unless responsibility for &lrm;such management has been duly delegated to the &lrm;executive committee based on organizational
    rules. &lrm;However, there are several non-transferable duties of &lrm;the board of directors:&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&lrm;&nbsp;&nbsp;&nbsp;&nbsp;the
    overall management of the corporation and &lrm;the issuing of all necessary directives;&lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;determination
    of the corporation&rsquo;s organization;&lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;the
    organization of the accounting, &lrm;financial&thinsp;control and financial planning systems as &lrm;required for management of &lrm;the
    corporation;&lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;the
    appointment and dismissal of persons &lrm;entrusted with managing and representing the &lrm;corporation;&lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;overall
    supervision of the persons entrusted with &lrm;managing the corporation, in particular with regard &lrm;to compliance &lrm;with the law,
    articles of association, &lrm;operational regulations and directives;&lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;compilation
    of the annual report, preparation for &lrm;the general meeting of the shareholders, the &lrm;compensation report &lrm;and implementation
    of its &lrm;resolutions; and</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;the
filing of an application for a debt restructuring moratorium and notification of the court in the event that the &lrm;company is over-indebted.&lrm;</FONT></P></TD></TR>
  </TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The members of the board of directors must perform &lrm;their duties
    with all due diligence and safeguard the &lrm;interests of the corporation in good faith. They must &lrm;afford the shareholders equal
    treatment in equal &lrm;circumstances.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&lrm;The duty of care requires that a director act in good &lrm;faith,
    with the care that an ordinarily prudent director &lrm;would exercise under like circumstances.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The members of the board of directors and the executive committee are
    required to immediately and fully inform the board of directors about conflicts of interests concerning them. The board of directors is
    furthermore required to take measures in order to protect the interests of the company.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The duty of loyalty requires that a director safeguard &lrm;the interests
    of the corporation and requires that &lrm;directors act in the interest of the corporation and, if &lrm;necessary, put aside their own
    interests. If there is a risk &lrm;of a conflict of interest, the board of directors must &lrm;take appropriate measures to ensure that
    the interests &lrm;of the company are duly taken into account.&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The burden of proof for a violation of these duties is &lrm;with the
    corporation or with the shareholder bringing a &lrm;suit against the director.&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Swiss Federal Supreme Court has established a doctrine that
restricts its review of a business decision if the decision has been taken following proper preparation, on an informed basis and without
conflicts of interest.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Shareholder action by written consent</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A Delaware corporation may, in its certificate of &lrm;incorporation, eliminate the right of shareholders to act &lrm;by written consent.</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Shareholders of a Swiss corporation may exercise &lrm;their voting rights in a general meeting of shareholders. &lrm; Shareholders can only act by written consents if no shareholder requests a general meeting of shareholders. The articles of &lrm;association must allow for (independent) proxies to be &lrm;present at a general meeting of shareholders. The &lrm;instruction of such (independent) proxies may occur in &lrm;writing or electronically.&lrm;</FONT></TD></TR>
  </TABLE>

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

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<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Shareholder proposals</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A shareholder of a Delaware corporation has the right to &lrm;put any proposal before the annual meeting of &lrm;shareholders, provided it complies with the notice &lrm;provisions in the governing documents. A special meeting &lrm;may be called by the board of directors or any other &lrm;person authorized to do so in the governing documents, &lrm;but shareholders may be precluded from calling special &lrm;meetings.&lrm;</FONT></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">At any general meeting of shareholders any &lrm;shareholder may put
    proposals to the meeting if the &lrm;proposal is part of an agenda item. No resolution may &lrm;be taken on proposals relating to the
    agenda items that &lrm;were not duly notified. Unless the articles of association &lrm;provide for a lower threshold or for additional
    &lrm;shareholders&rsquo; rights, and subject to the two-year transition period described above (see &ldquo;Description of Share Capital
    and Articles of Association&mdash;The Company&rdquo;):</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&lrm;&lrm;&nbsp;&nbsp;&nbsp;&nbsp;shareholders
    together representing at least 5% of &lrm;the share capital or voting rights may demand that a general &lrm;meeting of shareholders be
    called for specific &lrm;agenda items and specific proposals; and</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;shareholders
    together representing shares with a &lrm;par value of at least 0.5% of the &lrm;share capital or the voting rights may demand &lrm;that
    an agenda item including a specific proposal, or a proposal with respect to an existing agenda item, &lrm;be put on the agenda for a scheduled
    general &lrm;meeting of shareholders, provided such request is &lrm;made with appropriate lead time.&lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Any shareholder can propose candidates for election as &lrm;directors
or make other proposals within the scope of &lrm;an agenda item without prior written notice.&lrm;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In addition, any shareholder is entitled, at a general &lrm;meeting of shareholders and without advance notice, to &lrm;&lrm;(i) request information from the board of directors on &lrm;the affairs of the company (note, however, that the &lrm;right to obtain such information is limited), (ii) request &lrm;information from the auditors on the methods and &lrm;results of their audit, (iii) request that the general &lrm;meeting of shareholders resolve to convene an &lrm;extraordinary general meeting, or (iv) request that the &lrm;general meeting of shareholders resolve to appoint an &lrm;examiner to carry out a special examination (&ldquo;<I>examen</I> &lrm;<I>sp&eacute;cial</I>&rdquo;).&lrm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Cumulative voting</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&lrm;Under the Delaware General Corporation Law, &lrm;cumulative voting for elections of directors is not &lrm;permitted unless the corporation&rsquo;s certificate of &lrm;incorporation provides for it.&lrm;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cumulative voting is not permitted under Swiss &lrm;corporate law. Pursuant to Swiss law, shareholders can &lrm;vote for each proposed candidate, but they are not &lrm;allowed to cumulate their votes for single candidates. &lrm;An annual individual election of (i) all members of the &lrm;board of directors, (ii) the chairperson of the board of &lrm;directors, (iii) the members of the compensation &lrm;committee, (iv) the election of the independent proxy &lrm;for a term of office of one year (i.e., until the following &lrm;annual general meeting of shareholders), as well as the &lrm;vote on the aggregate amount of compensation of the &lrm;members of the board of directors, of the executive &lrm;committee and of the members of any advisory board, &lrm;is mandatory for listed companies. Re-election is &lrm;permitted.&lrm;</FONT></TD></TR>
  </TABLE>

