<SEC-DOCUMENT>0000950103-17-009967.txt : 20171013
<SEC-HEADER>0000950103-17-009967.hdr.sgml : 20171013
<ACCEPTANCE-DATETIME>20171013173115
ACCESSION NUMBER:		0000950103-17-009967
CONFORMED SUBMISSION TYPE:	F-1
PUBLIC DOCUMENT COUNT:		45
FILED AS OF DATE:		20171013
DATE AS OF CHANGE:		20171013

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fireman B.V.
		CENTRAL INDEX KEY:			0001708688
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-220962
		FILM NUMBER:		171137235

	BUSINESS ADDRESS:	
		STREET 1:		WINZERLAER STR. 2
		CITY:			JENA
		STATE:			2M
		ZIP:			07745
		BUSINESS PHONE:		49 3641 508180

	MAIL ADDRESS:	
		STREET 1:		WINZERLAER STR. 2
		CITY:			JENA
		STATE:			2M
		ZIP:			07745
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-1
<SEQUENCE>1
<FILENAME>dp81461_f1.htm
<DESCRIPTION>FORM F-1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on October 13, 2017. &nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt">SECURITIES
AND EXCHANGE COMMISSION&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt">FORM F-1&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt">Fireman B.V.<SUP>&dagger;</SUP>&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">(Exact Name
of Registrant as Specified in Its Charter)</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt"><B>The Netherlands</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt"><B>2834</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or Other Jurisdiction of</FONT><BR>
    <FONT STYLE="font-size: 10pt">Incorporation or Organization)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Primary Standard Industrial</FONT><BR>
    <FONT STYLE="font-size: 10pt">Classification Code Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer</FONT><BR>
    <FONT STYLE="font-size: 10pt">Identification Number)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><B>Winzerlaer Str. 2</B><BR>
    <B>07745 Jena, Germany</B><BR>
    <B>(+49) 3641 508180</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">(Address,
                                         Including Zip Code, and Telephone Number, Including Area Code, of Registrant&rsquo;s
                                         Principal Executive Offices)</FONT></P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cogency
                                         Global Inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>10 E 40th Street, 10th floor</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10016</B></P>

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

<P STYLE="margin: 0pt 0"><B>+1 (800) 221-0102</B></P>

<P STYLE="margin: 0pt 0"></P>


</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">(Name,
                                         Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For
                                         Service)</FONT></P>
                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD></TR>
</TABLE>
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<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: center"><B><I>Copies to:</I></B></TD>
    <TD COLSPAN="2"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sophia Hudson</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Deanna L. Kirkpatrick</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp</FONT></B><BR>
        <B>450 Lexington Avenue</B><BR>
        <B>New York, New York 10017</B><BR>
        <B>(212) 450-4000</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Petra Zijp</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NautaDutilh N.V.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beethovenstraat 400</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1082 PR Amsterdam </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Netherlands</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+31 20 717 1000</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Arthur R. McGivern</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mitchell S. Bloom</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Goodwin Procter LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>100 Northern Avenue</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Boston, Massachusetts</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(617) 570-1000</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 4px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 4px">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Approximate date of commencement of
proposed sale to the public</B>: As soon as practicable after the effective date of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If any of
the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, check the following box. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If this
form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9744;</FONT> <FONT STYLE="font-size: 10pt">__________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If this
form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9744;
</FONT><FONT STYLE="font-size: 10pt">__________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">If this
form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9744;
</FONT><FONT STYLE="font-size: 10pt">__________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Emerging
growth company </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9746;</FONT><FONT STYLE="font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&dagger;
provided pursuant to Section 7(a)(2)(B) of the Securities Act. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&dagger; The term &ldquo;new or revised
financial accounting standard&rdquo; refers to any update issued by the Financial Accounting Standards Board to its Accounting
Standards Codification after April 5, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    Of Each Class<BR>
    Of Securities To Be Registered</FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed
    Maximum Aggregate Offering Price(1)</FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1.5pt double; border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    Of<BR>
    Registration Fee(2)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    Shares, nominal value &euro;0.12 per share&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$86,250,000</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,739</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Estimated solely for the purpose of computing the amount
                                         of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as
                                         amended. Includes the offering price of additional shares that the underwriters have
                                         the option to purchase solely to cover overallotments.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Calculated pursuant to Rule 457(o) under the Securities
                                         Act of 1933, as amended, based on an estimate of the proposed maximum aggregate offering
                                         price.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<DIV STYLE="padding: 0in 0in 1pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt"><B>The
                                  Registrant hereby amends this registration statement on such date or dates as may be necessary
                                  to delay its effective date until the registrant shall file a further amendment which specifically
                                  states that this registration statement shall thereafter become effective in accordance with
                                  Section 8(a) of the Securities Act of 1933 or until the registration statement shall become
                                  effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.</B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&dagger;</TD><TD STYLE="text-align: justify">We intend to convert the
                                         legal form of our company under Dutch law from a private company with limited liability
                                         (<I>besloten vennootschap met beperkte aansprakelijkheid</I>) to a public company with
                                         limited liability (<I>naamloze vennootschap</I>) and to change our name from Fireman
                                         B.V. to InflaRx N.V. prior to the closing of this offering.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif"></P>



<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif"></P>

</DIV>



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

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

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

<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Red">The information in this
prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and we are not soliciting
offers to buy these securities in any state where the offer or sale is not permitted.</FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>Subject to completion, dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2017</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">Prospectus</FONT> <FONT STYLE="font-size: 18pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><B><I>Shares</I></B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_006.jpg" ALT="InflaRx GmbH" STYLE="height: 122px; width: 395px"></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fireman B.V.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Common Shares</I></B><BR>
<BR></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fireman B.V., a Dutch private company with limited liability
(<I>besloten vennootschap met beperkte aansprakelijkheid</I>), is offering &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
common shares. This is our initial public offering and no public market exists for our common shares. We anticipate that the initial
public offering price will be between $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common share.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have applied to list our common shares on The NASDAQ Global Market under the symbol &ldquo;IFRX&rdquo;. We are both an &ldquo;emerging
growth company&rdquo; and a &ldquo;foreign private issuer&rdquo; as defined under the federal securities laws and, as such, will
be subject to reduced public company reporting requirements. See &ldquo;Prospectus summary&mdash;Implications of being an emerging
growth company and a foreign private issuer.&rdquo;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; padding-right: 2pt; padding-left: 3pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>Per
                                         Share&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 17%; padding-right: 2pt; padding-left: 3pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 10pt"><B>Total&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt">Public offering price&#9;</FONT></TD>
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-size: 10pt">$&#9;</FONT></TD>
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-size: 10pt">$&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt">Underwriting discounts and commissions(1)&#9;</FONT></TD>
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-size: 10pt">$&#9;</FONT></TD>
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-size: 10pt">$&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-indent: -9.35pt"><FONT STYLE="font-size: 10pt">Proceeds to InflaRx before expenses&#9;</FONT></TD>
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-size: 10pt">$&#9;</FONT></TD>
    <TD STYLE="padding-left: 3pt"><FONT STYLE="font-size: 10pt">$&#9;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) We have agreed to reimburse the underwriters for certain
FINRA-related expenses. See &ldquo;Underwriting.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">InflaRx has granted the underwriters an option for a period
of 30 days from the date of this prospectus to purchase an additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
shares to cover overallotments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Investing in our common shares
involves risks. See &ldquo;Risk factors&rdquo; beginning on page 12.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The underwriters expect to deliver the shares to purchasers
on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017 through the book-entry facilities of The Depository Trust
Company.</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; font-size: 10pt"><FONT STYLE="font-size: 14pt"><B>J.P. Morgan</B></FONT></TD>
    <TD STYLE="width: 33%; font-size: 10pt"><FONT STYLE="font-size: 14pt"><B>Leerink Partners</B></FONT></TD>
    <TD STYLE="width: 33%; font-size: 10pt"><FONT STYLE="font-size: 14pt"><B>BMO Capital Markets</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0; text-indent: 1in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2017</P>

<P STYLE="margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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



<P STYLE="margin: 0"></P>

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

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

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="TableOfContents"></A>TABLE OF CONTENTS</P>

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



<P STYLE="margin: 0"></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">__________________</P>

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

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<DIV STYLE="float: left; width: 48%"><P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><U>Page</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 94%"><A HREF="#AboutThisProspectus">About This Prospectus</A></TD>
    <TD STYLE="width: 6%; text-align: right"><A HREF="#AboutThisProspectus">1</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#PresentationofFinancialInformation">Presentation of Financial Information</A></TD>
    <TD STYLE="text-align: right"><A HREF="#PresentationofFinancialInformation">1</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#Trademarks">Trademarks</A></TD>
    <TD STYLE="text-align: right"><A HREF="#Trademarks">1</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#ProspectusSummary">Prospectus Summary</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ProspectusSummary">2</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#TheOffering">The Offering</A></TD>
    <TD STYLE="text-align: right"><A HREF="#TheOffering">8</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#SummaryConsolidatedHistorical">Summary Consolidated Historical and Other Financial Information</A></TD>
    <TD STYLE="text-align: right"><A HREF="#SummaryConsolidatedHistorical">10</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#RiskFactors">Risk Factors</A></TD>
    <TD STYLE="text-align: right"><A HREF="#RiskFactors">12</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#SpecialNoteRegardingForward-LookingStatements">Special Note Regarding Forward-Looking Statements</A></TD>
    <TD STYLE="text-align: right"><A HREF="#SpecialNoteRegardingForward-LookingStatements">63</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#IndustryAndOtherData">Industry And Other Data</A></TD>
    <TD STYLE="text-align: right"><A HREF="#IndustryAndOtherData">65</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#UseofProceeds">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right"><A HREF="#UseofProceeds">66</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#DividendPolicy">Dividend Policy</A></TD>
    <TD STYLE="text-align: right"><A HREF="#DividendPolicy">67</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#CorporateReorganization">Corporate Reorganization</A></TD>
    <TD STYLE="text-align: right"><A HREF="#CorporateReorganization">68</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#Capitalization">Capitalization</A></TD>
    <TD STYLE="text-align: right"><A HREF="#Capitalization">70</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#Dilution">Dilution</A></TD>
    <TD STYLE="text-align: right"><A HREF="#Dilution">72</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#ExchangeRates">Exchange Rates</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ExchangeRates">74</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#SelectedConsolidatedFinancialData">Selected Consolidated Financial Data</A></TD>
    <TD STYLE="text-align: right"><A HREF="#SelectedConsolidatedFinancialData">75</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#ManagementsDiscussionandAnalysis">Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</A></TD>
    <TD STYLE="text-align: right; vertical-align: top"><A HREF="#ManagementsDiscussionandAnalysis">77</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#BUSINESS">Business</A></TD>
    <TD STYLE="text-align: right"><A HREF="#BUSINESS">89</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#Management">Management</A></TD>
    <TD STYLE="text-align: right"><A HREF="#Management">121</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#CertainRelationshipsandRelatedPartyTransactions">Certain Relationships and Related Party Transactions</A></TD>
    <TD STYLE="text-align: right"><A HREF="#CertainRelationshipsandRelatedPartyTransactions">128</A></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

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

</DIV>

<DIV STYLE="float: right; width: 48%"><P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><U>Page</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 94%"><A HREF="#PrincipalShareholders">Principal Shareholders</A></TD>
    <TD STYLE="width: 6%; text-align: right"><A HREF="#PrincipalShareholders">129</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#DescriptionofShareCapitalandArticlesofAssociation">Description of Share Capital and Articles of Association</A></TD>
    <TD STYLE="text-align: right"><A HREF="#DescriptionofShareCapitalandArticlesofAssociation">131</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#MaterialUSFederalTaxConsiderations">Material U.S. Federal Tax Considerations for U.S. Holders of Common Shares</A></TD>
    <TD STYLE="text-align: right"><A HREF="#MaterialUSFederalTaxConsiderations">146</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#MaterialDutchTaxConsiderations">Material Dutch Tax Considerations</A></TD>
    <TD STYLE="text-align: right"><A HREF="#MaterialDutchTaxConsiderations">150</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#GermanTaxConsiderations">German Tax Considerations</A></TD>
    <TD STYLE="text-align: right"><A HREF="#GermanTaxConsiderations">154</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#SharesEligibleforFutureSale">Shares Eligible for Future Sale</A></TD>
    <TD STYLE="text-align: right"><A HREF="#SharesEligibleforFutureSale">162</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#Underwriting">Underwriting</A></TD>
    <TD STYLE="text-align: right"><A HREF="#Underwriting">164</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#ExpensesOfTheOffering">Expenses of the Offering</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ExpensesOfTheOffering">171</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#LegalMatters">Legal Matters</A></TD>
    <TD STYLE="text-align: right"><A HREF="#LegalMatters">171</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#Experts">Experts</A></TD>
    <TD STYLE="text-align: right"><A HREF="#Experts">171</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#EnforcementofJudgments">Enforcement of Judgments</A></TD>
    <TD STYLE="text-align: right"><A HREF="#EnforcementofJudgments">172</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#WhereYouCanFindMoreInformation">Where You Can Find More Information</A></TD>
    <TD STYLE="text-align: right"><A HREF="#WhereYouCanFindMoreInformation">173</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#IndextoConsolidatedFinancialStatements">Index to Consolidated Financial Statements</A></TD>
    <TD STYLE="text-align: right"><A HREF="#IndextoConsolidatedFinancialStatements">F-1</A></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

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

</DIV>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

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

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



<P STYLE="margin: 0"></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">__________________</P>

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

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We and the underwriters have not authorized
anyone to provide any information or to make any representations other than those contained in this prospectus or in any free
writing prospectuses we have prepared. We and the underwriters take no responsibility for, and can provide no assurance as to
the reliability of, any other information that others may provide you. We are offering to sell, and seeking offers to buy, common
shares only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only
as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the common shares.
Our business, financial condition, results of operations and prospects may have changed since the date on the front cover of this
prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For investors outside the United States:
Neither we nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus
in any jurisdiction, other than the United States, where action for that purpose is required. 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 our common shares and the distribution of this prospectus outside the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the rules of the U.S. Securities
and Exchange Commission, or SEC, we are currently eligible for treatment as a &ldquo;foreign private issuer.&rdquo; As a foreign
private issuer, we will not be required to file periodic reports and financial statements with the SEC as frequently or as promptly
as domestic registrants whose securities are registered under the Securities Exchange Act of 1934, as amended, or the Exchange
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="AboutThisProspectus"></A>About This
Prospectus</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the closing of this offering,
we will engage in a corporate reorganization described under &ldquo;Corporate reorganization,&rdquo; pursuant to which Fireman
B.V., a newly incorporated holding company, which will not have conducted any operations (except for activities incidental to
its incorporation, the corporate reorganization and the initial public offering of our common shares) and will not have had any
assets or liabilities, including contingent liabilities, prior to this offering, will become the sole owner of all shares in InflaRx
GmbH, the operating company. Prior to the closing of this offering, we intend to convert Fireman B.V. into InflaRx N.V. Unless
otherwise indicated or the context otherwise requires, all references in this prospectus to &ldquo;InflaRx GmbH,&rdquo; &ldquo;Fireman
B.V.,&rdquo; &ldquo;InflaRx N.V.,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;ours,&rdquo; &ldquo;us&rdquo;
or similar terms refer to (i) InflaRx GmbH and its subsidiary prior to the completion of the exchange of all of the equity interests
of InflaRx GmbH for newly issued common shares of Fireman B.V., (ii) Fireman B.V. and its subsidiaries as of the completion of
the exchange of all of the equity interests of InflaRx GmbH for newly issued common shares of Fireman B.V. and (iii) InflaRx N.V.
and its subsidiaries after giving effect to the conversion of Fireman B.V. into InflaRx N.V. See &ldquo;Corporate reorganization.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="PresentationofFinancialInformation"></A>Presentation
of Financial Information</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We report under International Financial
Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or the IASB. None of the financial statements
were prepared in accordance with generally accepted accounting principles in the United States. We present our consolidated financial
statements in euros and in accordance with IFRS. We have made rounding adjustments to some of the figures included in this prospectus.
Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded
them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
this prospectus, unless otherwise indicated, translations from U.S. dollars to euros (and vice versa) relating to payments made
on or before June 30, 2017 were made at the rate in effect at the time of the relevant payment.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The terms &ldquo;$&rdquo; or &ldquo;dollar&rdquo;
refer to U.S. dollars, and the terms &ldquo;&euro;&rdquo; or &ldquo;euro&rdquo; refer to the currency introduced at the start
of the third stage of European economic and monetary union pursuant to the treaty establishing the European Community, as amended.
Unless otherwise indicated, all references to currency amounts in this prospectus are in euros.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus contains the historical
financial statements and other financial information of InflaRx GmbH, which is expected to be acquired by Fireman B.V. prior to
the closing of this offering. Fireman B.V.&rsquo;s common shares are being offered hereby. Fireman B.V. is a newly incorporated
holding company incorporated for the purpose of effecting the offering and has not engaged in any activities except those incidental
to its formation, the corporate reorganization and the initial public offering of our common shares. Following the transactions
described under &ldquo;Corporate reorganization&rdquo; and the closing of this offering, the historical financial statements of
Fireman B.V. will be retrospectively adjusted to include the historical financial results of InflaRx GmbH for all periods presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="Trademarks"></A>Trademarks</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">InflaRx<SUP>&trade;</SUP> is our trademark.
The trademarks, trade names and service marks appearing in this prospectus are property of their respective owners. Solely for
convenience, the trademarks and trade names in this prospectus are referred to without the symbols <SUP>&reg;</SUP> and &trade;,
but such references should not be construed as any indication that their respective owners will not assert, to the fullest extent
under applicable law, their rights thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
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<DIV STYLE="padding: 4pt; border: Black 1pt solid"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ProspectusSummary"></A>Prospectus
Summary</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>This summary highlights information
contained elsewhere in this prospectus. This summary may not contain all of the information that you should consider before deciding
to invest in our common shares. You should read this entire prospectus carefully, including the &ldquo;Risk factors&rdquo; section
and the consolidated financial statements and the related notes to those statements appearing at the end of this prospectus, before
making an investment decision.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are a clinical-stage
biopharmaceutical company focused on applying our proprietary anti-C5a technology to discover and develop first-in-class, potent
and specific inhibitors of C5a. C5a is a powerful inflammatory mediator involved in the progression of a wide variety of autoimmune
and other inflammatory diseases. Our lead product candidate, IFX-1, is a novel intravenously delivered first-in-class anti-C5a
monoclonal antibody that selectively binds to free C5a and has demonstrated disease-modifying clinical activity and tolerability
in multiple clinical settings. We are developing IFX-1 for the treatment of Hidradenitis Suppurativa, or HS, a rare and chronic
debilitating systemic inflammatory skin disease. Beyond HS, we intend to develop IFX-1 and other proprietary antibodies to address
a wide array of complement-mediated diseases with significant unmet medical needs, including ANCA-associated vasculitis, or AAV,
a rare and life-threatening autoimmune disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In our Phase IIa
trial of IFX-1 in patients with severe HS, 75% of HS patients demonstrated a therapeutic response after only eight weeks of treatment
and 83% of HS patients demonstrated a therapeutic response at the end of the trial observation period, with no drug-related adverse
events detected. The trial was open-label and enrolled 12 HS patients classified as Hurley stage 3, the most severe classification.
All 12 patients had failed to respond to prior treatment attempts, including adalimumab, to which nine out of the 12 patients
failed to respond. Adalimumab, an inhibitor of tumor necrosis factor-alpha, or TNF-alpha, is the only approved HS therapy in the
United States and Europe. We plan to initiate a Phase IIb clinical trial with IFX-1 for HS in the first quarter of 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">C5a is a central
part of the complement system and a critical component of the innate immune system. Its most prominent role is to help the body
defend itself against invading microorganisms through several mechanisms, including the rapid creation of an inflammatory environment
and the production of factors that directly kill pathogens and recruit immune cells to sites of infection. Activation of the complement
system ultimately results in the cleavage of C5, which leads to the generation of C5a and C5b. C5a creates an inflammatory environment
by attracting and strongly activating neutrophils as well as by causing many different cell types to generate pro-inflammatory
molecules. Such inflammation normally benefits the body by helping to fight infection, but excessive or uncontrolled generation
of C5a can cause severe damage to the body&rsquo;s own tissue, thereby contributing to the pathophysiology of many autoimmune
and inflammatory diseases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">While the mode of
action of C5a in inflammation has been intensely researched and confirmed, developing a highly specific antibody with the ability
to fully block C5a while preserving a critical innate defense mechanism, the formation of the Membrane Attack Complex, or MAC,
has been challenging. Our discovery of a novel epitope, or binding site, on C5a allowed us to overcome this challenge. Our lead
product candidate, IFX-1, delivers a complete inhibition of C5a-induced biological effects while leaving MAC formation intact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The figure below
summarizes key information about our current pipeline of product candidates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: black">
    <TD STYLE="border-right: white 1pt solid; padding: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">PROGRAM</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; padding: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">PRE-CLINICAL</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">PHASE I</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; padding: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">PHASE
    II</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">PHASE III</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; padding: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">MARKETED</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">CURRENT STATUS</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding: 2pt"><FONT STYLE="font-size: 8pt; color: White">NEXT MILESTONE</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; text-align: justify; padding: 2pt"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding: 2pt">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="5" STYLE="border-right: #F2F2F2 1pt solid; padding: 2pt; background-color: black; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">IFX-1</FONT></TD>
    <TD COLSPAN="4" STYLE="background-color: #595959; text-align: justify; padding: 2pt"><FONT STYLE="font-size: 10pt; color: white">Hidradenitis Suppurativa (HS)</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding: 2pt"><FONT STYLE="font-size: 10pt">Completed open-label Phase IIa trial </FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F2F2F2; padding: 2pt"><FONT STYLE="font-size: 10pt">Initiate Phase IIb in first quarter of 2018</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD COLSPAN="7" STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="background-color: #595959; padding: 2pt"><FONT STYLE="font-size: 10pt; color: white">ANCA-associated Vasculitis (AAV)</FONT></TD>
    <TD COLSPAN="5" STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding: 2pt"><FONT STYLE="font-size: 10pt">Preparing pre-IND submission to commence Phase II studies</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F2F2F2; padding: 2pt"><FONT STYLE="font-size: 10pt">Initiate Phase II in first half of 2018</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD COLSPAN="7" STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="background-color: #595959; padding: 2pt"><FONT STYLE="font-size: 10pt; color: white">Other chronic / </FONT><BR>
<FONT STYLE="font-size: 10pt; color: white">Autoimmune disease</FONT></TD>
    <TD COLSPAN="5" STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding: 2pt"><FONT STYLE="font-size: 10pt">Selecting indications for target product profile development</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F2F2F2; padding: 2pt"><FONT STYLE="font-size: 10pt">Initiate Phase IIa in second half of 2018</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; text-align: justify; padding: 2pt"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: #F2F2F2 1pt solid; padding: 2pt; background-color: black; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">IFX-2</FONT></TD>
    <TD STYLE="background-color: #595959; padding: 2pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding: 2pt"><FONT STYLE="font-size: 10pt">Chronic inflammation and autoimmune diseases</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding: 2pt"><FONT STYLE="font-size: 10pt">Developing as injectable with longer half-life than IFX-1</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F2F2F2; padding: 2pt"><FONT STYLE="font-size: 10pt">Enter clinic for chronic inflammatory disease</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: White; text-align: justify"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="background-color: White; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;<B>&nbsp;</B></P>

</DIV>

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

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



<DIV STYLE="padding: 4pt; border: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our proprietary anti-C5a technology</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Despite C5a&rsquo;s
well-characterized role in promoting inflammation and related tissue and organ damage in different diseases, no marketed drug
targeting C5a exists. We discovered a conformational epitope on the surface of C5a, which allows us to generate antibodies that
specifically block free C5a while keeping MAC formation intact. We believe that this represents a breakthrough in the field of
terminal complement C5a inhibition. This specificity may be particularly valuable when treating diseases that are driven by C5a,
such as HS and AAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_015.jpg" ALT="" STYLE="height: 293px; width: 483px"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">A conformational
epitope on the surface of the C5a molecule allows for generation of highly specific blocking antibodies directed against C5a.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe that blocking
C5 upstream of C5a may inadequately block C5a formation. Our research has shown that C5a can be cleaved off from C5 by naturally
occurring enzymes that are not part of the complement system even in the presence of a C5 inhibitor. Additionally, C5 inhibitors
block C5b, which disrupts MAC formation, leaving patients susceptible to life-threatening infections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe that with
our proprietary anti-C5a technology, we block the complement system specifically at an advantageous focal point while preserving
its other beneficial functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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

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

</DIV>

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

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

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<DIV STYLE="padding: 4pt; border: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>IFX-1 for Hidradenitis Suppurativa</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our lead product
candidate, IFX-1, is a novel intravenously delivered anti-C5a monoclonal antibody in development for HS, a chronic debilitating
systemic skin disease which results in painful inflammation of the hair follicles, most notably in the armpit, groin and genitalia
regions. The disease is characterized by painful inflammatory nodules, boils and abscesses, as well as draining fistulas, often
requiring the use of bandages and diapers to absorb the constant flow of pus, thus adversely affecting quality of life. The target
patient population for IFX-1 is HS patients displaying a moderate to severe form of the disease. In the United States, this disease
has orphan designation, where we estimate that moderate to severe HS has a prevalence of up to 200,000 patients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The standard of care
for HS patients includes topical, oral and intravenous antibiotics, as well as surgery, which at best only provide symptomatic
relief. Currently, the only approved drug to treat HS in the United States and in Europe is adalimumab, an inhibitor of TNF-alpha.
Combined r<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">esults from the two pivotal adalimumab trials,
which enrolled a total of 633 patients, showed that approximately 50% of the 316 patients who were treated with adalimumab achieved
a response in the Hidradenitis Suppurativa clinical response score, or HiSCR, while approximately 27% of the 317 patients who
received placebo achieved a HiSCR response, in each case at the end of a 12-week treatment period. The HiSCR is the primary endpoint
that was used to support regulatory approval by the U.S. Food and Drug Administration, or FDA, and the European Medicines Agency,
or EMA, of adalimumab for the treatment of HS patients. Patients are considered to be HiSCR responders when they achieve a 50%
or higher reduction of the combined abscess and nodule, or AN, count from baseline, but at the same time show no increase of the
abscess or draining fistula count from baseline. Despite having demonstrated a clinical benefit, approximately 50% or more of
the patients with moderate to severe HS do not respond to adalimumab, thus a high unmet need remains. </FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have demonstrated
that HS patients have significant complement activation, with C5a playing a key disease promoting role. Based on final results
from our open-label Phase IIa clinical trial which showed responses based on the same HiSCR endpoint, IFX-1 may have the potential
to provide significant clinical benefit to moderate to severe HS patients. In this trial, IFX-1 was evaluated in a single center
open-label study in 12 patients who were diagnosed with Hurley stage 3 and had failed to respond to prior treatment attempts,
including adalimumab, to which nine out of the 12 patients failed to respond. The Hurley system is a classification system used
to characterize the disease from early and easier to-treat forms of HS in Hurley stage 1 to the chronic and difficult to treat
forms in Hurley stages 2 and 3. Patients received weekly intravenous injections of IFX-1 for eight consecutive weeks and were
subject to follow up for three months thereafter. Final results from the trial demonstrated a HiSCR response in 75% of patients
at the end of eight weeks of treatment and in 83% of patients at the end of the 12-week trial observation period, demonstrating
initial clinical evidence of the product candidate&rsquo;s disease-modifying effect. While IFX-1 is a novel antibody whose potential
therapeutic benefit is unproven, we believe our results in these very ill, refractory HS patients highlight the novel mechanism
of action and the commercial potential of IFX-1, if approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, the
final results from the trial revealed that weekly injections of IFX-1 resulted in significantly reduced C5a levels at 22 days
and 50 days following the start of treatment while leaving MAC formation intact. The final results also demonstrated that IFX-1
administration was well tolerated, with no drug-related adverse events detected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>



<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Based on these results,
we are currently planning to submit an application for an orphan drug designation with the FDA, and hold a pre-IND meeting with
the FDA in the third quarter of 2017 to discuss a larger multi-center international Phase IIb study in HS patients. We expect
to initiate this trial in the first quarter of 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>IFX-1 for ANCA-associated Vasculitis</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are also developing
IFX-1 for AAV, a rare life threatening autoimmune disease that affects approximately 40,000 and 75,000 patients in the United
States and Europe, respectively. A <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">recently conducted
study of Chemocentryx, Inc.&rsquo;s CCX168, an antagonist to the C5a receptor, or C5aR, demonstrated a proof of concept for the
role of the C5a/C5aR signaling axis in AAV patients, providing evidence that inhibition of the C5a pathway may be beneficial in
treatment of the disease. See &ldquo;Business&mdash;Additional indications for IFX-1&mdash;ANCA-associated Vasculitis.&rdquo;
We intend to initiate an international clinical trial with IFX-1 in AAV patients in the first half of 2018, and we plan to seek
orphan drug designation in the United States and Europe.</FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;&nbsp;</P>

</DIV>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

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<DIV STYLE="padding: 4pt; border: Black 1pt solid"><P STYLE="margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our goal is to maintain
and further advance our leadership position within the anti-C5a complement space, delivering first-in-class therapies to market.
To achieve our goal, we are executing on the following strategies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>Advance
                                         our lead program IFX-1 for HS to commercialization.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>Commence
                                         Phase II clinical development of IFX-1 for AAV&nbsp;and other complement-mediated autoimmune
                                         and inflammatory diseases.&nbsp;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>Pursue
                                         the clinical development of our follow on anti-C5a monoclonal antibody IFX-2 and continue
                                         to expand the breadth of our anti-C5a technology.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>Commercialize
                                         IFX-1, if approved, either independently or in collaboration with a partner.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>Solidify
                                         our leadership position in the anti-C5a space by leveraging the full potential of our
                                         proprietary anti-C5a technology and expertise in complement and inflammation.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Risk factors</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our business is subject to a number of
risks of which you should be aware before making an investment decision. These risks are discussed more fully in the &ldquo;Risk
factors&rdquo; section of this prospectus immediately following this Prospectus summary. These risks include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>we
                                         have a history of significant operating losses and expect to incur significant and increasing
                                         losses for the foreseeable future and we will need substantial additional funding and
                                         may never achieve or maintain profitability;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>clinical
                                         testing for any product candidate is expensive, difficult to design and implement, can
                                         take many years to complete, including due to timing of any submission of filings for
                                         regulatory approval, and is inherently uncertain as to outcome;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>clinical
                                         failure may occur at any stage of clinical development, success in preclinical testing
                                         and early clinical trials does not ensure that later clinical trials will be successful
                                         and the results of any of our clinical trials may not support our proposed indications
                                         for our product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>we
                                         are heavily dependent on the success of IFX-1, our lead product candidate, and if IFX-1
                                         does not receive regulatory approval or is not successfully commercialized, our business
                                         will be harmed;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>we
                                         may be unable to leverage our proprietary anti-C5a technology to discover and develop
                                         therapies to treat autoimmune and inflammatory diseases;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>it
                                         is difficult and costly to protect our intellectual property and our proprietary anti-C5a
                                         technology and we may not be able to ensure their protection;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>we
                                         face substantial competition, which may result in others discovering, developing or commercializing
                                         products before or more successfully than we do, and reducing or eliminating our commercial
                                         opportunity;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>our
                                         product candidates may cause or be perceived to cause undesirable side effects or have
                                         other properties that could delay or prevent their regulatory approval, limit the commercial
                                         profile of an approved label, or result in significant negative consequences following
                                         marketing approval, if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>we
                                         may expend our limited resources to pursue a particular product candidate or indication
                                         and fail to capitalize on product candidates or indications that may be more profitable
                                         or for which there is a greater likelihood of success; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>we
                                         have broad discretion in the use of the net proceeds from this offering and may invest
                                         or spend the proceeds in ways with which you do not agree and in ways that may not yield
                                         a return on your investment.</TD></TR></TABLE>

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

</DIV>

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

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

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<DIV STYLE="padding: 4pt; border: Black 1pt solid"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We were incorporated pursuant to the laws
of the Netherlands as Fireman B.V. in June 2017 to become a holding company for InflaRx GmbH. Pursuant to the terms of a corporate
reorganization that will be completed prior to the closing of this offering, all of the equity interests in InflaRx GmbH will
be exchanged for newly issued common shares of Fireman B.V. and, as a result, InflaRx GmbH will become a wholly owned subsidiary
of Fireman B.V. and the current shareholders of InflaRx GmbH will become the shareholders of Fireman B.V. Prior to the closing
of this offering, we intend to convert from Fireman B.V. into InflaRx N.V. See &ldquo;Corporate reorganization.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Implications of being an emerging growth
company and a foreign private issuer</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We qualify as an &ldquo;emerging growth
company&rdquo; as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may
take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public
companies. These provisions include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>inclusion
                                         of only two years of audited financial statements in addition to any required unaudited
                                         interim financial statements with correspondingly reduced &ldquo;Management&rsquo;s discussion
                                         and analysis of financial condition and results of operations&rdquo; disclosure in the
                                         registration statement for our initial public offering;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>an
                                         exception from compliance with the auditor attestation requirements of Section 404 of
                                         the Sarbanes Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>reduced
                                         disclosure about our executive compensation arrangements in our periodic reports and
                                         registration statements; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>exemptions
                                         from the requirements of holding non-binding advisory votes on executive compensation
                                         and golden parachute arrangements.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may take advantage of these provisions
for up to five years or such earlier time that we cease to qualify as an emerging growth company. We would cease to qualify as
an emerging growth company (i) upon the last day of the fiscal year (A) in which we had more than $1.07 billion in annual revenue,
or (B) we are deemed to be a &ldquo;large accelerated filer&rdquo; under the rules of the SEC, which means the market value of
our common shares that is held by non-affiliates exceeds $700 million as of the prior June 30th, or (ii) we issue more than $1.0
billion of non-convertible debt over a three-year period. We may choose to take advantage of some but not all of these reduced
reporting requirements. To the extent that we take advantage of these reduced reporting requirements, the information that we
provide stockholders may be different than you might obtain from other public companies in which you hold equity interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, under the JOBS Act, emerging
growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies.
Given that we currently report and expect to continue to report under IFRS as issued by the IASB, we will not be able to avail
ourselves of this extended transition period and, as a result, we will adopt new or revised accounting standards on the relevant
dates on which adoption of such standards is required by the IASB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the closing of this offering, we
will report under the Exchange Act as a non-U.S. company with foreign private issuer status. Even after we no longer qualify as
an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act we will be exempt from certain
provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations
                                         in respect of a security registered under the Exchange Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         sections of the Exchange Act requiring insiders to file public reports of their stock
                                         ownership and trading activities and liability for insiders who profit from trades made
                                         in a short period of time; and</TD></TR></TABLE>

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

</DIV>

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

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

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<DIV STYLE="padding: 4pt; border: Black 1pt solid"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         rules under the Exchange Act requiring the filing with the SEC of quarterly reports on
                                         Form 10-Q containing unaudited financial and other specific information, or current reports
                                         on Form 8-K, upon the occurrence of specified significant events.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Both foreign private issuers and emerging
growth companies are also exempt from certain more stringent executive compensation disclosure rules. Thus, even if we no longer
qualify as an emerging growth company but remain a foreign private issuer, we will continue to be exempt from the more stringent
compensation disclosures required of companies that are not emerging growth companies and will continue to be permitted to follow
our home country practice on such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our principal executive offices are located
at Winzerlaer Str. 2, 07745 Jena, Germany and our telephone number is (+49) 3641 508180. Our website is www.inflarx.com. The information
contained in, or accessible through, our website is not incorporated into this prospectus or the registration statement of which
it forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>




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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
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<DIV STYLE="padding: 4pt; border: Black 1pt solid"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="TheOffering"></A>The Offering</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 18pt; padding-top: 5pt; padding-bottom: 5pt">Common shares offered&#9;</TD>
    <TD STYLE="width: 50%; padding-top: 5pt; padding-bottom: 5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    common shares</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 18pt; padding-top: 5pt; padding-bottom: 5pt">Common shares to be outstanding immediately after this
    offering&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common
    shares</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 18pt; padding-top: 5pt; padding-bottom: 5pt">Overallotment option to purchase additional shares
    &#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">The underwriters have a 30-day option to purchase a maximum of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional
    common shares from us at the public offering price, less underwriting discounts and commissions, on the same terms as set
    forth in this prospectus to cover overallotments.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 18pt; padding-top: 5pt; padding-bottom: 5pt">Use of proceeds&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">We estimate
                                         that the net proceeds from the sale of the common shares in this offering will be approximately
                                         $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, or approximately
                                         $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         million if the underwriters exercise their overallotment option in full, assuming an
                                         initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         per common share (the midpoint of the range set forth on the cover page of this prospectus),
                                         after deducting estimated underwriting discounts and commissions and estimated offering
                                         expenses.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">We intend to use the net proceeds from this offering,
        together with cash and cash equivalents on hand, to <FONT STYLE="background-color: white">conduct a Phase IIb clinical
        trial for IFX-1 in HS patients and a Phase II clinical trial for IFX-1 in AAV patients, and the remainder to fund other
        research and development activities, including to complete </FONT>the preclinical development of IFX-2 as an injectable
        therapy, to explore additional indications for IFX-1 and to initiate later stage clinical trials of IFX-1 for HS and AAV,
        as well as for working capital and other general corporate purposes.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt">See &ldquo;Use of proceeds.&rdquo;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 18pt; padding-top: 5pt; padding-bottom: 5pt">Risk factors&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">See &ldquo;Risk factors&rdquo; beginning on page 12 and the other information
    included in this prospectus for a discussion of factors you should consider carefully before deciding to invest in our common
    shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 18pt; padding-top: 5pt; padding-bottom: 5pt">NASDAQ&nbsp;&nbsp;Global Market symbol&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">&ldquo;IFRX&rdquo;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise stated, in this prospectus,
the number of our common shares to be outstanding after this offering is based on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
common shares outstanding as of September 30, 2017, and (i) gives effect to the issuance of 27,555 Series D preferred shares in
the Series D financing (see &ldquo;Certain relationships and related party transactions&mdash;Series D financing&rdquo;), (ii)
gives effect to the corporate reorganization and includes &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
shares to be issued and sold by us in this offering, and (iii) excludes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>21,108 of our common shares issuable upon the exercise of options outstanding as of September 30, 2017 (i) under our Stock
Option Plan 2016 Terms and Conditions, which we refer to as the 2016 Plan, at a weighted average exercise price of &euro;656 per
common share and (ii) granted in connection with the Company&rsquo;s Series B financing, all of which options have vested as of
December 31, 2016, in each case not giving effect to the corporate reorganization; and</TD></TR></TABLE>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>


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

</DIV>


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<DIV STYLE="padding: 4pt; border: Black 1pt solid"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>a
                                         maximum of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
                                         shares covered by awards available for issuance under our equity incentive plan to be
                                         adopted in conjunction with this offering, which we refer to as the 2017 Plan.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise indicated, all information
contained in this prospectus also reflects and assumes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the completion, prior to the closing of this offering, of our corporate reorganization, pursuant to which all of the equity
interests of InflaRx GmbH will be exchanged for common shares of Fireman B.V. on a one-to-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;basis,
Fireman B.V. will convert into InflaRx N.V. and the outstanding option awards, including those granted under the 2016 Plan, will
be converted into awards exercisable for common shares of InflaRx N.V. on a&nbsp;one-to-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;basis,
each as further described under the section titled &ldquo;Corporate reorganization&rdquo;;</TD></TR></TABLE>

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



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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>no
                                         exercise of the options described above; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>no
                                         exercise of the overallotment option granted to the underwriters to purchase up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional
                                         common shares in connection with the offering.</TD></TR></TABLE>

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

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

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

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

</DIV>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
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<DIV STYLE="padding: 4pt; border: Black 1pt solid"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="SummaryConsolidatedHistorical"></A>Summary
Consolidated Historical and Other Financial Information</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following summary consolidated historical
and other financial information of InflaRx GmbH should be read in conjunction with the section entitled &ldquo;Management&rsquo;s
discussion and analysis of financial condition and results of operations&rdquo; and InflaRx GmbH&rsquo;s consolidated financial
statements, including the notes thereto, included elsewhere in this prospectus. Our historical results are not necessarily indicative
of the results that may be expected in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The summary consolidated statement and
comprehensive loss data (except for the unaudited pro forma loss per share and pro forma as adjusted information) for each of
the years ended December 31, 2015 and 2016 are derived from the consolidated financial statements of InflaRx GmbH included elsewhere
in this prospectus, which have been audited by KPMG AG Wirtschaftspr&uuml;fungsgesellschaft.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The summary consolidated statement of
financial position data as of June 30, 2017 and comprehensive loss data for each of the six-month periods ended June 30, 2016
and 2017 are derived from the unaudited condensed consolidated financial statements of InflaRx GmbH included elsewhere in this
prospectus. The unaudited financial statements have been prepared on the same basis as the audited financial statements and, in
the opinion of management, reflect all adjustments necessary to state fairly our financial position as of June 30, 2017 and our
results of operations for the six months ended June 30, 2016 and 2017. Our historical results for the six months ended June 30,
2017 are not necessarily indicative of results to be expected for a full year or any other interim period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We maintain our books and records in euros,
and we prepare our financial statements under IFRS as issued by the IASB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Fireman B.V. is a newly formed holding
company formed for the purpose of effecting the offering and has not engaged in any activities except those incidental to its
formation, the corporate reorganization and the initial public offering of our common shares. Accordingly, summary financial information
for Fireman B.V. is not presented. Fireman B.V.&rsquo;s financial statement, including the notes thereto, are included elsewhere
in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; border-bottom: Black 1pt solid">Consolidated statement of comprehensive loss data</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>For
                                         the six months</B></FONT><BR CLEAR="ALL"> <FONT STYLE="font-size: 10pt"><B>ended June
                                         30,&nbsp;</B></FONT></P></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">For
    the year</FONT><BR> <FONT STYLE="font-size: 10pt">ended December 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>2016&nbsp;</B></FONT></P></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>2017&nbsp;</B></FONT></P></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold">(in thousands of &euro;, except for share and per share data)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD STYLE="width: 56%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Other income/(expenses)&mdash;net&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">85</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: 8%; text-align: right">30</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: 8%; text-align: right">134</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: 8%; text-align: right">231</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Expenses:</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><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(220,235,244)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;&nbsp;&nbsp;&nbsp;Research and development
    expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,417</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,502</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,478</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,278</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;&nbsp;&nbsp;&nbsp;General
    and administrative expenses&#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">(524</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(1,346</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(438</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(1,844</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Loss before interest and income
    taxes&#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">(1,856</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(6,818</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(3,782</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(6,891</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Finance costs&mdash;net&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(566</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,655</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,135</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,048</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Loss before income taxes&#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">(2,422</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</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">(8,473</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</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">(4,917</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</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">(8,939</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Income taxes&#9;&#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">&mdash;</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">&mdash;</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">&mdash;</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">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(220,235,244)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Loss for the period&#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">(2,422</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(8,473</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(4,917</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(8,939</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Pro forma net loss per share (unaudited)<SUP>(1)</SUP>&#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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                  <P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                  <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD>The unaudited pro forma net loss per share data
                                         gives effect to the closing of the Series D financing (see &ldquo;Certain relationships
                                         and related party transactions&mdash;Series D financing&rdquo;) and the corporate reorganization
                                         and is based on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
                                         shares of Fireman B.V. outstanding immediately prior to the closing of this offering.
                                         The unaudited pro forma net loss per share basic and diluted is the same due to our net
                                         loss in these periods. The pro forma information is presented for informational purposes
                                         only and is not necessarily indicative of what our results would have been had the corporate
                                         reorganization actually occurred at such date nor is it indicative of our future performance.</P>

<P STYLE="margin: 0pt 0">&nbsp;</TD></TR></TABLE>

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

</DIV>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
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<DIV STYLE="padding: 4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<DIV STYLE="padding: 4pt; border: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">The following table presents
our summary statement of financial position as of June 30, 2017:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>on
                                         an actual basis;</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>on
                                         an unaudited pro forma basis to give effect to the closing of the Series D financing
                                         and the corporate reorganization; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>on                                          an unaudited pro forma as adjusted basis to give effect to the closing of the
                                                                                                                                Series D financing, the corporate reorganization                                          and to the issuance and sale of
                                                                                                                                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
                                                                                                                                shares in this offering at an assumed initial public offering price of $
                                                                                                                                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
                                                                                                                                share, which is the midpoint of the price range set forth on the cover page of this prospectus,
                                                                                                                                after deducting estimated underwriting discounts and commissions and offering expenses
                                                                                                                                payable by us.</TD></TR></TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 10pt"><B>Consolidated statement of financial position data</B></TD></TR>
</TABLE>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>As of June 30, 2017</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 65%; text-align: center; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 10pt">Actual&nbsp;</FONT></P></TD>
    <TD STYLE="width: 12%"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 10pt">Pro
                           forma&nbsp;</FONT></P></TD>
    <TD STYLE="width: 11%"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 10pt">Pro
                           forma as adjusted&nbsp;</FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">(in
    thousands of &euro;)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Cash and cash equivalents&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">25,330</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Total assets&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">26,571</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Total liabilities&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">59,246</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total equity&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(32,675)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

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

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

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

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

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

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Each $1.00 increase (decrease) in the assumed
initial public offering price per common share, which is the midpoint of the price range set forth on the cover page of this prospectus,
would increase (decrease) our pro forma as adjusted cash and cash equivalents, total assets, total liabilities and total equity,
by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, assuming that
the number of common shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting
estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase (decrease)
of 1.0 million shares offered by us at the assumed initial public offering price would increase (decrease) each of cash and cash
equivalents, total assets, total liabilities and total equity by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
..</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">U.S. dollar amounts have been translated
into euros at a rate of $0.8763 to &euro;1.00, the exchange rate quoted as of June 30, 2017 by the European Central Bank. The
pro forma as adjusted information is presented for informational purposes only and is not necessarily indicative of what our results
would have been had these transactions actually occurred as of such date nor is it indicative of our future performance.</P>

<P STYLE="margin: 0pt 0"></P>

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

</DIV>

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

</DIV>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="RiskFactors"></A>Risk Factors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>You should carefully consider the following
risks and all of the other information set forth in this prospectus before deciding to invest in our common shares. If any of
the following risks actually occurs, our business, financial condition or results of operations would likely suffer. In such case,
the trading price of our common shares could decline, and you may lose all or part of your investment.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt"><B>Risks related to our financial
position and need for additional capital</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We have a history of significant operating losses and
expect to incur significant and increasing losses for the foreseeable future; we may never achieve or maintain profitability and
investors may lose their entire investment.</I></B></P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We incurred net losses of &euro;2.4 million
and &euro;8.5 million for the six month period ended June 30, 2016 and 2017, respectively, and &euro;4.9&nbsp;million and &euro;8.9&nbsp;million
for the years ended December&nbsp;31, 2015 and 2016, respectively. In addition, our accumulated deficit as of June 30, 2017 was
&euro;35.5 million. We expect our net losses to increase as we advance IFX-1 into larger and later stage clinical trials. To date,
we have not commercialized any products or generated any revenues from the sale of products, and absent the realization of sufficient
revenues from product sales, we may never attain profitability. We have devoted substantially all of our financial resources and
efforts to research and development, including preclinical studies and clinical trials. Our net losses may fluctuate significantly
from quarter to quarter and year to year. Net losses and negative cash flows have had, and will continue to have, an adverse effect
on our shareholders&rsquo; equity and working capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We anticipate that our expenses will increase
substantially if and as we:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>continue
                                         to develop and conduct clinical trials with respect to our lead product candidate, IFX-1,
                                         including in connection with the initiation of our planned Phase II clinical trials of
                                         IFX-1 for HS and AAV;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>initiate
                                         and continue research, preclinical and clinical development efforts for any future product
                                         candidates, including IFX-2;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>seek
                                         to identify additional product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>seek
                                         regulatory and marketing approvals for our product candidates that successfully complete
                                         clinical trials, if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>establish
                                         sales, marketing, distribution and other commercial infrastructure in the future to commercialize
                                         various products for which we may obtain marketing approval, if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>require
                                         the manufacture of larger quantities of product candidates for clinical development and,
                                         potentially, commercialization;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>collaborate
                                         with strategic partners to optimize the manufacturing process for IFX-1 and IFX-2;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>maintain,
                                         expand and protect our intellectual property portfolio;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>hire
                                         and retain additional personnel, such as clinical, quality control and scientific personnel;
                                         and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>add
                                         operational, financial and management information systems and personnel, including personnel
                                         to support our product development and help us comply with our obligations as a public
                                         company.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our ability to become and remain profitable
depends on our ability to generate revenue. We do not expect to generate significant revenue unless and until we are, or any future
collaborator is, able to obtain marketing approval for, and successfully commercialize, one or more of our product candidates.
Successful commercialization will require achievement of key milestones, including completing clinical trials of IFX-1 and any
other product candidates, obtaining marketing approval for these product candidates, manufacturing, marketing and selling those
products for which we, or any of our future collaborators, may obtain marketing approval, satisfying any post-marketing requirements
and obtaining reimbursement for our products from private insurance or government payors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">Because
of the uncertainties and risks associated with these activities, we are unable to accurately predict the timing and amount of
revenues, and if or when we might achieve profitability. We and any future collaborators may never succeed in these activities
and, even if we do, or any future collaborators do, we may never generate revenues that are large enough for us to achieve profitability.
Even if we do achieve profitability, we may not be able to sustain or increase profitability on a quarterly or annual basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect our financial condition and
operating results to continue to fluctuate from quarter to quarter and year to year due to a variety of factors, many of which
are beyond our control. In order to succeed, we will need to transition from a company with a research and development focus to
a company capable of undertaking commercial activities. We may encounter unforeseen expenses, difficulties, complications and
delays, and may not be successful in such a transition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our failure to become and remain profitable
could depress the market price of our common shares and could impair our ability to raise capital, pay dividends, expand our business,
diversify our product offerings or continue our operations. If we continue to suffer losses as we have in the past, investors
may not receive any return on their investment and may lose their entire investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We will need substantial additional funding, and if we
are unable to raise capital when needed, we could be forced to delay, reduce or eliminate our product discovery and development
programs or commercialization efforts.</I></B></P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Developing pharmaceutical products, including
conducting preclinical studies and clinical trials, is a very time-consuming, expensive and uncertain process that takes years
to complete. For example, in the six months ended June 30, 2016 and June 30, 2017, we used &euro;1.9 million and &euro;5.2 million,
respectively, in net cash for our operating activities, and for the years ended December&nbsp;31, 2015 and December&nbsp;31, 2016,
we used &euro;3.3 million and &euro;4.9 million, respectively, in net cash for our operating activities, most of which were related
to research and development activities. We expect our expenses to increase in connection with our ongoing activities, particularly
as we initiate new clinical trials of, initiate new research and preclinical development efforts for and seek marketing approval
for, our current product candidates or any future product candidates, including those that we may acquire. In particular, we will
incur significant expenses if and as we commence Phase II clinical trials of IFX-1 in HS and AAV and potentially clinical trials
in other indications. In addition, if we obtain marketing approval for any of our product candidates, we may incur significant
commercialization expenses related to product sales, marketing, manufacturing and distribution to the extent that such sales,
marketing, manufacturing and distribution are not the responsibility of a future collaborator. Furthermore, following the closing
of this offering, we expect to incur significant additional costs associated with operating as a public company. Accordingly,
we will need to obtain substantial additional funding in connection with our continuing operations. If we are unable to raise
capital when needed or on attractive terms, we may be forced to delay, reduce or eliminate our research and development programs
or any future commercialization efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We plan to use the net proceeds of this
offering primarily to fund clinical development of IFX-1 for the treatments of HS and AAV, and of other indications, and for working
capital and other general corporate purposes. We will be required to expend significant funds in order to advance the development
of IFX-1, which remains in the early stages of clinical development, as well as other product candidates we may seek to develop,
including IFX-2. While we intend to focus on developing IFX-1 for HS and AAV, we are also evaluating IFX-1 for a number of additional
medical indications. As a result, although we may make substantial expenditures on IFX-1 for such indications, we may cease development
efforts on some or all of such indications prior to approval, if any. However, any future development activities for our pipeline
product candidates will depend heavily on the clinical and marketing success of IFX-1 in any indication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The net proceeds of this offering and
our existing cash and cash equivalents will not be sufficient to fund all of the efforts that we plan to undertake or to fund
the completion of development of any of our product candidates. Accordingly, we will be required to obtain further funding through
public or private equity offerings, debt financings, royalty-based financings, collaborations and licensing arrangements or other
sources. We do not have any committed external source of funds. Adequate additional financing may not be available to us on acceptable
terms, or at all. If we are unable to raise additional capital in sufficient amounts and on terms acceptable to us, we may have
to significantly delay, scale back or discontinue the development or commercialization of IFX-1 or any of our other product candidates
or potentially discontinue operations altogether. Our failure to raise capital as and when needed would have a negative impact
on our financial condition and our ability to pursue our business strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe that the net proceeds from
this offering, together with our existing cash and cash equivalents, will enable us to fund our operating expenses and capital
expenditure requirements through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
.. &nbsp;Changing circumstances, some of which may be beyond our control, could cause us to consume capital significantly faster
than we currently anticipate, and we may need to seek additional funds sooner than planned. Our future funding requirements, both
short-term and long-term, will depend on many factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         scope, progress, timing, costs and results of clinical trials of, and research and preclinical
                                         development efforts for, our current and future product candidates, particularly for
                                         IFX-1;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         number of future product candidates and indications that we pursue and their development
                                         requirements;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         outcome, timing and costs of seeking regulatory approvals;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         costs of commercialization activities for any of our product candidates that receive
                                         marketing approval to the extent such costs are not the responsibility of any future
                                         collaborators, including the costs and timing of establishing product sales, marketing,
                                         distribution and commercial-scale manufacturing capabilities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         effect of competing technological and market developments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>subject
                                         to receipt of marketing approval, revenue, if any, received from commercial sales of
                                         our current and future product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>our
                                         ability to enter into, and the terms and timing of, any collaborations, licensing or
                                         other arrangements;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>our
                                         headcount growth and associated costs as we expand our research and development activities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         costs of preparing, filing and prosecuting patent applications, maintaining and protecting
                                         our intellectual property rights including enforcing and defending intellectual property
                                         related claims; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         costs of operating as a public company.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Raising additional capital may cause dilution to our
shareholders, including purchasers of common shares in this offering, restrict our operations or require us to relinquish rights
to our technologies or product candidates.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect our expenses to increase in
connection with our planned operations. To the extent that we raise additional capital through the sale of common shares, convertible
securities or other equity securities, your ownership interest may be diluted, and the terms of these securities could include
liquidation or other preferences and anti-dilution protections that could adversely affect your rights as a common shareholder.
In addition, debt financing, if available, may result in fixed payment obligations and may involve agreements that include restrictive
covenants that limit our ability to take specific actions, such as incurring additional debt, making capital expenditures, creating
liens, redeeming shares or declaring dividends, that could adversely impact our ability to conduct our business. In addition,
securing financing could require a substantial amount of time and attention from our management and may divert a disproportionate
amount of their attention away from day-to-day activities, which may adversely affect our management's ability to oversee the
development of our product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we raise additional funds through collaborations
or marketing, distribution or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies,
future revenue streams or product candidates or grant licenses on terms that may not be favorable to us. If we are unable to raise
additional funds when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization
efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We have a limited operating history and no history of
commercializing pharmaceutical products, which may make it difficult to evaluate the prospects for our future viability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We commenced operations in 2008. Our operations
to date have been limited to establishing our company, raising capital, developing our proprietary anti-C5a technology, identifying
and testing potential product candidates and conducting clinical trials of our lead product candidate, IFX-1. We have not yet
demonstrated an ability to successfully conduct late-stage clinical trials, obtain marketing approvals, manufacture a commercial-scale
product, or arrange for a third party to do so on our behalf, or conduct sales and marketing activities necessary for successful
product commercialization. Accordingly, you should consider our prospects in light of the costs, uncertainties, delays and difficulties
frequently encountered by companies in the early stages of development, especially clinical-stage biopharmaceutical companies
such as ours. Any predictions you make about our future success or viability may not be as accurate as they could be if we had
a longer operating history or a history of successfully developing and commercializing pharmaceutical products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may encounter unforeseen expenses,
difficulties, complications, delays and other known or unknown factors in achieving our business objectives. We will eventually
need to transition from a company with a development focus to a company capable of supporting commercial activities. We may not
be successful in such a transition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect our financial condition and
operating results to continue to fluctuate significantly from quarter to quarter and year to year due to a variety of factors,
many of which are beyond our control. Accordingly, you should not rely upon the results of any quarterly or annual periods as
indications of future operating performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Exchange rate fluctuations or abandonment of the euro
currency may materially affect our results of operations and financial condition.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Potential future expense and revenue may
be incurred or derived from outside the European Union, particularly the United States. As a result, our business and share price
may be affected by fluctuations in foreign exchange rates between the euro and other currencies, particularly the U.S. dollar,
which may also have a significant impact on our reported results of operations and cash flows from period to period. Currently,
we do not have any exchange rate hedging arrangements in place. In addition, the abandonment of the euro by one or more members
of the European Union could lead to the re-introduction of individual currencies in one or more EU member states, or in more extreme
circumstances, the dissolution of the European Union. The effects on our business of the abandonment of the euro as a currency,
the exit of one or more EU member states from the European Union or a potential dissolution of the European Union, are impossible
to predict with certainty, and any such events could have a material adverse effect on our business, financial condition and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt"><B>Risks related to the discovery,
development and commercialization of our product candidates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are at a very early stage in our development efforts,
our approach of targeting C5a inhibition is novel and unproven and we may not be able to successfully develop and commercialize
any product candidates.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IFX-1 is a novel therapeutic antibody
and its potential therapeutic benefit is unproven. There is no approved therapy inhibiting C5a activation and, as a result, the
regulatory pathway for IFX-1 may present novel issues that could cause delays in development or approval. Our product candidates
may not demonstrate in patients any or all of the pharmacological benefits we believe they may possess. We have not yet succeeded
and may never succeed in demonstrating efficacy and safety for these or any other product candidates in pivotal clinical trials
or in obtaining marketing approval thereafter. For example, although we have evaluated IFX-1 in preclinical studies and in early-stage
clinical trials, we have not yet advanced IFX-1 into Phase&nbsp;III clinical development, nor have we obtained regulatory approval
to sell any product based on our therapeutic approaches. Positive results from our early-stage clinical trials are not necessarily
predictive of the results of our planned Phase IIb clinical trial of IFX-1 for HS. If we cannot replicate the positive results
from our Phase I and Phase IIa clinical trials in our Phase IIb and Phase III clinical trials, we may be unable to successfully
develop, obtain regulatory approval for and commercialize IFX-1 for HS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">C5a&nbsp;inhibition to treat complement-mediated
autoimmune and inflammatory diseases has not been validated. This is an unproven approach to the treatment of HS, which is our
lead indication for IFX-1, and of AAV. Accordingly, our focus on treating these diseases may not result in the development of
commercially viable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">products.
In addition, our proprietary anti-C5a technology and focus on exploring C5a inhibition may fail to result in the identification
of viable additional product candidates in any indication. If we are unsuccessful in our development efforts, we may not be able
to advance the development of our product candidates, commercialize products, raise capital, expand our business or continue our
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are heavily dependent on the success of IFX-1, our
lead product candidate, and if IFX-1 does not receive regulatory approval or is not successfully commercialized, our business
will be harmed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We currently have no products that are
approved for commercial sale and may never be able to develop marketable products. We expect that a substantial portion of our
efforts and expenditures over the next few years will be devoted to IFX-1, which is currently our only product candidate in active
clinical development. Accordingly, our business currently depends heavily on the successful development, regulatory approval and
commercialization of IFX-1. We cannot be certain that IFX-1 will receive regulatory approval or be successfully commercialized
even if we receive regulatory approval for any indication, due in part because IFX-1 remains in very early stages of clinical
development, and it may be years before we are in a position to seek regulatory approval for IFX-1 in any indication. Moreover,
we may not be successful in our efforts to expand the approval, if any, of IFX-1 for other indications. If we were required to
discontinue development of IFX-1 for any indication or if IFX-1 does not receive regulatory approval or fails to achieve significant
market acceptance, we would be delayed by many years in our ability to achieve profitability, if ever. &nbsp;In addition, our
ability to develop additional product candidates in our pipeline could be significantly hindered.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Clinical failure may occur at any stage of clinical development,
and the results of our clinical trials may not support our proposed indications for our product candidates.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Success in preclinical testing and early
clinical trials does not ensure that later clinical trials will be successful, and we cannot be sure that the results of later
clinical trials will replicate the results of prior clinical trials and preclinical testing. Moreover, success in clinical trials
in a particular indication does not ensure that a product candidate will be successful in other indications, even for the same
underlying disease. A number of companies in the pharmaceutical industry, including biotechnology companies, have suffered significant
setbacks in clinical trials, even after promising results in earlier preclinical studies or clinical trials or successful later-stage
trials in other related indications, including in the context of controlling complement activation through C5 and C5a inhibition.
For example, while others in our industry have attempted to develop C5a-specific antibodies, there is currently no approved therapy
inhibiting C5a. These setbacks have been caused by, among other things, preclinical findings made while clinical trials were underway
and safety or efficacy observations made in clinical trials, including previously unreported adverse events as well as lack of
efficacy and patient benefit as reported by clinical trial investigators. In particular, development of antibodies that target
C5a rather than C5 to control complement activation is comparatively novel, and there is currently no approved therapy specifically
targeting C5a. As a result, inhibition of C5a rather than C5, which blocks signaling to the two receptors C5aR and C5L2, may have
unforeseen consequences or negative results that may lead to clinical failure or withdrawal in later stages of our product candidate
development. Product candidates in later stages of clinical trials may fail to show the desired safety and efficacy traits despite
having progressed through preclinical and initial clinical trials for a variety of reasons, including differences in patient populations,
changes in trial protocols and complexities of larger, multi-center trials among others. For example, while we have recently observed
positive final results from our Phase IIa clinical trial for IFX-1 in 12 HS patients, such results may not be replicated with
statistical significance in future clinical trials that include larger numbers of patients with potentially different trial protocols
and endpoints. A failure of a clinical trial to meet its predetermined endpoints may cause us to abandon a product candidate or
an indication and may delay development of any other product candidates. Any delay in, or termination of, our clinical trials
will delay the submission of the Biologics License Application, or BLA, to the FDA, the marketing authorization application to
the EMA or other similar applications with other relevant foreign regulatory authorities and, ultimately, our ability to commercialize
any of our product candidates and generate revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We face substantial competition, which may result in
others discovering, developing or commercializing products before or more successfully than we do, and reducing or eliminating
our commercial opportunity.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The development and commercialization
of new products is highly competitive. We expect that we, and any future collaborators, will face significant competition from
major pharmaceutical companies, specialty</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">pharmaceutical
companies and biotechnology companies worldwide with respect to any of our product candidates that we, or any future collaborators,
may seek to develop or commercialize in the future. For example, other pharmaceutical companies may commence development efforts
for product candidates targeting the same indications as IFX-1, including HS or AAV, or any other indications we may target. See
&ldquo;Business&mdash;Competition.&rdquo; Although we have tested and expect to further test IFX-1 in HS patients, some of whom
have not responded to adalimumab, the current standard of care for HS, if IFX-1 proves to be effective and is approved for use
in such patients, IFX-1 may compete with adalimumab or any other treatment approach which is currently under development in HS
and obtains approval. For example, in the area of HS treatment, IFX-1 may compete with MABp1, a monoclonal antibody being developed
by XBiotech Inc. targeting interleukin-1 alpha, for which XBoitech recently completed a Phase II clinical trial, as well as Bimekizumab,
a monoclonal antibody blocking interleukin-17AF, for which UCB Pharma recently completed a Phase II clinical trial. In addition,
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the area of AAV treatment, IFX-1 may compete with
CCX168, a C5aR inhibitor being developed by Chemocentryx targeting multiple severe and rare inflammatory disorders. Though it
acts through a different mechanism of action than IFX-1, CCX168 has demonstrated the potential to induce remission in AAV patients
and is currently undergoing Phase III clinical trial development. There are additional drugs currently being developed for treatment
of AAV which may be approved in the future. If approved for the treatment of AAV, IFX-1 would also face competition from current
therapies, including corticosteroids, azathioprine, methotrexate, mycophenolate mofetil or rituximab. In addition, several product
candidates in development by other pharmaceutical companies targeting C5a have failed or remain in early stages of development,
with future development unclear. As a result, complement-mediated treatments, such as eculizumab, currently remain focused on
C5 inhibition. However, as the area of terminal complement activation further develops, particularly if IFX-1 is approved for
commercialization, our competitors may seek to develop their own product candidates targeting C5a.</FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our commercial opportunity could be reduced
or eliminated if our competitors develop and commercialize products that are safer, more effective, have fewer or less severe
side effects, are more convenient or are less expensive than any products that we, or any future collaborators, may develop. Our
competitors also may obtain FDA or other marketing approval for their products before we, or any future collaborators, are able
to obtain approval for ours, which could result in our competitors establishing a strong market position before we, or any future
collaborators, are able to enter the market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Many of our existing and potential future
competitors have significantly greater financial resources and expertise in research and development, manufacturing, preclinical
testing, conducting clinical trials, obtaining marketing approvals and marketing approved products than we do, and may be able
to reduce the price at which they sell their products. Mergers and acquisitions in the pharmaceutical and biotechnology industries
may result in even more resources being concentrated among a smaller number of our competitors. Smaller or early stage companies
may also prove to be significant competitors, particularly if acquired by, or through collaborative arrangements with, large and
established companies. These competitors also compete with us in recruiting and retaining qualified scientific and management
personnel and establishing clinical trial sites and patient registration for clinical trials, as well as in acquiring technologies
complementary to, or necessary for, the development of our product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If clinical trials of our product candidates fail to
satisfactorily demonstrate safety and efficacy to the FDA and other regulators, we, or any future collaborators, may incur additional
costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of these
product candidates.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We, and any future collaborators, are
not permitted to commercialize, market, promote or sell any product candidate in the United States without obtaining marketing
approval from the FDA. Foreign regulatory authorities, such as the EMA, impose similar requirements. We, and any future collaborators,
must complete extensive preclinical development and clinical trials to demonstrate the safety and efficacy of our product candidates
in humans before we will be able to obtain these approvals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The clinical development of our product
candidates is susceptible to the risk of failure inherent at any stage of product development. It is possible that even if one
or more of our product candidates has a beneficial effect, that effect will not be detected during clinical evaluation as a result
of one or more of a variety of factors, including the size, duration, design, measurements, conduct or analysis of our clinical
trials. Conversely, as a result of the same factors, our clinical trials may indicate an apparent positive effect of a product
candidate that is greater than the actual positive effect, if any. Similarly, in our clinical trials we may fail to detect toxicity
of or intolerability caused by our product candidate, or mistakenly believe that our product candidates are toxic or not well
tolerated when that is not in fact the case. In addition, all of our product candidates are in early stages of development or
clinical testing. For example, IFX-1, our lead product candidate, has only recently completed enrollment and dosing in an initial
Phase IIa trial for HS. As a result, it may be years before any of our product candidates receives regulatory approval, if at
all, and additional clinical trials may fail to demonstrate safety, efficacy or tolerability for our targeted indications.</P>