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

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<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Removal of directors</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A Delaware corporation with a classified board may be &lrm;removed only for cause with the approval of a majority &lrm;of the outstanding shares entitled to vote, unless the &lrm;certificate of incorporation provides otherwise.&lrm;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A Swiss corporation may remove, with or without &lrm;cause, any director at any time with a resolution passed &lrm;by a majority of the shares represented at a general &lrm;meeting of shareholders. The articles of association &lrm;may require the approval by a supermajority of the &lrm;shares represented at a meeting for the removal of a &lrm;director.&lrm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Transactions with interested shareholders</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Delaware General Corporation Law generally &lrm;prohibits a Delaware corporation from engaging in certain &lrm;business combinations with an &ldquo;interested shareholder&rdquo; &lrm;for three years following the date that such person &lrm;becomes an interested shareholder. An interested &lrm;shareholder generally is a person or group who or which &lrm;owns or owned 15.0% or more of the corporation&rsquo;s &lrm;outstanding voting shares within the past three years.&lrm;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">No such rule applies to a Swiss corporation.&lrm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Dissolution; Winding up</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unless the board of directors of a Delaware corporation &lrm;approves the proposal to dissolve, dissolution must be &lrm;approved by shareholders holding 100.0% of the total &lrm;voting power of the corporation. Only if the dissolution is &lrm;initiated by the board of directors may it be approved by &lrm;a simple majority of the corporation&rsquo;s outstanding shares. &lrm;Delaware law allows a Delaware corporation to include in &lrm;its certificate of incorporation a supermajority voting &lrm;requirement in connection with dissolutions initiated by &lrm;the board.</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A dissolution of a Swiss corporation requires the &lrm;approval by two-thirds of the voting rights represented &lrm;at the respective general meeting of shareholders as &lrm;well as the majority of the par value of shares &lrm;represented at such general meeting of shareholders. &lrm;The articles of association may increase the voting &lrm;thresholds required for such a resolution.&lrm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Variation of rights of shares</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A Delaware corporation may vary the rights of a class of &lrm;shares with the approval of a majority of the outstanding &lrm;shares of such class, unless the certificate of &lrm;incorporation provides otherwise.&lrm;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The general meeting of shareholders of a Swiss &lrm;corporation may
    resolve that preference shares be &lrm;issued or that existing shares be converted into &lrm;preference shares with a resolution passed
    by a &lrm;majority of the shares represented at the general &lrm;meeting of shareholders. Where a company has issued &lrm;preference shares,
    further preference shares conferring &lrm;preferential rights over the existing preference shares &lrm;may be issued only with the consent
    of both a special &lrm;meeting of the adversely affected holders of the &lrm;existing preference shares and of a general meeting of &lrm;all
    shareholders, unless otherwise provided in the &lrm;articles of association.&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Shares with preferential voting rights are not regarded &lrm;as
preference shares for these purposes.&lrm;</P></TD></TR>
  </TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Amendment of governing documents</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A Delaware corporation&rsquo;s governing documents may be &lrm;amended with the approval of a majority of the &lrm;outstanding shares entitled to vote, unless the certificate &lrm;of incorporation provides otherwise.</FONT></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The articles of association of a Swiss corporation may &lrm;be amended
    with a resolution passed by a majority of &lrm;the shares represented at a general meeting of &lrm;shareholders, unless otherwise provided
    in the articles &lrm;of association.&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">There are a number of resolutions, such as an &lrm;amendment of
the stated purpose of the corporation, &lrm;the introduction of a capital range and conditional capital &lrm;and the introduction of
shares with preferential voting &lrm;rights that require the approval by two-thirds of the &lrm;votes and a majority of the par value
of the &lrm;shares represented at such general meeting of &lrm;shareholders. The articles of association may increase &lrm;these voting
thresholds.&lrm;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Inspection of books and records</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Shareholders of a Delaware corporation, upon written &lrm;demand under oath stating the purpose thereof, have the &lrm;right during the usual hours for business to inspect for any &lrm;proper purpose, and to obtain copies of list(s) of &lrm;shareholders and other books and records of the &lrm;corporation and its subsidiaries, if any, to the extent the &lrm;books and records of such subsidiaries are available to &lrm;the corporation.</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Shareholders of a Swiss corporation holding in the aggregate at least
    5% of the nominal share capital or voting rights have the right to inspect &lrm;books and records, subject to the safeguarding of the
    company&rsquo;s business secrets and other interests warranting protection. A &lrm;shareholder is only entitled to receive information
    to &lrm;the extent required to exercise his or her rights as a &lrm;shareholder. The board of directors has to decide on an inspection
    request within four months after receipt of such request. Denial of the request will need to be justified in writing. If the board of
    directors denies an inspection request, shareholders may request the order of an inspection by the court within 30 days.&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A shareholder&rsquo;s right to inspect the share register is &lrm;limited
to the right to inspect his or her own entry in the &lrm;share register.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Payment of dividends</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The board of directors may approve a dividend without &lrm;shareholder approval. Subject to any restrictions &lrm;contained in its certificate of incorporation, the board &lrm;may declare and pay dividends upon the shares of its &lrm;capital stock either:&lrm;&#9;&lrm;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dividend (including interim dividend) payments are subject to the approval of the &lrm;general meeting of shareholders. The board of directors &lrm;may propose to shareholders that a dividend shall be &lrm;paid but cannot itself authorize the distribution.&lrm;</FONT></TD></TR>
  </TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;out
    of its surplus, or</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;in
    case there is no such surplus, out of its net profits for &lrm;the fiscal year in which the dividend is declared &lrm;and/or the preceding
    fiscal year.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&lrm;Shareholder approval is required to authorize capital &lrm;stock
    in excess of that provided in the charter. Directors &lrm;may issue authorized shares without shareholder &lrm;approval.&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Payments out of a corporation&rsquo;s share capital (in other &lrm;words, the aggregate par value of the corporation&rsquo;s &lrm; shares) in the form of dividends are &lrm;not allowed and may be made only by way of a share &lrm;capital reduction. Dividends may be paid only from the &lrm;profits of the previous or current business year or brought forward &lrm;from previous business years or if the corporation has &lrm;distributable reserves, each as evidenced by the &lrm;corporation&rsquo;s audited stand-alone statutory balance &lrm;sheet prepared pursuant to Swiss law and after &lrm;allocations to reserves required by Swiss law and the &lrm;articles of association have been deducted.&lrm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Creation and issuance of new shares</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">All creation of shares require the board of directors to &lrm;adopt a resolution or resolutions, pursuant to authority &lrm;expressly vested in the board of directors by the &lrm;provisions of the company&rsquo;s certificate of incorporation.&lrm;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">All creation of shares require a shareholders&rsquo; resolution. &lrm;The creation of a capital range or conditional share capital &lrm;requires at least two-thirds of the voting rights &lrm;represented at the general meeting of shareholders and &lrm;a majority of the par value of shares &lrm;represented at such meeting. The board of directors &lrm;may issue or cancel shares out of the capital range &lrm;during a period of up to five years by a maximum amount of 50% of the current share capital. Shares are created &lrm;and issued out of conditional share capital through the &lrm;exercise of options or of conversion rights that the &lrm;board of directors may grant to shareholders, creditors of bonds or similar debt &lrm;instruments, employees, directors of the company or another group company or third parties.&lrm;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_008"></A>Description of Pre-Funded
Warrants</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>The material terms and provisions of the pre-funded warrants being
issued in this offering are summarized below. The following description is subject to, and qualified in its entirety by, the form of the
pre-funded warrant which will be filed as an exhibit to a Current Report on Form 8-K to be filed with the SEC. You should review the form
of the pre-funded warrant for a complete description of the terms and conditions applicable to the pre-funded warrants. </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Form</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The pre-funded warrants will be issued as individual warrant agreements
to the investors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Exercisability</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The pre-funded warrants are exercisable at any time after their original
issuance until the tenth anniversary of their original issuance. At any time during the last 90 days of the term, the holder may exchange
the pre-funded warrant for, and we will issue, a new pre-funded warrant for the number of common shares then remaining under the pre-funded
warrant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The pre-funded warrants will be exercisable, at the option of each holder,
in whole or in part (but not for less than a common share) by delivering to us a duly executed exercise notice and by payment of the aggregate
exercise price; <I>provided</I> that any exercise of the pre-funded warrants must be for at least 50,000 common shares (or, if less, the
remaining common shares available for purchase under the pre-funded warrants).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Exercise Limitations</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A holder will not be entitled to exercise any portion of any pre-funded
warrant that, upon giving effect to such exercise, would cause the aggregate number of our common shares beneficially owned by the holder
(together with its affiliates and certain attribution parties) to exceed 9.99% (or, 61 days after a written notice from such holder, any
other percentage not in excess of 19.99%) of the number of our common shares outstanding immediately after giving effect to the exercise,
as such percentage ownership is determined in accordance with the terms of the pre-funded warrants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Exercise Price</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The exercise price per common share purchasable upon the exercise of
the pre-funded warrants is CHF 0.08 per share, subject to adjustments as described below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Cashless Exercise</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">In lieu of making cash payment of the
aggregate exercise price, when a registration statement (and a current prospectus) is not available for the issuance of common shares upon exercise of the pre-funded warrants, a holder may elect to exercise the pre-funded warrants on a cashless basis. However, if we, at the time of
our receipt of an exercise notice electing cashless exercise, (i) do not, or have reason to believe that we do not, have a sufficient
amount of freely distributable equity to fund the nominal value of the number of common shares we would be required to deliver upon such
cashless exercise, and (ii) (x) hold common shares representing more than 2% of our share capital registered in the commercial register
at that time (the &quot;Minimum Stock&quot;) in treasury, then we will not be obligated to (but may) deliver more than such number of
common shares to the holder as exceeds the Minimum Stock or (y) hold up to the Minimum Stock in treasury, then we will not obligated
to deliver any common shares to the holder. The exercise notice will be deemed to be null and void to the extent the holder receives
fewer common shares than to which such exercise notice relates.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Certain Transactions</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the event of (i) a sale, lease or other transfer of all or substantially
all of our assets, (ii) a merger or consolidation involving us in which we are not the surviving entity or in which our outstanding share
capital is converted into or exchanged for shares of capital stock or other securities or property of another entity, or (iii) any sale
by holders of our outstanding voting equity securities in a single transaction or series of related transactions of shares constituting
a majority of our outstanding combined voting power, and:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if the consideration received by our shareholders consists solely of cash
and/or marketable securities, then holders of the pre-funded warrants will be deemed to have exercised their pre-funded warrants (without
regard to the exercise limitations described above) immediately prior to the closing date of such transaction; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if the consideration received by our shareholders does not consist solely
of cash and/or marketable securities, then we will cause the successor or surviving entity to assume the pre-funded warrants.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the event of a change any of the securities issuable upon exercise
of the pre-funded warrants into the different securities, then the pre-funded warrants will represent the right to acquire such number
and kind of securities as would have been issuable as a result of such change with respect to our common shares immediately prior to such
change.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the event of a combination or subdivision of our common shares, then
the exercise price and the number of our common shares issuable upon exercise of the pre-funded warrants will be proportionately adjusted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the event of a share dividend on our common shares, then the exercise
price and the number of our common shares issuable upon exercise of the pre-funded warrants will be proportionately adjusted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the event of a non-share dividend or distribution on our common shares,
then the holders of the pre-funded warrants will receive a proportionate share of any such dividend or distribution as though such holders
were holders of our common shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Transferability</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Subject to applicable laws, the pre-funded warrants may be offered for
sale, sold, transferred or assigned without our consent.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Listing</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">We do not intend to apply to list the pre-funded warrants
on the NYSE, any other national securities exchange or any other nationally recognized trading system.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Rights as a Shareholder</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Except for the right to participate in certain dividends and distributions
and as otherwise provided in the pre-funded warrant, the holders of the pre-funded warrants, as such, do not have the rights or privileges
of holders of our common shares, including any voting rights, until they exercise their pre-funded warrants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Governing Law</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The pre-funded warrants are governed by the laws of Switzerland.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_009"></A>Taxation</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following discussion is based on the tax laws, regulations and regulatory
practices of Switzerland and the United States as in effect on the date hereof, which are subject to change (or subject to changes in
interpretation), possibly with retroactive effect.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Current and prospective shareholders are advised to consult their own
tax advisers in light of their particular circumstances as to the Swiss or U.S. tax laws, regulations and regulatory practices that could
be relevant for them in connection with owning and selling or otherwise disposing of our common shares and pre-funded warrants and receiving
dividends and similar cash or in-kind distributions on our common shares and pre-funded warrants (including dividends on liquidation proceeds
and share dividends) or distributions on our common shares and pre-funded warrants based upon a capital reduction or reserves paid out
of capital contributions and the consequences thereof under the tax laws, regulations and regulatory practices of Switzerland or the United
States.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Swiss Tax Considerations</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Withholding Tax</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under present Swiss tax law, dividends due and similar cash or in-kind
distributions made by the Company to a shareholder of common shares and holders of pre-funded warrants (including liquidation proceeds
and bonus shares) are subject to Swiss federal withholding tax (&ldquo;Withholding Tax&rdquo;), currently at a rate of 35% (applicable
to the gross amount of taxable distribution). However, the repayment of the par value of the common shares and any repayment of qualifying
additional paid-in capital (capital contribution reserves), within the limitations accepted by the legislation in force when such Dividend
becomes due and the respective administrative practice, are not subject to the Withholding Tax. The Company is obliged to deduct any applicable
Withholding Tax from the gross amount of any taxable distribution and to pay the tax to the Swiss Federal Tax Administration within 30
days of the due date of such distribution. The issuance of pre-funded warrants to investors is not subject to Withholding Tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Swiss resident individuals who hold their common shares or pre-funded
warrants as private assets (&ldquo;Resident Private Shareholders&rdquo;) are in principle eligible for a full refund or credit against
income tax of the Withholding Tax if they duly report the underlying income in their income tax return. In addition, (i)&nbsp;corporate
and individual shareholders who are resident in Switzerland for tax purposes, (ii)&nbsp;corporate and individual shareholders who are
not resident in Switzerland, and who, in each case, hold their common shares or pre-funded warrants as part of a trade or business carried
on in Switzerland through a permanent establishment with fixed place of business situated in Switzerland for tax purposes and (iii)&nbsp;Swiss
resident private individuals who, for income tax purposes, are classified as &ldquo;professional securities dealers&rdquo; for reasons
of, inter alia, frequent dealing, or leveraged investments, in shares and other securities (collectively, &ldquo;Domestic Commercial Shareholders&rdquo;)
are in principle eligible for a full refund or credit against income tax of the Withholding Tax if they duly report the underlying income
in their statements of operations or income tax return, as the case may be.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Shareholders and holders of pre-funded warrants who are not resident
in Switzerland for tax purposes, and who, in each case and during the respective taxation year, do not hold their common shares or pre-funded
warrants as part of a trade or business carried on through a permanent establishment with fixed place of business situated in Switzerland
for tax purposes, and who are not subject to corporate or individual income taxation in Switzerland for any other reason (collectively,
&ldquo;Non-Resident Shareholders&rdquo;) may be entitled to a total or partial refund of the Withholding Tax if the country in which such
recipient resides for tax purposes maintains a bilateral treaty for the avoidance of double taxation with Switzerland and further conditions
of such treaty are met. Non-Resident Shareholders should be aware that the procedures for claiming treaty benefits (and the time required
for obtaining a refund) may differ from country to country. Non-Resident Shareholders should consult their own legal, financial or tax
advisors regarding receipt, ownership, purchases, sale or other dispositions of common shares or pre-funded warrants and the procedures
for claiming a refund of the Withholding Tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Swiss Issuance Stamp Duty</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Company will be subject to the Swiss issuance stamp duty (<I>droit
de timbre d&rsquo;&eacute;mission</I>) on the issuance of common shares (including the issuance of common shares in connection with the
exercise of pre-funded warrants) of 1% of the offering price, net of certain deductions. The issuance of pre-funded warrants is not subject
to Swiss issuance stamp duty.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Securities Transfer Stamp Duty</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Any transactions in common shares or pre-funded warrants in the secondary
markets are subject to Swiss securities transfer stamp duty at an aggregate rate of 0.15% of the consideration paid for such common shares
or pre-funded warrants, however, only if a bank or other securities dealer in Switzerland, as defined in the Swiss Federal Stamp Tax Act
(<I>loi f&eacute;d&eacute;rale sur les droits de timbre</I>), is a party or an intermediary to the transaction and no exemption applies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The issuance of the pre-funded warrants to investors as well as the
exercise of the pre-funded warrants are exempt from Swiss securities transfer stamp duty.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Swiss Federal, Cantonal and Communal Individual Income Tax
and Corporate Income Tax</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Non-Resident Shareholders</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Non-Resident Shareholders are not subject to any Swiss federal, cantonal
or communal income tax on dividend payments and similar distributions because of the mere holding of common shares or pre-funded warrants.
The same applies for capital gains on the sale of common shares or pre-funded warrants subject to certain exceptions. For Withholding
Tax consequences, see &ldquo;&mdash;Swiss Tax Considerations&mdash;Withholding Tax.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Resident Private Shareholders and Domestic Commercial Shareholders</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Resident Private Shareholders who receive dividends and similar cash
or in-kind distributions (including liquidation proceeds as well as bonus shares or taxable repurchases of common shares or pre-funded
warrants as described above), which are not repayments of the par value of common shares or, within the limitations accepted by the legislation
in force and the respective administrative practice, qualifying additional paid-in capital (capital contribution reserves), are required
to report such receipts in their individual income tax returns and are subject to Swiss federal, cantonal and communal income tax on any
net taxable income for the relevant tax period. A gain or a loss by Resident Private Shareholders realized upon the sale or other disposition
of common shares or pre-funded warrants to a third party will generally be a tax-free private capital gain or not a tax-deductible capital
loss, as the case may be. Under exceptional circumstances the capital gain may be re-characterized into a taxable dividend, in particular
upon taxable repurchase of common shares or pre-funded warrants as described above. When a capital gain is re-characterized as a dividend,
the relevant income for tax purposes corresponds to the difference between the repurchase price and the sum of the par value of common
shares and, within the limitations accepted by the legislation in force and the respective administrative practice, qualifying additional
paid-in capital (capital contribution reserves).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Domestic Commercial Shareholders who receive dividends and similar cash
or in-kind distributions (including liquidation proceeds as well as bonus shares) are required to recognize such payments in their statements
of operations for the relevant tax period and are subject to Swiss federal, cantonal and communal individual or corporate income tax,
as the case may be, on any net taxable earnings accumulated (including the dividends) for such period. Domestic Commercial Shareholders
who are corporate taxpayers may qualify for participation relief on dividend distributions (<I>r&eacute;duction pour participations</I>),
if common shares held have an aggregate market value of at least CHF 1&nbsp;million. For cantonal and communal income tax purposes, the
regulations on participation relief are broadly similar, depending on the canton of residency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Domestic Commercial Shareholders are required to recognize a gain or
loss realized upon the disposal of common shares or pre-funded warrants in their statement of operations for the respective taxation period
and are subject to Swiss federal, cantonal and communal individual or corporate income tax, as the case</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">may be, on any net taxable earnings (including the gain or loss realized
on the sale or other disposition of common shares or pre-funded warrants) for such taxation period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Swiss Wealth Tax and Capital Tax</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Non-Resident Shareholders</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Non-Resident Shareholders holding common shares or pre-funded warrants
are not subject to cantonal and communal wealth or annual capital tax because of the mere holding of common shares or pre-funded warrants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Resident Private Shareholders</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Resident Private Shareholders are required to report their common shares
or pre-funded warrants as part of their private wealth and are subject to cantonal and communal wealth tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Domestic Commercial Shareholders</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Domestic Commercial Shareholders are required to report their common
shares or pre-funded warrants as part of their business wealth or taxable capital, as defined, and are subject to cantonal and communal
wealth or annual capital tax.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Automatic Exchange of Information in Tax Matters</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On November&nbsp;19, 2014, Switzerland signed the Multilateral Competent
Authority Agreement. The Multilateral Competent Authority Agreement is based on Article 6 of the OECD/Council of Europe administrative
assistance convention and is intended to ensure the uniform implementation of Automatic Exchange of Information (the &ldquo;AEOI&rdquo;).
The Federal Act on the International Automatic Exchange of Information in Tax Matters (the &ldquo;AEOI Act&rdquo;) entered into force
on January&nbsp;1, 2017. The AEOI Act is the legal basis for the implementation of the AEOI standard in Switzerland.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The AEOI is being introduced in Switzerland through bilateral agreements
or multilateral agreements. The agreements have been, and will be, concluded on the basis of guaranteed reciprocity, compliance with the
principle of speciality (i.e., the information exchanged may only be used to assess and levy taxes (and for criminal tax proceedings))
and adequate data protection.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Based on such multilateral or bilateral agreements and the implementation
of Swiss law, Switzerland collects and exchanges data in respect of financial assets, including common shares or pre-funded warrants,
held in, and income derived thereon and credited to, accounts or deposits with a paying agent in Switzerland for the benefit of individuals
resident in a European Union member state or in a treaty state.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Swiss Facilitation of the Implementation of the U.S. Foreign
Account Tax Compliance Act</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Switzerland has concluded an intergovernmental agreement with the United
States to facilitate the implementation of U.S. Foreign Account Tax Compliance Act. The agreement ensures that the accounts held by U.S.
persons with Swiss financial institutions are disclosed to the U.S. tax authorities either with the consent of the account holder or by
means of group requests within the scope of administrative assistance. Information will not be transferred automatically in the absence
of consent, and instead will be exchanged only within the scope of administrative assistance on the basis of the double taxation agreement
between the United States and Switzerland. On October&nbsp;8, 2014, the Swiss Federal Council approved a mandate for negotiations with
the United States on changing the current direct-notification-based regime to a regime where the relevant information is sent to the Swiss
Federal Tax Administration, which in turn provides the information to the U.S. tax authorities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Material U.S. Federal Income Tax Consequences for U.S. Holders</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following is a description of the material U.S. federal income tax
consequences to the U.S. Holders, as defined below, of owning and disposing of our common shares and pre-funded warrants. It does not
describe all tax considerations that may be relevant to a particular person&rsquo;s decision to acquire common shares or pre-funded warrants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This discussion applies only to a U.S. Holder that holds common shares
or pre-funded warrants as capital assets for U.S. federal income tax purposes (generally, property held for investment). In addition,
it does not describe any tax consequences other than U.S. federal income tax consequences, including state and local tax consequences
and estate tax consequences, and does not describe all of the U.S. federal income tax consequences that may be relevant in light of the
U.S. Holder&rsquo;s particular circumstances, including alternative minimum tax consequences, the potential application of the provisions
of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;) known as the Medicare contribution tax and tax consequences
applicable to U.S. Holders subject to special rules, such as:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD>certain banks, insurance companies and other financial institutions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD>brokers, dealers or traders in securities who use a mark-to-market method of tax accounting;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD>persons holding common shares or pre-funded warrants as part of a straddle, wash sale, conversion transaction or other integrated
transaction or persons entering into a constructive sale with respect to the common shares or pre-funded warrants;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD>persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD>entities or arrangements classified as partnerships or S corporations for U.S. federal income tax purposes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD>tax-exempt entities, including an &ldquo;individual retirement account&rdquo; or &ldquo;Roth IRAs&rdquo; and governmental entities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD>real estate investment trusts or regulated investment companies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD>former U.S. citizens or long-term residents of the United States;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD>persons subject to Section 451(b) of the Code;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD>persons that own or are deemed to own 10% or more of the voting power or value of our common shares and pre-funded warrants; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD>persons holding common shares or pre-funded warrants in connection with a trade or business conducted outside of the United States
or in connection with a permanent establishment or other fixed place of business outside of the United States.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If an entity or arrangement that is classified as a partnership for
U.S. federal income tax purposes holds common shares or pre-funded warrants, the U.S. federal income tax treatment of a partner will generally
depend on the status of the partner and the activities of the partnership. Partnerships holding common shares or pre-funded warrants and
partners in such partnerships should consult their tax advisers as to the particular U.S. federal income tax consequences of owning and
disposing of the common shares or pre-funded warrants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This discussion is based on the Code, administrative pronouncements,
judicial decisions, final, temporary and proposed Treasury regulations, and the income tax treaty between Switzerland and the United States
(the &ldquo;Treaty&rdquo;), all as of the date hereof, any of which is subject to change or differing interpretations, possibly with retroactive
effect.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A &ldquo;U.S. Holder&rdquo; is a beneficial owner of our common shares
or pre-funded warrants who, for U.S. federal income tax purposes, is eligible for the benefits of the Treaty and who is:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD>a citizen or individual resident of the United States;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD>a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state
therein or the District of Columbia; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD>an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">U.S. Holders should consult their tax advisers concerning the U.S. federal,
state, local and non-U.S. tax consequences of owning and disposing of common shares or pre-funded warrants in their particular circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Treatment of Pre-Funded Warrants</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Although not free from doubt, we expect to treat our pre-funded warrants
as our common shares for U.S. federal income tax purposes, and a holder of pre-funded warrants should generally be taxed in the same manner
as a holder of our common shares. Accordingly, no gain or loss should be recognized upon the exercise of a pre-funded warrant except to
the extent of cash received in lieu of a fractional share, which will be treated as received in a disposition subject to the rules described
below under &ldquo;&mdash;Sale or Other Disposition of Common Shares or Pre-Funded Warrants&rdquo; and, upon exercise, the holding period
of a pre-funded warrant should carry over to the common share received. Similarly, the tax basis of the pre-funded warrant should carry
over to the common share received upon exercise, increased by the exercise price. The discussion below assumes the characterization described
above is respected for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our position with respect to the characterization of pre-funded warrants
is not binding on the Internal Revenue Service (the &ldquo;IRS&rdquo;), however, and the IRS may treat the pre-funded warrants as warrants
to acquire our common shares. If so, the amount and character of a U.S. Holder&rsquo;s gain with respect to an investment in our pre-funded
warrants, as well as such holder&rsquo;s holding period in the common shares received on the exercise of a pre-funded warrant could change.
U.S. Holders should consult their tax advisers regarding the characterization of pre-funded warrants for U.S. federal income tax purposes,
and the consequences of alternative characterizations of an investment in the pre-funded warrants based on each holder's particular facts
and circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Passive Foreign Investment Company Rules</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under the Code, we will be a PFIC for any taxable year in which, after
the application of certain look-through rules with respect to subsidiaries, either (i) 75% or more of our gross income consists of &ldquo;passive
income&rdquo; or (ii) 50% or more of the average quarterly value of our assets consist of assets that produce, or are held for the production
of, &ldquo;passive income.&rdquo; For purposes of the above calculations, we will be treated as if we hold our proportionate share of
the assets of, and receive directly our proportionate share of the income of, any other corporation in which we directly or indirectly
own at least 25%, by value, of the shares of such corporation. Passive income generally includes interest, dividends, certain non-active
rents and royalties, and capital gains.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Cash is generally characterized as a passive asset for these purposes.
Goodwill is generally characterized as a non-passive or passive asset based on the nature of the income produced in the activity to which
the goodwill is attributable. The extent to which our goodwill should be characterized as a non-passive asset is not entirely clear. We
hold a substantial amount of cash, and while this continues to be the case our PFIC status for any taxable year depends largely on the
value of our goodwill and the characterization of our goodwill as passive or non-passive. The value of our goodwill for any taxable year
may be determined in large part by reference to the average of our market capitalization for that year. Because our market capitalization
declined substantially during 2023, we believe we were a PFIC for our 2023 taxable year. There is also a risk that we will be a PFIC for
2024 and possibly future taxable years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have not obtained any valuation of our assets (including goodwill).
U.S. Holders of our common shares or pre-funded warrants should consult their tax advisers regarding the value and characterization of
our assets for purposes of the PFIC rules, as they are subject to some uncertainties. In addition, our PFIC status is a factual annual
determination that can be made only after the end of the relevant taxable year and will depend on the composition of our income and assets
and the value of our assets from time to time. Accordingly, our PFIC status for 2024 and any future taxable year is uncertain.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If we are a PFIC for any year during which a U.S. Holder holds common
shares or pre-funded warrants, we will continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during
which the U.S. Holder holds common shares or pre-funded warrants, even if we cease to meet the threshold requirements for PFIC status,
unless the U.S. Holder elects to recognize gain, if any, as if it sold its common shares or pre-funded warrants as of the last day of
the last tax year in which we are a PFIC (such election, a &ldquo;Purging Election&rdquo;). In addition, the Company may, directly or
indirectly, have held or hold equity interests in other PFICs (collectively, &ldquo;Lower-tier PFICs&rdquo;). Under attribution rules,
if the Company is a PFIC, U.S. Holders will be deemed to own their proportionate shares of the stock of Lower-tier PFICs and will be subject
to U.S. federal income tax according to the rules described in the following paragraphs on (i) certain distributions by a Lower-tier PFIC
and (ii) a disposition of shares of a Lower-tier PFIC, in each case as if the U.S. Holder held such shares directly, even though holders
have not received the proceeds of those distributions or dispositions directly. U.S. Holders should consult their tax advisers about the
consequences to them if we own one or more Lower-tier PFICs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If we are a PFIC for any taxable year during which a U.S. Holder holds
common shares or pre-funded warrants, such holder will generally be subject to adverse tax consequences. Unless a U.S. Holder makes a
timely &ldquo;mark-to-market&rdquo; election or &ldquo;qualified electing fund&rdquo; (&ldquo;QEF&rdquo;) election (each discussed below),
gain recognized by the U.S. Holder on sale or other disposition (including certain pledges) of common shares or pre-funded warrants (including
any gain recognized as a consequence of a Purging Election) will be allocated ratably over the U.S. Holder&rsquo;s holding period for
the common shares or pre-funded warrants. The amounts allocated to the taxable year of the sale or other disposition and to any year before
we became a PFIC will be taxed as ordinary income. The amount allocated to each other taxable year will be subject to tax at the highest
rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge will be imposed on the resulting
tax liability. Further, to the extent that any distribution received by a U.S. Holder on its common shares or pre-funded warrants exceeds
125% of the average of the annual distributions on the common shares or pre-funded warrants received during the preceding three years
or the U.S. Holder&rsquo;s holding period, whichever is shorter, that distribution will be subject to taxation in the same manner as gain,
described immediately above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If we are a PFIC and if our common shares are &ldquo;regularly traded&rdquo;
on a &ldquo;qualified exchange,&rdquo; a U.S. Holder will be eligible to make a mark-to-market election with respect to our common shares
that will result in tax treatment different from the general tax treatment for PFICs described above. Our common shares will be treated
as &ldquo;regularly traded&rdquo; if more than a de minimis amount of our common shares are traded on a qualified exchange on at least
15 days during each calendar quarter. The NYSE, on which our common shares are listed, is a qualified exchange for this purpose. Once
made, the election cannot be revoked without the consent of the IRS unless the shares cease to be traded on an established market. A U.S.
Holder cannot make a mark-to-market election with respect to the pre-funded warrants, as the pre-funded warrants are not &ldquo;regularly
traded&rdquo; on a &ldquo;qualified exchange.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If a U.S. Holder makes the mark-to-market election with respect to our
common shares, such holder will generally recognize as ordinary income any excess of the fair market value of such holder&rsquo;s common
shares at the end of each taxable year over their adjusted tax basis, and will recognize an ordinary loss in respect of any excess of
the adjusted tax basis of the common shares over their fair market value at the end of the taxable year (but only to the extent of the
net amount of income previously included as a result of the mark-to-market election). If a U.S. Holder makes the election, such holder&rsquo;s
tax basis in their common shares will be adjusted to reflect these income or loss amounts. Any gain recognized on the sale or other disposition
of common shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as an ordinary loss (but
only to the extent of the net amount of income</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">previously included as a result of the mark-to-market election). This
election will not apply to any of our non-U.S. subsidiaries. Accordingly, a U.S. Holder may continue to be subject to tax under the PFIC
excess distribution regime with respect to any Lower-tier PFICs notwithstanding a mark-to-market election for the common shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If a company that is a PFIC provides certain information to U.S. Holders,
a U.S. Holder can then avoid certain adverse tax consequences described above by making a QEF election to be taxed currently on its proportionate
share of the PFIC&rsquo;s ordinary income and net capital gains.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The QEF election is made on a shareholder-by-shareholder basis and,
once made, can be revoked only with the consent of the IRS. A U.S. Holder generally makes a QEF election by attaching a completed IRS
Form 8621, including the information provided in a PFIC Annual Information Statement, to a timely filed U.S. federal income tax return
for the taxable year to which the election relates. U.S. Holders should consult their tax advisers regarding the availability and tax
consequences of a retroactive QEF election under their particular circumstances. In order to comply with the requirements to make a QEF
election, a U.S. Holder must receive a PFIC Annual Information Statement from us. Because we believe we were a PFIC for the 2023 taxable
year, we have provided information necessary for our U.S. investors to make a QEF election with respect to us for the 2023 taxable year
on our website.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, if we are a PFIC (or, with respect to a particular U.S.
Holder, are treated as a PFIC) for a taxable year in which we pay a dividend or for the prior taxable year, the preferential dividend
rates discussed below with respect to dividends paid to certain non-corporate U.S. Holders will not apply.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The rules dealing with PFICs and with the mark-to-market and QEF elections
are complex and are affected by various factors in addition to those described above. Accordingly, U.S. Holders should consult their tax
advisers concerning the application of the PFIC rules to our common shares and pre-funded warrants under their particular circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Information Returns</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If we are a PFIC for any taxable year during which a U.S. Holder holds
common shares or pre-funded warrants, the U.S. Holder will generally be required to file an annual report on IRS Form 8621, containing
such information as the U.S. Treasury may require, with their annual U.S. federal income tax returns. A U.S. Holder&rsquo;s failure to
file the annual report will cause the statute of limitations for such U.S. Holder&rsquo;s U.S. federal income tax return to remain open
with respect to the items required to be included in such report until three years after the U.S. Holder files the annual report and,
unless such failure is due to reasonable cause and not willful neglect, the statute of limitations for the U.S. Holder&rsquo;s entire
U.S. federal income tax return will remain open during such period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Prospective U.S. holders should consult their tax advisers regarding
the potential PFIC rules to an investment in common shares or pre-funded warrants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Taxation of Distributions</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following is subject to the discussion regarding the PFIC rules
described above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Distributions paid on common shares or pre-funded warrants, other than
certain pro rata distributions of common shares, will generally be treated as dividends to the extent paid out of our current or accumulated
earnings and profits (as determined under U.S. federal income tax principles). Dividends paid to certain non-corporate U.S. Holders may
be eligible for taxation as &ldquo;qualified dividend income&rdquo; and therefore, subject to applicable limitations, may be taxable at
rates not in excess of the long-term capital gain rate applicable to such U.S. Holder. However, the qualified dividend income treatment
will not apply if we are treated as a PFIC with respect to the U.S. Holder or if we are a PFIC for the taxable year in which the dividend
is paid or the preceding taxable year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The amount of a dividend will include any amounts withheld by us in
respect of Swiss income taxes. The amount of the dividend will be treated as foreign-source dividend income to U.S. Holders and will not
be</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">eligible for the dividends-received deduction generally available to
U.S. corporations under the Code. Dividends will be included in a U.S. Holder&rsquo;s income on the date of the U.S. Holder&rsquo;s receipt
of the dividend. The amount of any dividend income paid in Swiss francs will be the U.S. dollar amount calculated by reference to the
exchange rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S.
dollars at that time. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should not be required to recognize
foreign currency gain or loss in respect of the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend
is converted into U.S. dollars after the date of receipt.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Subject to generally applicable limitations and conditions, some of
which vary depending upon the U.S. Holder&rsquo;s particular circumstances, Swiss income taxes withheld from dividends on common shares
and pre-funded warrants (at a rate not exceeding the rate provided by the Treaty, in the case of a U.S. Holder eligible for a reduced
rate under the Treaty) will be creditable against the U.S. Holder&rsquo;s U.S. federal income tax liability. These generally applicable
limitations and conditions include new requirements adopted by the IRS in regulations promulgated in December 2021 (the &ldquo;Foreign
Tax Credit Regulations&rdquo;) and any Swiss tax will need to satisfy these requirements in order to be eligible to be a creditable tax
to a U.S. Holder. However, the IRS released guidance in the form of a notice which provides temporary relief from the requirements of
these new regulations for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary
relief is issued (or any later date specified in such notice or other guidance). In the case of a U.S. Holder that either (i) is eligible
for, and properly elects, the benefits of the Treaty, or (ii) consistently elects to apply a modified version of these rules under the
recently issued temporary guidance and complies with specific requirements set forth in such guidance, the Swiss tax on interest generally
will be treated as a creditable tax (for taxable years for which such temporary relief applies, in the case of U.S. Holders relying on
the temporary relief). In the case of all other U.S. Holders, the application of these requirements to the Swiss tax is uncertain and
we have not determined whether these requirements have been met. If the Swiss tax is not a creditable tax for a U.S. Holder or such holder
does not elect to claim a foreign tax credit for any foreign income taxes paid or accrued in the same taxable year, such U.S. Holder may
be eligible to deduct the Swiss tax in computing its taxable income for U.S. federal income tax purposes, subject to generally applicable
limitations under U.S. law. An election to deduct foreign taxes instead of claiming foreign tax credits applies to all foreign taxes paid
or accrued in the taxable year. Dividend distributions will constitute income from sources without the United States and, for U.S. Holders
that elect to claim foreign tax credits, generally will constitute &ldquo;passive category income&rdquo; for foreign tax credit purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The availability and calculation of foreign tax credits and deductions
for foreign taxes depend on a U.S. Holder&rsquo;s particular circumstances and involve the application of complex rules to those circumstances.
The temporary guidance discussed above also indicates that the U.S. Treasury and the IRS are considering proposing amendments to the December
2021 regulations and that the temporary guidance can be relied upon until additional guidance is issued that withdraws or modifies the
temporary guidance. U.S. Holders should consult their tax advisers regarding the application of these rules to their particular circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Sale or Other Disposition of Common Shares or Pre-Funded
Warrants</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following is subject to the discussion regarding the PFIC rules
described above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Gain or loss realized by a U.S. Holder on the sale or other disposition
of common shares or pre-funded warrants will be capital gain or loss, and will be long-term capital gain or loss if the U.S. Holder&rsquo;s
holding period for such common shares or pre-funded warrants was more than one year as of the date of the sale or other disposition. The
amount of the gain or loss will equal the difference between the U.S. Holder&rsquo;s tax basis in the common shares or pre-funded warrants
disposed of and the amount realized on the disposition, in each case as determined in U.S. dollars. Long-term capital gain recognized
by a non-corporate U.S. Holder is subject to U.S. federal income tax at rates lower than the rates applicable to ordinary income and short-term
capital gains, while short-term capital gains are subject to U.S. federal income tax at the rates applicable to ordinary income. This
gain or loss will generally be U.S.-source gain or loss for foreign tax credit purposes. However, U.S. Holders that are eligible for benefits
under the Treaty may be able to elect to treat the gain as foreign-source income under the Treaty and claim a</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">foreign tax credit in respect of Swiss taxes on disposition gains. The
Foreign Tax Credit Regulations generally preclude a U.S. Holder from claiming a foreign tax credit with respect to Swiss income taxes
on gains from dispositions of common shares or pre-funded warrants if the U.S. Holder does not elect to apply the benefits of the Treaty.
However, in that case it is possible that any Swiss taxes on disposition gains may either be deductible or reduce the amount realized
on the disposition. The rules governing foreign tax credits and deductibility of foreign taxes are complex. U.S. Holders should consult
their tax advisers regarding their eligibility for benefits under the Treaty and the consequences of the imposition of any Swiss tax on
disposition gains. The deductibility of capital losses is subject to various limitations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Certain Adjustments to Pre-Funded Warrants</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under Section 305 of the Code, an adjustment to the number of common
shares that will be issued on the exercise of the pre-funded warrants, or an adjustment to the exercise price of the pre-funded warrants,
may be treated as a constructive distribution to U.S. Holders of the pre-funded warrants if, and to the extent that, such adjustment has
the effect of increasing the U.S. Holder&rsquo;s proportionate interest in our &ldquo;earnings and profits&rdquo; or assets, depending
on the circumstances of such adjustment (for example, if such adjustment is to compensate for a distribution of cash or other property
to our shareholders). Any such adjustment that is treated as a constructive distribution would be treated as a dividend, subject to withholding,
to the extent described above under &ldquo;&mdash;Taxation of Distributions.&rdquo; U.S. Holders should consult their tax advisers regarding
the proper tax treatment of any such adjustment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Information Reporting and Backup Withholding</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Payments of dividends on our common shares and pre-funded warrants,
constructive dividends on our pre-funded warrants and sales proceeds that are made within the United States or through certain U.S.-related
financial intermediaries generally are subject to information reporting, and may be subject to backup withholding, unless (i) the U.S.
Holder is a corporation or other exempt recipient or (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer
identification number and certifies that it is not subject to backup withholding.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The amount of any backup withholding from a payment to a U.S. Holder
will be allowed as a credit against the U.S. Holder&rsquo;s U.S. federal income tax liability and may entitle it to a refund, provided
that the required information is timely furnished to the IRS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_010"></A>Underwriting</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Subject to the terms and conditions set forth in the underwriting agreement,
dated the date of this prospectus supplement, among us and Jefferies LLC, Guggenheim Securities, LLC and Cantor Fitzgerald &amp; Co.,
as the representatives of the underwriters named below, we have agreed to sell to the underwriters, and each of the underwriters has agreed,
severally and not jointly, to purchase from us, the number of common shares and pre-funded warrants (collectively, the &ldquo;securities&rdquo;)
shown opposite its name below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Common <BR>Shares</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Pre-Funded Warrants</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left">Jefferies LLC&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6,035,361</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,673,469</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Guggenheim Securities, LLC&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,023,573</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,448,980</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cantor Fitzgerald &amp; Co.&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,352,978</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,040,816</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,411,912</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,163,265</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underwriting agreement provides that the obligations of the several
underwriters are subject to certain conditions precedent such as the receipt by the underwriters of officers&rsquo; certificates and legal
opinions and approval of certain legal matters by their counsel. The underwriting agreement provides that the underwriters will purchase
all of the common shares and pre-funded warrants from us if any of them are purchased. If an underwriter defaults, the underwriting agreement
provides that the purchase commitments of the non-defaulting underwriters may be increased or the underwriting agreement may be terminated.
We have agreed to indemnify the underwriters and certain of their controlling persons against certain liabilities, including liabilities
under the Securities Act, and to contribute to payments that the underwriters may be required to make in respect of those liabilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underwriters have advised us that, following the completion of this
offering, they currently intend to make a market in the common shares as permitted by applicable laws and regulations. However, the underwriters
are not obligated to do so, and the underwriters may discontinue any market-making activities at any time without notice in their sole
discretion. Accordingly, no assurance can be given as to the liquidity of the trading market for the common shares, that you will be able
to sell any of the common shares held by you at a particular time or that the prices that you receive when you sell will be favorable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underwriters are offering the common shares and pre-funded warrants
subject to their acceptance of the common shares and pre-funded warrants from us and subject to prior sale. The underwriters reserve the
right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part. The underwriters have not been engaged
to act as warrant agent for the pre-funded warrants or to act as underwriter or agent or otherwise participate in the issuance of our
common shares upon the exercise of the pre-funded warrants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Commission and Expenses</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underwriters have advised us that they propose to offer the
common shares and pre-funded warrants to the public at the offering prices set forth on the cover page of this prospectus
supplement. After the offering, the public offering price and concession to dealers may be reduced by the underwriters. No such
reduction will change the amount of proceeds to be received by us as set forth on the cover page of this prospectus supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The following table shows the public offering price, the underwriting
discounts and commissions that we are to pay the underwriters and the proceeds, before expenses, to us in connection with this offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Per Common Share</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Per Pre-Funded Warrant</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 61%">Public offering price</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4.900</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4.8120</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">104,999,999.98</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Underwriting discounts and commissions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.294</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.2887</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,299,836.73</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Proceeds to us, before expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.606</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.5233</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">98,700,163.25</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We estimate that the expenses of this offering payable by us, not including
underwriting discounts and commissions referred to above, will be approximately $1.4 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Listing</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our common shares are listed on the NYSE under the trading symbol &ldquo;ADCT.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">There is no established public trading market for the pre-funded warrants
and we do not expect a market to develop. We do not intend to list the pre-funded warrants on the NYSE, any other national securities
exchange or any other nationally recognized trading system.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">No Sales of Similar Securities</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We and all of our directors and officers have agreed that, without the
prior written consent of Jefferies LLC, we and they will not, during the period ending 60 days after the date of this prospectus supplement
(the &ldquo;lock-up period&rdquo;):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly
or indirectly, any common shares or any securities convertible into or exercisable or exchangeable for common shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">file any registration statement with the SEC relating to the offering of any
common shares or any securities convertible into or exercisable or exchangeable for common shares; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">enter into any swap or other arrangement that transfers to another, in whole
or in part, any of the economic consequences of ownership of the common shares,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">whether any such transaction described above is to be settled by delivery
of common shares or such other securities, in cash or otherwise. In addition, our directors and officers have agreed that, without the
prior written consent of the Jefferies LLC, they will not, during the lock-up period, make any demand for, or exercise any right with
respect to, the registration of any common shares or any security convertible into or exercisable or exchangeable for common shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The restrictions described in the immediately preceding paragraph do
not apply to our directors and officers with respect to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>transactions relating to common shares or any security convertible into or exchangeable or exercisable for common shares acquired
in open market transactions after the completion of the offering;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>transfers or distributions of common shares or any security convertible into or exchangeable or exercisable for common shares as a
bona fide gift or for bona fide estate planning purposes or to a charitable organization or educational institution;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>transfers or distributions of common shares or any security convertible into or exchangeable or exercisable for common shares to any
immediate family member of such person, affiliate or any trust or trustee or beneficiary thereof for the direct or indirect benefit of
such person or the immediate family of such person (for this purpose, &ldquo;immediate family&rdquo; means any relationship by blood,
marriage, domestic partnership or adoption, not more remote than first cousin);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>transfers or distributions of common shares or any security convertible into or exchangeable or exercisable for common shares to any
corporation, partnership, limited liability company or other entity or affiliate of such person or the immediate family of such person;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD>transfers or distributions of common shares or any security convertible into or exchangeable or exercisable for common shares (a)
by will, other testamentary document or intestate succession to the legal representative, heir, beneficiary or a member of the immediate
family of such person upon the death of such person; (b) by operation of law pursuant to a domestic order or negotiated divorce settlement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(vi)</TD><TD>transfers or distributions of common shares or any security convertible into or exchangeable or exercisable for common shares to another
corporation, member, partnership, limited liability company, trust or other entity that is a direct or indirect affiliate (as defined
under Rule 12b-2 of the Exchange Act), or to an investment fund or other entity that controls or manages, or is under common control with,
such person, or distributions to partners, members, shareholders, beneficiaries or other equity holders of such person;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(vii)</TD><TD>transfers or distributions of common shares or any security convertible into or exchangeable or exercisable for common shares to us
in connection with the repurchase of such securities with respect to the termination of such person&rsquo;s employment with us;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(viii)</TD><TD>transfers or distributions (including through a &ldquo;cashless&rdquo; exercise or on a &ldquo;net exercise basis&rdquo;) of common
shares or any securities convertible into or exchangeable or exercisable for common shares to us or &ldquo;sell to cover&rdquo; transactions
in the open market solely due as a result of the automatic vesting or settlement in connection with the conversion of any convertible
security into, or the exercise of any option or warrant for, common shares (including to satisfy withholding obligations or the payment
of taxes in connection therewith); provided that (a) any such common shares received by such person shall be subject to the lock-up agreement
and (b) no filing under Section 16(a) of the Exchange Act (or its foreign equivalent) reporting a reduction in beneficial ownership of
common shares shall be required or shall be voluntarily made during the lock-up period;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ix)</TD><TD>transfers or distributions of common shares or any securities convertible into or exchangeable or exercisable for common shares to
a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (viii) above,
provided that any common shares shall be subject to the terms of the lock-up agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(x)</TD><TD>any pledge or transfer by such person (or any permitted transferee) of common shares or any securities convertible into or exchangeable
or exercisable for common shares pursuant to agreements governing indebtedness or commitments relating to indebtedness of such person
(or any permitted transferee) or its affiliates (other than us and our subsidiaries) in effect on the date thereof (and any refinancing
or replacement thereof) and described in this prospectus supplement and any transfer upon foreclosure, provided that any required filing
under Section 16(a) of the Exchange Act (or its foreign equivalent) reporting a reduction in beneficial ownership by such person or any
party (pledgor or pledgee) shall indicate by footnote disclosure or otherwise the nature of the transfer and if any filing is required
to be made under Section 16(a) of the Exchange Act (or its foreign equivalent) during the lock-up period, and such person shall provide
the underwriters prior written notice informing them of such report;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(xi)</TD><TD>the establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act (or its foreign equivalent) for the transfer of
common shares, provided that (a) such plan does not provide for the transfer of common shares during the lock-up period and (b) to the
extent a public announcement or filing under the Exchange Act (or its foreign equivalent), if any, is required of or voluntarily made
by or on behalf of such person or us regarding the establishment of such plan, such announcement or filing shall include a statement to
the effect that no transfer of common shares may be made under such plan during the lock-up period;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(xii)</TD><TD>transfers or dispositions common shares or any securities convertible into common shares pursuant to a bona fide tender offer for
our capital shares, merger, consolidation or other similar transaction made to all holders of our securities involving a change of control
of us (including without limitation, the entering into of any lock-up, voting or similar agreement pursuant to which such person may agree
to transfer, sell, tender or otherwise dispose of common shares or any security convertible into common shares in connection with such
transaction) that has been approved by our board of directors; provided that, in the event that such change of control transaction is
not consummated, this paragraph shall not be applicable and such person&rsquo;s common shares and other securities shall remain subject
to the lock-up agreement (for this purpose, &ldquo;change of control&rdquo; means the transfer (whether by tender offer, merger, consolidation
or other similar transaction), in one transactions or a series of related transactions, to a person or group of affiliated persons (other
than the underwriter pursuant to this offering), of our voting securities if, after such transfer, such person or group of affiliated
persons would hold greater than 50% of our outstanding voting securities); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(xiii)</TD><TD>transfers or distributions of common shares or any security convertible into common shares under any existing trading plan pursuant
to Rule 10b5-1 under the Exchange Act (or its foreign equivalent) provided that to the extent a public announcement or filing under the
Exchange Act (or its foreign equivalent), if any, is required of or voluntarily made, such announcement or filing shall include a statement
to the effect that such transfer or distribution was made pursuant to such plan,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">provided that, (1) with respect to paragraphs (ii)-(iv) and (vi) above,
the representatives receive a signed lock-up agreement for the balance of the lock-up period from each donee, trustee, distributee or
transferee, as the case may be, and (2) with respect to paragraphs (ii)-(vii) above, any filing under Section 16(a) of the Exchange Act
shall indicate by footnote the nature of the transfer or disposition.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The restrictions on transfers or other dispositions by us described
above do not apply to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>the securities offered and sold pursuant to this prospectus (including the common shares issuable upon the exercise of the pre-funded
warrants);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>the issuance by us of common shares upon the exercise of an option or warrant or the conversion of a security outstanding on the date
of this prospectus supplement of which the representatives have been advised in writing;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>the grant or settlement of any options to purchase common shares, lock-up shares or lock-up units under an incentive compensation
plan in effect or approved by our board of directors;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD>our filing of any registration statement on Form S-8 or a successor form relating to the common shares granted pursuant to or reserved
for issuance under an incentive compensation plan;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD>the offer or issuance of common shares in connection with an acquisition, joint venture, commercial or collaborative relationship,
or an acquisition or license by us of assets of another person or entity or pursuant to an employee benefit plan assumed by us in connection
with any such acquisition, provided that (1) the aggregate number of shares issued does not exceed 10% of the total number of outstanding
shares of our common shares immediately following the closing of this offering and (2) the recipient of any such shares during the lock-up
period enters into a lock-up agreement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(vi)</TD><TD>facilitating the establishment of a trading plan on behalf of one of our shareholders, officers or directors pursuant to Rule 10b5-1
under the Exchange Act for the transfer of common shares, provided that such plan does not provide for the transfer of common shares during
the lock-up period and, to the extent a public announcement or filing under the Exchange Act is required of or voluntarily made regarding
the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of common shares
may be made under such plan during the lock-up period; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(vii)</TD><TD>the filing (including the effectiveness) of registration statements and prospectuses (including amendments and supplements thereto)
with the SEC exclusively as a result of contractual obligations contained in existing registration rights agreements described in this
prospectus supplement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Jefferies LLC may, in its sole discretion, and at any time or from time
to time before the termination of the lock-up period, waive all or any portion of the securities subject to lock-up agreements. There
are no existing agreements between the representatives and us or our directors and officers, providing consent to the sale of shares prior
to the expiration of the lock-up period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Stabilization</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underwriters have advised us that they, pursuant to Regulation M
under the Exchange Act, may engage in short sale transactions, stabilizing transactions, syndicate covering transactions or the imposition
of penalty bids in connection with this offering. These activities may have the effect of stabilizing or maintaining the market price
of the common shares at a level above that which might otherwise prevail in the open market. The underwriters may sell more common shares
than they are obligated to purchase under the underwriting agreement, creating a short position. Because we have not granted the underwriters
an option to purchase additional shares, the underwriters must close out any short position by purchasing shares in the open market. A
short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of our
common shares in the open market after pricing that could adversely affect investors who purchase in this offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A stabilizing bid is a bid for the purchase of common shares on behalf
of the underwriters for the purpose of fixing or maintaining the price of the common shares. A syndicate covering transaction is the bid
for or the purchase of common shares on behalf of the underwriters to reduce a short position incurred by the underwriters in connection
with the offering. Similar to other purchase transactions, the underwriters&rsquo; purchases to cover the short sales may have the effect
of raising or maintaining the market price of our common shares or preventing or retarding a decline in the market price of our common
shares. As a result, the price of our common shares may be higher than the price that might otherwise exist in the open market. A penalty
bid is an arrangement permitting the underwriters to reclaim the selling concession otherwise accruing to a syndicate member in connection
with the offering if the common shares originally sold by such syndicate member are purchased in a syndicate covering transaction and
therefore have not been effectively placed by such syndicate member.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Neither we nor any of the underwriters make any representation or prediction
as to the direction or magnitude of any effect that the transactions described above may have on the price of our common shares. The underwriters
are not obligated to engage in these activities and, if commenced, any of the activities may be discontinued at any time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underwriters may also engage in passive market making transactions
in our common shares on the NYSE in accordance with Rule&nbsp;103 of Regulation&nbsp;M during a period before the commencement of offers
or sales of our common shares in this offering and extending through the completion of distribution. A passive market maker must display
its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the
passive market maker&rsquo;s bid, that bid must then be lowered when specified purchase limits are exceeded.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Electronic Distribution</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A prospectus supplement in electronic format may be made available by
e-mail or on the web sites or through online services maintained by the underwriters or their affiliates. In those cases, prospective
investors may view offering terms online and may be allowed to place orders online. The underwriters may agree with us to allocate a specific
number of common shares for sale to online brokerage account holders. Any such allocation for online distributions will be made by the
underwriters on the same basis as other allocations. Other than the prospectus supplement in electronic format, the information on the
underwriters&rsquo; web sites and any information contained in any other web site maintained by the</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">underwriters is not part of this prospectus supplement, has not been
approved and/or endorsed by us or the underwriters and should not be relied upon by investors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Other Activities and Relationships</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The underwriters and certain of their respective affiliates are full
service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking,
financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. The
underwriters and certain of their respective affiliates have, from time to time, performed, and may in the future perform, various commercial
and investment banking and financial advisory services for us and our affiliates, for which they received or will receive customary fees
and expenses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the ordinary course of their various business activities, the underwriters
and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related
derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers,
and such investment and securities activities may involve securities or instruments issued by us and our affiliates. If the underwriters
or their respective affiliates have a lending relationship with us, they routinely hedge their credit exposure to us consistent with their
customary risk management policies. The underwriters and their respective affiliates may hedge such exposure by entering into transactions
which consist of either the purchase of credit default swaps or the creation of short positions in our securities or the securities of
our affiliates, including potentially the commons shares offered hereby. Any such short positions could adversely affect future trading
prices of the common shares offered hereby. The underwriters and certain of their respective affiliates may also communicate independent
investment recommendations, marked color or trading ideas and/or publish or express independent research views in respect of such securities
or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and
instruments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Disclaimers About Non-U.S. Jurisdictions</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Australia</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This prospectus supplement is not a disclosure document for the purposes
of Australia&rsquo;s Corporations Act 2001 (Cth) of Australia (&ldquo;Corporations Act&rdquo;), has not been lodged with the Australian
Securities &amp; Investments Commission and is only directed to the categories of exempt persons set out below. Accordingly, if you receive
this Offering Memorandum in Australia:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A. You confirm and warrant that you are either:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a &ldquo;sophisticated investor&rdquo; under section 708(8)(a) or (b) of the
Corporations Act;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a &ldquo;sophisticated investor&rdquo; under section 708(8)(c) or (d) of the
Corporations Act and that you have provided an accountant&rsquo;s certificate to the Company which complies with the requirements of section
708(8)(c)(i) or (ii) of the Corporations Act and related regulations before the offer has been made;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a person associated with the Company under Section 708(12) of the Corporations
Act; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a &ldquo;professional investor&rdquo; within the meaning of section 708(11)(a)
or (b) of the Corporations Act.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To the extent that you are unable to confirm or warrant that you are
an exempt sophisticated investor, associated person or professional investor under the Corporations Act any offer made to you under this
Offering Memorandum is void and incapable of acceptance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">B. You warrant and agree that you will not offer any of the securities
issued to you pursuant to this Offering Memorandum for resale in Australia within 12 months of those securities being issued unless any</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">such resale offer is exempt from the requirement to issue a disclosure
document under section 708 of the Corporations Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Canada</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Resale Restrictions</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The distribution of securities in Canada is being made only in the provinces
of Ontario, Quebec, Alberta, British Columbia, Manitoba, New Brunswick and Nova Scotia on a private placement basis exempt from the requirement
that we prepare and file a prospectus supplement with the securities regulatory authorities in each province where trades of these securities
are made. Any resale of the securities in Canada must be made under applicable securities laws which may vary depending on the relevant
jurisdiction, and which may require resales to be made under available statutory exemptions or under a discretionary exemption granted
by the applicable Canadian securities regulatory authority. Purchasers are advised to seek legal advice prior to any resale of the securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Representations of Canadian Purchasers</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">By purchasing the securities in Canada and accepting delivery of a purchase
confirmation, a purchaser is representing to us and the dealer from whom the purchase confirmation is received that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the purchaser is entitled under applicable provincial securities laws to purchase
the securities without the benefit of a prospectus supplement qualified under those securities laws as it is an &ldquo;accredited investor&rdquo;
as defined under National Instrument 45-106-Prospectus Exemptions or Section 73.3(1) of the Securities Act (Ontario), as applicable;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the purchaser is a &ldquo;permitted client&rdquo; as defined in National Instrument
31-103-Registration Requirements, Exemptions and Ongoing Registrant Obligations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">where required by law, the purchaser is purchasing as principal and not as
agent; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the purchaser has reviewed the text above under Resale Restrictions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Conflicts of Interest</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Canadian purchasers are hereby notified that certain of the underwriters
are relying on the exemption set out in section 3A.3 or 3A.4, if applicable, of National Instrument 33-105-Underwriting Conflicts from
having to provide certain conflict of interest disclosure in this document.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Statutory Rights of Action</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Securities legislation in certain provinces or territories of Canada
may provide a purchaser with remedies for rescission or damages if the prospectus supplement (including any amendment thereto) such as
this document contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within
the time limit prescribed by the securities legislation of the purchaser&rsquo;s province or territory. The purchaser of these securities
in Canada should refer to any applicable provisions of the securities legislation of the purchaser&rsquo;s province or territory for particulars
of these rights or consult with a legal advisor.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Enforcement of Legal Rights</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">All of our directors and officers as well as the experts named herein
may be located outside of Canada and, as a result, it may not be possible for Canadian purchasers to effect service of process within
Canada upon us or those persons. All or a substantial portion of our assets and the assets of those persons may be located outside of
Canada and, as a result, it may not be possible to satisfy a judgment against us or those persons in Canada or to enforce a judgment obtained
in Canadian courts against us or those persons outside of Canada.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Taxation and Eligibility for Investment</P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Canadian purchasers of the securities should consult their own legal
and tax advisors with respect to the tax consequences of an investment in the securities in their particular circumstances and about the
eligibility of the securities for investment by the purchaser under relevant Canadian legislation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">European Economic Area</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In relation to each Member State of the European Economic Area (each,
a &ldquo;Relevant State&rdquo;), no securities have been offered or will be offered pursuant to the offering to the public in that Relevant
State prior to the publication of a prospectus in relation to the securities which has been approved by the competent authority in that
Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State,
all in accordance with the Prospectus Regulation, except that the securities may be offered to the public in that Relevant State at any
time:&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">to any legal entity which is a &ldquo;qualified investor&rdquo; as defined
under Article 2 of the Prospectus Regulation;&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">to fewer than 150 natural or legal persons (other than qualified investors
as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer;
or&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in any other circumstances falling within Article 1(4) of the Prospectus Regulation,&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">provided that no such offer of the securities shall require us or the
underwriters to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article
23 of the Prospectus Regulation. Each person who initially acquires any common shares or to whom any offer is made will be deemed to have
represented, warranted, acknowledged and agreed to and with us and the underwriters that it is a &ldquo;qualified investor&rdquo; within
the meaning of Article 2 of the Prospectus Regulation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the case of any securities being offered to a financial intermediary
as that term is used in the Prospectus Regulation, each such financial intermediary will be deemed to have represented, warranted, acknowledged
and agreed that the securities acquired by it in the offering have not been acquired on a non-discretionary basis on behalf of, nor have
they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any securities
to the public other than their offer or resale in a Relevant State to qualified investors as so defined or in circumstances in which the
prior consent of the underwriters has been obtained to each such proposed offer or resale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the purposes of this provision, the expression &ldquo;offer to the
public&rdquo; in relation to the securities in any Relevant State means the communication in any form and by any means of sufficient information
on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase or subscribe for any securities,
and the expression &ldquo;Prospectus Regulation&rdquo; means Regulation (EU) 2017/1129.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Hong Kong</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">No securities have been offered or sold, and no securities may be offered
or sold, in Hong Kong, by means of any document, other than to persons whose ordinary business is to buy or sell shares or debentures,
whether as principal or agent; or to &ldquo;professional investors&rdquo; as defined in the Securities and Futures Ordinance (Cap. 571)
of Hong Kong (&ldquo;SFO&rdquo;) and any rules made under that Ordinance; or in other circumstances which do not result in the document
being a &ldquo;prospectus&rdquo; as defined in the Companies Ordinance (Cap. 32) of Hong Kong (&ldquo;CO&rdquo;) or which do not constitute
an offer or invitation to the public for the purpose of the CO or the SFO. No document, invitation or advertisement relating to the securities
has been issued or may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong
or elsewhere), which is directed at, or the contents of which</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">are likely to be accessed or read by, the public of Hong Kong (except
if permitted under the securities laws of Hong Kong) other than with respect to securities which are or are intended to be disposed of
only to persons outside Hong Kong or only to &ldquo;professional investors&rdquo; as defined in the SFO and any rules made under that
Ordinance.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This prospectus supplement has not been registered with the Registrar
of Companies in Hong Kong. Accordingly, this prospectus supplement may not be issued, circulated or distributed in Hong Kong, and the
securities may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the securities will be required,
and is deemed by the acquisition of the securities, to confirm that he is aware of the restriction on offers of the securities described
in this prospectus supplement and the relevant offering documents and that he is not acquiring, and has not been offered any securities
in circumstances that contravene any such restrictions.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Israel</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This document does not constitute a prospectus under the Israeli Securities
Law, 5728-1968 (the &ldquo;Securities Law&rdquo;), and has not been filed with or approved by the Israel Securities Authority. In Israel,
this prospectus supplement is being distributed only to, and is directed only at, and any offer of the securities is directed only at,
(i) a limited number of persons in accordance with the Israeli Securities Law and (ii) investors listed in the first addendum (the &ldquo;Addendum&rdquo;)
to the Israeli Securities Law, consisting primarily of joint investment in trust funds, provident funds, insurance companies, banks, portfolio
managers, investment advisors, members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess
of NIS 50 million and &ldquo;qualified individuals,&rdquo; each as defined in the Addendum (as it may be amended from time to time), collectively
referred to as qualified investors (in each case, purchasing for their own account or, where permitted under the Addendum, for the accounts
of their clients who are investors listed in the Addendum). Qualified investors are required to submit written confirmation that they
fall within the scope of the Addendum, are aware of the meaning of same and agree to it.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Japan</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The offering has not been and will not be registered under the Financial
Instruments and Exchange Law of Japan (Law No. 25 of 1948 of Japan, as amended) (&ldquo;FIEL&rdquo;), and the underwriters will not offer
or sell any securities, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein
means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering
or resale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan, except pursuant to an exemption from
the registration requirements of, and otherwise in compliance with, the FIEL and any other applicable laws, regulations and ministerial
guidelines of Japan.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Singapore</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This prospectus supplement has not been and will not be lodged or registered
as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus supplement and any other document or material in
connection with the offer or sale, or invitation for subscription or purchase, of the securities may not be circulated or distributed,
nor may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly,
to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of
Singapore (the &ldquo;SFA&rdquo;), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and
in accordance with the conditions specified in Section 275, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions
of, any other applicable provision of the SFA.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Where the securities are subscribed or purchased under Section 275 of
the SFA by a relevant person which is:&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a corporation (which is not an accredited investor (as defined in Section
4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals,
each of whom is an accredited investor; or&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a trust (where the trustee is not an accredited investor) whose sole purpose
is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities (as defined in Section
239(1) of the SFA) of that corporation or the beneficiaries&rsquo; rights and interest (howsoever described) in that trust shall not be
transferred within six months after that corporation or that trust has acquired the securities pursuant to an offer made under Section
275 of the SFA except: (i) to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person
arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA; (ii) where no consideration is or will be given
for the transfer; (iii) where the transfer is by operation of law; (iv) as specified in Section 276(7) of the SFA; or 9v) (as specified
in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Switzerland</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This document is not intended to constitute an offer or solicitation
to purchase or invest in the securities. The securities may not be publicly offered, directly or indirectly, in Switzerland within the
meaning of the Swiss Financial Services Act (&ldquo;FinSA&rdquo;) and no application has or will be made to admit the securities to trading
on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither this document nor any other offering or marketing
material relating to the securities constitutes a prospectus pursuant to the FinSA, and neither this document nor any other offering or
marketing material relating to the securities may be publicly distributed or otherwise made publicly available in Switzerland.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">No key information document according to the FinSA or any equivalent
document under the FinSA has been prepared in relation to the pre-funded warrants, and, therefore, the pre-funded warrants may not be
offered or recommended to private clients within the meaning of the FinSA in Switzerland.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">United Kingdom</P>