<P STYLE="margin: 0pt 0"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any inability to successfully complete
preclinical and clinical development could result in additional costs to us or any future collaborators, and impair our ability
to generate revenue from product sales, regulatory and commercialization milestones and royalties. Moreover, if we or any future
collaborators are required to conduct additional clinical trials or other testing of our product candidates beyond the trials
and testing that we or they contemplate, if we or they are unable to successfully complete clinical trials of our product candidates
or other testing or the results of these trials or tests are unfavorable, uncertain or are only modestly favorable, or there are
unacceptable safety concerns associated with our product candidates, we or any future collaborators may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">incur
                                         additional unplanned costs, including costs relating to additional required clinical
                                         trials or preclinical testing;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">be
                                         delayed in obtaining marketing approval for IFX-1 or any of our other product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">not
                                         obtain marketing approval at all;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">obtain
                                         approval for indications or patient populations that are not as broad as intended or
                                         desired;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">obtain
                                         approval with labeling that includes significant use or distribution restrictions or
                                         significant safety warnings, including boxed warnings;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">be
                                         subject to additional post-marketing testing or other requirements; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">be
                                         required to remove the product from the market after obtaining marketing approval.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our failure to successfully complete clinical
trials of our product candidates and to demonstrate the efficacy and safety necessary to obtain regulatory approval to market
any of our product candidates would significantly harm our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our product candidates may cause or be perceived to cause
undesirable side effects or have other properties that could delay or prevent their regulatory approval, limit the commercial
profile of an approved label, or result in significant negative consequences following marketing approval, if any.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Undesirable side effects caused by our
product candidates could cause us or regulatory authorities to interrupt, delay or halt clinical trials and could result in a
more restrictive label or the delay, denial or withdrawal of regulatory approval by the FDA or comparable foreign regulatory authorities.
Results of our clinical trials could reveal a high and unacceptable severity and prevalence of side effects or unexpected characteristics.
In addition, many of the patients that we expect to enroll in our planned clinical trial of IFX-1 for HS suffer from serious pre-existing
disorders. While such disorders may lead to serious adverse events during trial periods that may be found to be unrelated to IFX-1,
such events may create a negative safety perception and adversely impact market acceptance of IFX-1 following any approval. For
example, in our most recent Phase IIa clinical trial of IFX-1 for HS, we observed several adverse events, even though they were
judged not to be related to IFX-1 administration by the investigator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If unacceptable side effects arise in
the development of our product candidates, we, the FDA or comparable foreign regulatory authorities, the Institutional Review
Boards, or IRBs, or independent ethics committees at the institutions in which our studies are conducted, or the Data Safety Monitoring
Board, or DSMB, could suspend or terminate our clinical trials or the FDA or comparable foreign regulatory authorities could order
us to cease clinical trials or deny approval of our product candidates for any or all targeted indications. Side effects, whether
treatment-related or not, could also affect patient recruitment or the ability of enrolled patients to complete the trial or result
in potential product liability claims. In addition, these side effects may not be appropriately recognized or managed by the treating
medical staff. We expect to have to train medical personnel using our product candidates to understand the side effect profiles
for our clinical trials and upon any commercialization of any of our product candidates. Inadequate training in recognizing or
managing the potential side effects of our product candidates could result in patient injury or death. Any of these occurrences
may harm our business, financial condition and prospects significantly.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Moreover, clinical trials of our product
candidates are conducted in carefully defined sets of patients who have agreed to enter into clinical trials. Consequently, it
is possible that our clinical trials, or those of any future collaborator, may indicate an apparent positive effect of a product
candidate that is greater than the actual positive effect, if any, or alternatively fail to identify undesirable side effects.
If, following approval of a product candidate, we, or others, discover that the product is less effective than previously believed
or causes undesirable side effects that were not previously identified, any of the following adverse events could occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulatory
                                         authorities may withdraw their approval of the product or seize the product;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we,
                                         or any future collaborators, may need to recall the product, or be required to change
                                         the way the product is administered or conduct additional clinical trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">additional
                                         restrictions may be imposed on the marketing of, or the manufacturing processes for,
                                         the particular product;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                         may be subject to fines, injunctions or the imposition of civil or criminal penalties;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulatory
                                         authorities may require the addition of labeling statements, such as a &ldquo;black box&rdquo;
                                         warning or a contraindication;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we,
                                         or any future collaborators, may be required to create a Medication Guide outlining the
                                         risks of the previously unidentified side effects for distribution to patients;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we,
                                         or any future collaborators, may be required to implement a REMS that imposes distribution
                                         and use restrictions or to conduct postmarket studies or clinical trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we,
                                         or any future collaborators, could be sued and held liable for harm caused to patients;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         product may become less competitive; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         reputation may suffer.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any of these events could harm our business
and operations, and could negatively impact our share price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our product candidates are either chimeric or humanized
antibody proteins that could cause an immune response in patients, resulting in the creation of harmful or neutralizing antibodies
against these therapeutic proteins. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to the safety, efficacy, manufacturing,
and regulatory hurdles faced by our product candidates, the administration of proteins such as monoclonal antibodies that are
chimeric or humanized, including our product candidates IFX-1 and IFX-2, respectively, can cause an immune response, resulting
in the creation of antibodies against the therapeutic protein. These anti-drug antibodies can have no effect or can neutralize
the effectiveness of the protein, or require that higher doses be used to obtain a therapeutic effect. Whether anti-drug antibodies
will be created and how they react can often not be predicted from preclinical or even clinical studies, and their detection or
appearance is often delayed. As a result, neutralizing antibodies may be detected at a later date or upon longer exposure of patients
with our product candidates, such as following more chronic administration in longer lasting clinical trials. In some cases, detection
of such neutralizing antibodies can even occur after pivotal clinical trials have been completed.&nbsp; Therefore, there can be
no assurance that neutralizing antibodies will not be detected in future clinical trials or at a later date upon longer exposure
(including after commercialization). If anti-drug antibodies reduce or neutralize the effectiveness of our product candidates,
the continued clinical development or receipt of marketing approval for any of our product candidates could be delayed or prevented
and, even if any of our product candidates is approved, their commercial success could be limited, any of which would impair our
ability to generate revenue and continue operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Even if we complete the necessary preclinical studies
and clinical trials for IFX-1 and any other product candidates, the marketing approval process is expensive, time consuming and
uncertain and may prevent us or any future collaborators from obtaining approvals for the commercialization of some or all of
our product candidates. As a result, we cannot predict when or if, and in which territories, we, or any future collaborators,
will obtain marketing approval to commercialize a product candidate.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The research, testing, manufacturing,
labeling, approval, selling, marketing, promotion and distribution of products are subject to extensive regulation by the FDA
and comparable foreign regulatory authorities. We, and any future collaborators, are not permitted to market our product candidates
in the United States or in other countries until we, or they, receive approval of a BLA from the FDA or marketing approval from
applicable regulatory authorities outside the United States. Our product candidates are in various stages of development and are
subject to the risks of failure inherent in drug development. We have not submitted an application for or received marketing approval
for any product candidate in the United States or in any other jurisdiction. We have limited experience in conducting and managing
the clinical trials necessary to obtain marketing approvals, including FDA approval of a BLA. Further, there is no prior history
of regulatory approval for product candidates targeting C5a inhibition. In addition, while we intend to use HiSCR as the primary
endpoint in our planned clinical trials of IFX-1 for HS, which we believe is a clinically-accepted endpoint based on the approval
of adalimumab, there is no guarantee that the FDA or comparable foreign regulatory authorities will permit us to do so. Further,
the HiSCR response is a subjective endpoint, demonstrated if an investigator determines there has been a 50% or higher reduction
of the AN count (without any increase of the abscess or draining fistula count from baseline). As a result, the regulatory pathway
for IFX-1 is novel and may present unforeseen issues or delays.</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The process of obtaining marketing approvals,
both in the United States and abroad, is lengthy, expensive and uncertain. It may take many years, if approval is obtained at
all, and can vary substantially based upon a variety of factors, including the type, complexity and novelty of the product candidates
involved. Securing marketing approval requires the submission of extensive preclinical and clinical data and supporting information
to regulatory authorities for each therapeutic indication to establish the product candidate&rsquo;s safety and efficacy. Securing marketing
approval also requires the submission of information about the product manufacturing process to, and inspection of manufacturing
facilities by, the regulatory authorities. The FDA or other regulatory authorities may determine that our product candidates are
not safe and effective, only moderately effective or have undesirable or unintended side effects, toxicities or other characteristics
that preclude our obtaining marketing approval or prevent or limit commercial use. In addition, approval policies, regulations,
or the type and amount of clinical data necessary to gain approval may change during the course of a drug candidate&rsquo;s clinical
development and may vary among jurisdictions. Any marketing approval we ultimately obtain may be limited or subject to restrictions
or post-approval commitments that render the approved product not commercially viable. The FDA, EMA or any comparable foreign
regulatory authorities may delay, limit or deny approval of IFX-1 for many reasons, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we may
                                         not be able to demonstrate that IFX-1 is safe and effective as a treatment for our targeted
                                         indications to the satisfaction of the FDA, the EMA or comparable foreign regulatory
                                         agencies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         FDA, EMA or comparable foreign regulatory authorities may require additional clinical
                                         trials or non-clinical studies of IFX-1 in addition to those already performed or planned,
                                         either before approval or as a post-approval commitment, which would increase our costs
                                         and prolong our development of IFX-1;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         results of our clinical trials may not meet the level of statistical or clinical significance
                                         required by the FDA, EMA or comparable foreign regulatory authorities for marketing approval;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         FDA, EMA or comparable foreign regulatory authorities may disagree with the number, design,
                                         size, conduct or implementation of our clinical trials, including designated clinical
                                         endpoints, such as the use of HiSCR in our planned clinical trials of IFX-1 for HS;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         population studied in the clinical program may not be sufficiently broad or representative
                                         to assure safety in the full population for which we seek approval;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         contract research organizations, or CROs, that we retain to conduct clinical trials may
                                         take actions outside of our control that materially adversely impact our clinical trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         FDA, EMA or comparable foreign regulatory authorities may not find the data from preclinical
                                         studies and clinical trials sufficient to demonstrate that the clinical and other benefits
                                         of IFX-1 outweigh its safety risks;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         FDA, EMA or comparable foreign regulatory authorities may disagree with our interpretation
                                         of data from preclinical studies and clinical trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         FDA, EMA or comparable foreign regulatory authorities may not accept data generated at
                                         clinical trial sites;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if our
                                         BLA, when submitted, is reviewed by an advisory committee, the FDA may have difficulties
                                         scheduling an advisory committee meeting in a timely manner or the advisory committee
                                         may recommend against approval of our application or may recommend that the FDA require,
                                         as a condition of approval, additional preclinical studies or clinical trials, limitations
                                         on approved labeling or distribution and use restrictions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         FDA, EMA or comparable foreign regulatory authorities may require development of a risk
                                         evaluation and mitigation strategy, or REMS, as a condition of approval;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         FDA, EMA or comparable foreign regulatory authorities may identify deficiencies in the
                                         manufacturing processes or facilities of our third-party manufacturers, including non-compliance
                                         with current Good Manufacturing Practices, or cGMPs; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         FDA, EMA or comparable foreign regulatory authorities may change their respective approval
                                         policies or adopt new regulations.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Of the large number of drugs in development
in the pharmaceutical industry, only a small percentage result in the submission of a BLA to the FDA and even fewer are approved
for commercialization. Furthermore, even if we do receive regulatory approval to market IFX-1, any such approval may be subject
to limitations on the indicated uses or patient populations for which we may market the product. Accordingly, even if we are able
to obtain the requisite financing to continue to fund our development programs, we cannot assure you that IFX-1 will be successfully
developed or commercialized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Moreover, principal investigators for
our clinical trials may serve as scientific advisors or consultants to us from time to time and receive compensation in connection
with such services. Under certain circumstances, we may be required to report some of these relationships to the FDA or other
regulatory authority. The FDA or other regulatory authority may conclude that a principal investigator, potentially including
because of a financial relationship with us, has a conflict of interest that has affected interpretation of the study. The FDA
or other regulatory authority may therefore question the integrity of the data generated at the applicable clinical trial site
and the utility of the clinical trial itself may be jeopardized. This could result in a delay in approval, or rejection, of our
marketing applications by the FDA or other regulatory authority, as the case may be, and may ultimately lead to the denial of
marketing approval of one or more of our product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any delay in obtaining or failure to obtain
required approvals could negatively impact our ability or that of any future collaborators to generate revenue from the particular
product candidate, which likely would result in significant harm to our financial position and adversely impact our share price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we encounter difficulties enrolling patients in our
clinical trials, our clinical development activities could be delayed or otherwise adversely affected.</I></B></P>