<P STYLE="font: italic bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">No securities have been offered or will be offered pursuant to the offering
to the public in the United Kingdom prior to the publication of a prospectus in relation to the securities which has been approved by
the Financial Conduct Authority in the United Kingdom, except that the securities may be offered to the public in the United Kingdom at
any time:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">to any legal entity which is a qualified investor as defined under Article
2 of the UK Prospectus Regulation;&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">to fewer than 150 natural or legal persons (other than qualified investors
as defined under Article 2 of the UK Prospectus Regulation), subject to obtaining the prior consent of the underwriter for any such offer;
or&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in any other circumstances falling within Section 86 of the FSMA,&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">provided that no such offer of the securities shall require us or the
underwriters to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus
Regulation. Each person in the United Kingdom who initially acquires any securities or to whom any offer is made will be deemed to have
represented, warranted, acknowledged and agreed to and with us and the underwriters that it is a &ldquo;qualified investor&rdquo; within
the meaning of the UK Prospectus Regulation.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the case of any securities being offered to a financial intermediary
as that term is used in Article 5(1) of the UK Prospectus Regulation, each such financial intermediary will be deemed to have represented,
warranted, acknowledged and agreed that the securities acquired by it in the offer have not been</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">acquired on a non-discretionary basis
on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an
offer to the public other than their offer or resale in the United Kingdom to qualified investors, in circumstances in which the prior
consent of the underwriters has been obtained to each such proposed offer or resale.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For the purposes of this provision, the expression an &ldquo;offer to
the public&rdquo; in relation to the securities in the United Kingdom means the communication in any form and by any means of sufficient
information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase or subscribe
for any securities and, the expression &ldquo;UK Prospectus Regulation&rdquo; means Regulation (EU) 2017/1129 as it forms part of domestic
law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the United Kingdom, this prospectus is being distributed only to,
and is directed only at, and any offer subsequently made may only be directed at persons who are &ldquo;qualified investors&rdquo; (as
defined in the UK Prospectus Regulation) (i) who have professional experience in the matters relating to investments falling within Article
19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, or the Order and/or (ii) who are high
net worth companies falling within Article 49(2)(a) to (d) of the Order and other persons to whom it may lawfully be communicated or caused
to be communicated (all such persons together being referred to as &ldquo;relevant persons&rdquo;). In the United Kingdom, this document
is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this document relates is available in the United Kingdom to relevant persons and will be engaged in only
with relevant persons.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_011"></A>Legal Matters</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">The validity of the common shares (including the common
shares issuable upon exercise of the pre-funded warrants) and the pre-funded warrants and certain other matters with respect to Swiss
law will be passed upon for us by &lrm;Homburger AG, Zurich, Switzerland. Certain matters with respect to U.S. federal and New York State
law will be &lrm;passed upon for us by Davis Polk &amp; Wardwell LLP, New York, New York.&lrm; Certain matters with respect to U.S. federal
and New York State law will be passed upon for the underwriter by Cooley LLP, New York, New York. Lenz &amp; Staehelin, Geneva, Switzerland
is representing the underwriter with respect to certain matters of Swiss law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_012"></A>Experts</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">The consolidated financial statements and management&rsquo;s
assessment of the effectiveness of internal control over &lrm;financial reporting (which is included in Management&rsquo;s Report on Internal
Control over Financial Reporting) &lrm;incorporated in this prospectus by reference to the Annual Report on Form 10-K for the year ended
December 31, &lrm;&lrm;2023 have been so incorporated in reliance on the report of PricewaterhouseCoopers SA, an independent registered
&lrm;public accounting firm, given on the authority of said firm as experts in auditing and accounting. &lrm;PricewaterhouseCoopers SA
is a member of EXPERTsuisse &mdash; Swiss Expert Association for Audit, Tax and &lrm;Fiduciary.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_013"></A>Where You Can Find
More Information</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We are subject to the informational requirements of the Exchange Act.
Accordingly, we are required to file reports and other information with the SEC, including annual, quarterly and current reports and proxy
and information statements. The SEC maintains an Internet site at <I>sec.gov</I> that contains reports, proxy and information statements
and other information we have filed electronically with the SEC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">We have filed with the SEC a &ldquo;shelf&rdquo; registration
statement (including amendments and exhibits to the registration statement) on Form S-3 under the Securities Act. This prospectus supplement,
which is part of the registration statement, does not contain all of the information set forth in the registration statement and the exhibits
and schedules to the registration statement. We have omitted parts of the registration statement in accordance with the rules and regulations
of the SEC. For more detail about us and the common shares offered by this prospectus supplement, you may examine the registration statement
on Form S-3 and the exhibits filed with it at the website provided in the previous paragraph.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">We maintain a corporate website at <I>adctherapeutics.com</I>.
The reference to our website is an inactive textual &lrm;reference only, and information contained therein or connected thereto is not
incorporated into this prospectus supplement or &lrm;the registration statement of which it forms a part.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_014"></A>Information Incorporated
By Reference</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">The rules of the SEC allow us to incorporate by reference
information in this prospectus supplement, which means that we &lrm;disclose important information to you by referring you to another
document filed separately with the SEC. The &lrm;information incorporated by reference in this prospectus supplement is considered to
be a part of this prospectus supplement. Any statement &lrm;made in this prospectus supplement or in a document incorporated or deemed
to be incorporated by reference in this prospectus supplement &lrm;will be deemed to be modified or superseded for purposes of this prospectus
supplement to the extent that a statement &lrm;contained in this prospectus supplement or in any other subsequently filed document that
is also incorporated or deemed to be &lrm;incorporated by reference in this prospectus supplement modifies or supersedes that statement.
Any statement so modified or &lrm;superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus
supplement. This &lrm;prospectus supplement incorporates by reference the documents listed below:&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">our Annual Report on Form 10-K for the year ended </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/0001771910/000162828024010843/adc-20231231.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">December
31, 2023</FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">our Current Reports on Form 8-K filed with the SEC on </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/0001771910/000095010324000237/dp204732_8k.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">January
4, 2024</FONT></A> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(containing Item 8.01 information), </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/0001771910/000095010324000925/dp205339_8k.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">January
19, 2024</FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/0001771910/000095010324001047/dp205528_8k.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">January
24, 2024</FONT></A> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">and </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/0001771910/000095010324003156/dp207290_8k.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">February
29, 2024</FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">our </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1771910/000114036120011268/nt10009045x7_8a12b.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Registration Statement on Form 8-A filed with the SEC on May 11, 2020</FONT></A> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">and any &lrm;amendment
or report filed for the purpose of updating such description.&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">All subsequent documents that we file pursuant to Sections 13(a), 13(c),
14 or 15(d) of the Exchange Act (excluding, in each case, any information or documents deemed to be furnished and not filed), on or after
the date hereof and prior to the completion or termination of this offering, shall be incorporated by reference.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">You can obtain any of the filings incorporated by
reference in this prospectus supplement through us or from the SEC through &lrm;the SEC&rsquo;s website at <I>sec.gov</I>. Our filings
with the SEC are also available free of charge on our website (<I>adctherapeutics.com</I>) as soon as reasonably practicable after they
are filed with, or furnished to, the SEC. The reference to our website is an inactive textual reference only, and information contained
&lrm;therein or connected thereto is not incorporated into this prospectus supplement or the registration statement of which it forms
a &lrm;part. We will provide to each person, including any beneficial owner, to whom this prospectus is delivered, a copy of &lrm;any
or all the reports or documents incorporated by reference in this prospectus supplement at no cost, upon written or oral &lrm;request
to us at the following address:&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Investor Relations<BR>
ADC Therapeutics SA<BR>
c/o ADC Therapeutics America, Inc.<BR>
&lrm;430 Mountain Avenue, 4th Floor<BR>
Murray Hill, NJ 07974<BR>
&lrm;(908) 731-5556</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 85px; width: 149px"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>ADC THERAPEUTICS SA</B></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>$300,000,000</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Common Shares<BR>
Debt Securities<BR>
Warrants<BR>
Subscription Rights<BR>
Purchase Contracts<BR>
Units</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We may offer and sell from time to time, in one or more offerings, up
to $300,000,000 of any combination of the following securities: common shares, debt securities, warrants, subscription rights, purchase
contracts and units (collectively, the &ldquo;securities&rdquo;). We may offer and sell any combination of the securities described in
this prospectus in different series, at times, in amounts, at prices and on terms to be determined at or prior to the time of each offering.
This prospectus describes the general terms of these securities and the general manner in which these securities will be offered. We will
provide the specific terms of these securities in supplements to this prospectus. The prospectus supplements will also describe the specific
manner in which these securities will be offered and may also supplement, update or amend information contained in this prospectus. You
should read this prospectus and any applicable prospectus supplement before you invest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The securities covered by this prospectus may be offered through one
or more underwriters, dealers and agents, or directly to purchasers. The applicable prospectus supplement will set forth the names of
the underwriters, dealers or agents, if any, any applicable commissions or discounts payable to them and the specific terms of the plan
of distribution. For general information about the distribution of securities offered, see &ldquo;Plan of Distribution&rdquo; beginning
on page 39 of this prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our common shares are listed on the New York Stock Exchange (&ldquo;NYSE&rdquo;)
under the symbol &ldquo;ADCT.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investing in our securities involves a high degree of risk. See the
&ldquo;Risk Factors&rdquo; section beginning on page&nbsp;4 of this prospectus and, if applicable, any risk factors described in any applicable
prospectus supplement and in our Securities and Exchange Commission (&ldquo;SEC&rdquo;) filings that are incorporated by reference in
this prospectus.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation
to the contrary is a criminal offense. </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Prospectus dated March 14, 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="2" CELLSPACING="2" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_015">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_015">1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_016">OUR COMPANY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_016">3</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_017">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_017">4</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_018">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_018">5</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_019">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_019">7</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_020">DIVIDEND POLICY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_020">8</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_021">DESCRIPTION OF SHARE CAPITAL AND ARTICLES OF ASSOCIATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_021">9</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_022">DESCRIPTION OF DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_022">31</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_023">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_023">33</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_024">DESCRIPTION OF SUBSCRIPTION RIGHTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_024">34</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_025">DESCRIPTION OF PURCHASE CONTRACTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_025">35</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_026">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_026">36</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_027">FORMS OF SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_027">37</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_028">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_028">39</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_029">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_029">41</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_030">EXPERTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_030">41</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_031">ENFORCEMENT OF JUDGMENTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_031">41</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_032">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_032">42</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_033">INFORMATION INCORPORATED BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_033">43</A></TD></TR>
</TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_015"></A>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This prospectus is a part of a registration statement that we filed
with the SEC using a &ldquo;shelf&rdquo; registration process. Under this shelf registration process, we may, from time to time, sell
up to $300,000,000 of any combination of the securities described in this prospectus. This prospectus provides you with a general description
of the securities that may be offered by us. Each time we sell securities, we will provide a prospectus supplement accompanied by this
prospectus. The prospectus supplement will contain specific information about the nature of the persons offering securities and the terms
the securities being offered at that time. The prospectus supplement may also add, update or change information contained in this prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Before buying any of the securities that we are offering, you should
carefully read both this prospectus and any prospectus supplement with all of the information incorporated by reference in this prospectus,
as well as the additional information described under the heading &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Information
Incorporated by Reference.&rdquo; These documents contain important information that you should consider when making your investment decision.
We have filed or incorporated by reference exhibits to the registration statement of which this prospectus forms a part. You should read
the exhibits carefully for provisions that may be important to you.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To the extent there is a conflict between the information contained
in this prospectus, on the one hand, and the information contained in any prospectus supplement or in any document incorporated by reference
in this prospectus, on the other hand, you should rely on the information in this prospectus, provided that if any statement in one of
these documents is inconsistent with a statement in another document having a later date&mdash;for example, a prospectus supplement or
a document incorporated by reference in this prospectus&mdash;the statement in the document having the later date modifies or supersedes
the earlier statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The information contained in this prospectus, any applicable prospectus
supplement or any document incorporated by reference in this prospectus is accurate only as of their respective dates, regardless of the
time of delivery of this prospectus, any applicable prospectus supplement or the documents incorporated by reference in this prospectus
or the sale of any securities. Our business, financial condition, results of operations and prospects may have changed materially since
those dates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Neither we nor any underwriters, dealers or agents have authorized anyone
to provide you with information that is different from that contained in this prospectus, any amendment or supplement to this prospectus,
or any free writing prospectus we may authorize to be delivered or made available to you. Neither we nor any underwriters, dealers or
agents take responsibility for, or provide assurance as to the reliability of, any other information that others may give you. This prospectus
does not constitute an offer to sell or the solicitation of an offer to buy any securities other than the securities described in this
prospectus or an offer to sell or the solicitation of an offer to buy such securities in any circumstances in which such offer or solicitation
is unlawful.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">For investors outside the United States: Neither we nor any underwriters,
dealers or agents have taken any action that would permit the offering or possession or distribution of this prospectus in any jurisdiction
where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession
of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the securities described herein
and the distribution of this prospectus outside the United States.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Unless otherwise indicated or the context otherwise requires, all references
in this prospectus to &ldquo;ADC Therapeutics,&rdquo; &ldquo;ADCT,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo;
&ldquo;ours,&rdquo; &ldquo;us&rdquo; or similar terms refer to ADC Therapeutics SA and its consolidated subsidiaries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Trademarks</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We own various trademark registrations and applications, and unregistered
trademarks, including ADC Therapeutics, ADCT, ZYNLONTA and our corporate logo. All other trade names, trademarks and service marks of
other companies appearing in this prospectus are the property of their respective owners. Solely for convenience, the trademarks and trade
names in this prospectus may be referred to without the <SUP>&reg;</SUP> and &trade; symbols, but such references should not be construed
as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do
not intend to use or display other companies&rsquo; trademarks and trade names to imply a relationship with, or endorsement or sponsorship
of us by, any other companies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><A NAME="a_016"></A><B>OUR COMPANY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Overview</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">ADC Therapeutics is a leading, commercial-stage global pioneer in the
field of antibody drug conjugates (&ldquo;ADCs&rdquo;) with a validated and differentiated technology platform with multiple payloads
and targets, a robust next-generation research and development toolbox, and specialized end-to-end capabilities. We are advancing our
proprietary ADC technology to transform the treatment paradigm for patients with hematologic malignancies and solid tumors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Company and Corporate Information</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We are a Swiss stock corporation (<I>soci&eacute;t&eacute; anonyme</I>)
organized under the laws of Switzerland. We were incorporated as a Swiss limited liability company (<I>soci&eacute;t&eacute; &agrave;
responsabilit&eacute; limit&eacute;e</I>) on June 6, 2011 and converted into a Swiss stock corporation (<I>soci&eacute;t&eacute; anonyme</I>)
under the laws of Switzerland on October 13, 2015. We have three subsidiaries: ADC Therapeutics (UK) Limited, ADC Therapeutics America,
Inc. and ADC Therapeutics (NL) BV. Our principal executive office is located at Biop&ocirc;le, Route de la Corniche 3B, 1066 Epalinges,
Switzerland and our telephone number is +41 21 653 02 00. Our website is <I>adctherapeutics.com</I>. The reference to our website is an
inactive textual reference only, and information contained therein or connected thereto is not incorporated into this prospectus or the
registration statement of which it forms a part.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><A NAME="a_017"></A><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Investing in our securities involves risk. Before making a decision
to invest in our securities, you should carefully consider the risks described under &ldquo;Risk Factors&rdquo; in the applicable prospectus
supplement and in our then-most recent Annual Report on Form 10-K, and any updates to those risk factors in our subsequent Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K incorporated by reference in this prospectus, together with all of the other information
appearing or incorporated by reference in this prospectus and any applicable prospectus supplement, in light of your particular investment
objectives and financial circumstances. These risks and uncertainties are not the only ones we face. Additional risks and uncertainties
not presently known to us or that we currently believe to be immaterial may also adversely affect our business. If any of the events or
developments were to occur, our business, results of operations, financial condition and prospects could suffer materially.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_018"></A>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This prospectus and the documents incorporated by reference in this
prospectus contain statements that constitute &lrm;forward-looking statements within the meaning of Section 21E of the Exchange Act and
Section 27A of the &lrm;Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). All statements other than statements of
historical facts, &lrm; &lrm;including statements regarding our future catalysts, results of operations and financial position, business
and commercial &lrm;strategy, market opportunities, products and product candidates, research pipeline, ongoing and planned &lrm;preclinical
studies and clinical trials, regulatory submissions and approvals, research and development costs, projected revenues and expenses and
&lrm;the timing of revenues and expenses, timing and likelihood of success, as well as plans and objectives of &lrm;management for future
operations are forward-looking statements. Many of the forward-looking statements &lrm;contained in this prospectus can be identified
by the use of forward-looking words such as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;could,&rdquo; &ldquo;expect,&rdquo;
&ldquo;should,&rdquo; &ldquo;plan,&rdquo; &ldquo;intend,&rdquo; &ldquo;estimate,&rdquo; &ldquo;will&rdquo; and &ldquo;potential,&rdquo;
among others.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Forward-looking statements are based on our management&rsquo;s beliefs
and assumptions and on information available &lrm;to our management at the time such statements are made. Such statements are subject
to known and unknown risks and uncertainties, <I>&lrm;</I>and actual results may differ materially from those expressed or implied in
the forward-looking statements due to <I>&lrm;</I>various factors, including, but not limited to: the substantial net losses that we have
incurred since our inception, our expectation to continue to incur losses for the foreseeable future and our need to raise additional
capital to fund our operations and execute our business plan; our indebtedness under the loan agreement and guaranty (the &ldquo;Loan
Agreement&rdquo;) with certain affiliates and/or funds managed by each of Oaktree Capital Management, L.P. and Owl Rock Capital Advisors
LLC, as lenders, and Blue Owl Opportunistic Master Fund I, L.P., as administrative agent, and the associated restrictive covenants thereunder;
the purchase and sale agreement with certain entities managed by HealthCare Royalty Management, LLC and its negative effect on the amount
of cash that we are able to generate from sales of, and licensing agreements involving, ZYNLONTA and Cami and on our attractiveness as
an acquisition target; our ability to complete clinical trials on expected timelines, if at all; the timing, outcome and results of ongoing
or planned clinical trials and the sufficiency of such results; undesirable side effects or adverse events of our products and product
candidates; our and our partners&rsquo; ability to obtain and maintain regulatory approval for our product and product candidates; our
and our partners&rsquo; ability to successfully commercialize our products; the availability and scope of coverage and reimbursement for
our products; the complexity and difficulty of manufacturing our products and product candidates; the substantial competition in our industry,
including new technologies and therapies; the timing and results of any early research projects and future clinical outcomes; our reliance
on third parties for preclinical studies and clinical trials and for the manufacture, production, storage and distribution of our products
and product candidates and certain commercialization activities for our products; our ability to obtain, maintain and protect our intellectual
property rights and our ability to operate our business without infringing on the intellectual property rights of others; our estimates
regarding future revenue, expenses and needs for additional financing; the size and growth potential of the markets for our products and
product candidates potential product liability lawsuits and product recalls; and those identified &lrm;in the &ldquo;Risk Factors&rdquo;
section of this prospectus and the documents incorporated by reference in this prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Because forward-looking statements are inherently subject to risks and
&lrm;uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you &lrm;should not rely
on these forward-looking statements as predictions of future events. Moreover, we operate in an &lrm;evolving environment. New risk factors
and uncertainties may emerge from time to time, and it is not possible for &lrm;management to predict all risk factors and uncertainties.
Except as required by applicable law, we do not plan to &lrm;publicly update or revise any forward-looking statements, whether as a result
of any new information, future &lrm;events, changed circumstances or otherwise. You should read this prospectus, the documents incorporated
by &lrm;reference in this prospectus and the documents that we have filed as exhibits to the registration statement of which &lrm;this
prospectus is a part completely and with the understanding that our actual future results may be materially &lrm;different from what we
expect.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, statements that &ldquo;we believe&rdquo; and similar statements
reflect our beliefs and opinions on the relevant &lrm;subject. These statements are based upon information available to us as of the date
of such statements, and while &lrm;we believe such information forms a reasonable basis for such statements, such information may be limited
or &lrm;incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, &lrm;or review
of, all potentially available relevant information. These statements are inherently uncertain and investors &lrm;are cautioned not to
unduly rely upon these statements.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_019"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Unless otherwise indicated in a prospectus supplement, the principal
purpose of an offering would be to increase our capitalization and financial flexibility, and the net proceeds from our sale of the securities
will be used for general corporate purposes and other business opportunities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_020"></A>DIVIDEND POLICY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have never declared or paid cash dividends on our share capital.
We intend to retain all available funds and any future earnings, if any, to fund the development and expansion of our business and we
do not anticipate paying any cash dividends in the foreseeable future. In addition, agreements governing our indebtedness, including the
Loan Agreement, limit our ability to pay dividends. Any future determination related to dividend policy will be made at the discretion
of our board of directors and will depend upon, among other factors, our results of operations, financial condition, capital requirements,
contractual restrictions, business prospects and other factors our board of directors may deem relevant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under Swiss law, any dividend must be approved by our shareholders.
In addition, our auditors must confirm that the dividend proposal of our board of directors to the shareholders conforms to Swiss statutory
law and our articles of association. A Swiss corporation may pay dividends only if it has sufficient distributable profits from the previous
or current business year (<I>b&eacute;n&eacute;fice r&eacute;sultant du bilan</I>) or brought forward from previous business years (<I>report
des b&eacute;n&eacute;fices</I>) or if it has distributable reserves (<I>r&eacute;serves &agrave; libre disposition</I>), each as evidenced
by its audited stand-alone statutory balance sheet prepared pursuant to Swiss law and after allocations to reserves required by Swiss
law and its articles of association have been deducted. Distributable reserves are generally booked either as free reserves (<I>r&eacute;serves
libres</I>) or as reserves from capital contributions (<I>apports de capital</I>). Distributions out of share capital, which is the aggregate
par value of a corporation&rsquo;s issued shares, may be made only by way of a share capital reduction. See &ldquo;Description of Share
Capital and Articles of Association.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><A NAME="a_021"></A><B>DESCRIPTION OF SHARE CAPITAL AND ARTICLES OF
ASSOCIATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>The Company</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We are a Swiss stock corporation (<I>soci&eacute;t&eacute; anonyme</I>)
organized under the laws of Switzerland. We were incorporated &lrm;as a Swiss limited liability company (<I>soci&eacute;t&eacute; &agrave;
responsabilit&eacute; limit&eacute;e</I>) on June 6, 2011 with our registered office and &lrm;domicile in Epalinges, Canton of Vaud, Switzerland.
We converted to a Swiss stock corporation under the laws of &lrm;Switzerland on October 13, 2015. Our domicile is in Epalinges, Canton
of Vaud, Switzerland. Our registered office &lrm;and head office is currently located at Biop&ocirc;le, Route de la Corniche 3B, 1066
Epalinges, Switzerland.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of January 1, 2023, certain amendments to the law governing, among
other things, Swiss stock corporations, took effect. Provisions in the articles of association or regulations of companies that do not
comply with the new rules continue to be effective until they are amended, but for not longer than two years after January 1, 2023. Our
articles of association have not yet been fully amended to reflect the new provisions of Swiss corporation law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Unless otherwise noted, the following is a summary of the material provisions
of our share capital and our articles of association that are in effect on the date of this prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Articles of Association</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Ordinary Capital Increase, Capital Range and Conditional Share
Capital</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under Swiss law, we may increase our share capital (<I>capital-actions</I>)
with a resolution of the general meeting of &lrm;shareholders (ordinary capital increase) that must be carried out by the board of directors
within six months of &lrm;the respective general meeting in order to become effective. Under our articles of association and Swiss law,
in the &lrm;case of subscription and increase against payment of contributions in cash, a resolution passed by a &lrm;majority of the
shares represented at the general meeting of shareholders is required. In the case of subscription and &lrm;increase against contributions
in kind or to fund acquisitions in kind, when shareholders&rsquo; statutory pre-emptive &lrm;subscription rights or advance subscription
rights are limited or withdrawn or where transformation of freely &lrm;disposable equity into share capital is involved, a resolution
passed by two-thirds of the shares represented at a &lrm;general meeting of shareholders and the majority of the par value of the shares
represented is required.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under the Swiss Code of Obligations (<I>Code des obligations</I>) (the
&ldquo;CO&rdquo;), our shareholders, by a &lrm;resolution passed by two-thirds of the shares represented at a general meeting of shareholders
and the &lrm;majority of the par value of the shares represented, can:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">adopt conditional share capital (<I>capital-actions conditionnel</I>) in the
aggregate amount of up to 50% of the share capital for the purpose of issuing shares in connection &lrm;with, among other things, option
and conversion rights granted to shareholders, the creditors of bonds and similar debt instruments, employees, members &lrm;of the board
of directors of the Company or of any group company, or to any third parties; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in the form of capital range (<I>marge de fluctuation du capital</I>), empower
our board of directors to increase and/or decrease our share capital by up to 50% of the share capital, by issuing or canceling shares,
or by increasing or decreasing the par value of shares, including through the creation of conditional share capital; such capital range
is to be utilized by the board of directors within a period &lrm;determined by the shareholders but not exceeding five years from the
date of the shareholder approval.&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Pre-Emptive and Advance Subscription Rights</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Pursuant to the CO, shareholders have pre-emptive subscription rights
(<I>droits de souscription pr&eacute;f&eacute;rentiels</I>) to &lrm;subscribe for new issuances of shares. With respect to conditional
capital, shareholders have (i) pre-emptive subscription rights for the subscription of option rights and (ii) advance subscription</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">rights &lrm;&lrm;(<I>droit de souscription pr&eacute;alable</I>) for
the subscription of bonds and similar debt &lrm;instruments to which option or conversion rights are attached.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A resolution passed at a general meeting of shareholders by two-thirds
of the shares represented and the &lrm;majority of the par value of the shares represented may authorize our board of directors to withdraw
or limit pre-&lrm;emptive subscription rights or advance subscription rights in certain circumstances.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If pre-emptive subscription rights are granted, but not exercised, the
board of directors may allocate the unexercised &lrm;pre-emptive subscription rights at its discretion.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Our Capital Range </I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under our articles of association, we have a capital range ranging from
CHF 7,123,355.68 (lower limit) to CHF 10,685,033.52 (upper limit). Our board of directors is authorized within the capital range to increase
or decrease our our share capital once or several times and in any amounts and to acquire or dispose of shares, directly or indirectly,
until June 14, 2028, or until an earlier expiry of the capital range. The capital increase or reduction may be effected by issuing up
to 44,520,973 common shares and canceling up to 44,520,973 common shares, as applicable, or by increasing or reducing the par value of
the existing shares within the limits of the capital range, or by simultaneous reduction and re-increase of the share capital. If our
share capital increases as a result of a share issue from conditional capital (see next subsection), the upper and lower limits of the
capital range will increase in an amount corresponding to such increase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In the event of a capital increase within the capital range, the board
of directors has to determine the type of &lrm;contributions, the issue price and the date on which the dividend entitlement starts.&lrm;
In the event of a capital reduction within the capital range, the board of directors has to determine the use of the reduction amount,
to the extent necessary.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In a capital increase within the capital range, the board of directors
is authorized by our articles of association to &lrm;withdraw or to limit the pre-emptive subscription rights of shareholders, and to
allocate them to third parties or to us, &lrm;in the event that the newly issued shares are issued under the following circumstances:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if the issue price of the new registered shares is determined by reference
to the market price;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for raising of equity capital (including private placements) in a fast and
flexible manner, which would not be &lrm;possible, or might only be possible with great difficulty or delays or at significantly less
favorable &lrm;conditions, without the exclusion of the statutory pre-emptive subscription rights of the existing &lrm;shareholders;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for the acquisition of an enterprise, parts of an enterprise or participations,
for the acquisition of products, &lrm;intellectual property or licenses by or for investment projects of the Company or any of its group
&lrm;companies, or for the financing or refinancing of any of such transactions through a placement of shares;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for purposes of broadening the shareholder constituency of the Company in
certain geographic, financial &lrm;or investor markets, for purposes of the participation of strategic partners, including financial investors,
or in connection with the listing &lrm;of new shares on domestic or foreign stock exchanges;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for purposes of granting an over-allotment option or an option to purchase
additional shares in a &lrm;placement or sale of shares to the respective initial purchaser(s) or underwriter(s);&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for the participation of members of the board of directors, members of the
executive committee, &lrm;employees, contractors, consultants or other persons performing services for the benefit of the Company &lrm;or
any of its group companies;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">following a shareholder or a group of shareholders acting in concert having
accumulated shareholdings in &lrm;excess of 20% of our share capital registered in the Commercial Register without having submitted to
all &lrm;other shareholders a takeover offer recommended by the board of directors;<B><I>&lrm;</I></B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for the defense of an actual, threatened or potential takeover bid, that the
board of directors, upon &lrm;consultation with an independent financial adviser retained by it, has not recommended to the &lrm;shareholders
acceptance on the basis that the board of directors has not found the takeover bid to be &lrm;financially fair to the shareholders or
not to be in the Company&rsquo;s interest; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for other valid grounds in the sense of Article 652b para. 2 of the CO.&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This authorization to withdraw or to limit the pre-emptive subscription
of shareholders is exclusively linked to our capital range. If the capital range lapses for any reasons, such as if an ordinary capital
increase is completed, the authorization to withdraw or to limit the pre-emptive subscription rights lapses &lrm;simultaneously with the
capital range.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have agreed not to use the foregoing authorization to &lrm;withdraw
or to limit the pre-emptive subscription rights of shareholders, and to allocate them to third parties or to us, in certain circumstances.
Specifically, we will not restrict the preemptive rights of Redmile Group, LLC (&ldquo;Redmile&rdquo;) or its affiliates based on Article
4a(4)(g) of the articles of association or restrict the advance subscription rights of Redmile or its affiliates based on Article 4c(3)
of the articles of association as long as (i) Redmile (including its affiliates and any other person or entity forming a &ldquo;group&rdquo;
(as defined in Rule 13d-5 under the Exchange Act)) does not directly or indirectly control, own or have the right to control or own, collectively,
shares representing more than 20% of the Company&rsquo;s share capital or (ii) Redmile (including its affiliates and any other person
or entity forming a &ldquo;group&rdquo; (as defined in Rule 13d-5 under the Exchange Act)) directly or indirectly controls, owns or has
the right to control or own, collectively, shares representing more than 20% of the Company&rsquo;s share capital but the board of directors
determines that Redmile does not have an intent to effect a change of control of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Our Conditional Share Capital</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Conditional Share Capital for Warrants and Convertible Bonds</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our nominal share capital may be increased, including to prevent takeovers
and changes in control, by a maximum &lrm;aggregate amount of CHF 1,432,776.24 through the issuance of not more than 17,909,703 common
shares, which &lrm;would have to be fully paid-in, each with a par value of CHF 0.08 per share, by the exercise of option and &lrm;conversion
rights granted in connection with warrants, convertible bonds or similar instruments of the Company or &lrm;one of our subsidiaries. Shareholders
will not have pre-emptive subscription rights in such circumstances, but will &lrm;have advance subscription rights to subscribe for such
warrants, convertible bonds or similar instruments. The &lrm;holders of warrants, convertible bonds or similar instruments are entitled
to the new shares upon the occurrence of &lrm;the applicable conversion feature.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">When issuing convertible bonds, warrants or similar instruments, the
board of directors is authorized to withdraw or &lrm;to limit the advance subscription right of shareholders:&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for the purpose of financing or refinancing, or the payment for, the acquisition
of enterprises, parts of &lrm;enterprises, participations, intellectual property rights, licenses or investments;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if the issuance occurs in domestic or international capital markets, including
private placements;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">following a shareholder or a group of shareholders acting in concert having
accumulated shareholdings in &lrm;excess of 20% of the share capital registered in the Commercial Register without having submitted to
all &lrm;other shareholders a takeover offer recommended by the board of directors; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">for the defense of an actual, threatened or potential takeover bid that the
board of directors, upon &lrm;consultation with an independent financial adviser retained by it, has not recommended to the &lrm;shareholders
to accept on the basis that the board of directors has not found the takeover bid to be &lrm;financially fair to the shareholders or not
to be in the Company&rsquo;s interest.&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To the extent that the advance subscription rights are withdrawn or
limited, (i) the convertible bonds, warrants or &lrm;similar instruments are to be issued at market conditions; (ii) the term to exercise
the convertible bonds, warrants or &lrm;similar instruments may not exceed ten years from the date of issue of the respective instrument
and (iii) the conversion, exchange or exercise price of &lrm;the convertible bonds, warrants or similar instruments has to be set with
reference to or be subject to change based &lrm;upon the valuation of the Company&rsquo;s equity or market conditions.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Conditional Share Capital for Equity Incentive Plans</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our nominal share capital may, to the exclusion of the pre-emptive subscription
rights and advance subscription &lrm;rights of shareholders, be increased by a maximum aggregate amount of CHF 936,000 through the (direct