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



<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will be required to identify and enroll
a sufficient number of patients with HS and AAV for our planned clinical trials of IFX-1 in these indications. Each of these is
a rare disease or indication with a relatively small patient population. Trial participant enrollment could be limited in future
trials in HS given that many potential participants may be ineligible because they are already undergoing treatment with adalimumab,
particularly in the United States where we intend to seek orphan drug designation. We may not be able to initiate or continue
clinical trials required by the FDA, EMA or other foreign regulatory agencies for IFX-1 or any of our other product candidates
that we pursue if we are unable to locate and enroll a sufficient number of eligible patients to participate in these clinical
trials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Patient enrollment is affected by other
factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>severity
                                         of the disease under investigation;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>design
                                         of the clinical trial protocol;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>size
                                         and nature of the patient population;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>eligibility
                                         criteria for the trial in question;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>perceived
                                         risks and benefits of the product candidate under trial;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>perceived
                                         safety and tolerability of the product candidate;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>proximity
                                         and availability of clinical trial sites for prospective patients;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>availability
                                         of competing therapies and clinical trials;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>clinicians&rsquo;
                                         and patients&rsquo; perceptions as to the potential advantages of the drug being studied in
                                         relation to other available therapies, including standard-of-care and any new drugs that
                                         may be approved for the indications we are investigating;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>efforts
                                         to facilitate timely enrollment in clinical trials;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>patient
                                         referral practices of physicians; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our
                                         ability to monitor patients adequately during and after treatment.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Further, there are only a limited number
of specialist physicians who treat patients with these diseases and major clinical centers are concentrated in a few geographic
regions. We also may encounter difficulties in identifying and enrolling such patients with a stage of disease appropriate for
our ongoing or future clinical trials. In addition, the process of finding and diagnosing patients may prove costly. Our inability
to enroll a sufficient number of patients for any of our clinical trials would result in significant delays or may require us
to abandon one or more clinical trials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Even if one of our product candidates receives marketing
approval, it may fail to achieve the degree of market acceptance by physicians, patients, third-party payors and others in the
medical community necessary for commercial success, in which case we may not generate significant revenues or become profitable.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Even if IFX-1 or any of our other product
candidates is approved by the appropriate regulatory authorities for marketing and sale, it may nonetheless fail to gain sufficient
market acceptance by physicians, patients, third-party</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">payors
and others in the medical community. Physicians are often reluctant to switch their patients from existing therapies (such as
adalimumab for the treatment of HS) even when new and potentially more effective or convenient treatments enter the market. Further,
patients often acclimate to the therapy that they are currently taking and do not want to switch unless their physicians recommend
switching products or they are required to switch therapies due to lack of reimbursement for existing therapies. Adalimumab is
the only drug approved for the treatment of HS, and even if we are able to obtain marketing approval of IFX-1 for the treatment
of HS, we may not be able to successfully convince physicians or patients to switch from adalimumab to IFX-1. Further, we may
face a lack of acceptance by the physician community of the efficacy of targeting C5a to inhibit terminal complement activation
compared to targeting C5, which is well established in clinical practice (such as eculizumab). <FONT STYLE="background-color: white">In
addition</FONT>, IFX-1 may not be accepted by physicians or patients if we cannot demonstrate, or if IFX-1 is perceived as not
having, strong duration of effect, including compared to existing treatments for HS. The duration of effect of IFX-1 has only
been studied for durations less than the expected duration of any pivotal Phase III clinical trials that we may</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">undertake in the future. It is possible that the effects seen
in shorter term clinical trials will not be replicated at later time points or in larger clinical trials. Further, even if we
are able to demonstrate our product candidates&rsquo; safety and efficacy to the FDA and other regulators, safety concerns in
the medical community may hinder market acceptance.&nbsp; Further, the <FONT STYLE="background-color: white">potential patient
populations for our initial targeted indications, including HS and AAV, are relatively small. This could affect the rate of adoption
and as a result, market acceptance of our product candidates, if approved, could be much slower than anticipated.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Efforts to educate the medical community
and third-party payors on the benefits of our product candidates may require significant resources, including management time
and financial resources, and may not be successful. If any of our product candidates is approved but does not achieve an adequate
level of market acceptance, we may not generate significant revenues and we may not become profitable. The degree of market acceptance
of our product candidates, if approved for commercial sale, will depend on a number of factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         efficacy and safety of the product;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         potential advantages of the product compared to competitive therapies, notwithstanding
                                         success in meeting or exceeding clinical trial endpoints;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         prevalence and severity of any side effects;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether
                                         the product is designated under physician treatment guidelines as a first-, second- or
                                         third-line therapy;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         ability, or the ability of any future collaborators, to offer the product for sale at
                                         competitive prices;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         product&rsquo;s convenience and ease of administration compared to alternative treatments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         willingness of the target patient population to try, and of physicians to prescribe,
                                         the product;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">limitations
                                         or warnings, including distribution or use restrictions contained in the product's approved
                                         labeling;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         strength of sales, marketing and distribution support;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes
                                         in the standard of care for the targeted indications for the product; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">availability
                                         and amount of coverage and reimbursement from government payors, managed care plans and
                                         other third-party payors.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The failure of any of our product candidates,
if approved, to find market acceptance would harm our business and could require us to seek additional financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Even if we, or any future collaborators, are able to
commercialize any product candidate that we, or they, develop, the product may become subject to unfavorable pricing regulations
or third-party payor coverage and reimbursement policies, any of which could harm our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Patients who are provided medical treatment
for their conditions generally rely on third party payors to reimburse all or part of the costs associated with their treatment.
Therefore, our ability, and the ability of any future collaborators, to commercialize any of our product candidates will depend
in part on the extent to which coverage and reimbursement for these products and related treatments will be available from third
party payors including government health administration authorities and public or private health coverage insurers. Third-party
payors decide which medications they will cover and establish reimbursement levels. We cannot be certain that reimbursement will
be available for IFX-1 or any of our product candidates. Also, we cannot be certain that less fulsome reimbursement policies will
not reduce the demand for, or the price we can charge for, our products, if approved. The insurance coverage and reimbursement
status of newly-approved products for orphan diseases is particularly uncertain and failure to obtain or maintain adequate coverage
and reimbursement for IFX-1 or any other product candidates could limit our ability to generate revenue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If coverage and reimbursement are not
available, or reimbursement is available only to limited levels, we, or any future collaborators, may not be able to successfully
commercialize our product candidates. Even if coverage is provided, the approved reimbursement amount may not be high enough to
allow us, or any future collaborators, to establish or maintain pricing sufficient to realize a sufficient return on our or their
investments. In the United States, no uniform policy of coverage and reimbursement for products exists among third-party payors
and coverage and reimbursement for products can differ significantly from payor to payor. As a result, the coverage determination
process is often a time-consuming and costly process that will require us to provide scientific and clinical support for the use
of our products to each payor separately, with no assurance that coverage and adequate reimbursement will be applied consistently
or obtained in the first instance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is significant uncertainty related
to third-party payor coverage and reimbursement of newly approved drugs. Marketing approvals, pricing and reimbursement for new
drug products vary widely from country to country. Some countries require approval of the sale price of a drug before it can be
marketed. In many countries, the pricing review period begins after marketing or product licensing approval is granted. In some
foreign markets, prescription pharmaceutical pricing remains subject to continuing governmental control even after initial approval
is granted. As a result, we, or any future collaborators, might obtain marketing approval for a product in a particular country,
but then be subject to price regulations that delay commercial launch of the product, possibly for lengthy time periods, which
may negatively impact the revenues we are able to generate from the sale of the product in that country. Adverse pricing limitations
may hinder our ability or the ability of any future collaborators to recoup our or their investment in one or more product candidates,
even if our product candidates obtain marketing approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The healthcare industry is acutely focused
on cost containment, both in the United States and elsewhere. Government authorities and other third-party payors have attempted
to control costs by limiting coverage and the amount of reimbursement for particular medications, which could affect our ability
or that of any future collaborators to sell our product candidates profitably. These payors may not view our products, if any,
as cost-effective, and coverage and reimbursement may not be available to our customers, or those of any future collaborators,
or may not be sufficient to allow our products, if any, to be marketed on a competitive basis. Cost-control initiatives could
cause us, or any future collaborators, to decrease the price we, or they, might establish for products, which could result in
lower than anticipated product revenues. If the prices for our products, if any, decrease or if governmental and other third-party
payors do not provide coverage or adequate reimbursement, our prospects for revenue and profitability will suffer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There may also be delays in obtaining
coverage and reimbursement for newly approved drugs, and coverage may be more limited than the indications for which the drug
is approved by the FDA or comparable foreign regulatory authorities. Moreover, eligibility for reimbursement does not imply that
any drug will be paid for in all cases or at a rate that covers our costs, including research, development, manufacture, sale
and distribution. Reimbursement rates may vary, by way of example, according to the use of the product and the clinical setting
in which it is used. Reimbursement rates may also be based on reimbursement levels already set for lower cost drugs or may be
incorporated into existing payments for other services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, increasingly, third-party
payors are requiring higher levels of evidence of the benefits and clinical outcomes of new technologies and are challenging the
prices charged. We cannot be sure that coverage will be available for any product candidate that we, or any future collaborator,
commercialize and, if available, that the reimbursement rates will be adequate. Further, the net reimbursement for drug products
may be subject to additional reductions if there are changes to laws that presently restrict imports of drugs from countries where
they may be sold at lower prices than in the United States. An inability to promptly obtain coverage and adequate payment rates
from both government-funded and private payors for any of our product candidates for which we, or any future collaborator, obtain
marketing approval could significantly harm our operating results, our ability to raise capital needed to commercialize products
and our overall financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If any product liability lawsuits are successfully brought
against us or any of our collaboration partners, we may incur substantial liabilities and may be required to limit commercialization
of our product candidates.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We face an inherent risk of product liability
lawsuits related to the testing of our product candidates in seriously ill patients and will face an even greater risk if our
product candidates are approved by regulatory authorities and introduced commercially. Product liability claims may be brought
against us or our partners by participants enrolled in our clinical trials, patients, health care providers or others using, administering
or selling any of our future approved products. If we cannot successfully defend ourselves against any such claims, we may incur
substantial liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any of our product candidates are approved
for commercial sale, we will be highly dependent upon consumer perceptions of us and the safety and quality of our products. We
could be adversely affected if we are subject to negative publicity associated with illness or other adverse effects resulting
from patients&rsquo; use or misuse of our products or any similar products distributed by other companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although we maintain product liability
insurance coverage, this insurance may not fully cover potential liabilities that we may incur. The cost of any product liability
litigation or other proceeding, even if resolved in our favor, could be substantial. We will need to increase our insurance coverage
if we commercialize any product that receives marketing approval. In addition, insurance coverage is becoming increasingly expensive.
If we are unable to maintain sufficient insurance coverage at an acceptable cost or to otherwise protect against potential product
liability claims, it could prevent or inhibit the development and commercial production and sale of our product candidates, which
could harm our business, financial condition, results of operations and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We currently have no marketing, sales or distribution
infrastructure with respect to our product candidates. If we are unable to develop our sales, marketing and distribution capability
on our own or through collaborations with marketing partners, we will not be successful in commercializing our product candidates.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We currently have no marketing, sales
or distribution capabilities and have limited sales or marketing experience within our organization. If any of our product candidates
is approved, we intend either to establish a sales and marketing organization with technical expertise and supporting distribution
capabilities to commercialize any such candidate, or to outsource this function to a third party. Either of these options would
be expensive and time consuming. Some or all of these costs may be incurred in advance of any approval of our product candidates,
including our lead candidate IFX-1. In addition, we may not be able to hire a sales force in the United States, Europe or other
target market that is sufficient in size or has adequate expertise in the medical markets that we intend to target. These risks
may be particularly pronounced due to our focus on our initial indications of HS and AAV for IFX-1, each of which is a rare disease
with relatively small patient populations. Any failure or delay in the development of our or third parties&rsquo; internal sales,
marketing and distribution capabilities would adversely impact the commercialization of IFX-1 and other future product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">With respect to our existing and future
product candidates, we may choose to collaborate with third parties that have direct sales forces and established distribution
systems, either to augment or to serve as an alternative to our own sales force and distribution systems. Our product revenue
may be lower than if it directly marketed or sold any approved products. In addition, any revenue we receive will depend in whole
or in part upon the efforts of these third parties, which may not be successful and are generally not within our control. If we
are unable to enter into these arrangements on acceptable terms or at all, we may not be able to successfully commercialize any
approved products. If we are not successful in commercializing any approved products, our future product revenue will suffer and
we may incur significant additional losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may expend our limited resources to pursue a particular
product candidate or indication and fail to capitalize on product candidates or indications that may be more profitable or for
which there is a greater likelihood of success.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have limited financial and managerial
resources, and therefore we intend to focus on developing product candidates for specific indications that we identify as most
likely to succeed, in terms of both their potential for marketing approval and commercialization. As a result, we may forego or
delay pursuit of opportunities with other product candidates or for other indications that may prove to have greater commercial
potential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our resource allocation decisions may
cause us to fail to capitalize on viable commercial products or profitable market opportunities. Our spending on current and future
research and development programs and product candidates for specific indications may not yield any commercially viable product
candidates. If we do not accurately evaluate the commercial potential or target market for a particular product candidate, we
may relinquish valuable rights to that product candidate through collaboration, licensing or other royalty arrangements in cases
in which it would have been more advantageous for us to retain sole development and commercialization rights to the product candidate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Clinical development involves a lengthy and expensive
process, with an uncertain outcome. We may incur additional costs or experience delays in completing, or ultimately be unable
to complete, the development and commercialization of IFX-1 or any future product candidate we may develop. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The risk of failure for IFX-1 and any
other future product candidates we may develop is high. It is impossible to predict when or if IFX-1 will prove to be effective
and safe in humans or will receive regulatory approval for the treatment of HS or AAV. Additionally, before regulatory authorities
grant marketing approval for IFX-1, for any future indications, or any future product candidate that we seek to develop, we will
be required to conduct extensive clinical trials to demonstrate safety and efficacy in humans. Clinical testing is expensive,
difficult to design and implement, can take many years to complete and is inherently uncertain as to outcome. Moreover, preclinical
and clinical data are often susceptible to varying interpretations and analyses, and many companies that believed their product
candidates performed satisfactorily in preclinical studies and clinical trials have nonetheless failed to obtain marketing approval
of their drugs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may experience numerous unforeseen
events during or as a result of the regulatory approval process that could delay or prevent our ability to receive marketing approval
from regulators or commercialize IFX-1 or any future product candidate, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulators
                                         or institutional review boards may not authorize us or our investigators to commence
                                         a clinical trial or conduct a clinical trial at a prospective trial site;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">clinical
                                         trials of our product candidates may produce negative or inconclusive results, including
                                         failure to demonstrate statistical significance, and we may decide, or regulators may
                                         require us, to conduct additional clinical trials or abandon drug development programs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         product candidates may have undesirable side effects or other unexpected characteristics,
                                         causing us or our investigators, regulators or institutional review boards to suspend
                                         or terminate the trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         third-party contractors may fail to comply with regulatory requirements or meet their
                                         contractual obligations to us in a timely manner, or at all; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulators
                                         or institutional review boards may require that we or our investigators suspend or terminate
                                         clinical development for various reasons, including noncompliance with regulatory requirements
                                         or a finding that the participants are being exposed to unacceptable health risks.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We could also encounter delays if a clinical
trial is suspended or terminated by us, by the institutional review boards of the institutions in which such trials are being
conducted, by the data safety monitoring board for such trial or by the FDA or other regulatory authorities. Such authorities
may impose such a suspension or termination due to a number of factors, including failure to conduct the clinical trial in accordance
with regulatory requirements or our clinical protocols, inspection of the clinical trial operations or trial site by the FDA or
other regulatory authorities resulting in the imposition of a clinical hold, unforeseen safety issues or adverse side effects,
failure to demonstrate a benefit from using a drug, changes in governmental regulations or administrative actions or lack of adequate
funding to continue the clinical trial. If we experience delays in the completion of, or termination of, any clinical trial of
our product candidates, the commercial prospects of our product candidates will be harmed, and our ability to generate drug revenues
from any of these product candidates will be delayed. In addition, any delays in completing our clinical trials will increase
our costs, slow down our product candidate development and approval process and jeopardize our ability to commence drug sales
and generate revenues. Any of these occurrences may harm our business, financial condition and prospects significantly. In addition,
many of the factors that cause, or lead to, a delay in the commencement or completion of clinical trials may also ultimately lead
to the denial of regulatory approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our product development costs will further
increase if we experience delays in testing or marketing approvals. Significant clinical trial delays also could shorten any periods
during which we may have the exclusive right to commercialize our product candidates or allow our competitors to bring drugs to
market before we do and impair our ability to successfully commercialize our product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We plan to seek orphan drug designation for IFX-1 in
HS, but we may be unable to obtain such designation or to maintain the benefits associated with orphan drug status, including
market exclusivity, even if that designation is granted.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We plan to seek orphan drug designation
from the FDA for IFX-1 in HS and potentially in other orphan indications in which there is a medically plausible basis for its
use, and we may seek orphan drug designation for other preclinical product candidates in our pipeline or that we may develop.
In the United States, orphan drug designation entitles a party to financial incentives such as opportunities for grant funding
towards clinical trial costs, tax advantages, and user-fee waivers. After the FDA grants orphan drug designation, the generic
identity of the drug and its potential orphan use are disclosed publicly by the FDA. Orphan drug designation does not convey any
advantage in, or shorten the duration of, the FDA review and approval process. Although we intend to seek orphan drug designation
for IFX-1 in HS from the FDA, we may never receive such designation. Moreover, obtaining orphan drug designation for IFX-1 in
HS does not mean we will be able to obtain such designation for another indication. We do not plan to seek orphan drug designation
for IFX-1 in HS in the European Union because we do not expect that the population criterion would be satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a product that has orphan drug designation
from the FDA subsequently receives the first FDA approval for a particular active ingredient for the disease for which it has
such designation, the product is entitled to orphan drug exclusivity, which means that the FDA may not approve any other applications,
including a BLA, to market the same drug for the same indication for seven years, except in limited circumstances such as if the
FDA finds that the holder of the orphan drug exclusivity has not shown that it can assure the availability of sufficient quantities
of the orphan drug to meet the needs of patients with the disease or condition for which the drug was designated. Similarly, the
FDA can subsequently approve a drug with the same active moiety for the same condition during the exclusivity period if the FDA
concludes that the later drug is clinically superior, meaning the later drug is safer, more effective, or makes a major contribution
to patient care. Even if we were to obtain orphan drug designation for IFX-1 from the FDA, we may not be the first to obtain marketing
approval for any particular orphan indication due to the uncertainties associated with developing pharmaceutical products, and
thus approval of IFX-1 could be blocked for seven years if another company obtains approval and orphan drug exclusivity for the
same drug and same condition before us. If we do obtain exclusive marketing rights in the United States, they may be limited if
we seek approval for an indication broader than the orphan designated indication and may be lost if the FDA later determines that
the request for designation was materially defective or if we are unable to assure sufficient quantities of the product to meet
the needs of the relevant patients. Further, exclusivity may not effectively protect the product from competition because different
drugs with different active moieties can be approved for the same condition, the same drugs can be approved for different indications
and might then be used off-label in our approved indication, and different drugs for the same condition may already be approved
and commercially available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Even if we obtain FDA approval of IFX-1 or any of our
other product candidates, we may never obtain approval or commercialize our products outside of the United States.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to market any approved products
outside of the United States, we must establish and comply with numerous and varying regulatory requirements of other countries
regarding clinical trial design, safety and efficacy. If approved by the relevant governmental authorities, we expect to market
IFX-1 for the treatment of HS in Europe and jurisdictions outside the United States, in part due to the relatively larger patient
population that exists in Europe as compared to that in the United States. Clinical trials conducted in one country may not be
accepted by regulatory authorities in other countries, and regulatory approval in one country does not mean that regulatory approval
will be obtained in any other country. Approval procedures vary among countries and can involve additional product testing and
validation and additional administrative review periods. Seeking foreign regulatory approvals could result in significant delays,
difficulties and costs for us and may require additional preclinical studies or clinical trials which would be costly and time
consuming and could delay or prevent introduction of IFX-1 or any of our other product candidates in those countries. In addition,
we expect to be subject to a variety of risks related to operating in foreign countries if we obtain the necessary approvals,
including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>differing
                                         regulatory requirements in foreign countries;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         potential for so-called parallel importing, which is what happens when a local seller,
                                         faced with high or higher local prices, opts to import goods from a foreign market (with
                                         low or lower prices) rather than buying them locally;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>unexpected
                                         changes in tariffs, trade barriers, price and exchange controls and other regulatory
                                         requirements;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>economic
                                         weakness, including inflation, or political instability in particular foreign economies
                                         and markets;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>foreign
                                         reimbursement, pricing and insurance regimes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>compliance
                                         with tax, employment, immigration and labor laws for employees living or traveling abroad;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>foreign
                                         taxes, including withholding of payroll taxes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>foreign
                                         currency fluctuations, which could result in increased operating expenses and reduced
                                         revenue, and other obligations incident to doing business in another country;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>difficulties
                                         staffing and managing foreign operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>workforce
                                         uncertainty in countries where labor unrest is more common than in the United States;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>potential
                                         liability under the Foreign Corrupt Practices Act of 1977 or comparable foreign regulations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>challenges
                                         enforcing our contractual and intellectual property rights, especially in those foreign
                                         countries that do not respect and protect intellectual property rights to the same extent
                                         as the United States;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>production
                                         shortages resulting from any events affecting raw material supply or manufacturing capabilities
                                         abroad; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>business
                                         interruptions resulting from geo-political actions, including war and terrorism.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we or our partners fail to comply with
regulatory requirements or to obtain and maintain required approvals, our target market will be reduced, including if we are unable
to market IFX-1 for the treatment of HS in Europe, and our ability to realize the full market potential of our product candidates
will be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are subject to extensive government regulation and
the failure to comply with these regulations may have a material adverse effect on our operations and business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Both before and after approval of any
product, we and our suppliers, contract manufacturers and clinical investigators are subject to extensive regulation by governmental
authorities in the United States and other countries, covering, among other things, testing, manufacturing, quality control, clinical
trials, post-marketing studies, labeling, advertising, promotion, distribution, import and export, governmental pricing, price
reporting and rebate requirements. Failure to comply with applicable requirements could result in one or more of the following
actions: warning letters; unanticipated expenditures; delays in approval or refusal to approve a product candidate; product recall
or seizure; interruption of manufacturing or clinical trials; operating or marketing restrictions; injunctions; criminal prosecution
and civil or criminal penalties including fines and other monetary penalties; adverse publicity; and disruptions to our business.
Further, government investigations into potential violations of these laws would require us to expend considerable resources and
face adverse publicity and the potential disruption of our business even if we are ultimately found not to have committed a violation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Obtaining FDA, EMA or other regulatory
agency approval of our product candidates requires substantial time, effort and financial resources and may be subject to both
expected and unforeseen delays, and there can be no assurance that any approval will be granted on any of our product candidates
on a timely basis, if at all. The FDA, EMA or other regulatory agencies may decide that our data are insufficient for approval
of our product candidates and require additional preclinical, clinical or other studies or additional work related to chemistry,
manufacturing and controls. If we are required to conduct additional trials or to conduct other testing of our product candidates
beyond that which we currently contemplate for regulatory approval, if we are unable to complete successfully our clinical trials
or other testing, or if the results of these and other trials or tests fail to demonstrate efficacy or raise safety concerns,
we may face substantial additional expenses, be delayed in obtaining marketing approval for our product candidates or may never
obtain marketing approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are also required to comply with extensive
governmental regulatory requirements after a product has received marketing authorization. Governing regulatory authorities may
require post-marketing studies that may negatively impact the commercial viability of a product. Once on the market, a product
may become associated with previously undetected adverse effects and/or may develop manufacturing difficulties. As a result of
any of these or other problems, a product&rsquo;s regulatory approval could be withdrawn, which could harm our business and operating
results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our current and future relationships with third-party
payors, health care professionals and customers in the United States and elsewhere may be subject, directly or indirectly, to
applicable anti-kickback, fraud and abuse, false claims, physician payment transparency, health information privacy and security
and other healthcare laws and regulations, which could expose us to significant penalties. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Healthcare providers, physicians and third-party
payors in the United States and elsewhere will play a primary role in the recommendation and prescription of any product candidates
for which we obtain marketing approval. Our current and future arrangements with health care professionals, third-party payors
and customers may expose us to broadly applicable fraud and abuse and other healthcare laws and regulations, including, without
limitation, the federal Anti-Kickback Statute and the federal civil False Claims Act, that may constrain the business or financial
arrangements and relationships through which we conduct clinical research, sell, market and distribute any drugs for which we
obtain marketing approval. In addition, we may be subject to transparency laws and patient privacy regulation by the federal government
and by the U.S. states and foreign jurisdictions in which we conduct our business. The applicable federal, state and foreign healthcare
laws and regulations that may affect our ability to operate include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         federal Anti-Kickback Statute, which prohibits, among other things, persons and entities
                                         from knowingly and willfully soliciting, offering, receiving or providing remuneration,
                                         directly or indirectly, in cash or in kind, to induce or reward, or in return for, either
                                         the referral of an individual for, or the purchase, order or recommendation of, any good
                                         or service, for which payment may be made under federal and state healthcare programs,
                                         such as Medicare and Medicaid. A person or entity does not need to have actual knowledge
                                         of the statute or specific intent to violate it to have committed a violation. Further,
                                         several courts have interpreted the statute&rsquo;s intent requirement to mean that if
                                         any one purpose of an arrangement involving remuneration is to induce referrals of federal
                                         healthcare covered business, the Anti-Kickback Statute has been violated. Moreover, the
                                         government may assert that a claim including items or services resulting from a violation
                                         of the federal Anti-Kickback Statute constitutes a false or fraudulent claim for purposes
                                         of the False Claims Act;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>federal
                                         civil and criminal false claims laws, including, without limitation, the federal civil
                                         False Claims Act (that can be enforced through civil whistleblower or qui tam actions),
                                         and the civil monetary penalties law, which impose criminal and civil penalties against
                                         individuals or entities for knowingly presenting, or causing to be presented, to the
                                         federal government, including the Medicare and Medicaid programs, claims for payment
                                         that are false or fraudulent or making a false statement to avoid, decrease or conceal
                                         an obligation to pay money to the federal government;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         federal Health Insurance Portability and Accountability Act of 1996, or HIPAA, which
                                         imposes criminal and civil liability for, among other things, executing a scheme to defraud
                                         any healthcare benefit program or making false statements relating to healthcare matters.
                                         Similar to the federal Anti-Kickback Statute, a person or entity does not need to have
                                         actual knowledge of the statute or specific intent to violate it to have committed a
                                         violation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>HIPAA,
                                         as amended by the Health Information Technology for Economic and Clinical Health Act
                                         of 2009, or HITECH, and their respective implementing regulations, which impose obligations
                                         on covered healthcare providers, health plans, and healthcare clearinghouses, as well
                                         as their business associates that create, receive, maintain or transmit individually
                                         identifiable health information for or on behalf of a covered entity, with respect to
                                         safeguarding the privacy, security and transmission of individually identifiable health
                                         information;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         Physician Payments Sunshine Act, created under Section 6002 of Patient Protection and
                                         Affordable Care Act, as amended by the Health Care and Education Reconciliation Act,
                                         or collectively the Affordable Care Act, and its implementing regulations, which requires
                                         specified manufacturers of drugs, devices, biologics and medical supplies for which payment
                                         is available under Medicare, Medicaid or the Children&rsquo;s Health Insurance Program,
                                         with specific exceptions, to report annually to the Centers for Medicare &amp; Medicaid
                                         Services, or CMS, information related to payments or other &lsquo;&lsquo;transfers of
                                         value&rsquo;&rsquo; made to physicians, which is defined to include doctors, dentists,
                                         optometrists, podiatrists and chiropractors, and teaching hospitals and applicable manufacturers
                                         to report annually to CMS ownership and investment interests held by physicians and their
                                         immediate family members by the 90th day of each calendar year. All such reported information
                                         is publicly available; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>analogous
                                         state and foreign laws and regulations, such as state anti-kickback and false claims
                                         laws, which may apply to sales or marketing arrangements and claims involving healthcare
                                         items or services reimbursed by non-governmental third-party payors, including private
                                         insurers; state and foreign laws that require pharmaceutical companies to comply with
                                         the pharmaceutical industry&rsquo;s voluntary compliance guidelines and the relevant
                                         compliance guidance promulgated by the federal government or otherwise restrict payments
                                         that may be made to healthcare providers; state and foreign laws that require drug manufacturers
                                         to report information related to payments and other transfers of value to physicians
                                         and other healthcare providers or marketing expenditures; and state and foreign laws
                                         governing the privacy and security of health information in certain circumstances, many
                                         of which differ from each other in significant ways and often are not preempted by HIPAA,
                                         thus complicating compliance efforts.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Efforts to ensure that our business arrangements
with third parties will comply with applicable healthcare laws and regulations may involve substantial costs. It is possible that
governmental authorities will conclude that our business practices, including our relationships with physicians and other healthcare
providers, some of whom may recommend, purchase or prescribe IFX-1, if approved, may not comply with current or future statutes,
regulations or case law involving applicable fraud and abuse or other healthcare laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If our operations are found to be in violation
of any of these laws or any other governmental regulations that may apply to us, we may be subject to significant civil, criminal
and administrative penalties, including, without limitation, damages, fines, disgorgement, individual imprisonment, exclusion
from participation in government</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">healthcare
programs, such as Medicare and Medicaid, additional reporting requirements and oversight if we become subject to a corporate
integrity agreement or similar agreement to resolve allegations of non-compliance with these laws and the curtailment or
restructuring of our operations, which could have a material adverse effect on our business. If any of the physicians or
other healthcare providers or entities with whom we expect to do business is found not to be in compliance with applicable
laws,  they may be subject to criminal, civil or administrative sanctions, including exclusions from participation in
government healthcare programs, which could also materially affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Recently enacted and future legislation may increase
the difficulty and cost for us to obtain marketing approval of and commercialize IFX-1 and affect the prices we may obtain. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the United States and some foreign
jurisdictions, there have been a number of legislative and regulatory changes and proposed changes regarding the healthcare system
that could prevent or delay marketing approval of IFX-1, restrict or regulate post-approval activities and affect our ability
to profitably sell any product candidates for which we obtain marketing approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Among policy makers and payors in the
United States and elsewhere, there is significant interest in promoting changes in healthcare systems with the stated goals of
containing healthcare costs, improving quality and/or expanding access. In the United States, the pharmaceutical industry has
been a particular focus of these efforts and has been significantly affected by major legislative initiatives. In March 2010,
President Obama signed into law the Affordable Care Act, a sweeping law intended to broaden access to health insurance, reduce
or constrain the growth of healthcare spending, enhance remedies against fraud and abuse, add new transparency requirements for
the healthcare and health insurance industries, impose new taxes and fees on the health industry and impose additional health
policy reforms. Among the provisions of the Affordable Care Act of importance to our potential product candidates are the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an
                                         annual, nondeductible fee on any entity that manufactures or imports certain branded
                                         prescription drugs and biologic agents, apportioned among these entities according to
                                         their market share in certain government healthcare programs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an
                                         increase in the statutory minimum rebates a manufacturer must pay under the Medicaid
                                         Drug Rebate Program to 23.1% and 13.0% of the average manufacturer price for branded
                                         and generic drugs, respectively;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expansion
                                         of healthcare fraud and abuse laws, including the False Claims Act and the Anti-Kickback
                                         Statute, which include, among other things, new government investigative powers and enhanced
                                         penalties for non-compliance;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                         new Medicare Part D coverage gap discount program, in which manufacturers must agree
                                         to offer 50% point-of-sale discounts off negotiated prices of applicable brand drugs
                                         to eligible beneficiaries during their coverage gap period, as a condition for the manufacturer&rsquo;s
                                         outpatient drugs to be covered under Medicare Part D;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">extension
                                         of manufacturers&rsquo; Medicaid rebate liability to covered drugs dispensed to individuals
                                         who are enrolled in Medicaid managed care organizations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expansion
                                         of eligibility criteria for Medicaid programs by, among other things, allowing states
                                         to offer Medicaid coverage to additional individuals, thereby potentially increasing
                                         manufacturers&rsquo; Medicaid rebate liability;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">extension
                                         of manufacturers&rsquo; Medicaid rebate liability to covered drugs dispensed to individuals
                                         who are enrolled in Medicaid managed care organizations;</TD></TR></TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expansion
                                         of eligibility criteria for Medicaid programs by, among other things, allowing states
                                         to offer Medicaid coverage to additional individuals, thereby potentially increasing
                                         manufacturers&rsquo; Medicaid rebate liability;</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expansion
                                         of the entities eligible for discounts under the Public Health Service pharmaceutical
                                         pricing program;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         new requirements under the federal open payments program and its implementing regulations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                         new requirement to annually report drug samples that manufacturers and distributors provide
                                         to physicians; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                         new Patient-Centered Outcomes Research Institute to oversee, identify priorities in,
                                         and conduct comparative clinical effectiveness research, along with funding for such
                                         research.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">Since its enactment there have been judicial
and Congressional challenges to certain aspects of the Affordable Care Act. As a result, there have been delays in the implementation
of, and action taken to repeal or replace, certain aspects of the Affordable Care Act. In January 2017, the federal government
began directing federal agencies with authorities and responsibilities under the Affordable Care Act to waive, defer, grant exemptions
from, or delay the implementation of any provision of the Affordable Care Act that would impose a fiscal or regulatory burden
on states, individuals, healthcare providers, health insurers, or manufacturers of pharmaceuticals or medical devices. Further,
in May 2017, the U.S. House of Representatives passed legislation known as the American Health Care Act, or the AHCA, which, if
enacted, would amend or repeal significant portions of the Affordable Care Act. Prospects for legislative action on this bill
are uncertain. Congress could consider other legislation to repeal or replace certain elements of the Affordable Care Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">In addition, other legislative changes
have been proposed and adopted since the Affordable Care Act was enacted. These changes included aggregate reductions to Medicare
payments to providers of 2% per fiscal year effective April 1, 2013 and, due to subsequent legislative amendments to the statute,
will stay in effect through 2025, unless additional Congressional action is taken. In January 2013, President Obama signed into
law the American Taxpayer Relief Act of 2012, which, among other things, further reduced Medicare payments to several providers,
and increased the statute of limitations period for the government to recover overpayments to providers from three to five years.
These new laws may result in additional reductions in Medicare and other healthcare funding, which could have a material adverse
effect on customers for our drugs, if approved, and, accordingly, our financial operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">We expect that the Affordable Care Act,
as well as other healthcare reform measures that may be adopted in the future, may result in more rigorous coverage criteria and
in additional downward pressure on the price that we receive for any approved drug. Any reduction in reimbursement from Medicare
or other government programs may result in a similar reduction in payments from private payors. The implementation of cost containment
measures or other healthcare reforms may prevent us from being able to generate revenue, attain profitability, or commercialize
our drugs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Legislative and regulatory proposals have
been made to expand post-approval requirements and restrict sales and promotional activities for drugs. In addition, there have
been several recent Congressional inquiries and proposed bills designed to, among other things, bring more transparency to drug
pricing, review the relationship between pricing and manufacturer patient programs, reduce the cost of drugs under Medicare and
reform government program reimbursement methodologies for drugs. We cannot be sure whether additional legislative changes will
be enacted, or whether the FDA regulations, guidance or interpretations will be changed, or what the impact of such changes on
the marketing approvals of IFX-1, if any, may be. In addition, increased scrutiny by the U.S. Congress of the FDA&rsquo;s approval
process may significantly delay or prevent marketing approval, as well as subject us to more stringent drug labeling and post-marketing
testing and other requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Even if we, or any future collaborators, obtain marketing
approvals for our product candidates, the terms of approvals and ongoing regulation of our products may limit how we manufacture
and market our products, which could impair our ability to generate revenue.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Once marketing approval has been granted,
an approved product and its manufacturer and marketer are subject to ongoing review and extensive regulation. We, and any future
collaborators, must therefore comply with requirements concerning advertising and promotion for any of our product candidates
for which we or they obtain marketing approval. Promotional communications with respect to prescription drugs are subject to a
variety of legal and regulatory restrictions and must be consistent with the information in the product&rsquo;s approved labeling. Thus,
we and any future collaborators will not be able to promote any products we develop for indications or uses for which they are
not approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, manufacturers of approved
products and those manufacturers&rsquo; facilities are required to comply with extensive FDA requirements, including ensuring that quality
control and manufacturing procedures conform to current Good Manufacturing Practices, or cGMPs, which include requirements relating
to quality control and quality assurance as well as the corresponding maintenance of records and documentation and reporting requirements.
We, our contract manufacturers, any future collaborators and their contract manufacturers could be subject to periodic unannounced
inspections by the FDA to monitor and ensure compliance with cGMPs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Accordingly, assuming we, or any future
collaborators, receive marketing approval for one or more of our product candidates, we, and any future collaborators, and our
and their contract manufacturers will continue to expend time, money and effort in all areas of regulatory compliance, including
manufacturing, production, product surveillance and quality control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Governments outside the United States tend to impose
strict price controls, which may adversely affect our revenues, if any.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Outside of the United States, international
operations are generally subject to extensive governmental price controls and other market regulations. In many countries, such
as countries of the European Union, the pricing of prescription pharmaceuticals is subject to varying price control mechanisms,
often as part of national health systems. Other countries allow companies to fix their own prices for medical products, but monitor
and control company profits. Pricing negotiations with governmental authorities can take considerable time after the receipt of
marketing approval for a product. To obtain reimbursement or pricing approval in some countries, we, or any future collaborators,
may be required to conduct a clinical trial that compares the cost-effectiveness of our product to other available therapies.
If reimbursement of our products is unavailable or limited in scope or amount, or if pricing is set at unsatisfactory levels,
our business could be harmed. Additional foreign price controls or other changes in pricing regulation could restrict the amount
that we are able to charge for our product candidates, and we believe the increasing emphasis on cost-containment initiatives
in the Europe Union has and will continue to put pressure on the pricing and usage of our product candidates. As a result, given
the relatively smaller target markets for HS and AAV, our initial indications for IFX-1, in the Europe Union and elsewhere outside
the United States, any reduced reimbursement for such product candidates may be insufficient for us to generate commercially reasonable
revenue and profits and would adversely affect our financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Any of our product candidates for which we, or any future
collaborators, obtain marketing approval in the future could be subject to post-marketing restrictions or withdrawal from the
market and we, or any future collaborators, may be subject to substantial penalties if we, or they, fail to comply with regulatory
requirements or if we, or they, experience unanticipated problems with our products following approval.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any of our product candidates for which
we, or any future collaborators, obtain marketing approval, as well as the manufacturing processes, post-approval studies and
measures, labeling, advertising and promotional activities for such product, among other things, will be subject to ongoing requirements
of and review by the FDA, the EMA and other regulatory authorities. These requirements include submissions of safety and other
post-marketing information and reports, registration and listing requirements, requirements relating to manufacturing, quality
control, quality assurance and corresponding maintenance of records and documents, requirements regarding the distribution of
samples to physicians and recordkeeping. Even if marketing approval of a product candidate is granted, the approval may be subject
to limitations on the indicated uses for which the product may be marketed or to the conditions of approval, including the requirement
to implement a REMS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The FDA, the EMA and other regulatory
authorities may also impose requirements for costly post-marketing studies or clinical trials and surveillance to monitor the
safety or efficacy of a product. The FDA and other agencies, including the Department of Justice, closely regulate and monitor
the post-approval marketing and promotion of products to ensure that they are manufactured, marketed and distributed only for
the approved indications and in accordance with the provisions of the approved labeling. The FDA imposes stringent restrictions
on manufacturers&rsquo; communications regarding off-label use and if we, or any future collaborators, do not market any of our product
candidates for which we, or they, receive marketing approval for only their approved indications, we, or they, may be subject
to warnings or enforcement action for off-label marketing. Violation of the FDCA and other statutes relating to the promotion
and advertising of prescription drugs may lead to investigations or allegations of violations of federal and state health care
fraud and abuse laws and state consumer protection laws, including the False Claims Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, later discovery of previously
unknown adverse events or other problems with our products or their manufacturers or manufacturing processes, or failure to comply
with regulatory requirements, may yield various results, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictions
                                         on the manufacturing of such products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictions
                                         on the labeling or marketing of such products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictions
                                         on product distribution or use;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">requirements
                                         to conduct post-marketing studies or clinical trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">warning
                                         letters or untitled letters;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">withdrawal
                                         of the products from the market;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">refusal
                                         to approve pending applications or supplements to approved applications that we submit;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">recall
                                         of products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictions
                                         on coverage by third-party payors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fines,
                                         restitution or disgorgement of profits or revenues;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">suspension
                                         or withdrawal of marketing approvals;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">refusal
                                         to permit the import or export of products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">product
                                         seizure; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">injunctions
                                         or the imposition of civil or criminal penalties.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt"><B>Risks related to our dependence
on third parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We rely on third parties to conduct our clinical trials.
If they do not perform satisfactorily, our business could be harmed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We do not independently conduct clinical
trials of any of our product candidates. We rely on third parties, such as contract research organizations, or CROs, clinical
data management organizations, medical institutions and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">clinical
investigators, to conduct these clinical trials and expect to rely on these third parties to conduct clinical trials of any other
product candidate that we develop. Any of these third parties may terminate their engagements with us under certain circumstances.
We may not be able to enter into alternative arrangements or do so on commercially reasonable terms. In addition, there is a natural
transition period when a new contract research organization begins work. As a result, delays would likely occur, which could negatively
impact our ability to meet our expected clinical development timelines and harm our business, financial condition and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Further, although our reliance on these
third parties for clinical development activities limits our control over these activities, we remain responsible for ensuring
that each of our trials is conducted in accordance with the applicable protocol, legal and regulatory requirements and scientific
standards. For example, notwithstanding the obligations of a CRO for a trial of one of our product candidates, we remain responsible
for ensuring that each of our clinical trials is conducted in accordance with the general investigational plan and protocols for
the trial. Moreover, the FDA, the EMA and potentially other regulatory agencies of different countries require us to comply with
requirements, commonly referred to as Good Clinical Practices, or GCPs, for conducting, recording and reporting the results of
clinical trials to assure that data and reported results are credible and accurate and that the rights, integrity and confidentiality
of trial participants are protected. The FDA and regulatory agencies inside the European Union and other regulatory agencies enforce
these GCPs through periodic inspections of trial sponsors, principal investigators, clinical trial sites and IRBs. If we or our
third-party contractors fail to comply with applicable GCPs, the clinical data generated in our clinical trials may be deemed
unreliable and the FDA or other regulatory agencies may require us to perform additional clinical trials before approving our
product candidates, which would delay the marketing approval process. We cannot be certain that, upon inspection, the FDA or other
regulatory agencies will determine that any of our clinical trials comply with GCPs. We are also required to register clinical
trials and post the results of completed clinical trials on a government-sponsored database, such as ClinicalTrials.gov in the
United States, within certain timeframes. Failure to do so can result in fines, adverse publicity and civil and criminal sanctions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Furthermore, the third parties conducting
clinical trials on our behalf are not our employees, and except for remedies available to us under our agreements with such contractors,
we cannot control whether or not they devote sufficient time, skill and resources to our ongoing development programs. These contractors
may also have relationships with other commercial entities, including our competitors, for whom they may also be conducting clinical
trials or other drug development activities, which could impede their ability to devote appropriate time to our clinical programs.
If these third parties, including clinical investigators, do not successfully carry out their contractual duties, meet expected
deadlines or conduct our clinical trials in accordance with regulatory requirements or our stated protocols, we may not be able
to obtain, or may be delayed in obtaining, marketing approvals for our product candidates. If that occurs, we will not be able
to, or may be delayed in our efforts to, successfully commercialize our product candidates. In such an event, our financial results
and the commercial prospects for any product candidates that we seek to develop could be harmed, our costs could increase and
our ability to generate revenues could be delayed, impaired or foreclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are subject to manufacturing risks, and use of third
parties to manufacture our product candidates may increase the risk that we will not have sufficient quantities of our product
candidates, products, or necessary quantities at an acceptable cost.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We do not own or operate manufacturing
facilities for the production of clinical or commercial quantities of our product candidates, and we lack the resources and the
capabilities to do so. As a result, we currently rely on third parties for supply of IFX-1. Our current strategy is to outsource
all manufacturing of our product candidates and products to third parties while conducting certain quality control tests within
our in-house manufacturing processes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The process of manufacturing our products
is complex, highly regulated and subject to several risks. The process of manufacturing biologics, such as IFX-1, is extremely
susceptible to product loss due to contamination, equipment failure or improper installation or operation of equipment, vendor
or operator error, inconsistency in yields, variability in product characteristics and difficulties in scaling the production
process. Even minor deviations from normal manufacturing processes could result in reduced production yields, product defects
and other supply disruptions. If microbial, viral or other contaminations are discovered in our product candidates or in the manufacturing
facilities in which our product candidates are made, such manufacturing facilities may need to be closed for an extended period
of time to investigate and remedy the contamination.&nbsp; Further, our product candidates that have been produced and are stored
for later use may degrade, become contaminated or suffer other quality defects, which may cause the affected product candidates
to no longer be suitable for their intended use in clinical trials or other development activities. If the defective product candidates
cannot be replaced in a timely fashion, we may incur significant delays in our development programs that could adversely affect
the value of such product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We currently engage third-party manufacturers
to provide the final drug product formulation of IFX-1 that is being used in our clinical trials. Although we believe that there
are several potential alternative manufacturers who could manufacture IFX-1, we may incur added costs and delays in identifying
and qualifying any such replacement. We recently engaged a new manufacturer for clinical supply of IFX-1. There is no assurance
that we will be able to timely secure needed alternative supply arrangements on satisfactory terms, or at all. Our failure to
secure these arrangements as needed could have a material adverse effect on our ability to complete the development of our product
candidates or, to commercialize them, if approved. There may be difficulties in scaling up to commercial quantities or optimization
of processes and formulation of IFX-1 and the costs of manufacturing could be prohibitive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Even if we are able to establish and maintain
arrangements with third-party manufacturers, reliance on third-party manufacturers entails additional risks beyond our control,
including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reliance
                                         on third-parties for manufacturing process development, regulatory compliance and quality
                                         assurance;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">costs
                                         and validation of new equipment and facilities required for additional scale-up or optimization
                                         of processes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">failure
                                         to comply with cGMP and similar foreign standards;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">limitations
                                         on supply availability resulting from capacity and scheduling constraints of third-parties;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">lack
                                         of qualified backup suppliers for those components that are currently purchased from
                                         a sole or single source supplier;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         possible breach of manufacturing agreements by third-parties because of factors beyond
                                         our control; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         possible termination or non-renewal of the manufacturing agreements by the third-party,
                                         at a time that is costly or inconvenient to us, and our ability to obtain alternative
                                         supply.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we do not maintain our key manufacturing
relationships, we may fail to find replacement manufacturers or develop our own manufacturing capabilities, which could delay
or impair our ability to obtain regulatory approval for our products. If we do find replacement manufacturers, we may not be able
to enter into agreements with them on terms and conditions favorable to us and there could be a substantial delay before new facilities
could be qualified and registered with the FDA and other foreign regulatory authorities. In addition, a change of the manufacturing
facility contains inherent risks and is generally viewed as major change in the manufacturing process such that comparability
studies have to be conducted to assure comparability between the before established manufacturing process and the newly established
manufacturing process potentially causing delays in the drug product supply or, in case of a non-comparability of the manufactured
drug product, warrant further additional pre-clinical and or clinical studies with such non-comparable drug product which may
also be imposed by any regulatory agency upon review of the comparability data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We participate in the manufacturing process
with crucial quality control testing within our own laboratories, and we hold the manufacturer license for, and therefore oversee,
the overall manufacturing process, and we are responsible for ensuring that this part of our business also operates according
to GMP standards. Additionally, we currently hold an importing license. We therefore employ key personnel within the manufacturing
process such as a head of quality assurance, a head of manufacturing, and a qualified person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Thus, our laboratories and our quality
control system and related documentation and personnel, are also subject to frequent governmental inspections to assure adherence
to GMP guidelines and to maintain our manufacturing and importing license. Related to these activities, there are risks which
could negatively impact our ability to meet our expected clinical development timelines and harm our business, financial condition
and prospects, including but not being limited to the following risks:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                         loss of key personnel within the manufacturing activities could result in significant
                                         delays in the manufacturing and release testing of our drug candidate and replacement
                                         of such personnel could be time consuming and be associated with additional costs for
                                         us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">mistakes
                                         or misconduct within the release testing could result in false results which could result
                                         in both, the wrongfully rejection of a manufactured drug product from being released
                                         or the wrongfully acceptance of a dysfunctional drug product, causing data and trial
                                         results achieved with such drug product being false and potentially wrongly interpreted; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an
                                         inadequate GMP compliance could result in a potential temporary or permanent loss of
                                         the manufacturing or importing license resulting from an inspection of regulatory agencies.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our third-party manufacturers or we may
not be able to comply with the cGMP regulatory requirements applicable to IFX-1 and biologics, including applicable provisions
of the FDA&rsquo;s drug cGMP regulations, device cGMP requirements embodied in the Quality System Regulation, or QSR, or similar regulatory
requirements outside the United States. Our failure, or the failure of our third-party manufacturers, to comply with applicable
regulations could result in sanctions being imposed on us, including clinical holds, fines, injunctions, civil penalties, delays,
suspension or withdrawal of approvals, seizures or voluntary recalls of product candidates, operating restrictions and criminal
prosecutions, any of which could significantly affect supplies of our product candidates. In addition, our third-party manufacturers
and suppliers and we are subject to FDA and other local regulatory authority inspection from time to time. Failure by our third-party
manufacturers and suppliers or us to pass such inspections and otherwise satisfactorily complete the FDA approval regimen with
respect to our product candidate may result in regulatory actions such as the issuance of FDA Form 483 notices of observations,
warning letters or injunctions or the loss of operating licenses. In addition, we and our third-party manufacturers and suppliers
are subject to numerous environmental, health and safety laws and regulations, including those governing the handling, use, storage,
treatment and disposal of waste products, and failure to comply with such laws and regulations could result in significant costs
associated with civil or criminal fines and penalties for such third parties. Based on the severity of the regulatory action,
our clinical or commercial supply of drug and packaging and other services could be interrupted or limited, which could have a
material adverse effect on our business, including our clinical research activities and our ability to develop our product candidates
and market our products following approval, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If any third-party manufacturer of our product candidates
is unable to increase the scale of its production of our product candidates, and/or increase the product yield of its manufacturing,
then our costs to manufacture the product may increase and commercialization may be delayed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to produce sufficient quantities
to meet the demand for clinical trials and, if approved, subsequent commercialization of IFX-1 or any of our other product candidates
in our pipeline or that we may develop, our third party manufacturers will be required to increase their production and optimize
their manufacturing processes while maintaining the quality of the product. The transition to larger scale production could prove
difficult or costly. Further, any claims in our manufacturing process as a result of scaling up or optimization of the manufacturing,
supply and fill process may result in the need to obtain regulatory approvals. If our third party manufacturers are not able to
optimize manufacturing process to increase the product yield for our product candidates, or are unable to produce increased amounts
of our product candidates while maintaining the quality of the product, then we may not be able to meet the demands of clinical
trials or market demands, which could decrease our ability to generate profits. Difficulty in achieving commercial scale-up production
or production optimization or the need for additional regulatory approvals as a result could have a material adverse impact on
our business and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We expect to seek to establish collaborations and, if
we are not able to establish them on commercially reasonable terms, we may have to alter our development and commercialization
plans.</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect to seek one or more collaborators
for the development and commercialization of one or more of our product candidates. Likely collaborators may include large and
mid-size pharmaceutical companies, regional and national pharmaceutical companies and biotechnology companies. In addition, if
we obtain marketing approval for product candidates from foreign regulatory authorities, we may enter into strategic relationships
with international biotechnology or pharmaceutical companies for the commercialization of such product candidates outside of the
United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We face significant competition in seeking
appropriate collaborators. Whether we reach a definitive agreement for a collaboration will depend, among other things, upon our
assessment of the collaborator&rsquo;s resources and expertise, the terms and conditions of the proposed collaboration and the proposed
collaborator&rsquo;s evaluation of a number of factors. Those factors may include the potential differentiation of our product candidate
from competing product candidates, design or results of clinical trials, the likelihood of approval by the FDA, the EMA or comparable
foreign regulatory authorities and the regulatory pathway for any such approval, the potential market for the product candidate,
the costs and complexities of manufacturing and delivering the product to patients and the potential of competing products. The
collaborator may also consider alternative product candidates or technologies for similar indications that may be available for
collaboration and whether such a collaboration could be more attractive than the one with us for our product candidate. If we
elect to increase our expenditures to fund development or commercialization activities on our own, we may need to obtain additional
capital, which may not be available to us on acceptable terms or at all. If we do not have sufficient funds, we may not be able
to further develop our product candidates or bring them to market and generate product revenue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Collaborations are complex and time-consuming
to negotiate and document. Further, there have been a significant number of recent business combinations among large pharmaceutical
companies that have may resulted in a reduced number of potential future collaborators. Any collaboration agreements that we enter
into in the future may contain restrictions on our ability to enter into potential collaborations or to otherwise develop specified
product candidates. We may not be able to negotiate collaborations on a timely basis, on acceptable terms, or at all. If we are
unable to do so, we may have to curtail the development of the product candidate for which we are seeking to collaborate, reduce
or delay its development program or one or more of our other development programs, delay its potential commercialization or reduce
the scope of any sales or marketing activities, or increase our expenditures and undertake development or commercialization activities
at our own expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we enter into collaborations with third parties for
the development and commercialization of our product candidates, our prospects with respect to those product candidates will depend
in significant part on the success of those collaborations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect to maintain existing collaborations
and enter into additional collaborations for the development and commercialization of certain of our product candidates and in
certain geographies. If we entered into additional collaborations, we will have limited control over the amount and timing of
resources that our collaborators will dedicate to the development or commercialization of our product candidates. Our ability
to generate revenues from these arrangements will depend on any future collaborators&rsquo; abilities to successfully perform the functions
assigned to them in these arrangements. In addition, any future collaborators may have the right to abandon research or development
projects and terminate applicable agreements, including funding obligations, prior to or upon the expiration of the agreed upon
terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Collaborations involving our product candidates
pose a number of risks, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaborators
                                         have significant discretion in determining the efforts and resources that they will apply
                                         to these collaborations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaborators
                                         may not perform their obligations as expected;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaborators
                                         may not pursue development and commercialization of our product candidates or may elect
                                         not to continue or renew development or commercialization programs, based on clinical
                                         trial results, changes in the collaborators&rsquo; strategic focus or available funding or
                                         external factors, such as an acquisition, that divert resources or create competing priorities;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaborators
                                         may delay clinical trials, provide insufficient funding for a clinical trial program,
                                         stop a clinical trial or abandon a product candidate, repeat or conduct new clinical
                                         trials or require a new formulation of a product candidate for clinical testing;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaborators
                                         could independently develop, or develop with third parties, products that compete directly
                                         or indirectly with our product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                         collaborator with marketing and distribution rights to one or more products may not commit
                                         sufficient resources to the marketing and distribution of such product or products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">disagreements
                                         with collaborators, including disagreements over proprietary rights, including trade
                                         secrets and intellectual property rights, contract interpretation, or the preferred course
                                         of development might cause delays or termination of the research, development or commercialization
                                         of product candidates, might lead to additional responsibilities for us with respect
                                         to product candidates, or might result in litigation or arbitration, any of which would
                                         be time-consuming and expensive;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaborators
                                         may not properly maintain or defend our intellectual property rights or may use our proprietary
                                         information in such a way as to invite litigation that could jeopardize or invalidate
                                         our intellectual property or proprietary information or expose us to potential litigation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaborators
                                         may infringe, misappropriate or otherwise violate the intellectual property rights of
                                         third parties, which may expose us to litigation and potential liability;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaborations
                                         may be terminated and, if terminated, may result in a need for additional capital to
                                         pursue further development or commercialization of the applicable product candidates;
                                         and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">collaboration
                                         agreements may not lead to development or commercialization of product candidates in
                                         the most efficient manner or at all. If any future collaborator of ours is involved in
                                         a business combination, it could decide to delay, diminish or terminate the development
                                         or commercialization of any product candidate licensed to it by us.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt"><B>Risks related to our intellectual
property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our success depends on our ability to protect our intellectual
property and proprietary anti-C5a technology.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our success depends in large part on our
ability to obtain and maintain patent, trade secret and other intellectual property protection in the United States and other
countries with respect to IFX-1 and other proprietary product candidates. If we do not adequately protect our intellectual property
rights, competitors may be able to erode, negate or preempt any competitive advantage we may have, which could harm our business
and ability to achieve profitability. To protect our proprietary position, we file patent applications in the United States and
abroad related to our novel product candidates that are important to our business. The patent application and approval process
is expensive and time-consuming and we may not be able to file and prosecute all necessary or desirable patent applications at
a reasonable cost or in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the scope of the patent protection
we obtain is not sufficiently broad, we may not be able to prevent others from developing and commercializing technology and products
similar or identical to ours. The degree of patent protection we require to successfully compete in the marketplace may be unavailable
or severely limited in some cases and may not adequately protect our rights or permit us to gain or keep any competitive advantage.
Although we enter into non-disclosure and confidentiality agreements with parties who have access to confidential or patentable
aspects of our research and development output, such as our employees, contractors and other third parties, any of these parties
may breach the agreements and disclose such output before a patent application is filed, thereby jeopardizing our ability to seek
patent protection. In addition, publications of discoveries in the scientific literature often lag behind the actual discoveries,
and patent applications in the United States and other jurisdictions are typically not published until 18 months after filing,
or in some cases not at all. Therefore, we cannot be certain that we were the first to make the inventions claimed in our patents
or pending patent applications, or that we were the first to file for patent protection of such inventions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The patent position of biotechnology and
pharmaceutical companies generally is highly uncertain, involves complex legal and factual questions, and has been the subject
of much litigation in recent years. As a result, the issuance, scope, validity, enforceability, and commercial value of our patent
rights may be uncertain. Our pending and future patent applications may not result in patents being issued which protect our technology
or product candidates or which effectively prevent others from commercializing competitive technologies and product candidates.
In addition, the coverage claimed in a patent application can be significantly reduced before the patent is issued, and its scope
can be reinterpreted after issuance. Even if our patent applications issue as patents, they may not issue in a form that will
provide us with any meaningful protection, prevent competitors or other third parties from competing with us, or otherwise provide
us with any competitive advantage. For example, there can be no assurance that our issued patents contain and pending patent applications
will contain, when granted, claims of sufficient breadth to cover all antibodies alleged to be a biosimilar of our product candidates.
Furthermore, there can be no assurance that our issued patents will not be challenged at the United States Patent and Trademark
Office, or USPTO, or foreign patent offices or in court proceedings, and if any such challenge were successful, the scope of our
issued patent claims could be limited so as to not cover antibodies alleged to be a biosimilar of our product candidates. In addition,
changes in either the patent laws or interpretation of the patent laws in the United States and other countries may diminish the
value of our patents or narrow the scope of our patent protection. In addition, the laws of foreign countries may not protect
our rights to the same extent or in the same manner as the laws of the United States. For example, patent laws in various jurisdictions,
including significant commercial markets such as Europe, restrict the patentability of methods of treatment of the human body
more than United States law does.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Some of our future patents and patent
applications may be co-owned with third parties. If we are unable to obtain an exclusive license to any such third party co-owners&rsquo;
interest in such patents or patent applications, such co-owners may be able to license their rights to other third parties, including
our competitors, and our competitors could market competing products and technology. In addition, we would need the cooperation
of any such co-owners of our patents in order to enforce such patents against third parties, and such cooperation may not be provided
to us. Furthermore, we, or any future partners, collaborators, or licensees, may fail to identify patentable aspects of inventions
made in the course of development and commercialization activities before it is too late to obtain patent protection on them.
Therefore, we may miss potential opportunities to strengthen our patent position. Any of the foregoing could have a material adverse
effect on our business, financial condition, results of operations, and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our patents covering our proprietary anti-C5a technology
may be subject to challenge, narrowing, circumvention and invalidation by third parties.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any of our patents may be challenged,
narrowed, circumvented, or invalidated by third parties. The issuance of a patent is not conclusive as to its inventorship, scope,
validity, or enforceability, and our patents may be challenged in the courts or patent offices in the United States and abroad.
We may be subject to a third party preissuance submission of prior art to the USPTO or become involved in opposition, derivation,
revocation, reexamination, post-grant and <I>inter partes</I> review, or interference proceedings challenging our patent rights
or the patent rights of others. An adverse determination in any such submission, proceeding or litigation could reduce the scope
of, or invalidate, our patent rights, allow third parties to commercialize our technology or products and compete directly with
us, without payment to us, or result in our inability to manufacture or commercialize products without infringing third-party
patent rights. Moreover, we may have to participate in interference proceedings declared by the USPTO to determine priority of
invention or in post-grant challenge proceedings, such as oppositions in a foreign patent office, that challenge priority of invention
or other features of patentability. Such challenges may result in loss of patent rights, loss of exclusivity, or in patent claims
being narrowed, invalidated, or held unenforceable, which could limit our ability to stop others from using or commercializing
similar or identical technology and products, or limit the duration of the patent protection of our technology and product candidates.
Such proceedings also may result in substantial cost and require significant time from our scientists and management, even if
the eventual outcome is favorable to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, our competitors and other
third parties may be able to circumvent our patents by developing similar or alternative technologies or products in a non-infringing
manner. For example, a third party may develop a competitive therapy that provides benefits similar to IFX-1 or other product
candidates but that uses a technology that falls outside the scope of our patent protection. Our competitors may also seek approval
to market generic versions of any approved products and in connection with seeking such approval may claim that our patents are
invalid, unenforceable or not infringed. In these circumstances, we may need to defend or assert our patents, or both, including
by filing lawsuits alleging patent infringement. In any of these types of proceedings, a court or other agency with jurisdiction
may find our patents invalid or unenforceable, or that our competitors are competing in a non-infringing manner. Thus, even if
we have valid and enforceable patents, these patents still may not provide protection against competing products or processes
sufficient to achieve our business objectives. If the patent protection provided by the patents and patent applications we hold
or pursue with respect to our product candidates is not sufficiently broad to impede such competition, our ability to successfully
commercialize our product candidates could be negatively affected, which could have a material adverse effect on our business,
financial condition, results of operations, and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We cannot be sure that we were the first to make the
anti-C5a technologies claimed in our patents or patent applications or that we were the first to file for patent protection.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Assuming the other requirements for patentability
are met, currently, the first to file&nbsp;a patent application is generally entitled to the patent. However, prior to March&nbsp;16,
2013, in the United States, the first to invent was entitled to the patent. Publications of discoveries in the scientific literature
often lag behind the actual discoveries, and patent applications in the United States and other jurisdictions are not published
until 18&nbsp;months after filing, or in some cases not at all. Therefore, we cannot be certain that we were the first to make
the inventions claimed in our patents or pending patent applications, or that we were the first to file for patent protection
of such inventions. Similarly, we cannot be certain that parties from whom we may license or purchase patent rights were the first
to make relevant claimed inventions, or were the first to file for patent protection for them. If third parties have filed patent
applications on inventions claimed in our patents or applications on or before March&nbsp;15, 2013, an interference proceeding
in the United States can be initiated by such third parties to determine who was the first to invent any of the subject matter
covered by the patent claims of our applications. If third parties have filed such applications after March&nbsp;15, 2013, a derivation
proceeding in the United States can be initiated by such third parties to determine whether our invention was derived from theirs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The patent application process is subject to numerous
risks and there can be no assurance that we will be successful in obtaining patents for which we have applied.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pending patent applications cannot be
enforced against third parties practicing the technology claimed in such applications unless and until a patent issues from such
applications. The patent application process is subject to numerous risks and uncertainties, and there can be no assurance that
we or any of our future development partners will be successful in protecting our product candidates by obtaining and defending
patents. These risks and uncertainties include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         USPTO and various foreign governmental patent agencies require compliance with a number
                                         of procedural, documentary, fee payment and other provisions during the patent process.
                                         There are situations in which noncompliance can result in abandonment or lapse of a patent
                                         or patent application, resulting in partial or complete loss of patent rights in the
                                         relevant jurisdiction. In such an event, competitors might be able to enter the market
                                         earlier than would otherwise have been the case;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         coverage claimed in a patent application can be significantly reduced before the patent
                                         is issued, and its scope can be reinterpreted after issuance;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>patent
                                         applications may not result in any patents being issued;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>patents
                                         that may be issued or in-licensed may be challenged, invalidated, modified, revoked,
                                         circumvented, narrowed, found to be unenforceable or otherwise may not provide any competitive
                                         advantage;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our
                                         competitors, many of whom have substantially greater resources and many of whom have
                                         made significant investments in competing technologies, may seek or may have already
                                         obtained patents that will limit, interfere with or eliminate our ability to make, use,
                                         and sell our potential product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>there
                                         may be significant pressure on the U.S. government and international governmental bodies
                                         to limit the scope of patent protection both inside and outside the United States for
                                         disease treatments that prove successful, as a matter of public policy regarding worldwide
                                         health concerns; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>countries
                                         other than the United States may have patent laws less favorable to patentees than those
                                         upheld by U.S. courts, allowing foreign competitors a better opportunity to create, develop
                                         and market competing product candidates.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any of the foregoing events could have a material adverse effect
on our business, financial condition, results of operations, and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>It is difficult and costly to protect our intellectual
property and our proprietary anti-C5a technologies, and we may not be able to ensure their protection.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our commercial success will depend in
part on obtaining and maintaining patent protection and trade secret protection for the composition, use and structure of our
products and product candidates, the methods used to manufacture them, the related therapeutic targets and associated methods
of treatment as well as on successfully defending these patents against potential third-party challenges. Our ability to protect
our products and product candidates from unauthorized making, using, selling, offering to sell or importing by third parties is
dependent on the extent to which we have rights under valid and enforceable patents that cover these activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The ultimate determination by the USPTO
or by a court or other trier of fact in the United States, or corresponding foreign national patent offices or courts, on whether
a claim meets all requirements of patentability cannot be assured. Although our C5a inhibitor portfolio consists of three families
of patent applications that we own directed to C5a inhibitors and related methods of use, we cannot predict the breadth of claims
that may be allowed or enforced in our patents or patent applications, in our licensed patents or patent applications or in third-party
patents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We cannot provide assurances that any
of our patent applications will be found to be patentable, including over our own prior art patents, publications or other disclosures,
or will issue as patents. Furthermore, given the differences in patent laws in the United States, Europe and other foreign countries,
for example, the availability of grace periods for filing patent applications and what can be considered as prior art, we cannot
make any assurances as to the scope of any claims that may issue from our pending and future patent applications in the United
States or in other jurisdictions. Similarly, we cannot make any assurances as to the scope of any claims that may survive a proceeding
initiated by a third party challenging the patentability, validity or enforceability of our patents and patent applications in
the United States or foreign jurisdictions. Any such challenge, if successful, could limit patent protection for our products
and product candidates and/or materially harm our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The degree of future protection for our
proprietary rights is uncertain because legal means afford only limited protection and may not adequately protect our rights or
permit us to gain or keep our competitive advantage. For example:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we may
                                         not be able to generate sufficient data to support full patent applications that protect
                                         the entire breadth of developments in one or more of our programs, including our HS program;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>it is
                                         possible that one or more of our pending patent applications will not become an issued
                                         patent or, if issued, that the patent(s) will be insufficient to protect our technology,
                                         provide us with a basis for commercially viable products or provide us with any competitive
                                         advantages;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if our
                                         pending applications issue as patents, they may be challenged by third parties as not
                                         infringed, invalid or unenforceable under United States or foreign laws; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if issued,
                                         the patents under which we hold rights may not be valid or enforceable.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, to the extent that we are
unable to obtain and maintain patent protection for one of our products or product candidates or in the event that such patent
protection expires, it may no longer be cost-effective to extend our portfolio by pursuing additional development of a product
or product candidate for follow-on indications. Any of the foregoing could have a material adverse effect on our business, financial
condition, results of operations, and prospects</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Obtaining and maintaining patent protection of our anti-C5a
technologies depends on compliance with various procedural, document submission, fee payment and other requirements imposed by
governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Periodic maintenance fees, renewal fees,
annuity fees and various other governmental fees on patents and applications are required to be paid to the USPTO and various
governmental patent agencies outside of the United States in several stages over the lifetime of the patents and applications.
The USPTO and various non-U.S. governmental patent agencies require compliance with a number of procedural, documentary, fee payment
and other similar provisions during the patent application process and after a patent has issued. There are situations in which
non-compliance can result in abandonment or lapse of the patent or patent application, resulting in partial or complete loss of
patent rights in the relevant jurisdiction. Under the terms of some of our licenses, we do not have the ability to maintain or
prosecute patents in the portfolio, and must therefore rely on third parties to comply with these requirements. Failure by us
or our licensors to maintain protection of our patent portfolio could have a material adverse effect on our business, financial
condition, results of operations, and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, it is possible that defects
of form in the preparation or filing of our patents or patent applications may exist, or may arise in the future, for example
with respect to proper priority claims, inventorship, claim scope, or requests for patent term adjustments. If we fail to establish,
maintain or protect such patents and other intellectual property rights, such rights may be reduced or eliminated. If any of our
present or future partners, collaborators, licensees, or licensors, are not fully cooperative or disagree with us as to the prosecution,
maintenance or enforcement of any patent rights, such patent rights could be compromised. If there are material defects in the
form, preparation, prosecution, or enforcement of our patents or patent applications, such patents may be invalid and/or unenforceable,
and such applications may never result in valid, enforceable patents. Any of these outcomes could impair our ability to prevent
competition from third parties, which may have a material adverse effect on our business, financial condition, results of operations,
and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Patent terms may be inadequate to protect our competitive
position on our products for an adequate amount of time and if we do not obtain protection under the Hatch-Waxman Amendments and
similar non-U.S. legislation for extending the term of patents covering each of our product candidates, our business may be materially
harmed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Patents have a limited lifespan. In the
United States, the natural expiration of a patent is generally twenty years after it is filed. Various extensions may be available,
however, the life of a patent, and the protection it affords, is limited. Given the amount of time required for the development,
testing and regulatory review of new product candidates, patents protecting such candidates might expire before or shortly after
such candidates are commercialized. As a result, our patent portfolio may not provide us with adequate and continuing patent protection
sufficient to exclude others from commercializing products similar to our product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Depending upon the timing, duration and
conditions of FDA marketing approval of our product candidates, one or more of our U.S. patents may be eligible for limited patent
term extension under the Drug Price Competition and Patent Term Restoration Act of 1984, referred to as the Hatch-Waxman Amendments
and similar legislation in the EU. The Hatch-Waxman Amendments permit a patent term extension of up to five years for a patent
covering an approved product as compensation for effective patent term lost during product development and the FDA regulatory
review process. A patent term extension cannot extend the remaining term of a patent beyond a total of 14 years from the date
of product approval, only one patent may be extended and only those claims covering the approved drug, a method for using it,
or a method for manufacturing it may be extended. However, we may not receive an extension if we fail to apply within applicable
deadlines, fail to apply prior to expiration of relevant patents or otherwise fail to satisfy applicable requirements. Moreover,
the length of the extension could be less than we request. If we are unable to obtain patent term extension or the term of any
such extension is less than we request, the period during which we can enforce our patent rights for that product will be shortened
and our competitors may obtain approval to market competing products sooner. As a result, our revenue from applicable products
could be reduced and could have a material adverse effect on our business, financial condition, results of operations, and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Changes to the patent law in the United States and other
jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our products.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As is the case with other biopharmaceutical
companies, our success is heavily dependent on intellectual property, particularly patents. Obtaining and enforcing patents in
the biopharmaceutical industry involves both technological and legal complexity and is therefore costly, time consuming and inherently
uncertain. Recent patent reform legislation in the United States, including the Leahy-Smith America Invents Act, or the America
Invents Act, could increase those uncertainties and costs. The America Invents Act was signed into law on September&nbsp;16, 2011,
and many of the substantive changes became effective on March&nbsp;16, 2013. The America Invents Act reforms United States patent
law in part by changing the U.S. patent system from a &ldquo;first to invent&rdquo; system to a &ldquo;first inventor to file&rdquo;
system, expanding the definition of prior art, and developing a post-grant review system. This legislation changed United States
patent law in a way that may weaken our ability to obtain patent protection in the United States for those applications filed
after March&nbsp;16, 2013.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Further, the America Invents Act created
new procedures to challenge the validity of issued patents in the United States, including post-grant review and <I>inter partes
</I>review proceedings, which some third parties have been using to cause the cancellation of selected or all claims of issued
patents of competitors. For a patent with an effective filing date of March&nbsp;16, 2013 or later, a petition for post-grant
review can be filed by a third party in a nine month window from issuance of the patent. A petition for <I>inter partes</I> review
can be filed immediately following the issuance of a patent if the patent has an effective filing date prior to March&nbsp;16,
2013. A petition for <I>inter partes</I> review can be filed after the nine month period for filing a post-grant review petition
has expired for a patent with an effective filing date of March&nbsp;16, 2013 or later. Post-grant review proceedings can be brought
on any ground of invalidity, whereas <I>inter partes</I> review proceedings can only raise an invalidity challenge based on published
prior art and patents. These adversarial actions at the USPTO review patent claims without the presumption of validity afforded
to U.S. patents in lawsuits in U.S. federal courts, and use a lower burden of proof than used in litigation in U.S. federal courts.
Therefore, it is generally considered easier for a competitor or third party to have a U.S. patent invalidated in a USPTO post-grant
review or <I>inter partes</I> review proceeding than invalidated in a litigation in a U.S. federal court. If any of our patents
are challenged by a third party in such a USPTO proceeding, there is no guarantee that we or our licensors or collaborators will
be successful in defending the patent, which would result in a loss of the challenged patent right to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, recent court rulings in cases
such as <I>Association for Molecular Pathology v. Myriad Genetics,&nbsp;Inc., BRCA1-&nbsp;&amp; BRCA2-Based Hereditary Cancer
Test Patent Litigation, Promega Corp.&nbsp;v. Life Technologies Corp. and Abbvie Deutschland GmbH v. Janssen Biotech, Inc.</I>
have narrowed the scope of patent protection available in certain circumstances and weakened the rights of patent owners in certain
situations. In addition to increasing uncertainty with regard to our ability to obtain patents in the future, this combination
of events has created uncertainty with respect to the value of patents once obtained. Depending on future actions by the U.S.
Congress, the U.S. courts, the USPTO and the relevant law-making bodies in other countries, the laws and regulations governing
patents could change in unpredictable ways that would weaken our ability to obtain new patents or to enforce our existing patents
and patents that we might obtain in the future. Any changes to patent law in the U.S. or other jurisdictions that impairs our
ability to protect IFX-1 and other product candidates could have a material adverse effect on our business, financial condition,
results of operations, and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may not be able to enforce our intellectual property
rights throughout the world.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Filing, prosecuting, enforcing and defending
patents on our product candidates in all countries throughout the world would be prohibitively expensive, and our intellectual
property rights in some countries outside the United States can be less extensive than those in the United States. The requirements
for patentability may differ in certain countries, particularly in developing countries; thus, even in countries where we do pursue
patent protection, there can be no assurance that any patents will issue with claims that cover our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Moreover, our ability to protect and enforce
our intellectual property rights may be adversely affected by unforeseen changes in foreign intellectual property laws. Additionally,
laws of some countries outside of the United States and Europe do not afford intellectual property protection to the same extent
as the laws of the United States and Europe. Many companies have encountered significant problems in protecting and defending
intellectual property rights in certain foreign jurisdictions. The legal systems of some countries, including India, China and
other developing countries, do not favor the enforcement of patents and other intellectual property rights. This could make it
difficult for us to stop the infringement of our patents or the misappropriation of our other intellectual property rights. For
example, many foreign countries have compulsory licensing laws under which a patent owner must grant licenses to third parties.
Consequently, we may not be able to prevent third parties from practicing our inventions in certain countries outside the United
States and Europe. Competitors may use our technologies in jurisdictions where we have not obtained patent protection to develop
and market their own products and, further, may export otherwise infringing products to territories where we have patent protection,
if our ability to enforce our patents to stop infringing activities is inadequate. These products may compete with our products,
and our patents or other intellectual property rights may not be effective or sufficient to prevent them from competing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Agreements through which we license patent
rights may not give us sufficient rights to permit us to pursue enforcement of our licensed patents or defense of any claims asserting
the invalidity of these patents (or control of enforcement or defense) of such patent rights in all relevant jurisdictions as
requirements may vary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Proceedings to enforce our patent rights
in foreign jurisdictions, whether or not successful, could result in substantial costs and divert our efforts and resources from
other aspects of our business. Moreover, such proceedings could put our patents at risk of being invalidated or interpreted narrowly
and our patent applications at risk of not issuing and could provoke third parties to assert claims against us. We may not prevail
in any lawsuits that we initiate and the damages or other remedies awarded, if any, may not be commercially meaningful. Furthermore,
while we intend to protect our intellectual property rights in major markets for our products, we cannot ensure that we will be
able to initiate or maintain similar efforts in all jurisdictions in which we may wish to market our products. Accordingly, our
efforts to protect our intellectual property rights in such countries may be inadequate. Any of the foregoing could have a material
adverse effect on our business, financial condition, results of operations, and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Others may claim an ownership interest in our intellectual
property and proprietary anti-C5a technologies which could expose us to litigation and have a significant adverse effect on our
prospects.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A third party may claim an ownership interest
in one or more of our, or our licensors', patents or other proprietary or intellectual property rights. A third party could bring
legal actions against us and seek monetary damages and/or enjoin clinical testing, manufacturing and marketing of the affected
product or products. While we are presently unaware of any claims or assertions by third parties with respect to our patents or
other intellectual property, we cannot guarantee that a third party will not assert a claim or an interest in any of such patents
or intellectual property. If we become involved in any litigation, it could consume a substantial portion of our resources, and
cause a significant diversion of effort by our technical and management personnel. If any of these actions are successful, in
addition to any potential liability for damages, we could be required to obtain a license to continue to manufacture or market
the affected product, in which case we may be required to pay substantial royalties or grant cross-licenses to our patents. We
cannot, however, assure you that any such license will be available on acceptable terms, if at all. Ultimately, we could be prevented
from commercializing a product, or be forced to cease some aspect of our business operations as a result of claims of patent infringement
or violation of other intellectual property rights. Further, the outcome of intellectual property litigation is subject to uncertainties
that cannot be adequately quantified in advance, including the demeanor and credibility of witnesses and the identity of any adverse
party. This is especially true in intellectual property cases that may turn on the testimony of experts as to technical facts
upon which experts may reasonably disagree. Any of the foregoing could have a material adverse effect on our business, financial
condition, results of operations, and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we are sued for infringing, misappropriating, or otherwise
violating intellectual property rights of third parties, such litigation could be costly and time consuming and could prevent
or delay us from developing or commercializing our product candidates.</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our commercial success depends, in part,
on our ability to develop, manufacture, market and sell our product candidates without infringing, misappropriating, or otherwise
violating the intellectual property and other proprietary rights of third parties. Third parties may have U.S. and non-U.S. issued
patents and pending patent applications relating to compounds, methods of manufacturing compounds and/or methods of use for the
treatment of the disease indications for which we are developing our product candidates that may cover our product candidates
or approach to complement inhibition. If any third-party patents or patent applications are found to cover our product candidates
or their methods of use or manufacture, or our approach to complement inhibition, we may not be free to manufacture or market
our product candidates as planned without obtaining a license, which may not be available on commercially reasonable terms, or
at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is a substantial amount of intellectual
property litigation in the biotechnology and pharmaceutical industries, and we may become party to, or threatened with, litigation
or other adversarial proceedings regarding intellectual property rights with respect to our product candidates, including interference
and post-grant proceedings before the USPTO. There may be third-party patents or patent applications with claims to materials,
formulations, methods of manufacture or methods for treatment related to the composition, use or manufacture of our product candidates.
Because patent applications can take many years to issue, there may be currently pending patent applications which may later result
in issued patents that our product candidates may be accused of infringing. In addition, third parties may obtain patents in the
future and claim that use of our technologies infringes upon these patents. Accordingly, third parties may assert infringement
claims against us based on intellectual property rights that exist now or arise in the future. The outcome of intellectual property
litigation is subject to uncertainties that cannot be adequately quantified in advance. The pharmaceutical and biotechnology industries
have produced a significant number of patents, and it may not always be clear to industry participants, including us, which patents
cover various types of products or methods of use or manufacture. The scope of protection afforded by a patent is subject to interpretation
by the courts, and the interpretation is not always uniform. If we are sued for patent infringement, we would need to demonstrate
that our product candidates, products or methods either do not infringe the patent claims of the relevant patent or that the patent
claims are invalid or unenforceable, and we may not be able to do this. Proving invalidity is difficult. For example, in the United
States, proving invalidity requires a showing of clear and convincing evidence to overcome the presumption of validity enjoyed
by issued patents. Even if we are successful in these proceedings, we may incur substantial costs and the time and attention of
our management and scientific personnel could be diverted in pursuing these proceedings, which could significantly harm our business
and operating results. In addition, we may not have sufficient resources to bring these actions to a successful conclusion.</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we are found to infringe, misappropriate,
or otherwise violate a third party's intellectual property rights, we could be forced, including by court order, to cease developing,
manufacturing or commercializing the infringing product candidate or product. Alternatively, we may be required to obtain a license
from such third party in order to use the infringing technology and continue developing, manufacturing or marketing the infringing
product candidate or product. However, we may not be able to obtain any required license on commercially reasonable terms or at
all. Even if we were able to obtain a license, it could be non-exclusive, thereby giving our competitors access to the same technologies
licensed to us; alternatively or additionally it could include terms that impede or destroy our ability to compete successfully
in the commercial marketplace. In addition, we could be found liable for monetary damages, including treble damages and attorneys'
fees if we are found to have willfully infringed a patent. A finding of infringement could prevent us from commercializing our
product candidates or force us to cease some of our business operations, which could harm our business. Claims that we have misappropriated
the confidential information or trade secrets of third parties could have a similar negative impact on our business. Any of the
foregoing could have a material adverse effect on our business, financial condition, results of operations, and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may be subject to claims by third parties asserting
that our employees or we have misappropriated their intellectual property, or claiming ownership of what we regard as our own
intellectual property and proprietary anti-C5a technology.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Many of our current and former employees
and our licensors&rsquo; current and former employees, including our senior management, were previously employed at universities or
at other biotechnology or pharmaceutical companies, including some which may be competitors or potential competitors. Although
we try to ensure that our employees do not use the proprietary information or know-how of others in their work for us, we may
be subject to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">claims
that we or these employees have used or disclosed intellectual property, including trade secrets or other proprietary information,
of any such third party. Litigation may be necessary to defend against such claims. If we fail in defending any such claims, in
addition to paying monetary damages, we may lose valuable intellectual property rights or personnel or sustain damages. Such intellectual
property rights could be awarded to a third party, and we could be required to obtain a license from such third party to commercialize
our technology or products. Such a license may not be available on commercially reasonable terms or at all. Even if we are successful
in defending against such claims, litigation could result in substantial costs and be a distraction to management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, while we typically require
our employees, consultants and contractors who may be involved in the development of intellectual property to execute agreements
assigning such intellectual property to us, we may be unsuccessful in executing such an agreement with each party who in fact
develops intellectual property that we regard as our own, or such agreements may be breached or alleged to be ineffective, which
may result in claims by or against us related to the ownership of such intellectual property. If we fail in prosecuting or defending
any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights. Even if we are successful
in prosecuting or defending against such claims, litigation could result in substantial costs and be a distraction to our senior
management and scientific personnel. Any of the foregoing could have a material adverse effect on our business, financial condition,
results of operations, and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may become involved in lawsuits to protect or enforce
our patents or other intellectual property, which could be expensive, time consuming and unsuccessful.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Competitors may infringe, misappropriate,
or otherwise violate our patents, trademarks, copyrights or other intellectual property. To counter infringement or unauthorized
use, we may be required to file infringement claims, which can be expensive and time consuming and divert the time and attention
of our management and scientific personnel. Any claims we assert against perceived infringers could provoke these parties to assert
counterclaims against us alleging that we infringe their patents, in addition to counterclaims asserting that our patents are
invalid or unenforceable, or both. In any patent infringement proceeding, there is a risk that a court will decide that a patent
of ours is invalid or unenforceable, in whole or in part, and that we do not have the right to stop the other party from using
the invention at issue. There is also a risk that, even if the validity of such patents is upheld, the court will construe the
patent&rsquo;s claims narrowly or decide that we do not have the right to stop the other party from using the invention at issue on
the grounds that our patent claims do not cover the invention. An adverse outcome in a litigation or proceeding involving one
or more of our patents could limit our ability to assert those patents against those parties or other competitors, and may curtail
or preclude our ability to exclude third parties from making and selling similar or competitive products. Similarly, if we were
to assert trademark infringement claims, a court may determine that the marks we have asserted are invalid or unenforceable, or
that the party against whom we have asserted trademark infringement has superior rights to the marks in question. In this case,
we could ultimately be forced to cease use of such trademarks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Even if we establish infringement, the
court may decide not to grant an injunction against further infringing activity and instead award only monetary damages, which
may or may not be an adequate remedy. Furthermore, because of the substantial amount of discovery required in connection with
intellectual property litigation, there is a risk that some of our confidential information could be compromised by disclosure
during litigation. There could also be public announcements of the results of hearings, motions or other interim proceedings or
developments. If securities analysts or investors perceive these results to be negative, it could adversely affect the price of
our common shares. Moreover, there can be no assurance that we will have sufficient financial or other resources to file and pursue
such infringement claims, which typically last for years before they are concluded. Even if we ultimately prevail in such claims,
the monetary cost of such litigation and the diversion of the attention of our management and scientific personnel could outweigh
any benefit we receive as a result of the proceedings. Any such litigation could have a material adverse effect on our business,
financial condition, results of operations, and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we fail to comply with our obligations under our existing
and any future intellectual property licenses with third parties, we could lose license rights that are important to our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may be reliant upon licenses to certain
patent rights and proprietary anti-C5a technology form third parties that are important or necessary to the development of our
product candidates. These and other licenses may not provide exclusive rights to use such intellectual property and technology
in all relevant fields of use and in all territories in which we may wish to develop or commercialize our technology and products
in the future. As a result, we may not be able to prevent competitors from developing and commercializing competitive products
in territories included in all of our licenses. Our licensors may have relied on third party consultants or collaborators or funds
from third parties such that our licensors are not the sole and exclusive owners of the patents we in-license. This could have
a material adverse effect on our competitive position, business, financial conditions, results of operations and prospects.&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, the agreements under which
we license patent rights may not give us control over patent prosecution or maintenance, so that we may not be able to control
which claims or arguments are presented and may not be able to secure, maintain, or successfully enforce necessary or desirable
patent protection from those patent rights. We cannot be certain that patent prosecution and maintenance activities by our licensors
will be conducted in compliance with applicable laws and regulations or will result in valid and enforceable patents. Even if
we are permitted to pursue such enforcement or defense, we will require the cooperation of our licensors, and cannot guarantee
that we would receive it and on what terms. We cannot be certain that our licensors will allocate sufficient resources or prioritize
their or our enforcement of such patents or defense of such claims to protect our interests in any licensed patents. If we cannot
obtain patent protection, or enforce existing or future patents against third parties, it could have a material adverse effect
on our business, financial condition, results of operations, and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Further, the agreements under which we
currently license intellectual property or technology to or from third parties are complex, and certain provisions in such agreements
may be susceptible to multiple interpretations. The resolution of any contract interpretation disagreement that may arise could
narrow what we believe to be the scope of our rights to the relevant intellectual property or technology, or increase what we
believe to be our financial or other obligations under the relevant agreement, either of which could have a material adverse effect
on our business, financial conditions, results of operations, and prospects. Moreover, if disputes over intellectual property
that we license prevent or impair our ability to maintain our licensing arrangements on commercially acceptable terms, we may
be unable to successfully develop and commercialize the affected product candidates, which could have a material adverse effect
on our business, financial conditions, results of operations, and prospects. Disputes may arise regarding intellectual property
subject to a licensing agreement, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         scope of rights granted under the license agreement and other interpretation-related
                                         issues;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         extent to which our technology and processes infringe on intellectual property of the
                                         licensor that is not subject to the licensing agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         sublicensing of patent and other rights under current and any future collaborative development
                                         relationships;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our
                                         diligence obligations under any license agreement and what activities satisfy such obligations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         inventorship and ownership of inventions and know-how resulting from the joint creation
                                         or use of intellectual property by our license counterparties and us and our partners;
                                         and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         priority of invention of patented technology.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In spite of our best efforts, our license
counterparties might conclude that we have materially breached our license agreements and might therefore terminate the license
agreements, which may remove our ability to develop and commercialize the product candidates and technology covered by these license
agreements. If any in-licenses are terminated, competitors would have the freedom to seek regulatory approval of, and to market,
products identical to ours. It is possible that we may be unable to obtain any additional licenses that we require at a reasonable
cost or on reasonable terms, if at all. In that event, we may be required to expend significant time and resources to redesign
our product candidates, technology, or the methods for manufacturing them or to develop or license replacement technology, all
of which may not be feasible on a technical or commercial basis. If we are unable to do so, we may be unable to develop or commercialize
the affected product candidates, which could harm our business, financial condition, results of operations, and prospects significantly.
Any of these events could have a material adverse effect on our competitive position, business, financial conditions, results
of operations, and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we are unable to protect the confidentiality of our
trade secrets, the value of our technology could be negatively impacted and our business would be harmed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to the protection afforded
by patents, we also rely on trade secret protection for certain aspects of our intellectual property. However, trade secrets are
difficult to protect. We seek to protect these trade secrets, in part, by entering into non-disclosure and confidentiality agreements
with parties who have access to them, such as our employees, consultants, independent contractors, advisors, contract manufacturers,
suppliers and other third parties. We also enter into confidentiality and invention or patent assignment agreements with employees
and certain consultants. Any party with whom we have executed such an agreement may breach that agreement and disclose our proprietary
information, including our trade secrets, and we may not be able to obtain adequate remedies for such breaches. Enforcing a claim
that a party illegally disclosed or misappropriated a trade secret is difficult, expensive and time-consuming, and the outcome
is unpredictable. Additionally, if the steps taken to maintain our trade secrets are deemed inadequate, we may have insufficient
recourse against third parties for misappropriating the trade secret. Further, if any of our trade secrets were to be lawfully
obtained or independently developed by a competitor, we would have no right to prevent such third party, or those to whom they
communicate such technology or information, from using that technology or information to compete with us. If any of our trade
secrets were to be disclosed to or independently developed by a competitor, it could have a material adverse effect on our business,
financial condition, results of operations, and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If our trademarks and trade names are not adequately
protected, then we may not be able to build name recognition in our marks of interest and our business may be adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our trademarks or trade names may be challenged,
infringed, circumvented or declared generic or determined to be infringing on other marks. We may not be able to protect our rights
to these trademarks and trade names or may be forced to stop using these names, which we need for name recognition by potential
partners or customers in our markets of interest. During trademark registration proceedings, we may receive rejections. Although
we would be given an opportunity to respond to those rejections, we may be unable to overcome such rejections. In addition, in
the USPTO and in comparable agencies in many foreign jurisdictions, third parties are given an opportunity to oppose pending trademark
applications and to seek to cancel registered trademarks. Opposition or cancellation proceedings may be filed against our trademarks,
and our trademarks may not survive such proceedings. If we are unable to establish name recognition based on our trademarks and
trade names, we may not be able to compete effectively and our business may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Certain of our employees and patents are subject to German
law.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A number of our personnel, including our
directors, work in Germany and are subject to German employment law. Inventions which may be the subject of a patent or of protection
as a utility model as well as technical improvement proposals for other technical innovations that may not be the subject of a
patent or of protection as a utility model made by such employees are subject to the provisions of the German Act on Employees&rsquo;
Inventions (<I>Gesetz &uuml;ber Arbeitnehmererfindungen</I>), which regulates the ownership of, and compensation for, inventions
made by employees. We face the risk that disputes may occur between us and our current or past employees pertaining to the sufficiency
of compensation paid by us, allocation of rights to inventions under this act or alleged non-adherence to the provisions of this
act, any of which may be costly to resolve and take up our management&rsquo;s time and efforts whether we prevail or fail in such
dispute. In addition, under the German Act on Employees&rsquo; Inventions, certain employees retain rights to patents they invented
or co-invented and disclosed to us prior to October 1, 2009. While we believe that all of our current and past German employee
inventors have subsequently assigned to us their interest in patents they invented or co-invented, there can be no assurance that
all such assignments are fully effective and we may be required under German law to compensate such employees for the use of the
patents. If we are required to pay compensation or face other disputes under the German Act on Employees&rsquo; Inventions, our
results of operations could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any of our current or past employees
obtain or retain ownership of any inventions or related intellectual property rights that we believe we own, we may lose valuable
intellectual property rights and be required to obtain and maintain licenses from such employees to such inventions or intellectual
property rights, which may not be available on commercially reasonable terms or at all, or may be non-exclusive. If we are unable
to obtain and maintain a license to any such employee&rsquo;s interest in such inventions or intellectual property rights, we
may need to cease the development, manufacture, and commercialization of one or more of the product candidates we may develop.
In addition, any loss of exclusivity of our intellectual property rights could limit our ability to stop others from using or
commercializing similar or identical technology and products. Any of the foregoing events could have a material adverse effect
on our business, financial condition, results of operations, and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt"><B>Risks related to employee matters
and managing growth</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We only have a limited number of employees to manage
and operate our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of June 30, 2017, we had 17 full-time
or part-time employees. Our focus on the development of IFX-1 requires us to optimize cash utilization and to manage and operate
our business with limited personnel. We cannot assure you that we will be able to hire additional employees and/or retain adequate
staffing levels to develop IFX-1 or run our operations or to accomplish all of the objectives that we otherwise would seek to
accomplish.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We depend heavily on our executive officers and directors,
and the loss of their services would materially harm our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our success depends, and will likely continue
to depend, upon our ability to hire and retain the services of our current executive officers, directors, principal consultants
and others. We are highly dependent on the management, development, clinical, financial and business development expertise of
Professor Niels Riedemann, our Chief Executive Officer, Professor Renfeng Guo, our Chief Scientific Officer, Arnd Christ, our
Chief Financial Officer and Dr. Othmar Zenker, our Chief Medical Officer. In addition, we have established relationships with
universities and research institutions which have historically provided, and continue to provide, us with access to research laboratories,
clinical trials, facilities and patients. Our ability to compete in the biotechnology and pharmaceuticals industries depends upon
our ability to attract and retain highly qualified managerial, scientific and medical personnel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our industry has experienced a high rate
of turnover of management personnel in recent years. Any of our personnel may terminate their employment at will. If we lose one
or more of our executive officers or other key employees, our ability to implement our business strategy successfully could be
seriously harmed. Furthermore, replacing executive officers or other key employees may be difficult and may take an extended period
of time because of the limited number of individuals in our industry with the breadth of skills and experience required to develop,
gain marketing approval of and commercialize products successfully.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Competition to hire from this limited
pool is intense, and we may be unable to hire, train, retain or motivate these additional key employees on acceptable terms given
the competition among numerous pharmaceutical and biotechnology companies for similar personnel. We also experience competition
for the hiring of scientific and clinical personnel from universities and research institutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We rely on consultants and advisors, including
scientific, strategic, regulatory and clinical advisors, to assist us in formulating our research and development and commercialization
strategy. Our consultants and advisors may be employed by other entities and may have commitments under consulting or advisory
contracts with those entities that may limit their availability to us. If we are unable to continue to attract and retain highly
qualified personnel, our ability to develop and commercialize our product candidates will be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our employees, independent contractors, consultants,
collaborators and contract research organizations may engage in misconduct or other improper activities, including non-compliance
with regulatory standards and requirements, which could cause significant liability for us and harm our reputation.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are exposed to the risk that our employees,
independent contractors, consultants, collaborators and contract research organizations may engage in fraudulent conduct or other
illegal activity. Misconduct by those parties could include intentional, reckless or negligent conduct or disclosure of unauthorized
activities to us that violates: (i)&nbsp;FDA regulations or similar regulations of comparable non-U.S. regulatory authorities,
including those laws requiring the reporting of true, complete and accurate information to such authorities, (ii)&nbsp;manufacturing
and clinical trial conduct standards, (iii)&nbsp;federal and state healthcare fraud and abuse laws and regulations and similar
laws and regulations established and enforced by comparable non-U.S. regulatory authorities, and (iv)&nbsp;laws that require the
reporting of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">financial information or data accurately. Activities subject
to these laws also involve the improper use of information obtained in the course of clinical trials, which could result in regulatory
sanctions and serious harm to our reputation. It is not always possible to identify and deter misconduct, and the precautions
we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting
us from governmental investigations or other actions or lawsuits stemming from a failure to be in compliance with such laws, standards
or regulations. If any such actions are instituted against us, and we are not successful in defending ourselves or asserting our
rights, those actions could have a significant impact on our business and results of operations, including the imposition of civil,
criminal and administrative penalties, damages, monetary fines, possible exclusion from participation in Medicare, Medicaid and
other federal healthcare programs, contractual damages, reputational harm, diminished profits and future earnings, and curtailment
of our operations, any of which could have a material adverse effect on our ability to operate our business and our results of
operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We expect to expand our organization, and as a result,
we may encounter difficulties in managing our growth, which could disrupt our operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect to experience significant growth
in the number of our employees and the scope of our operations, particularly in the areas of clinical development and regulatory
affairs, as well as to support our public company operations. To manage these growth activities, we must continue to implement
and improve our managerial, operational and financial systems, expand our facilities and continue to recruit and train additional
qualified personnel. Our management may need to devote a significant amount of its attention to managing these growth activities.
Moreover, our expected growth could require us to relocate to a different geographic area of the country. Due to our limited financial
resources and the limited experience of our management team in managing a company with such anticipated growth, we may not be
able to effectively manage the expansion or relocation of our operations, retain key employees, or identify, recruit and train
additional qualified personnel. Our inability to manage the expansion or relocation of our operations effectively may result in
weaknesses in our infrastructure, give rise to operational mistakes, loss of business opportunities, loss of employees and reduced
productivity among remaining employees. Our expected growth could also require significant capital expenditures and may divert
financial resources from other projects, such as the development of additional product candidates. If we are unable to effectively
manage our expected growth, our expenses may increase more than expected, our ability to generate revenues could be reduced and
we may not be able to implement our business strategy, including the successful development and commercialization of our product
candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Cyber-attacks or other failures in telecommunications
or information technology systems could result in information theft, data corruption and significant disruption of our business
operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We utilize information technology, or
IT, systems and networks to process, transmit and store electronic information in connection with our business activities. As
use of digital technologies has increased, cyber incidents, including deliberate attacks and attempts to gain unauthorized access
to computer systems and networks, have increased in frequency and sophistication. These threats pose a risk to the security of
our systems and networks, the confidentiality and the availability and integrity of our data. There can be no assurance that we
will be successful in preventing cyber-attacks or successfully mitigating their effects. Similarly, there can be no assurance
that our collaborators, CROs, third-party logistics providers, distributors and other contractors and consultants will be successful
in protecting our clinical and other data that is stored on their systems. Any cyber-attack or destruction or loss of data could
have a material adverse effect on our business and prospects. In addition, we may suffer reputational harm or face litigation
or adverse regulatory action as a result of cyber-attacks or other data security breaches and may incur significant additional
expense to implement further data protection measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt"><B>Risks related to our common
shares, this offering and our status as a public company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: -11pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>An active trading market for our common shares may not
develop or be sustainable. If an active trading market does not develop, investors may not be able to resell their shares at or
above the initial public offering price and our ability to raise capital in the future may be impaired.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to this offering, there has been
no public market for our common shares. The initial public offering price for our common shares will be determined through negotiations
with the underwriters. This price may not reflect the price at which investors in the market will be willing to buy and sell our
shares following this offering. Although we</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">have
applied to list our common shares on The Nasdaq Global Market, or NASDAQ, an active trading market for our shares may never
develop or, if developed, be maintained following this offering. If an active market for our common shares does not develop
or is not maintained, it may be difficult for you to sell shares you purchase in this offering without depressing the market
price for the shares or at all. An inactive trading market may also impair our ability to raise capital to continue to fund
operations by selling shares and may impair our ability to acquire other companies or technologies by using our shares
as consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If you purchase common shares in this offering, you will
suffer immediate dilution in the net tangible book value of your investment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The initial public offering price of our
common shares is substantially higher than the net tangible book value per common share. Therefore, if you purchase common shares
in this offering, you will pay a price per share that substantially exceeds our net tangible book value per share after this offering.
Based on the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share (&euro;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share), which is the midpoint of the price range set forth on the cover
page of this prospectus, you will experience immediate dilution of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share (&euro; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share, representing the difference between our pro forma net
tangible book value per share after giving effect to this offering and the assumed initial public offering price). Purchasers
of common shares in this offering will have contributed approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the aggregate price
paid by all purchasers of our shares and will own approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of our common
shares outstanding after this offering, excluding any of our common shares that they may have acquired prior to this offering.
Furthermore, if the underwriters exercise their overallotment option to purchase additional common shares or our previously issued
options to acquire common shares at prices below the assumed initial public offering price are exercised, you will experience
further dilution. For additional information on the dilution that you will experience immediately after this offering, see the
section titled &ldquo;Dilution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The trading price of our common shares is likely to be
highly volatile, which could result in substantial losses for purchasers of our common shares in this offering, and a decline
in our share price and invite securities litigation against our company or our management.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our share price is likely to be highly
volatile. The stock market in general and the market for smaller pharmaceutical and biotechnology companies in particular have
experienced extreme volatility that has often been unrelated to the operating performance of particular companies. As a result
of this volatility, you may not be able to sell your common shares at or above the initial public offering price and you may lose
some or all of your investment. The market price for our common shares may be influenced by many factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         timing, enrollment and results of clinical trials of IFX-1 and any other product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>regulatory
                                         actions with respect to IFX-1, our other product candidates or our competitors&rsquo; products
                                         and product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         success of existing or new competitive products or technologies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any
                                         delay in our development or regulatory filings for IFX-1 or any future product candidate
                                         and any adverse development or perceived adverse development with respect to the applicable
                                         regulatory authority&rsquo;s review of such filings, including without limitation the
                                         FDA&rsquo;s issuance of a &ldquo;refusal to file&rdquo; letter or a request for additional
                                         information;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">announcements
                                         by us or our competitors of significant acquisitions, strategic partnerships, joint ventures,
                                         collaborations or capital commitments;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">commencement
                                         or termination of collaborations for our development programs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">failure
                                         or discontinuation of any of our development programs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">results
                                         of clinical trials of product candidates of our competitors;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulatory
                                         or legal developments in the United States and other countries;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">developments
                                         or disputes concerning patent applications, issued patents or other proprietary rights;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         recruitment or departure of key personnel;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         level of expenses related to any of our product candidates or clinical development programs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         results of our efforts to develop additional product candidates or products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">actual
                                         or anticipated changes in estimates as to financial results or development timelines;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">announcement
                                         or expectation of additional financing efforts;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">sales
                                         of our common shares by us, our insiders or other shareholders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">variations
                                         in our financial results or those of companies that are perceived to be similar to us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes
                                         in estimates or recommendations by securities analysts, if any, that cover our shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes
                                         in the structure of healthcare payment systems;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">market
                                         conditions in the pharmaceutical and biotechnology sectors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">general
                                         economic, industry and market conditions; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         other factors described in this &ldquo;Risk factors&rdquo; section.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the past, securities class action litigation
has often been brought against a company and its management following a decline in the market price of its securities. This risk
is especially relevant for biopharmaceutical companies, which have experienced significant stock price volatility in recent years.
Such litigation, if instituted against us, could cause us or members of our management to incur substantial costs and divert management&rsquo;s
attention and resources from our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Future sales, or the possibility of future sales, of
a substantial number of our common shares could adversely affect the price of the shares and dilute shareholders.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Future sales of a substantial number
of our common shares, or the perception that such sales will occur, could cause a decline in the market price of our common
shares. Following the closing of this offering and based on the midpoint of the price range stated on the front cover of this
prospectus, we will have
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
shares outstanding (assuming no exercise of the underwriters&rsquo; overallotment option to purchase additional shares). See
&ldquo;Corporate reorganization.&rdquo; This includes the common shares to be sold in this offering, which may be resold in
the public market immediately without restriction, unless purchased by our affiliates. Approximately
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the common shares outstanding after this offering are
expected to be held by existing shareholders. Substantially all of these common shares will be subject to the lock-up
agreements described in the &ldquo;Underwriting&rdquo; section of this prospectus. If, after the end of such lock-up
agreements, or upon the release of any of such shares by the underwriters, these shareholders sell substantial amounts of
common shares in the public market, or the market perceives that such sales may occur, the market price of our common shares
and our ability to raise capital through an issue of equity securities in the future could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We also plan to register all common shares that we may issue
under our equity compensation plans. Once we register these shares, they can be freely sold in the public market upon issuance
and once vested, subject to volume limitations applicable to affiliates and the lock-up agreements. If these additional shares
are sold, or if it is perceived that they will be sold, in the public market, the trading price of our common shares could decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We have broad discretion in the use of the net proceeds
from this offering and may invest or spend the proceeds in ways with which you do not agree and in ways that may not yield a return
on your investment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although we currently intend to use the
net proceeds from this offering in the manner described in the section titled &ldquo;Use of proceeds&rdquo; in this prospectus,
our management will have 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. For example, we intend to use
the net proceeds from this offering, together with cash and cash equivalents on hand, to pursue the approval of our product candidates
for a number of indications, some of which may never reach approval. You will not have the opportunity to influence our decisions
on how to use our net proceeds from this offering. The failure by our management to apply these funds effectively could result
in financial losses that could harm our business, cause the price of our common shares to decline and delay the development of
our product candidates. Pending their use, we may invest the net proceeds from this offering in a manner that does not produce
income or that loses value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are a foreign private issuer and, as a result, we
are not subject to U.S. proxy rules and are subject to Exchange Act reporting obligations that, to some extent, are more lenient
and less frequent than those of a U.S. domestic public company.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will report under the Securities Exchange
Act of 1934, as amended, or the Exchange Act, as a non-U.S. company with foreign private issuer status. Because we qualify as
a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable
to U.S. domestic public companies, including (i)&nbsp;the sections of the Exchange Act regulating the solicitation of proxies,
consents or authorizations in respect of a security registered under the Exchange Act, (ii)&nbsp;the sections of the Exchange
Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit
from trades made in a short period of time and (iii)&nbsp;the rules under the Exchange Act requiring the filing with the SEC of
quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K,
upon the occurrence of specified significant events. In addition, foreign private issuers are not required to file their annual
report on Form 20-F until four months after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers
are required to file their annual report on Form 10-K within 75 days after the end of each fiscal year. Foreign private issuers
are also exempt from the Regulation Fair Disclosure, aimed at preventing issuers from making selective disclosures of material
information. As a result of the above, you may not have the same protections afforded to shareholders of companies that are not
foreign private issuers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may lose our foreign private issuer status which would
then require us to comply with the Exchange Act&rsquo;s domestic reporting regime and cause us to incur significant legal, accounting
and other expenses.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a foreign private issuer and therefore
we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act applicable
to U.S. domestic issuers. If in the future we are not a foreign private issuer as of the last day of the second fiscal quarter
in any fiscal year, we would be required to comply with all of the periodic disclosure, current reporting requirements and proxy
solicitation rules of the Exchange Act applicable to U.S. domestic issuers. In order to maintain our current status as a foreign
private issuer, either (a)&nbsp;a majority of our common shares must be either directly or indirectly owned of record by non-residents
of the United States or (b)(i) a majority of our directors and executive officers may not be United States citizens or residents,
(ii)&nbsp;more than 50% of our assets cannot be located in the United States and (iii)&nbsp;our business must be administered
principally outside the United States. If we were to lose this status, we would be required to comply with the Exchange Act reporting
and other requirements applicable to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign
private issuers. We may also be required to make changes in our corporate governance practices in accordance with various SEC
and stock exchange rules. The regulatory and compliance costs to us if we are required to comply with the reporting requirements
applicable to a U.S. domestic issuer may be significantly higher than the costs we would incur as a foreign private issuer. As
a result, we expect that a loss of foreign private issuer status would increase our legal and financial compliance costs and would
make some activities highly time consuming and costly. These rules and regulations could also make it more difficult for us to
attract and retain qualified directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>As a foreign private issuer and as permitted by the listing
requirements of NASDAQ, we follow certain home country governance practices rather than the corporate governance requirements
of the NASDAQ.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will be a foreign private issuer. As
a result, in accordance with the listing requirements of NASDAQ we will rely on home country governance requirements and certain
exemptions thereunder rather than relying on the corporate governance requirements of NASDAQ. In accordance with Dutch 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 the requirement of Nasdaq Listing Rule 5620(c), which
requires 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 stock. Although we must provide shareholders with an agenda and other relevant documents for the general
meeting of shareholders, Dutch law does not have a regulatory regime for the solicitation of proxies and the solicitation of proxies
is not a generally accepted business practice in the Netherlands, thus our practice will vary from the requirement of Nasdaq Listing
Rule 5620(b). In addition, we have opted out of shareholder approval requirements, as included in the Nasdaq Listing Rules, for
the issuance of securities in connection with certain events such as the acquisition of shares or assets of another company, the
establishment of or amendments to equity-based compensation plans for employees, a change of control of us and certain private
placements. To this extent, our practice varies from the requirements of Nasdaq Rule 5635, which generally requires an issuer
to obtain shareholder approval for the issuance of securities in connection with such events. For an overview of our corporate
governance principles, see &ldquo;Description of share capital and articles of association&mdash;Corporate governance.&rdquo;
Accordingly, you may not have the same protections afforded to shareholders of companies that are subject to these NASDAQ requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are an &ldquo;emerging growth company&rdquo; and,
as a result of the reduced disclosure and governance requirements applicable to emerging growth companies, our common shares may
be less attractive to investors.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are an &ldquo;emerging growth company&rdquo;
as defined in the JOBS Act and we intend to take advantage of some of the exemptions from reporting requirements that are applicable
to other public companies that are not emerging growth companies, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">being
                                         permitted to provide only two years of audited financial statements, in addition to any
                                         required unaudited interim financial statements, with correspondingly reduced &ldquo;Management&rsquo;s
                                         discussion and analysis of financial condition and results of operations&rdquo; disclosure
                                         in this prospectus;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">not
                                         being required to comply with the auditor attestation requirements in the assessment
                                         of our internal control over financial reporting;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduced
                                         disclosure obligations regarding executive compensation in our periodic reports, proxy
                                         statements and registration statements; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">not
                                         being required to hold a nonbinding advisory vote on executive compensation and shareholder
                                         approval of any golden parachute payments not previously approved.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We cannot predict if investors will find
our common shares less attractive because we will rely on these exemptions. If some investors find our common shares less attractive
as a result, there may be a less active trading market for our common shares and our share price may be more volatile. We may
take advantage of these reporting exemptions until we are no longer an emerging growth company. We will remain an emerging growth
company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the closing of this offering,
(b) in which we have total annual gross revenue of at least $1.07 billion, or (c) in which we are deemed to be a large accelerated
filer, which means the market value of our common shares that is held by non-affiliates exceeds $700 million as of the prior June
30th, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under Section 107(b) of the JOBS Act,
emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private
companies. Given that we currently report and expect to continue to report under IFRS as issued by the IASB, we will not be able
to avail ourselves of this extended transition period and, as a result, we will adopt new or revised accounting standards on the
relevant dates on which adoption of such standards is required by the IASB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We will incur increased costs as a result of operating
as a public company, and our management will be required to devote substantial time to new compliance initiatives and corporate
governance practices.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a public company, and particularly
after we are no longer an &ldquo;emerging growth company,&rdquo; we will incur significant legal, accounting and other expenses
that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection
Act, the listing requirements of NASDAQ and other applicable securities rules and regulations impose various requirements on public
companies, including establishment and maintenance of effective disclosure and financial controls and corporate governance practices.
We expect that we will need to hire additional accounting, finance and other personnel in connection with our becoming, and our
efforts to comply with the requirements of being, a public company and our management and other personnel will need to devote
a substantial amount of time towards maintaining compliance with these requirements. These requirements will increase our legal
and financial compliance costs and will make some activities more time-consuming and costly. For example, we expect that the rules
and regulations applicable to us as a public company may make it more difficult and more expensive for us to obtain director and
officer liability insurance, which could make it more difficult for us to attract and retain qualified members of our board of
directors. We are currently evaluating these rules and regulations, and cannot predict or estimate the amount of additional costs
we may incur or the timing of such costs. These rules and regulations are often subject to varying interpretations, in many cases
due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided
by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs
necessitated by ongoing revisions to disclosure and governance practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>If we fail to implement effective
internal controls over financial reporting, such failure could result in material misstatements in our financial statements, cause
investors to lose confidence in our reported financial and other public information and have a negative effect on the trading
price of our common shares.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Effective internal controls over financial
reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures,
are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their
implementation could cause us to fail to meet our reporting obligations. Section&nbsp;404 of the Sarbanes-Oxley Act of 2002 requires
management of public companies to develop and implement internal controls over financial reporting and evaluate the effectiveness
thereof. If we fail to design and operate effective internal controls, it could result in material misstatements in our financial
statements, impair our ability to raise revenue, result in the loss of investor confidence in the reliability of our financial
statements and subject us to regulatory scrutiny and sanctions, which in turn could harm the market value of our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will be required to disclose changes
made in our internal controls and procedures and our management will be required to assess the effectiveness of these controls
annually. However, for as long as we are an &ldquo;emerging growth company&rdquo; under the JOBS Act, our independent registered
public accounting firm will not be required to attest to the effectiveness of our internal controls over financial reporting pursuant
to Section&nbsp;404. We could be an &ldquo;emerging growth company&rdquo; for up to five years after this offering. An independent
assessment of the effectiveness of our internal controls could detect problems that our management&rsquo;s assessment might not.
Undetected material weaknesses in our internal controls could lead to financial statement restatements and require us to incur
the expense of remediation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We do not anticipate paying any cash dividends on our
share capital in the foreseeable future. Accordingly, shareholders must rely on capital appreciation, if any, for any return on
their investment.</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have never declared nor paid cash dividends
on our share capital. We currently plan to retain all of our future earnings, if any, to finance the operation, development and
growth of our business. In addition, the terms of any future debt or credit agreements and any restrictions imposed by applicable
law may preclude us from paying dividends. As a result, capital appreciation, if any, of our common shares will be your sole source
of gain for the foreseeable future. Investors seeking cash dividends should not purchase our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Concentration of ownership of our common shares among
our existing executive officers, directors and principal shareholders may prevent new investors from influencing significant corporate
decisions.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the closing of this offering, our
executive officers, directors and current beneficial owners of 5% or more of our common shares and their respective affiliates,
will, in the aggregate, beneficially own approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of our outstanding
common shares. As a result, such holders will be able to control, and these other persons, acting together, would be able to significantly
influence all matters requiring shareholder approval, including the election and removal of directors, any merger, consolidation,
sale of all or substantially all of our assets, or other significant corporate transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Some of these persons or entities may
have interests different than yours. For example, because many of these shareholders purchased their shares at prices substantially
below the price at which shares are being sold in this offering and have held their shares for a longer period, they may be more
interested in selling our company to an acquirer than other investors, or they may want us to pursue strategies that deviate from
the interests of other shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">See &ldquo;Principal shareholders&rdquo;
elsewhere in this prospectus for more information regarding the ownership of our outstanding common shares by our executive officers,
directors and principal shareholders and their affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If securities or industry analysts do not publish research
or publish inaccurate or unfavorable research about our business, our share price and trading volume could decline.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The trading market for our common shares
will likely depend in part on the research and reports that securities or industry analysts publish about us or our business.
We do not have any control over these analysts. We do not currently have research coverage, and there can be no assurance that
analysts will cover us, or provide favorable coverage. Securities or industry analysts may elect not to provide research coverage
of our common shares after this offering, and such lack of research coverage may negatively impact the market price of our common
shares. In the event we do have analyst coverage, if one or more analysts downgrade our common shares, change their opinion of
our common shares or publish inaccurate or unfavorable research about our business, our share price would likely decline. In addition,
if one or more analysts cease coverage of our company or fail to regularly publish reports on us, we could lose visibility in
the financial markets, which could cause our share price or trading volume to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our ability to use our net operating loss carry forwards
and other tax attributes may be limited.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our ability to utilize our net
operating losses, or NOLs, is currently limited, and may be limited further, under Section&nbsp;8c of the <I>K&ouml;rperschaftsteuergesetz </I>(German
Corporation Income Tax Act or KStG) and Section&nbsp;10a of the <I>Gewerbesteuergesetz</I> (German Trade Tax Act or GewStG).
These limitations apply if a qualified ownership change, as defined by Section&nbsp;8c KStG, occurs and no exemption is
applicable. Generally, a qualified ownership change occurs if more than 25% of the share capital or the voting rights are
directly or indirectly transferred to a shareholder or a group of shareholders within a period of  five years. A qualified
ownership change may also occur in case of a transaction comparable to a transfer of shares or voting rights or in case of an
increase in capital leading to a respective change in the shareholding. In the case of such a qualified ownership change tax
loss carry forwards, consisting of the NOLs in the same percentage as the ownership change, cannot be utilized. If the
percentage of the aforementioned ownership change/change in voting rights exceeds 50%, tax loss carry forwards expire in
full. To the extent that the tax loss carry forwards exceed hidden reserves (<I>stille Reserven</I>) taxable in Germany, they
may be further utilized despite a qualified ownership change. In case of a qualified ownership change within a group, tax
loss carry forwards will be preserved if certain conditions are satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Please note that according to a decision
of the Federal Constitutional Court dated 29 March 2017 &ndash; 2 BvL 6/11, the present Section&nbsp;8c para. 1 sentence 1 KStG
is not in line with the German constitution. Thus, Section&nbsp;8c para.&nbsp;1 sentence&nbsp;1 KStG needs to be amended. At the
moment it is unclear when the German legislature will present a draft bill reflecting the required changes to the present Section&nbsp;8c
para.&nbsp;1 sentence&nbsp;1 KStG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of December&nbsp;31, 2016, we had NOL
carry forwards for German tax purposes of &euro;&nbsp;19.2&nbsp;million available. Future changes in share ownership may also
trigger an ownership change and, consequently, a Section&nbsp;8c KStG, or a Section&nbsp;10a GewStG limitation. Any limitation
may result in the expiration of a portion or the complete tax operating loss carry forwards before they can be utilized. As a
result, if we earn net taxable income, our ability to use our pre-change net operating loss carry forwards to reduce German income
tax may be subject to limitations, which could potentially result in increased future cash tax liability to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may become taxable in a jurisdiction
other than Germany and this may increase the aggregate tax burden on us.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Since incorporation we intend to have,
on a continuous basis, our place of effective management in Germany. We will therefore be a tax resident of Germany under German
national tax law. By reason of our incorporation under Dutch law, we are also deemed tax resident in the Netherlands under Dutch
tax law. However, based on our current management structure and current tax laws of the United States, Germany and the Netherlands,
as well as applicable income tax treaties, and current interpretations thereof, we should be tax resident solely in Germany for
the purposes of the convention between the Federal Republic of Germany and the Netherlands for the avoidance of double taxation
with respect to taxes on income of 2012. However, we may become subject to limited income tax liability in other countries with
regard to the income generated in the respective other country, for example, due to the existence of a permanent establishment
or a permanent representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The applicable tax laws or interpretations
thereof may change. Furthermore, whether we have our place of effective management in Germany and are as such tax resident in
Germany is largely a question of fact and degree based on all the circumstances, rather than a question of law, which facts and
degree may also change. Changes to applicable laws or interpretations thereof and changes to applicable facts and circumstances
(for example, a change of board members or the place where board meetings take place), may result in us becoming a tax resident
of a jurisdiction other than Germany. As a consequence, our overall effective income tax rate and income tax expense could materially
increase, which could have a material adverse effect on our business, results of operations, financial condition and prospects,
which could cause our share price and trading volume to decline. However, if there is a double tax treaty between Germany and
the respective other country the double taxation of income may be avoided. Thus, the detrimental tax effects should be mitigated
by the application of the respective double tax treaty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Although we do not expect to be
a &ldquo;passive foreign investment company,&rdquo; or a PFIC, for U.S. federal income tax purposes in 2017, if we were a PFIC
U.S. shareholders may be subject to adverse U.S. federal income tax consequences.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Internal Revenue Code of 1986,
as amended (the &ldquo;Code&rdquo;), 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 passive income or (ii) 50% or more
of the average quarterly value of our assets consists of assets that produce, or are held for the production of, passive income.
Passive income includes, among other things, dividends, interest, certain non-active rents and royalties, and capital gains. Based
on our current operations, income, assets and certain estimates and projections, including as to the relative values of our assets
and the treatment of our grants received as gross income that is not passive income, we do not expect to be a PFIC for our 2017
taxable year. However, there can be no assurance that the Internal Revenue Service (the &ldquo;IRS&rdquo;) will agree with our
conclusion. In addition, whether we will be a PFIC in 2017 or any future years is uncertain because, among other things, (i) we
currently own, and will own after the closing of this offering, a substantial amount of passive assets, including cash, (ii) the
valuation of our assets that generate non-passive income for PFIC purposes, including our intangible assets, is uncertain and
may vary substantially over time, (iii) the treatment of grants as income for U.S. federal income tax purposes is unclear, and
(iv) the composition of our income may vary substantially over time. Accordingly, there can be no assurance that we will not be
a PFIC for any taxable year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we are a PFIC for any taxable year
during which a U.S. investor holds common shares, we would continue to be treated as a PFIC with respect to that U.S. investor
for all succeeding years during which the U.S. investor holds common shares, even if we ceased to meet the threshold requirements
for PFIC status, unless certain exceptions apply. Such a U.S. investor may be subject to adverse U.S. federal income tax consequences,
including (i) the treatment of all or a portion of any gain on disposition as ordinary income, (ii) the application of a deferred
interest charge on such gain and the receipt of certain dividends and (iii) compliance with certain reporting requirements. We
do not intend to provide the information that would enable investors to make a qualified electing fund election (a &ldquo;QEF
Election&rdquo;) that could mitigate the adverse U.S. federal income tax consequences should we be classified as a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For further discussion, see &ldquo;Taxation
&mdash; Material U.S. federal income tax considerations for <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
holders of common shares.&rdquo;</FONT></P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we pay dividends, we may need
to withhold tax on such dividends payable to holders of our shares in both Germany and the Netherlands. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As an entity incorporated under Dutch
law, but with its place of effective management in Germany (and not in the Netherlands), our dividends are generally subject to
German dividend withholding tax and not Dutch withholding tax. Dutch dividend withholding tax will be required to be withheld
from dividends if and when paid to Dutch resident holders of our shares (and non-Dutch resident holders of our shares that have
a permanent establishment in the Netherlands to which their shareholding is attributable). We will approach Dutch Revenue to apply
for a tax ruling confirming that no withholding of any Dutch dividend tax is applicable at all (as the dividend withholding tax
can generally be credited against a Dutch resident shareholder&rsquo;s income tax anyway). Should we not obtain the tax ruling,
we will be required to identify our shareholders in order to assess whether there are Dutch residents (or non-Dutch residents
with a permanent establishment to which the shares are attributable) in respect of which Dutch dividend tax has to be withheld.
Such identification may not always be possible in practice. If the identity of our shareholders cannot be assessed upon a payment
of dividend, withholding of both German and Dutch dividend tax from such dividend may occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Upon the closing of this offering, we will be a Dutch
public company with limited liability. The rights of our shareholders may be different from the rights of shareholders in companies
governed by the laws of U.S. jurisdictions and may not protect investors in a similar fashion afforded by incorporation in a U.S.
jurisdiction.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the closing of this offering, we
will be a public company with limited liability (<I>naamloze vennootschap</I>) organized under the laws of the Netherlands. Our
corporate affairs are governed by our Articles of Association and by the laws governing companies incorporated in the Netherlands.
A further summary of applicable Dutch company law is contained in this prospectus under &ldquo;Description of share capital and
articles of association.&rdquo; However, there can be no assurance that Dutch law will not change in the future or that it will
serve to protect investors in a similar fashion afforded under corporate law principles in the United States, which could adversely
affect the rights of investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The rights of shareholders and the responsibilities
of directors may be different from the rights and obligations of shareholders and board members in companies governed by the laws
of U.S. jurisdictions. In the performance of its duties, our executive officers and board of directors are required by Dutch law
to consider the interests of our company, its shareholders, its employees and other stakeholders, in all cases with due observation
of the principles of reasonableness and fairness. It is possible that some of these parties will have interests that are different
from, or in addition to, your interests as a shareholder. See &ldquo;Description of share capital and articles of association&mdash;comparison
of Dutch corporate law and our articles of association and U.S. corporate law&mdash;corporate governance.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For more information, we have provided
summaries of relevant Dutch corporation law and of our Articles of Association under &ldquo;Description of share capital and articles
of association.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Provisions of our Articles of Association or Dutch corporate
law might deter acquisition bids for us that might be considered favorable and prevent, delay or frustrate any attempt to replace
or remove the members of our board of directors.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under Dutch law, various protective measures
are possible and permissible within the boundaries set by Dutch law and Dutch case law. Our governance arrangements include several
provisions that may have the effect of making a takeover of our company more difficult or less attractive. In this respect, our
general meeting of shareholders is expected to grant, prior to the closing of this offering, the right to an independent foundation
under Dutch law, or protective foundation, to acquire preferred shares pursuant to a call option agreement, or the call option
agreement, to be entered into between us and such foundation prior to the closing of this offering. This call option under the
call option agreement shall be continuous in nature and can be exercised repeatedly on multiple occasions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the protective foundation exercises
the call option pursuant to the call option agreement, an amount of preferred shares up to 100% of our issued capital held by
others than the protective foundation, minus one share, will be issued to the protective foundation. These preferred shares will
be issued to the protective foundation under the obligation to pay up to 25% of their nominal value upon issuance. In order for
the protective foundation to finance the issue price in relation to the preferred shares, the protective foundation is expected
to enter into a finance arrangement with a bank. As an alternative to securing financing with a bank, subject to applicable restrictions
under Dutch law, the call option agreement provides that the protective foundation may request us to provide, or cause our subsidiaries
to provide, sufficient funding to the protective foundation to enable it to satisfy the payment obligation (or part thereof) in
cash and/or to charge an amount equal to the payment obligation (or part thereof) against our profits and/or reserves in satisfaction
of such payment obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The protective foundation&rsquo;s articles
of association provide that it will promote and protect the interests of the company, the business connected with the company
and the company's stakeholders from time to time, and repressing possible influences which could threaten the strategy, continuity,
independence and/or identity of the company or the business connected with it, to such an extent that this could be considered
to be damaging to the aforementioned interests. These influences may include a third party acquiring a significant percentage
of our common shares, the announcement of an unsolicited public offer for our common shares, shareholder activism, other concentration
of control over our common shares or any other form of undue pressure on us to alter our strategic policies. The protective foundation
shall be structured to operate independently of us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the protective foundation were to exercise
its call option, the preferred shares to be issued pursuant thereto would be issued against the obligation to pay up to 25% of
their nominal value. The voting rights of our shares are based on nominal value and, as we expect our common shares to trade substantially
in excess of nominal value, preferred shares issued at 25% of their nominal value can carry significant voting power for a substantially
reduced price compared to the price of our common shares and thus can be used as a defensive measure. These preferred shares will
have both a liquidation and dividend preference over our common shares and will accrue cash dividends at a pre-determined rate.
The protective foundation would be expected to require us to cancel its preferred shares once the perceived threat to the company
and its stakeholders has been removed or sufficiently mitigated or neutralized. However, subject to the same limitations described
above, the protective foundation would continue to have the right to exercise the call option in the future in response to a new
threat to the interests of us, our business and our stakeholders from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, certain provisions of our
Articles of Association may make it more difficult for a third party to acquire control of us or effect a change in our board
of directors. These provisions include: a provision that our directors are appointed on the basis of a binding nomination prepared
by our board of directors which can only be overruled by a two-thirds majority of votes cast representing more than 50% of our
issued share capital; a provision that our directors may only be removed by the general meeting of shareholders by a two-thirds
majority of votes cast representing more than 50% of our issued share capital (unless the removal is proposed by the board in
which case a simple majority of the votes can be sufficient); and a requirement that certain matters, including an amendment of
our Articles of Association, may only be brought to our shareholders for a vote upon a proposal by our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are not obligated to and do not comply with all the
best practice provisions of the Dutch Corporate Governance Code. This may affect your rights as a shareholder.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the closing of this offering, we
will be a Dutch public company with limited liability (<I>naamloze vennootschap</I>) and we will be subject to the Dutch Corporate
Governance Code, or DCGC. The DCGC contains both principles and best practice provisions that regulate relations between the board
of directors and the shareholders (such as the general meeting of shareholders). The DCGC is based on a &ldquo;comply or explain&rdquo;
principle. Accordingly, companies are required to disclose in their annual reports, filed in the Netherlands, whether they comply
with the provisions of the DCGC. If they do not comply with those provisions (for example, because of a conflicting NASDAQ requirement),
the company is required to give the reasons for such non-compliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The DCGC applies to all Dutch companies
listed on a government-recognized stock exchange, whether in the Netherlands or elsewhere, including NASDAQ. We do not comply
with all the best practice provisions of the DCGC. For a complete list of these DCGC best practices that we do not comply with,
see &ldquo;Description of share capital and articles of association.&rdquo; This may affect your rights as a shareholder and you
may not have the same level of protection as a shareholder in a Dutch company that fully complies with the DCGC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Claims of U.S. civil liabilities may not be enforceable
against us.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are incorporated under the laws of
the Netherlands, and our headquarters is located in Germany. Substantially all of our assets are located outside the United States.
The majority of our directors and executive officers reside outside the United States. As a result, it may not be possible for
investors to effect service of process within the United States upon such persons or to enforce against them or us in U.S. courts,
including judgments predicated upon the civil liability provisions of the federal securities laws of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is currently no treaty between the
United States and the Netherlands for the mutual recognition and enforcement of judgments (other than arbitration awards) in civil
and commercial matters. Therefore, a final judgment for the payment of money rendered by any federal or state court in the United
States based on civil liability, whether or not predicated solely upon the U.S. federal securities laws, would not be enforceable
in the Netherlands unless the underlying claim is relitigated before a Dutch court of competent jurisdiction. Under current practice,
however, a Dutch court will generally, subject to compliance with certain procedural requirements, grant the same judgment without
a review of the merits of the underlying claim if such judgment (i) is a final judgment and has been rendered by a court which
has established its jurisdiction vis-&agrave;-vis the relevant Dutch companies or Dutch company, as the case may be, on the basis
of internationally accepted grounds of jurisdiction, (ii) has not been rendered in violation of principles of proper procedure
(<I>behoorlijke rechtspleging</I>), (iii) is not contrary to the public policy of the Netherlands, and (iv) is not incompatible
with (a) a prior judgment of a Netherlands court rendered in a dispute between the same parties, or (b) a prior judgment of a
foreign court rendered in a dispute between the same parties, concerning the same subject matter and based on the same cause of
action, provided that such prior judgment is capable of being recognized in the Netherlands. Dutch courts may deny the recognition
and enforcement of punitive damages or other awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Moreover, a Dutch court may reduce the
amount of damages granted by a U.S. court and recognize damages only to the extent that they are necessary to compensate actual
losses or damages. Enforcement and recognition of judgments of U.S. courts in the Netherlands are solely governed by the provisions
of the Dutch Code of Civil Procedure. Based on the foregoing, there can be no assurance that U.S. investors will be able to enforce
any judgments obtained in U.S. courts in civil and commercial matters, including judgments under the U.S. federal securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The United States and Germany currently
do not have a treaty providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters. Consequently,
a final judgment for payment or declaratory judgments given by a court in the United States, whether or not predicated solely
upon U.S. securities laws, would not automatically be recognized or enforceable in Germany. German courts may deny the recognition
and enforcement of a judgment rendered by a U.S. court if they consider the U.S. court not to be competent or the decision to
be in violation of German public policy principles. For example, judgments awarding punitive damages are generally not enforceable
in Germany. A German court may reduce the amount of damages granted by a U.S. court and recognize damages only to the extent that
they are necessary to compensate actual losses or damages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, actions brought in a German
court against us, our directors, our executive officers and the experts named herein to enforce liabilities based on U.S. federal
securities laws may be subject to certain restrictions. In particular, German courts generally do not award punitive damages.
Litigation in Germany is also subject to rules of procedure that differ from the U.S. rules, including with respect to the taking
and admissibility of evidence, the conduct of the proceedings and the allocation of costs. German procedural law does not provide
for pre-trial discovery of documents, nor does Germany support pre-trial discovery of documents under the 1970 Hague Evidence
Convention. Proceedings in Germany would have to be conducted in the German language and all</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">documents
submitted to the court would, in principle, have to be translated into German. For these reasons, it may be difficult for a U.S.
investor to bring an original action in a German court predicated upon the civil liability provisions of the U.S. federal securities
laws against us, our directors, our executive officers and the experts named in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Based on the lack of a treaty as described
above, U.S. investors may not be able to enforce against us or directors, executive officers or certain experts named herein who
are residents of or possessing assets in the Netherlands, Germany, or other countries other than the United States any judgments
obtained in U.S. courts in civil and commercial matters, including judgments under the U.S. federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="SpecialNoteRegardingForward-LookingStatements"></A>Special
Note Regarding Forward-Looking Statements</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus contains forward-looking
statements that involve substantial risks and uncertainties. The forward-looking statements are contained principally in the sections
entitled &ldquo;Prospectus summary,&rdquo; &ldquo;Risk factors,&rdquo; &ldquo;Management&rsquo;s discussion and analysis of financial
condition and results of operations,&rdquo; &ldquo;Business&rdquo; and elsewhere in this prospectus. In some cases, you can identify
forward-looking statements by terms such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;expect,&rdquo;
&ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;could,&rdquo; &ldquo;intend,&rdquo; &ldquo;target,&rdquo; &ldquo;project,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;predict,&rdquo; &ldquo;potential&rdquo; or &ldquo;continue&rdquo;
or the negative of these terms or other similar expressions intended to identify statements about the future. These statements
speak only as of the date of this prospectus and involve known and unknown risks, uncertainties and other important factors that
may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. We have based these forward-looking statements largely on our current
expectations and projections about future events and financial trends that we believe may affect our business, financial condition
and results of operations. These forward-looking statements include, without limitation, statements about the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         timing, progress and results of clinical trials of IFX-1 and any other product candidates,
                                         including statements regarding the timing of initiation and completion of studies or
                                         trials and related preparatory work, the period during which the results of the trials
                                         will become available, the costs of such trials and our research and development programs
                                         generally;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         timing of any submission of filings for regulatory approval of IFX-1 or any other product
                                         candidate, and the timing of and our ability to obtain and maintain regulatory approval
                                         of IFX-1 for any indication;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our
                                         ability to leverage our proprietary anti-C5a technology to discover and develop therapies
                                         to treat complement-mediated autoimmune and inflammatory diseases;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our
                                         ability to protect and enforce our intellectual property protection for IFX-1 and any
                                         other product candidates, and the scope of such protection;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether
                                         the FDA, EMA or comparable foreign regulatory authority will accept or agree with the
                                         number, design, size, conduct or implementation of our clinical trials, including any
                                         proposed primary or secondary endpoints for such trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         success of our future clinical trials for IFX-1 and any other product candidates and
                                         whether such clinical results will reflect results seen in previously conducted preclinical
                                         studies and clinical trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our
                                         expectations regarding the size of the patient populations for, market opportunity for
                                         and clinical utility of IFX-1 or any other product candidates, if approved for commercial
                                         use;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our
                                         manufacturing capabilities and strategy, including the scalability and cost of our manufacturing
                                         methods and processes and the optimization of our manufacturing methods and processes,
                                         and our ability to continue to rely on our existing third-party manufacturers for our
                                         planned future clinical trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our
                                         estimates of our expenses, ongoing losses, future revenue, capital requirements and our
                                         needs for or ability to obtain additional financing;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our
                                         expectations regarding the scope of any approved indication for IFX-1;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our
                                         ability to defend against costly and damaging liability claims resulting from the testing
                                         of our product candidates in the clinic or, if, approved, any commercial sales;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our
                                         ability to commercialize IFX-1 or our other product candidates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if any
                                         of our product candidates obtain regulatory approval, our ability to comply with and
                                         satisfy ongoing obligations and continued regulatory overview;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our
                                         ability to comply with enacted and future legislation in seeking marketing approval and
                                         commercialization;</TD></TR></TABLE>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our
                                         future growth and ability to compete, which depends on our retaining key personnel and
                                         recruiting additional qualified personnel;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our
                                         competitive position and the development of and projections relating to our competitors
                                         in the development of C5a inhibitors or our industry;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our
                                         expectations regarding the time during which we will be an emerging growth company under
                                         the JOBS Act or a foreign private issuer; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our
                                         expected use of proceeds from this offering.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because forward-looking statements are
inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our
control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances
reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those
projected in the forward-looking statements. You should refer to the &ldquo;Risk factors&rdquo; section of this
prospectus for a discussion of important factors that may cause our actual results to differ materially from those expressed or
implied by our forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties
may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. As a result
of these factors, we cannot assure you that the forward-looking statements in this prospectus will prove to be accurate. Except
as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether
as a result of any new information, future events, changed circumstances or otherwise. You should, however, review the factors
and risks and other information we describe in the reports we will file from time to time with the SEC after the date of this
prospectus. You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits
to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future
results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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