or &lrm;indirect) issuance of not more than 11,700,000 common shares, which would have to be fully paid-in, each with a &lrm;par value
of CHF 0.08 per share, by the exercise of options, other rights to receive shares or conversion rights that &lrm;have been granted to
employees, members of the board of directors, contractors or consultants of the Company or &lrm;of one of our subsidiaries or other persons
providing services to the Company or to a subsidiary through one or &lrm;more equity incentive plans created by the board of directors.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Uncertificated Securities</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our shares are in the form of uncertificated securities (<I>droits-valeurs</I>,
within the meaning of Article 973c of the CO). &lrm;In accordance with Article 973c of the CO, we maintain a non-public register of uncertificated
securities &lrm;&lrm;(<I>registre des droits-valeurs</I>). We may at any time convert uncertificated securities into share certificates
(including &lrm;global certificates), one kind of certificate into another, or share certificates (including global certificates) into
&lrm;uncertificated securities. Following entry in the share register, a shareholder may at any time request from us a &lrm;written confirmation
in respect of his or her shares. Shareholders are not entitled, however, to request the conversion &lrm;and/or printing and delivery of
share certificates. We may print and deliver certificates for shares at any time.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>General Meeting of Shareholders</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Ordinary/Extraordinary Meetings, Powers</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The general meeting of shareholders is our supreme corporate body. Under
Swiss law, an annual general meeting of &lrm;shareholders must be held annually within six months after the end of a corporation&rsquo;s
financial year. In our case, &lrm;this generally means on or before June 30. In addition, extraordinary general meetings of shareholders
may be held.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A general meeting of shareholders may take place at different places
simultaneously if the votes of the participants are immediately transmitted to all meeting venues (multilocal shareholders&rsquo; meeting).
If the articles of association so permit, a general meeting of shareholders may be held outside Switzerland. The board of directors may
allow shareholders that are not present at the meeting venue of the general meeting of shareholders to participate and exercise their
rights electronically (&ldquo;hybrid shareholder meeting&rdquo;). A general meeting of shareholders without a physical meeting venue but
that takes place using electronic means (&ldquo;virtual shareholder meeting&rdquo;) may be held, subject to certain legal requirements
and if the articles of association so allow. Our articles of association currently do not provide for general meetings of shareholders
outside Switzerland or virtual shareholder meetings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">According to our articles of association, the following powers are vested
exclusively in the general meeting of shareholders:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">adopting and amending the articles of association, including the change of
a company&rsquo;s purpose or domicile;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">electing the members of the board of directors, the chairman of the board
of directors, the members of the compensation committee, the auditors and the independent proxy;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">approving the business report, the annual statutory and consolidated financial
statements, and deciding on the allocation of profits as shown on the balance sheet, in particular with regard to dividends;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">approving the aggregate amount of compensation of members of the board of
directors and the executive committee;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">discharging the members of the board of directors and the executive committee
from liability with respect to their conduct of business;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">dissolving a company with or without liquidation; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">deciding matters reserved to the general meeting of shareholders by law or
the articles of association or submitted to it by the board of directors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, the following powers are vested exclusively in the general
meeting of shareholders by operation of statutory law: (i) determination of the interim dividend and approval of the requisite interim
financial statements, (ii) repayment of the statutory capital reserve (<I>r&eacute;serve l&eacute;gale</I>), and (iii) approval of our
report on non-financial matters.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">An extraordinary general meeting of shareholders may be called by a
resolution of the board of directors or the &lrm;general meeting of shareholders or, under certain circumstances, by a company&rsquo;s
auditors, liquidator or the &lrm;representatives of bondholders, if any. In addition, our articles of association require the board of
directors to convene an extraordinary &lrm;general meeting of shareholders if shareholders representing at least 10% of our share capital
request such general &lrm;meeting of shareholders in writing. The amended Swiss corporation law requires the board of directors to convene
an extraordinary general meeting of shareholders if shareholders representing at least 5% of the share capital or of the voting rights
so request in writing. Our articles of association do not yet comply with this lower threshold. Despite that, this lower threshold will
apply to us as from January 1, 2025. A request for an extraordinary general meeting of shareholders must set forth the items to be discussed
and the proposals to be &lrm;acted upon. Further, the board of directors must convene an extraordinary general meeting of shareholders
and propose &lrm;financial restructuring measures if, based on our stand-alone annual statutory balance sheet, half of our share &lrm;capital
and statutory reserves are not covered by our assets and a contemplated restructuring measure falls within the competence of the general
meeting of shareholders.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Voting and Quorum Requirements</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Shareholder resolutions and elections (including elections of members
of the board of directors) require the &lrm;affirmative vote of the majority of shares represented at the general meeting of shareholders,
unless &lrm;otherwise stipulated by law or our articles of association.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under our articles of association, a resolution of the general meeting
of shareholders passed by &lrm;two-thirds of the votes and the majority of the par value of the shares, each as &lrm;represented at the
meeting, is required for:&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">amending the Company&rsquo;s corporate purpose;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">creating shares with preference rights;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">cancelling or amending the transfer restrictions of shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">creating conditional share capital;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">increasing share capital out of equity, against contributions in-kind or for
the purpose of acquiring specific assets and granting specific benefits;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">limiting or withdrawing shareholder&rsquo;s pre-emptive subscription rights;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">changing a company&rsquo;s domicile;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">amending or repealing the voting and recording restrictions, the provision
setting a maximum board size or the indemnification provision for the board of directors and the executive committee set forth in our
articles of association;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">converting registered shares into bearer shares; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">removing the chairman or any member of the board of directors before the end
of his or her term of office; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">dissolving or liquidating the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, a resolution of the general meeting of shareholders passed
by two-thirds of the votes and the majority of the par value of the shares, each as represented at the meeting is, by operation of statutory
law required for: (i) a consolidation of shares (reverse split); (ii) a capital increase through contribution by set-off; (iii) the introduction
of a capital range (<I>marge de fluctuation du capital</I>); (iv) a conversion of participation certificates into shares; (v) a change
of currency of the share capital; (vi) the introduction of a casting vote of the chairperson at the general meeting of shareholders; (vii)
a provision in the articles of association regarding the holding of the general meeting of shareholders outside Switzerland; (viii) a
delisting of the equity securities; and (ix) the introduction of an arbitration clause in the articles of association.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The same voting requirements apply to resolutions regarding transactions
among corporations based on Switzerland&rsquo;s Federal Act on Mergers, Demergers, Transformations and the Transfer of Assets of 2003,
as amended (the &ldquo;Swiss Merger Act&rdquo;). See &ldquo;&mdash;Articles of Association&mdash;Compulsory Acquisitions; Appraisal Rights.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In accordance with Swiss law and generally accepted business practices,
our articles of association do not provide quorum requirements generally applicable to general meetings of shareholders. To this extent,
our practice varies from NYSE listing standards, which require an issuer to provide in its bylaws for a generally applicable quorum, and
that such quorum may not be less than one-third of the outstanding voting shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Notice</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">General meetings of shareholders must be convened by the board of directors
at least 20 days before the date of &lrm;the meeting. The general meeting of shareholders is convened by way of a notice appearing in
our official &lrm;publication medium, currently the Swiss Official Gazette of Commerce. Registered shareholders may also be &lrm;informed
by ordinary mail or e-mail. The notice of a general meeting of shareholders must state the date, the starting time, the form and location
of the meeting, the items on the &lrm;agenda, the motions to the shareholders including a short explanation for these motions, the name
and address of the independent representative and, in case of elections, the names of the nominated candidates. A &lrm;resolution on a
matter which is not on the agenda may not be passed at a general meeting of shareholders, except &lrm;for motions to convene an extraordinary
general meeting of shareholders or to initiate a special investigation, on &lrm;which the general meeting of shareholders may vote at
any time. No previous notification is required for motions &lrm;concerning items included in the agenda or for debates that do not result
in a vote.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">All owners or representatives of our shares may, if no objection is
raised, hold a general meeting of shareholders without complying with the formal requirements for convening general meetings of shareholders
(a&nbsp;universal meeting). This universal meeting of shareholders may discuss and pass binding resolutions on all matters within the
purview of the general meeting of shareholders, provided that the owners or representatives of all the shares are present at the meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Agenda Requests</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Pursuant to our articles of association, one or more shareholders whose
combined shareholdings &lrm;represent the lower of (i) one tenth of our share capital and (ii) an aggregate par value of at least CHF
1,000,000 &lrm;may request that an item be included in the agenda for a general meeting of shareholders. The amended Swiss corporation
law gives one or more shareholders whose combined shareholdings &lrm;represent 0.5% of our voting rights or of our share capital the right
to request that an item including a proposal, or a proposal with respect to an existing agenda item, be included in the agenda of a general
meeting of shareholders. Our articles of association do not yet comply with these new rules. &lrm;&lrm;Despite that, the new rules will
apply to us as from January 1, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To be timely, the &lrm;shareholder&rsquo;s request must be received
by us generally at least 45 calendar days in advance of the meeting. The &lrm;request must be made in writing and contain, for each of
the agenda items, the following information:&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a brief description of the business desired to be brought before the general
meeting of shareholders and the reasons for conducting such business at the general meeting of shareholders;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the motions regarding the agenda item; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the name and address, as they appear in the share register, of the shareholder
proposing such business;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the number of shares which are beneficially owned by such shareholder (including
documentary support of such beneficial ownership);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the dates upon which the shareholder acquired such shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any material interest of the proposing shareholder in the proposed business;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a statement in support of the matter; and </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">all other information required under the applicable laws and stock exchange
rules.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, if the shareholder intends to solicit proxies from the
shareholders of a company, such shareholder shall notify the company of this intent in accordance with SEC Rule 14a-4 and/or Rule 14a-8.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our business report, the compensation report and the auditor&rsquo;s
report must be published or otherwise made accessible to our &lrm;shareholders no later than 20 days prior to the general meeting of shareholders.
Shareholders &lrm;of record may be notified of this in writing.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Voting Rights</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Each of our common shares entitles a holder to one vote. The common
shares are not divisible. The right to vote and the other rights of share ownership may only be exercised by shareholders (including any
nominees) or usufructuaries who are entered in the share register at a cut-off date determined by the board of directors. Those entitled
to vote in the general meeting of shareholders may be represented by the independent proxy holder (annually elected by the general meeting
of shareholders), by its legal representative or by another registered shareholder with written authorization to act as proxy. The chairman
has the power to decide whether to recognize a power of attorney.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our articles of association contain provisions that prevent investors
from acquiring voting rights exceeding 15% of our issued share capital. Specifically, if an individual or legal entity acquires common
shares and, as a result, directly or indirectly, has voting rights with respect to more than 15% of the registered share capital recorded
in the Commercial Register, the registered shares exceeding the limit of 15% shall be entered in the share register as shares without
voting rights (<I>limitation &agrave; l&rsquo;inscription</I>). This restriction applies equally to parties acting in concert and to shares
held or acquired via a nominee, including via Cede &amp; Co., New York (or any successor), as the nominee of The Depository Trust Company
(&ldquo;DTC&rdquo;), New York, acting in its capacity as clearing nominee. Specifically, if shares are being held by a nominee for third-party
beneficiaries, which control (alone or together with third parties) voting rights with respect to more than 15% of the share capital recorded
in the Commercial Register, our articles of association provide that the board of directors may cancel the registration of the shares
with voting rights held by such nominee in excess of the limit of 15%. Furthermore, our articles of association contain provisions that
allow the board of directors to make the registration with voting rights of shares held by a nominee subject to conditions, limitations
and reporting requirements or to impose or adjust such conditions, limitations and requirements once registered. However, any shareholders
who held more than 15% prior to our initial public offering remain registered with voting rights for such shares. Furthermore, the board
of directors may in special cases approve exceptions to these restrictions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Dividends and Other Distributions</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our board of directors may propose to shareholders that a dividend or
interim dividend or other distribution be paid but cannot itself &lrm;authorize the distribution. Dividend and interim dividend payments
require a resolution passed by a majority of the shares &lrm;represented at a general meeting of shareholders. In addition, our auditors
must confirm that the dividend proposal &lrm;of our board of directors conforms to Swiss statutory law and our articles of association.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under Swiss law, we may pay dividends only if we have sufficient distributable
profits from the previous or current business &lrm;year (<I>b&eacute;n&eacute;fice r&eacute;sultant du bilan</I>) or if we &lrm;have distributable
capital reserves (<I>r&eacute;serve l&eacute;gale issue du capital</I>), each as evidenced by audited stand-alone &lrm;statutory annual
or interim financial statements prepared pursuant to Swiss law, and after allocations to reserves required by Swiss law and &lrm;by the
articles of association have been deducted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under the CO at least 5% of our annual profit must be retained as statutory
profit reserve (<I>r&eacute;serve l&eacute;gale</I>). If there is a loss carried forward, such loss must be eliminated before allocation
to the statutory profit reserve. The statutory profit reserve shall be accumulated until it reaches, together with the statutory capital
reserve, 50% of our share capital recorded in the Commercial Register. In addition, we have to allocate, among other things, the net proceeds
of share issuances to the statutory capital reserve. The CO permits us to accrue &lrm;additional reserves. Further, a purchase of our
own shares (whether by us or a subsidiary) reduces the distributable reserves in an amount corresponding to the purchase price of such
own shares. Finally, the CO under &lrm;certain circumstances requires the creation of revaluation reserves which are not distributable.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Distributions out of issued share capital (i.e., the aggregate par value
of our issued shares) are not allowed and may &lrm;be made only by way of an ordinary capital reduction or within a capital range that
(also) allows for a capital reduction (see &ldquo;Description of Share Capital and Articles of Association&mdash;Articles of Association&mdash;Ordinary
Capital Increase, Capital Range and Conditional Share Capital&rdquo;). An ordinary capital reduction requires a resolution passed by a&lrm;
majority of the shares represented at a general meeting of shareholders. The board of directors must publish a call to creditors in the
Swiss Official Gazette of Commerce in which creditors are advised that they may request, subject to certain conditions, security for their
claims within &lrm;30 days of the publication of the creditor call. A licensed audit expert must then confirm, based on the results of
the call to creditors, that the claims of the creditors remain fully &lrm;covered despite the reduction in our share capital recorded
in the Commercial Register. If all requirements for an ordinary capital reduction have been met, the board of directors has to amend the
articles of association in a public deed. Our share capital may be &lrm;reduced to a level below CHF 100,000 only if and to the extent
that at the same time the statutory minimum share capital of &lrm;CHF 100,000 is reestablished by sufficient new fully paid-up capital.
An ordinary capital reduction must be completed within six months after the resolution of the general meeting of shareholders.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our board of directors determines the date on which the dividend entitlement
starts. Dividends are usually due and &lrm;payable shortly after the shareholders have passed the resolution approving the payment, but
shareholders may &lrm;also resolve at the annual general meeting of shareholders to pay dividends in quarterly or other installments.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Transfer of Shares</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Shares in uncertificated form (<I>droits-valeurs</I>) may only be transferred
by way of assignment. Shares or the beneficial interest in shares, as applicable, credited in a securities account may only be transferred
when a credit of the relevant intermediated securities to the acquirer&rsquo;s securities account is made in accordance with applicable
rules. Our articles of association provide that in the case of securities held with an intermediary such as a registrar, transfer agent,
trust corporation, bank or similar entity, any transfer, grant of a security interest or usufructuary right in such intermediated securities
and the appurtenant rights associated therewith requires the cooperation of the intermediary in order for such transfer, grant of a security
interest or usufructuary right to be valid against us.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Voting rights may be exercised only after a shareholder has been entered
in the share register (<I>registre des actions</I>) with his or her name and address (in the case of legal entities, the registered office)
as a shareholder with voting rights. For a discussion of the restrictions applicable to the control and exercise of voting rights, see
&ldquo;Description of Share Capital and Articles of Association&mdash;Articles of Association&mdash;Voting Rights.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Inspection of Books and Records </I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under the CO, a shareholder has a right to inspect the share register
with respect to his or her own shares and &lrm;otherwise to the extent necessary to exercise his or her shareholder rights. No other person
has a right to inspect the &lrm;share register. Shareholders holding in the aggregate at least 5% of our nominal share capital or of our
voting rights have the right to inspect our books and correspondence, subject to the safeguarding of our business secrets and other legitimate
interests. Our board of directors is required to decide on an inspection request within four months after receipt of such request. Denial
of the request will need to be justified in writing. If an inspection request is denied by the board of directors, shareholders may request
the order of an inspection by the court within 30 days. See &ldquo;Comparison of Swiss Law and Delaware Law&mdash;Inspection of books
and &lrm;records.&rdquo;&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Special Investigation</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If a shareholder has exercised its information or inspection rights,
&lrm;such shareholder may propose to the general meeting of shareholders that specific facts be examined by a special &lrm;examiner in
a special investigation. If the general meeting of shareholders approves the proposal, we or any &lrm;shareholder may, within 30 calendar
days after the general meeting of shareholders, request a court at our registered &lrm;office (currently Epalinges, Canton of Vaud, Switzerland)
to appoint a special examiner. If the general meeting of &lrm;shareholders rejects the request, one or more shareholders representing
at least 5% of our share capital or voting rights may request that the court appoint a special &lrm;examiner. The court will issue such
an order if the petitioners can demonstrate that &lrm;members of the board of directors or our executive committee infringed the law or
our articles of association and that such violation is suitable to cause a damage to the Company or the shareholders. The costs of the
investigation would generally be &lrm;allocated to us and only in exceptional cases to the petitioners.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Compulsory Acquisitions; Appraisal Rights</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Business combinations and other transactions that are governed by the
Swiss Merger Act (i.e., mergers, demergers, &lrm;transformations and certain asset transfers) are binding on all shareholders. A statutory
merger or demerger requires &lrm;approval of two-thirds of the shares represented at a general meeting of shareholders and the majority
of &lrm;the par value of the shares represented.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If a transaction under the Swiss Merger Act receives all of the necessary
consents, all shareholders are compelled to participate in such transaction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Swiss corporations may be acquired by an acquirer through the direct
acquisition of the shares of the Swiss corporation. The Swiss Merger Act provides for the possibility of a so-called &ldquo;cash-out&rdquo;
or &ldquo;squeeze-out&rdquo; merger with the approval of holders of 90% of the issued shares. In these limited circumstances, minority
shareholders of the corporation being acquired may be compensated in a form other than through shares of the acquiring corporation (for
instance, through cash or securities of a parent corporation of the acquiring corporation or of another corporation). For business combinations
effected in the form of a statutory merger or demerger and subject to Swiss law, the Swiss Merger Act provides that if equity rights have
not been adequately preserved or compensation payments in the transaction are unreasonable, a shareholder may request the competent court
to determine a reasonable amount of compensation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, under Swiss law, the sale of &ldquo;all or substantially
all of our assets&rdquo; by us may require the approval of &lrm;two-thirds of the number of shares represented at a general meeting of
shareholders and the majority of &lrm;the par value of the shares represented. Whether a shareholder resolution is required depends on
the particular &lrm;transaction, including whether the following test is satisfied:&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a core part of our business is sold without which it is economically impracticable
or unreasonable to continue to operate the remaining business;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">our assets, after the divestment, are not invested in accordance with our
corporate purpose as set forth in the articles of association; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the proceeds of the divestment are not earmarked for reinvestment in accordance
with our corporate purpose but, instead, are intended for distribution to our shareholders or for financial investments unrelated to our
corporate purpose.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A shareholder of a Swiss corporation participating in certain major
corporate transactions may, under certain circumstances, be entitled to appraisal rights. As a result, such shareholder may, in addition
to the consideration (be it in shares or in cash) receive an additional amount to ensure that the shareholder receives the fair value
of the shares held by the shareholder. Following a statutory merger or demerger, pursuant to the Swiss Merger Act, shareholders can file
an appraisal action against the surviving company. If the consideration is deemed inadequate, the court will determine an adequate compensation
payment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Board of Directors</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our articles of association provide that the board of directors shall
consist of at least three and not more than nine &lrm;members.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The members of the board of directors and the chairman are elected annually
by the general meeting of shareholders for a period until the completion of the subsequent annual general meeting of shareholders and
are eligible for re-election. Each member of the board of directors must be elected individually.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Powers</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">According to our articles of association, the board of directors has
the following non-delegable and inalienable powers and duties:&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the ultimate direction of the business of the Company and issuing of the relevant
directives;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">laying down the organization of the Company;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">formulating accounting procedures, financial controls and financial planning;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">nominating and removing persons entrusted with the management and representation
of the Company &lrm;and regulating the power to sign for the Company;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 79 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the ultimate supervision of those persons entrusted with management of the
Company, with particular &lrm;regard to adherence to law, our articles of association, and regulations and directives of the Company;&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">issuing the business report and the compensation report, and preparing for
the general meeting of &lrm;shareholders and carrying out its resolutions; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">informing the court in case of over-indebtedness.&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">By operation of statutory law, the board of directors has the additional
non-delegable and inalienable power and duty to submit an application for debt-restructuring moratorium if needed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The board of directors may, while retaining such non-delegable and inalienable
powers and duties, delegate some of &lrm;its powers, in particular direct management, to a single or to several of its members, committees
or to third parties &lrm;&lrm;(such as executive officers) who need be neither members of the board of directors nor shareholders. Pursuant
to &lrm;Swiss law and our articles of association, details of the delegation and other procedural rules such as quorum &lrm;requirements
have been set in the organizational rules established by the board of directors.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Indemnification of Executive Officers and Directors</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Subject to Swiss law, our articles of association provide for indemnification
of the existing and former members of the board of directors and the executive committee and their heirs, executors and administrators,
against liabilities arising in connection with the performance of their duties in such capacity, and permits us to advance the expenses
of defending any act, suit or proceeding to our directors and executive officers to the extent not included in insurance coverage or advanced
by third parties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, under general principles of Swiss employment law, an employer
may be required to indemnify an employee against losses and expenses incurred by such employee in the proper execution of his or her duties
under the employment agreement with the employer. See &ldquo;Comparison of Swiss Law and Delaware Law&mdash;Indemnification of directors
and executive officers and limitation of liability.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have entered into indemnification agreements with each of the members
of our board of directors and executive officers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Conflicts of Interest, Management Transactions </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The members of the board of directors and the executive committee are
required to immediately and fully inform the board of directors about conflicts of interests concerning them. The board of directors is
furthermore required to take measures in order to protect the interests of the company. More generally, the CO requires our directors
and executive officers to safeguard the Company&rsquo;s interests and imposes a duty of &lrm;loyalty and duty of care on our directors
and executive officers. This rule is generally understood to disqualify &lrm;directors and executive officers from participation in decisions
that directly affect them. Our directors and &lrm;executive officers are personally liable to us for breaches of these obligations. In
addition, Swiss law contains &lrm;provisions under which directors and all persons engaged in the Company&rsquo;s management are liable
to the &lrm;Company, each shareholder and the Company&rsquo;s creditors for damages caused by an intentional or negligent &lrm;violation
of their duties. Furthermore, Swiss law contains a provision under which payments made to any of the &lrm;Company&rsquo;s shareholders
or directors or any person related to any such shareholder or director, other than payments &lrm;made at arm&rsquo;s length, must be repaid
to the Company if such shareholder or director acted in bad faith.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our board of directors has adopted a Code of Business Conduct and Ethics
and other policies that cover a broad &lrm;range of matters, including the handling of conflicts of interest.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>Principles of the Compensation of the Board of Directors and the
Executive Committee</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Pursuant to Swiss law, the aggregate amount of compensation of the &lrm;board
of directors and the persons whom the board of directors has, fully or partially, entrusted with the &lrm;management (which we refer to
as our &ldquo;executive committee&rdquo;) of the Company has to be submitted to our shareholders for approval each year. Our executive
committee currently comprises the Chief Executive Officer, the Chief Financial Officer, the Executive Vice President, the Chief Scientific
Officer and the Chief Legal Officer.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The board of directors must issue, on an annual basis, a written compensation
report that must be reviewed by our &lrm;auditors. The compensation report must disclose, among other things, all compensation granted
by the Company, directly or indirectly, &lrm;to current members of the board of directors and the executive committee and, to the extent
related to their former &lrm;role within the Company or not on customary market terms, to former members of the board of directors and
&lrm;former executive officers.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The disclosure concerning compensation, loans and other forms of indebtedness
must include the aggregate amount for the board of directors and the executive committee, respectively, as well as the particular amount
for each member of the board of directors and for the highest paid executive officer, specifying the name and function of each of these
persons.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We are prohibited from granting certain forms of compensation to members
of our board of directors and executive committee, such as:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">severance payments (compensation due until the termination of a contractual
relationship does not qualify as severance payment);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">advance compensation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">incentive fees for the acquisition or transfer of companies, or parts thereof,
by the Company or by companies being, directly or indirectly, controlled by us;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">loans, other forms of indebtedness, pension benefits not based on occupational
pension schemes and performance-based compensation not provided for in the articles of association; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">equity-based compensation not provided for in the articles of association.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Compensation to members of the board of directors and the executive
committee for activities in entities that are, directly or indirectly, controlled by the Company is prohibited if (i)&nbsp;the compensation
would be prohibited if it were paid directly by the Company, (ii)&nbsp;the articles of association do not provide for it, or (iii)&nbsp;the
compensation has not been approved by the general meeting of shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In each year, the general meeting of shareholders has to vote on the
proposals of the board of directors with respect to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the maximum aggregate amount of compensation of the board of directors for
the term of office until the next annual general meeting of shareholders; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the maximum aggregate amount of fixed compensation of the executive committee
for the following financial year; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the maximum aggregate amount of variable compensation of the executive committee
for the current financial year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The board of directors may submit for approval at the general meeting
of shareholders deviating or additional proposals relating to the same or different periods.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If, at the general meeting of shareholders, the shareholders do not
approve a compensation proposal of the board of directors, the board of directors must prepare a new proposal, taking into account all
relevant factors, and submit the new proposal for approval by the same general meeting of shareholders, at a subsequent extraordinary
general meeting of shareholders or the next annual general meeting of shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition to fixed compensation, members of the board of directors
and the executive committee may be paid variable compensation, depending on the achievement of certain performance criteria. The performance
criteria may include individual targets, targets of the Company or parts thereof and targets in relation to the market, other companies
or comparable benchmarks, taking into account the position and level of responsibility of the recipient of the variable compensation.
The board of directors or, where delegated to it, the compensation committee shall determine the relative weight of the performance criteria
and the respective target values.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Compensation may be paid or granted in the form of cash, shares, financial
instruments, in kind, or in the form of other types of benefits. The board of directors or, where delegated to it, the compensation committee
shall determine grant, vesting, exercise and forfeiture conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Borrowing Powers</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Neither Swiss law nor our articles of association restricts our power
to borrow and raise funds. The decision to borrow funds is made by or under the direction of our board of directors, and no approval by
the shareholders is required in relation to any such borrowing.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Repurchases of Shares and Purchases of Own Shares</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The CO limits our ability to repurchase and hold our own shares. We
and our subsidiaries may repurchase shares only to the extent that (i)&nbsp;we have freely distributable reserves in the amount of the
purchase price; and (ii)&nbsp;the aggregate par value of all shares held by us does not exceed 10% of our share capital. Pursuant to Swiss
law, where shares are acquired in connection with a transfer restriction set out in the articles of association, the foregoing upper limit
is 20%. If we own shares that exceed the threshold of 10% of our share capital, the excess must be sold or cancelled by means of a capital
reduction within two years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Shares held by us or our subsidiaries are not entitled to vote at the
general meeting of shareholders but are entitled to the economic benefits applicable to the shares generally, including dividends and
pre-emptive subscription rights in the case of share capital increases.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, selective share repurchases are only permitted under certain
circumstances. Within these limitations, as is customary for Swiss corporations, we may, subject to applicable law, purchase and sell
our own shares from time to time in order to meet imbalances of supply and demand, to provide liquidity and to even out variances in the
market price of shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Notification and Disclosure of Substantial Share Interests </I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The disclosure obligations generally applicable to shareholders of Swiss
corporations under the Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading, or the
Financial Market Infrastructure Act (the &ldquo;FMIA&rdquo;), do not apply to us since our shares are not listed on a Swiss exchange.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B><I>Mandatory Bid Rules</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The obligation of any person or group of persons that acquires more
than one-third of a company&rsquo;s voting rights to submit a cash offer for all the outstanding listed equity securities of the relevant
company at a minimum price pursuant to the FMIA does not apply to us since our shares are not listed on a Swiss exchange.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Nonresident or Foreign Owners</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Other than limitations that apply to all holders of our common shares,
there are no limitations on the right of nonresident or foreign owners of our common shares from holdings or voting such common shares
imposed by Swiss law or our articles of association.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Exchange Controls</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Other than sanctions against specific countries, individuals, and organizations,
there are no governmental laws, decrees, regulations or other legislation in Switzerland affecting the remittance of dividends, interest
and other payments to nonresident holders of our common shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Stock Exchange Listing</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our common shares are listed on the NYSE under the symbol &ldquo;ADCT.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>The Depository Trust Company</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Each person owning a beneficial interest in common shares held through
DTC must rely on the procedures thereof and on institutions that have accounts therewith to exercise any rights of a holder of the shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Transfer Agent and Registrar
of Shares</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Our share register is kept by Computershare Trust Company, N.A., which
acts as transfer agent and registrar. The share register reflects only record owners of our shares. Swiss law does not recognize fractional
share interests.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Comparison of Swiss Law and
Delaware Law</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Swiss laws applicable to Swiss corporations and their shareholders
differ from laws applicable to &lrm;U.S. corporations and their shareholders. The following table summarizes significant differences in
shareholder &lrm;rights pursuant to the provisions of the CO, by which our Company is governed (but see &ldquo;Description of Share Capital
and Articles of Association&mdash;The Company&rdquo; regarding the two-year transition period that currently applies), and the Delaware
General Corporation Law applicable to companies &lrm;incorporated in Delaware and their shareholders. Please note that this is only a
general summary of certain &lrm;provisions applicable to companies in Delaware. Certain Delaware companies may be permitted to exclude
certain &lrm;of the provisions summarized below in their charter documents.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>DELAWARE CORPORATE LAW</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&lrm; &lrm;SWISS CORPORATE LAW</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Mergers and similar arrangements</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Under the Delaware General Corporation Law, with &lrm;certain exceptions, a merger, consolidation, sale, lease or &lrm;transfer of all or substantially all of the assets of a &lrm;corporation must be approved by the board of directors &lrm;and a majority of the outstanding shares entitled to vote &lrm;thereon. A shareholder of a Delaware corporation &lrm;participating in certain major corporate transactions may, &lrm;under certain circumstances, be entitled to appraisal rights &lrm;pursuant to which such shareholder may receive cash in &lrm;the amount of the fair value of the shares held by such &lrm;shareholder (as determined by a court) in lieu of the &lrm;consideration such shareholder would otherwise receive in &lrm;the transaction. The Delaware General Corporation Law &lrm;also provides that a parent corporation, by resolution of &lrm;its board of directors, may merge with any subsidiary, of &lrm;which it owns at least 90.0% of each class of capital &lrm;stock without a vote by the shareholders of such &lrm;subsidiary. Upon any such merger, dissenting &lrm;shareholders of the subsidiary would have appraisal &lrm;rights.&lrm;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&lrm;Under Swiss law, with certain exceptions, a merger or a &lrm;demerger of the corporation or a sale of all or &lrm;substantially all of the assets of a corporation must be &lrm;approved by two-thirds of the voting rights represented &lrm;at the respective general meeting of shareholders as &lrm;well as the majority of the par value of shares &lrm;represented at such general meeting of shareholders. &lrm;A shareholder of a Swiss corporation participating in a &lrm;statutory merger or demerger pursuant to the Swiss &lrm;Merger Act <I>(Loi sur la fusion</I>) can file a lawsuit against &lrm;the surviving company. If the consideration is deemed &lrm;&lrm;&rdquo;inadequate,&rdquo; such shareholder may, in addition to the &lrm;consideration (be it in shares or in cash) receive an &lrm;additional amount to ensure that such shareholder &lrm;receives the fair value of the shares held by such &lrm;shareholder. Swiss law also provides that if the merger &lrm;agreement provides only for a compensation payment, &lrm;at least 90% of all members in the transferring legal &lrm;entity who are entitled to vote shall approve the &lrm;merger agreement.&lrm;</FONT></TD></TR>
  </TABLE>