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

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="IndustryAndOtherData"></A>Industry
And Other Data</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We obtained the industry, statistical
and market data in this prospectus from our own internal estimates and research as well as from industry and general publications
and research, surveys and studies conducted by third parties. All of the market data used in this prospectus involves a number
of assumptions and limitations. While we believe that the information from these industry publications, surveys and studies is
reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors,
including those described in the section titled &ldquo;Risk factors.&rdquo; These and other factors could cause results to differ
materially from those expressed in the estimates made by the independent parties and by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="UseofProceeds"></A>Use of
Proceeds</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We estimate that the net proceeds to us
from the issuance and sale of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares in this offering
will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million (or $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million
if the underwriters exercise in full their overallotment option to purchase additional shares), assuming an initial public offering
price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common share,
which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting estimated underwriting
discounts and commissions and estimated offering expenses payable by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each $1.00 increase (decrease) in the
assumed initial public offering price of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share
would increase (decrease) the net proceeds to us from this offering by approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million,
assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting
the estimated underwriting discounts and commissions and estimated offering expenses payable by us. Each increase (decrease) of
1.0 million in the number of shares we are offering would increase (decrease) the net proceeds to us from this offering, after
deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, by approximately
$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million, assuming the assumed initial public offering
price remains the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of June 30, 2017, we had cash and cash
equivalents of &euro;25.3&nbsp;million. We intend to use the net proceeds from this offering, together with our cash and cash equivalents
(including &euro;24.9 million in aggregate net proceeds, after expenses, which we expect to receive upon closing of the Series
D financing), as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>approximately
                                         $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million
                                         to conduct a Phase IIb clinical trial for IFX-1 in HS patients;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>approximately
                                         $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         million to conduct a Phase II clinical trial for IFX-1 in AAV patients; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         remainder to fund other research and development activities, including to complete the
                                         preclinical development of IFX-2 as an injectable therapy, to explore additional indications
                                         for IFX-1 and to initiate later stage clinical trials of IFX-1 for HS and AAV, as well
                                         as for working capital and other general corporate purposes.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our expected use of net proceeds from
this offering represents our current intentions based upon our present plans and business condition. As of the date of this prospectus,
we cannot predict with certainty all of the particular uses for the net proceeds to be received upon the closing of this offering
or the amounts that we will actually spend on the uses set forth above. The amounts and timing of our actual use of net proceeds
will vary depending on numerous factors, including our ability to obtain additional financing, the relative success and cost of
our research, preclinical and clinical development programs, including a change in our planned course of development or the termination
of a clinical program necessitated by the results of data received from clinical trials. As a result, management will have broad
discretion in the application of the net proceeds, and investors will be relying on our judgment regarding the application of
the net proceeds of this offering. In addition, we might decide to postpone or not pursue other clinical trials or preclinical
activities if the net proceeds from this offering and our other sources of cash are less than expected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Based on our planned use of the net proceeds
of this offering and our current cash and cash equivalents described above, we estimate that such funds will be sufficient to
enable us to fund our operating expenses and capital expenditure requirements through &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
including through completion of our planned Phase IIb clinical trial for IFX-1 in HS patients and planned Phase II clinical trial
for IFX-1 in AAV patients. With respect to other research and development activities, including clinical development of IFX-2
and conducting clinical trials of IFX-1 for additional indications, we expect that we may require additional funds as these programs
progress, the amounts of which will depend on the ultimate clinical development paths we pursue. We have based these estimates
on assumptions that may prove to be incorrect, and we could use our available capital resources sooner than we currently expect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pending their use, we plan to invest the
net proceeds from this offering in short- and intermediate-term interest-bearing financial assets and certificates of deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="DividendPolicy"></A>Dividend
Policy</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have never paid or declared any cash
dividends on our common shares, and we do not anticipate paying any cash dividends on our common shares in the foreseeable future.
We intend to retain all available funds and any future earnings to fund the development and expansion of our business. Under Dutch
law, we may only pay dividends to the extent our shareholders&rsquo; equity (<I>eigen vermogen</I>) exceeds the sum of the paid-up
and called-up share capital plus the reserves required to be maintained by Dutch law or by our Articles of Association. Subject
to such restrictions, any future determination to pay dividends will be at the discretion of our board of directors and will depend
upon a number of factors, including our results of operations, financial condition, future prospects, contractual restrictions,
restrictions imposed by applicable law and other factors our board of directors deems relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="CorporateReorganization"></A>Corporate
Reorganization</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Fireman B.V. is a Dutch private company
with limited liability (<I>besloten vennootschap met beperkte aansprakelijkheid</I>) that was incorporated for the purpose of
making this offering. Upon the incorporation of Fireman B.V., Niels Riedemann, our Chief Executive Officer, became the sole director
and the sole shareholder of Fireman B.V., holding one common share in the capital of Fireman B.V. Pursuant to the terms of a corporate
reorganization that will be completed prior to the closing of this offering, all of the interests in InflaRx GmbH will be exchanged
for new common shares of Fireman B.V. to be issued to the existing security holders of InflaRx GmbH in the course of such exchange,
and as a result, InflaRx GmbH will become a wholly owned subsidiary of Fireman B.V., while the current security holders of InflaRx
GmbH will become the shareholders of Fireman B.V. In connection with such exchange, the common share in Fireman B.V. held by Mr.
Riedemann will either be cancelled (<I>ingetrokken</I>) or subtracted from the number of new common shares issuable by Fireman
B.V. in exchange for the equity interests held by Mr. Riedemann in InflaRx GmbH. Subsequently, Fireman B.V. will convert into
a Dutch public company with limited liability (<I>naamloze vennootschap</I>) and change its name to InflaRx N.V. Therefore, investors
in this offering will only acquire, and this prospectus only describes the offering of, common shares of InflaRx N.V. We refer
to the reorganization described above as our &ldquo;corporate reorganization.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The corporate reorganization will take
place in several steps, all of which will be completed prior to the closing of this offering, as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exchange of InflaRx GmbH securities for Fireman B.V. equity
interests</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Immediately following the pricing of this
offering, as the initial step of our corporate reorganization, the existing preferred and common shareholders of InflaRx GmbH will
each become a party to a separate notarial deed of issue, pursuant to which they will subscribe for new common shares in Fireman
B.V. and agree to contribute and subsequently, pursuant to a deed of transfer under German law, transfer their shares in InflaRx
GmbH to Fireman B.V. in consideration therefor as described below under &ldquo;&mdash;Shares of Fireman B.V. to be outstanding
after the corporate reorganization.&rdquo; As a result thereof, Fireman B.V. will become the sole shareholder of InflaRx GmbH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In conjunction with the corporate reorganization,
the outstanding option awards exercisable for common shares of InflaRx GmbH, including those granted under the 2016 Plan, will
be exchanged for awards exercisable for common shares of InflaRx N.V. See &ldquo;Management&mdash;2016 option plan.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares of Fireman B.V. to be outstanding after the corporate
reorganization</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Securities of InflaRx GmbH will be exchanged
for common shares of Fireman B.V. on a one-to- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;basis as provided for in each notarial deed of issue. The conversion of the outstanding
option awards into awards exercisable for common shares of InflaRx N.V. will occur on a one-to- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-weight: normal">Upon
closing of the corporate reorganization (and prior to the closing of this offering), the current shareholders of InflaRx GmbH will
hold an aggregate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common shares of InflaRx N.V.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conversion of Fireman B.V. into InflaRx N.V.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the final step of our corporate reorganization,
the legal form of Fireman B.V. will be converted from a Dutch private company with limited liability (<I>besloten vennootschap
met beperkte aansprakelijkheid</I>) to a Dutch public company with limited liability (<I>naamloze vennootschap</I>), and the Articles
of Asssociation of InflaRx N.V. will become effective. Such final step will take place by means of the execution of a notarial
deed of conversion and amendment, which will take place prior to the listing of our common shares on NASDAQ. The conversion will
result in a name change from Fireman B.V. into InflaRx N.V. The Articles of Association are further described in the section &ldquo;Description
of share capital and articles of association&rdquo; and are filed as an exhibit to the registration statement of which this prospectus
forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>



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

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="Capitalization"></A>Capitalization</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth our cash,
cash equivalents and capitalization as of June 30, 2017:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>on an
                                         actual basis;</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>on a
                                         pro forma basis to give effect to (i) the closing of the Series D financing and (ii)
                                         our corporate reorganization; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>on a
                                         pro forma as adjusted basis to give effect to (i) the closing of the Series D financing,
                                         (ii) our corporate reorganization and (iii) the issuance and sale of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
                                         shares in this offering, assuming an initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
                                         common share, which is the midpoint of the price range set forth on the cover page of
                                         this prospectus, after deducting estimated underwriting discounts and commissions and
                                         estimated offering expenses payable by us.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This table should be read in conjunction
with &ldquo;Management&rsquo;s discussion and analysis of financial condition and results of operations&rdquo;, &ldquo;Corporate
reorganization,&rdquo; &ldquo;Certain relationships and related party transactions&mdash;Series D financing&rdquo; and the consolidated
financial statements and notes thereto appearing elsewhere in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of June 30, 2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">(in thousands of &euro;, except share and per share data; unaudited)</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">Actual</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">Pro forma</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">Pro forma as adjusted(1)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 61%; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Cash and cash
    equivalents&#9;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">25,330</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.35pt; text-indent: -9.35pt">Series A preferred shares, nominal value &euro;1.00
    per share; 44,297 shares issued and outstanding on an actual basis; no shares issued and outstanding on a pro forma and pro
    forma as adjusted basis</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,440</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></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-left: 9.35pt; text-indent: -9.35pt">Series B preferred shares, nominal value &euro;1.00
    per share;&nbsp;49,607 shares issued and outstanding on an actual basis; no shares issued and outstanding on a pro forma and
    pro forma as adjusted basis&#9; <BR></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.35pt; text-indent: -9.35pt">Series C preferred shares, nominal value &euro;1.00
    per share; 49,532 shares issued and outstanding on an actual basis; no shares issued and outstanding on a pro forma and pro
    forma as adjusted basis&#9; <BR></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,133</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9.35pt; text-indent: -9.35pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 0pt; text-indent: -9.35pt">Series
                                         D preferred shares, nominal value &euro;1.00 per share;&nbsp;no shares
                                         issued and outstanding on an actual, pro forma and pro forma as adjusted basis(2)</P>

<P STYLE="margin: 0pt 0"></P>


</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&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><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: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total preferred shares(2)</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">56,584</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">&nbsp;</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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">&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><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; text-indent: -9.35pt; padding-left: 9.35pt">Equity<BR> Issued capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 18.7pt">Common shares, &euro;1.00 par value, 28,125 shares
    issued and outstanding on an actual basis; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
    issued and outstanding on a pro forma basis, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    shares issued and outstanding on a pro forma as adjusted basis&#9;</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"></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; text-indent: -9.35pt; padding-left: 9.35pt">Other reserves&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,172</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Own shares&#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">(350</TD><TD STYLE="border-bottom: Black 1pt solid; 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"></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"></TD><TD STYLE="border-bottom: Black 1pt solid; 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; text-indent: -9.35pt; padding-left: 9.35pt">Accumulated deficit&#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">(35,528</TD><TD STYLE="border-bottom: Black 1pt solid; 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"></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"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 18.7pt">Total equity&#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">(32,675</TD><TD STYLE="border-bottom: Black 1pt solid; 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"></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"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Total capitalization(3)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">23,909</TD><TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; border-bottom: Black 2pt solid">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Each $1.00 increase (decrease) in the assumed initial public
                                         offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         per share, which is the midpoint of the price range set forth on the cover page of this
                                         prospectus, would increase (decrease) the pro forma as adjusted amount of each of cash
                                         and cash equivalents, capital reserves, total equity and total capitalization by approximately
                                         $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         million, assuming that the number of shares offered by us, as set forth on the cover
                                         page of this prospectus, remains the same and after deducting estimated underwriting
                                         discounts and commissions and estimated offering expenses payable by us. Similarly, each
                                         increase (decrease) of 1.0 million shares in the number of shares offered by</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">us at the assumed initial public
offering price per share of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) the
pro forma as adjusted amount of each of cash and cash equivalents, capital reserves, total equity and total capitalization by
approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">U.S. dollar amounts have been translated
into euros at a rate of $0.8763 to &euro;1.00, the official exchange rate quoted as of June 30, 2017 by the European Central Bank.
Such euro amounts are not necessarily indicative of the amounts of euros that could actually have been purchased upon exchange
of U.S. dollars at the dates indicated and have been provided solely for the convenience of the reader.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>On October 12, 2017, we entered into an investment and adherence agreement with certain investors for the issuance and
                                                            sale of                                                             27,555
                                                            Series D preferred shares, at a price per share of                                                             &euro;927.92,
                                                            for aggregate net proceeds of approximately &euro;24.9
                                                            million (after expenses), which we expect to receive upon closing
of the Series D financing.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Consists of total preferred shares and total equity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 8pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="Dilution"></A>Dilution</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If you invest in our common shares, your
ownership interest will be immediately diluted to the extent of the difference between the initial public offering price per common
share and the pro forma as adjusted net tangible book value per common share after this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At June 30, 2017, we had a pro forma net
tangible book value of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million), corresponding to a net tangible book value of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per
common share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share). Pro forma
net tangible book value per share represents the amount of our total assets less our total liabilities, excluding intangible assets,
divided by the common shares issued and outstanding after giving effect to (i) the closing of the Series D financing and (ii) our
corporate reorganization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After giving effect to (i) the closing of the Series D financing, (ii) our corporate reorganization and
(iii) the sale by us of the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
shares offered by us in the offering at the assumed initial offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common
share) (which is the midpoint of the price range set forth on the cover page of this prospectus), after deducting the estimated
underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma as adjusted net tangible book
value estimated at June 30, 2017 would have been approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million
(&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million), representing $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common share). This
represents an immediate increase in pro forma net tangible book value of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common share) to existing
shareholders and an immediate dilution in net tangible book value of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share (&euro; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common
share) to new investors purchasing common shares in this offering. Dilution for this purpose represents the difference between
the price per common share paid by these purchasers and net tangible book value per common share immediately after the completion
of the offering.</P>

<P STYLE="margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table illustrates this dilution
to new investors purchasing common shares in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 78%">Assumed initial public offering price per share&#9;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: left">$</TD>
    <TD STYLE="width: 3%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: left">&euro;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 13.5pt; text-indent: 0in">Pro forma net tangible book value per common share at June 30,
    2017 after giving effect to (i) the closing of the Series D financing and (ii) the corporate reorganization&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 13.5pt; text-indent: 0in">Increase in net tangible book value per common share attributable to this
    offering&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 13.5pt; text-indent: 0in">Pro forma as adjusted net tangible book value per common share after giving
    effect to (i) the closing of the Series D financing, (ii) the corporate reorganization and (iii) this offering&#9;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Dilution per common share to new investors&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Percentage of dilution in net tangible book value per common share for new investors&#9;</TD>
    <TD STYLE="text-align: right">%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each $1.00 increase (decrease) in the
assumed initial offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share (&euro; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share) (the midpoint of the price range set forth on the cover page of this prospectus), respectively, would increase (decrease)
the pro forma as adjusted net tangible book value after this offering by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per common share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share) and the dilution per common
share to new investors in the offering by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per common share), assuming that the number of common shares offered by us, as set forth on the cover page of this prospectus,
remains the same. Similarly, each increase (decrease) of 1.0 million shares offered by us at the assumed initial public offering
price would increase (decrease) the pro forma as adjusted net tangible book value after this offering by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per common share (&euro; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common
share) and the dilution per common share to new investors in the offering by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share (&euro; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per common share).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth, on
a pro forma basis as of June 30, 2017, giving effect to (i) the closing of the Series D financing, (ii) the corporate
reorganization, and (iii) this offering, the total number of shares owned by existing shareholders and to be owned by new
investors purchasing common shares in this offering, the total consideration paid and the average price per share paid by our
existing shareholders and to be paid by new investors purchasing common shares in this offering. The calculation below is
based on the assumed initial public offering price of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share), which is
the midpoint of the estimated price range set forth on the cover page of this prospectus, before deducting estimated
underwriting discounts and commissions and estimated offering expenses payable by us:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1.5pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Shares
                                         Purchased&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1.5pt solid"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Total
                                         Consideration&nbsp;</P></TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="border-top: Black 1.5pt solid"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Average
                                         Price per Share</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Number</P></TD>
    <TD><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Percent</P></TD>
    <TD COLSPAN="2"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Amount</P></TD>
    <TD><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Percent</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 31%">Existing shareholders&#9;</TD>
    <TD STYLE="width: 13%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>New Investors&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="border-bottom: Black 1.5pt solid">Total&#9;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">100%</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">100%</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each $1.00 increase (decrease) in the
offering price per share, respectively, would increase (decrease) the total consideration paid by new investors by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million) and increase (decrease) the percentage of
total consideration paid by new investors by approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%, assuming that the number of shares
offered by us, as set forth on the cover page of this prospectus, remains the same. Similarly, each increase (decrease) of 1.0
million shares offered by us at the assumed initial public offering price would increase (decrease) the percentage of total consideration
paid by new investors by approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; %.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the underwriters were to fully exercise
their overallotment option to purchase additional shares, the pro forma as adjusted net tangible book value per common shares
after the offering would be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share), and the dilution per common share to new investors would be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share (&euro; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common share), in
each case assuming an initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per
common share (&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per common
share), which is the midpoint of the estimated price range set forth on the cover page of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the underwriters exercise their overallotment
option to purchase additional shares in full, the following will occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         percentage of our common shares held by existing shareholders will decrease to approximately
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the total number of our common
                                         shares outstanding after this offering; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         percentage of our common shares held by new investors will increase to approximately
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the total number of our common
                                         shares outstanding after this offering.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The above discussion and table are based
on our common shares outstanding as of June 30, 2017 on a pro forma as adjusted basis, including giving effect to the Series D
financing and the corporate reorganization, and exclude:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>21,108 of our common shares issuable upon the exercise of options outstanding as of September 30, 2017 (i) under our 2016 Plan
at a weighted average exercise price of &euro;656 per common share and (ii) granted in connection with the Company&rsquo;s Series B financing,
all of which have vested as of December 31, 2016, in each case not giving effect to the corporate reorganization; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>a
                                         maximum of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         common shares covered by awards available for issuance under the 2017 Plan.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent that outstanding options
are exercised, you will experience further dilution. In addition, we may choose to raise additional capital due to market conditions
or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent
that additional capital is raised through the sale of equity or convertible debt securities, the issuance of such securities may
result in further dilution to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ExchangeRates"></A>Exchange
Rates</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth, for the
periods indicated, the high, low, average and period-end exchange rates for the purchase of U.S. dollars expressed in euros per
U.S. dollar. The average rate is calculated by using the average of the European Central Bank&rsquo;s reported exchange rates on
each day during a monthly period and on the last day of each month during an annual period. On October 12, 2017, the exchange rate
as reported by the European Central Bank was &euro;0.85 to $1.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; text-align: left; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; text-align: center"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 0.75pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">Period
                                         End&nbsp;</FONT></P></TD>
    <TD STYLE="width: 13%; text-align: center"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 0.75pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">Average
                                         for Period&nbsp;</FONT></P></TD>
    <TD STYLE="width: 13%; text-align: center"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 0.75pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">Low&nbsp;</FONT></P></TD>
    <TD STYLE="width: 13%; text-align: center"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 0.75pt solid; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">High&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: center; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt; font-weight: normal">(&euro;
    per U.S. dollar)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>Year Ended December 31:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">2012</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">0.7579</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">0.7733</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.7433</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8272</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">0.7251</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">0.7514</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.7239</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.7832</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">2014</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">0.8237</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">0.7570</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.7167</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8237</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">2015</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">0.9185</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">0.9053</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8304</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.9477</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">0.9487</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">0.9065</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8644</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.9649</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>Six Months Ended June 30:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">2016</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">0.9007</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">0.8964</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8644</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.9309</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">0.8763</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">0.9239</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8762</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.9629</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt"><B>Month Ended:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">April 30, 2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">0.9149</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.9327</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.9149</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">0.9454</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">May 31, 2017</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">0.8899</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.9049</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8899</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.9200</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">June 30, 2017</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8763</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8906</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8762</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8971</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">July 31, 2017</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8527</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8688</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8526</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8827</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">August 31, 2017</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8457</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8470</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8300</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8549</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">September 30, 2017</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8470</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8393</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8292</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">0.8517</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">October 31, 2017 (through October
    12, 2017)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">0.8452</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">0.8497</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">0.8432</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">0.8539</FONT></TD></TR>
</TABLE>


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

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="SelectedConsolidatedFinancialData"></A>Selected
Consolidated Financial Data</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following selected consolidated historical
and other financial information of InflaRx GmbH should be read in conjunction with the section entitled &ldquo;Management&rsquo;s
discussion and analysis of financial condition and results of operations&rdquo; and InflaRx GmbH&rsquo;s consolidated financial
statements, including the notes thereto, included elsewhere in this prospectus. Our historical results are not necessarily indicative
of the results that may be expected in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The consolidated statement of financial
position data as of December 31, 2015 and 2016 and comprehensive loss data for each of the years then ended are derived from the
consolidated financial statements of InflaRx GmbH included elsewhere in this prospectus, which have been audited by KPMG AG Wirtschaftspr&uuml;fungsgesellschaft.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The consolidated statement of financial
position data as of June 30, 2017 and comprehensive loss data for each of the six-month periods ended June 30, 2016 and 2017 are
derived from the unaudited condensed consolidated financial statements of InflaRx GmbH included elsewhere in this prospectus.
The unaudited financial statements have been prepared on the same basis as the audited financial statements and, in the opinion
of management, reflect all adjustments necessary to state fairly our financial position as of June 30, 2017 and our results of
operations for the six months ended June 30, 2016 and 2017. Our historical results for the six months ended June 30, 2017 are
not necessarily indicative of results to be expected for a full year or any other interim period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We maintain our books and records in euros,
and we prepare our financial statements under IFRS, as issued by the IASB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Fireman B.V. is a newly formed holding
company formed for the purpose of effecting the offering and has not engaged in any activities except those incidental to its
formation, the corporate reorganization and the initial public offering of our common shares. Accordingly, summary financial information
for Fireman B.V. is not presented. Fireman B.V.&rsquo;s financial statement, including the notes thereto, is included elsewhere
in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; border-bottom: Black 1pt solid">Consolidated statement of comprehensive loss data</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 10pt"><B>For
                                         the six months</B></FONT><BR CLEAR="ALL"> <FONT STYLE="font-size: 10pt"><B>ended June
                                         30,&nbsp;</B></FONT></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 10pt">For
                                         the year</FONT><BR CLEAR="ALL"> <FONT STYLE="font-size: 10pt">ended December 31,&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 10pt"><B>2016&nbsp;</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 10pt"><B>2017&nbsp;</B></FONT></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 10pt">2015&nbsp;</FONT></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid"><FONT STYLE="font-size: 10pt">2016&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold">(in thousands of &euro;, except for share and per share data)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 56%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Other income/(expenses)&mdash;net&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">85</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: 8%; text-align: right">30</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: 8%; text-align: right">134</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: 8%; text-align: right">231</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Expenses:</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><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; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;&nbsp;&nbsp;&nbsp;Research and development
    expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,417</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,502</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,478</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,278</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;&nbsp;&nbsp;&nbsp;General
    and administrative expenses&#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">(524</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(1,346</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(438</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(1,844</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Loss before interest and income
    taxes&#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">(1,856</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(6,818</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(3,782</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(6,891</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Finance costs&mdash;net&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(566</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,655</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,135</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,048</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: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Loss before income taxes&#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">(2,422</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</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">(8,473</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</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">(4,917</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</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">(8,939</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Income taxes&#9;&#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">&mdash;</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">&mdash;</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">&mdash;</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">&mdash;</TD><TD STYLE="border-bottom: Black 1pt solid; 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; text-indent: -9.35pt; padding-left: 9.35pt">Loss for the period&#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">(2,422</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(8,473</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(4,917</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(8,939</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net loss per common share, basic and diluted&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(86</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(301</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(175</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(318</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; text-indent: -9.35pt; padding-left: 9.35pt">Weighted average number of shares
    used to compute net loss per common share, basic and diluted&#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">28,125</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">28,125</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">28,125</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">28,125</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
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    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 10pt"><B>Consolidated statement of financial position data</B></TD></TR>
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    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">As of June 30,</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">As of December 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">(in thousands of &euro;)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 67%; text-align: left">Cash and cash equivalents&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">25,330</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: 8%; text-align: right">3,302</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: 8%; text-align: right">29,117</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,571</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,586</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,518</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">Total liabilities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,246</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,205</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,207</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total equity&#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">(32,675</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(17,619</TD><TD STYLE="border-bottom: Black 1pt solid; 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">(25,689</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ManagementsDiscussionandAnalysis"></A>Management&rsquo;s
Discussion and Analysis<BR>
of Financial Condition and Results of Operations</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>You should read the following discussion
and analysis of our financial condition and results of operations together with the information under &ldquo;Selected consolidated
financial information&rdquo; and our consolidated audited financial statements, including the notes thereto, included in this
prospectus. The following discussion is based on our financial information prepared in accordance with IFRS as issued by the IASB,
which may differ in material respects from generally accepted accounting principles in the United States and other jurisdictions.
The following discussion includes forward-looking statements that involve risks, uncertainties and assumptions. Our actual results
may differ materially from those anticipated in these forward-looking statements as a result of many factors, including but not
limited to those described under &ldquo;Risk factors&rdquo; and elsewhere in this prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>In June 2017, Fireman B.V. was incorporated
under the laws of the Netherlands to become the holding company for InflaRx GmbH in connection with this offering pursuant to
the corporate reorganization. Please see &ldquo;Corporate reorganization.&rdquo; Fireman B.V. has not engaged in any activities
except those incidental to its formation, the corporate reorganization and the initial public offering of our common shares. Accordingly,
financial information for Fireman B.V. and a discussion and analysis of its results of operations and financial condition for
the period of its operations prior to the corporate reorganization would not be meaningful and are not presented. Following the
corporate reorganization, the historical financial statements of InflaRx N.V. will be retrospectively adjusted to include the
historical financial results of InflaRx GmbH for all periods presented.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a clinical-stage biopharmaceutical
company focused on applying our proprietary anti-C5a technology to discover and develop first-in-class, potent and specific inhibitors
of the complement activation factor known as C5a. C5a is a powerful inflammatory mediator involved in the progression of a wide
variety of autoimmune and other inflammatory diseases. Our lead product candidate, IFX-1, is a novel intravenously delivered first-in-class
anti-C5a monoclonal antibody that selectively binds to free C5a and has demonstrated disease-modifying clinical activity and tolerability
in multiple clinical settings. We are developing IFX-1 for the treatment of HS, a chronic debilitating systemic inflammatory skin
disease, for which we plan to initiate a Phase IIb clinical trial in the first quarter of 2018. Beyond HS, we intend to develop
IFX-1 and other proprietary antibodies to address a wide array of complement-mediated diseases with significant unmet needs, including
AAV, a rare, life-threatening autoimmune disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Since our inception in December
2007, we have devoted substantially all of our resources to establishing our company, raising capital, developing our
proprietary anti-C5a technology, identifying and testing potential product candidates and conducting clinical trials of our
lead product candidate, IFX-1. To date, we have not generated any product revenue and have financed our operations primarily
through the private placement of our securities and other income from various grants. As of June 30, 2017, we had raised an
aggregate of &euro;48.4 million, comprised of &euro;47.3 million gross proceeds from private placements of our securities and
&euro;1.1 million in payments in connection with various grants. As of June 30, 2017, we had cash and cash equivalents of
&euro;25.3 million. In October 2017, in the Series D financing, we entered into an investment and adherence agreement with
certain investors pursuant to which we expect to receive &euro;24.9 million in aggregate net proceeds (after expenses) upon
the closing of the Series D financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of June 30, 2017, we had an accumulated
deficit of &euro;35.5 million. Our net losses were &euro;4.9 million and &euro;8.9 million for the years ended December 31, 2015
and 2016, respectively. We have incurred significant NOLs in every year since our inception and expect to continue to incur increasing
net operating losses for the foreseeable future. Our net losses may fluctuate significantly from quarter to quarter and year to
year. We anticipate that our expenses will increase significantly if, and as we</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>conduct
                                         a Phase IIb clinical trial of IFX-1 in HS;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>continue
                                         to advance our lead product candidate, IFX-1, through additional clinical development,
                                         including by conducting a Phase II clinical trial of IFX-1 in AAV;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>initiate
                                         and continue our current research programs and development activities, including development
                                         of IFX-2;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>seek
                                         to identify additional research programs and additional product candidates;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>maintain,
                                         expand and protect our intellectual property portfolio;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>hire
                                         and retain additional personnel, such as clinical quality control and scientific personnel;
                                         and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>incur
                                         additional costs associated with operating as a public company, including expanding our
                                         operational, finance and management teams.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-weight: normal">We do
not expect to generate revenue from product sales unless and until we successfully complete development and obtain regulatory
approval for a product candidate, which we expect will take a number of years and is subject to significant uncertainty. If we
obtain regulatory approval for any product candidate, we expect to incur significant commercialization expenses related to product
sales, marketing, manufacturing and distribution. Accordingly, we may seek to further fund our operations through public or private
equity or debt financings or other sources, including strategic collaborations. We may, however, be unable to raise additional
funds or enter into such other arrangements when needed on favorable terms or at all. Our failure to raise capital or enter into
such other arrangements as and when needed, would have a negative impact on our financial condition and our ability to develop
IFX-1 or any additional product candidates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Revenue</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To date, we have not generated any revenue
and do not expect to do so in the near future. We expect that our revenue will be less than our expenses for the foreseeable future
and that we will experience increasing losses as we continue our development of, and seek regulatory approvals for, IFX-1 and
any other product candidates and, if approved, begin to commercialize any approved products. Our ability to generate revenue for
each product candidate for which we receive regulatory approval will depend on numerous factors, including level of competition,
availability of reimbursement from payors, commercial manufacturing capability, market acceptance and approved use by regulators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Other Income</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have historically earned other income
through several grants from the German government, the European Union and other educational institutions on behalf of the German
government, primarily with respect to research and development activities related to the development of IFX-1 and IFX-2. These
grants generally provide for reimbursement of approved costs incurred as defined in the respective grants. Income in respect of
grants also includes contributions towards the costs of research and development. Income is recognized when costs under each grant
are incurred in accordance with the terms and conditions of the grant and the collectability of the receivable is reasonably assured.
We recognized &euro;0.2 million and &euro;0.1 million of other income from grants in 2016 and 2015, respectively. In the three
months ended June 30, 2016 and 2017, we recognized &euro;0.1 million and &euro;0.0 million of other income from grants, respectively,
and in the six months ended June 30, 2016 and 2017, we recognized &euro;0.1 million and &euro;0.0 million, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Research and development expenses</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">Research and development expenses have
consisted principally of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>employee-related
                                         expenses, including salaries, benefits and stock-based compensation expense based upon
                                         employees&rsquo; role within the organization;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>professional
                                         fees for lawyers related to the protection and maintenance of our intellectual property;
                                         and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>expenses
                                         incurred under agreements with contract research organizations, or CROs, contract manufacturing
                                         organizations, or CMOs, consultants and independent contractors that conduct research
                                         and development, preclinical and clinical activities on our behalf.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect that our total research and
development expenses in 2017 will be significant higher compared to our expenses in 2015 and 2016. Such increased research and
development expenses primarily relate to the following key programs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD><B><I>IFX-1</I></B>.
                                         In 2017, we completed enrollment and dosing in our Phase IIa clinical trial of IFX-1
                                         in patients with HS. We expect our expenses associated with IFX-1 will further increase
                                         as we prepare to commence a Phase IIb clinical trial of IFX-1 in patients with HS and
                                         a Phase II clinical trial in patients with AAV. We anticipate that our research and development
                                         expenses will increase substantially in connection with the commencement of these and
                                         any additional clinical trials. In addition, we are also incurring expenses related to
                                         the manufacturing of clinical trial material and investigating commercial scale production
                                         options.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD><B><I>IFX-2</I></B>.
                                         We are continuing preclinical development of IFX-2, expenses for which mainly consist
                                         of salaries, costs for preclinical testing conducted by CROs and costs for the production
                                         of preclinical material.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD><B><I>Other
                                         development programs</I></B>. Our other research and development expenses relate to our
                                         preclinical studies of other product candidates and discovery activities, expenses for
                                         which mainly consist of salaries, costs for production of preclinical compounds and costs
                                         paid to CROs.</TD></TR></TABLE>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In 2015 and 2016, we incurred &euro;3.5
million and &euro;5.3 million of research and development expense, respectively. Our research and development expenses were &euro;0.6
million and &euro;3.1 million for the three months ended June 30, 2016 and 2017, respectively, and &euro;1.4 million and &euro;5.5
million for the six months ended June 30, 2016, and 2017, respectively. Our research and development expenses may vary substantially
from period to period based on the timing of our research and development activities, including due to timing of clinical trial
initiation and potential enrollment. Research and development expenses are expected to increase as we advance the clinical development
of IFX-1 and IFX-2 and further advance the research and development of our preclinical product candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">We expense research
and development costs as incurred. We recognize costs for certain development activities, such as preclinical studies and clinical
trials, based on an evaluation of the progress to completion of specific tasks. We use information provided to us by our vendors
such as patient enrollment or clinical site activations for services received and efforts expended. Research and development activities
are central to our business model. We expect research and development costs to increase significantly for the foreseeable future
as our current development programs progress and new programs are added.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The successful development of our product
candidates is highly uncertain. At this time, we cannot reasonably estimate the nature, timing and estimated costs of the efforts
that will be necessary to complete the development of, or the period, if any, in which material net cash inflows may commence
from, any of our product candidates. This is due to numerous risks and uncertainties associated with developing drugs, including
the uncertainty of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>clinical
                                         trials or our product candidates producing negative or inconclusive results, including
                                         failure to demonstrate statistical significance;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         scope, rate of progress, results and cost of our clinical trials, nonclinical testing,
                                         and other related activities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>delays
                                         in reaching, or failing to reach, agreement on acceptable clinical trial contracts or
                                         clinical trial protocols with prospective trial sites or prospective CROs, the terms
                                         of which can be subject to extensive negotiation and may vary significantly among different
                                         CROs and trial sites;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         cost of manufacturing clinical supplies and establishing commercial supplies of our product
                                         candidates and any products that we may develop;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>third-party
                                         contractors failing to comply with regulatory requirements or meet their contractual
                                         obligations to us in a timely manner, or at all;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         number and characteristics of product candidates that we pursue;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>undesirable
                                         side effects or other unexpected characteristics, causing us or our investigators, regulators
                                         or institutional review boards to suspend or terminate the trials;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>potential
                                         additional safety monitoring or other studies requested by regulatory agencies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         cost, timing, and outcomes of regulatory approvals;</TD></TR></TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         number of trials required for approval;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         duration of patient follow-up;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         cost and timing of establishing sales, marketing, and distribution capabilities; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         terms and timing of any collaborative, licensing and other arrangements that we may establish,
                                         including any milestone and royalty payments thereunder.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A change in the outcome of any of these
variables with respect to the development of IFX-1, IFX-2 or any other product candidate that we may develop could mean a significant
change in the costs and timing associated with the development of such product candidate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">General and administrative expenses</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">Our general and administrative expenses
consist principally of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>employee-related
                                         expenses, including salaries, benefits and stock-based compensation expense based upon
                                         employees&rsquo; role within the organization;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>professional
                                         fees for auditors and consulting expenses not related to research and development activities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>professional
                                         fees for lawyers not related to the protection and maintenance of our intellectual property;
                                         and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>cost
                                         of facilities, communication and office expenses.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect that our general and administrative
expenses will increase in the future as our business expands and we incur additional costs associated with operating as a public
company. These public company-related expenses will likely include costs of additional personnel, additional legal fees, audit
fees, directors&rsquo; and officers&rsquo; liability insurance premiums and costs associated with investor relations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The numbers below have been derived from
our consolidated financial statements included elsewhere herein. The discussion below should be read along with these consolidated
financial statements, and it is qualified in its entirety by reference to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Comparison of the three months ended June 30, 2016
and 2017</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Three
    Months Ended June 30,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">(in thousands
    of &euro;)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 67%; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Other income
    and expenses (net)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">55</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">(53</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Research and development
    expenses</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(573</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(3,101</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(2,528</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">General and administrative
    expenses</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(264</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(731</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(467</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Loss
    before interest and income taxes</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(782</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(3,830</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(3,048</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Finance costs (net)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(285</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(842</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(557</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Loss
    before tax</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(4,672</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(3,605</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Income tax expense</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Loss
    for the period</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,067</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(4,672</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(3,605</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Exchange differences
    on translating foreign operations</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(2</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(2</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Total
    comprehensive loss</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(1,067</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4,674</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(3,607</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Research and development expenses</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Three
    Months Ended June 30,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">(in thousands
    of &euro;)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 67%; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Third party expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">262</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: 8%; text-align: right">2,195</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: 8%; text-align: right">1,933</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Personnel expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">285</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">882</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">597</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; text-indent: -12.1pt; padding-left: 12.1pt">Other expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">573</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,101</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,528</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Research and development expenses increased
by &euro;2.5 million in the three months ended June 30, 2017 compared to the three months ended June 30, 2016. This increase is
primarily attributable to a &euro;2.0 million increase in expenses associated with manufacturing and conducting trials for IFX-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">General and administrative expenses</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended June 30,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</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">2016</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">2017</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">Change</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center">(in thousands of &euro;)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">General and administrative expense:</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><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="width: 67%; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Personnel expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">189</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: 8%; text-align: right">426</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: 8%; text-align: right">237</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Legal, consulting and audit fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">214</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">203</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Other expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-indent: -12.1pt; padding-left: 12.1pt">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">264</TD><TD STYLE="font-weight: bold; text-align: left"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">731</TD><TD STYLE="font-weight: bold; text-align: left"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">467</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">General and administrative expenses increased
by &euro;0.5 million to &euro;0.7 million for the three months ended June 30, 2017, from &euro;0.3 million for the three months
ended June 30, 2016. This increase is primarily attributable to a &euro;0.2 million increase in employee-related costs associated
with salaries, bonus, benefits and non-cash share-based compensation, as well as a &euro;0.2 million increase in legal, consulting
and audit fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;<FONT STYLE="font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-indent: 0in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Finance costs-net</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Finance costs for the three months ended
June 30, 2017 mainly consisted of interest expense on our outstanding preferred shares of &euro;0.8 million, compared to &euro;0.3
million incurred in the three months ended June 30, 2016 due to the increase of outstanding preferred shares issued in the Series
C financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Comparison of the six months ended June 30, 2016
and 2017</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Six
    Months Ended June 30,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">(in thousands
    of &euro;)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 67%; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Other income
    and expenses (net)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">85</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">(55</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Research and development
    expenses</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,417</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(5,502</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(4,085</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">General and administrative
    expenses</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(524</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,346</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right">(822</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Loss
    before interest and income taxes</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,856</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(6,818</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4,962</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Finance costs (net)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(566</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,655</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right">(1,089</TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Loss
    before tax</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(2,422</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(8,473</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(6,051</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Income tax expense</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Loss
    for the period</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(2,422</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(8,473</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(6,051</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Exchange differences
    on translating foreign operations</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(2</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(2</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Total
    comprehensive loss</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(2,422</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(8,475</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(6,053</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Research and development expenses</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Six
    Months Ended June 30,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">(in thousands
    of &euro;)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 67%; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Third party expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">838</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: 8%; text-align: right">3,468</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: 8%; text-align: right">2,648</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Personnel expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">459</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,642</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,183</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; text-indent: -12.1pt; padding-left: 12.1pt">Other expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">374</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">254</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,417</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,502</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,085</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Research and development expenses increased
by &euro;4.1 million in the six months ended June 30, 2017 compared to the six months ended June 30, 2016. This increase is primarily
attributable to a &euro;2.6 million increase in expenses for manufacturing and clinical trials in connection with our lead product
candidate IFX-1, and a &euro;1.2 million increase in employee-related costs associated with salaries, bonus, benefits and non-cash
share-based compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">General and administrative expenses</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Six
    Months Ended June 30,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2017</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">(in thousands
    of &euro;)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">General and administrative expense:</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><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="width: 67%; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Personnel expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">358</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: 8%; text-align: right">877</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: 8%; text-align: right">519</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Legal, consulting and audit fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">268</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Other expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">201</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-indent: -12.1pt; padding-left: 12.1pt">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">524</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,346</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">822</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">General and administrative expenses increased
by &euro;0.8 million to &euro;1.3 million for the six months ended June 30, 2017, from &euro;0.5 million for the six months ended
June 30, 2016. This increase is primarily attributable to a &euro;0.5 million increase in employee-related costs associated with
salaries, bonus, benefits and non-cash share-based compensation, and a &euro;0.2 million increase in legal, consulting and audit
fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;<FONT STYLE="font-size: 2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-indent: 0in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Finance costs-net</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Finance costs for the six months ended
June 30, 2017 mainly consisted of interest expense on our outstanding preferred shares of &euro;1.7 million, compared to &euro;0.6
million incurred in the six months ended June 30, 2016 due to the increase of outstanding preferred shares issued in the Series
C financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Comparison of the years ended December 31, 2015
and 2016</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Year
    Ended December 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">(in thousands
    of &euro;)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Other income
    and expenses (net)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">134</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">231</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">97</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Research and development
    expenses</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(3,478</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(5,278</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">General and administrative
    expenses</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(438</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,844</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,406</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Loss
    before interest and income taxes</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(3,782</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(6,891</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(3,109</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Finance costs (net)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(1,135</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(2,048</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(913</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Loss
    before tax</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4,917</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(8,939</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4,022</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Income tax expense</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Loss
    for the period</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4,917</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(8,939</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4,022</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Exchange differences
    </FONT>on translating foreign operations</TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 10pt">(1</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Total
    comprehensive loss</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4,915</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(8,938</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">(4,023</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
</TABLE>



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

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

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


<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">Research and
development expenses</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt"></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Year
    Ended December 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">(in thousands
    of &euro;)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Third party expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,960</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">3,757</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">1,797</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Personnel expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,153</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,293</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Other expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">365</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">228</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">(137</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,478</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,278</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,800</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <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><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>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We use our employee and infrastructure
resources across multiple research and development programs directed toward developing IFX-1 and IFX-2. We manage certain activities
such as contract research and manufacturing of IFX-1 and our discovery programs through our third-party vendors. We did not track
the costs of these activities on a program-by-program basis until 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Research and development expenses increased
by &euro;1.8 million to &euro;5.3 million for the year ended December 31, 2016, from &euro;3.5 million for the year ended December
31, 2015. This increase is primarily attributable to a &euro;1.8 million increase in CRO and CMO expenses in connection with our
preclinical studies and clinical trial for IFX-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">General and administrative expenses</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Year
    Ended December 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">(in thousands
    of &euro;)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">General and administrative expense:</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 61%; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Personnel
    expenses</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">309</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">1,134</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">825</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Legal, consulting and
    audit fees</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">86</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">394</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">308</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Other expenses</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">316</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">273</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">438</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,844</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">1,406</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">General and administrative expenses increased
by &euro;1.4 million to &euro;1.8 million for the year ended December 31, 2016, from &euro;0.4 million for the year ended December
31, 2015. This increase is primarily attributable to a &euro;0.8 million increase in employee-related costs associated with salaries,
bonus, benefits and non-cash stock-based compensation, which is mainly in connection with the grants under the 2016 Plan, a &euro;0.3
million increase in legal, consulting and audit fees and a &euro;0.3 million increase in other expenses.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Finance costs-net</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Finance costs for year ended December
31, 2016 mainly consisted of interest expense on our outstanding preferred shares of &euro;2.0 million, a 80% increase over the
&euro;1.1 million incurred in the year ended December 31, 2015 due to the increase of outstanding preferred shares issued in the
Series C financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Liquidity and capital resources</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Since
inception, we have incurred significant operating losses. For the years ended December 31, 2015 and 2016, we incurred net losses
of &euro;4.9 million and &euro;8.9 million, respectively. For the six months ended June 30, 2017, we incurred a net loss of &euro;8.3
million. To date, we have financed our operations primarily through the sale of our securities. As of June 30, 2017, we had cash
and cash equivalents of &euro;25.3 million. In October 2017, in the Series D financing, we entered into an investment and adherence
agreement with certain investors for the issuance and sale of 27,555 Series D preferred shares, at a price per share of &euro;927.92,
for aggregate net proceeds of approximately &euro;24.9 million (after expenses) which we expect to receive upon the closing of
the Series D financing. The closing of the Series D financing, and the funding of the aggregate proceeds to us, is subject to,
among other things, approval of our application to the German commercial register to increase our share capital to account for
the financing. See &ldquo;Certain relationships and related party transactions&mdash;Series D financing.&rdquo;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">Our cash and cash equivalents primarily
consist of bank deposit accounts and a money market investment fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Comparison of the six months ended
June&nbsp;30, 2016 and 2017</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table below summarizes our consolidated statement of cash
flows for the six months ended June 30, 2016 and 2017:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Six
    Months Ended June 30,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">(in thousands
    of &euro;)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 78%; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Cash used in operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(1,861</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(5,232</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Net cash used in investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(56</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Net cash from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Cash and cash equivalents at the beginning of the
    period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,302</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,117</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Exchange gains on cash and cash
    equivalents</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Cash and cash equivalents at the
    end of the period</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,440</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">25,330</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Net cash used in operating activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The use of cash in all periods resulted
primarily from our net losses adjusted for non-cash charges and changes in components of working capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Net cash used in operating activities
increased from &euro;1.9 million in the six months ended June 30, 2016 to &euro;5.2 million in the six months ended June 30, 2017,
mainly due to the increase of cash expenses, such as third-party expenses for manufacturing and clinical trials in connection
with our lead program IFX-1 and our personnel expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Net cash used in investing activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Net cash used for investing activities
increased by &euro;0.06 million in the six months ended June 30, 2017 due to investments in software and office equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Net cash provided by financing activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Net cash generated from financing activities
increased by &euro;1.5 million in the six months ended June 30, 2017 due to cash contributions received for Series C preferred
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Comparison of the years ended December&nbsp;31,
2015 and 2016</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table below summarizes our consolidated statement of cash
flows for the years ended December&nbsp;31, 2015 and 2016:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December
    31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">(in thousands of
    &euro;)</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt; width: 74%">Cash used in operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">(3,308</TD><TD STYLE="text-align: left; width: 1%">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,993</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Net cash used in investing activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(13</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(53</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Net cash from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,860</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Cash and cash equivalents at the beginning of the
    period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,622</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,302</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Exchange gains on cash and cash
    equivalents</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12.1pt; padding-left: 12.1pt">Cash and cash equivalents at the
    end of the period</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,302</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">29,117</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Net cash used in operating activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The use of cash in all periods resulted
primarily from our net losses adjusted for non-cash charges and changes in components of working capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Net cash used in operating activities
increased by 51% from &euro;3.3 million in the year ended December 31, 2015 to &euro;4.9 million in the year ended December 31,
2016 mainly due to the increase of cash expenses, such as third-party expenses for manufacturing and clinical trials in connection
with our lead program IFX-1 and our own personnel expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Net cash used in investing activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Net cash used for investing activities
increased from &euro;0 million in the year ended December 31, 2015 to &euro;0.01 million in the year ended December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Net cash provided by financing activities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Net cash generated from financing activities
of &euro;30.9 million in the year ended December 31, 2016 relates to the Series C financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect our expenses to increase in
connection with our ongoing activities, particularly as we conduct Phase II clinical trials of IFX-1 in patients with HS and AAV,
continue preclinical development of IFX-2, initiate new research and preclinical development efforts and seek marketing approval
for any product candidates that we successfully develop and receive approval for. <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">If
the planned Phase IIb of HS is successful, we plan to commence a Phase III program of IFX-1 in HS and currently anticipate that
the cost of such program could be in the range of &euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
</FONT>In addition, if we obtain marketing approval for any of our product candidates, we expect to incur significant commercialization
expenses related to establishing sales, marketing, distribution and other commercial infrastructure to commercialize such products.
Furthermore, following the closing of this offering, we expect to incur additional costs associated with operating as a public
company. Accordingly, we will need to obtain substantial additional funding in connection with our continuing <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">operations.
If we are unable to raise capital when needed or on attractive terms, we would be forced to delay, reduce or eliminate our research
and development programs or future commercialization efforts. </FONT>We believe that the net proceeds from this offering, together
with our existing cash and cash equivalents, will enable us to fund our operating expenses and capital expenditure requirements
through &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
such time, if ever, that we can generate substantial product revenues, we expect to finance our cash needs through a combination
of equity offerings, debt financings, royalty-based financings, future collaborations, strategic alliances and licensing arrangements.
To the extent that we raise additional capital through the sale of equity or convertible debt securities, your ownership interest
will be diluted, and the terms of these securities may include voting or other rights that adversely affect your rights as a common
shareholder. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to
take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise funds
through additional collaborations, strategic alliances or licensing arrangements with third parties, we may have to relinquish
valuable rights to our technologies, future revenue streams, research programs or product candidates or to grant licenses on terms
that may not be favorable to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Off-balance sheet arrangements</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of June 30, 2017 and during the periods
presented we did not have any off-balance sheet arrangements other than operating leases as described under &ldquo;&mdash;Contractual
obligations and commitments.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Contractual obligations and commitments</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The table
below sets forth our contractual obligations as of December 31, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="19" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Payments
    Due by Period</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Less&nbsp;than&nbsp;</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>1
                                         year&nbsp;</B></FONT></P></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Between&nbsp;</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>1
                                         and 3&nbsp;</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>years&nbsp;</B></FONT></P></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Between&nbsp;</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>3
                                         and 5</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;<B>years&nbsp;</B></FONT></P></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>More&nbsp;than&nbsp;</B></FONT></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>5
                                         years&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="19" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">(in thousands
    of &euro;)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 35%; text-align: left; padding-bottom: 2.5pt; text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Operating
    lease obligations</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">461</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">454</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12.1pt; padding-left: 12.1pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">461</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">454</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Operating lease obligations</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Operating lease obligations consist of
payments pursuant to non-cancellable operating lease agreements relating to our leases of office space. The lease term of our
premises in Jena, Germany expires in December 2019. The lease term of our premises in Munich, Germany expires in December 2018.
Following expiration of the Munich lease, the lease period is extended automatically until June 30, 2022 unless terminated prior
to such date with three months&rsquo; notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Purchase contracts</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We enter into contracts in the normal
course of business with CROs and clinical sites for the conduct of clinical trials, professional consultants for expert advice
and other vendors for clinical supply manufacturing or other services. These contracts are not included in the table above as
they provide for termination on notice, and therefore are cancelable contracts and do not include any minimum purchase commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On October 12, 2017, we and our shareholders
entered into an investment and adherence agreement with certain new investors pursuant to which we agreed to issue and sell in
a private placement an aggregate of 27,555 Series D preferred shares to such investors at a price per share of &euro;927.92, for
aggregate net cash proceeds (after expenses) of approximately &euro;24.9 million. The closing of the placement, and the funding
of the aggregate proceeds to us, is subject to, among other things, approval of our application to the German commercial register
to increase our share capital to account for the financing. See &ldquo;Certain relationships and related party transactions&mdash;Series
D financing.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In July 2017, we granted 150 options under
our 2016 Plan to one of our employees, resulting in an increase in compensation expense of approximately &euro;75,800. In September
2017, we issued 217 common shares to one of our directors following his exercise of options, resulting in an increase in our issued
capital by &euro;217.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-weight: normal">On September
22, 2017, InflaRx Inc., the sole subsidiary of InflaRx GmbH, was dissolved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Quantitative and qualitative disclosures about market
risk</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">Market
risk arises from our exposure to fluctuation in currency exchange rates. &nbsp;We are increasingly exposed to such market risks
in the ordinary course of our business as our exposure to the U.S. Dollar broadens from future expenses and revenues that may
be derived from the United States.&nbsp; Currently, we do not have any exchange rate hedging arrangements in place. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">We do not engage in activities
involving other market price risks.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Critical judgments and accounting estimates</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The preparation of the consolidated financial
statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application
of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised
and in any future periods affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In preparing these financial statements,
the critical judgments made by management in applying the Company&rsquo;s accounting policies involves the accounting estimates
identified in notes 3(n), 13 and 14 to our consolidated financial statements included elsewhere in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>New standards and interpretations not
yet adopted</I></P>

<P STYLE="margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

</P>


 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-weight: normal">The
standards, amendments to standards and interpretations that are effective for annual periods beginning after December 31, 2016,
and have not been applied in preparing these consolidated financial statements are disclosed in note 3(o) to our consolidated
financial statements included elsewhere in this prospectus.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We qualify as an &ldquo;emerging growth
company&rdquo; as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may
take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public
companies. These provisions include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>inclusion
                                         of only two years of audited financial statements in addition to any required unaudited
                                         interim financial statements with correspondingly reduced &ldquo;Management&rsquo;s discussion
                                         and analysis of financial condition and results of operations&rdquo; disclosure in the
                                         registration statement for our initial public offering;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>an
                                         exception from compliance with the auditor attestation requirements of Section 404 of
                                         the Sarbanes Oxley Act of 2002, as amended, or the Sarbanes-Oxley Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>reduced
                                         disclosure about our executive compensation arrangements in our periodic reports and
                                         registration statements; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>exemptions
                                         from the requirements of holding non-binding advisory votes on executive compensation
                                         or golden parachute arrangements.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may take advantage of these provisions
for up to five years or such earlier time that we cease to qualify as an emerging growth company. We would cease to qualify as
an emerging growth company (i) upon the last day of the fiscal year (A) in which we had more than $1.07 billion in annual revenue,
or (B) we are deemed to be a &ldquo;large accelerated filer&rdquo; under the rules of the SEC, which means the market value of
our common shares that is held by non-affiliates exceeds $700 million as of the prior June 30th, or (ii) we issue more than $1.0
billion of non-convertible debt over a three-year period. We may choose to take advantage of some but not all of these reduced
reporting burdens. To the extent that we take advantage of these reduced reporting burdens, the information that we provide stockholders
may be different than you might obtain from other public companies in which you hold equity interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, under the JOBS Act, emerging
growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies.
Given that we currently report and expect to continue to report under IFRS as issued by the IASB, we will not be able to avail
ourselves of this extended transition period and, as a result, we will adopt new or revised accounting standards on the relevant
dates on which adoption of such standards is required by the IASB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="BUSINESS"></A>BUSINESS</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a clinical-stage biopharmaceutical
company focused on applying our proprietary anti-C5a technology to discover and develop first-in-class, potent and specific inhibitors
of the complement activation factor known as C5a. C5a is a powerful inflammatory mediator involved in the progression of a wide
variety of autoimmune and other inflammatory diseases. Our lead product candidate, IFX-1, is a novel intravenously delivered first-in-class
anti-C5a monoclonal antibody that selectively binds to free C5a and has demonstrated disease-modifying clinical activity, and
tolerability in multiple clinical settings. We are developing IFX-1 for the treatment of Hidradenitis Suppurativa, or HS, a rare
and chronic debilitating systemic inflammatory skin disease, for which we plan to initiate a Phase IIb clinical trial in the first
quarter of 2018. Beyond HS, we intend to develop IFX-1 and other proprietary antibodies to address a wide array of complement-mediated
diseases with significant unmet medical needs, including ANCA-associated vasculitis, or AAV, a rare and life-threatening autoimmune
disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">C5a is a central part of the complement
system and a critical component of the innate immune system. Its most prominent role is to help the body defend itself against
invading microorganisms through several mechanisms, including the rapid creation of an inflammatory environment and the production
of factors that directly kill pathogens and recruit immune cells to sites of infection. Activation of the complement system ultimately
results in the cleavage of C5, which leads to the generation of C5a and C5b. C5a creates an inflammatory environment by attracting
and strongly activating neutrophils as well as by causing many different cell types to generate pro-inflammatory molecules. Such
inflammation normally benefits the body by helping to fight infection, but excessive or uncontrolled generation of C5a can cause
severe damage to the body&rsquo;s own tissue, thereby contributing to the pathophysiology of many autoimmune and inflammatory
diseases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While the mode of action of C5a in inflammation
has been intensely researched and confirmed, developing a highly specific antibody with the ability to fully block C5a while preserving
a critical innate defense mechanism, the formation of the Membrane Attack Complex, or MAC, has been challenging. As such, there
are currently no approved drugs that specifically target C5a.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our discovery of a novel epitope, or binding
site, on C5a allowed us to overcome this challenge. We have identified antibodies that potently and selectively bind to this conformational
epitope to completely block C5a without compromising important upstream functions of the complement system, as well as MAC formation.
We intend to discover and develop treatments leveraging our proprietary anti-C5a technology to address a wide array of complement-mediated
diseases with significant unmet needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IFX-1 is currently being developed for
the treatment of HS, a chronic debilitating systemic inflammatory skin disease that has orphan designation in the United States,
where we estimate that moderate to severe HS has a prevalence of up to 200,000 patients. HS results in painful inflammation of
the skin and hair follicles, especially in the armpit, groin and genitalia regions. In the more chronic form of the disease, patients
experience draining fistulas, often requiring the use of bandages and diapers to absorb the constant flow of pus, thus adversely
affecting quality of life. We demonstrated that HS patients have significant complement activation, and in particular that C5a
is a key promoter of neutrophil activation, believed to play a potential disease promoting role.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The only approved drug in the United States
and in Europe to treat HS is adalimumab, an inhibitor of tumor necrosis factor-alpha, or TNF-alpha. Although adalimumab provides
clinical benefit to a portion of moderate to severe HS patients, a high unmet medical need still persists. Based on the final
results of our open-label Phase IIa clinical trial, which showed responses based on the same HiSCR endpoint used to support the
approval of adalimumab, IFX-1 may have the potential to provide significant clinical benefit to moderate to severe HS patients.
Following eight weeks of administration, nine out of the 12 patients (75%) showed a response to IFX-1 based on the Hidradenitis
Suppurativa Clinical Response, or HiSCR, and at the end of the 12-week trial observation period, 10 out of the 12 patients (83%)
showed a response to IFX-1 based on the HiSCR. We believe that these results are particularly encouraging given the short duration
of treatment and the severe disease burden of the patients enrolled in our study. We plan to seek orphan drug designation in the
United States and hold a pre-IND meeting with the FDA to initiate a larger international placebo controlled Phase IIb study for
HS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">We are also developing
IFX-1 for the treatment of AAV, a rare, life-threatening autoimmune disease associated with powerful inflammatory flares that
impair kidney function and lead to fatal organ dysfunction. This disease affects approximately 40,000 and 75,000 patients in the
United States and Europe, respectively. In addition, this disease has a reported incidence of 4,000 and 7,500 new patients per
year in the United States and Europe, respectively. We intend to initiate an international clinical trial with IFX-1 in AAV patients
in the first half of 2018, and we plan to seek orphan drug designation for AAV in the United States and Europe. We also intend
to develop IFX-1 in various other inflammatory conditions, with a focus on complement-mediated diseases. Finally, we intend to
explore the potential of IFX-1 for inhibiting cancer progression and metastatic disease given the emerging scientific evidence
of the role of C5a in these indications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">To expand the breadth
of our anti-C5a technology, we are developing IFX-2 for the treatment of chronic inflammatory applications. IFX-2 shares the same
mechanism of action as IFX-1, blocking C5a with high specificity, but is designed with a dosing regimen that may be more suitable
for chronic therapy. IFX-2 is in early pre-clinical development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">We intend to leverage
our expertise within the complement field as well as our proprietary technology to sustain our lead in the anti-C5a space by developing
a diverse pipeline focused on complement-mediated autoimmune and inflammatory diseases with high unmet need. Rights to our proprietary
anti-C5a technology are currently expected to extend up to 2038 if our latest filed patent applications are granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">The figure below
summarizes key information about our current pipeline of product candidates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: black">
    <TD STYLE="border-right: white 1pt solid; padding: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">PROGRAM</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; padding: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">PRE-CLINICAL</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">PHASE I</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; padding: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">PHASE
    II</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">PHASE III</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: white 1pt solid; padding: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">MARKETED</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding: 2pt; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">CURRENT STATUS</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding: 2pt"><FONT STYLE="font-size: 8pt; color: White">NEXT MILESTONE</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; text-align: justify; padding: 2pt"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding: 2pt">&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="5" STYLE="border-right: #F2F2F2 1pt solid; padding: 2pt; background-color: black; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">IFX-1</FONT></TD>
    <TD COLSPAN="4" STYLE="background-color: #595959; text-align: justify; padding: 2pt"><FONT STYLE="font-size: 10pt; color: white">Hidradenitis Suppurativa (HS)</FONT></TD>
    <TD COLSPAN="4" STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding: 2pt"><FONT STYLE="font-size: 10pt">Completed open-label Phase IIa trial </FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F2F2F2; padding: 2pt"><FONT STYLE="font-size: 10pt">Initiate Phase IIb in first quarter of 2018</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD COLSPAN="7" STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="background-color: #595959; padding: 2pt"><FONT STYLE="font-size: 10pt; color: white">ANCA-associated Vasculitis (AAV)</FONT></TD>
    <TD COLSPAN="5" STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding: 2pt"><FONT STYLE="font-size: 10pt">Preparing pre-IND submission to commence Phase II studies</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F2F2F2; padding: 2pt"><FONT STYLE="font-size: 10pt">Initiate Phase II in first half of 2018</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD COLSPAN="7" STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; padding: 2pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="background-color: #595959; padding: 2pt"><FONT STYLE="font-size: 10pt; color: white">Other chronic / </FONT><BR>
<FONT STYLE="font-size: 10pt; color: white">Autoimmune disease</FONT></TD>
    <TD COLSPAN="5" STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding: 2pt"><FONT STYLE="font-size: 10pt">Selecting indications for target product profile development</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F2F2F2; padding: 2pt"><FONT STYLE="font-size: 10pt">Initiate Phase IIa in second half of 2018</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; text-align: justify; padding: 2pt"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: #F2F2F2 1pt solid; padding: 2pt; background-color: black; text-align: justify"><FONT STYLE="font-size: 8pt; color: White">IFX-2</FONT></TD>
    <TD STYLE="background-color: #595959; padding: 2pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding: 2pt"><FONT STYLE="font-size: 10pt">Chronic inflammation and autoimmune diseases</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding: 2pt"><FONT STYLE="font-size: 10pt">Developing as injectable with longer half-life than IFX-1</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F2F2F2; padding: 2pt"><FONT STYLE="font-size: 10pt">Enter clinic for chronic inflammatory disease</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; background-color: White; text-align: justify"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="background-color: White; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Our management team
has extensive experience in the field of complement research, clinical research and the biopharmaceutical industry. Both our Chief
Executive Officer and founder, Professor (Dr.) Niels Riedemann, and our Chief Scientific Officer and founder, Professor Renfeng
Guo, have 17 years of complement research experience, having published extensively on C5a and its receptors. Additionally, our
Chief Medical Officer, Othmar Zenker, has more than 25 years of experience in clinical drug development, and our Chief Financial
Officer, Arnd Christ, has served in the same capacity for various private and public European biotechnology companies over the
last 17 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Our goal is to maintain
and further advance our leadership position within the anti-C5a complement space, delivering first-in-class autoimmune and anti-inflammatory
therapies to market. To achieve this goal, we are executing on the following strategies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD><B>Advance
                                         our lead program IFX-1 for HS to commercialization.</B> We have conducted an initial
                                         open-label Phase IIa clinical trial in 12 late-stage HS patients who previously failed
                                         all other treatments, including adalimumab. The final results from the trial showed that,
                                         following eight weeks of administration with IFX-1, nine out of 12 patients (75%), and
                                         at the end of the 12-week trial observation period, 10 out of 12 patients (83%), showed
                                         a HiSCR response, an endpoint which supported the approval of adalimumab. We intend to
                                         seek orphan drug designation in the United States and to hold a pre-IND meeting with
                                         the FDA prior to initiating a larger international placebo controlled Phase IIb study
                                         in patients with HS in the first quarter of 2018.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>






</LI>

</LI>

</UL STYLE="font-family: Times New Roman, Times, Serif">


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 10pt">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Commence
                                         Phase II clinical development of IFX-1 for AAV&nbsp;and other complement-mediated autoimmune
                                         and inflammatory diseases. </B>We are developing IFX-1 for the treatment of AAV, and
                                         we intend to initiate a Phase II multi-center international clinical trial in the first
                                         half of 2018.&nbsp; We plan to seek orphan drug designation for AAV in the United States
                                         and Europe.&nbsp; In addition, we plan to study the potential of IFX-1 in other complement-mediated
                                         autoimmune and inflammatory diseases, as well as in oncology settings for which an increasing
                                         amount of literature suggests a role for C5a.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 10pt">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Pursue
                                         the clinical development of IFX-2 and continue to expand the breadth of our anti-C5a
                                         technology. </B>We are developing IFX-2 as an injectable with a longer half-life than
                                         IFX-1, making it suitable for chronic inflammatory indications with less severe flares
                                         or closer to the onset of disease. IFX-2 shares the same features as IFX-1 with respect
                                         to its mechanism of action, covered binding epitope and selectivity. The pre-clinical
                                         development of IFX-2 is supported by a grant from the German government. We believe IFX-2
                                         holds the potential to treat various chronic inflammatory diseases that could benefit
                                         from a dosing regimen more suitable for chronic therapy.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 10pt">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Commercialize
                                         IFX-1, if approved, either independently or in collaboration with a partner.</B> We intend
                                         to independently pursue the approval and commercialization of IFX-1 for HS in the United
                                         States and Europe. We plan to employ a small, targeted commercial infrastructure to promote
                                         access to IFX-1 through centers-of-excellence that treat HS in these core markets. Outside
                                         of the United States and Europe, we may pursue the approval and commercialization of
                                         IFX-1 for HS either independently or in collaboration with others. For other indications,
                                         we intend to develop and commercialize IFX-1 either independently or through collaborations
                                         with other parties.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 10pt">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Solidify
                                         our leadership position in the anti-C5a space by leveraging the full potential of our
                                         proprietary anti-C5a technology and expertise in complement and inflammation.</B> We
                                         intend to continue to discover and develop treatments that have the potential to address
                                         a broad spectrum of complement-mediated or immune response mediated indications with
                                         significant unmet need, either internally or in collaboration with a partner. To accomplish
                                         this, we plan to supplement our research and development activities with an additional
                                         discovery unit as well as build business development capabilities.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><B>The complement system and role of C5a
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The complement system: overview
and terminal complement activation</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">The complement cascade
consists of approximately 30 interacting proteins and forms a critical component of the innate immune system. This system protects
the body, for example by recognizing and removing bacteria, viruses and other infectious agents, collectively referred to as pathogens.
Activation of the complement system leads to a series of enzyme-like reactions that produce factors that both directly kill pathogens
and recruit immune cells to sites of infection. This activation can be triggered via three major pathways: the classical pathway,
the mannose binding lectin, or MBL, pathway and the alternative pathway. Activation of any pathway will lead to the cleavage of
C3 and formation of C5-convertases. Terminal complement activation, which is also referred to as cleavage of C5, can be achieved
by these C5 convertases. In addition, terminal complement activation can also be achieved directly through the extrinsic pathway
by naturally occurring enzymes present throughout the body but not considered part of the complement system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Cleavage of C5 results
in the generation of C5a and C5b, two molecules with distinct biological activities. C5a is a strong inflammatory amplifier that
exerts its biological functions by binding to two different receptors, C5aR and C5L2. C5b on the other hand assembles with C6,
C7, C8 and many C9 molecules to form the MAC, an important intrinsic defense mechanism that causes the membranes of microorganisms
to become permeable, leading to their disintegration, or lysis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Functional importance of the complement
system and the need for control</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Overview of critical functions</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">The complement system
serves many crucial functions within the innate immune response, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Rapid
                                         creation of an inflammatory environment. </B>Production of pro-inflammatory molecules,
                                         such as C5a, optimizes the conditions under which enzymatic and other processes can act
                                         against microorganisms. These inflammatory conditions include the onset of a fever or
                                         release of aggressive enzymes and oxygen radicals by neutrophils.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Lysis
                                         of microorganisms through formation of the Membrane Attack Complex</B>. A rapid, first-line
                                         defense mechanism resulting in the formation of pores in the cell membranes of invading
                                         microorganisms, leading to their disintegration.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Bridge
                                         to the adaptive immune system</B>. This function is promoted by an activation product
                                         of C3, called C3b, which tags particles and makes them visible and more easily processed
                                         by immune stimulatory cells. Such cells then present these particles to B-cells, which
                                         in turn generate antibodies against the particles, leading to targeted elimination. This
                                         mechanism takes a few weeks to take full effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Clearance
                                         of dead cell particles</B>. The complement system also serves various other purposes,
                                         including the clearance of dead cell particles from the body. This function is especially
                                         important because uncleared cell particles are believed to potentially induce generation
                                         of antibodies against normal cells and tissues, leading to autoimmune inflammatory responses
                                         and diseases.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Need for control</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Complement activation
is a double-edged sword: the fast acting and relatively non-specific functions of pro-inflammatory responses driven by C5a and
the lysis of microorganisms through MAC formation are usually very</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">tightly controlled. However, inappropriate
activation of the system can quickly turn it from a beneficial defense system into an uncontrolled inflammatory response. C5a&rsquo;s
uncontrolled activity in certain disease states can generate an inflammatory environment within the body that results in tissue
damage and promotes pro-inflammatory T-cell autoimmune responses. The resulting tissue damage is believed to critically contribute
to the disease progression of many acute as well as chronic inflammatory and autoimmune diseases, particularly during flare-up
phases. Examples of this include Lupus disease, inflammatory bowel disease and neutrophil-driven diseases.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Despite the MAC&rsquo;s
role as a rapid, first-line defense mechanism, MAC formation can also result in damage to our body&rsquo;s cells in some diseases.
Normally, the body&rsquo;s cells and tissues are protected from MAC-mediated lysis through surface inhibitors that prevent MAC
formation. However, in paroxysmal nocturnal hemoglobinurea, or PNH, the patients&rsquo; cells lack the ability to hold MAC inhibitors
on their cell surface, resulting in extreme susceptibility to MAC-related cell lysis. In addition, patients with diseases involving
the kidney endothelial cells, such as atypical hemolytic uremic syndrome and certain forms of glomerulonephritis, also often appear
to be burdened by MAC-related damage. Blockade of MAC formation in these very rare diseases can be lifesaving.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">While blockade of
MAC formation can be beneficial in certain circumstances, substantially blocking MAC formation can also result in susceptibility
to life-threatening infections. For example, patients dosed with drugs that block MAC formation, such as with the marketed antibody
eculizumab, must be immunized against meningococcal disease, which also carries the risk of side effects. Therefore, it is desirable
to leave MAC formation intact when blocking complement-mediated damage in the broad variety of diseases in which an uncontrolled
inflammatory response, and especially C5a, has been described as key driver of the damage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that C5a
is a key inflammatory mediator driving tissue damage in many inflammatory diseases and thus represents a very meaningful drug
target with large therapeutic potential. Therefore, we have conducted substantial research over the last 17 years to generate
highly specific antibodies targeting only C5a while leaving MAC formation intact, to deliver an ideal therapeutic approach for
this attractive target.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Mechanisms of C5 activation</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">C5 can be produced
by many cells, including epithelial cells of various organs, T-cells and other immune competent cells. Terminal C5 activation
does not require activation of the three complement pathways and related formation of C5-convertases. Other enzymes can also directly
cleave and activate C5, such that functionally active C5a can be generated in the complete absence of other complement components.
For example, in the absence of other complement factors in the cell culture, lung epithelial cells can generate C5 upon stimulation,
and lung macrophages can cleave and activate C5, leading to generation of C5a. This example illustrates that C5 can be activated
and C5a can be generated independently from the complement pathways.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">In a recently published
article in Clinical Immunology, we further demonstrated that direct enzymatic cleavage of C5 occurs uninhibited in the presence
of eculizumab, a known C5 inhibitor that binds to the MG-7 domain of C5 and hinders the C5 convertases from engaging and binding
to C5. This research suggests that direct enzymatic cleavage of C5a from C5 works through a mechanism that is not blocked by C5
inhibitors such as eculizumab. Our studies further demonstrate that patients sufficiently dosed with eculizumab may still display
elevated plasma C5a levels, implying that C5 inhibitors like eculizumab are not capable of fully blocking and controlling the
C5a signaling pathway. Therefore, in diseases in which it plays a key promoting role, we believe targeting C5a directly may yield
a meaningful therapeutic benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>C5a and its role in disease and
inflammation</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">C5a is a small, 74-amino
acid-spanning protein whose biochemical and immunological properties have been well documented in the scientific literature. C5a
creates an inflammatory environment by attracting and strongly activating neutrophils as well as by causing many different cell
types to generate pro-inflammatory and inflammation-related molecules. While this can help the body to respond strongly and rapidly
to infections by optimizing the defense environment, uncontrolled C5a generation can induce damage to the body&rsquo;s tissues
in a broad variety of diseases. As a result, we believe that controlling and limiting C5a generation in the body may prevent the
negative effects of an over-activated C5a immune response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">C5a quickly interacts
with at least two independent receptors&mdash;C5aR and C5L2 (sometimes referred to as C5aR2). C5aR and C5L2 serve as a large signaling
pool for effects elicited by C5a. C5aR has been well characterized as a signaling receptor that can be strongly upregulated in
almost any cell across a variety of disease settings. Although less understood, C5L2 has also been shown to promote inflammation
and negatively effect outcomes in various experimental disease settings by promoting the adverse effects elicited by uncontrolled
C5a.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">In the inflammatory
response, C5a is an accelerator or &ldquo;booster&rdquo; of inflammation. This role of C5a extends to a broad variety of responses
that include, but are not limited to, the following mechanisms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">C5a
                                         boosts the generation of many different cytokines such as IL-8, IL-6, IL17, TNF-alpha
                                         and others in a variety of cell types as well as within the bloodstream.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">C5a
                                         induces a complex change in the cell-signaling cascade of immune-competent cells that
                                         leads to an altered and often intensified signal transduction of other known signaling
                                         stimuli, such as the Toll-like receptor signaling.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">C5a
                                         affects T-cell responses and causes a pro-inflammatory response, leading to the generation
                                         of further pro-inflammatory cytokines.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">C5a
                                         is capable of inducing adhesion molecule expression on the surfaces of blood vessels,
                                         leading to neutrophil adherence to the internal vessel wall and migration through the
                                         vessel to the site of infection.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">When C5a binds to
its receptors on neutrophils, they are strongly activated and move to the source of damage or infection, through a process referred
to as chemotaxis, generating oxygen radicals and activated enzymes both believed to be major contributors to cellular and tissue
damage in the body. Given this central function, C5a is a powerful tool that, when inappropriately activated, is capable of promoting
damage to the body, ultimately leading to organ dysfunction and failure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Various chronic inflammatory
and autoimmune diseases in humans are characterized by flare-up phases during which substantial tissue damage occurs. Given C5a&rsquo;s
numerous inflammatory promoting functions, blocking it in chronic inflammatory diseases may have a positive effect on T-cell function,
overall control of the inflammatory status of the disease and a strong anti-inflammatory effect on neutrophils, which may reduce
tissue damage during the flare-up phases. Multiple international research groups have demonstrated in various inflammatory animal
models that blocking the C5a/C5aR signaling axis leads to reduced inflammation, improved organ performance and favorable outcomes
on clinical endpoints, including improved mortality rate, disease severity or damage scores.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">C5a also has been
described as a potential disturbing factor for a balanced T-cell response by down-regulating regulatory T-cells and promoting
pro-inflammatory T-cell responses. Research published in 2013 in Nature Immunology and the Journal of Experimental Medicine demonstrated
that blocking the C5a/C5aR signaling axis in mice restored regulatory T-cell function, inhibiting the progression of induced autoimmune
diseases. Therefore, C5a is a potential drug target for the treatment of autoimmune and chronic inflammatory diseases associated
with T-cell imbalance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Role of C5a in cancer growth and metastatic
disease</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Different cancer
cells have been found to generate their own C5a when cultured <I>in vitro</I> in the absence of any other complement factors or
intact complement pathways. This result is possible because cancer cells produce C5, together with enzymes to directly cleave
C5, thereby generating functionally active C5a. Recent research suggests that C5a contributes to cancer growth and metastatic
disease, with multiple mechanisms proposed in the literature to explain this phenomenon. C5a appears to be associated with the
recruitment and activation of myeloid-derived suppressor cells, also referred to as MDSCs, in tumors. Activating MDSCs suppresses
the important T-cell-mediated mechanisms that usually inhibit tumor growth. It has also been documented that C5a generates a microenvironment
favorable for tumor growth by increasing angiogenesis and enhancing the expression of the checkpoint molecule PDL1, as well as
other mediators that enable tumor growth. These and other existing data may explain why combined therapy of anti-PD-1 and C5a
blockade has been shown to effectively reduce tumor growth and metastasis in a pre-clinical mouse model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our proprietary anti-C5a technology
and product candidates</B></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Despite C5a&rsquo;s
well-characterized role in promoting inflammation and related tissue and organ damage in different diseases, no marketed drug
targeting C5a exists. Based on more than 17 years of research in this field, we believe the challenge in targeting C5a is to fully
block the biological functions of C5a in its natural environment and leave MAC formation intact. We believe our proprietary anti-C5a
technology enables us to overcome this challenge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our anti-C5a technology</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">When targeting C5a with a drug, the challenge
is to fully control and block C5a while leaving MAC formation intact. We believe our discovery of a new conformational epitope,
a binding site that can be detected by antibodies, on C5a has allowed us to solve this challenge. We believe this conformational
epitope is formed only after the cleavage of C5a from the C5 molecule, suggesting that the three-dimensional structure of C5a changes
upon release from C5, creating new epitopes that are only present on the free C5a molecule. This permits binding to free C5a only
after it is cleaved from C5 and thus allows blocking of C5a while keeping MAC formation intact. We believe that this represents
a breakthrough in the field of terminal complement C5a inhibition and that this may be particularly valuable when treating diseases
that are driven by C5a, such as HS and AAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_008.jpg" ALT="" STYLE="height: 293px; width: 484px"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">A
conformational epitope on the surface of the C5a molecule allows for generation of highly specific blocking antibodies directed
against C5a.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Our anti-C5a monoclonal
antibodies are designed to have the following properties:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD><B>Complete
                                         immunological blockade and inhibition of C5a-induced effects:</B> The human body has
                                         an abundant capacity to generate C5a, and induce inflammatory effects through its two
                                         receptors, C5aR and C5L2. Therefore our anti-C5a antibodies are designed to:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">o</FONT></TD><TD STYLE="text-align: justify">generate
                                         complete immunological blockade of the C5a molecule to achieve potent and effective treatments.
                                         Antibodies or inhibitors lacking this quality may leave a &ldquo;signaling gap&rdquo;
                                         for C5a, which, in a disease setting, will likely be sufficient to allow for strong pro-inflammatory
                                         effects. This signaling gap would limit the ability to silence the C5a/C5aR and C5a/C5L2
                                         signaling axis to achieve the desired therapeutic effect; and</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">o</FONT></TD><TD STYLE="text-align: justify">bind
                                         with high affinity to C5a to counteract the molecule&rsquo;s rapid interactions with
                                         its two receptors, C5aR and C5L2, which are abundantly present on the vast majority of
                                         cell types in the human body and that can be up-regulated in various disease settings.</TD></TR></TABLE>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Limited
                                         effect on MAC formation</B>: C5 blocking molecules that inhibit MAC formation in the
                                         blood increase the risk of life threatening infections caused by encapsulated bacteria
                                         such as meningococci. Therefore, leaving MAC formation intact may offer a significant
                                         advantage in C5a driven diseases.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We believe
that all of these features are necessary for a drug targeting C5a to achieve clinically meaningful pharmacological performance
for the treatment of C5a-driven diseases such as HS or AAV. Furthermore, we believe that C5a-driven diseases may not be effectively
targeted with complement inhibitory approaches that do not specifically and fully block C5a. These approaches such as blocking
the complement pathway-driven cleavage of C5 or inhibiting the complement pathways upstream of C5, are characterized by two fundamental
shortcomings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Inability
                                         to fully block C5a without targeting it directly: </B>C5a can be generated through C5
                                         activation by various enzymes in the complete absence of the complement pathways. For
                                         example, blocking the complement C5-convertase-driven cleavage with the C5 inhibitor
                                         eculizumab cannot block direct enzymatic C5 activation and C5a generation in an experimental
                                         setting. This may explain why elevated C5a levels remain measurable in patients effectively
                                         dosed with eculizumab. Therefore, non-specific approaches that do not bind and inhibit
                                         C5a directly may fail to fully block its effects; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Lack
                                         of control over C5a&rsquo;s signaling ability: </B>C5a receptors are abundantly present
                                         on the majority of cells in humans and can be strongly and rapidly upregulated in certain
                                         disease states. As such, even with low levels of C5a, the receptors create a large &ldquo;signaling
                                         sink&rdquo; providing an abundant ability for even small amounts of C5a to transmit a
                                         signal. Therefore, a fully blocking targeted C5a approach is warranted in order to achieve
                                         full control over C5a-induced signaling events which may be especially important in highly
                                         acute inflammatory settings.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>IFX-1 as first-in-class anti-C5a
monoclonal antibody</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Our lead
product candidate, IFX-1, is an intravenously delivered monoclonal anti-C5a antibody. It is based on our proprietary anti-C5a
technology and was the first C5a monoclonal antibody to enter clinical development. IFX-1 is differentiated by its ability to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>fully
                                         inhibit C5a-induced signaling and derived biological functions</B>, as evidenced by its
                                         ability to completely prevent C5a-induced neutrophil activation in human whole blood;
                                         and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>leave
                                         MAC formation intac</B>t, as evidenced by testing the intact complement pathway driven
                                         MAC formation on red blood cells, leading to the lysis of these cells.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We are
currently evaluating IFX-1 in various disease indications. Our lead indication is HS, for which we have completed enrollment and
dosing in our open-label, single-center Phase IIa study. We have also successfully completed one placebo-controlled, single-center
Phase I study of IFX-1 in healthy volunteers and completed two double-blind, placebo-controlled, multi-center Phase IIa studies
in two other acute care indications<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, early septic organ
dysfunction and complex cardiac surgery. In all completed studies, IFX-1 was observed to be well tolerated. The placebo-controlled,
multi-center Phase IIa studies in the two acute care indications demonstrated that the occurrence of adverse events was comparable
between treatment groups and placebo group. The results of these studies also demonstrated that IFX-1 blocked C5a with high statistical
significance (p-values &lt; 0.001) and that MAC formation, as demonstrated by a CH50 assay described below, in the groups treated
with IFX-1 was not influenced, with mean CH50 values for treatment groups and control groups within the normal range. To determine
whether data is statistically significant, we use a &ldquo;p-value,&rdquo; which represents the probability that random chance
could explain the results. The FDA utilizes the reported statistical measures when evaluating the results of a clinical trial,
including statistical significance as measured by p-value as an evidentiary standard of efficacy, to evaluate the reported evidence
of a product candidate&rsquo;s safety and efficacy. If not otherwise specified, we used a conventional 5% or lower p-value (p
&lt; 0.05) to define statistical significance for the clinical trials and studies and data presented in this prospectus.</FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Based on
our clinical trials completed to date as well as the results from an EpiScreen <I>ex vivo </I>immunogenicity T-cell response assay,
we believe that IFX-1 carries a low risk of provoking an immune response following administration. The immunogenicity assay used
peripheral blood mononuclear cells from 21 donors and tested how many donors&rsquo; cells showed a CD4+ T-cell response following
introduction of IFX-1 <I>ex vivo</I>. A response rate of over 10% (or more than three out of 21) means the applicable protein
is considered to be high risk for immunogenicity, while a response rate of less than 10% means the protein is considered to be
low risk. The results of the assay for IFX-1 showed that zero out of the 21 donors had a T-cell response rate, as compared to
a control arm (using the A33 antibody) which showed a 30% response rate. In addition, based on an anti-drug antibody detection
assay conducted in connection with our Phase IIa clinical trial in HS patients (measured pre-dose (day 1) and post-treatment (day
50 and day 134)), anti-drug antibodies were detected in only one participant on day 134 (end of the trial observation period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">In addition,
we are developing IFX-1 as a therapy for AAV given C5a&rsquo;s well-established disease promoting role in AAV. We plan to advance
development of IFX-1 in other disease settings where we believe an anti-C5a antibody could be successfully developed into a marketed
therapy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Hidradenitis Suppurativa</I>, the
lead indication for IFX-1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">HS is a
chronic debilitating systemic skin disease which results in painful inflammation of the hair follicles, most notably in the armpit,
groin and genitalia regions. The clinical hallmarks of this disease include very painful inflammatory nodules, boils or abscesses
that typically open and release odorous inflammatory fluids. In the more chronic form of the disease, patients experience draining
fistulas, also referred to as sinus tracts, which ultimately lead to scarring and related functional disability in certain areas.
HS patients suffer primarily from pain and significant discomfort resulting from the constant formation of pus, often requiring
the use of bandages and diapers, resulting in social isolation. Not surprisingly, HS severely adversely affects patients&rsquo;
quality of life.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">HS typically
presents in the second and third decade of a patient&rsquo;s life and often develops into a life-long debilitating chronic disease.
The target patient population for IFX-1 is HS patients displaying a moderate to severe form of the disease. In the United States,
this disease has orphan designation, where we estimate that moderate to severe HS has a prevalence of up to 200,000 patients.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">In Europe,
the number of affected patients is believed to be greater, with higher prevalence and incidence of HS in countries with warmer
climates. The diagnosis and treatment is in most countries handled by dermatologists even though patients often first present
with early symptoms to primary care physicians or even to emergency departments in order to seek surgical relief of formed abscesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The accepted
(but not approved) standard of care for HS patients includes topical, oral or intravenous antibiotic treatment, as well as surgery,
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">which often provide only temporary symptomatic relief.
In some cases, patients also undergo different types of surgery. HS is recognized as a systemic autoimmune disease, for which
there are numerous suggested etiological factors, including genetics. Neutrophils are believed to play a potential disease-promoting
role as well as certain cytokines and mediators commonly found in autoimmune diseases such as TNF-alpha, IL-17, IL-1 and others.
This rationale is supported by the 2015 approval in the United States and Europe of adalimumab, an anti-TNF-alpha monoclonal antibody,
for the treatment of patients with moderate to severe and Hurley stage 2 and 3 HS. The Hurley system is a classification system
used to characterize the disease from early and easier-to-treat forms of HS in Hurley stage 1 to the chronic and difficult to
treat forms in Hurley stages 2 and 3. The system has been used as the basis for clinical trials. Combined results from the two
pivotal adalimumab trials, which enrolled a total of 633 patients, showed that approximately 50% of the 316 patients who were
treated with adalimumab achieved a response in the HiSCR, while approximately 27% of the 317 patients who received placebo achieved
a HiSCR response, in each case at the end of a 12-week treatment period. Patients are considered to be HiSCR responders when they
achieve a 50% or higher reduction of the combined abscess and nodule, or AN, count from baseline, but no increase of the abscess
or draining fistula count from baseline. The HiSCR is the primary endpoint that was used to support regulatory approval by the
FDA and EMA of adalimumab for the treatment of HS patients. Despite having demonstrated clinical benefit, approximately 50% or
more of the patients with moderate to severe HS did not respond to adalimumab, thus a high unmet need remains among HS patients.</FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">C5a promotes
inflammatory mediators and is a strong activator of neutrophils, which was the basis for our investigation of our C5a blocking
drug candidate IFX-1 in patients with HS. We established that patients suffering from HS show proof of significant systemic complement
activation with elevated plasma concentrations of C5a and other markers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We further elaborated
that C5a is activated in the plasma of HS patients and appears to be the main factor activating neutrophils in human whole blood
from healthy humans. Neutrophil activation was assessed by observing the upregulation of the neutrophil surface marker CD11b (an
established method to demonstrate neutrophil activation). These data were derived from studies conducted by us in 2013 and 2014
as part of an investigative project conducted in collaboration with an investigator from the University of Athens, who provided
HS patient plasma samples for the studies. In these studies, we found that CD11b, as a marker for neutrophil activation, was greatly
enhanced in fresh human whole blood from healthy volunteers when either recombinant human C5a was added or when plasma from HS
patients was added. IFX-1, our highly specific anti-C5a antibody, completely inhibited neutrophil activation resulting from the
addition of the HS plasma, suggesting that C5a may be the key mediator in plasma from HS patients leading to neutrophil activation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_009.jpg" ALT="" STYLE="height: 348px; width: 624px"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Flow cytometry assay in fresh human whole
blood demonstrating CD11b increase on blood neutrophils as marker of neutrophil activation: recombinant human C5a strongly activates
human neutrophils in whole blood (huPP-ctr + 20 nM rhC5a) which can be fully blocked by addition of IFX-1 (huPP-ctr + 20 nM rhC5a
+ 20 nM IFX-1) (open white bars). Plasma from two different HS patients (pat088 and pat092) also activates human neutrophils in
whole blood and this effect can be fully blocked by the addition of IFX-1 (middle and darker grey bars) thus implying that C5a
in HS patient plasma is the key neutrophil activating factor.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Based on these and
other findings, we have recently completed an open-label clinical trial in 12 HS patients. From final results in this trial, we
have established first clinical proof of concept, or initial clinical evidence of the disease-modifying mechanism of action, for
IFX-1 as a potential future therapy for this disease: at the end of the 8-week dosing period, nine of the 12 HS patients demonstrated
a HiSCR response. All 12 of these patients had failed to respond to prior treatment attempts, including adalimumab, to which nine
out of the 12 patients failed to respond. At the same time, C5a was significantly inhibited at the pre-specified testing periods,
and MAC formation, as demonstrated by a CH50 assay described below, was not influenced through the end of the treatment period.
However, early proof of concept data, especially from smaller open-label trials such as this open-label clinical trial in 12 HS
patients, must be confirmed in larger clinical studies, and similar results may not be reproduced in future trials with larger
patient numbers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe that HS
is an attractive lead indication for IFX-1 because of the following important considerations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD STYLE="text-align: justify">good
                                         rationale for the role of C5a and initial clinical data suggesting a strong benefit for
                                         the use of IFX-1;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD STYLE="text-align: justify">large
                                         market opportunity with potential for orphan drug designation in the United States;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD STYLE="text-align: justify">high
                                         unmet medical need;</TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD STYLE="text-align: justify">path
                                         to approval based upon HiSCR response supported by prior FDA approval of adalimumab for
                                         the treatment of HS; and</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD STYLE="text-align: justify">potential
                                         for fast recruitment based on historical enrollment results for the adalimumab pivotal
                                         trials (633 trial participants were enrolled in two adalimumab pivotal trials in approximately
                                         nine months).</TD></TR></TABLE>

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



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Phase IIa trial exploring IFX-1 in
patients suffering from moderate to severe Hidradenitis Suppurativa</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We conducted an exploratory
Phase IIa study in patients suffering from HS to primarily assess safety and tolerability of IFX-1, as well as efficacy and PK/PD
profile as secondary endpoints. This study was a single center open-label trial enrolling adult patients suffering from moderate
to severe HS who either experienced a primary or secondary failure to biological treatment or were not eligible for treatment
with other biologicals. To participate in the trial, patients also had to have a diagnosis of HS for at least one year, HS lesions
in at least two distinct anatomic areas (one of which was Hurley stage 2 or 3), at least three abscesses or inflammatory nodules
and a failure to respond to antimicrobial treatment. The trial enrolled 12 such patients who were severely affected by HS, being
diagnosed with Hurley stage 3 and who all failed to respond to prior treatment attempts, including adalimumab, to which nine out
of the 12 patients failed to respond (four patients were primary treatment failures, meaning those patients did not respond to
treatment at 12 weeks of treatment, and five were secondary treatment failures, meaning those patients ceased responding to treatment
after 12 weeks of treatment, in each case as determined in the judgment of the clinical investigator). The trial protocol provided
that patients would receive weekly intravenous injections of IFX-1 at a dose of 800mg per week for eight consecutive weeks with
two infusions in the first week (day 1 and day 4) and would be subject to follow up for three months thereafter. 11 out of the
12 participants received study drug infusions for the eight week period. Study drug infusion was discontinued for one participant
after day 29 due to an unrelated adverse event; however such participant was subject to follow up through the end of the 12-week
observation period. The trial was open-label, was not placebo controlled and did not include a control group. The first patient
received treatment on December 15, 2016 and the last patient&rsquo;s last visit was July 4, 2017. The study was sponsored by us
and conducted in Greece.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The final results
of this trial suggest strong initial clinical evidence of the disease-modifying effect of IFX-1 in HS patients while confirming
the advantageous technological properties of IFX-1, leading to a highly specific blockade of C5a while leaving MAC formation intact
in the patients&rsquo; plasma. At the same time, the results revealed that IFX-1 was well tolerated and that <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">no
drug-related serious adverse events could be detected.</FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For clinical disease-modifying
effect, we assessed the clinical endpoint HiSCR over the treatment period, at end of treatment and during the follow-up phase.
Patients were considered to be HiSCR responders when they achieve a 50% or higher reduction of the combined AN count, but at the
same time show no increase of the abscess or draining fistula count from baseline. At the end of treatment (day 50), 75% of the
patients, and at the end of the trial observation period (day 134), 83% of the patients, demonstrated a HiSCR response according
to this definition, which was previously utilized by FDA and EMA as the basis for approving adalimumab.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>



<P STYLE="margin: 0pt 0"></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_016.jpg" ALT=""></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">HiSCR response in treated HS patients during
the treatment period from pre-dosing (day 1) through end of treatment (day 50) and through the end of the trial observation period
(day 134)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">In addition
to the HiSCR response, we observed additional trends for the disease-modifying effect of IFX-1 treatment in HS patients. We investigated
the absolute and percentage change from day one in the total combined count of abscesses and nodules, or AN count. The median
AN count was 6.0 at baseline and decreased during the treatment period: at day 50 the AN count had decreased by a median of 3.5
(69.70%), and at the end of the trial observation period (day 134) the AN count had decreased by 4.5 (76.39%). At baseline, none
of the 12 patients had an AN count of zero, one or two. At day 50, the end of the treatment period, the number of patients displaying
an AN count of zero, one or two increased to eight patients and, by day 134 (end of the trial observation period) to 10 patients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We also observed
a median dermatology life quality index, or DLQI, total score of 18.5 at baseline, 14.5 on day 22, 17.0 on day 50 and further
decreased to a score of 11.0 on day 134 (the end of the trial observation period). The DLQI is a patient reported outcome score
which is widely used in dermatological diseases to assess the health-related quality of life. It documents a score of zero to
three for each of the 10 defined DLQI questions which are related to disease-specific pain or discomfort and disease-related impact
on quality of life, such as the ability to conduct basic daily activities and the impact on relationship with partners and friends.
The lower the DLQI score, the lesser the impact the dermatological disease has on the patient&rsquo;s quality of life.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We believe
that these data are particularly noteworthy given the patients&rsquo; treatment history and stage of disease progression, which
make them a very difficult to treat patient population. While IFX-1 is a novel antibody whose potential therapeutic benefit is
unproven, we believe our results in these very ill, refractory HS patients highlight the novel mechanism of action and commercial
potential of IFX-1, if approved.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">With respect
to confirmation of the biological mechanism of action of IFX-1, the final results revealed that weekly injections of IFX-1 resulted
in significantly reduced C5a levels at 22 days and 50 days after start of treatment, demonstrating IFX-1&rsquo;s ability to significantly
reduce C5a plasma levels in HS patients:</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_017.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Mean C5a levels (ng / ml) in HS patients
at day 1 (pre-dosing), day 22 and day 50 (end of treatment) as well as on day 134 (at the end of the trial observation period).
One sample was excluded from this analysis at day 50 (end of treatment) (as indicated with (+) above) from one patient in whom
study drug infusion was discontinued prematurely after day 29 due to an unrelated adverse event.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Furthermore,
the results demonstrated that IFX-1 administration left MAC formation intact. Assessment of the hemolytic plasma activity, referred
to as the CH50 test, is a conventional method used to determine whether a functionally active MAC can be formed upon activation
of the classical complement pathway and resulting cleavage of C5 through complement convertases. Functionally active MAC leads
to destruction of red blood cells in the assay, which can be measured by this test. Since IFX-1 binds to C5a, and C5a is a part
of C5, it is critical to demonstrate that IFX-1 does not block C5 cleavage, C5b and MAC formation. When MAC formation was tested
with patient samples from our HS study, CH50 test results stayed within the normal range of the test assay in all but one patient
when measured on day 22, day 50 (end of treatment), and day 134 (end of the trial observation period). The one patient presented
with a CH50 value slightly below the normal range at baseline before the start of treatment, which value slightly increased following
IFX-1 treatment to be within the normal range at day 50. Therefore, IFX-1 treatment left the ability to form MAC intact in all
patients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The weekly
intravenous infusions of IFX-1 were well tolerated. No drug-related adverse events were detected and no infusion-related, allergic
or anaphylactic reactions were observed. Anti-drug antibodies were measured pre-dose (day 1) and post-treatment (day 50 and day
134). Anti-drug antibodies were detected in one participant on day 134 (end of the trial observation period). We also designed
an assay to evaluate IFX-1&rsquo;s performance in blocking C5a after being injected in humans. Plasma samples from HS patients
in our Phase IIa trial following treatment with IFX-1 were added to fresh human whole blood in which additional recombinant C5a
was added. The assay determined the activation of neutrophils with the established neutrophil surface marker CD11b. This marker
strongly increases on neutrophils when they are activated, in this case by C5a, which activation is believed to play a key disease
promoting role, including in HS. This assessment shows that IFX-1, when functionally active in the HS patient plasma, will strongly
inhibit such C5a-induced increase of CD11b, suggesting a significant reduction in neutrophil activation. Specifically, over a
50-day time period, <I>ex vivo </I>IFX-1 fully blocked C5a-induced neutrophil activation, as shown by a complete 100% (mean over
the period) reduction in CD11b upregulation. The assay was conducted with a fixed amount of added recombinant human C5a leading
to robust neutrophil activation in fresh human whole blood prior to addition of the plasma samples containing IFX-1, as indicated
by the upregulation of the CD11b marker on neutrophils.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_012.jpg" ALT="" STYLE="height: 289px; width: 605px"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Blocking activity of ex vivo IFX-1 contained
in HS patient plasma samples expressed as percentage reduction of the CD11b upregulation on fresh neutrophils in human whole blood
when induced by a fixed concentration of recombinant human C5a.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Based on
these results, we are currently planning to submit an application for an orphan drug designation with the FDA and hold a pre-IND
meeting with the FDA in the third quarter of 2017 to discuss a larger multi-center international Phase IIb study in HS patients.
We expect to initiate this trial in HS in the first quarter of 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Additional indications for IFX-1&mdash;ANCA-associated
Vasculitis</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">AAV is
a rare, life-threatening autoimmune disease with a relapsing nature, characterized by necrotizing vasculitis, an inflammation
of blood vessels. The disease is characterized by life-threatening flare phases affecting the kidney function and other organs
leading to organ dysfunction and failure, a potentially fatal outcome unless treated appropriately. AAV predominantly affects
small vessels associated with anti-neutrophil cytoplasmic antibodies, or ANCA. It comprises three disease entities: GPA, or granulomatosis
with polyangiitis (known as Wegener&rsquo;s Granulomatosis); MPA, or microscopic polyangiitis; and eGPA, or eosinophilic granulomatosis
with polyangiitis (known as Churg-Strauss syndrome).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">AAV is
designated as an orphan disease and affects approximately 40,000 and 75,000 patients in the United States and Europe, respectively.
In addition, AAV has a reported incidence of 4,000 and 7,500 new patients per year in the United States and Europe, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Because
of the life-threatening character of this disease, it is crucial to induce remission rapidly when a flare presents. The treatment
to induce remission differs from maintenance therapy. The current treatment regimen to induce remission uses a combination of
High Dose Corticosteroids, or HDCS, together with either rituximab or cyclophosphamide. The long lasting HDCS therapy is associated
with significant side effects and additional life-threatening risks for the patients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The disease
promoting role of C5a for AAV is well established. A priming effect of C5a for neutrophils appears to be the essential factor
leading to neutrophil-related damage of the endothelial cells in the vessels. In addition, patients with acute AAV disease have
significantly elevated complement activation parameters in their plasma when compared to AAV patients in remission. In an experimental
AAV disease model in mice, it was shown that while C5aR deficiency leads to reduction in disease activity, C6 deficiency does
not lead to such improvement, suggesting that MAC formation might not play a major role in this disease. However, additional research
is warranted to confirm this conclusion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">A recently
conducted Phase II clinical trial of Chemocentryx&rsquo;s CCX168 designed to assess whether high dose chronic steroids used in
the standard of care regimen in AAV could be sharply reduced or eliminated by replacement with CCX168 produced positive top-line
data. CCX168 is an antagonist to C5aR currently undergoing Phase III trials for AAV patients by Chemocentryx.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The completed
Phase II trial for CCX168 was designed to assess whether high dose chronic steroids used as the standard for induction of remission
in severe AAV flares could be reduced or eliminated, without compromising efficacy, by replacement with CCX168. The trial met
its primary clinical endpoint, which was based on the Birmingham Vasculitis Score 3, or BVAS 3, a useful tool in assessing and
monitoring disease activity as well as response to treatment, at week 12 in patients receiving CCX168 treatment, compared to the
response of patients receiving the standard of care treatment. In the trial, one treatment group that received CCX168 together
with a low dose of steroid (one-third of the dose used in the standard of care group) demonstrated a BVAS 3 response of 86% at
week 12, compared to 75% for the standard of care. A separate treatment group received CCX168 in the absence of any steroid, and
the BVAS 3 response was 81% (p = 0.02 for non-inferiority). The standard of care group included a placebo for CCX168. The primary
endpoint was prospectively defined as a decrease from baseline of at least 50% in BVAS 3 plus no worsening in any body system.
The trial also met several secondary endpoints, including that CCX168 exhibited a more rapid onset of improvement over standard
of care treatment. Given that all treatment groups receiving CCX168 in the trial demonstrated a statistically significant (p =
0.005) non-inferior clinical efficacy outcome when compared to the standard of care, we believe the trial demonstrates proof of
concept for the role of the C5a/C5aR signaling axis in AAV patients. We are encouraged by the published outcome data for CCX168,
which provide evidence in patients that inhibition of the C5a/C5aR signaling axis may provide benefit to AAV patients.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that the potential advantages
of treatment with IFX-1 in AAV are the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Rapid
                                         onset of action</B>: IFX-1 has fast onset of action such that after its intravenous administration,
                                         IFX-1 inhibits C5a-induced signaling completely, providing immediate protection from
                                         C5a induced priming and activation of neutrophils in this disease. This may result in
                                         a faster response rate and a potentially quicker induction of remission when compared
                                         to the currently available treatment options.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0"><B>Potential
                                         safety benefits</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:
                                         IFX-1 is a monoclonal antibody that was well tolerated in one Phase I and three Phase
                                         IIa clinical studies, with a total of over 170 treated patients or healthy human volunteers.
                                         We believe that the properties of IFX-1, which blocks C5a and not its receptors, may
                                         allow IFX-1 to avoid safety concerns arising from potential receptor-related signaling
                                         effects or other off-target effects which may be related through binding on the surface
                                         of highly active immune competent cells, such as T-cells or dendritic cells. </FONT></P>

<P STYLE="margin: 0pt 0"></P>


</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Our clinical
development strategy for IFX-1 in AAV will first focus on acutely ill AAV patients, where we believe IFX-1 has the potential to
successfully induce remission and reduce or eliminate the need for HDCS therapy, leading to reduction or elimination of HDCS therapy
and providing an improved safety profile. Thereby we also intend to focus on speed of induction of remission and reducing rate
of renal replacement and kidney dysfunction. We believe a subsequent label extension could address the maintenance of remission
in patients. We plan to submit a pre-IND for IFX-1 therapy in AAV patients in the second half of 2017 and to commence a Phase
II international multi-center trial in the first half of 2018. Part of the development strategy will also be submission of an
orphan drug application to the FDA and EMA once data from the first AAV trial are available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Exploratory studies and additional
clinical development of IFX-1</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We plan
to advance the clinical development of IFX-1 in additional inflammatory and chronic complement-mediated autoimmune disease indications
for which a good pre-clinical proof of concept exists and where C5a has been demonstrated as a critical disease promoting factor
or where similar mechanisms, such as neutrophil-driven systemic diseases affecting the skin and or other organs, are identified.
We also plan to investigate the potential development of IFX-1 for inflammation-driven oncology diseases based on the fact that
C5a appears to have a crucial promoting role for the induction of tumor growth. Our plans to explore oncology applications are
further supported by the fact that different tumor cells generate C5a in the absence of other complement factors and that there
is growing evidence for a crucial role of C5a to promote inflammation and cancer growth through its ability to change the immune-defense
cell environment in tumors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional clinical and pre-clinical
development for IFX-1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have also completed
one Phase 1 clinical trial of IFX-1 in healthy volunteers and two Phase II clinical trials in patients with septic organ dysfunction
and complex cardiac surgery, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Phase I: Placebo controlled dose
escalation study in healthy human volunteers</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have completed
a Phase I randomized, double-blind, placebo controlled clinical trial of IFX-1 in healthy volunteers to assess the safety, tolerability,
PK and PD of IFX-1 following escalated single-dose IV administration. Five dosing groups were assessed with doses of 0.02 mg,
0.1 mg, 0.5 mg, 2 mg and 4 mg per kg of bodyweight, and each dose group was accompanied by placebo dosed patients. Each subject
received a single IV administration of the study medication or placebo. The first subject was screened on March 23, 2011 and the
last patient&rsquo;s last visit was on October 11, 2011. Out of 26 total patients, 24 patients completed the study as planned
(one subject receiving the placebo was withdrawn due to protocol deviations and another subject withdrew his consent). Of those
patients, 15 were treated with IFX-1 and the other patients were treated with a placebo. To be included in the clinical trial,
patients had to be healthy male Caucasian subjects, aged between 18 and 40 years, with specified body mass index and bodyweight
parameters. The study was sponsored by us and conducted in Neuss, Germany.</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In all dose groups,
we observed that single intravenous doses of IFX-1 were well tolerated in healthy volunteers. No clinically significant changes
were observed in vital signs, physical examination or clinical laboratory parameters, including hematology, blood chemistry, coagulation,
urinalysis and ECGs. Local tolerability was positive, and no serious adverse events occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Ex vivo</I> performance
of IFX-1 was assessed in a secondary PD analysis in fresh human whole blood with IFX-1 samples from the two high dose groups.
This assessment resulted in a mean <I>ex vivo</I> effect of IFX-1 for blocking C5a-induced neutrophil activation (CD11b upregulation)
of approximately 100%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Previously completed Phase IIa clinical
trials with IFX-1</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have completed
clinical Phase IIa studies in two acute care indications, early septic organ dysfunction and complex cardiac surgery. The purpose
of both trials was to evaluate the safety and tolerability of IFX-1, assess pharmacokinetics, or PK, and pharmacodynamics, or
PD, as well as various clinical and surrogate endpoints. Neither trial was powered for statistical significance with respect to
clinical endpoints.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>SCIENS Phase IIa clinical trial:
Placebo controlled multi-center dose escalation study in patients suffering from early septic organ dysfunction</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We completed a multi-center,
double-blind, placebo-controlled Phase IIa study in 72 patients with early septic organ dysfunction (SCIENS). The study was conducted
to assess the occurrence of adverse events, tolerability, PK and PD of IFX-1 at different dose regimens. It was sponsored by us
and conducted at 17 study centers in Germany. Eligible patients suffered from early, newly developing organ dysfunction and were
diagnosed with either abdominal or pulmonary infection as cause of sepsis. IFX-1 was administered to patients within 3 hours after
screening in three dose groups: three doses of 4 mg/kg of bodyweight over 72 hours (high dose), two doses of 4 mg/kg of bodyweight
over 24 hours (medium dose) or 2 mg/kg of bodyweight over 12 hours (low dose), or placebo. The first patient entered the study
on April 25, 2014, and the last patient was treated on December 3, 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In all dose groups,
we observed that IFX-1 was well tolerated, with levels of adverse events or serious adverse events in treatment groups comparable
to those in the control group. No relevant differences between placebo and treated patients were observed with respect to clinical
laboratory parameters, ECGs or local tolerability. No anti-drug antibodies were detected during the 28 days of observation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The study demonstrated
that IFX-1 reduced elevated C5a levels in these patients with statistical significance in a dose dependent manner. Mean C5a concentrations
were decreased in the different dose groups with high statistical significance (p &lt; 0.01) starting at the first blood sampling
two hours after the start of IFX-1 infusion. The duration of statistical significant decrease of C5a compared to placebo was 24
hours for the low dose group, 5 days for the medium dose group and 13 days for the high dose group (with p &lt; 0.01 at all time
points except for the last time point at day 13 in the high dose group, for which p = 0.039).</P>