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

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<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Shareholders&rsquo; suits</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Class actions and derivative actions generally are &lrm;available to shareholders of a Delaware corporation for, &lrm;among other things, breach of fiduciary duty, corporate &lrm;waste and actions not taken in accordance with &lrm;applicable law. In such actions, the court has discretion to &lrm;permit the winning party to recover attorneys&rsquo; fees &lrm;incurred in connection with such action.&lrm;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&lrm;Class actions and derivative actions as such are not &lrm;available under Swiss law. Nevertheless, certain actions &lrm;may have a similar effect. A shareholder is entitled to &lrm;bring suit against directors, officers or liquidators for &lrm;breach of their duties and claim the payment of the &lrm;company&rsquo;s losses or damages to the corporation and, &lrm;in some cases, to the individual shareholder. Likewise, &lrm;an appraisal lawsuit won by a shareholder may &lrm;indirectly compensate all shareholders. In addition, to &lrm;the extent that U.S. laws and regulations provide a &lrm;basis for liability and U.S. courts have jurisdiction, a &lrm;class action may be available.&lrm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&lrm;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Under Swiss law, the winning party is generally entitled &lrm;to recover a limited amount of attorneys&rsquo; fees incurred &lrm;in connection with such action. The court has discretion &lrm;to permit the shareholder who lost the lawsuit to &lrm;recover attorneys&rsquo; fees incurred to the extent that he or &lrm;she acted in good faith.&lrm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Shareholder vote on board and management compensation</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Under the Delaware General Corporation Law, the board &lrm;of directors has the authority to fix the compensation of &lrm;directors, unless otherwise restricted by the certificate of &lrm;incorporation or bylaws.&lrm;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pursuant to Swiss law, the general meeting of &lrm;shareholders has the non-transferable right, amongst &lrm;others, to vote separately and bindingly on the &lrm;aggregate amount of compensation of the members of &lrm;the board of directors, of the executive committee and &lrm;of the advisory boards.&lrm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Annual vote on board renewal</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Unless directors are elected by written consent in lieu of &lrm;an annual
    meeting, directors are elected in an annual &lrm;meeting of shareholders on a date and at a time &lrm;designated by or in the manner provided
    in the bylaws. &lrm;Re-election is possible.&lrm; &lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Classified boards are permitted.&lrm;</P></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The general meeting of shareholders elects the &lrm;members of the board of directors, the chairperson of &lrm;the board of directors and the members of the &lrm;compensation committee individually and annually for &lrm;a term of office until the end of the following general &lrm;meeting of shareholders. Re-election is possible.&lrm;</FONT></TD></TR>
  </TABLE>