<P STYLE="margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Ex vivo</I> secondary
PD analysis with plasma samples from treated patients added to fresh human whole blood in which recombinant C5a was added showed
<I>ex vivo</I> IFX-1 was fully active in blocking C5a-induced neutrophil activation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although we were
encouraged by our observations from SCIENS, we have determined that focusing on HS and AAV would provide more efficient clinical
and regulatory paths forward, due to the historically increased risk and uncertainty relating to clinical development for product
candidates within the sepsis indication.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>CARDIAC Phase IIa clinical trial:
Placebo controlled multi-center dose escalation study in patients undergoing complex cardiac surgery</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have also completed
a multi-center, double-blind, placebo-controlled Phase IIa study in 116 patients electively undergoing pre-specified complex cardiac
surgery (CARDIAC). IFX-1 or placebo was administered to patients prior to the start of surgery. The primary objective was to evaluate
safety and tolerability of IFX-1, as well as assess the effect of IFX-1 on peak IL-6 levels. It was sponsored by us and conducted
at 10 sites in Germany. Four dosing groups were assessed with IFX-1 doses of 1 mg, 2 mg, 4 mg and 8 mg per kg of bodyweight, and
each dose group was accompanied by placebo-dosed patients. The first patient was dosed on June 6, 2016, and the last patient&rsquo;s
last visit was on January 24, 2017.</P>

<P STYLE="margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In all dose groups
we observed, IFX-1 was well tolerated, and adverse events detected were comparable to those from the control group. No relevant
differences between placebo and treated patients were observed with respect to clinical laboratory parameters, ECGs or local tolerability.
C5a plasma levels were decreased with high statistical significance (p &lt; 0.001) and in a dose-dependent manner. In all dose
groups, MAC formation as assessed by the CH50 test was intact.</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">However, we observed
a high level of variability in the patient population across the placebo and treatment arms. For example, IL-6 levels were more
variable than estimated in advance based on literature, and IFX-1 did not affect IL-6 levels with statistical significance. In
addition, the overall mortality in this study was 1.9%, significantly below the levels in the published literature and the estimations
conducted with the principle investigator, which were in the range of 12% to 18%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a result, we have
decided to discontinue development of IFX-1 for complex cardiac surgery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Pre-clinical studies involving IFX-1
</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We established pre-clinical
proof of concept for IFX-1 in various different pre-clinical settings and studies in monkeys. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collectively,
these studies demonstrated that IFX-1 is highly effective in blocking C5a-induced biological effects while leaving MAC formation
intact and that IFX-1 administration showed strong initial clinical evidence of disease-modifying effect in reducing neutrophil-driven
organ damage in monkeys. </FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>IFX-1 improves outcome in pre-clinical
disease model in monkeys</I>&#9;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IFX-1 was tested in an African green monkey
model of acute lung injury, or ALI, induced by the new avian flu virus, H7N9, that exhibits clinical features comparable to H7N9
viral pneumonia in humans. In the absence of IFX-1, extensive complement activation accompanied by severe lung structural damage
was detected in infected monkeys. Twelve two- to four-year-old African green monkeys were used in this study. Ten monkeys were
inoculated intratracheally with 10<SUP>6</SUP> 50% tissue culture infective dose of H7N9 while two monkeys were mock-infected.
Four of the 10 virus-infected monkeys were treated intravenously with 5 mg/kg of IFX-1 and the remaining six monkeys received
a sham intravenous treatment. Treatment with IFX-1 resulted in: greatly attenuated lung damage in histological analysis, reduced
viral replication within the lungs, significantly lowered levels of inflammatory mediators, including IL-1&szlig;, IP-10, MCP-1,
IL-6, TNF-&alpha; and INF-&gamma;, and significantly fewer inflammatory infiltrating cells, especially neutrophils, in the lung.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The study was performed
in 2014 at the State Key Laboratory of Pathogen and Biosecurity, Beijing Institute of Microbiology and Epidemiology, in Beijing,
China. The primary goal of this study was to evaluate if IFX-1 treatment could reduce H7N9-indcued lung tissue damage as expressed
by the histopathological, or HE, score and decrease cytokine levels. The results demonstrated that treatment with IFX-1 significantly
reduces HE score post-H7N9 infection (p &lt; 0.001) and strongly reduced the levels of cytokines including IL-1&szlig;, MCP-1,
IL-6, TNF-&alpha; and INF-&gamma; (p &lt; 0.001), suggesting a beneficial effect of IFX-1 on this viral-induced lung injury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>IFX-1 fully blocks C5a-induced effects
on neutrophils in human whole blood</I>&#9;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To assess IFX-1&rsquo;s
ability to block C5a-induced biological effects on neutrophils in human blood, fresh human whole blood from voluntary blood donors
was used, with the activation of neutrophils assessed using flow cytometric measurement of the known marker CD11b. This marker
is expressed on neutrophil surfaces at low levels in non-activated neutrophils in the blood of healthy humans (controls in the
figure below) and is strongly upregulated when neutrophils are activated, such as by recombinant human C5a (represented by the
bar denoted as rhC5a (16.7 nM) in the figure below). Upon C5a stimulation, Cd11b expression was significantly upregulated (p &lt;
0.0001). When IFX-1 was added together with recombinant C5a, CD11b upregulation was completely abolished with statistical significance
(p &lt; 0.0001).</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_013.jpg" ALT="" STYLE="height: 288px; width: 614px"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">IFX-1 blocks rhC5a-induced CD11b expression
on human neutrophils: CD11b expression on neutrophils was assessed by flow cytometer analysis and was up-regulated by recombinant
human C5a. IFX-1 was capable of strikingly reducing the CD-11b upregulation on neutrophils.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>IFX-1 leaves MAC
formation intact in human whole blood</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">IFX-1 was added to
plasma samples from healthy human individuals (voluntary blood donors) and tested for potential disturbance of the ability of
intact human plasma to generate MAC formation. This is assessed with the CH50 assay. In this test, intact MAC formation leads
to the lysis of red blood cells, which is also referred to as the hemolytic activity and which is assessed indirectly by optical
measurement of hemoglobin in the sample being released from lysed red blood cells. When IFX-1 was added to this test, the hemolytic
activity curves from plasma alone and plasma plus IFX-1 were substantially similar, indicating that IFX-1 in the dose range of
zero to 50 &micro;g/mL had no influence on C5 cleavage and MAC formation (C5b-9).</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_014.jpg" ALT="" STYLE="height: 326px; width: 576px"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">IFX-1 does not influence the hemolytic activity
curves in intact human plasma and therefore leaves C5 cleavage and formation of C5b-9 (MAC) intact. Hemolytic activity is assessed
with the optical density (OD)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IFX-2 as follow-on anti-C5a monoclonal
antibody </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To expand the breadth
of our anti-C5a technology, we are developing IFX-2, a follow-on anti-C5a monoclonal antibody for the treatment of chronic inflammatory
applications. IFX-2 shares the same mechanism of action as IFX-1 in its potential to block C5a with high specificity but is designed
with a dosing regimen that may be more suitable for chronic therapy. We are optimizing IFX-2 to provide a prolonged half-life
and potentially to be administered subcutaneously. IFX-2 will keep the performance relevant properties to fully block C5a-induced
biological effects while leaving MAC formation intact. We believe that IFX-2 holds the potential to treat various chronic inflammatory
diseases that may be T-cell driven and could benefit from a dosing regimen more suitable for chronic therapy. IFX-2 is in early
pre-clinical development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white"><B>Intellectual
property</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="background-color: white">We
aim to protect our product candidates and other commercially important proprietary anti-C5a technology by seeking and maintaining
U.S. and foreign patents that are intended to cover our product candidates and compositions, and their methods of use, and any
other inventions that are commercially important to our business. We also rely on trade secrets and know-how to protect aspects
of our business that are not amenable to, or that we do not consider appropriate for, patent protection. Our success will depend
significantly on our ability to obtain and maintain such patent and other proprietary protection, defend and enforce our patents,
preserve the confidentiality of our trade secrets and operate our business without infringing or otherwise violating any patents
or other intellectual property or proprietary rights of third parties. See the section titled &ldquo;Risk factors&mdash; Risks
related to intellectual property&rdquo; for additional information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">As of August
1, 2017, we owned three issued U.S. patents, two pending U.S. non-provisional patent applications, 7 issued foreign patents, one
Eurasian Patent validated in 9 countries, as well as one European patent validated in 37 countries, and 25 pending foreign patent
applications. These patents include claims relating to C5a inhibitors and associated methods of use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Our patent portfolio
relating to IFX-1 and IFX-2, as of August 1, 2017, is summarized below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of August 1, 2017, we owned three issued
U.S. patents and one pending U.S. non-provisional patent application covering the composition of matter of antibodies that block
C5a and their use in blocking C5a-induced biological effects in patients with diseases that involve acute or chronic inflammation,
which would include in their scope HS and AAV.&nbsp; In addition, we owned seven issued foreign patents, nine pending foreign
patent applications, one Eurasian Patent validated in nine countries, as well as one European patent validated in 37 countries
covering the composition of matter of antibodies that block C5a and their use in the treatment of various diseases that involve
acute or chronic inflammation, which would include in their scope HS and AAV, and, depending on the jurisdiction of the applicable
patent, specifically cover the use of such antibodies in treating diseases such as ischemia and reperfusion related injuries,
acute lung injury and pneumonia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
issued U.S. and foreign patents are expected to expire in 2030, excluding any additional term for patent term adjustments or patent
term extensions. If granted, the pending U.S. and foreign patent applications would be expected to expire in 2030, excluding any
additional term for patent term adjustments or patent term extensions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of August 1, 2017, we owned one pending U.S. non-provisional patent application and 15 pending foreign patent applications covering
the use of certain binding moieties, such as antibodies, that inhibit C5a for the treatment of viral pneumonia. If granted, the
pending U.S. and foreign patent applications would be expected to expire in 2035, excluding any additional term for patent term
adjustments or patent term extensions.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of August 1, 2017, we owned one pending European priority application covering the use of an inhibitor of C5a activity, for example,
IFX-1, for treating HS and other cutaneous, neutrophilic inflammatory diseases. We plan to file additional patent applications
claiming priority to this European application in the United States and other jurisdictions which, if granted, would be expected
to expire in 2038, excluding any additional term for patent term adjustments or patent term extensions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On December 28, 2015, we entered into
a co-development agreement with Beijing Defengrei Biotechnology Co. Ltd., or BDB, for the use of the IFX-1 cell line in BDB&rsquo;s
development of drug candidates for sale in China. Pursuant to the agreement, we granted BDB an exclusive, non-transferable license
to use the IFX-1 cell line and related intellectual property solely to develop and commercialize in China BDB&rsquo;s drug candidates
BDB-1 and BDB-2, as well as molecules that bind or interact with certain specified targets (&ldquo;target-binding molecules&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the agreement, we are entitled
to receive mid single-digit percentage royalties on net sales of BDB&rsquo;s products containing BDB-1 or BDB-2. We retain the
right to develop and manufacture IFX-1 and IFX-2 in China solely for the purpose of commercializing products outside of China
and to use the IFX-1 cell line and IFX-2 cell line in China for non-commercial purposes. To the extent that we are granted regulatory
approval outside of China for commercialization of a product using IFX-1 or IFX-2 for an indication, and BDB does not pursue regulatory
approval for BDB-1 or BDB-2 in the same or a substantially similar indication in China, by providing written notice to BDB, we
may elect to pursue regulatory approval to commercialize such products in the relevant indication in China. Should we exercise
such right, we would be required to pay BDB mid single-digit percentage royalties on our net sales of such products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, we reserve the right to commercialize
products containing BDB-1 and BDB-2 outside of China in indications for which we elect not to commercialize IFX-1 or IFX-2. To
the extent that we exercise this right, we would be required to pay BDB low single-digit percentage royalties on our net sales
of such products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">BDB must notify us without undue delay
of tests it conducts on target-binding molecules. If any such test results in binding or interaction with targets in a satisfactory
manner to both BDB and us, BDB must notify us of such results and may, within a six-month period following such notice, exercise
an option to commence commercializing the successfully tested target-binding molecules in China. To the extent that BDB exercises
such option, BDB would be required to pay us low single-digit percentage royalties on net sales of products containing such target-binding
molecules. BDB also grants us the right to exploit any target-binding molecules outside of China or, to the extent that BDB does
not pursue regulatory approval in the same or a substantially similar indication, in China. To the extent that we exercise such
rights, we would be required to pay BDB low to mid single-digit percentage royalties on our net sales of such products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The agreement continues in force unless
earlier terminated. The agreement may be terminated upon the mutual agreement of the parties, or by one party upon a breach by
the other party that is not cured within 30 days after receiving notice of such breach. In addition, either party may terminate
the agreement if the other party challenges the terminating party&rsquo;s ownership of any intellectual property licensed to the
non-terminating party under the agreement or undergoes certain bankruptcy or insolvency events. Moreover, we may terminate the
agreement if BDB has not established a GMP standard manufacturing process or initiated any approved toxicology program by 2020.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Subject to receiving
marketing approval, we intend to independently pursue the commercialization of IFX-1 for HS in the United States and Europe, when
approved by the applicable regulators, by employing a small, targeted commercial infrastructure to promote access to IFX-1 through
centers-of-excellence that treat HS in these core markets. We believe that such an organization will be able to address the community
of physicians who are key specialists in treating the patient populations for which IFX-1 and any other product candidates are
being developed. The responsibilities of the organization would include developing educational initiatives with respect to approved
products and establishing relationships with key specialists in HS and any other relevant fields of medicine.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="background-color: white">We
do not currently own or operate manufacturing facilities for the production of clinical or commercial quantities of our product
candidates. We intend to rely on third-party contract manufacturers to produce our products and intend to recruit personnel with
experience to manage the third-party contract manufacturers producing our product candidates and other product candidates or products
that we may develop in the future. In addition, we expect to engage third-party manufacturers in the United States for sales of
any of our approved products in the United States. We hold the manufacturer and importing license and participate in the drug
product release procedure by running a key immunological release assay in-house, allowing us to release only antibody batches
that demonstrate high biological blocking activity. Thus, we are responsible for overseeing the entire manufacturing process and
we release final fill-finished drug product with our qualified person. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="background-color: white">We
currently engage two third-party manufacturers to provide clinical supplies of and fill-finish services for IFX-1. To date, two
200L batches in the United States and one 1,000L batch of IFX-1 in Germany have been produced under cGMP regulations for our clinical
trials. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The biopharmaceutical
industry is characterized by rapidly advancing biotechnologies, intense competition and a strong emphasis on proprietary products.
While we believe that our technologies, knowledge, experience and scientific resources provide us with competitive advantages,
we face potential competition from many different sources, including major pharmaceutical, specialty pharmaceutical and biotechnology
companies, academic institutions and governmental agencies and public and private research institutions. Any product candidates
that we successfully develop and commercialize will compete with existing therapies and new therapies that may become available
in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The only approved
product to treat HS in the United States and Europe is adalimumab (Humira), an inhibitor of TNF-alpha. Humira is marketed by AbbVie,
a global pharmaceutical company. We are not aware of any C5 or C5a inhibitors under development for the treatment of HS. However,
a number of additional companies are developing product candidates to treat HS with varying mechanisms of action. These companies
include XBiotech Inc. and Novartis AG as well as UCB Pharma GmbH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">XBiotech has
recently completed a Phase II clinical trial for MABp1, a monoclonal antibody targeting interleukin-1 alpha, in HS. After 12 weeks
of therapy in 20 patients (1:1 randomization to placebo), MABp1 demonstrated significant improvement in the HiSCR for HS patients
compared to placebo. Novartis has recently completed a Phase II clinical trial for CJM112 in 2016, a monoclonal antibody targeting
interleukin-17 alpha, in moderate to severe HS patients. Clinical trial results have yet to be published. In addition, UCB Pharma
has recently initiated a Phase II clinical trial in moderate to severe HS patients for Bimekizumab, a monoclonal antibody blocking
interleukin-17AF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Additionally,
a number of investigator-initiated trials have been conducted or are in progress in HS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">A
                                         short-term trial for Celgene&rsquo;s Apremilast was recently initiated to investigate
                                         its safety and efficacy in 20 HS patients. Apremilast is an oral small-molecule inhibitor
                                         of phosphodiesterase 4.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD>An
                                         open-label trial for Janssen-Cilag&rsquo;s ustekinumab was recently completed in 12 HS
                                         patients. Ustekinumab is a monoclonal antibody directed against IL12 and IL23.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD>A
                                         small Phase II study for Swedish Orphan Biovitrum AB&rsquo;s anakinra was conducted in
                                         HS patients suggesting potential efficacy in a modified intent-to-treat population. Anakinra
                                         is an IL-1 receptor antagonist.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Finally, a range of surgical procedures,
topically applied medicinal products, laser and radiotherapy procedures are being investigated for the treatment of HS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">If approved for
the treatment of AAV, IFX-1 would potentially face competition from currently used therapies, including corticosteroids, azathioprine,
methotrexate, mycophenolate mofetil and rituximab. The current standard of care to induce remission in acutely ill AAV patients
is a combination of either rituximab or azathioprine with high dose corticosteroids. Rituximab is approved and marketed by Genentech
for this indication and label extension studies are ongoing. Therapies to maintain remission include low dose corticosteroids,
methotrexate, mycophenolate mofetil and rituximab.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">We are not aware
of any C5 or C5a inhibitors under development for the treatment of AAV. However, Chemocentryx, Inc. is developing CCX168, a C5aR
inhibitor, in AAV.&nbsp; Though it acts through a different mechanism of action than IFX-1, CCX168 has demonstrated the potential
to induce remission in AAV patients and is currently undergoing Phase III clinical trial development. In an ongoing investigator-initiated
trial, Abatacept, a selective T-cell costimulation modulator from Bristol-Meyers Squibb, is being investigated for efficacy to
achieve sustained corticosteroid-free remission in a subset of AAV patients with severe GPA. Abatacept is approved in the United
States for treatment moderate to severe rheumatoid arthritis. In another investigator-initiated clinical trial, the efficacy of
a plasma exchange procedure is tested in conjunction with corticosteroid treatment with respect to its impact on all-cause mortality
and end-stage renal disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">More generally,
in the terminal complement space, there is currently one approved drug, Eculizumab, marketed by Alexion Pharmaceuticals, Inc.
for the treatment of PNH and typical hemolytic uremic syndrome, or aHUS. However, there are several other companies developing
C5 inhibitors for other indications, including Ra Pharmaceuticals, Inc., Akari Therapeutics Plc, Ophthotech Corporation, Alnylam
Pharmaceuticals and Novartis. In addition, Alexion is known to have had a C5a inhibitor under development for graft versus host
disease. Clinical stage companies focusing on the inhibition of the C5a receptor C5aR include Chemocentryx as mentioned above,
with its product candidate CCX168, as well as Innate Pharma S.A., with the in-licensed antibody IPH5401. In addition, there are
clinical stage companies targeting complement inhibition upstream from C5, such as C3, factor D and components of the lectin pathway.
These approaches will likely also result in a lowering of C5a generation in blood. Companies in this area include Apellis Pharmaceuticals,
Inc., Achillion Pharmaceuticals, Inc. and Omeros Corporation. Furthermore, there are numerous additional companies developing
pre-clinical drug candidates which target terminal complement factors and their receptors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The key competitive
factors affecting the success of our product candidates, if approved, are likely to be their efficacy, safety, dosing convenience,
price and degree of market acceptance, as well as our marketing capabilities, the level of competition and the availability of
reimbursement from government and other third-party payors.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Our commercial
opportunity could be reduced or eliminated if our competitors develop and commercialize products that are safer, more effective,
have fewer or less severe side effects, are more convenient or are less expensive than any products that we may develop. Our competitors
may also obtain FDA or other regulatory</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">approval
for their products more rapidly than we may obtain approval for ours, which could result in our competitors establishing a strong
market position before we are able to enter the market.&nbsp; In addition, even if our product candidates are approved for marketing
and sale, they may fail to gain sufficient market acceptance by physicians, patients, third-party payors and others in the medical
community, including if physicians are reluctant to switch their patients from existing therapies (such as adalimumab for the
treatment of HS). See &ldquo;Risk factors&mdash;Risks related to the discovery, development and commercialization of our product
candidates&mdash;Even if one of our product candidates receives marketing approval, it may fail to achieve the degree of market
acceptance by physicians, patients, third-party payors and others in the medical community necessary for commercial success, in
which case we may not generate significant revenues or become profitable.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Government regulation and product approval </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Government authorities in all major pharmaceutical
markets extensively regulate, among other things, the research, development, testing, manufacture, packaging, storage, recordkeeping,
labeling, advertising, promotion, distribution, marketing and import and export of pharmaceutical products such as those we are
developing. Although our initial focus will be on the United States and Europe, we will develop and seek marketing approval for
our products also in other countries and territories, such as Canada or Japan, and for markets that follow the leading authorities,
such as Brazil or South Korea. The processes for obtaining regulatory approvals in the United States, Europe and other countries,
along with subsequent compliance with applicable statutes and regulations, require the expenditure of substantial time and financial
resources.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>International conference on harmonization (ICH) </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The International Conference on Harmonization
of Technical Requirements for Registration of Pharmaceuticals for Human Use, or the ICH, is a project that brings together the
regulatory authorities of Europe, Japan and the United States and experts from the pharmaceutical industry in the three regions
to discuss scientific and technical aspects of pharmaceutical product registration. The purpose of ICH is to reduce or obviate
the need to duplicate the testing carried out during the research and development of new medicines by recommending ways to achieve
greater harmonization in the interpretation and application of technical guidelines and requirements for product registration.
Harmonization would lead to a more economical use of human, animal and material resources, the elimination of unnecessary delay
in the global development and availability of new medicines while maintaining safeguards on quality, safety, efficacy and regulatory
obligations to protect public health.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">ICH guidelines have been adopted as law
in several countries, but are only used as guidance for the FDA. Nevertheless, in many areas of drug regulation ICH has resulted
in comparable requirements, for instance with respect to the Common Technical Document, or the CTD, which has become the core
document for filings for market authorization in several jurisdictions. Thus, ICH has facilitated a more efficient path to markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All of our current product candidates
are subject to regulation in the United States by the FDA as biological products, or biologics. The FDA subjects biologics to
extensive pre- and post-market regulation. The Public Health Service Act (PHSA), the Federal Food, Drug, and Cosmetic Act and
other federal and state statutes and regulations govern, among other things, the research, development, testing, manufacture,
storage, recordkeeping, approval, labeling, promotion and marketing, distribution, post-approval monitoring and reporting, sampling,
and import and export of biologics. Failure to comply with applicable U.S. requirements may subject a company to a variety of
administrative or judicial sanctions, such as FDA refusal to approve pending BLAs, withdrawal of approvals, clinical holds, warning
letters, product recalls, product seizures, total or partial suspension of production or distribution, injunctions, fines or civil
or criminal penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The PHSA emphasizes the importance of
manufacturing control for products whose attributes cannot be precisely defined. The PHSA also provides authority to the FDA to
immediately suspend licenses in situations where there exists a danger to public health, to prepare or procure products in the
event of shortages and critical public health needs, and to authorize the creation and enforcement of regulations to prevent the
introduction or spread of communicable diseases in the United States and between states.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The process required by the FDA before
a new biologic may be marketed in the United States is long, expensive, and inherently uncertain. Biologics development in the
United States typically involves preclinical laboratory and animal tests, the submission to the FDA of an IND (which must become
effective before clinical testing may</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">commence)
and adequate and well-controlled clinical trials to establish the safety, purity and potency (safety and effectiveness) of the
biologic for each indication for which FDA approval is sought. Developing the data to satisfy FDA pre-market approval requirements
typically takes many years and the actual time required may vary substantially based upon the type, complexity, and novelty of
the product or disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Preclinical studies include laboratory
evaluation of the purity and stability of the manufactured drug substance or active pharmaceutical ingredient and the formulated
drug or drug product, as well as in vitro and animal studies to assess the safety and activity of the drug for initial testing
in humans and to establish a rationale for therapeutic use. The conduct of preclinical studies is subject to federal regulations
and requirements, including GLP regulations. The results of the preclinical tests, together with manufacturing information, analytical
data, any available clinical data or literature and plans for clinical trials, among other things, are submitted to the FDA as
part of an IND. Some long-term preclinical testing, such as animal tests of reproductive adverse events and carcinogenicity, may
continue after the IND is submitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An IND must become effective before United
States clinical trials may begin. A 30-day waiting period after the submission of each IND is required prior to the commencement
of clinical testing in humans. If the FDA has neither commented on nor questioned the IND within this 30-day period, the clinical
trial proposed in the IND may begin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Clinical trials involve the administration
of the investigational new drug or biologic to healthy volunteers or patients with the condition under investigation, all under
the supervision of a qualified investigator. Clinical trials must be conducted: (i) in compliance with federal regulations; (ii)
in compliance with good clinical practice, or GCP, an international standard meant to protect the rights and health of patients
and to define the roles of clinical trial sponsors, administrators, and monitors; as well as (iii) under protocols detailing the
objectives of the trial, the parameters to be used in monitoring safety, and the effectiveness criteria to be evaluated. Each
protocol involving testing on U.S. patients and subsequent protocol amendments must be submitted to the FDA as part of the IND.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The FDA may order the temporary, or permanent,
discontinuation of a clinical trial at any time, or impose other sanctions, if it believes that the clinical trial either is not
being conducted in accordance with requirements or presents an unacceptable risk to the clinical trial subjects. The study protocol
and informed consent information for subjects in clinical trials must also be submitted to an institutional review board (IRB)
for approval. An IRB may also require the clinical trial at the site to be halted, either temporarily or permanently, for failure
to comply with the IRB&rsquo;s requirements, or may impose other conditions. The study sponsor may also suspend a clinical trial
at any time on various grounds, including a determination that the subjects or patients are being exposed to an unacceptable health
risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Clinical trials to support BLAs for marketing
approval are typically conducted in three sequential phases, but the phases may overlap or be combined. In Phase I, the biologic
is initially introduced into healthy human subjects or patients and is tested to assess PK, pharmacological actions, side effects
associated with increasing doses, and, if possible, early evidence on effectiveness. In the case of some products for severe or
life-threatening diseases, such as cancer treatments, initial human testing may be conducted in the intended patient population.
Phase II usually involves trials in a limited patient population to determine the effectiveness of the biologic for a particular
indication, dosage tolerance and optimum dosage, and to identify common adverse effects and safety risks. If a compound demonstrates
evidence of effectiveness and an acceptable safety profile in Phase II evaluations, Phase III trials are undertaken to obtain
additional information about clinical efficacy and safety in a larger number of patients, typically at geographically dispersed
clinical trial sites. These Phase III clinical trials are intended to establish data sufficient to demonstrate substantial evidence
of the efficacy and safety of the product to permit the FDA to evaluate the overall benefit-risk relationship of the biologic
and to provide adequate information for the labeling of the biologic. Trials conducted outside of the US under similar, GCP-compliant
conditions in accordance with local applicable laws may also be acceptable to the FDA in support of product licensing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Sponsors of clinical trials for investigational
drugs must publicly disclose certain clinical trial information, including detailed trial design and trial results in public government
databases. These requirements are subject to specific timelines and apply to most controlled clinical trials of FDA-regulated
products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After completion of the required clinical
testing, a BLA is prepared and submitted to the FDA. FDA review and approval of the BLA is required before marketing of the product
may begin in the United States. The BLA must include the results of all preclinical, clinical, and other testing and a compilation
of data relating to the product&rsquo;s pharmacology, chemistry, manufacture and controls, and must demonstrate the safety and
efficacy of the product based on these results. The BLA must also contain extensive manufacturing information. The cost of preparing
and submitting a BLA is substantial. Under federal law, the submission of most BLAs is additionally subject to a substantial application
user fee, as well as an annual program user fee, which may total several million dollars and are typically increased annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The FDA has 60 days from its receipt of
a BLA to determine whether the application will be accepted for filing based on the agency&rsquo;s threshold determination that
it is sufficiently complete to permit substantive review. Once the submission is accepted for filing, the FDA begins an in-depth
review. The FDA has agreed to certain performance goals in the review of BLAs. Most such applications for standard review biologics
are reviewed within 10 months from the date the application is accepted for filing. Although the FDA often meets its user fee
performance goals, it can extend these timelines if necessary, and its review may not occur on a timely basis. The FDA usually
refers applications for novel biologics, or biologics which present difficult questions of safety or efficacy, to an advisory
committee&mdash;typically a panel that includes clinicians and other experts&mdash;for review, evaluation, and a recommendation
as to whether the application should be approved. The FDA is not bound by the recommendation of an advisory committee, but it
generally follows such recommendations. Before approving a BLA, the FDA will typically inspect one or more clinical sites to assure
compliance with GCP. Additionally, the FDA will inspect the facility or the facilities at which the biologic is manufactured.
The FDA will not approve the product unless it verifies that compliance with cGMP standards is satisfactory and the BLA contains
data that provide substantial evidence that the biologic is safe and effective in the indication studied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After the FDA evaluates the BLA and the
manufacturing facilities, it issues either an approval letter or a complete response letter. A complete response letter generally
outlines the deficiencies in the submission and may require substantial additional testing, or information, in order for the FDA
to reconsider the application. If, or when, those deficiencies have been addressed to the FDA&rsquo;s satisfaction in a resubmission
of the BLA, the FDA will issue an approval letter. The FDA has committed to reviewing such resubmissions in two or six months
depending on the type of information included. The FDA approval is never guaranteed, and the FDA may refuse to approve a BLA if
applicable regulatory criteria are not satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the PHSA, the FDA may approve a
BLA if it determines that the product is safe, pure and potent and the facility where the product will be manufactured meets standards
designed to ensure that it continues to be safe, pure, and potent. An approval letter authorizes commercial marketing of the biologic
with specific prescribing information for specific indications. The approval for a biologic may be significantly more limited
than requested in the application, including limitations on the specific diseases and dosages or the indications for use, which
could restrict the commercial value of the product. The FDA may also require that certain contraindications, warnings, or precautions
be included in the product labeling. In addition, as a condition of BLA approval, the FDA may require a risk evaluation and mitigation
strategy, or REMS, to help ensure that the benefits of the biologic outweigh the potential risks. REMS can include medication
guides, communication plans for healthcare professionals, and elements to assure safe use, or ETASU. ETASU can include, but are
not limited to, special training or certification for prescribing or dispensing, dispensing only under certain circumstances,
special monitoring, and the use of patient registries. The requirement for a REMS or use of a companion diagnostic with a biologic
can materially affect the potential market and profitability of the biologic. Moreover, product approval may require, as a condition
of approval, substantial post-approval testing and surveillance to monitor the biologic&rsquo;s safety or efficacy. Once granted,
product approvals may be withdrawn if compliance with regulatory standards is not maintained or problems are identified following
initial marketing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After a BLA is approved, the product may
also be subject to official lot release. As part of the manufacturing process, the manufacturer is required to perform certain
tests on each lot of the product before it is released for distribution. If the product is subject to official lot release by
the FDA, the manufacturer submits samples of each lot of product to the FDA together with a release protocol showing a summary
of the history of manufacture of the lot and the results of all of the manufacturer&rsquo;s tests performed on the lot. The FDA
may also perform certain confirmatory tests on lots of some products, such as viral vaccines, before releasing the lots for distribution
by the manufacturer. In addition, the FDA conducts laboratory research related to the regulatory standards on the safety, purity,
potency, and effectiveness of biological products. After approval of biologics, manufacturers must address any safety issues that
arise, are subject to recalls or a halt in manufacturing, and are subject to periodic inspection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fast Track program, a provision of
the FDA Modernization Act of 1997, is designed to facilitate interactions between a sponsoring company and the FDA before and
during submission of a BLA for an investigational agent that, alone or in combination with one or more other drugs, is intended
to treat a serious or life-threatening disease or condition, and which demonstrates the potential to address an unmet medical
need for that disease or condition. Under the Fast Track program, the FDA may consider reviewing portions of a marketing application
before the sponsor submits the complete application if the FDA determines, after a preliminary evaluation of the clinical data,
that a fast track product may be effective. A Fast Track designation provides the opportunity for more frequent interactions with
the FDA, and a fast track product could be eligible for priority review if supported by clinical data at the time of submission
of the BLA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Patient Protection and Affordable
Care Act, which we refer to as the Affordable Care Act, signed into law on March 23, 2010, includes a subtitle called the Biologics
Price Competition and Innovation Act of 2009. That Act created an approval pathway authorizing the FDA to approve biosimilars
and interchangeable biosimilars. Biosimilars are biological products which are &ldquo;highly similar&rdquo; to a previously approved
biologic product or &ldquo;reference product&rdquo; and for which there are no clinically meaningful differences between the biosimilar
product and the reference product in terms of safety, purity, and potency. For FDA to approve a biosimilar product as interchangeable
with a reference product, the agency must find that the biosimilar product can be expected to produce the same clinical results
as the reference product and, for products administered multiple times, the biosimilar and the reference biologic may be switched
after one has been previously administered without increasing safety risks or risks of diminished efficacy relative to exclusive
use of the reference biologic. However, complexities associated with the larger, and often more complex, structures of biological
products, as well as the processes by which such products are manufactured, pose significant hurdles to implementation which are
still being worked out by the FDA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A reference biologic is granted 12 years
of exclusivity from the time of first licensure of the reference product. A biosimilar application may be filed four years after
the approval of the reference biologic. Although the patents for the reference biologic may be challenged by an applicant seeking
approval of a biosimilar or interchangeable product after submission of its application but before FDA approval pursuant to the
BPCIA statutory patent challenge framework, no biosimilar or interchangeable product will be licensed by the FDA until the end
of the exclusivity period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The FDA may grant accelerated approval
to a product for a serious or life-threatening condition that provides meaningful therapeutic advantage to patients over existing
treatments based upon a determination that the product has an effect on a surrogate endpoint that is reasonably likely to predict
clinical benefit. The FDA may also grant accelerated approval for such a condition when the product has an effect on an intermediate
clinical endpoint that can be measured earlier than an effect on irreversible morbidity or mortality, or IMM, and that is reasonably
likely to predict an effect on irreversible morbidity or mortality or other clinical benefit, taking into account the severity,
rarity or prevalence of the condition and the availability or lack of alternative treatments. Products granted accelerated approval
must meet the same statutory standards for safety and effectiveness as those granted traditional approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the purposes of accelerated approval,
a surrogate endpoint is a marker, such as a laboratory measurement, radiographic image, physical sign, or other measure that is
thought to predict clinical benefit, but is not itself a measure of clinical benefit. Surrogate endpoints can often be measured
more easily or more rapidly than clinical endpoints. An intermediate clinical endpoint is a measurement of a therapeutic effect
that is considered reasonably likely to predict the clinical benefit of a product, such as an effect on IMM. The FDA has limited
experience with accelerated approvals based on intermediate clinical endpoints, but has indicated that such endpoints generally
may support accelerated approval where the therapeutic effect measured by the endpoint is not itself a clinical benefit and basis
for traditional approval, if there is a basis for concluding that the therapeutic effect is reasonably likely to predict the ultimate
clinical benefit of a product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The accelerated approval pathway is most
often used in settings in which the course of a disease is long and an extended period of time is required to measure the intended
clinical benefit of a product, even if the effect on the surrogate or intermediate clinical endpoint occurs rapidly. Thus, accelerated
approval has been used extensively in the development and approval of products for treatment of a variety of cancers in which
the goal of therapy is generally to improve survival or decrease morbidity and the duration of the typical disease course requires
lengthy and sometimes large trials to demonstrate a clinical or survival benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The accelerated approval pathway is usually
contingent on a sponsor's agreement to conduct, in a diligent manner, additional post-approval confirmatory studies to verify
and describe the product's clinical benefit. As a result, a product candidate approved on this basis is subject to rigorous post-marketing
compliance requirements, including the completion of Phase IV or post-approval clinical trials to confirm the effect on the clinical
endpoint. Failure to conduct required post-approval studies, or confirm a clinical benefit during post-marketing studies, would
allow the FDA to withdraw the product from the market on an expedited basis. All promotional materials for product candidates
approved under accelerated regulations are subject to prior review by the FDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Once a BLA is approved, a product will
be subject to continuing post-approval regulatory requirements. For instance, the FDA closely regulates the post-approval marketing
and promotion of biologics, including standards and regulations for direct-to-consumer advertising, off-label promotion, industry-sponsored
scientific and educational activities and promotional activities involving the internet. Failure to comply with these regulations
can result in significant penalties, including the issuance of warning letters directing a company to correct deviations from
FDA standards, a requirement that future advertising and promotional materials be pre-cleared by the FDA, and federal and state
civil and criminal investigations and prosecutions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Biologics may be marketed only for the
approved indications and in accordance with the provisions of the approved labeling. Changes to some of the conditions established
in an approved application, including changes in indications, labeling or manufacturing processes or facilities, require submission
and FDA approval of a new BLA or BLA supplement before the change can be implemented. A BLA supplement for a new indication typically
requires clinical data similar to that in the original application, and the FDA uses the same procedures and actions in reviewing
BLA supplements as it does in reviewing BLAs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Adverse event reporting and cGMP compliance </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Adverse event reporting and submission
of periodic reports are required following FDA approval of a BLA. The FDA also may require post-marketing testing, known as Phase
IV testing, REMS and surveillance to monitor the effects of an approved product, or may place conditions on an approval that could
restrict the distribution or use of the product. In addition, manufacture, packaging, labeling, storage and distribution procedures
must continue to conform to current cGMPs after approval. Biologics manufacturers and certain of their subcontractors are required
to register their establishments with the FDA and certain state agencies. Registration with the FDA subjects entities to periodic
unannounced inspections by the FDA, during which the agency inspects manufacturing facilities to assess compliance with cGMPs.
Accordingly, manufacturers must continue to expend time, money and effort in the areas of production and quality control to maintain
compliance with cGMPs. Regulatory authorities may withdraw product approvals, request product recalls or impose marketing restrictions
through labeling changes or product removals if a company fails to comply with regulatory standards, if it encounters problems
following initial marketing, or if previously unrecognized problems are subsequently discovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Orphan Drug Act, the FDA may
grant orphan drug designation to biologics intended to treat a rare disease or condition&mdash;generally a disease or condition
that affects fewer than 200,000 individuals in the United States. Orphan drug designation must be requested before submitting
a BLA. After the FDA grants orphan drug designation, the generic identity of the biologic and its potential orphan use are disclosed
publicly by the FDA. Orphan drug designation does not necessarily convey any advantage in, or shorten the duration of, the regulatory
review and approval process. The first BLA applicant to receive FDA approval for a particular product to treat a particular disease
with FDA orphan drug designation is entitled to a seven-year exclusive marketing period in the United States for that product,
for that indication. During the seven-year exclusivity period, the FDA may not approve any other applications to market the same
drug for the same disease, except in limited circumstances, such as a showing of clinical superiority to the product with orphan
drug exclusivity. Orphan drug exclusivity does not prevent the FDA from approving a different biologic for the same disease or
condition, or the same biologic for a different disease or condition. Among the other benefits of orphan drug designation are
tax credits for certain research and a waiver of the BLA application user fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Other healthcare laws and compliance requirements </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the United States, our activities are
potentially subject to regulation by federal, state and local authorities in addition to the FDA, including the Centers for Medicare
and Medicaid Services, other divisions of the U.S. Department of Health and Human Services (for example, the Office of Inspector
General), the U.S. Department of Justice and individual U.S. Attorney offices within the Department of Justice, and state and
local governments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The European
Medicines Agency, or EMA, is a decentralized scientific agency of the European Union. It coordinates the evaluation and monitoring
of centrally-authorized medicinal products. It is responsible for the scientific evaluation of applications for EU marketing authorizations,
as well as the development of technical guidance and the provision of scientific advice to sponsors. The EMA decentralizes its
scientific assessment of medicines by working through a network of about 4,500 experts throughout the European Union, nominated
by the member states. The EMA draws on resources of over 40 National Competent Authorities (the NCAs) of EU member states. The
Paul Ehrlich Institute, or PEI, is one of the NCAs for Germany, and regulates, among others, antibody products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The process regarding
approval of medicinal products in the European Union follows roughly the same lines as in the United States and likewise generally
involves satisfactorily completing each of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD>preclinical
                                         laboratory tests, animal studies and formulation studies all performed in accordance
                                         with the applicable EU Good Laboratory Practice regulations;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD>submission
                                         to the relevant national authorities of a clinical trial application or CTA for each
                                         trial in humans, which must be approved before the trial may begin in each country where
                                         patient enrollment is planned;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD>performance
                                         of adequate and well-controlled clinical trials to establish the safety and efficacy
                                         of the product for each proposed indication;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD>submission
                                         to the relevant competent authorities of a Marketing Authorization Application or MAA,
                                         which includes the data supporting safety and efficacy as well as detailed information
                                         on the manufacture and composition of the product in clinical development and proposed
                                         labelling;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD>satisfactory
                                         completion of an inspection by the relevant national authorities of the manufacturing
                                         facility or facilities, including those of third parties, at which the product is produced
                                         to assess compliance with strictly enforced current Good Manufacturing Practices;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD>potential
                                         audits of the non-clinical and clinical trial sites that generated the data in support
                                         of the MAA; and</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD>review
                                         and approval by the relevant competent authority of the MAA before any commercial marketing,
                                         sale or shipment of the product.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Preclinical tests
include laboratory evaluations of product chemistry, formulation and stability, as well as studies to evaluate toxicity in animal
studies, in order to assess the quality and potential safety and efficacy of the product. The conduct of the preclinical tests
and formulation of the compounds for testing must comply with the relevant international, EU and national legislation, regulations
and guidelines. The results of the preclinical tests, together with relevant manufacturing information and analytical data, are
submitted as part of the CTA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Pursuant to the
Clinical Trials Directive 2001/20/EC, as amended, a system for the approval of clinical trials in the European Union has been
implemented through national legislation of the member states. Under this system, approval must be obtained from the competent
national authority of each EU member state in which a study is planned to be conducted. To this end, a CTA is submitted, which
must be supported by an investigational medicinal product dossier, or IMPD, and further supporting information prescribed by the
Clinical Trials Directive and other applicable guidance documents including but not being limited to the study protocol. Furthermore,
a clinical trial may only be started after a competent ethics committee has issued a favorable opinion on the clinical trial application
in that country. In Germany, CTA is often not granted until after one or more rounds of questions to be answered or requests to
be met by the regulatory authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Manufacturing
and import into the EU of investigational medicinal products is subject to the holding of appropriate authorizations and must
be carried out in accordance with current Good Manufacturing Practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Authorization
to market a product in the EU member states proceeds under one of four procedures: a centralized authorization procedure, a mutual
recognition procedure, a decentralized procedure or a national procedure. Since our products by their virtue of being antibody-based
biologics fall under the centralized procedure, only this procedure will be described here.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Certain drugs,
including medicinal products developed by means of biotechnological processes, must be approved via the centralized authorization
procedure for marketing authorization. A successful application under the centralized authorization procedure results in a marketing
authorization from the European Commission, which is automatically valid in all EU member states. The other European Economic
Area member states (namely Norway, Iceland and Liechtenstein) are also obligated to recognize the Commission decision. The EMA
and the European Commission administer the centralized authorization procedure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Under the centralized
authorization procedure, the CHMP serves as the scientific committee that renders opinions about the safety, efficacy and quality
of human products on behalf of the EMA. The CHMP is composed of experts nominated by each member state&rsquo;s national drug authority,
with one of them appointed to act as Rapporteur for the co-ordination of the evaluation with the possible assistance of a further
member of the Committee acting as a Co-Rapporteur. After approval, the Rapporteur(s) continue to monitor the product throughout
its life cycle. The CHMP is required to issue an opinion within 210 days of receipt of a valid application, though the clock is
stopped if it is necessary to ask the applicant for clarification or further supporting data. The process is complex and involves
extensive consultation with the regulatory authorities of member states and a number of experts. Once the procedure is completed,
a European Public Assessment Report, or EPAR, is produced. If the CHMP concludes that the quality, safety and efficacy of the
medicinal product is sufficiently proven, it adopts a positive opinion. The CHMP&rsquo;s opinion is sent to the European Commission,
which uses the opinion as the basis for its decision whether or not to grant a marketing authorization. If the opinion is negative,
information is given as to the grounds on which this conclusion was reached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">After a drug
has been authorized and launched, it is a condition of maintaining the marketing authorization that all aspects relating to its
quality, safety and efficacy must be kept under review. Sanctions may be imposed for failure to adhere to the conditions of the
marketing authorization. In extreme cases, the authorization may be revoked, resulting in withdrawal of the product from sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">When an application
is submitted for a marketing authorization in respect of a drug for human use which is of major interest from the point of view
of public health and in particular from the viewpoint of therapeutic innovation, the applicant may request an accelerated assessment
procedure pursuant to Article 14(9) of Regulation (EC) 726/2004. Under the accelerated assessment procedure, the CHMP is required
to issue an opinion within 150 days of receipt of a valid application, subject to clock stops. We believe that some of the disease
indications in which our product candidates are currently being or may be developed in the future qualify for this provision,
and we will take advantage of this provision as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">As per Article
14(7) of Regulation (EC) 726/2004, a medicine that would fulfill an unmet medical need may, if its immediate availability is in
the interest of public health, be granted a conditional marketing authorization on the basis of less complete clinical data than
are normally required, subject to specific obligations being imposed on the authorization holder. These specific obligations are
to be reviewed annually by the EMA. The list of these obligations shall be made publicly accessible. Such an authorization shall
be valid for one year, on a renewable basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Period of authorization and renewals </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">A marketing authorization
is initially valid for five years and may then be renewed on the basis of a re-evaluation of the risk-benefit balance by the EMA
or by the competent authority of the authorizing member state. To this end, the marketing authorization holder shall provide the
EMA or the competent authority with a consolidated version of the file in respect of quality, safety and efficacy, including all
variants introduced since the marketing authorization was granted, at least six months before the marketing authorization ceases
to be valid. Once renewed, the marketing authorization shall be valid for an unlimited period, unless the Commission or the competent
authority decides, on justified grounds relating to pharmacovigilance, to proceed with one additional five-year renewal. Any authorization
which is not followed by the actual placing of the drug on the EU market (in case of centralized procedure) or on the market of
the authorizing member state within three years after authorization shall cease to be valid (the so-called sunset clause).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regulation (EC) 141/2000 states that a drug shall be designated
as an orphan drug if its sponsor can establish:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">(a)(i)</TD>
    <TD STYLE="width: 95%">that it is intended for the diagnosis, prevention or treatment of a life-threatening or chronically
    debilitating condition affecting not more than five in 10,000 persons in the European Union when the application is made,
    or;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">(a)(ii)</TD>
    <TD STYLE="width: 95%">that it is intended for the diagnosis, prevention or treatment of a life-threatening, seriously debilitating
    or serious and chronic condition in the European Union and that without incentives it is unlikely that the marketing of the
    drug in the European Union would generate sufficient return to justify the necessary investment; and</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">(b)</TD>
    <TD STYLE="width: 95%">that there exists no satisfactory method of diagnosis, prevention or treatment of the condition in
    question that has been authorized in the European Union or, if such method exists, the drug will be of significant benefit
    to those affected by that condition.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regulation (EC) 847/2000 sets out criteria for the designation
of orphan drugs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">An application
for designation as an orphan product can be made any time prior to the filing of an application for approval to market the product.
Marketing authorization for an orphan drug leads to a 10-year period of market exclusivity, which means that no similar medicinal
product can be authorized in the same indication. This period may, however, be reduced to six years if, at the end of the fifth
year, it is established that the product no longer meets the criteria for orphan drug designation, for example because the product
is sufficiently profitable not to justify continued market exclusivity. In addition, derogation from market exclusivity may be
granted on an individual basis in very selected cases, such as consent from the marketing authorization holder, inability to supply
sufficient quantities of the product or demonstration of &ldquo;clinically relevant superiority&rdquo; by a similar medicinal
product. Medicinal products designated as orphan drugs pursuant to Regulation (EC) 141/2000 are eligible for incentives made available
by the European Union and by the member states to support research into, and the development and availability of, orphan drugs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the MAA of a medicinal </FONT>product designated as orphan drug pursuant to Regulation (EC) 141/2000 includes the results of all
studies conducted in compliance with an agreed PIP, and a corresponding statement is subsequently included in the marketing authorization
granted, the 10-year period of market exclusivity will be extended to 12 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to apply for orphan status for
the HS indication in the United States for IFX-1. Depending on the outcome and available data of IFX-1 studies in the AAV indication,
we may apply for orphan drug status in the United States as well as in Europe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Without prejudice
to the law on the protection of industrial and commercial property, marketing authorizations for new medicinal products benefit
from an 8+2+1 year period of regulatory protection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">This regime
consists of a regulatory data protection period of eight years plus a concurrent market exclusivity of  10 years plus an
additional market exclusivity of one further year if, during the first eight years of those  10 years, the marketing approval
holder obtains an approval for one or more new therapeutic indications which, during the scientific evaluation prior to their
approval, are determined to bring a significant clinical benefit in comparison with existing therapies. Under the current
rules, a third party may reference the preclinical and clinical data of the reference product beginning eight years after
first approval, but the third party may market a generic version of the reference product after <FONT STYLE="font-family: Times New Roman, Times, Serif">only
10 (or 11) years have lapsed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to regulations in the United
States and Europe, a variety of foreign regulations govern clinical trials, commercial sales, and distribution of product candidates.
The approval process varies from country to country and the time to approval may be longer or shorter than that required for FDA
or European Commission approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Pharmaceutical coverage, pricing and reimbursement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Significant uncertainty
exists as to the coverage and reimbursement status of products approved by the FDA and other government authorities. Sales of
products will depend, in part, on the extent to which third-party payors, including government health programs in the United States
such as Medicare and Medicaid, commercial private and public health insurers and managed care organizations, provide coverage
and establish adequate reimbursement levels for, such products. The process for determining whether a payor will provide coverage
for a product may be separate from the process for setting the price or reimbursement rate that the payor will pay for the product
once coverage is approved. Third-party payors are increasingly challenging the prices charged, examining the medical necessity,
and reviewing the cost-effectiveness of medical products and services and imposing controls to manage costs. Third-party payors
may limit coverage to specific products on an approved list, or formulary, which might not include all of the approved products
for a particular indication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">In order to secure
coverage and reimbursement for any product approved for sale, a company may need to conduct expensive pharmacoeconomic studies
in order to demonstrate the medical necessity and cost-effectiveness of the product, in addition to the costs required to obtain
FDA or other comparable regulatory approvals. Nonetheless, product candidates may not be considered medically necessary or cost
effective. Additionally, a payor's decision to provide coverage for a drug product does not imply that an adequate reimbursement
rate will be approved. Further, one payor's determination to provide coverage for a drug product does not assure that other payors
will also provide coverage for the drug product. Third-party reimbursement may not be sufficient to maintain price levels high
enough to realize an appropriate return on investment in product development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">The containment
of healthcare costs also has become a priority of federal, state and foreign governments and the prices of drugs have been a focus
in this effort. Governments have shown significant interest in implementing cost-containment programs, including price controls,
restrictions on reimbursement and requirements for substitution of generic products. Adoption of price controls and cost-containment
measures, and adoption of more restrictive policies in jurisdictions with existing controls and measures, could further limit
our net revenue and results. Coverage policies and third-party reimbursement rates may change at any time. Even if favorable coverage
and reimbursement status is attained for one or more products for which a company or its collaborators receive regulatory approval,
less favorable coverage policies and reimbursement rates may be implemented in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">Outside the United
States, ensuring adequate coverage and payment for our product candidates will face challenges. Pricing of prescription pharmaceuticals
is subject to governmental control in many countries. Pricing negotiations with governmental authorities can extend well beyond
the receipt of regulatory marketing approval for a product and may require us to conduct a clinical trial that compares the cost
effectiveness of our product candidates or products to other available therapies. The conduct of such a clinical trial could be
expensive and result in delays in our commercialization efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">In the European
Union, pricing and reimbursement schemes to restrict the range of drug products for which their national health insurance systems
provide reimbursement and to control the prices of medicinal products for human use vary widely from country to country. Some
countries provide that drug products may be marketed only after a reimbursement price has been agreed. Some countries may require
the completion of additional studies that compare the cost-effectiveness of a particular drug candidate to currently available
therapies. European Union member states may also require approval of a specific price for a drug product or may instead adopt
a system of direct or indirect controls on the profitability of the company placing the drug product on the market. Other member
states allow companies to fix their own prices for drug products, but monitor and control company profits. The downward pressure
on health care costs in general, particularly prescription drugs, has become intense. As a result, increasingly high barriers
are being erected to the entry of new products. In addition, in some countries, cross-border imports from low-priced markets exert
competitive pressure that may reduce pricing within a country. Any country that has price controls or reimbursement limitations
for drug products may not allow favorable reimbursement and pricing arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">As of June 1,
2017, we had 17 employees, including nine with M.D. or Ph.D. degrees. <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">We
consider our relationship with our employees to be very good. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">Our headquarters
are in Jena, Germany, where we occupy approximately 6,700 square feet of office and laboratory space under an extendable lease
that expires in December 2019. In addition, we occupy approximately 4,240 square feet of office space in Munich, Germany under
a lease that expires in December 2018, with a cancellation notice period of three months. After the cancellation notice period
expires, the lease period is extended automatically until June 30, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.25in">We are not currently
subject to any material legal proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="Management"></A>Management</P>

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

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Board
of directors, senior management and key employees</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table presents information
about our board of directors, senior management and key employees immediately following the pricing of this offering and the corporate
reorganization and prior to the listing of our common shares on NASDAQ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; text-align: left; font-size: 8pt; font-weight: bold"><U>NAME</U></TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">POSITION&nbsp;</P></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">AGE&nbsp;</P></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid"><P STYLE="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">INITIAL
                                         YEAR OF APPOINTMENT AT INFLARX GMBH&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-indent: -9.35pt">Nicolas Fulpius&#9;</TD>
    <TD STYLE="vertical-align: bottom">Non-Executive Director and Chairman of the Board</TD>
    <TD STYLE="vertical-align: top; text-align: center">44</TD>
    <TD STYLE="vertical-align: top; text-align: center">2007</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-indent: -9.35pt">Niels Riedemann&#9;</TD>
    <TD STYLE="vertical-align: bottom">Executive Director and Chief Executive Officer</TD>
    <TD STYLE="vertical-align: top; text-align: center">45</TD>
    <TD STYLE="vertical-align: top; text-align: center">2007</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-indent: -9.35pt">Katrin Uschmann&#9;</TD>
    <TD STYLE="vertical-align: bottom">Non-Executive Director</TD>
    <TD STYLE="vertical-align: top; text-align: center">53</TD>
    <TD STYLE="vertical-align: top; text-align: center">2007</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-indent: -9.35pt">Mark Kuebler&#9;</TD>
    <TD STYLE="vertical-align: bottom">Non-Executive Director</TD>
    <TD STYLE="vertical-align: top; text-align: center">42</TD>
    <TD STYLE="vertical-align: top; text-align: center">2015</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-indent: -9.35pt">Lina Ma&#9;</TD>
    <TD STYLE="vertical-align: bottom">Non-Executive Director</TD>
    <TD STYLE="vertical-align: top; text-align: center">40</TD>
    <TD STYLE="vertical-align: top; text-align: center">2016</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-indent: -9.35pt">Renfeng Guo&#9;</TD>
    <TD STYLE="vertical-align: bottom">Executive Director and Chief Scientific Officer</TD>
    <TD STYLE="vertical-align: top; text-align: center">47</TD>
    <TD STYLE="vertical-align: top; text-align: center">2007</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-indent: -9.35pt">Arnd Christ&#9;</TD>
    <TD STYLE="vertical-align: bottom">Chief Financial Officer</TD>
    <TD STYLE="vertical-align: top; text-align: center">51</TD>
    <TD STYLE="vertical-align: top; text-align: center">2015</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-align: left; text-indent: -9.35pt">Othmar Zenker&#9;</TD>
    <TD STYLE="vertical-align: bottom">Chief Medical Officer</TD>
    <TD STYLE="vertical-align: top; text-align: center">55</TD>
    <TD STYLE="vertical-align: top; text-align: center">2013</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-left: 18.7pt; text-indent: -9.35pt">Maria Habel&#9;</TD>
    <TD STYLE="vertical-align: bottom">Head of Preclinical Research and Development</TD>
    <TD STYLE="vertical-align: top; text-align: center">35</TD>
    <TD STYLE="vertical-align: top; text-align: center">2008</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 18.7pt; text-indent: -9.35pt">Katrin Reiher&#9;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">Head of Quality Management</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">35</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">2008</TD></TR>
</TABLE>


<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise indicated, the current
business address for our directors, senior management and key employees is InflaRx GmbH, Winzerlaer Strasse 2, 07745 Jena, Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-weight: normal">The
following is a brief summary of the business experience of our directors, senior management and key employees. Each
director&rsquo;s tenure reflects such director&rsquo;s tenure on InflaRx GmbH&rsquo;s board. Niels Riedemann was appointed as
our sole director upon our incorporation. Our other directors will be appointed by our general meeting of shareholders, with
effect from the execution of our deed of conversion and amendment immediately following the pricing of this offering and
prior to the listing of our common shares on NASDAQ.  Our executive directors and the chairman of our board shall serve for
&nbsp;&nbsp;&nbsp;&nbsp;-year terms and our other non-executive directors shall serve for &nbsp;&nbsp;&nbsp;-year terms, in
each case until the earlier of their successors being duly appointed, their resignation or their removal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Non-executive directors</I></P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a brief summary of the
business experience of our non-executive directors. Each director&rsquo;s tenure reflects such director&rsquo;s tenure on InflaRx
GmbH&rsquo;s board. Niels Riedemann was appointed as our sole director upon our incorporation. Our other directors will be appointed
by our general meeting of shareholders, with effect from the execution of our deed of conversion and amendment which shall take
place immediately following the pricing of this offering and prior to the listing of our common shares on NASDAQ, to serve for
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-year terms until the earlier of their successors being duly
appointed, their resignation or expiration of their term of office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Nicolas Fulpius, Chairman</I>. Mr.
Fulpius is one of our co-founders and has served as a director and chairman of our board since 2007. He has served as the Head
of Digital Enterprise Solutions at Swisscom Schweiz AG since 2015 and was Chief Executive Officer and Shareholder of Veltigroup
SA from 2010 to 2015. Prior to that role, he was a partner and shareholder in Affentrager Associates from 2006 to 2010, Investment
Director and shareholder in Ultreia Capital from 2002 to 2006 and an Investment Manager at Lombard Odier from 1998 to 2002. He
has served as chairman of the board of Idros S.A. since 2016 and as a member of the boards of Anaroll Holding S.A. since 2014,
BRS Immobilier S.A. since 2013, Affentrager Associates AG since 2006 and CIMA Corporate Investment Management Affentrager Holding
AG since 2006. He previously served on the boards of Swisscom Digital Technology S.A., Akenes S.A., Skwich Holding S.A., Veltigroup
S.A., LANexpert S.A., insentia S.A., ITS Information Technologie Services S.A., epyx S.A. and Veltigroup Consulting S.A., among
others. He holds an M.S. in Management Science and Engineering from Stanford University and the Swiss equivalent of an MBA from
St. Gall University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Katrin Uschmann</I>. Ms. Uschmann joined
our board as a director and deputy chairwoman in 2007. She has served as an Investment Manager at beteiligungsmanagement th&uuml;ringen
gmbh since 1999. Prior to joining beteiligungsmanagement th&uuml;ringen gmbh, Ms. Uschmann served in various roles at several
banks, such as Credit Analyst and Corporate Relationship Manager at Bayerische Vereinsbank AG and at Th&uuml;ringer Aufbaubank,
and taught Economics at Fachhochschule in Gotha, Germany. She has served on the boards of eZono AG since 2007, where she was the
board&rsquo;s deputy chairwoman from 2009 to 2010, and has served as the chairwoman since 2010, and of Preventicus GmbH since
2014. Ms. Uschmann previously served on the board of AST Advanced Shockwave Technology Inc. from 2011 until 2017. She holds a
skilled worker degree and an MBA from Fachhochschule (<I>University of Applied Financial Sciences</I>), as well as a degree in
project management from GPM Deutsche Gesellschaft f&uuml;r Projektmanagement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Mark Kuebler</I>. Mr. Kuebler has served
as a director on our board since 2015. Mr. Kuebler has been a partner with the GIG Ltd., a venture capital advisory firm with
offices in Switzerland and Malta, since 2012. He previously served on the boards of Sapphire Innovation AG, a predictive analytics
software firm, as well as WWM AG and Jobydu AG, each based in Switzerland. Mr. Kuebler was a managing director and corporate secretary
of a private equity holding company from 2003 to 2010. Before 2003, he held various roles in international investment banks and
boutiques. Mr. Kuebler has a master&rsquo;s degree in business and economics, as well as a master&rsquo;s degree in law from the
University of St. Gallen, in Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Lina Ma</I>. Ms. Ma has been a director
on our board since September 2016. Ms. Ma has been the Vice President and Secretary of the board of Staidson (Beijing) BioPharmaceuticals
Co., Ltd. since June 2012, the chairman of the board of Beijing Defengrei Biotechnology Co. Ltd since September 2015, the Company
Secretary of Staidson BioPharma Inc., in California, since 2013 and the Chief Executive Officer of Staidson Hong Kong Investment
Company Limited, in Hong Kong, since 2015. In previous roles, she has served as the General Manager and Securities Affair Representative
of Staidson (Beijing) BioPharmaceuticals Co., Ltd. from 2009 to 2012, in JOINN Laboratories (Beijing) from 2002 to 2009, and in
the China Medical Association Telemedicine Consultation Center from 2000 to 2001. Ms. Ma holds a bachelor&rsquo;s degree from
Hunan Medical University in China and an MBA from HKU SPACE Community College.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Senior management, executive directors and key employees</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Niels Riedemann, Chief Executive Officer</I>.
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Professor Riedemann is one of our co-founders and has
served as our Chief Executive Officer since 2007. He is specialized as an intensive care physician and was the Vice Director of
Intensive Care Medicine at the Friedrich Schiller University in Jena, Germany from 2008 to 2015. He spent several years working
in basic science at the University of Michigan in the field of complement immunology and inflammation before completing his board
certification as General Surgeon at the Hannover Medical School where he holds an adjunct Professorship for Experimental Surgery.
He has served as a member of the scientific advisory board of the Center for Innovation Competence Septomics, a large scientific
governmental program, since 2015 and served on the board of directors of the Center for Sepsis Control and Care in Jena, Germany,
from 2014 to 2015. Professor Riedemann received his medical training at the Albert-Ludwig University in Freiburg, Germany and
Stanford University in the United States and graduated from Albert-Ludwig University in 1998.</FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Renfeng Guo, Chief Scientific Officer.
</I>Professor Guo is one of our co-founders and has served as our Chief Scientific Officer since 2007. Prior to joining us, he
served as a faculty member of the University of Michigan since 2001, where he holds a position as Adjunct Associate Professor.
Professor Guo holds an Honorary Professorship at the Beijing Institute of Basic Sciences. Professor Guo received his medical degree
from Norman Bethune Medical School in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Arnd Christ, Chief Financial Officer.
</I>Mr. Christ has served as our Chief Financial Officer since April 2015. He is also the founder and managing director of CF
Port GmbH. Prior to joining us, he served as the Chief Financial Officer of various private and public biotech companies. From
2012 to 2014, Mr. Christ served as the Chief Financial Officer and member of the executive board of Proteros Biostructure GmbH.
Prior to that role, Mr. Christ served as the Chief Financial Officer and member of the executive board of MediGene AG from 2010
to 2012, NovImmune S.A. from 2007 to 2010, Probiodrug AG from 2002 to 2007 and of EleGene AG from 2001 to 2002. Before joining
the biotech industry, Mr. Christ served as financial director of Avery Dennison GmbH in Germany from 2000 to 2001 and of Herberts
Industrial Coatings Ltd. in the United Kingdom from 1998 to 1999. Mr. Christ holds a degree in business economics from the University
of W&uuml;rzburg, Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Othmar Zenker, Chief Medical Officer</I>.
Dr. Zenker has served as head of our clinical research and development programs since 2013 and became our Chief Medical Officer
in 2017. In that role, he has responsibilities for various innovative clinical development programs at InflaRx. Prior to joining
us, Dr. Zenker served in clinical drug development roles within various international companies for 20 years, including lead positions
within clinical programs at Wyeth Pharmaceuticals and CSL Behring. He previously held a position as Global Therapeutic Area Head
of Immunology at CSL Behring. He worked at CSL Behring from 2000 to 2012. Mr. Zenker received his medical degree from the Kiel
Medical School in Germany in 1990.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Maria Habel, Head of Research and Development</I>.
Dr. Habel joined our company in 2008 as Head of Laboratory and has served our company since our inception. Since 2013, she has
taken on responsibilities for all pre-clinical research and development programs, various scientific projects related to the complement
system as well as to the characterization of our lead product candidates. In addition, Dr. Habel has served as our Head of Quality
Control within our GMP manufacturing activities since 2010. Dr. Habel received her Ph.D. in Science from the Graduate School for
Cellular and Biomedical Science of the University Bern, Switzerland, in 2008.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Katrin Reiher, Head of Quality Assurance</I>.
Ms. Reiher joined our company in 2008 as a project manager in 2008 and served as a project manager and quality manager from 2009
to 2012. She began serving as our Head of Quality Assurance in 2013. Ms. Reiher received a Master&rsquo;s degree in business administration
from the Technische Universit&auml;t&nbsp;Dresden in Germany in 2006.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Compliance with NASDAQ listing requirements</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will be a foreign private issuer.
As a result, in accordance with NASDAQ listing requirements, we will comply with home country governance requirements and
certain exemptions thereunder rather than complying with Nasdaq corporate governance requirements. In accordance with Dutch
law and generally accepted business practices, our articles of association do not provide quorum requirements generally
applicable to general meetings of shareholders in the United States. To this extent, our practice varies from the requirement
of Nasdaq Listing Rule 5620(c), which requires 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 stock. Although we must provide shareholders with an
agenda and other relevant documents for the general meeting of shareholders, Dutch law does not have a regulatory regime for
the solicitation of proxies and the solicitation of proxies is not a generally accepted business practice in the Netherlands,
and thus our practice will vary from the requirement of Nasdaq Listing Rule 5620(b). As permitted by the listing requirements
of NASDAQ, we have also opted out of the requirements of Nasdaq Listing Rule 5605(d), which requires an issuer to have a
compensation committee that, among other things, consists entirely of independent directors, and Nasdaq Listing Rule 5605(e),
which requires an issuer to have independent director oversight of director nominations. These rules require that all members
of our audit committee must meet the independence standard for audit committee members within one year of the effectiveness
of the registration statement of which this prospectus forms a part. Following the closing of this offering, we will satisfy
Nasdaq Listing Rule 5605(c)(2)(A), subject to the phase-in rule for audit committees described above. In addition, we have
opted out of shareholder approval requirements for the issuance of securities in connection with certain events such as the
acquisition of stock or assets of another company, the establishment of or amendments to equity-based compensation plans for
employees and certain private placements. To this extent, our practice varies from the requirements of Nasdaq Listing Rule
5635, which generally requires an issuer to obtain shareholder approval for the issuance of securities in connection with
such events. For an overview of our corporate governance principles, see &ldquo;Description of share capital and articles of
association.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The audit committee is expected to consist
of Nicolas Fulpius, Mark Kuebler and Katrin Uschmann upon the execution of our deed of conversion and amendment, which will take
place immediately following the pricing of this offering and prior to the listing of our common shares on NASDAQ. The audit committee
will assist the board of directors in overseeing our accounting and financial reporting processes and the audits of our financial
statements. In addition, the audit committee will be directly responsible for the recommendation for appointment, compensation,
retention and oversight of the work of our independent registered public accounting firm. Our board of directors has determined
that Nicolas Fulpius&nbsp;satisfies the &ldquo;independence&rdquo; requirements set forth in Rule 10A-3 under the Exchange Act
and&nbsp;qualifies as an &ldquo;audit committee financial expert,&rdquo; as such term is defined in the rules of the SEC. We intend
to rely on the phase-in rules of the SEC and NASDAQ with respect to the independence of our audit committee. These rules require
that all members of our audit committee must meet the independence standard for audit committee membership within one year of the
effectiveness of the registration statement of which this prospectus forms a part. The audit committee will be governed by a charter
that complies with applicable NASDAQ rules, which charter will be posted on our website prior to the listing of our common shares
on NASDAQ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the execution of our deed of conversion
and amendment, which will take place immediately following the pricing of this offering and prior to the listing of our common
shares on NASDAQ, the audit committee&rsquo;s responsibilities will include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>recommending
                                         the appointment of the independent auditor to the general meeting of shareholders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the
                                         appointment, compensation, retention and oversight of any accounting firm engaged for
                                         the purpose of preparing or issuing an audit report or performing other audit services;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>pre-approving
                                         the audit services and non-audit services to be provided by our independent auditor before
                                         the auditor is engaged to render such services;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>evaluating
                                         the independent auditor&rsquo;s qualifications, performance and independence, and presenting
                                         its conclusions to the full supervisory board on at least an annual basis;&#9;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing
                                         and discussing with the board of directors and the independent auditor the audit plan
                                         as well as our annual audited financial statements and quarterly financial statements
                                         prior to the filing of the respective annual and quarterly reports;&#9;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing
                                         our compliance with laws and regulations, including major legal and regulatory initiatives
                                         and also reviewing any major litigation or investigations against us that may have a
                                         material impact on our financial statements;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing
                                         internal audit results, including the effectiveness of the design and operation of our
                                         internal controls;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing
                                         the operation of and our compliance with our code of ethics; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>approving
                                         or ratifying any related person transaction (as defined in our related person transaction
                                         policy) in accordance with our related person transaction policy and reviewing potential
                                         conflicts of interest involving our directors.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The audit committee will meet as often
as one or more members of the audit committee deem necessary, but in any event will meet at least quarterly. The audit committee
will meet at least once per year with our independent accountant without our executive directors being present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The compensation committee is expected
to consist of Nicolas Fulpius and Mark Kuebler upon the execution of our deed of conversion and amendment, which will take place
immediately following the pricing of this offering and prior to the listing of our common shares on NASDAQ. The compensation committee
will assist the board of directors in determining compensation for the directors. The committee will recommend to the board of
directors for determination the compensation of each of our directors. Under SEC and NASDAQ rules, there are heightened independence
standards for members of the compensation committee, including a prohibition against the receipt of any compensation from us other
than standard director fees. As permitted by the listing requirements of NASDAQ, we will opt out of NASDAQ Listing Rule 5605(d)
which requires that a compensation committee consist entirely of independent directors. <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">The
compensation committee will be governed by a charter that will be </FONT>posted on our website prior to the listing of our common
shares on NASDAQ<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the execution of our deed of conversion
and amendment, which will take place immediately following the pricing of this offering and prior to the listing of our common
shares on NASDAQ, the compensation committee&rsquo;s responsibilities will include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>identifying,
                                         reviewing and approving corporate goals and objectives relevant to compensation of our
                                         executive officers and directors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>analyzing
                                         the possible outcomes of the variable remuneration components and how they may affect
                                         the remuneration of our executive officers;&#9;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>determining
                                         any long-term incentive component of each executive officer&rsquo;s compensation in line
                                         with the compensation policy and reviewing our executive officer compensation and benefits
                                         policies generally;&#9;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>preparing
                                         periodic compensation reports for our board of directors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing
                                         and assessing risks arising from our employee compensation policies and practices and
                                         whether any such risks are reasonably likely to have a material adverse effect on us;
                                         and</TD></TR></TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>retaining
                                         or obtaining advice from a compensation consultant, legal counsel or other advisor as
                                         the compensation committee deems necessary or appropriate to carry out its responsibilities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nomination and corporate governance committee</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The nomination and corporate governance
committee is expected to consist of &nbsp;Nicolas Fulpius and Mark Kuebler upon the execution of our deed of conversion and amendment,
which will take place immediately following the pricing of this offering and prior to the listing of our common shares on NASDAQ.
The nomination and corporate governance committee will assist our board of directors in identifying individuals qualified to become
members of our board of directors consistent with criteria established by our board of directors and in developing our corporate
governance principles. As permitted by the listing requirements of NASDAQ, we will opt out of NASDAQ Listing Rule 5605(e) which
requires independent director oversight of director nominations. <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">The
nominating and corporate governance committee will be governed </FONT>by a charter that will be posted on our website prior to
the listing of our common shares on NASDAQ<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the execution of our deed of conversion
and amendment, which will take place immediately following the pricing of this offering and prior to the listing of our common
shares on NASDAQ, the nomination and corporate governance committee&rsquo;s responsibilities will include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>preparing
                                         and reviewing selection criteria and appointment procedures for our board of directors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing
                                         the size and composition of our board of directors and submitting proposals for the composition
                                         profile of our board of directors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>leading
                                         the board of directors in self-evaluation to determine whether it and its committees
                                         are functioning effectively;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>preparing
                                         and reviewing a plan for succession of directors; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>submitting
                                         proposals for the appointment or reappointment of directors.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation of directors and senior management</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The aggregate compensation, including
benefits in kind, accrued or paid to our senior management with respect to the year ended December 31, 2016, for services in all
capacities was &euro;732.4 thousand. In 2016, we granted 652 options under our 2016 Plan to our senior management. See &ldquo;&mdash;2016
option plan&rdquo; for a description of the terms of the options granted under the 2016 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dutch law provides that we must establish
a policy in respect of the remuneration of our directors. Such policy addresses the following topics: the fixed and variable components
of the remuneration (if any), remuneration in the form of shares and severance payments. Prior to the listing of our common shares
on NASDAQ, our general meeting of shareholders will adopt such a policy to be proposed by the board of directors. The board of
directors determines the remuneration of the directors in accordance with the remuneration policy, with the understanding that
executive directors will not participate in the decision making process regarding the determination of the compensation of executive
directors. A proposal by the board of directors with respect to remuneration schemes in the form of shares or rights to shares
is submitted by the board of directors to the general meeting for its approval. This proposal must set out at least the maximum
number of shares or rights to shares to be granted to the directors and the criteria for granting or amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of December 31, 2016, we have no amounts
set aside or accrued to provide pension, retirement or similar benefits to our directors, and in 2016, our directors did not receive
any compensation, including benefits in kind, from us for services in such capacity. In 2016, we granted options to purchase 484
of our common shares to our directors under the 2016 Plan. See &ldquo;&mdash;2016 option plan&rdquo; for a description of the
terms of the options granted under the 2016 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management and director service agreements</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the consummation of this offering,
we intend to enter into management services agreements with each of our executive directors. The management services agreements
contain a termination notice period for us and the executive directors appointed as such by a general meeting of shareholders.
All of the management services agreements provide that the executive director may be terminated in the event of an urgent cause
(<I>dringende reden</I>) without advance notice. In the event that an executive director no longer serves as an executive director,
but remains employed in his role as an executive employee of the Company, the executive director will not be entitled to any contractual
severance or termination payments. Rather, we will enter into an employment agreement with the executive director, which may include
substantially similar compensation terms as provided under the management services agreements. The management services agreements
contain post-termination restrictive covenants, including perpetual confidentiality, and post-termination non-competition and non-solicitation
covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, we intend to enter into letter
agreements with each of our non-executive directors upon the consummation of this offering. The letter agreements may be terminated,
without advance notice, if the non-executive director is removed from the board of directors, resigns from the board of directors
or such director&rsquo;s term of office on the board of directors expires without his reappointment as a non-executive director.
Additionally, each letter agreement provides for compensation, including an annual cash fee, an annual equity grant, a discretionary
annual fee for membership on a committee of the board of directors, and a discretionary annual fee for acting as a chairperson
of a committee of the board of directors. Also, the letter agreements contain a perpetual confidentiality covenant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">2016 option plan</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the  Stock Option Plan 2016 Terms
and Conditions, or the 2016 Plan, we have granted rights to subscribe for our common shares to directors, senior management and
key employees. As of the date of this prospectus, the outstanding awards under the 2016 Plan cover an aggregate of 14,753 common
shares and the exercise price for each outstanding award is &euro;656 per share (in each case not giving effect to the corporate
reorganization). Any additional awards available under the 2016 Plan will lapse upon the closing of the Series D financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Vesting period</I>. Subject to any
additional vesting conditions that may be specified in an individual grant agreement, the 2016 Plan provides for vesting over
three years in quarterly installments each quarter. All outstanding option awards under the 2016 Plan will automatically vest
upon closing of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In conjunction with the corporate reorganization,
all outstanding awards granted under the 2016 Plan will be converted into awards exercisable for common shares of InflaRx N.V.
and will be governed by the terms of the 2016 Plan. In addition, 6,355 outstanding awards granted in connection with the Company&rsquo;s
Series B financing will be converted into awards exercisable for common shares of InflaRx N.V. See &ldquo;Corporate reorganization.&rdquo;
We do not intend to issue any additional awards under the 2016 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">2017 equity incentive plan</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In conjunction with the closing of this
offering, we intend to establish a new omnibus plan, or the 2017 Plan, with the purpose of advancing the interests of our shareholders
by enhancing our ability to attract, retain and motivate individuals who are expected to make important contributions to us. The
2017 Plan will govern issuances of equity incentive awards from and after the closing of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Plan Administration.</I> The 2017 Plan
will be administered by the compensation committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Eligibility</I>. Equity incentive awards
may be granted to our employees, non-employee directors, consultants or other advisors, as well as holders of equity compensation
awards granted by a company that may be acquired by us in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Awards</I>. Equity incentive awards
under the 2017 Plan may be granted in the form of stock options, stock appreciation rights, restricted stock, restricted stock
units, performance awards or other share-based awards. Stock options and stock appreciation rights will have an exercise price
determined by the compensation committee but that is no less than fair market value of the underlying common shares on the date
of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Vesting</I>. The vesting conditions
for grants under the equity incentive awards under the 2017 Plan will be set forth in the applicable award documentation. However,
subject to the acceleration provisions under certain circumstances described below, awards (other than replacement awards) may
not vest in full prior to the first anniversary of the grant date, with the exception that up to five percent of the shares available
for issuance under the 2017 Plan may provide for alternative vesting conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Termination of Service and Change in
Control</I>. In the event of a participant&rsquo;s termination of employment, the compensation committee may, in its discretion,
determine the extent to which an equity incentive award may be exercised, settled, vested, paid or forfeited. In the event of
a change in control of the company (as defined in the 2017 Plan), any then successor or surviving corporation may continue outstanding
awards, or convert or substitute such awards for award or right with respect to the stock of the successor or surviving corporation,
in which case, if a participant is terminated by the successor or surviving corporation without &ldquo;cause&rdquo; or for &ldquo;good
reason&rdquo; (in each case, as defined in the 2017 Plan) within 24 months following the change in control, all equity incentive
awards held by the participant will immediately vest. If any outstanding awards are not continued or converted following a change
in control of the company, then such awards will immediately vest, and options and stock appreciation rights will become fully
exercisable. In connection with a change of control, the compensation committee may, in its discretion, take a number of other
actions, including accelerating the vesting of any equity incentive award or terminating or cancelling any equity incentive award
for cash payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our current and future directors (and
such other officer or employee as designated by the board of directors) will have the benefit of indemnification provisions in
the Articles of Association of InflaRx N.V. These provisions will give the indemnified persons the right to recover from us amounts,
including but not limited to litigation expenses, and any damages they are ordered to pay, in relation to acts or omissions in
the performance of their duties. However, there is no entitlement to indemnification for acts or omissions which are considered
to constitute malice, gross negligence, intentional recklessness and/or serious culpability attributable to such indemnified person.
In addition, upon the closing of this offering, we intend to enter into agreements with our directors and executive officers to
indemnify them against expenses and liabilities to the fullest extent permitted by law. These agreements also provide, subject
to certain exceptions, for indemnification for related expenses including, among others, attorneys&rsquo; fees, judgments, penalties,
fines and settlement amounts incurred by any of these individuals in any action or proceeding. In addition to such indemnification,
we provide our directors with directors&rsquo; and officers&rsquo; liability insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Insofar as indemnification of liabilities
arising under the Securities Act may be permitted to directors or persons controlling us pursuant to the foregoing provisions,
we have been informed that, in the opinion of the SEC such indemnification is against public policy as expressed in the Securities
Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the execution of our deed of conversion
and amendment, which will take place immediately following the pricing of this offering and prior to the listing of our common
shares on NASDAQ, we will adopt a code of ethics that applies to all of our employees, officers and directors and post the full
text of our code of ethics on the investor relations section of our website. We intend to disclose future amendments to our code
of ethics, or any waivers of such code, on our website or in public filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Compensation committee interlocks and insider participation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">None of our senior management has served
as a member of a compensation committee (or if no committee performs that function, the board of directors) of any other entity
that has a member of key management serving as a member of our board of directors.</P>


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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="CertainRelationshipsandRelatedPartyTransactions"></A>Certain
Relationships and Related Party Transactions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a description of related
party transactions we have entered into since January 1, 2014 with any of our officers, directors and the holders of more than
5% of our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On July 11, 2014, we entered into an investment
agreement with certain investors, including existing shareholders such as Professor Niels Riedemann, our Chief Executive Officer,
Professor Renfeng Guo, our Chief Scientific Officer, Nicolas Fulpius, a member of our board of directors, and Mark Kuebler, a
member of our board of directors, pursuant to which we agreed to issue and sell an aggregate of 9,341 Series B preferred shares
in exchange for a contribution of approximately &euro;2.7 million from such investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On July 21, 2016, we entered into an investment
agreement with certain investors, including existing shareholders such as Professor Renfeng Guo, our Chief Scientific Officer,
Arnd Christ, our Chief Financial Officer, Nicolas Fulpius, a member of our board of directors, Mark Kuebler, a member of our board
of directors, Ammann Group Holding AG and KfW, pursuant to which we agreed to issue and sell an aggregate of 47,246 Series C preferred
shares in exchange for a contribution of approximately &euro;31.0 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with our Series C financing,
we engaged certain members of our current board of directors to assist in sourcing potential new investors.&nbsp; Mr. Kuebler,
a member of our board, was paid &euro;160,000, and Mr. Fulpius, a member of our board, was paid &euro;72,000, in each case upon
the closing of the Series C financing in exchange for their respective introductions of certain investors in the financing to
us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On October 12, 2017, we and our shareholders
entered into an investment and adherence agreement with entities affiliated with RA Capital Management, LLC, Bain Capital Life
Sciences Investors, LLC and Cormorant Asset Management LLC and certain funds and accounts managed or advised by subsidiaries of
BlackRock, Inc. (the &ldquo;BlackRock Funds&rdquo;), which we refer to collectively as the Series D investors, pursuant to which
we agreed to issue and sell in a private placement an aggregate of 27,555 Series D preferred shares to the Series D investors <FONT STYLE="background-color: white">at
a price per share of &euro;927.92, for aggregate net cash proceeds to us (after expenses) of approximately &euro;24.9 million.
In addition, the Series D investors have agreed to purchase 22,964 Series A preferred shares and Series B preferred shares at a
price per share of &euro;927.92 from </FONT>entities affiliated with Private Equity Th&uuml;ringen GmbH &amp; Co. and KfW (which
we refer to as the Secondary Placement). Following the Secondary Placement, such Series A preferred shares and Series B preferred
shares will be converted into Series D preferred shares upon the closing of the Series D financing (which we refer to as the Conversion).
The closing of the Series D financing, including the funding of the aggregate proceeds to us, is subject to, among other things,
approval of our application to the German commercial register to increase our share capital to account for the financing. <FONT STYLE="background-color: white">We
refer to the transactions described above collectively as the Series D financing. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="background-color: white">Following
the Secondary Placement, </FONT>entities affiliated with Private Equity Th&uuml;ringen GmbH &amp; Co. <FONT STYLE="background-color: white">will
hold 14,194 Series A preferred shares, 7,386 Series B preferred shares and 1,524 Series C preferred shares and KfW will hold 5,233
Series A preferred shares, 8,656 Series B preferred shares and 2,286 Series C preferred shares. The table below sets forth the
number of Series D preferred shares issued to and the price paid for such shares by each Series D investor, including in the
Secondary Placement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 44%; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Series
                                         D Preferred Shares Issued for Cash&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; width: 14%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Aggregate
                                         Cash Purchase Price for Series D Preferred Shares&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; width: 14%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Series D Preferred Shares Received in the Conversion</P>

<P STYLE="margin: 0pt 0"></P></TD>
    <TD STYLE="vertical-align: top; width: 14%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Aggregate
                                         Cash Purchase Price Paid in the Secondary Placement&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Entities affiliated with RA Capital Management, LLC</TD>
    <TD STYLE="text-align: right">11,022</TD>
    <TD STYLE="text-align: right">&euro;10,227,534.24</TD>
    <TD STYLE="text-align: right">7,348</TD>
    <TD STYLE="text-align: right">&euro;6,818,356.16</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>BCLS Investco, L.P.</TD>
    <TD STYLE="text-align: right">11,022</TD>
    <TD STYLE="text-align: right">&euro;10,227,534.24</TD>
    <TD STYLE="text-align: right">7,348</TD>
    <TD STYLE="text-align: right">&euro;6,818,356.16</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Entities affiliated with Cormorant Asset Management LLC</TD>
    <TD STYLE="text-align: right">5,511</TD>
    <TD STYLE="text-align: right">&euro;5,113,767.12</TD>
    <TD STYLE="text-align: right">3,674</TD>
    <TD STYLE="text-align: right">&euro;3,409,178.08</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0in"><P STYLE="margin: 0pt 0">BlackRock Funds&nbsp;</P>


</TD>
    <TD STYLE="text-align: right">&mdash;</TD>
    <TD STYLE="text-align: right">&mdash;</TD>
    <TD STYLE="text-align: right">4,594</TD>
    <TD STYLE="text-align: right">&euro;4,262,864.48</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">InflaRx GmbH and its shareholders entered
into an investment and shareholders agreement, dated July 21, 2016 (referred to as the Shareholders Agreement). The Shareholders
Agreement provides for certain restrictions on the shareholders party thereto, including restrictions on transfer of the Series
C preferred shares, as well as certain co-sale rights, drag-along rights and rights of first refusal. On October 12, 2017, the
Series D investors entered into an investment and adherence agreement with the Company and its shareholders pursuant to which
the Series D investors agreed to accede to the Shareholders Agreement on substantially the same terms and conditions as applicable
to the shareholders party thereto. The Shareholders Agreement will terminate upon the closing of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Management and director service agreements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to enter into management and director
service agreements with our executive officers and our directors in connection with this offering. See &ldquo;Management&mdash;Management
and director service agreements.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Indemnification agreements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with this offering, we intend
to enter into indemnification agreements with our directors and senior management. The indemnification agreements and our Articles
of Association require us to indemnify our directors to the fullest extent permitted by law. See &ldquo;Management&mdash;Insurance
and indemnification&rdquo; for a description of these indemnification agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="PrincipalShareholders"></A>Principal
Shareholders</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table presents information
relating to the beneficial ownership of our common shares as of October 27, 2017 and after giving effect to our corporate reorganization
by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>each
                                         person, or group of affiliated persons, known by us to own beneficially 5% or more of
                                         our outstanding common shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>each
                                         of our directors and senior management; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>all
                                         directors and senior management as a group.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Immediately following the pricing of this offering and as the
initial step of our corporate reorganization, all of the outstanding equity interests in InflaRx GmbH will be exchanged for common
shares of Fireman B.V. on a one-for-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;basis.&nbsp;
&nbsp;See &ldquo;Corporate reorganization.&rdquo;&nbsp; Following the closing of this offering and the corporate reorganization,
we will have only one class of shares issued and outstanding, and all holders of our common shares will have the same voting rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The number of common shares beneficially
owned by each entity, person or director is determined in accordance with the rules of the SEC, and the information is not necessarily
indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any common shares over
which the individual has sole or shared voting power or investment power or to receive the economic benefit of ownership of the
shares, as well as any common shares that the individual has the right to acquire within 60 days of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2017 through the exercise of any option, warrant or other right. Except as otherwise indicated, and subject to applicable community
property laws, the persons named in the table have sole voting and investment power with respect to all common shares held by
that person. As of October 27, 2017, after giving effect to our corporate reorganization, common shares, representing &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of our
issued and outstanding common shares, were held by U.S. record holders.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise indicated, the address
of each beneficial owner listed in the table below is c/o InflaRx GmbH, Winzerlaer Str. 2, 07745 Jena, Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><B>Shares Beneficially Owned Before this Offering</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><B>Shares Beneficially Owned After this Offering</B></TD>
    <TD STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt"><B>Number&nbsp;</B></P></TD>
    <TD STYLE="width: 9%; text-align: center; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt">Percent&nbsp;</P></TD>
    <TD STYLE="width: 9%; text-align: center; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt"><B>Number&nbsp;</B></P></TD>
    <TD STYLE="width: 9%; text-align: center; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid">Percent&nbsp;</P></TD>
    <TD STYLE="width: 9%; text-align: center; border-bottom: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><B>Percent of Shares Beneficially Owned Assuming Full Exercise of Underwriters&rsquo;
    Overallotment Option</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><B>5% Shareholders</B></TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Entities affiliated with Private Equity Th&uuml;ringen GmbH &amp; Co.(1)&#9;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Entities affiliated with Staidson Hong Kong Investment Company Limited(2)</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>KfW Anstalt des &ouml;ffentlichen Rechts (3)&#9;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>Ammann(4)&#9;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">Entities affiliated with RA Capital Management, LLC(5)&#9;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>BCLS Investco, L.P.(6)&#9;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><B>Directors and Senior Management</B></TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Niels Riedemann(7)&#9;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>Arnd Christ(8)&#9;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Renfeng Guo(9)&#9;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>Othmar Zenker (10)&#9;&#9;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Nicolas Fulpius(11)&#9;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>Katrin Uschmann(12)&#9;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Mark Kuebler(13)&#9;&#9;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>Lina Ma&#9;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">All directors and senior management as a group (8 persons)</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">*&#9;Indicates beneficial ownership
of less than 1% of the total outstanding common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Consists of (a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A preferred
shares held by Private Equity Th&uuml;ringen GmbH &amp; Co. (&ldquo;PET I&rdquo;), (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Series B preferred shares held by Private Equity Th&uuml;ringen Zweite Beteiligungen GmbH (&ldquo;PET II&rdquo;) and (c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series
C preferred shares held by PET II, which were purchased from CIMA Corporate Investment Management Affentranger Holding S.A. Udo
Werner is the managing director of PET I and PET II and may be deemed to have voting and investment power over the shares held
by PET I and PET II noted above. The address for PET I and PET II is Gorkistr. 9, D-99084 Erfurt, Germany.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Consists of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A preferred shares held
by Staidson Hong Kong Investment Company Limited (&ldquo;STS&rdquo;). STS is wholly owned by Staidson (Beijing) Biopharmaceuticals
Co., Ltd., a publicly-held entity whose common shares are listed on the Shenzhen Stock Exchange. The address for STS is 1/F 122D
Ma Yautong Sai Kung, Hong Kong.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Consists of  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A
                                                            preferred shares and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B preferred
                                                            shares                                                             held
                                                            by <I>Kreditanstalt f&uuml;r Wiederaufbau A.d.&ouml;.R.</I>
                                                            (&ldquo;KfW&rdquo;). KfW is
                                                            majority owned by the Federal Government of the Federal Republic of Germany and minority owned by the German federal states.
                                                            The address for KfW is <FONT STYLE="background-color: white">Palmengartenstra&szlig;e&nbsp;5-9,&nbsp;60325 Frankfurt am
                                                            Main,                                                             Germany</FONT>.</TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Consists of (a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A preferred shares held
by Ammann Group Holding AG (&ldquo;Ammann&rdquo;), (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series
B preferred shares, and (c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C preferred
shares. Voting and investment power over the shares held by Ammann is exercised by the Board of Directors of Ammann. The address
for Ammann is c/o Walder Wyss AG, Bubenbergplatz 8, 3011 Berne, Switzerland.</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>Consists of (a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D preferred shares held by RA Capital Healthcare Fund, L.P., or RA Capital, and (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D preferred
shares held by Blackwell Partners LLC &ndash; Series A, or Blackwell. Dr. Peter Kolchinsky is the managing member of RA Capital
Management, LLC, the general partner of RA Capital and the investment advisor of Blackwell. Dr. Kolchinsky and RA Capital Management,
LLC may be deemed to beneficially own the shares held by RA Capital and Blackwell. The address of RA Capital and Blackwell is c/o
RA Capital Management, LLC 20 Park Plaza, Suite 1200, Boston, Massachusetts 02116.</TD></TR></TABLE>

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



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD><P STYLE="margin: 0pt 0">Consists of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Series D preferred shares held by BCLS Investco, L.P.&nbsp; The governance, investment strategy and decision-making process with
respect to investments held by BCLS Investco, L.P. is directed by Bain Capital Life Sciences Investors, LLC, whose managers are
Jeffrey Schwartz and Adam Koppel.&nbsp; As a result, each of Bain Capital Life Sciences Investors, LLC, Mr. Schwartz and Dr. Koppel
may be deemed to share voting and dispositive power over the shares held by BCLS Investco, L.P.&nbsp; The address for BCLS Investco,
L.P. is c/o Bain Capital Life Sciences, LP, 200 Clarendon Street, Boston, Massachusetts 02116.&nbsp;</P>


</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(7)</TD><TD>Consists of (a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#12288;</FONT>Series
                                                            A preferred shares and (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares
                                                            that may be acquired pursuant to the exercise of options issued pursuant to the 2016 Plan at an exercise price of &euro;656
                                                            per share as well as options issued in connection with the Series B financing. All outstanding option awards under the 2016
                                                            Plan will automatically vest upon closing of this offering and all options issued in connection with the Series B financing
                                                            have vested as of June 30, 2017.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(8)</TD><TD>Consists of (a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#12288;</FONT>Series
                                                            C preferred shares and (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares
                                                            that may be acquired pursuant to the exercise of options issued pursuant to the 2016 Plan at an exercise price of &euro;656
                                                            per share. All outstanding option awards under the 2016 Plan will automatically vest upon closing of this offering.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(9)</TD><TD>Consists of (a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#12288;</FONT>Series
                                                            A preferred shares, (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C preferred
                                                            shares and (c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common shares that may be acquired pursuant
                                                            to the exercise of options issued pursuant to the 2016 Plan at an exercise price of &euro;656 per share as well as options
                                                            issued in connection with the Series B financing. All outstanding option awards under the 2016 Plan will automatically vest
                                                            upon closing of this offering and all options issued in connection with the Series B financing have vested as of June 30,
                                                            2017.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(10)</TD><TD>Consists of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares that may be
                                                             acquired pursuant to the exercise of options issued pursuant to the 2016 Plan at an exercise price of &euro;656 per share.
                                                             All outstanding option awards under the 2016 Plan will automatically vest upon closing of this offering.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(11)</TD><TD>Consists of (a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common shares, (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series
C preferred shares and (c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares acquired following
the exercise of options issued in connection with the Series C financing.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(12)</TD><TD>Consists of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; common shares that may be acquired
                                                             pursuant to the exercise of options issued pursuant to the 2016 Plan at an exercise price of &euro;656 per share as well as
                                                             options issued in connection with the Series B financing. All outstanding option awards under the 2016 Plan will
                                                             automatically vest upon closing of this offering and all options issued in connection with the Series B financing have vested
                                                             as of June 30, 2017.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(13)</TD><TD>Consists of (a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A preferred
                                                             shares, (b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C preferred
                                                             shares, (c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B preferred shares and (d)
                                                             &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares that may be acquired
                                                             pursuant to the exercise of options issued pursuant to the 2016 Plan at an exercise price of &euro;656 per share as well as
                                                             options issued in connection with the Series B financing. All outstanding option awards under the 2016 Plan will
                                                             automatically vest upon closing of this offering and all options issued in connection with the Series B financing have vested
                                                             as of June 30, 2017.</TD></TR></TABLE>

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



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

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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We were incorporated pursuant to the laws
of the Netherlands as Fireman B.V. in June 2017 to become a holding company for InflaRx GmbH prior to closing of this offering.
InflaRx GmbH was founded in 2007 by Professor Niels Riedemann and Professor Renfeng Guo in Jena, Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the terms of a corporate reorganization
that will be completed prior to the closing of this offering, all of the equity interests in InflaRx GmbH will be exchanged for
common shares of Fireman B.V. and, as a result, InflaRx GmbH will become a wholly owned subsidiary of Fireman B.V. Immediately
following such exchange, and prior to the listing of our common shares on NASDAQ, we intend to convert into a public company with
limited liability (<I>naamloze vennootschap</I>) under Dutch law pursuant to a Notarial Deed of Amendment and Conversion, following
which our legal name will be InflaRx N.V. See &ldquo;Corporate reorganization.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are registered with the Trade Register
of the Chamber of Commerce (<I>Kamer van Koophandel</I>) under number 68904312. Our corporate seat is in Amsterdam, the Netherlands,
and our registered office is in Jena, Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of the execution of our deed
of conversion and amendment, our authorized share capital will amount
to &euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, divided
into &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares, each with a
nominal value of &euro;0.12,&nbsp;and
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred
shares, each with a nominal value of &euro;0.12, and our issued
share
capital
will
amount
to
&euro;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
See &ldquo;Corporate reorganization.&rdquo; If we increase or decrease the number of shares offered and sold by us in
this offering, our authorized share capital will be adjusted to be
approximately five times the issued share capital  immediately following the closing of this offering (including such increase or decrease in common
shares offered and sold in this offering).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our common shares and preferred shares
will be issued in registered form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The preferred shares can be issued to
the protective foundation (for more information, see &ldquo;Risk factors &mdash; Provisions of our articles of association or
Dutch corporate law might deter acquisition bids for us that might be considered favorable and prevent, delay or frustrate any
attempt to replace or remove the members of our board of directors&rdquo;). Under Dutch law, our authorized share capital is the
maximum capital that we may issue without amending our Articles of Association. An amendment of our Articles of Association would
require a resolution of the general meeting of shareholders upon proposal by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Initial settlement of the common shares
issued in this offering will take place at the closing of this offering through The Depository Trust Company, or DTC, in accordance
with its customary settlement procedures for equity securities. Each person owning 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 common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Articles of Association will provide
that, for as long as any of our common shares are admitted to trading on NASDAQ, the New York Stock Exchange or on any other regulated
stock exchange operating in the United States of America, the laws of the State of New York shall apply to the property law aspects
of our common shares reflected in the register administered by the relevant transfer agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Articles of association and Dutch law</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Articles of Association as in force
at the date of this prospectus are referred to herein as our &ldquo;Current Articles.&rdquo; When we refer to our Articles of Association
in this prospectus, we refer to our Articles of Association as they will be in force after the expected completion of our corporate
reorganization that will be completed prior to the closing of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Current Articles are included in our
deed of incorporation, executed on June 6, 2017. We will amend our Current Articles and convert our company from a Dutch private
company with limited liability (<I>besloten vennootschap met beperkte aansprakelijkheid</I>) into a Dutch public company with limited
liability (<I>naamloze vennootschap</I>) as part of our corporate reorganization that will be completed prior to the closing of
this offering. At a general meeting to be held prior to the listing of our common shares on NASDAQ, or pursuant to a written resolution,
we expect the general meeting of shareholders to resolve to amend the Current Articles and to convert into a Dutch public company
with limited liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Current Articles, the general
meeting of shareholders may resolve to amend the Current Articles. A resolution taken by the general meeting of shareholders to
amend the Current Articles requires a simple majority of the votes cast. Such resolution could also be adopted in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Set forth below is a summary of relevant
information concerning our share capital and material provisions of our Articles of Association and applicable Dutch law. This
summary does not constitute legal advice regarding those matters and should not be regarded as such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Company&rsquo;s shareholders&rsquo; register</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to Dutch law and the Articles
of Association, we must keep our shareholders&rsquo; register accurate and current. The board of directors keeps our shareholders&rsquo;
register and records names and addresses of all holders of shares, showing the date on which the shares were acquired, the date
of the acknowledgement by or notification of us as well as the amount paid on each share. The register also includes the names
and addresses of those with a right of use and enjoyment (<I>vruchtgebruik</I>) in shares belonging to another or a pledge (<I>pandrecht</I>)
in respect of such shares. There is no restriction on the ownership of our shares. The common shares offered in this offering
will be held through DTC, therefore DTC or its nominee will be recorded in the shareholders&rsquo; register as the holder of those
common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Articles of Association,
our main corporate objectives are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>to
                                         develop, license, manufacture and commercialize pharmaceutical products;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>to
                                         develop and commercialize tests and analytical methods;</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>to
                                         participate in, to finance, to hold any other interest in and to conduct the management
                                         or supervision of other entities, companies, partnerships and businesses;</TD></TR></TABLE>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>to
                                         acquire, administer, exploit, invest, encumber and dispose of assets and liabilities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>to
                                         furnish guarantees, to provide security, to warrant performance in any other way and
                                         to assume liability, whether jointly and severally or otherwise, in respect of obligations
                                         of group companies or other parties; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>to
                                         do anything which, in the widest sense, is connected with or may be conducive to the
                                         objectives described above.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Limitation on liability and indemnification matters</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under Dutch law, directors and certain
other officers may be held liable for damages in the event of improper or negligent performance of their duties. They may be held
jointly and severally liable for damages to the Company and to third parties for infringement of the Articles of Association or
of certain provisions of the Dutch Civil Code. In certain circumstances, they may also incur additional specific civil and criminal
liabilities. Subject to certain exceptions, our Articles of Association provide for indemnification of our current and former
directors (and other current and former officers and employees as designated by our board of directors). Directors and certain
other officers are also insured under an insurance policy taken out by us against damages resulting from their conduct when acting
in the capacities as such directors or officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Shareholders&rsquo; meetings and consents </I></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><FONT STYLE="font-weight: normal">General
meeting of shareholders</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">General meetings of shareholders may be
held in Amsterdam, Rotterdam, The Hague, Arnhem, Utrecht or the municipality of Haarlemmermeer (Schiphol Airport), the Netherlands.
The annual general meeting of shareholders must be held within six months of the end of each financial year. Additional extraordinary
general meetings of shareholders may also be held, whenever considered appropriate by the board of directors and shall be held
within three months after our board of directors has considered it to be likely that our equity has decreased to an amount equal
to or lower than half of its paid up and called up share capital, in order to discuss the measures to be taken if so required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to Dutch law, one or more
shareholders or others with meeting rights under Dutch law who jointly represent at least one-tenth of the issued share
capital may request us to convene a general meeting, setting out in detail the matters to be discussed. If our board of
directors has not taken the steps necessary to ensure that such meeting can be held within six weeks after the request, the
requesting party/parties may, on their application, be authorized by the competent Dutch court in preliminary relief
proceedings to convene a general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">General meetings of shareholders can be
convened by a notice, which shall include an agenda stating the items to be discussed, including for the annual general meeting
of shareholders, among other things, the adoption of the annual accounts, appropriation of our profits and proposals relating
to the composition of the board of directors, including the filling of any vacancies in the board of directors. In addition, the
agenda shall include such items as have been included therein by the board of directors. The agenda shall also include such items
requested by one or more shareholders, or others with meeting rights under Dutch law, representing at least 3% of the issued share
capital. Requests must be made in writing and received by the board of directors at least 60 days before the day of the convocation
of the meeting. No resolutions shall be adopted on items other than those that have been included in the agenda.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In accordance with the DCGC, a shareholder
shall exercise the right of putting an item on the agenda only after consulting the board of directors in that respect. If one
or more shareholders intend to request that an item be put on the agenda that may result in a change in the company&rsquo;s strategy
(for example, the removal of directors), the board of directors must be given the opportunity to invoke a reasonable response
time of up to 180 days from the moment the board of directors is informed of the intentions of the shareholder(s). If invoked,
the board of directors must use such response period for further deliberation and constructive consultation with the shareholders
concerned, and must explore alternatives. At the end of the response time, the board of directors must report on this consultation
and the exploration of alternatives to the general meeting of shareholders. The response period may be invoked only once for any
given general meeting of shareholders and does not apply: (a) in respect of a matter for which a response period has been previously
invoked; or (b) if a shareholder holds at least 75% of the company's issued share capital as a consequence of a successful public
bid. The response period may also be invoked in response to shareholders or others with meeting rights under Dutch law requesting
that a general meeting of shareholders be convened, as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The general meeting is presided over by
the chairman of the board of directors. If no chairman has been elected or if he or she is not present at the meeting, the general
meeting shall be presided over by the chief executive officer. If no chief executive officer has been elected or if he or she
is not present at the meeting, the general meeting shall be presided over by another director present at the meeting. If no director
is present at the meeting, the general meeting shall be presided over by any other person appointed by the general meeting. In
each case, the person who should chair the general meeting pursuant to the rules described above may appoint another person to
chair the general meeting instead. Directors may always attend a general meeting of shareholders. In these meetings, they have
an advisory vote. The chairman of the meeting may decide at his or her discretion to admit other persons to the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All shareholders and others with meeting
rights under Dutch law are authorized to attend the general meeting of shareholders, to address the meeting and, in so far as
they have such right, to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><FONT STYLE="font-weight: normal">Quorum
and voting requirements</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each common share confers the right on
the holder to cast one vote at the general meeting of shareholders. Shareholders may vote by proxy. No votes may be cast at a
general meeting of shareholders on shares held by us or our subsidiaries or on shares for which we or our subsidiaries hold depositary
receipts. Nonetheless, the holders of a right of use and enjoyment (<I>vruchtgebruik</I>) and the holders of a right of pledge
(<I>pandrecht</I>) in respect of shares held by us or our subsidiaries in our share capital are not excluded from the right to
vote on such shares, if the right of use and enjoyment (<I>vruchtgebruik</I>) or the right of pledge (<I>pandrecht</I>) was granted
prior to the time such shares were acquired by us or any of our subsidiaries. Neither we nor any of our subsidiaries may cast
votes in respect of a share on which we or such subsidiary holds a right of use and enjoyment (<I>vruchtgebruik</I>) or a right
of pledge (<I>pandrecht</I>). Shares which are not entitled to voting rights pursuant to the preceding sentences will not be taken
into account for the purpose of determining the number of shareholders that vote and that are present or represented, or the amount
of the share capital that is provided or that is represented at a general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Decisions of the general meeting of shareholders
are taken by a simple majority of votes cast, except where Dutch law or the Articles of Association provide for a qualified majority
or unanimity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><I>Appointment of directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under our Articles of Association, the
directors are appointed by the general meeting of shareholders upon binding nomination by our board of directors. However, the
general meeting of shareholders may at all times overrule the binding nomination by a resolution adopted by at least a two-thirds
majority of the votes cast, provided such majority represents more than half of the issued share capital. If the general meeting
of shareholders overrules the binding nomination, the board of directors shall make a new nomination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">At a general meeting of shareholders,
a resolution to appoint a director can only be passed in respect of candidates whose names are stated for that purpose in the
agenda of that general meeting of shareholders or in the explanatory notes thereto. Upon the appointment of a person as a director,
the general meeting of shareholders shall determine whether that person is appointed as executive director or as non-executive
director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><I>Duties and liabilities of directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under Dutch law, the board of directors
as a collective is responsible for our management, strategy, policy and operations. The executive directors manage our day-to-day
business and operations and implement our strategy. The non-executive directors focus on the supervision on the policy and functioning
of the performance of the duties of all directors and our general state of affairs. Each director has a statutory duty to act
in the corporate interest of the company and its business. Under Dutch law, the corporate interest extends to the interests of
all corporate stakeholders, such as shareholders, creditors, employees, customers and suppliers. The duty to act in the corporate
interest of the company also applies in the event of a proposed sale or break-up of the company, provided that the circumstances
generally dictate how such duty is to be applied and how the respective interests of various groups of stakeholders should be
weighed. Any resolution of the board of directors regarding a material change in our identity or character requires approval of
the general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Dividends and other distributions </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><I>Amount available for distribution</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may only make distributions to our
shareholders if our shareholders&rsquo; equity (<I>eigen vermogen</I>) exceeds the sum of the paid-up and called-up share capital
plus any reserves required by Dutch law or by the Articles of Association. Under the Articles of Association, if any of the preferred
shares are outstanding, a dividend is first paid out of the profit, if available for distribution, on the preferred shares. Any
amount remaining out of the profit is carried to reserve as the board of directors determines. After reservation by the board
of directors of any profit, the remaining profit will be at the disposal of the general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We only make a distribution of dividends
to our shareholders after the adoption of our annual accounts demonstrating that such distribution is legally permitted. The board
of directors is permitted, subject to certain requirements, to declare interim dividends without the approval of the general meeting
of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dividends and other distributions shall
be made payable not later than the date determined by the board of directors. Claims to dividends and other distributions not
made within five years from the date that such dividends or distributions became payable, will lapse and any such amounts will
be considered to have been forfeited to us (<I>verjaring</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We do not anticipate paying any cash dividends
for the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><I>Exchange controls</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under existing laws of the Netherlands,
there are no exchange controls applicable to the transfer to persons outside of the Netherlands of dividends or other distributions
with respect to, or of the proceeds from the sale of, shares of a Dutch company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><I>Squeeze out procedures</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to Section 92a, Book 2, Dutch
Civil Code, a shareholder who &ndash; alone or together with group companies &ndash; for his own account holds at least 95% of
our issued share capital may initiate proceedings against the other shareholders jointly for the transfer of their shares to such
shareholder. The proceedings are held before the Enterprise Chamber of the Amsterdam Court of Appeal, or the Enterprise Chamber
(<I>Ondernemingskamer</I>), and can be instituted by means of a writ of summons served upon each of the other shareholders in
accordance with the provisions of the Dutch Code of Civil Procedure (<I>Wetboek van Burgerlijke Rechtsvordering</I>). The Enterprise
Chamber may grant the claim for squeeze out in relation to the other shareholders and will determine the price to be paid for
the shares, if necessary after appointment of one or three experts who will offer an opinion to the Enterprise Chamber on the
value to be paid for the shares of the other shareholders. Once the order to transfer becomes final before the Enterprise Chamber,
the person acquiring the shares shall give written notice of the date and place of payment and the price to the holders of the
shares to be acquired whose addresses are known to him. Unless the addresses of all of them are known to the acquiring person,
such person is required to publish the same in a daily newspaper with a national circulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Dissolution and liquidation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under our Articles of Association, we
may be dissolved by a resolution of the general meeting of shareholders, subject to a proposal of the board of directors. In the
event of a dissolution, the liquidation shall be effected by the board of directors, unless the general meeting decides otherwise.
To the extent that any assets remain after payment of all debts, those assets shall first be distributed to the holders of any
outstanding preferred shares in accordance with the procedures set forth in the Articles of Association. After such distribution
the remaining assets shall be distributed to the holders of common shares. All distributions referred to in this paragraph will
be made in accordance with the relevant provisions of the laws of the Netherlands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Dutch Financial Reporting Supervision
Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On the basis of the Dutch Financial Reporting
Supervision Act (<I>Wet toezicht financi&euml;le verslaggeving</I>), or the FRSA, the Authority for the Financial Markets (<I>Stichting
Autoriteit Financi&euml;le Markten</I>), or AFM supervises the application of financial reporting standards by Dutch companies
whose securities are listed on a Dutch or foreign stock exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the FRSA, the AFM has an independent
right to (i) request an explanation from us regarding our application of the applicable financial reporting standards and (ii)
recommend to us the making available of further explanations. If we do not comply with such a request or recommendation, the AFM
may request that the Enterprise Chamber of the Amsterdam Court of Appeal (<I>Ondernemingskamer</I>) order us to (i) make available
further explanations as recommended by the AFM (ii) provide an explanation of the way we have applied the applicable financial
reporting standards to our financial reports or (iii) prepare our financial reports in accordance with the Enterprise Chamber&rsquo;s
orders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Comparison of Dutch corporate law and
our articles of association and U.S. corporate law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following comparison between Dutch
corporate law, which applies to us, and Delaware corporation law, the law under which many publicly listed corporations in the
United States are incorporated, discusses additional matters not otherwise described in this prospectus. Although we believe this
summary is materially accurate, the summary is subject to Dutch law, including Book 2 of the Dutch Civil Code and the DCGC and
Delaware corporation law, including the Delaware General Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Corporate governance </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Duties of directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. We have a one-tier
board structure consisting of one or more executive directors and one or more non-executive directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;Under Dutch law, the board of directors
as a collective is responsible for the management and the strategy, policy and operations of the company. The executive directors
manage our day-to-day business and operations and implement our strategy. The non-executive directors focus on the supervision
on the policy and functioning of the performance of the duties of all directors and our general state of affairs. Each director
has a statutory duty to act in the corporate interest of the company and its business. Under Dutch law, the corporate interest
extends to the interests of all corporate stakeholders, such as shareholders, creditors, employees, customers and suppliers. The
duty to act in the corporate interest of the company also applies in the event of a proposed sale or break-up of the company,
provided that the circumstances generally dictate how such duty is to be applied and how the respective interests of various groups
of stakeholders should be weighed. Any resolution of the board of directors regarding a material change in the identity or character
of the company requires the approval of the general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. The board of directors
bears the ultimate responsibility for managing the business and affairs of a corporation. In discharging this function, directors
of a Delaware corporation owe fiduciary duties of care and loyalty to the corporation and to its stockholders. Delaware courts
have decided that the directors of a Delaware corporation are required to exercise informed business judgment in the performance
of their duties. Informed business judgment means that the directors have informed themselves of all material information reasonably
available to them. Delaware courts have also imposed a heightened standard of conduct upon directors of a Delaware corporation
who take any action designed to defeat a threatened change in control of the corporation. In addition, under Delaware law, when
the board of directors of a Delaware corporation approves the sale or break-up of a corporation, the board of directors may, in
certain circumstances, have a duty to obtain the highest value reasonably available to the stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Director terms</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. The DCGC provides
the following best practice recommendations on the terms for directors&rsquo; service:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>Executive
                                         directors should be appointed for a maximum period of four years, without limiting the
                                         number of consecutive terms executive directors may serve.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>Non-executive
                                         directors should be appointed for two consecutive periods of no more than four years.
                                         Thereafter, non-executive directors may be reappointed for a maximum of two consecutive
                                         periods of no more than two years, provided that any reappointment after an eight-year
                                         term of office should be disclosed in the company&rsquo;s annual board report.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The general meeting of shareholders shall
at all times be entitled to suspend or remove a director. Under our Articles of Association, the general meeting of shareholders
may only adopt a resolution to suspend or remove such director by at least a two-thirds majority of the votes cast, provided such
majority represents more than half of the issued share capital, unless the resolution is passed at the proposal of the board of
directors, in which case a simple majority of the votes cast is sufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. The Delaware General
Corporation Law generally provides for a one-year term for directors, but permits directorships to be divided into up to three
classes with up to three-year terms, with the years for each class expiring in different years, if permitted by the certificate
of incorporation, an initial bylaw or a bylaw adopted by the stockholders. A director elected to serve a term on a &ldquo;classified&rdquo;
board may not be removed by stockholders without cause. There is no limit in the number of terms a director may serve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

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

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Director vacancies</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Under Dutch law,
directors are appointed and reappointed by the general meeting of shareholders. Under our Articles of Association, directors are
appointed by the general meeting of shareholders upon the binding nomination by our board of directors. However, the general meeting
of shareholders may at all times overrule the binding nomination by a resolution adopted by at least a two-thirds majority of
the votes cast, provided such majority represents more than half of the issued share capital. If the general meeting of shareholders
overrules the binding nomination, the board of directors shall make a new nomination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. The Delaware General
Corporation Law provides that vacancies and newly created directorships may be filled by a majority of the directors then in office
(even though less than a quorum) unless (i) otherwise provided in the certificate of incorporation or bylaws of the corporation
or (ii) the certificate of incorporation directs that a particular class of stock is to elect such director, in which case any
other directors elected by such class, or a sole remaining director elected by such class, will fill such vacancy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Conflict-of-interest transactions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Under Dutch law
and our Articles of Association, our directors shall not take part in any discussion or decision-making that involves a subject
or transaction in relation to which he or she has a conflict of interest with us. Our Articles of Association provide that if
as a result thereof no resolution of the board of directors can be adopted, the resolution can nonetheless be adopted by the board
of directors as if none of the directors had a conflict of interest. In that case, each director is entitled to participate in
the discussion and decision-making process and to cast a vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The DCGC provides the following best practice
recommendations in relation to conflicts of interests:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>a
                                         director should report any potential conflict of interest in a transaction that is of
                                         material significance to the company and/or to such director to the other directors without
                                         delay, providing all relevant information in relation to the conflict;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         board of directors should then decide, outside the presence of the director concerned,
                                         whether there is a conflict of interest;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>transactions
                                         in which there is a conflict of interest with a director should be agreed on arms' length
                                         terms; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>a
                                         decision to enter into such a transaction in which there is a conflict of interest with
                                         a director that is of material significance to the company and/or to such director shall
                                         require the approval of the board of directors, and such transactions should be disclosed
                                         in the company's annual board report.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. The Delaware General
Corporation Law generally permits transactions involving a Delaware corporation and an interested director of that corporation
if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         material facts as to the director&rsquo;s relationship or interest are disclosed and
                                         a majority of disinterested directors consent;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         material facts are disclosed as to the director&rsquo;s relationship or interest and
                                         a majority of shares entitled to vote thereon consent; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         transaction is fair to the corporation at the time it is authorized by the board of directors,
                                         a committee of the board of directors or the stockholders.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Proxy voting by directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. An absent director
may issue a proxy for a specific board meeting but only to another director in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt"><I>Delaware</I>. A director of a Delaware
corporation may not issue a proxy representing the director&rsquo;s voting rights as a director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Dutch Corporate Governance Code</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The DCGC contains both principles and
best practice provisions for boards of directors, shareholders and general meetings of shareholders, financial reporting, auditors,
disclosure, compliance and enforcement standards. A copy of the DCGC can be found on www.mccg.nl. As a Dutch company listed on
a stock exchange, we are subject to the DCGC and are required to disclose in our annual board report to what we extent comply
with the principles and best practice provisions of the DCGC, and where we do not (for example, because of a conflicting NASDAQ
requirement or otherwise), we must state why and to what extent we deviate in our annual report. Our most substantial deviations
from the DCGC are summarized below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under our Articles of Association,
directors are to be appointed on the basis of a binding nomination prepared by the board of directors. This means that the
nominee will be appointed to the board of directors, unless the general meeting of shareholders removes the binding nature of
the nomination (in which case a new nomination will be prepared for a subsequent general meeting). Our Articles of
Association will provide that the general meeting of shareholders can only pass such resolution by a two-thirds majority
representing at least half of the issued share capital. However, the DCGC recommends that the general meeting of shareholders
can pass such a resolution by simple majority, representing no more than one-third of the issued share capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Articles of Association, directors
can only be dismissed by the general meeting of shareholder by simple majority, provided that the board of directors proposes
the dismissal. In other cases, the general meeting of shareholders can only pass such resolution by a two-thirds majority representing
at least half of the issued share capital. The DCGC recommends that the general meeting of shareholders can pass a resolution
to dismiss a director by simple majority, representing no more than one-third of the issued share capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The DCGC recommends against providing
equity awards as part of the compensation of a non-executive director. However, we expect to deviate from this recommendation
and grant equity awards to our non-executive directors, consistent with U.S. market practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Shareholder rights </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Voting rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. In accordance
with Dutch law and our Articles of Association, each issued common share and each issued preferred share confers the right to
cast one vote at the general meeting of shareholders. Each holder of shares may cast as many votes as it holds shares. No votes
may be cast on shares that are held by us or our direct or indirect subsidiaries or on shares for which we or our subsidiaries
hold depositary receipts. Nonetheless, the holders of a right of use and enjoyment (<I>vruchtgebruik</I>) and the holders of a
right of pledge (<I>pandrecht</I>) in respect of shares held by us or our subsidiaries in our share capital are not excluded from
the right to vote on such shares, if the right of use and enjoyment (<I>vruchtgebruik</I>) or the right of pledge (<I>pandrecht</I>)
was granted prior to the time such shares were acquired by us or any of our subsidiaries. Neither we nor any of our subsidiaries
may cast votes in respect of a share on which we or such subsidiary holds a right of use and enjoyment (<I>vruchtgebruik</I>)
or a right of pledge (<I>pandrecht</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In accordance with our Articles of Association,
for each general meeting of shareholders, the board of directors may determine that a record date will be applied in order to
establish which shareholders are entitled to attend and vote at the general meeting of shareholders. Such record date shall be
the 28th day prior to the day of the general meeting. The record date and the manner in which shareholders can register and exercise
their rights will be set out in the notice of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. Under the Delaware General
Corporation Law, each stockholder is entitled to one vote per share of stock, unless the certificate of incorporation provides
otherwise. In addition, the certificate of incorporation may provide for cumulative voting at all elections of directors of the
corporation, or at elections held under specified circumstances. Either the certificate of incorporation or the bylaws may specify
the number of shares and/or the amount of other securities that must be represented at a meeting in order to constitute a quorum,
but in no event will a quorum consist of less than one-third of the shares entitled to vote at a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Stockholders as of the record date for
the meeting are entitled to vote at the meeting, and the board of directors may fix a record date that is no more than 60 nor
less than 10 days before the date of the meeting, and if no record</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">date is set then the record date is the close of business on
the day next preceding the day on which notice is given, or if notice is waived then the record date is the close of business
on the day next preceding the day on which the meeting is held. The determination of the stockholders of record entitled to notice
or to vote at a meeting of stockholders shall apply to any adjournment of the meeting, but the board of directors may fix a new
record date for the adjourned meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Shareholder proposals</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Pursuant to our
Articles of Association, extraordinary general meetings of shareholders will be held whenever required under Dutch law or whenever
our board of directors deems such to be appropriate or necessary. Pursuant to Dutch law, one or more shareholders or others with
meeting rights under Dutch law representing at least one-tenth of the issued share capital may request us to convene a general
meeting, setting out in detail the matters to be discussed. If our board of directors has not taken the steps necessary to ensure
that such meeting can be held within six weeks after the request, the requesting party or parties may, on their application, be
authorized by the competent Dutch court in preliminary relief proceedings to convene a general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Also, the agenda for a general meeting
of shareholders shall include such items requested by one or more shareholders, and others entitled to attend general meetings
of shareholders, representing at least 3% of the issued share capital, except where the articles of association state a lower
percentage. Our Articles of Association do not state such lower percentage. Requests must be made in writing and received by the
board of directors at least 60 days before the day of the convocation of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In accordance with the DCGC, a
shareholder shall exercise the right of putting an item on the agenda only after consulting the board of directors in that
respect. If one or more shareholders intend to request that an item be put on the agenda that may result in a change in the
company&rsquo;s strategy (e.g. the removal of directors), the board of directors should be given the opportunity to invoke a
reasonable response time of up to 180 days from the moment the board of directors is informed of the intentions of the
shareholder(s). If invoked, the board of directors shall use such response period for further deliberation and constructive
consultation, in any event with the shareholders concerned, and shall explore alternatives. At the end of the response time,
the board of directors shall report on this consultation and the exploration of alternatives to the general meeting of
shareholders. The response period may be invoked only once for any given general meeting of shareholders and shall not apply:
(a) in respect of a matter for which a response period has been previously invoked; or (b) if a shareholder holds at least
75% of the Company&rsquo;s issued share capital as a consequence of a successful public bid. The response period may also be
invoked in response to shareholders or others with meeting rights under Dutch law requesting that a general meeting of
shareholders be convened, as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. Delaware law does not
specifically grant stockholders the right to bring business before an annual or special meeting. However, if a Delaware corporation
is subject to the SEC&rsquo;s proxy rules, a stockholder who owns at least &euro;2,000 in market value, or 1% of the corporation&rsquo;s
securities entitled to vote, and has owned such securities for at least one year, may propose a matter for a vote at an annual
or special meeting in accordance with those rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Action by written consent</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Under Dutch law,
shareholders&rsquo; resolutions may be adopted in writing without holding a meeting of shareholders, provided that (i) the articles
of association allow such action by written consent, (ii) the company has not issued bearer shares or, with its cooperation, depository
receipts for shares in its capital, and (iii) the resolution is adopted unanimously by all shareholders that are entitled to vote.
The requirement of unanimity renders the adoption of shareholder resolutions without holding a meeting not feasible for publicly
traded companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. Although permitted by
Delaware law, publicly listed companies do not typically permit stockholders of a corporation to take action by written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Appraisal rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. The concept of
appraisal rights is not known as such under Dutch law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">However, in accordance with the directive
2005/56/EC of the European Parliament and the Council of 26 October 2005 on cross-border mergers of limited liability companies,
Dutch law provides that, to the extent that the acquiring company in a cross-border merger is organized under the laws of another
Member State of the European Economic Area, a shareholder of a Dutch disappearing company who has voted against the cross-border
merger may file a claim with the Dutch company for compensation. Such compensation is to be determined by one or more independent
experts. The shares of such shareholder that are subject to such claim will cease to exist as of the moment of effectiveness of
the cross-border merger. Payment by the acquiring company is only possible if the resolution to approve the cross-border merger
by the corporate body of the other company or companies involved in the cross-border merger includes the acceptance of the rights
of the shareholders of the Dutch company to oppose the cross-border merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. The Delaware General
Corporation Law provides for stockholder appraisal rights, or the right to demand payment in cash of the judicially determined
fair value of the stockholder&rsquo;s shares, in connection with certain mergers and consolidations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Shareholder suits</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. In the event a
third party is liable to a Dutch company, only the company itself can bring a civil action against that party. The individual
shareholders do not have the right to bring an action on behalf of the company. Only in the event that the cause for the liability
of a third party to the company also constitutes a tortious act directly against a shareholder does that shareholder have an individual
right of action against such third party in its own name. The Dutch Civil Code provides for the possibility to initiate such actions
collectively. A foundation or an association whose objective is to protect the rights of a group of persons having similar interests
can institute a collective action. The collective action itself cannot result in an order for payment of monetary damages but
may only result in a declaratory judgment (<I>verklaring voor recht</I>). In order to obtain compensation for damages, the foundation
or association and the defendant may reach&mdash;often on the basis of such declaratory judgment&mdash;a settlement. A Dutch court
may declare the settlement agreement binding upon all the injured parties with an opt-out choice for an individual injured party.
An individual injured party may also itself&mdash;outside the collective action&mdash;institute a civil claim for damages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. Under the Delaware General
Corporation Law, a stockholder may bring a derivative action on behalf of the corporation to enforce the rights of the corporation.
An individual also may commence a class action suit on behalf of himself and other similarly situated stockholders where the requirements
for maintaining a class action under Delaware law have been met. A person may institute and maintain such a suit only if that
person was a stockholder at the time of the transaction which is the subject of the suit. In addition, under Delaware case law,
the plaintiff normally must be a stockholder at the time of the transaction that is the subject of the suit and throughout the
duration of the derivative suit. Delaware law also requires that the derivative plaintiff make a demand on the directors of the
corporation to assert the corporate claim before the suit may be prosecuted by the derivative plaintiff in court, unless such
a demand would be futile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Repurchase of shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Under Dutch law,
when issuing shares, a public company with limited liability such as ours may not subscribe for newly issued shares in its own
capital. Such company may, however, subject to certain restrictions of Dutch law and its articles of association, acquire shares
in its own capital. A listed public company with limited liability such as ours may acquire fully paid shares in its own capital
at any time for no valuable consideration. Furthermore, subject to certain provisions of Dutch law and its articles of association,
such company may repurchase fully paid shares in its own capital if (i) the company&rsquo;s shareholders&rsquo; equity less the
payment required to make the acquisition does not fall below the sum of paid-up and called-up share capital plus any reserves
required by Dutch law or its articles of association and (ii) the aggregate nominal value of shares of the company which the company
acquires, holds or on which the company holds a pledge (<I>pandrecht</I>) or which are held by a subsidiary of the company, would
not exceed 50% of its then current issued share capital. Such company may only acquire its own shares if its general meeting of
shareholders has granted the board of directors the authority to effect such acquisitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An acquisition of common shares for a
consideration must be authorized by our general meeting of shareholders. Such authorization may be granted for a maximum period
of 18 months and must specify the number</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">of common shares that may be acquired,
the manner in which common shares may be acquired and the price limits within which common shares may be acquired. Authorization
is not required for the acquisition of common shares in order to transfer them to our employees. The actual acquisition may only
be effected by a resolution of our board of directors. Prior to the closing of this offering, our board of directors will be authorized,
for a period of 18 months to cause the repurchase of common shares or preferred shares by us of up to 10% of our issued share capital,
for a price per share not exceeding 110% of the average market price of our common shares on NASDAQ (such average market price
being the average of the closing prices on each of the five consecutive trading days preceding the date the acquisition is agreed
upon by us). These shares may be used to deliver shares underlying awards granted pursuant to our equity-based compensation plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No authorization of the general meeting
of shareholders is required if common shares are acquired by us with the intention of transferring such common shares to our employees
under an applicable employee stock purchase plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt"><I>Delaware</I>. Under the Delaware General
Corporation Law, a corporation may purchase or redeem its own shares unless the capital of the corporation is impaired or the
purchase or redemption would cause an impairment of the capital of the corporation. A Delaware corporation may, however, purchase
or redeem out of capital any of its preferred shares or, if no preferred shares are outstanding, any of its own shares if such
shares will be retired upon acquisition and the capital of the corporation will be reduced in accordance with specified limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Anti-Takeover Provisions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt"><I>The Netherlands</I>. Under Dutch law,
various protective measures are possible and permissible within the boundaries set by Dutch law and Dutch case law. We have adopted
several provisions that may have the effect of making a takeover of our company more difficult or less attractive, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         authorization of a class of preferred shares that may be issued by our board of directors
                                         to a friendly party, in such a manner as to dilute the interest of any potential acquirer,
                                         see &ldquo;Risk factors &mdash; Provisions of our articles of association or Dutch corporate
                                         law might deter acquisition bids for us that might be considered favorable and prevent,
                                         delay or frustrate any attempt to replace or remove the members of our board of directors.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the                                          staggered &nbsp;&nbsp;&nbsp;&nbsp;-year terms of our directors, as a result
                                                                                                                                of which only part of our directors will be subject to election or re-election in any one year;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>a
                                         provision that our directors may only be removed at the general meeting of shareholders
                                         by a two-thirds majority of votes cast representing at least 50% of our outstanding share
                                         capital if such removal is not proposed by our board of directors;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>our
                                         directors being appointed on the basis of a binding nomination by our board of directors,
                                         which can only be overruled by the general meeting of shareholders by a resolution adopted
                                         by at least a two-thirds majority of the votes cast, provided such majority represents
                                         more than half of the issued share capital (in which case the board of directors shall
                                         make a new nomination); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>requirements
                                         that certain matters, including an amendment of our Articles of Association, may only
                                         be brought to our shareholders for a vote upon a proposal by our board of directors.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. In addition to other
aspects of Delaware law governing fiduciary duties of directors during a potential takeover, the Delaware General Corporation
Law also contains a business combination statute that protects Delaware companies from hostile takeovers and from actions following
the takeover by prohibiting some transactions once an acquirer has gained a significant holding in the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section 203 of the Delaware General Corporation
Law prohibits &ldquo;business combinations,&rdquo; including mergers, sales and leases of assets, issuances of securities and
similar transactions by a corporation or a subsidiary with an interested stockholder that beneficially owns 15% or more of a corporation&rsquo;s
voting stock, within three years after the person becomes an interested stockholder, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         transaction that will cause the person to become an interested stockholder is approved
                                         by the board of directors of the target prior to the transactions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, 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; font-size: 12pt">&middot;</FONT></TD><TD>after
                                         the completion of the transaction in which the person becomes an interested stockholder,
                                         the</TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0">&nbsp;</P>