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

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<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Indemnification of directors and executive officers and limitation of liability</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Delaware General Corporation Law provides that a &lrm;certificate
    of incorporation may contain a provision &lrm;eliminating or limiting the personal liability of directors and officers &lrm;&lrm;(but
    not other controlling persons) of the corporation for &lrm;monetary damages for breach of a fiduciary duty as a &lrm;director, except
    no provision in the certificate of &lrm;incorporation may eliminate or limit liability of:&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&lrm;&nbsp;&nbsp;&nbsp;&nbsp;a
    director or officer for any breach of the duty of loyalty to the &lrm;corporation or its shareholders;&lrm; </FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;a
    director or officer for acts or omissions not in good faith or which involve &lrm;intentional misconduct or a knowing violation of &lrm;law;&lrm;
    &lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;a
    director for statutory liability for unlawful payment of dividends &lrm;or unlawful share purchase or redemption; </FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;a
    director or officer for any transaction from which the director or officer derived an &lrm;&lrm;improper personal benefit; or</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;an
    officer in any action by or in right of the corporation.&lrm; </FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A Delaware corporation may indemnify any person who &lrm;was or
is a party or is threatened to be made a party to &lrm;any proceeding, other than an action by or on behalf of &lrm;the corporation,
because the person is or was a director or &lrm;officer, against liability incurred in connection with the &lrm;proceeding if the director
or officer acted in good faith &lrm;and in a manner reasonably believed to be in, or not &lrm;opposed to, the best interests of the corporation;
and the &lrm;director or officer, with respect to any criminal action or &lrm;proceeding, had no reasonable cause to believe his or her
&lrm;conduct was unlawful.&lrm;</P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&lrm;Under Swiss corporate law, an indemnification by the &lrm;corporation
    of a director or member of the executive &lrm;committee in relation to potential personal liability is &lrm;not effective to the extent
    the director or member of &lrm;the executive committee intentionally or negligently &lrm;violated his or her corporate duties towards
    the &lrm;corporation (certain views advocate that at least a &lrm;grossly negligent violation is required to exclude the &lrm;indemnification).
    Furthermore, the general meeting of &lrm;shareholders may discharge (release) the directors and &lrm;members of the executive committee
    from liability for &lrm;their conduct to the extent the respective facts are &lrm;known to shareholders. Such discharge is effective only
    &lrm;with respect to claims of the company and of those &lrm;shareholders who approved the discharge or who have &lrm;since acquired their
    shares in full knowledge of the &lrm;discharge. Most violations of corporate law are &lrm;regarded as violations of duties towards the
    corporation &lrm;rather than towards the shareholders. In addition, &lrm;indemnification of other controlling persons is not &lrm;permitted
    under Swiss corporate law, including &lrm;shareholders of the corporation.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The articles of association of a Swiss corporation may &lrm;also set
    forth that the corporation shall indemnify and &lrm;hold harmless, to the extent permitted by the law, the &lrm;directors and executive
    managers out of assets of the &lrm;corporation against threatened, pending or completed &lrm;actions.&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Also, a corporation may enter into and pay for &lrm;directors&rsquo;
    and officers&rsquo; liability insurance, which may &lrm;cover negligent acts as well.&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Unless ordered by a court, any foregoing indemnification &lrm;is subject
    to a determination that the director or officer &lrm;has met the applicable standard of conduct:&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;by
    a majority vote of the directors who are not &lrm;parties to the proceeding, even though less than a &lrm;quorum;&lrm; </FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;by
    a committee of directors designated by a majority &lrm;vote of the eligible directors, even though less than a &lrm;quorum;&lrm; </FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;by
    independent legal counsel in a written opinion if &lrm;there are no eligible directors, or if the eligible &lrm;directors so direct; or
    &lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;by
    the shareholders.&lrm; </FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Moreover, a Delaware corporation may not indemnify a &lrm;director
or officer in connection with any proceeding in &lrm;which the director or officer has been adjudged to be &lrm;liable to the corporation
unless and only to the extent that &lrm;the court determines that, despite the adjudication of &lrm;liability but in view of all the
circumstances of the case, &lrm;the director or officer is fairly and reasonably entitled to &lrm;indemnity for those expenses which
the court deems &lrm;proper.&lrm;</P></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Directors&rsquo; fiduciary duties</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A director of a Delaware corporation has a fiduciary duty &lrm;to the
    corporation and its shareholders. This duty has two &lrm;components:&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;the
    duty of care; and</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;the
    duty of loyalty.&lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The duty of care requires that a director act in good faith, &lrm;with
    the care that an ordinarily prudent person would &lrm;exercise under similar circumstances. Under this duty, a &lrm;director must inform
    himself or herself of, and disclose to &lrm;shareholders, all material information reasonably &lrm;available regarding a significant transaction.&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The duty of loyalty requires that a director act in a &lrm;manner he
    or she reasonably believes to be in the best &lrm;interests of the corporation. He or she must not use his or &lrm;her corporate position
    for personal gain or advantage. &lrm;This duty prohibits self-dealing by a director and &lrm;mandates that the best interest of the corporation
    and its &lrm;shareholders take precedence over any interest possessed &lrm;by a director, officer or controlling shareholder and not &lrm;shared
    by the shareholders generally. In general, actions &lrm;of a director are presumed to have been made on an &lrm;informed basis, in good
    faith and in the honest belief that &lrm;the action taken was in the best interests of the &lrm;corporation. However, this presumption
    may be rebutted &lrm;by evidence of a breach of one of the fiduciary duties.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Should such evidence be presented concerning a &lrm;transaction
by a director, a director must prove the &lrm;procedural fairness of the transaction, and that the &lrm;transaction was of fair value
to the corporation.&lrm;</P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The board of directors of a Swiss corporation manages &lrm;the business
    of the corporation, unless responsibility for &lrm;such management has been duly delegated to the &lrm;executive committee based on organizational
    rules. &lrm;However, there are several non-transferable duties of &lrm;the board of directors:&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&lrm;&nbsp;&nbsp;&nbsp;&nbsp;the
    overall management of the corporation and &lrm;the issuing of all necessary directives;&lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;determination
    of the corporation&rsquo;s organization;&lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;the
    organization of the accounting, &lrm;financial&thinsp;control and financial planning systems as &lrm;required for management of &lrm;the
    corporation;&lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;the
    appointment and dismissal of persons &lrm;entrusted with managing and representing the &lrm;corporation;&lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;overall
    supervision of the persons entrusted with &lrm;managing the corporation, in particular with regard &lrm;to compliance &lrm;with the law,
    articles of association, &lrm;operational regulations and directives;&lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;compilation
    of the annual report, preparation for &lrm;the general meeting of the shareholders, the &lrm;compensation report &lrm;and implementation
    of its &lrm;resolutions; and</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;the
filing of an application for a debt restructuring moratorium and notification of the court in the event that the &lrm;company is over-indebted.&lrm;</FONT>&nbsp;</P></TD></TR>
  </TABLE>

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

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<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The members of the board of directors must perform &lrm;their duties
    with all due diligence and safeguard the &lrm;interests of the corporation in good faith. They must &lrm;afford the shareholders equal
    treatment in equal &lrm;circumstances.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&lrm;The duty of care requires that a director act in good &lrm;faith,
    with the care that an ordinarily prudent director &lrm;would exercise under like circumstances.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The members of the board of directors and the executive committee are
    required to immediately and fully inform the board of directors about conflicts of interests concerning them. The board of directors is
    furthermore required to take measures in order to protect the interests of the company.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The duty of loyalty requires that a director safeguard &lrm;the interests
    of the corporation and requires that &lrm;directors act in the interest of the corporation and, if &lrm;necessary, put aside their own
    interests. If there is a risk &lrm;of a conflict of interest, the board of directors must &lrm;take appropriate measures to ensure that
    the interests &lrm;of the company are duly taken into account.&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The burden of proof for a violation of these duties is &lrm;with the
    corporation or with the shareholder bringing a &lrm;suit against the director.&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Swiss Federal Supreme Court has established a doctrine that
restricts its review of a business decision if the decision has been taken following proper preparation, on an informed basis and without
conflicts of interest.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Shareholder action by written consent</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A Delaware corporation may, in its certificate of &lrm;incorporation, eliminate the right of shareholders to act &lrm;by written consent.</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Shareholders of a Swiss corporation may exercise &lrm;their voting rights in a general meeting of shareholders. &lrm; Shareholders can only act by written consents if no shareholder requests a general meeting of shareholders. The articles of &lrm;association must allow for (independent) proxies to be &lrm;present at a general meeting of shareholders. The &lrm;instruction of such (independent) proxies may occur in &lrm;writing or electronically.&lrm;</FONT></TD></TR>
  </TABLE>

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

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<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Shareholder proposals</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A shareholder of a Delaware corporation has the right to &lrm;put any proposal before the annual meeting of &lrm;shareholders, provided it complies with the notice &lrm;provisions in the governing documents. A special meeting &lrm;may be called by the board of directors or any other &lrm;person authorized to do so in the governing documents, &lrm;but shareholders may be precluded from calling special &lrm;meetings.&lrm;</FONT></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">At any general meeting of shareholders any &lrm;shareholder may put
    proposals to the meeting if the &lrm;proposal is part of an agenda item. No resolution may &lrm;be taken on proposals relating to the
    agenda items that &lrm;were not duly notified. Unless the articles of association &lrm;provide for a lower threshold or for additional
    &lrm;shareholders&rsquo; rights, and subject to the two-year transition period described above (see &ldquo;Description of Share Capital
    and Articles of Association&mdash;The Company&rdquo;):</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&lrm;&lrm;&nbsp;&nbsp;&nbsp;&nbsp;shareholders
    together representing at least 5% of &lrm;the share capital or voting rights may demand that a general &lrm;meeting of shareholders be
    called for specific &lrm;agenda items and specific proposals; and</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;shareholders
    together representing shares with a &lrm;par value of at least 0.5% of the &lrm;share capital or the voting rights may demand &lrm;that
    an agenda item including a specific proposal, or a proposal with respect to an existing agenda item, &lrm;be put on the agenda for a scheduled
    general &lrm;meeting of shareholders, provided such request is &lrm;made with appropriate lead time.&lrm;</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Any shareholder can propose candidates for election as &lrm;directors
or make other proposals within the scope of &lrm;an agenda item without prior written notice.&lrm;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">In addition, any shareholder is entitled, at a general &lrm;meeting of shareholders and without advance notice, to &lrm;&lrm;(i) request information from the board of directors on &lrm;the affairs of the company (note, however, that the &lrm;right to obtain such information is limited), (ii) request &lrm;information from the auditors on the methods and &lrm;results of their audit, (iii)&nbsp;request that the general &lrm;meeting of shareholders resolve to convene an &lrm;extraordinary general meeting, or (iv) request that the &lrm;general meeting of shareholders resolve to appoint an &lrm;examiner to carry out a special examination (&ldquo;<I>examen</I> &lrm;<I>sp&eacute;cial</I>&rdquo;).&lrm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Cumulative voting</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&lrm;Under the Delaware General Corporation Law, &lrm;cumulative voting for elections of directors is not &lrm;permitted unless the corporation&rsquo;s certificate of &lrm;incorporation provides for it.&lrm;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cumulative voting is not permitted under Swiss &lrm;corporate law. Pursuant to Swiss law, shareholders can &lrm;vote for each proposed candidate, but they are not &lrm;allowed to cumulate their votes for single candidates. &lrm;An annual individual election of (i) all members of the &lrm;board of directors, (ii) the chairperson of the board of &lrm;directors, (iii) the members of the compensation &lrm;committee, (iv) the election of the independent proxy &lrm;for a term of office of one year (i.e., until the following &lrm;annual general meeting of shareholders), as well as the &lrm;vote on the aggregate amount of compensation of the &lrm;members of the board of directors, of the executive &lrm;committee and of the members of any advisory board, &lrm;is mandatory for listed companies. Re-election is &lrm;permitted.&lrm;</FONT></TD></TR>
  </TABLE>

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

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<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Removal of directors</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A Delaware corporation with a classified board may be &lrm;removed only for cause with the approval of a majority &lrm;of the outstanding shares entitled to vote, unless the &lrm;certificate of incorporation provides otherwise.&lrm;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A Swiss corporation may remove, with or without &lrm;cause, any director at any time with a resolution passed &lrm;by a majority of the shares represented at a general &lrm;meeting of shareholders. The articles of association &lrm;may require the approval by a supermajority of the &lrm;shares represented at a meeting for the removal of a &lrm;director.&lrm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Transactions with interested shareholders</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Delaware General Corporation Law generally &lrm;prohibits a Delaware corporation from engaging in certain &lrm;business combinations with an &ldquo;interested shareholder&rdquo; &lrm;for three years following the date that such person &lrm;becomes an interested shareholder. An interested &lrm;shareholder generally is a person or group who or which &lrm;owns or owned 15.0% or more of the corporation&rsquo;s &lrm;outstanding voting shares within the past three years.&lrm;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">No such rule applies to a Swiss corporation.&lrm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Dissolution; Winding up</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Unless the board of directors of a Delaware corporation &lrm;approves the proposal to dissolve, dissolution must be &lrm;approved by shareholders holding 100.0% of the total &lrm;voting power of the corporation. Only if the dissolution is &lrm;initiated by the board of directors may it be approved by &lrm;a simple majority of the corporation&rsquo;s outstanding shares. &lrm;Delaware law allows a Delaware corporation to include in &lrm;its certificate of incorporation a supermajority voting &lrm;requirement in connection with dissolutions initiated by &lrm;the board.</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A dissolution of a Swiss corporation requires the &lrm;approval by two-thirds of the voting rights represented &lrm;at the respective general meeting of shareholders as &lrm;well as the majority of the par value of shares &lrm;represented at such general meeting of shareholders. &lrm;The articles of association may increase the voting &lrm;thresholds required for such a resolution.&lrm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Variation of rights of shares</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A Delaware corporation may vary the rights of a class of &lrm;shares with the approval of a majority of the outstanding &lrm;shares of such class, unless the certificate of &lrm;incorporation provides otherwise.&lrm;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The general meeting of shareholders of a Swiss &lrm;corporation may
    resolve that preference shares be &lrm;issued or that existing shares be converted into &lrm;preference shares with a resolution passed
    by a &lrm;majority of the shares represented at the general &lrm;meeting of shareholders. Where a company has issued &lrm;preference shares,
    further preference shares conferring &lrm;preferential rights over the existing preference shares &lrm;may be issued only with the consent
    of both a special &lrm;meeting of the adversely affected holders of the &lrm;existing preference shares and of a general meeting of &lrm;all
    shareholders, unless otherwise provided in the &lrm;articles of association.&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Shares with preferential voting rights are not regarded &lrm;as
preference shares for these purposes.&lrm;</P></TD></TR>
  </TABLE>

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

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<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Amendment of governing documents</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A Delaware corporation&rsquo;s governing documents may be &lrm;amended with the approval of a majority of the &lrm;outstanding shares entitled to vote, unless the certificate &lrm;of incorporation provides otherwise.</FONT></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The articles of association of a Swiss corporation may &lrm;be amended
    with a resolution passed by a majority of &lrm;the shares represented at a general meeting of &lrm;shareholders, unless otherwise provided
    in the articles &lrm;of association.&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">There are a number of resolutions, such as an &lrm;amendment of
the stated purpose of the corporation, &lrm;the introduction of a capital range and conditional capital &lrm;and the introduction of
shares with preferential voting &lrm;rights that require the approval by two-thirds of the &lrm;votes and a majority of the par value
of the &lrm;shares represented at such general meeting of &lrm;shareholders. The articles of association may increase &lrm;these voting
thresholds.&lrm;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Inspection of books and records</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Shareholders of a Delaware corporation, upon written &lrm;demand under oath stating the purpose thereof, have the &lrm;right during the usual hours for business to inspect for any &lrm;proper purpose, and to obtain copies of list(s) of &lrm;shareholders and other books and records of the &lrm;corporation and its subsidiaries, if any, to the extent the &lrm;books and records of such subsidiaries are available to &lrm;the corporation.</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Shareholders of a Swiss corporation holding in the aggregate at least
    5% of the nominal share capital or voting rights have the right to inspect &lrm;books and records, subject to the safeguarding of the
    company&rsquo;s business secrets and other interests warranting protection. A &lrm;shareholder is only entitled to receive information
    to &lrm;the extent required to exercise his or her rights as a &lrm;shareholder. The board of directors has to decide on an inspection
    request within four months after receipt of such request. Denial of the request will need to be justified in writing. If the board of
    directors denies an inspection request, shareholders may request the order of an inspection by the court within 30 days.&lrm;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A shareholder&rsquo;s right to inspect the share register is &lrm;limited
to the right to inspect his or her own entry in the &lrm;share register.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Payment of dividends</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The board of directors may approve a dividend without &lrm;shareholder approval. Subject to any restrictions &lrm;contained in its certificate of incorporation, the board &lrm;may declare and pay dividends upon the shares of its &lrm;capital stock either:&lrm;&#9;&lrm;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dividend (including interim dividend) payments are subject to the approval of the &lrm;general meeting of shareholders. The board of directors &lrm;may propose to shareholders that a dividend shall be &lrm;paid but cannot itself authorize the distribution.&lrm;</FONT></TD></TR>
  </TABLE>

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

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<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;out
    of its surplus, or</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&#9;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;in
    case there is no such surplus, out of its net profits for &lrm;the fiscal year in which the dividend is declared &lrm;and/or the preceding
    fiscal year.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&lrm;Shareholder approval is required to authorize capital &lrm;stock
in excess of that provided in the charter. Directors &lrm;may issue authorized shares without shareholder &lrm;approval.&lrm;</P></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Payments out of a corporation&rsquo;s share capital (in other &lrm;words, the aggregate par value of the corporation&rsquo;s &lrm; shares) in the form of dividends are &lrm;not allowed and may be made only by way of a share &lrm;capital reduction. Dividends may be paid only from the &lrm;profits of the previous or current business year or brought forward &lrm;from previous business years or if the corporation has &lrm;distributable reserves, each as evidenced by the &lrm;corporation&rsquo;s audited stand-alone statutory balance &lrm;sheet prepared pursuant to Swiss law and after &lrm;allocations to reserves required by Swiss law and the &lrm;articles of association have been deducted.&lrm;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><I>Creation and issuance of new shares</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">All creation of shares require the board of directors to &lrm;adopt a resolution or resolutions, pursuant to authority &lrm;expressly vested in the board of directors by the &lrm;provisions of the company&rsquo;s certificate of incorporation.&lrm;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">All creation of shares require a shareholders&rsquo; resolution. &lrm;The creation of a capital range or conditional share capital &lrm;requires at least two-thirds of the voting rights &lrm;represented at the general meeting of shareholders and &lrm;a majority of the par value of shares &lrm;represented at such meeting. The board of directors &lrm;may issue or cancel shares out of the capital range &lrm;during a period of up to five years by a maximum amount of 50% of the current share capital. Shares are created &lrm;and issued out of conditional share capital through the &lrm;exercise of options or of conversion rights that the &lrm;board of directors may grant to shareholders, creditors of bonds or similar debt &lrm;instruments, employees, directors of the company or another group company or third parties.&lrm;</FONT></TD></TR>
  </TABLE>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><A NAME="a_022"></A><B>DESCRIPTION OF DEBT SECURITIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We may issue debt securities, which may be secured or unsecured and
may be exchangeable for and/or convertible into other securities, including our common shares. The debt securities will be issued under
one or more separate indentures between us and a designated trustee. The terms of each series of debt securities being offered, including
the terms, if any, on which a series of debt securities may be convertible into or exchangeable for other securities, and the material
terms of the indenture will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The applicable prospectus supplement will set forth, to the extent required,
the following terms of the debt securities in respect of which the prospectus supplement is delivered:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the title of the series;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the aggregate principal amount;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the issue price or prices, expressed as a percentage of the aggregate principal
amount of the debt securities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any limit on the aggregate principal amount;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the date or dates on which principal is payable;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the interest rate or rates (which may be fixed or variable) or, if applicable,
the method used to determine such rate or rates;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the date or dates on which interest, if any, will be payable and any regular
record date for the interest payable;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the place or places where principal and, if applicable, premium and interest,
is payable;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the terms and conditions upon which we may, or the holders may require us
to, redeem or repurchase the debt securities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the denominations in which such debt securities may be issuable, if other
than denomination of $1,000 or any integral multiple of that number;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">whether the debt securities are to be issuable in the form of certificated
debt securities or global debt securities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the portion of principal amount that will be payable upon declaration of acceleration
of the maturity date if other than the principal amount of the debt securities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the currency of denomination;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the designation of the currency, currencies or currency units in which payment
of principal and, if applicable, premium and interest, will be made;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if payments of principal and, if applicable, premium or interest, on the debt
securities are to be made in one or more currencies or currency units other than the currency of denominations, the manner in which exchange
rate with respect to such payments will be determined;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if amounts of principal and, if applicable, premium and interest may be determined
by reference to an index based on a currency or currencies, or by reference to a commodity, commodity index, stock exchange index, or
financial index, then the manner in which such amounts will be determined;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the provisions, if any, relating to any collateral provided for such debt
securities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any events of default;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the terms and conditions, if any, for conversion into or exchange for common
shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any depositaries, interest rate calculation agents, exchange rate calculation
agents, or other agents; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the terms and conditions, if any, upon which the debt securities shall be
subordinated in right of payment to other indebtedness of our company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 93 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><A NAME="a_023"></A><B>DESCRIPTION OF WARRANTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We may issue warrants to purchase our debt or equity securities. The
warrants may be issued independently or together with any other securities and may be attached to, or separate from, such securities.
Each series of warrants will be issued under a separate warrant agreement to be entered into between us and a warrant agent. The terms
of any warrants being offered and a description of the material provisions of the applicable warrant agreement will be set forth in the
applicable prospectus supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The applicable prospectus supplement will set forth, to the extent required,
the following terms of the warrants in respect of which the prospectus supplement is delivered:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the title of such warrants;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the aggregate number of such warrants;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the price or prices at which such warrants will be issued;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the currency or currencies in which the price of such warrants will be payable;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the securities or other rights, including rights to receive payment in cash
or securities based on the value, rate or price of one or more specified commodities, currencies, securities or indices, or any combination
of the foregoing, purchasable upon exercise of such warrants;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the price at which and the currency or currencies in which the securities
or other rights purchasable upon exercise of such warrants may be purchased;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the date on which the right to exercise such warrants shall commence and the
date on which such right shall expire;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if applicable, the minimum or maximum amount of such warrants which may be
exercised at any one time;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if applicable, the designation and terms of the securities with which such
warrants are issued and the number of such warrants issued with each such security;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if applicable, the date on and after which such warrants and the related securities
will be separately transferable;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">information with respect to book-entry procedures, if any;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if applicable, a discussion of any material United States federal income tax
considerations; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any other terms of such warrants, including terms, procedures and limitations
relating to the exchange and exercise of such warrants.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><A NAME="a_024"></A><B>DESCRIPTION OF SUBSCRIPTION RIGHTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We may issue subscription rights to purchase our securities. The subscription
rights may be issued independently or together with any other securities, may be attached to, or separate from, such securities and may
or may not be transferable by the shareholder receiving the subscription rights. In connection with any offering of subscription rights,
we may enter into a standby arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or other
purchasers may be required to purchase any unsubscribed securities after such offering. The terms of any subscription rights being offered
will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We may issue warrants to purchase our debt or equity securities. The
warrants may be issued independently or together with any other securities and may be attached to, or separate from, such securities.
Each series of warrants will be issued under a separate warrant agreement to be entered into between us and a warrant agent. The terms
of any warrants being offered and a description of the material provisions of the applicable warrant agreement will be set forth in the
applicable prospectus supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The applicable prospectus supplement will set forth, to the extent required,
the following terms of the subscription rights in respect of which the prospectus supplement is delivered:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the exercise price;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the aggregate number of rights to be issued;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the type and number of securities purchasable upon exercise of each right;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the procedures and limitations relating to the exercise of the rights;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the date upon which the exercise of rights will commence;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the record date, if any, to determine who is entitled to the rights;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the expiration date;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the extent to which the rights are transferable;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">information regarding the trading of rights, including the stock exchanges,
if any, on which the rights will be listed;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the extent to which the subscription rights may include an over-subscription
privilege with respect to unsubscribed securities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if appropriate, a discussion of material U.S. federal income tax considerations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">if applicable, the material terms of any standby underwriting or purchase
arrangement entered into by us in connection with the offering of the rights; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any other material terms of the rights.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If fewer than all of the subscription rights issued in any rights offering
are exercised, we may offer any unsubscribed securities directly to persons other than shareholders, to or through agents, underwriters
or dealers or through a combination of such methods, including pursuant to standby arrangements, as described in the applicable prospectus
supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_025"></A>DESCRIPTION OF PURCHASE CONTRACTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We may issue purchase contracts for the purchase or sale of debt or
equity securities issued by us or securities of third parties, a basket of such securities, an index or indices or such securities or
any combination of the above as specified in the applicable prospectus supplement, currencies or commodities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Each purchase contract will entitle the holder thereof to purchase or
sell, and obligate us to sell or purchase, on specified dates, such securities, currencies or commodities at a specified purchase price,
which may be based on a formula, all as set forth in the applicable prospectus supplement. A purchase by us or any of our subsidiaries
of common shares pursuant to any such purchase contract shall be subject to certain restrictions under Swiss law that generally apply
to a repurchase of shares. We may, however, satisfy our obligations, if any, with respect to any purchase contract by delivering the cash
value of such purchase contract or the cash value of the property otherwise deliverable or, in the case of purchase contracts on underlying
currencies, by delivering the underlying currencies, as set forth in the applicable prospectus supplement. The applicable prospectus supplement
will also specify the methods by which the holders may purchase or sell such securities, currencies or commodities and any acceleration,
cancellation or termination provisions or other provisions relating to the settlement of a purchase contract.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The purchase contracts may require us to make periodic payments to the
holders thereof or vice versa, which payments may be deferred to the extent set forth in the applicable prospectus supplement, and those
payments may be unsecured or prefunded on some basis. The purchase contracts may require the holders thereof to secure their obligations
in a specified manner to be described in the applicable prospectus supplement. Alternatively, purchase contracts may require holders to
satisfy their obligations thereunder when the purchase contracts are issued. Our obligation to settle such pre-paid purchase contracts
on the relevant settlement date may constitute indebtedness. Accordingly, pre-paid purchase contracts will be issued under an indenture.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_026"></A>DESCRIPTION OF UNITS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As specified in the applicable prospectus supplement, we may issue units
consisting of one or more purchase contracts, warrants, debt securities, common shares or any combination of such securities. The applicable
supplement will describe:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the terms of the units and of the warrants, debt securities and/or common
shares comprising the units, including whether and under what circumstances the securities comprising the units may be traded separately;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a description of the terms of any unit agreement governing the units; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a description of the provisions for the payment, settlement, transfer or exchange
of the units.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><A NAME="a_027"></A><B>FORMS OF SECURITIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Each debt security, warrant and unit will be represented either by a
certificate issued in definitive form to a particular investor or by one or more global securities representing the entire issuance of
securities. Certificated securities will be issued in definitive form and global securities will be issued in registered form. Definitive
securities name you or your nominee as the owner of the security, and in order to transfer or exchange these securities or to receive
payments other than interest or other interim payments, you or your nominee must physically deliver the securities to the trustee, registrar,
paying agent or other agent, as applicable. Global securities name a depositary or its nominee as the owner of the debt securities, warrants
or units represented by these global securities. The depositary maintains a computerized system that will reflect each investor&rsquo;s
beneficial ownership of the securities through an account maintained by the investor with its broker/dealer, bank, trust company or other
representative, as we explain more fully below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Registered Global Securities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We may issue registered debt securities, warrants and units in the form
of one or more fully registered global securities that will be deposited with a depositary or its nominee identified in the applicable
prospectus supplement and registered in the name of that depositary or nominee. In those cases, one or more registered global securities
will be issued in a denomination or aggregate denominations equal to the portion of the aggregate principal or face amount of the securities
to be represented by registered global securities. Unless and until it is exchanged in whole for securities in definitive registered form,
a registered global security may not be transferred except as a whole by and among the depositary for the registered global security,
the nominees of the depositary or any successors of the depositary or those nominees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If not described below, any specific terms of the depositary arrangement
with respect to any securities to be represented by a registered global security will be described in the prospectus supplement relating
to those securities. We anticipate that the following provisions will apply to all depositary arrangements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ownership of beneficial interests in a registered global security will
be limited to persons, called participants, that have accounts with the depositary or persons that may hold interests through participants.
Upon the issuance of a registered global security, the depositary will credit, on its book-entry registration and transfer system, the
participants&rsquo; accounts with the respective principal or face amounts of the securities beneficially owned by the participants. Any
dealers, underwriters or agents participating in the distribution of the securities will designate the accounts to be credited. Ownership
of beneficial interests in a registered global security will be shown on, and the transfer of ownership interests will be effected only
through, records maintained by the depositary, with respect to interests of participants, and on the records of participants, with respect
to interests of persons holding through participants. The laws of some states may require that some purchasers of securities take physical
delivery of these securities in definitive form. These laws may impair your ability to own, transfer or pledge beneficial interests in
registered global securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">So long as the depositary, or its nominee, is the registered owner of
a registered global security, that depositary or its nominee, as the case may be, will be considered the sole owner or holder of the securities
represented by the registered global security for all purposes under the applicable indenture, warrant agreement or unit agreement. Except
as described below, owners of beneficial interests in a registered global security will not be entitled to have the securities represented
by the registered global security registered in their names, will not receive or be entitled to receive physical delivery of the securities
in definitive form and will not be considered the owners or holders of the securities under the applicable indenture, warrant agreement
or unit agreement. Accordingly, each person owning a beneficial interest in a registered global security must rely on the procedures of
the depositary for that registered global security and, if that person is not a participant, on the procedures of the participant through
which the person owns its interest, to exercise any rights of a holder under the applicable indenture, warrant agreement or unit agreement.
We understand that under existing industry practices, if we request any action of holders or if an owner of a beneficial interest in a
registered global security desires to give or take any action that a holder is entitled to give or take under the applicable indenture,
warrant agreement</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">or unit agreement, the depositary for the registered global security
would authorize the participants holding the relevant beneficial interests to give or take that action, and the participants would authorize
beneficial owners owning through them to give or take that action or would otherwise act upon the instructions of beneficial owners holding
through them.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Principal, premium, if any, and interest payments on debt securities,
and any payments to holders with respect to warrants or units, represented by a registered global security registered in the name of a
depositary or its nominee will be made to the depositary or its nominee, as the case may be, as the registered owner of the registered
global security. None of ADC Therapeutics SA, the trustees, the warrant agents, the unit agents or any other agent of ADC Therapeutics
SA, agent of the trustees or agent of the warrant agents or unit agents will have any responsibility or liability for any aspect of the
records relating to payments made on account of beneficial ownership interests in the registered global security or for maintaining, supervising
or reviewing any records relating to those beneficial ownership interests.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We expect that the depositary for any of the securities represented
by a registered global security, upon receipt of any payment of principal, premium, interest or other distribution of underlying securities
or other property to holders on that registered global security, will immediately credit participants&rsquo; accounts in amounts proportionate
to their respective beneficial interests in that registered global security as shown on the records of the depositary. We also expect
that payments by participants to owners of beneficial interests in a registered global security held through participants will be governed
by standing customer instructions and customary practices, as is now the case with the securities held for the accounts of customers in
bearer form or registered in &ldquo;street name,&rdquo; and will be the responsibility of those participants.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If the depositary for any of these securities represented by a registered
global security is at any time unwilling or unable to continue as depositary or ceases to be a clearing agency registered under the Exchange
Act, and a successor depositary registered as a clearing agency under the Exchange Act is not appointed by us within 90 days, we will
issue securities in definitive form in exchange for the registered global security that had been held by the depositary. Any securities
issued in definitive form in exchange for a registered global security will be registered in the name or names that the depositary gives
to the relevant trustee, warrant agent, unit agent or other relevant agent of ours or theirs. It is expected that the depositary&rsquo;s
instructions will be based upon directions received by the depositary from participants with respect to ownership of beneficial interests
in the registered global security that had been held by the depositary.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_028"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We may sell the securities in one or more of the following ways (or
in any combination) from time to time:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">through underwriters or dealers;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">directly to a limited number of purchasers or to a single purchaser;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">in &ldquo;at the market offerings,&rdquo; within the meaning of Rule 415(a)(4)
of the Securities Act, into an existing trading market on an exchange or otherwise;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">through agents; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">through any other method permitted by applicable law and described in the
applicable prospectus supplement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The prospectus supplement will state the terms of the offering of the
securities, including:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the name or names of any underwriters, dealers or agents;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the purchase price of such securities and the proceeds to be received by us,
if any;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any underwriting discounts or agency fees and other items constituting underwriters&rsquo;
or agents&rsquo; compensation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any public offering price;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any discounts or concessions allowed or reallowed or paid to dealers; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">any securities exchanges on which the securities may be listed.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Any public offering price and any discounts or concessions allowed or
reallowed or paid to dealers may be changed from time to time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">If underwriters are used in the sale, the securities will be acquired
by the underwriters for their own account and may be resold from time to time in one or more transactions, including:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">negotiated transactions;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">at a fixed public offering price or prices, which may be changed;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">at market prices prevailing at the time of sale;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">at prices related to prevailing market prices; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">at negotiated prices.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Unless otherwise stated in a prospectus supplement, the obligations
of the underwriters to purchase any securities will be conditioned on customary closing conditions and the underwriters will be obligated
to purchase all of such series of securities, if any are purchased.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The securities may be sold through agents from time to time. The prospectus
supplement will name any agent involved in the offer or sale of the securities and any commissions paid to them. Generally, any agent
will be acting on a best efforts basis for the period of its appointment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Sales to or through one or more underwriters or agents in at-the-market
offerings will be made pursuant to the terms of a distribution agreement with the underwriters or agents. Such underwriters or agents
may act on an agency basis or on a principal basis. During the term of any such agreement, shares may be</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">sold on a daily basis on any stock exchange, market or trading facility
on which the common shares are traded, in privately negotiated transactions or otherwise as agreed with the underwriters or agents. The
distribution agreement will provide that any common share sold will be sold at negotiated prices or at prices related to the then prevailing
market prices for our common shares. Therefore, exact figures regarding proceeds that will be raised or commissions to be paid cannot
be determined at this time and will be described in a prospectus supplement. Pursuant to the terms of the distribution agreement, we may
also agree to sell, and the relevant underwriters or agents may agree to solicit offers to purchase, blocks of our common shares or other
securities. The terms of each such distribution agreement will be described in a prospectus supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We may authorize underwriters, dealers or agents to solicit offers by
certain purchasers to purchase the securities at the public offering price set forth in the prospectus supplement pursuant to delayed
delivery contracts providing for payment and delivery on a specified date in the future. The contracts will be subject only to those conditions
set forth in the prospectus supplement, and the prospectus supplement will set forth any commissions paid for solicitation of these contracts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Underwriters and agents may be entitled under agreements entered into
with us to indemnification by us against certain civil liabilities, including liabilities under the Securities Act, or to contribution
with respect to payments which the underwriters or agents may be required to make.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The prospectus supplement may also set forth whether or not underwriters
may over-allot or effect transactions that stabilize, maintain or otherwise affect the market price of the securities at levels above
those that might otherwise prevail in the open market, including, for example, by entering stabilizing bids, effecting syndicate covering
transactions or imposing penalty bids.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Underwriters and agents may be customers of, engage in transactions
with, or perform services for us and our affiliates in the ordinary course of business.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Each series of securities will be a new issue of securities and will
have no established trading market, other than our common shares, which are listed on the NYSE. Any underwriters to whom securities are
sold for public offering and sale may make a market in the securities, but such underwriters will not be obligated to do so and may discontinue
any market making at any time without notice. The securities, other than our common shares, may or may not be listed on a national securities
exchange.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><A NAME="a_029"></A><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The validity of certain securities and certain other matters with respect
to Swiss law will be passed upon for us by Homburger AG, Zurich, Switzerland. The validity of certain securities and certain matters with
respect to U.S. federal and New York State law will be passed upon for us by Davis Polk &amp; Wardwell LLP, New York, New York. Any underwriters,
dealers or agents will be advised by their own legal counsel concerning issues relating to any offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><A NAME="a_030"></A><B>EXPERTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The consolidated financial statements and management&rsquo;s assessment
of the effectiveness of internal control over &lrm;financial reporting (which is included in Management&rsquo;s Report on Internal Control
over Financial Reporting) &lrm;incorporated in this prospectus by reference to the Annual Report on Form 10-K for the year ended December
31, &lrm;&lrm;2023 have been so incorporated in reliance on the report of PricewaterhouseCoopers SA, an independent registered &lrm;public
accounting firm, given on the authority of said firm as experts in auditing and accounting. &lrm;PricewaterhouseCoopers SA is a member
of EXPERTsuisse &mdash; Swiss Expert Association for Audit, Tax and &lrm;Fiduciary.&lrm;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_031"></A>ENFORCEMENT OF JUDGMENTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We are organized under the laws of Switzerland and our registered office
and domicile is located in Epalinges, Switzerland. Moreover, a number of our directors and executive officers are not residents of the
United States, and all or a substantial portion of the assets of such persons are located outside the United States. As a result, it may
not be possible for investors to effect service of process within the United States upon us or upon such persons or to enforce against
them judgments obtained in U.S. courts, including judgments in actions predicated upon the civil liability provisions of the federal securities
laws of the United States. We have been advised by our Swiss counsel that there is doubt as to the enforceability in Switzerland of original
actions, or in actions for enforcement of judgments of U.S. courts, of civil liabilities to the extent solely predicated upon the federal
and state securities laws of the United States. Original actions against persons in Switzerland based solely upon the U.S. federal or
state securities laws are governed, among other things, by the principles set forth in the Swiss Federal Act on Private International
Law (the &ldquo;PILA&rdquo;). The PILA provides that the application of provisions of non-Swiss law by the courts in Switzerland shall
be precluded if the result would be incompatible with Swiss public policy. Also, mandatory provisions of Swiss law may be applicable regardless
of any other law that would otherwise apply.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Switzerland and the United States do not have a treaty providing for
reciprocal recognition of and enforcement of judgments in civil and commercial matters. The recognition and enforcement of a judgment
of the courts of the United States in Switzerland is governed by the principles set forth in the PILA. The PILA provides in principle
that a judgment rendered by a non-Swiss court may be enforced in Switzerland only if:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the non-Swiss court had jurisdiction pursuant to the PILA; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the judgment of such non-Swiss court has become final and non-appealable;
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the judgment does not contravene Swiss public policy; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">the court procedures and the service of documents leading to the judgment
were in accordance with the due process of law; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">no proceeding involving the same position and the same subject matter was
first brought in Switzerland, or adjudicated in Switzerland, or was earlier adjudicated in a third state and this decision is recognizable
in Switzerland.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 102 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_032"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We are subject to the informational requirements of the Exchange Act.
Accordingly, we are required to file reports and other information with the SEC, including annual, quarterly and current reports and proxy
and information statements. The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements
and other information we have filed electronically with the SEC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have filed with the SEC a &ldquo;shelf&rdquo; registration statement
(including amendments and exhibits to the registration statement) on Form S-3 under the Securities Act. This prospectus, which is part
of the registration statement, does not contain all of the information set forth in the registration statement and the exhibits and schedules
to the registration statement. We have omitted parts of the registration statement in accordance with the rules and regulations of the
SEC. For more detail about us and the securities that may be offered by this prospectus, you may examine the registration statement on
Form S-3 and the exhibits filed with it at the website provided in the previous paragraph.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We maintain a corporate website at <I>www.adctherapeutics.com</I>. The
reference to our website is an inactive textual reference only, and information contained therein or connected thereto is not incorporated
into this prospectus or the registration statement of which it forms a part.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_033"></A>INFORMATION INCORPORATED BY REFERENCE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The rules of the SEC allow us to incorporate by reference information
in this prospectus, which means that we disclose important information to you by referring you to another document filed separately with
the SEC. The information incorporated by reference in this prospectus is considered to be a part of this prospectus. Any statement made
in this prospectus or in a document incorporated or deemed to be incorporated by reference in this prospectus will be deemed to be modified
or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or in any other subsequently
filed document that is also incorporated or deemed to be incorporated by reference in this prospectus modifies or supersedes that statement.
Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus.
This prospectus incorporates by reference the documents listed below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">our Annual Report on Form 10-K for the year ended </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1771910/000162828024010843/adc-20231231.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">December
31, 2023</FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">our Current Reports on Form 8-K filed with the SEC on </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/0001771910/000095010324000237/dp204732_8k.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: blue">January
4, 2024</FONT></A> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(containing Item 8.01 information), </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/0001771910/000095010324000925/dp205339_8k.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: blue">January
19, 2024</FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/0001771910/000095010324001047/dp205528_8k.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: blue">January
24, 2024</FONT></A> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">and </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/0001771910/000095010324003156/dp207290_8k.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: blue">February
29, 2024</FONT></A><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">our </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1771910/000114036120011268/nt10009045x7_8a12b.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: blue">Registration
Statement on Form 8-A filed with the SEC on May 11, 2020</FONT></A> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">and any &lrm;amendment
or report filed for the purpose of updating such description.&lrm;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">All subsequent documents that we file pursuant to Sections 13(a), 13(c),
14 or 15(d) of the Exchange Act (excluding, in each case, any information or documents deemed to be furnished and not filed), on or after
the date of this prospectus and prior to the termination or expiration of the registration statement of which this prospectus forms a
part, shall be incorporated by reference.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">You can obtain any of the filings incorporated by reference in this
prospectus through us or from the SEC through the SEC&rsquo;s website at <I>www.sec.gov</I>. Our filings with the SEC are also available
free of charge on our website (<I>www.adctherapeutics.com</I>) as soon as reasonably practicable after they are filed with, or furnished
to, the SEC. The reference to our website is an inactive textual reference only, and information contained therein or connected thereto
is not incorporated into this prospectus or the registration statement of which it forms a part. We will provide to each person, including
any beneficial owner, to whom this prospectus is delivered, a copy of any or all the reports or documents incorporated by reference in
this prospectus at no cost, upon written or oral request to us at the following address:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Investor Relations<BR>
ADC Therapeutics SA<BR>
c/o ADC Therapeutics America, Inc.<BR>
430 Mountain Avenue, 4th Floor<BR>
Murray Hill, NJ 07974<BR>
(908) 546-5556</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt"><A HREF="#TableOfContents">Table of Contents</A></P><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"><IMG SRC="image_003.jpg" ALT="" STYLE="height: 115px; width: 204px"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>ADC THERAPEUTICS SA</B></P>

<P STYLE="font: 20pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&lrm;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
13,411,912 Common Shares&lrm;<BR>
Pre-Funded Warrants to Purchase 8,163,265 Common Shares</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&lrm;</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 35%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>PROSPECTUS SUPPLEMENT</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&lrm;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">Jefferies</FONT></TD>
    <TD STYLE="width: 45%; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">Guggenheim Securities</FONT></TD>
    <TD STYLE="width: 25%; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt">Cantor</FONT></TD></TR>
  </TABLE>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 6,
2024</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