<P STYLE="margin: 0"></P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: 0pt">interested stockholder holds
at least 85% of the voting stock of the corporation not including shares owned by persons who are directors and officers of interested
stockholders and shares owned by specified employee benefit plans; or</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>after
                                         the person becomes an interested stockholder, the business combination is approved by
                                         the board of directors of the corporation and holders of at least 66.67% of the outstanding
                                         voting stock, excluding shares held by the interested stockholder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">A Delaware corporation may elect not to be governed
by Section 203 by a provision contained in the original certificate of incorporation of the corporation or an amendment to the
original certificate of incorporation or to the bylaws of the company, which amendment must be approved by a majority of the shares
entitled to vote and may not be further amended by the board of directors of the corporation. In most cases, such an amendment
is not effective until 12 months following its adoption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Merger</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. The board of directors
provides the general meeting of shareholders, within a reasonable amount of time with all information that the shareholders require
for the exercise of their powers, unless this would be contrary to an overriding interest of our company. If the board of directors
invokes such an overriding interest, it must give reasons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. Under the Delaware General
Corporation Law, any stockholder may inspect for any proper purpose certain of the corporation&rsquo;s books and records during
the corporation&rsquo;s usual hours of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Removal of directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Under our Articles
of Association, the general meeting of shareholders shall at all times be entitled to suspend or dismiss a director. The general
meeting of shareholders may only adopt a resolution to suspend or dismiss a director by at least a two-thirds majority of the
votes cast, if such majority represents more than half of the issued share capital, unless the proposal was made by the board
of directors, in which latter case a simple majority is sufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. Under the Delaware General
Corporation Law, any director or the entire board of directors may be removed, with or without cause, by the holders of a majority
of the shares then entitled to vote at an election of directors, except (i) unless the certificate of incorporation provides otherwise,
in the case of a corporation whose board is classified, stockholders may effect such removal only for cause, or (ii) in the case
of a corporation having cumulative voting, if less than the entire board is to be removed, no director may be removed without
cause if the votes cast against his removal would be sufficient to elect him if then cumulatively voted at an election of the
entire board of directors, or, if there are classes of directors, at an election of the class of directors of which he is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Issuance of shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Under Dutch law,
a company's general meeting is the corporate body authorized to resolve on the issuance of shares and the granting of rights to
subscribe for shares. The general meeting can delegate such authority to another corporate body of the company, such as the board
of directors, for a period not exceeding five years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the closing of this offering,
our board of directors will be authorized, for a period of five years, to issue shares or grant rights to subscribe for shares
up to our authorized share capital from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><I>Delaware.</I> All creation of shares require
the board of directors to adopt a resolution or resolutions, pursuant to authority expressly vested in the board of directors
by the provisions of the company&rsquo;s certificate of incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Preemptive rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Under Dutch law,
in the event of an issuance of common shares, each shareholder will have a pro rata preemptive right in proportion to the aggregate
nominal value of the common shares held by such holder (with the exception of common shares to be issued to employees or common
shares issued against a contribution other than in cash or pursuant to the exercise of a previously acquired right to subscribe
for shares). Under our</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Articles
of Association, the preemptive rights in respect of newly issued common shares may be restricted or excluded by a resolution of
the general meeting of shareholders upon proposal of the board of directors. Our preferred shares carry no preemptive rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The board of directors may restrict or
exclude the preemptive rights in respect of newly issued common shares if it has been designated as the authorized body to do
so by the general meeting of shareholders. Such designation can be granted for a period not exceeding five years. A resolution
of the general meeting of shareholders to restrict or exclude the preemptive rights or to designate the board of directors as
the authorized body to do so requires a majority of not less than two-thirds of the votes cast, if less than one-half of our issued
share capital is represented at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the closing of this offering,
our board of directors will be authorized, for a period of five years to limit or exclude preemptive rights in relation to an issuance
of shares or a grant of rights to subscribe for shares that the board of directors is authorized to resolve upon (see above under
&ldquo;Issuance of shares&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. Under the Delaware General
Corporation Law, stockholders have no preemptive rights to subscribe for additional issues of stock or to any security convertible
into such stock unless, and to the extent that, such rights are expressly provided for in the certificate of incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Dividends</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Dutch law provides
that dividends may be distributed after adoption of the annual accounts by the general meeting of shareholders from which it appears
that such dividend distribution is allowed. Moreover, dividends may be distributed only to the extent the shareholders&rsquo;
equity exceeds the amount of the paid-up and called-up issued share capital and the reserves that must be maintained under the
law or the Articles of Association. Interim dividends may be declared as provided in the Articles of Association and may be distributed
to the extent that the shareholders&rsquo; equity exceeds the amount of the paid-up and called-up issued share capital plus any
reserves as described above as apparent from our financial statements. Under Dutch law, the Articles of Association may prescribe
that the board of directors decide what portion of the profits are to be held as reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Articles of Association, first,
a dividend is paid out of the profit, if available for distribution, on the preferred shares (if applicable). Any amount remaining
out of the profit is carried to reserve as the board of directors determines. After reservation by the board of directors of any
profit, the remaining profit will be at the disposal of the general meeting of shareholders. We only make a distribution of dividends
to our shareholders after the adoption of our annual accounts demonstrating that such distribution is legally permitted. The board
of directors is permitted, subject to certain requirements, to declare interim dividends without the approval of the general meeting
of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dividends and other distributions shall
be made payable not later than the date determined by the board of directors. Claims to dividends and other distributions not
made within five years from the date that such dividends or distributions became payable, will lapse and any such amounts will
be considered to have been forfeited to us (<I>verjaring</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. Under the Delaware General
Corporation Law, a Delaware corporation may pay dividends out of its surplus (the excess of net assets over capital), or in case
there is no surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal
year (provided that the amount of the capital of the corporation is not less than the aggregate amount of the capital represented
by the issued and outstanding stock of all classes having a preference upon the distribution of assets). In determining the amount
of surplus of a Delaware corporation, the assets of the corporation, including stock of subsidiaries owned by the corporation,
must be valued at their fair market value as determined by the board of directors, without regard to their historical book value.
Dividends may be paid in the form of common stock, property or cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Shareholder vote on certain reorganizations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Under Dutch law,
the general meeting of shareholders must approve resolutions of the board of directors relating to a significant change in the
identity or the character of the company or the business of the company, which includes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left; vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>a
                                         transfer of the business or virtually the entire business to a third party;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         entry into or termination of a long-term cooperation of the company or a subsidiary with
                                         another legal entity or company or as a fully liable partner in a limited partnership
                                         or general partnership, if such cooperation or termination is of a far-reaching significance
                                         for the company; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         acquisition or divestment by the company or a subsidiary of a participating interest
                                         in the capital of a company having a value of at least one-third of the amount of its
                                         assets according to its balance sheet and explanatory notes or, if the company prepares
                                         a consolidated balance sheet, according to its consolidated balance sheet and explanatory
                                         notes in the last adopted annual accounts of the company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. Under the Delaware General
Corporation Law, the vote of a majority of the outstanding shares of capital stock entitled to vote thereon generally is necessary
to approve a merger or consolidation or the sale of all or substantially all of the assets of a corporation. The Delaware General
Corporation Law permits a corporation to include in its certificate of incorporation a provision requiring for any corporate action
the vote of a larger portion of the stock or of any class or series of stock than would otherwise be required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Delaware General Corporation
Law, no vote of the stockholders of a surviving corporation to a merger is needed, however, unless required by the certificate
of incorporation, if (i) the agreement of merger does not amend in any respect the certificate of incorporation of the surviving
corporation, (ii) the shares of stock of the surviving corporation are not changed in the merger, and (iii) the number of shares
of common stock of the surviving corporation into which any other shares, securities or obligations to be issued in the merger
may be converted does not exceed 20% of the surviving corporation&rsquo;s common stock outstanding immediately prior to the effective
date of the merger. In addition, stockholders may not be entitled to vote in certain mergers with other corporations that own
90% or more of the outstanding shares of each class of stock of such corporation, but the stockholders will be entitled to appraisal
rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt"><B><I>Remuneration of directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>The Netherlands</I>. Under Dutch law
and our Articles of Association, we must adopt a remuneration policy for our board of directors. Such remuneration policy shall
be adopted by the general meeting of shareholders upon the proposal of the board of directors. The board of directors determines
the remuneration of individual directors with due observance of the remuneration policy. Our executive directors may not participate
in the discussions or decision-making regarding the remuneration of executive directors. A proposal by the board of directors
with respect to remuneration schemes in the form of shares or rights to shares is submitted by the board of directors to the general
meeting of shareholders for its approval. This proposal must set out at least the maximum number of shares or rights to subscribe
for shares to be granted to the board of directors and the criteria for granting or amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Delaware</I>. Under the Delaware General
Corporation Law, the stockholders do not generally have the right to approve the compensation policy for directors or the senior
management of the corporation, although certain aspects of executive compensation may be subject to stockholder vote due to the
provisions of U.S. federal securities and tax law, as well as exchange requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Code of ethics</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to adopt a code of ethics applicable
to the board of directors and all employees upon the execution of our deed of conversion and amendment, which will take place immediately
following the pricing of this offering and prior to the listing of our common shares on NASDAQ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Listing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have applied to list our common shares
on NASDAQ under the symbol &ldquo;IFRX.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transfer agent and registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The U.S. transfer agent and registrar
for the common shares is American Stock Transfer &amp; Trust Company. Transfer of record ownership of shares is effected by a
written deed of transfer acknowledged by us, or by our transfer agent and registrar acting as our agent on our behalf, unless
the property law aspects of such shares are governed by the laws of the state of New York as set out below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If and when any of our common shares become
listed on NASDAQ or on any other regulated stock exchange operating in the United States of America, the laws of the state of
New York shall apply to the property law aspects of the common shares reflected in the register administered by our transfer agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="MaterialUSFederalTaxConsiderations"></A>Material
U.S. Federal Tax Considerations for<BR>
U.S. Holders of Common Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following section is the opinion of
Davis Polk &amp; Wardwell LLP (&ldquo;U.S. Tax Counsel&rdquo;) of the material U.S. federal income tax consequences to the U.S.
Holders, as defined below, of owning and disposing of common shares. It does not set forth all tax considerations that may be
relevant to a particular person&rsquo;s decision to acquire common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This section applies only to a U.S. Holder
that holds common shares as capital assets for U.S. federal income tax purposes. In addition, it does not set forth 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 Code 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>certain
                                         financial institutions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>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 Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>persons
                                         holding common shares as part of a hedging transaction, straddle, wash sale, conversion
                                         transaction or other integrated transaction or persons entering into a constructive sale
                                         with respect to the common shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</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 Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>entities
                                         classified as partnerships for U.S. federal income tax purposes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>tax-exempt
                                         entities, including an &ldquo;individual retirement account&rdquo; or &ldquo;Roth IRA&rdquo;;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>persons
                                         that own or are deemed to own ten percent or more of our voting shares; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>persons
                                         holding common shares in connection with a trade or business conducted outside of the
                                         United States.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an entity that is classified as a partnership
for U.S. federal income tax purposes holds common shares, the U.S. federal income tax treatment of a partner will depend on the
status of the partner and the activities of the partnership. Partnerships holding common shares 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #000033"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #000033">This section is based on
the Code, administrative pronouncements, judicial decisions, final, temporary and proposed Treasury regulations, and the income
tax treaty between the Netherlands 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #000033"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #000033">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #000033">A &ldquo;U.S. Holder&rdquo;
is a holder who, for U.S. federal income tax purposes, is a beneficial owner of common shares, who is eligible for the benefits
of the Treaty and who is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; color: #000033">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</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 Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</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 Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</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 Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #000033">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 in their particular
circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #000033">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Taxation of Distributions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As discussed above under &ldquo;Dividend
policy,&rdquo; we do not currently expect to make distributions on our common shares. In the event that we do make distributions
of cash or other property, subject to the passive foreign investment company rules described below, distributions paid on common
shares, other than certain pro rata distributions of common shares, will be treated as dividends to the extent paid out of our
current or accumulated earnings and profits </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">(as determined under U.S. federal income
tax principles). For so long as our common shares are listed on NASDAQ or another established securities market in the United States
or we are eligible for benefits under the Treaty, dividends paid to certain non-corporate U.S. Holders will be eligible for taxation
as &ldquo;qualified dividend income,&rdquo; which is taxable at rates not in excess of the long-term capital gain rate applicable
to such U.S. Holders. U.S. Holders should consult their tax advisers regarding the availability of the reduced tax rate on dividends
in their particular circumstances. The amount of a dividend will include any amounts withheld by us in respect of German income
taxes. The amount of the dividend will be treated as foreign-source dividend income to U.S. Holders and will not be eligible for
the dividends-received deduction 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 euros 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. 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">German income taxes withheld from dividends
on common shares at a rate not exceeding the rate provided by the Treaty will be eligible for credit against the U.S. Holder&rsquo;s
U.S. federal income tax liability. German taxes withheld in excess of the rate applicable under the Treaty will not be eligible
for credit against a U.S. Holder&rsquo;s federal income tax liability. The rules governing foreign tax credits are complex and
U.S. Holders should consult their tax advisers regarding the creditability of foreign taxes in their particular circumstances.
In lieu of claiming a foreign tax credit, U.S. Holders may deduct foreign taxes, including any German income tax, in computing
their taxable income. An election to deduct foreign taxes instead of claiming foreign tax credits applies to all foreign taxes
paid or accrued in the taxable year. See &ldquo;Risk factors&mdash;If we pay dividends, we may need to withhold tax on such dividends
in both Germany and the Netherlands.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Sale or Other Disposition of Common Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the passive foreign investment
company rules described below, gain or loss realized on the sale or other disposition of common shares will be capital gain or
loss, and will be long-term capital gain or loss if the U.S. Holder held the common shares for more than one year. The amount of
the gain or loss will equal the difference between the U.S. Holder&rsquo;s tax basis in the common shares disposed of and the amount
realized on the disposition, in each case as determined in U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Passive Foreign Investment Company Rules</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the Code, we will be a PFIC
for any taxable year in which, after the application of certain &ldquo;look-through&rdquo; 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 includes, among other things, interest,
dividends, rents, certain non-active royalties and capital gains. Based on our current operations, income, assets and certain
estimates and projections, including as to the relative values of our assets and the treatment of our grants received as
gross income that is not passive income, we do not expect to be a PFIC for our 2017 taxable year; however, because PFIC
status is determined on an annual basis, and therefore our PFIC status for 2017 or any future taxable year will depend upon
the future composition of our income and assets, which cannot be known at this time, U.S. Tax Counsel cannot opine as to
whether we will be a PFIC in 2017 or any future year. In addition, whether we will be a PFIC in 2017 or any future years is
uncertain because, among other things, (i) we currently own, and will own after the closing of this offering, a substantial
amount of passive assets, including cash, (ii) the valuation of our assets that generate non-passive income for PFIC
purposes, including our intangible assets, is uncertain and may vary substantially over time, (iii) the treatment of grants
as income for U.S. federal income tax purposes is unclear, and (iv) the composition of our income may vary substantially over
time. Accordingly, there can be no assurance that we will not be a PFIC for any taxable year. If we are a PFIC for</P>

<P STYLE="margin: 0pt 0">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">any
year during which a U.S. Holder holds common shares, we would 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, even if we ceased to meet the threshold requirements
for PFIC status, unless the U.S. Holder makes a valid deemed sale or deemed dividend election under the applicable Treasury regulations
with respect to its common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we were a PFIC for any taxable year
during which a U.S. Holder held common shares (assuming such U.S. Holder has not made a timely mark-to-market election, as described
below), gain recognized by a U.S. Holder on a sale or other disposition (including certain pledges) of the common shares would
be allocated ratably over the U.S. Holder&rsquo;s holding period for the common shares. The amounts allocated to the taxable year
of the sale or other disposition and to any year before we became a PFIC would be taxed as ordinary income. The amount allocated
to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate,
for that taxable year, and an interest charge would be imposed on the amount allocated to that taxable year. Further, to the extent
that any distribution received by a U.S. Holder on its common shares exceeds 125% of the average of the annual distributions on
the common shares received during the preceding three years or the U.S. Holder&rsquo;s holding period, whichever is shorter, that
distribution would be subject to taxation in the same manner as gain, described immediately above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A U.S. Holder can avoid certain of the
adverse rules described above by making a mark-to-market election with respect to its common shares, provided that the common
shares are &ldquo;marketable.&rdquo; Common shares will be marketable if they are &ldquo;regularly traded&rdquo; on a &ldquo;qualified
exchange&rdquo; or other market within the meaning of applicable Treasury regulations. If a U.S. Holder makes the mark-to-market
election, it will recognize as ordinary income any excess of the fair market value of the 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, the holder&rsquo;s tax basis
in the common shares will be adjusted to reflect the income or loss amounts recognized. 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 previously included as a result of the mark-to-market election).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, in order to avoid the application
of the foregoing rules, a United States person that owns stock in a PFIC for U.S. federal income tax purposes may make a QEF Election
with respect to such PFIC if the PFIC provides the information necessary for such election to be made. If a United States person
makes a QEF Election with respect to a PFIC, the United States person will be currently taxable on its pro rata share of the PFIC&rsquo;s
ordinary earnings and net capital gain (at ordinary income and capital gain rates, respectively) for each taxable year that the
entity is classified as a PFIC and will not be required to include such amounts in income when actually distributed by the PFIC.
We do not intend to provide information necessary for U.S. Holders to make QEF Elections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, if we were a PFIC or, with
respect to a particular U.S. Holder, were treated as a PFIC for the taxable year in which we paid a dividend or for the prior
taxable year, the preferential dividend rates discussed above with respect to dividends paid to certain non-corporate U.S. Holders
would not apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a U.S. Holder owns common shares during
any year in which we are a PFIC, the holder must file annual reports, containing such information as the U.S. Treasury may require
on IRS Form 8621 (or any successor form) with respect to us, with the holder&rsquo;s federal income tax return for that year,
unless otherwise specified in the instructions with respect to such form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">U.S. Holders should consult their tax
advisers concerning our potential PFIC status and the potential application of the PFIC rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Information Reporting and Backup Withholding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payments of dividends and sales proceeds
that are made within the United States or through certain U.S.-related financial intermediaries 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The amount of any backup withholding from
a payment to a U.S. Holder will be allowed as a credit against the 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="MaterialDutchTaxConsiderations"></A>MATERIAL
Dutch Tax Considerations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following are the material Dutch tax
consequences of the acquisition, ownership and disposal of our common shares, and, to the extent it relates to legal conclusions
under current Dutch tax law, and subject to the qualifications it contains, it constitutes the opinion of NautaDutilh N.V., our
special Dutch counsel. This does not purport to set forth all possible tax considerations or consequences that may be relevant
to all categories of investors, some of which may be subject to special treatment under applicable law (such as trusts or other
similar arrangements), and in view of its general nature, it should be treated with corresponding caution. Holders should consult
with their tax advisors with regard to the tax consequences of investing in the common shares in their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Please note that this section does not
set forth the tax considerations for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>holders
                                         of common shares if such holders, and in the case of individuals, his/her partner or
                                         certain of their relatives by blood or marriage in the direct line (including foster
                                         children), have a substantial interest or deemed substantial interest in us under the
                                         Dutch Income Tax Act 2001 (<I>Wet inkomstenbelasting 2001</I>). A holder of securities
                                         in a company is considered to hold a substantial interest in such company if such holder
                                         alone or, in the case of individuals, together with his/her partner (statutorily defined
                                         term), directly or indirectly holds (i) an interest of 5% or more of the total issued
                                         and outstanding capital of that company or of 5% or more of the issued and outstanding
                                         capital of a certain class of shares of that company; or (ii) rights to acquire, directly
                                         or indirectly, such interest; or (iii) certain profit sharing rights in that company
                                         that relate to 5% or more of the company&rsquo;s annual profits and/or to 5% or more
                                         of the company&rsquo;s liquidation proceeds. A deemed substantial interest may arise
                                         if a substantial interest (or part thereof) in a company has been disposed of, or is
                                         deemed to have been disposed of, on a non-recognition basis;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>a
                                         holder of common shares that is not an individual for which its shareholdings qualify
                                         or qualified as a participation or are subject to the participation credit for purposes
                                         of the Dutch Corporate Income Tax Act 1969 (<I>Wet op de vennootschapsbelasting 1969</I>).
                                         A taxpayer&rsquo;s shareholding of 5% or more in a company&rsquo;s nominal paid-up share
                                         capital qualifies as a participation. A holder may also have a participation if such
                                         holder does not have a 5% shareholding but a related entity (statutorily defined term)
                                         has a participation or if the company in which the shares are held is a related entity
                                         (statutorily defined term);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>holders
                                         of common shares who are individuals for whom the common shares or any benefit derived
                                         from the common shares are a remuneration or deemed to be a remuneration for (employment)
                                         activities performed by such holders or certain individuals related to such holders (as
                                         defined in the Dutch Income Tax Act 2001); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>pension
                                         funds, investment institutions (<I>fiscale beleggingsinstellingen</I>), exempt investment
                                         institutions (<I>vrijgestelde beleggingsinstellingen</I>) and other entities that are,
                                         in whole or in part, not subject to or exempt from corporate income tax in the Netherlands,
                                         as well as entities that are exempt from corporate income tax in their country of residence,
                                         such country of residence being another state of the European Union, Norway, Liechtenstein,
                                         Iceland or any other state with which the Netherlands have agreed to exchange information
                                         in line with international standards.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as otherwise indicated, this section
only addresses Dutch national tax legislation and published regulations, whereby the Netherlands and Dutch law means the part of
the Kingdom of the Netherlands located in Europe and its law respectively, as in effect on the date hereof and as interpreted in
published case law until this date as available in printed form, without prejudice to any amendment introduced (or to become effective)
at a later date and/or implemented with or without retroactive effect. The applicable tax laws or interpretations thereof may change,
or the relevant facts and circumstances may change, and such changes may affect the contents of this section, which will not be
updated to reflect any such changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividend withholding tax </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are required to withhold Dutch dividend
withholding tax at a rate of 15 % from dividends distributed by us (which withholding tax will not be borne by us, but will be
withheld by us from the gross dividends paid on the common shares). However, as long as we continue to have our place of management
in Germany, and not in the Netherlands, under the Convention between the Federal Republic of Germany and the Netherlands for the
avoidance of double taxation with respect to taxes on income of 2012, we will be considered to be exclusively tax resident in Germany
and we will not be required to withhold Dutch dividend withholding tax. This exemption from withholding does not apply to dividends
distributed by us to a holder who is resident or deemed to be resident in the Netherlands for Dutch income tax purposes or Dutch
corporation tax purposes or to holders of common shares that are neither resident nor deemed to be resident of the Netherlands
if the common shares are attributable to a Dutch permanent establishment of such non-resident holder, in which events the following
applies. See &ldquo;Risk factors&mdash;If we pay dividends, we may need to withhold tax on such dividends in both Germany and the
Netherlands.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12.2pt">Dividends distributed by us to individuals
and corporate legal entities who are resident or deemed to be resident in the Netherlands for Dutch tax purposes (&ldquo;Dutch
Resident Individuals&rdquo; and &ldquo;Dutch Resident Entities&rdquo; as the case may be) or to holders of common shares that
are neither resident nor deemed to be resident of the Netherlands if the common shares are attributable to a Dutch permanent establishment
of such non-resident holder are subject to Dutch dividend withholding tax at a rate of 15%. The expression &ldquo;dividends distributed&rdquo;
includes, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>distributions
                                         in cash or in kind, deemed and constructive distributions and repayments of paid-in capital
                                         not recognized for Dutch dividend withholding tax purposes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>liquidation
                                         proceeds, proceeds of redemption of shares, or proceeds of the repurchase of shares by
                                         us or one of our subsidiaries or other affiliated entities to the extent such proceeds
                                         exceed the average paid-in capital of those shares as recognized for purposes of Dutch
                                         dividend withholding tax, unless, in case of a repurchase, a particular statutory exemption
                                         applies;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>an
                                         amount equal to the par value of shares issued or an increase of the par value of shares,
                                         to the extent that it does not appear that a contribution, recognized for purposes of
                                         Dutch dividend withholding tax, has been made or will be made; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>partial
                                         repayment of the paid-in capital, recognized for purposes of Dutch dividend withholding
                                         tax, if and to the extent that we have net profits (zuivere winst), unless the holders
                                         of shares have resolved in advance at a general meeting to make such repayment and the
                                         par value of the shares concerned has been reduced by an equal amount by way of an amendment
                                         of our articles of association.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12.2pt">Dutch Resident Individuals and Dutch Resident
Entities can generally credit the Dutch dividend withholding tax against their income tax or corporate income tax liability. The
same applies to holders of shares that are neither resident nor deemed to be resident of the Netherlands if the shares are attributable
to a Dutch permanent establishment of such non-resident holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12.2pt">Pursuant to legislation to counteract
&ldquo;dividend stripping,&rdquo; a reduction, exemption, credit or refund of Dutch dividend withholding tax is denied if the
recipient of the dividend is not the beneficial owner as described in the Dutch Dividend Withholding Tax Act 1965. This legislation
targets situations in which a shareholder retains its economic interest in shares but reduces the withholding tax costs on dividends
by a transaction with another party. It is not required for these rules to apply that the recipient of the dividends is aware
that a dividend stripping transaction took place. The Dutch State Secretary of Finance takes the position that the definition
of beneficial ownership introduced by this legislation will also apply in the context of a double taxation convention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12.2pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxes on income and capital gains </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Dutch Resident Individuals </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a holder of common shares is a Dutch
Resident Individual, any benefit derived or deemed to be derived from the shares is taxable at the progressive income tax rates
(with a maximum of 52%, rate for 2017), if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         shares are attributable to an enterprise from which the Dutch Resident Individual derives
                                         a share of the profit, whether as an entrepreneur or as a person who has a co-entitlement
                                         to the net worth (<I>medegerechtigd tot het vermogen</I>) of such enterprise, without
                                         being an entrepreneur or a shareholder in such enterprise, as defined in the Dutch Income
                                         Tax Act 2001; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         holder of the shares is considered to perform activities with respect to the shares that
                                         go beyond ordinary asset management (<I>normaal, actief vermogensbeheer</I>) or derives
                                         benefits from the shares that are taxable as benefits from other activities (<I>resultaat
                                         uit overige werkzaamheden</I>).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the above-mentioned conditions (i)
and (ii) do not apply to the individual holder of common shares, such holder will be taxed annually on a deemed, variable return
(with a maximum of, currently, 5.39%) of his or her net investment assets for the year at an income tax rate of 30%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The net investment assets for the year
are the fair market value of the investment assets less the allowable liabilities on January 1 of the relevant calendar year.
The common shares are included as investment assets. A tax free allowance may be available. Actual income, gains or losses in
respect of the common shares are as such not subject to Dutch income tax. For the net investment assets on January 1, 2017, a
deemed return between 2.87% and 5.39% (depending on the amount of such holder's net investments assets on January 1, 2017) will
be applied. The deemed, variable return will be adjusted annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Dutch Resident Entities </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any benefit derived or deemed to be derived
from the shares held by Dutch Resident Entities, including any capital gains realized on the disposal thereof, will be subject
to Dutch corporate income tax at a rate of 25% (a corporate income tax rate of 20% applies with respect to taxable profits up
to &euro;200,000, rates for 2017).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Non-residents of the Netherlands </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A holder of shares that is neither a Dutch
Resident Individual nor a Dutch Resident Entity will not be subject to Dutch taxes on income or on capital gains in respect of
any payment under shares or any gain realized on the disposal or deemed disposal of the shares, provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>such
                                         holder does not have an interest in an enterprise or a deemed enterprise (statutorily
                                         defined term) which, in whole or in part, is either effectively managed in the Netherlands
                                         or is carried out through a permanent establishment, a deemed permanent establishment
                                         or a permanent representative in the Netherlands and to which enterprise or part of an
                                         enterprise the shares are attributable; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>in
                                         the event such holder is an individual, such holder does not carry out any activities
                                         in the Netherlands with respect to the shares that go beyond ordinary asset management
                                         and does not derive benefits from the shares that are taxable as benefits from other
                                         activities in the Netherlands.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Gift and inheritance taxes </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Residents of the Netherlands </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Gift and inheritance taxes will arise
in the Netherlands with respect to a transfer of the shares by way of a gift by, or on the death of, a holder of shares who is
resident or deemed to be resident in the Netherlands at the time of the gift or his/her death.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Non-residents of the Netherlands </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No Dutch gift or inheritance taxes will
arise on the transfer of the shares by way of gift by, or on the death of, a holder of shares who is neither resident nor deemed
to be resident in the Netherlands, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>in
                                         the case of a gift of shares by an individual who at the date of the gift was neither
                                         resident nor deemed to be resident in the Netherlands, such individual dies within 180
                                         days after the date of the gift, while being resident or deemed to be resident in the
                                         Netherlands; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         transfer is otherwise construed as a gift or inheritance made by, or on behalf of, a
                                         person who, at the time of the gift or death, is or is deemed to be resident in the Netherlands.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of Dutch gift and inheritance
taxes, amongst others, a person that holds the Dutch nationality will be deemed to be resident in the Netherlands if such person
has been resident in the Netherlands at any time during the 10 years preceding the date of the gift or his/her death. Additionally,
for purposes of Dutch gift tax, amongst others, a person not holding the Dutch nationality will be deemed to be resident in the
Netherlands if such person has been resident in the Netherlands at any time during the 12 months preceding the date of the
gift. Applicable tax treaties may override deemed residency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other taxes and duties </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No Dutch value added tax (<I>omzetbelasting</I>)
and no Dutch registration tax, stamp duty or any other similar documentary tax or duty will be payable by a holder of shares on
any payment in consideration for the acquisition, ownership or disposal of the shares (other than a payment for financial services
that are not exempt from Dutch value added tax and that are rendered to a holder of shares that is resident in Netherlands for
Dutch tax purposes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="GermanTaxConsiderations"></A>German
Tax Considerations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following section is the opinion of
Taylor Wessing Partnerschaftsgesellschaft mbB (&ldquo;German Tax Counsel&rdquo;) of the material German tax considerations that
become relevant when purchasing, holding or transferring the Company&rsquo;s shares. The Company expects and intends to have its
sole place of management in Germany and, therefore, qualify as a corporation subject to German unlimited income taxation; however,
because a company's tax residency depends on future facts regarding the location in which the company is managed and controlled,
German Tax Counsel cannot opine as to whether the Company qualifies as a corporation subject to German unlimited income taxation.
This section does not set forth all German tax aspects that may be relevant for shareholders. The section is based on the German
tax law applicable as of the date of this Prospectus. It should be noted that the law may change following the issuance of this
Prospectus and that such changes may have retroactive effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The material German tax principles of purchasing,
owning and transferring of shares are set forth in the following. This section does not purport to be a comprehensive or complete
analysis or listing of all potential tax effects of the purchase, ownership or disposition of shares and does not set forth all
tax considerations that may be relevant to a particular person's decision to acquire common shares. All of the following is subject
to change. Such changes could apply retroactively and could affect the consequences set forth below. This section does not refer
to any foreign account tax compliance act (FATCA) aspects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Shareholders are
advised to consult their own tax advisers with regard to the application of German tax law to their particular situations, in
particular with respect to the procedure to be complied with to obtain a relief of withholding tax on dividends and on capital
gains (<I>Kapitalertragsteuer</I>) and with respect to the influence of double tax treaty provisions, as well as any tax consequences
arising under the laws of any state, local or other foreign jurisdiction. For German tax purposes, a shareholder may include an
individual who or an entity that does not have the legal title to the shares, but to whom nevertheless the shares are attributed,
based either on such individual or entity owning a beneficial interest in the shares or based on specific statutory provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This section does not constitute a particular
tax advice. Potential purchasers of the Company&rsquo;s shares are urged to consult their own tax advisers regarding the tax consequences
of the purchase, ownership and disposition of shares in light of their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Taxation of dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Withholding tax on dividends</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Dividends distributed
from a company to its shareholders are subject to withholding tax, subject to certain exemptions (for example, repayments of capital
from the tax equity account (<I>steuerliches Einlagekonto</I>)), as described in the following. The withholding tax rate is 25%
plus 5.5% solidarity surcharge (<I>Solidarit&auml;tszuschlag</I>) thereon (in total 26.375%) of the gross dividend approved by
the ordinary shareholders&rsquo; meeting. Withholding tax is to be withheld and passed on for the account of the shareholders
by a domestic branch of a domestic or foreign credit or financial services institution (<I>Kredit- und Finanzdienstleistungsinstitut</I>),
by the domestic securities trading company (<I>inl&auml;ndisches Wertpapierhandelsunternehmen</I>) or a domestic securities trading
bank (<I>inl&auml;ndische Wertpapierhandelsbank</I>) which keeps and administers the shares and disburses or credits the dividends
or disburses the dividends to a foreign agent, or by the securities custodian bank (<I>Wertpapiersammelbank</I>) to which the
shares were entrusted for collective custody if the dividends are distributed to a foreign agent by such securities custodian
bank (which is referred to as the <I>&ldquo;</I><B>Dividend Paying Agent</B>&rdquo;). In case the shares are not held in collective
deposit with a Dividend Paying Agent, the Company is responsible for withholding and remitting the tax to the competent tax office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Such withholding
tax is levied and withheld irrespective of whether and to what extent the dividend distribution is taxable at the level of the
shareholder and whether the shareholder is a person residing in Germany or in a foreign country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the case of dividends
distributed to a company within the meaning of Art. 2 of the amended EU Directive 2011/96/EU of the Council of November 30, 2011
(&ldquo;EU Parent Subsidiary Directive&rdquo;) domiciled in another Member State of the European Union, an exemption from withholding
tax will be granted upon request if further prerequisites are satisfied <I>(Freistellung im Steuerabzugsverfahren). </I>This also
applies to dividends distributed to a permanent establishment located in another Member State of the European Union of such a
parent company or of a </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">parent company tax resident in Germany
if the participation in the Company is effectively connected with this permanent establishment. The key prerequisite for the application
of the EU Parent Subsidiary Directive is that the shareholder has held a direct participation in the share capital of the Company
of at least 10 % for at least one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The withholding tax
on distributions to other foreign resident shareholders is reduced in accordance with a double taxation treaty if Germany has
concluded such double taxation treaty with the country of residence of the shareholder and if the shareholder does not hold his
shares either as part of the assets of a permanent establishment or a fixed place of business in Germany or as business assets
for which a permanent representative has been appointed in Germany. The reduction of the withholding tax is procedurally granted
in such a manner that the difference between the total amount withheld, including the solidarity surcharge, and the tax liability
determined on the basis of the tax rate set forth in the applicable double taxation treaty (15% unless further qualifications
are met) is refunded by the German tax administration upon request (Federal Central Office for Taxes <I>(Bundeszentralamt f&uuml;r
Steuern),</I> main office in Bonn-Beuel, An der K&uuml;ppe 1, D-53225 Bonn).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the case of dividends
received by corporations whose statutory seat and effective place of management are not located in Germany and who are therefore
not tax resident in Germany, two-fifths of the withholding tax deducted and remitted are refunded without the need to fulfill
all prerequisites required for such refund under the EU Parent Subsidiary Directive or under a double taxation treaty or if no
double taxation treaty has been concluded between the state of residence of the shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In order to receive
a refund pursuant to a double taxation treaty or the aforementioned option for foreign corporations, the shareholder has to submit
a completed form for refund (available at the Federal Central Office for Taxes (<FONT STYLE="color: black"><U>http://www.bzst.de</U></FONT>)
as well as at the German embassies and consulates) together with a withholding tax certificate (<I>Kapitalertragsteuerbescheinigung</I>)
issued by the institution that withheld the tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The exemption from
withholding tax in accordance with the EU Parent Subsidiary Directive or a double tax treaty and the aforementioned options for
a refund of the withholding tax (with or without protection under a double taxation treaty) depend on whether certain additional
prerequisites (in particular so-called substance requirements) are fulfilled. The applicable withholding tax relief will only
be granted if the preconditions of the German anti avoidance rules (so called Directive Override or Treaty Override), in particular
Section&nbsp;50d paragraph&nbsp;3 German Income Tax Act (<I>Einkommensteuergesetz</I>) are fulfilled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The aforementioned
reductions of (or exemptions from) withholding tax are further restricted if (i) the applicable double taxation treaty provides
for a tax reduction resulting in an applicable tax rate of less than 15 % and (ii) the shareholder is not a corporation that directly
holds at least 10 % in the equity capital of the Company and is subject to tax on its income and profits in its state of residence
without being exempt. In this case, the reduction of (or exemption from) withholding tax is subject to the following three cumulative
prerequisites: (i) the shareholder must qualify as beneficial owner of the shares in the Company for a minimum holding period
of 45 consecutive days occurring within a period of 45 days prior and 45 days after the due date of the dividends, (ii) the shareholder
has to bear at least 70 % of the change in value risk related to the shares in the Company during the minimum holding period without
being directly or indirectly hedged and (iii) the shareholder must not be required to fully or largely compensate directly or
indirectly the dividends to third parties. However, these further prerequisites do not apply if the shareholder has been the beneficial
owner of the shares in the Company for at least one uninterrupted year upon receipt of the dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For individual or
corporate shareholders tax resident outside Germany not holding the shares through a permanent establishment (<I>Betriebsst&auml;tte</I>)
in Germany or as business assets (<I>Betriebsverm&ouml;gen</I>) for which a permanent representative (<I>st&auml;ndiger Vertreter</I>)
has been appointed in Germany, the remaining and paid withholding tax (if any) is final (i.e. not refundable) and settles the
shareholder's limited tax liability in Germany. For individual or corporate shareholders tax resident in Germany (that are, for
example, shareholders whose residence, domicile, registered office or place of management is located in Germany) holding their
shares as business assets, as well as for shareholders tax resident outside of Germany holding their shares through a permanent
establishment in Germany or as business assets for which a permanent representative has been appointed in Germany, the withholding
tax withheld (including solidarity surcharge) can be credited against the shareholder&rsquo;s personal income tax or corporate
income tax liability in Germany. Any withholding tax (including solidarity surcharge) in excess of such tax liability is refunded.
For individual shareholders tax resident in Germany holding the Company&rsquo;s shares as private assets, the withholding tax
is a final tax (<I>Abgeltungsteuer</I>), subject to the exceptions described in the following section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to special
rules on the restriction of withholding tax credit, the credit of withholding tax is subject to the following three cumulative
prerequisites: (i) the shareholder must qualify as beneficial owner of the shares in the Company for a minimum holding period
of 45 consecutive days occurring within a period of 45 days prior and 45 days after the due date of the dividends, (ii) the shareholder
has to bear at least 70% of the change in value risk related to the shares in the Company during the minimum holding period without
being directly or indirectly hedged and (iii) the shareholder must not be required to fully or largely compensate directly or
indirectly the dividends to third parties. Absent the fulfillment of all of the three prerequisites, three-fifths of the withholding
tax imposed on the dividends must not be credited against the shareholder's (corporate) income tax liability, but may, upon application,
be deducted from the shareholder's tax base for the relevant assessment period. A shareholder that has received gross dividends
without any deduction of withholding tax due to a tax exemption without qualifying for a full tax credit has to notify the competent
local tax office accordingly and has to make a payment in the amount of the omitted withholding tax deduction. The special rules
on the restriction of withholding tax credit do not apply to a shareholder whose overall dividend earnings within an assessment
period do not exceed &euro;20,000 or that has been the beneficial owner of the shares in the Company for at least one uninterrupted
year upon receipt of the dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of dividend income of shareholders tax resident
in Germany holding the Company&rsquo;s shares as private assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For individual shareholders
(individuals) resident in Germany holding the Company&rsquo;s shares as private assets, dividends are subject to a flat rate tax
which is satisfied by the withholding tax actually withheld (<I>Abgeltungsteuer</I>). Accordingly, dividend income will be taxed
at a flat tax rate of 25% plus 5.5% solidarity surcharge thereon (in total 26.375%) and church tax (<I>Kirchensteuer</I>) in case
the shareholder is subject to church tax because of his individual circumstances. An automatic procedure for deduction of church
tax by way of withholding will apply to shareholders being subject to church tax unless the shareholder has filed a blocking notice
(<I>Sperrvermerk</I>) with the German Federal Tax Office (details related to the computation of the concrete tax rate including
church tax are to be discussed with the individual tax adviser of the relevant shareholder). Except for an annual lump sum savings
allowance (<I>Sparer-Pauschbetrag</I>) of up to &euro;801 (for individual filers) or up to &euro;1,602 (for married couples and
for partners in accordance with the registered partnership law (<I>Gesetz &uuml;ber die Eingetragene Lebenspartnerschaft</I>)
filing jointly), private individual shareholders will not be entitled to deduct expenses incurred in connection with the capital
investment from their dividend income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The income tax owed
for the dividend income is satisfied by the withholding tax withheld by the Dividend Paying Agent. However, if the flat tax results
in a higher tax burden as opposed to the private shareholder&rsquo;s individual tax rate, the private shareholder can opt for
taxation at his individual personal income tax rate. In that case, the final withholding tax will be credited against the income
tax. However, pursuant to the German tax authorities and a court ruling, private shareholders are nevertheless not entitled to
deduct expenses incurred in connection with the capital investment from their income. The option can be exercised only for all
capital income from capital investments received in the relevant assessment period uniformly and married couples as well as partners
in accordance with the registered partnership law filing jointly may only jointly exercise the option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Exceptions from the
flat rate tax (satisfied by withholding at source) (<I>Abgeltungsteuer</I>) may apply&mdash;that is,&nbsp;only upon application&mdash;for
shareholders who have a shareholding of at least 25% in a company and for shareholders who have a shareholding of at least 1%
in the Company and work for a company in a professional capacity. In such a case, the same rules apply as for sole proprietors
holding the shares as business assets (see below <I>&ldquo;&mdash;</I>Taxation of dividend income of shareholders tax resident
in Germany holding the Company&rsquo;s shares as business assets&mdash;Sole proprietors&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of dividend income of shareholders tax resident
in Germany holding the Company&rsquo;s shares as business assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If a shareholder
holds the Company&rsquo;s shares as business assets, the taxation of the dividend income depends on whether the respective shareholder
is a corporation, a sole proprietor or a partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Corporations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Dividend income of
corporate shareholders is exempt from corporate income tax, provided that the incorporated entity holds a direct participation
of at least 10% in the share capital of a company at the beginning of the calendar year in which the dividends are paid. The acquisition
of a participation of at least 10% in the course of a calendar year is deemed to have occurred at the beginning of such calendar
year for the purpose of this rule. Participations in the share capital of the Company which a corporate shareholder holds through
a partnership, including co-entrepreneurships (<I>Mitunternehmerschaften</I>), are attributable to such corporate shareholder
only on a pro rata basis at the ratio of the interest share of the corporate shareholder in the assets of the relevant partnership.
However, 5% of the tax exempt dividends are deemed to be non-deductible business expenses for tax purposes and therefore are subject
to corporate income tax (plus solidarity surcharge) and trade tax; i.e.&nbsp;tax exemption of 95%. Business expenses incurred
in connection with the dividends received are entirely tax deductible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For trade tax purposes the entire dividend
income is subject to trade tax (i.e.&nbsp;the tax exempt dividends must be added back when determining the trade taxable income),
unless the corporation shareholder holds at least 15% of the Company&rsquo;s registered share capital at the beginning of the relevant
tax assessment period (<I>Erhebungszeitraum</I>). In case of an indirect participation <I>via</I> a partnership please refer to
the section &ldquo;<I>Partnerships</I>&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the shareholding
is below 10% in the share capital, dividends are taxable at the applicable corporate income tax rate of 15% plus 5.5% solidarity
surcharge thereon and trade tax (the rate of which depends on the municipalities the corporate shareholder resides in).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Special regulations
apply which abolish the 95% tax exemption, if the Company&rsquo;s shares are held as trading portfolio assets in the meaning of
Section 340e German commercial code (<I>Handelsgesetzbuch</I>) by (i) a credit institution (<I>Kreditinstitut</I>), (ii) a financial
service institution (<I>Finanzdienstleistungsinstitut</I>) or (iii) a financial enterprise within the meaning of the German Banking
Act (<I>Kreditwesengesetz</I>), in case more than 50% of the shares of such financial enterprise are held directly or indirectly
by a credit institution or a financial service institution, as well as by a life insurance company, a health insurance company
or a pension fund in case the shares are attributable to the capital investments, resulting in fully taxable income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Sole proprietors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For sole proprietors
(individuals) resident in Germany holding shares as business assets dividends are subject to the partial income rule (<I>Teileink&uuml;nfteverfahren</I>).
Accordingly, only (i) 60% of the dividend income will be taxed at his/her individual personal income tax rate plus 5.5% solidarity
surcharge thereon and church tax (if applicable) and (ii) 60% of the business expenses related to the dividend income are deductible
for tax purposes. In addition, the dividend income is entirely subject to trade tax if the shares are held as business assets of
a permanent establishment in Germany within the meaning of the German Trade Tax Act (<I>Gewerbesteuergesetz</I>), unless the shareholder
holds at least 15% of the Company&rsquo;s registered share capital at the beginning of the relevant assessment period. The trade
tax levied will be eligible for credit against the shareholder&rsquo;s personal income tax liability based on the applicable municipal
trade tax rate and the individual tax situation of the shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Partnerships</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In case shares are
held by a partnership, the partnership itself is not subject to corporate income tax or personal income tax. In this regard, corporate
income tax or personal income tax (and church tax, if applicable) as well as solidarity surcharge are levied only at the level
of the partner with respect to their relevant part of the profit and depending on their individual circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the partner is
a corporation, the dividend income will be subject to corporate income tax plus solidarity surcharge (see &ldquo;<I>&mdash;</I>Corporations&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the partner is
a sole proprietor (individual), the dividend income will be subject to the partial income rule (see &ldquo;&mdash;Sole proprietors&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The dividend income
is subject to trade tax at the level of the partnership (provided that the partnership is liable to trade tax), unless the partnership
holds at least 15% of a company&rsquo;s registered share capital at the beginning of the relevant assessment period, in which case
the dividend income is exempt from trade tax. There are no explicit statutory provisions concerning the taxation of dividends with
regard to a corporate shareholder of the partnership. However, trade tax will be levied on 5% of the dividends to the extent they
are attributable to the shares of such corporate partners to whom at least 10% of the shares of the Company are attributable on
a look-through basis, since such portion of the dividends will be deemed to be non-deductible business expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If a partner is an
individual, depending on the applicable municipal trade tax rate and the individual tax situation, the trade tax paid at the level
of the partnership is partly or entirely be credited against the partner&rsquo;s personal income tax liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In case of a corporation
being a partner, special regulations will apply with respect to trading portfolio assets of credit institutions, financial service
institutions or financial enterprises within the meaning of the German Banking Act (<I>Kreditwesengesetz</I>) or life insurance
companies, health insurance companies or pension funds (see &ldquo;&mdash;Corporations&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Thus, the actual
trade tax charge, if any, at the level of the partnership depends on the shareholding quota of the partnership and the nature
of the partners (e.g. individual or corporation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of dividend income of shareholders tax resident
outside of Germany</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For foreign individual
or corporate shareholders tax resident outside of Germany not holding the shares through a permanent establishment in Germany
or as business assets for which a permanent representative has been appointed in Germany, the deducted withholding tax (possibly
reduced by way of a tax relief under a double tax treaty or domestic tax law, such as in connection with the EU Parent Subsidiary
Directive) is final (that is, not refundable) and settles the shareholder's limited tax liability in Germany, unless the shareholder
is entitled to apply for a withholding tax refund or exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In contrast, individual
or corporate shareholders tax resident outside of Germany holding the Company&rsquo;s shares through a permanent establishment
in Germany or as business assets for which a permanent representative has been appointed in Germany are subject to the same rules
as applicable (and described above) to shareholders resident in Germany holding the shares as business assets. The withholding
tax withheld (including solidarity surcharge) is credited against the shareholder&rsquo;s personal income tax or corporate income
tax liability in Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxation of capital gains</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Withholding tax on capital gains</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Capital gains realized on the disposal
of shares are only subject to withholding tax if a German branch of a German or foreign credit or financial institution, a German
securities trading Company or a German securities trading bank stores or administrates or carries out the sale of the shares and
pays or credits the capital gains. In those cases the institution (and not the company) is required to deduct the withholding tax
at the time of payment for the account of the shareholder and has to pay the withholding tax to the competent tax authority. In
case the shares in InflaRx N.V. are held (i) as business assets by a sole proprietor, a partnership or a corporation and such shares
are attributable to a German business or (ii) in case of a corporation being subject to unlimited corporate income tax liability
in Germany, the capital gains are not subject to withholding tax. In case of (i), the withholding tax exemption is subject to the
condition that the paying agent has been notified by the beneficiary (<I>Gl&auml;ubiger</I>) that the capital gains are exempt
from withholding tax. The respective notification has to be filed by using the officially prescribed form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of capital gains realized by shareholders tax resident
in Germany holding shares as private assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For individual shareholders
(individuals) resident in Germany holding shares as private assets, capital gains realized on the disposal of shares are subject
to final withholding tax. Accordingly, capital gains will be taxed at a flat tax rate of 25% plus 5.5% solidarity surcharge thereon
(in total 26.375%) and church tax, in case the shareholder is subject to church tax because of his individual circumstances. An
automatic procedure for deduction of church tax by way of withholding will apply to shareholders being subject to church tax unless
the shareholder has filed a blocking notice (<I>Sperrvermerk</I>) with the German Federal Tax Office (details related to the computation
of the concrete tax rate including church tax are to be discussed with the individual tax adviser of the relevant shareholder).
The taxable capital gain is calculated by deducting the acquisition costs of the shares and the expenses directly related to the
disposal from the proceeds of the disposal. Apart from that, except for an annual lump sum savings allowance (<I>Sparer- Pauschbetrag</I>)
of up to &euro;801 (for individual filers) or up to &euro;1,602 (for married couples and for partners in accordance with the registered
partnership law (<I>Gesetz &uuml;ber die Eingetragene Lebenspartnerschaft</I>) filing jointly), private individual shareholders
will not be entitled to deduct expenses incurred in connection with the capital investment from their capital gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>


<!-- Field: Page; Sequence: 161 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In case the flat
tax results in a higher tax burden as opposed to the private shareholder&rsquo;s individual tax rate the private shareholder can
opt for taxation at his individual personal income tax rate. In that case, the withholding tax (including solidarity surcharge)
withheld will be credited against the income tax. However, pursuant to the German tax authorities the private shareholders are
nevertheless not entitled to deduct expenses incurred in connection with the capital investment from their income. The option
can be exercised only for all capital income from capital investments received in the relevant assessment period uniformly and
married couples as well as for partners in accordance with the registered partnership law filing jointly may only jointly exercise
the option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Capital losses arising
from the sale of the shares can only be offset against other capital gains resulting from the disposition of the shares or shares
in other stock corporations during the same calendar year. Offsetting of overall losses with other income (such as business or
rental income) and other capital income is not possible. Such losses are to be carried forward and to be offset against positive
capital gains deriving from the sale of shares in stock corporations in future years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The final withholding
tax will not apply if the seller of the shares or in case of gratuitous transfer, its legal predecessor has held, directly or
indirectly, at least 1% of the Company&rsquo;s registered share capital at any time during the five years prior to the disposal.
In that case capital gains are subject to the partial income rule. Accordingly, only (i) 60% of the capital gains will be taxed
at his individual personal income tax rate plus 5.5% solidarity surcharge thereon and church tax (if applicable) and (ii) 60%
of the business expenses related to the capital gains are deductible for tax purposes. The withholding tax withheld (including
solidarity surcharge) will be credited against the shareholder&rsquo;s personal income tax liability in Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of capital gains realized by shareholders tax resident
in Germany holding the Company&rsquo;s shares as business assets</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If a shareholder
holds shares as business assets, the taxation of capital gains realized on the disposal of such shares depends on whether the
respective shareholder is a corporation, a sole proprietor or a partnership:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Corporations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Capital gains realized
on the disposal of shares by a corporate shareholder are exempt from corporate income tax and trade tax. However, 5% of the tax
exempt capital gains are deemed to be non-deductible business expenses for tax purposes and therefore are subject to corporate
income tax (plus solidarity surcharge) and trade tax; i.e.&nbsp;tax exemption of 95%. Business expenses incurred in connection
with the capital gains are entirely tax deductible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Capital losses incurred
upon the disposal of shares or other impairments of the share value are not tax deductible. A reduction of profit is also defined
as any losses incurred in connection with a loan or security in the event the loan or the security is granted by a shareholder
or by a related party thereto or by a third person with the right of recourse against the before mentioned persons and the shareholder
holds directly or indirectly more than 25% of the company&rsquo;s registered share capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Special regulations
apply, if the shares are held as trading portfolio assets by a credit institution, a financial service institution or a financial
enterprise within the meaning of the German Banking Act (<I>Kreditwesengesetz</I>) as well as by a life insurance company, a health
insurance company or a pension fund (see &ldquo;&mdash;Corporations&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Sole proprietors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the shares are
held by a sole proprietor, capital gains realized on the disposal of the shares are subject to the partial income rule. Accordingly,
only (i) 60% of the capital gains will be taxed at his /her individual personal income tax rate plus 5.5% solidarity surcharge
thereon and church tax (if applicable) and (ii) 60% of the business expenses related to the dividend income are deductible for
tax purposes. In addition, 60% of the capital gains are subject to trade tax if the shares are held as business assets of a permanent
establishment in Germany within the meaning of the German Trade Tax Act (<I>Gewerbesteuergesetz</I>). The trade tax levied, depending
on the applicable municipal trade tax rate and the individual tax situation, is partly or entirely be credited against the shareholder&rsquo;s
personal income tax liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Partnerships</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In case the shares
are held by a partnership, the partnership itself is not subject to corporate income tax or personal income tax as well as solidarity
surcharge (and church tax) since partnerships qualify as transparent for German tax purposes. In this regard, corporate income
tax or personal income tax as well as solidarity surcharge (and church tax, if applicable) are levied only at the level of the
partner with respect to their relevant part of the profit and depending on their individual circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the partner is
a corporation, the capital gains will be subject to corporate income tax plus solidarity surcharge (see &ldquo;<I>&mdash;</I>Corporations&rdquo;).
Trade tax will be levied additionally at the level of the partner insofar as the relevant profit of the partnership is not subject
to trade tax at the level of the partnership. However, with respect to both corporate income and trade tax, the 95%-exemption
rule as described above applies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the partner is
a sole proprietor (individual), the capital gains are subject to the partial income rule (see &ldquo;<I>&mdash;</I>Sole proprietors&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, if the
partnership is liable to trade tax, 60% of the capital gains are subject to trade tax at the level of the partnership, to the
extent the partners are individuals, and 5% of the capital gains are subject to trade tax, to the extent the partners are corporations.
However, if a partner is an individual, depending on the applicable municipal trade tax rate and the individual tax situation,
the trade tax paid at the level of the is credited against the partner&rsquo;s personal income tax liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">With regard to corporate
partners, special regulations apply if they are held as trading portfolio assets by credit institutions, financial service institutions
or financial enterprises within the meaning of the German Banking Act or life insurance companies, health insurance companies
or pension funds, as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of capital gains realized by shareholders tax resident
outside of Germany</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Capital gains realized
on the disposal of the shares by a shareholder tax resident outside of Germany are subject to German taxation provided that (i)
the Company&rsquo;s shares are held as business assets of a permanent establishment or as business assets for which a permanent
representative has been appointed in Germany, or (ii) the shareholder or, in case of a gratuitous transfer, its legal predecessor
has held, directly or indirectly at least 1% of the company&rsquo;s shares capital at any time during a five-year period prior to the
disposal. In these cases, capital gains are subject to the same rules as described above for shareholders resident in Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">However, except for
the cases referred to in (i) above, some of the double tax treaties concluded with Germany provide for a full exemption from German
taxation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Inheritance and gift tax</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The transfer of the
Company&rsquo;s shares to another person by way of succession or donation is subject to German inheritance and gift tax (<I>Erbschaft-
und Schenkungsteuer</I>) if</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the decedent, the donor, the
                                         heir, the donee or any other beneficiary has his/her/its residence, domicile, registered
                                         office or place of management in Germany at the time of the transfer, or is a German
                                         citizen who has not stayed abroad for more than five consecutive years without having
                                         a residence in Germany; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">(irrespective of the personal
                                         circumstances) the shares are held by the decedent or donor as business assets for which
                                         a permanent establishment in Germany is maintained or a permanent representative is appointed
                                         in Germany, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">(irrespective of the personal
                                         circumstances) at least 10% of the shares are held directly or indirectly by the decedent
                                         or person making the gift, himself or together with a related party in terms of Section&nbsp;6
                                         Foreign Tax Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Special regulations
apply to qualified German citizens who maintain neither a residence nor their domicile in Germany but in a low tax jurisdiction
and to former German citizens, also resulting in inheritance and gift tax. The few double tax treaties on inheritance and gift
tax which Germany has entered into provide that German inheritance and gift tax is levied only in case (i)&nbsp;and, with certain
restrictions, in case (ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Other taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No German capital
transfer tax (<I>Kapitalverkehrsteuer</I>), value added tax (<I>Umsatzsteuer</I>), stamp duty (<I>Stempelgeb&uuml;hr</I>) or similar
taxes are levied when acquiring, holding or transferring the Company&rsquo;s shares. No value added tax will be levied unless
the shareholder validly opts for it. Net wealth tax (<I>Verm&ouml;gensteuer</I>) is currently not levied in Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On January 22, 2013,
the Council of the European Union approved the resolution of the ministers of finance from eleven EU member states (including
Germany) to introduce Financial Transaction Tax (&quot;FTT&quot;) within the framework of enhanced cooperation. On February 14,
2013, the European Commission accepted the proposal for a Council Directive implementing enhanced cooperation in the area of financial
transaction tax. The plan focuses on levying a financial tax of 0.1% (0.01% for derivates) on the purchase and sale of financial
instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A joint statement
issued by ten of the eleven participating EU member states in October 2016 reaffirmed the intention to introduce FTT. However,
at the moment not many details are available. Thus, it is not known to what extent the elements of the European Commission's proposal
outlined in the preceding paragraph will be followed in relation to the taxation of shares. The FTT proposal remains subject to
negotiation between the participating Member States and is subject to political discussion. It may therefore be altered prior
to the implementation, the timing of which remains unclear. Additional EU member states may decide to participate. Prospective
holders of the shares are advised to seek their own professional advice in relation to FTT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 164 -->
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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="SharesEligibleforFutureSale"></A>Shares
Eligible for Future Sale</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to this offering, no public market
existed for our common shares. Future sales of our common shares in the public market, or the availability of such shares for sale
in the public market, could adversely affect market prices prevailing from time to time. As described below, only a limited number
of common shares will be available for sale shortly after this offering due to contractual and legal restrictions on resale. Nevertheless,
sales of our common shares in the public market after such restrictions lapse, or the perception that those sales may occur, could
adversely affect the prevailing market price at such time and our ability to raise equity capital in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Based on the number of shares outstanding
as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
upon the closing of this offering, after giving effect to the (i) Series D financing and (ii) corporate reorganization and assuming
no exercise of outstanding options or of the underwriters&rsquo; option to purchase additional shares to cover overallotments,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
common shares will be outstanding. All of the common shares sold in this offering will be freely tradable without restrictions
or further registration under the Securities Act, except for any shares sold to our &ldquo;affiliates,&rdquo; as that term is defined
under Rule 144 under the Securities Act. The remaining &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common
shares held by existing shareholders are &ldquo;restricted securities,&rdquo; as that term is defined in Rule 144 under the Securities
Act. Restricted securities may be sold in the public market only if registered or if their resale qualifies for exemption from
registration described below under Rule 144 promulgated under the Securities Act or another available exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result of the lock-up agreements
described below and the provisions of Rules 144 and 701 under the Securities Act, the common shares that will be deemed restricted
securities after this offering will be available for sale in the public market as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD><P STYLE="margin: 0pt 0">none of the existing restricted shares will be eligible for immediate sale upon the closing of this offering;
and</P>

<P STYLE="margin: 0pt 0"></P>


</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>restricted
                                         shares will be eligible for sale in the public market upon expiration of lock-up agreements
                                         180 days after the date of this prospectus, subject in certain circumstances to the volume,
                                         manner of sale and other limitations under Rule 144 and Rule 701 under the Securities
                                         Act, which are summarized below.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Rule 144 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In general, non-affiliate persons who
have beneficially owned restricted common shares for at least six months, and any affiliate of the company who owns either restricted
or unrestricted common shares, are entitled to sell their securities without registration with the SEC under an exemption from
registration provided by Rule 144 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>Non-affiliates </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any person who is not deemed to have been
one of our affiliates at the time of, or at any time during the three months preceding, a sale may sell an unlimited number of
restricted securities under Rule 144 if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         restricted securities have been held for at least six months, including the holding period
                                         of any prior owner other than one of our affiliates (subject to certain exceptions);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>we
                                         have been subject to the Exchange Act periodic reporting requirements for at least 90
                                         days before the sale; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>we
                                         are current in our Exchange Act reporting at the time of sale.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any person who is not deemed to have been
an affiliate of ours at the time of, or at any time during the three months preceding, a sale and has held the restricted securities
for at least one year, including the holding period of any prior owner other than one of our affiliates, will be entitled to sell
an unlimited number of restricted securities without regard to the length of time we have been subject to Exchange Act periodic
reporting or whether we are current in our Exchange Act reporting. Non-affiliate resales are not subject to the manner of sale,
volume limitation or notice filing provisions of Rule 144.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>Affiliates </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Persons seeking to sell restricted securities
who are our affiliates at the time of, or any time during the three months preceding, a sale, would be subject to the restrictions
described above. They are also subject to additional restrictions, by which such person would be required to comply with the manner
of sale and notice provisions of Rule 144 and would be entitled to sell within any three-month period only that number of securities
that does not exceed the greater of either of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>1% of the number of common shares then outstanding, which will equal approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares
immediately after the closing of this offering based on the number of shares outstanding as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
after giving effect to the corporate reorganization; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the average weekly trading volume of our common shares on the stock exchange on which our shares are listed during the four
calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additionally, persons who are our affiliates
at the time of, or any time during the three months preceding, a sale may sell unrestricted securities under the requirements
of Rule 144 described above, without regard to the six month holding period of Rule 144, which does not apply to sales of unrestricted
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Rule 701 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Rule 701 under the Securities Act, as
in effect on the date of this prospectus, permits resales of shares in reliance upon Rule 144 but without compliance with certain
restrictions of Rule 144, including the holding period requirement. Most of our employees, executive officers or directors who
purchased shares under a written compensatory plan or contract may be entitled to rely on the resale provisions of Rule 701, but
all holders of Rule 701 shares are required to wait until 90 days after the date of this prospectus before selling their shares.
However, substantially all Rule 701 shares are subject to lock-up agreements as described below and in the section titled &ldquo;Underwriting&rdquo;
and will become eligible for sale upon the expiration of the restrictions set forth in those agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Form S-8 registration statements </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to file one or more registration
statements on Form S-8 under the Securities Act to register all common shares subject to outstanding options and common shares
issued or issuable under our 2016 Plan and 2017 Plan. We expect to file the registration statement covering shares offered pursuant
to our plans as soon as practicable after the closing of this offering, permitting the resale of such shares by non-affiliates
in the public market without restriction under the Securities Act and the sale by affiliates in the public market, subject to
compliance with the resale provisions of Rule 144 and expiration or release from the terms of the lock-up agreements described
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Lock-up agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our directors, executive officers and
certain of our significant shareholders have agreed, subject to limited exceptions, not to offer, pledge, announce the intention
to sell, 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 or otherwise dispose of, directly or indirectly, or enter into any swap or other agreement that transfers,
in whole or in part, any of the economic consequences of ownership of the common shares or such other securities for a period
of 180 days after the date of this prospectus, subject to certain exceptions, without the prior written consent of certain of
the underwriters. See &ldquo;Underwriting.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="Underwriting"></A>Underwriting</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are offering the common shares described
in this prospectus through a number of underwriters. J.P. Morgan Securities LLC, Leerink Partners LLC and BMO Capital Markets
Corp. are acting as joint book-running managers of the offering and as representatives of the underwriters. We have entered into
an underwriting agreement with the underwriters. Subject to the terms and conditions of the underwriting agreement, we have agreed
to sell to the underwriters, and each underwriter has severally agreed to purchase, at the public offering price less the underwriting
discounts and commissions set forth on the cover page of this prospectus, the number of common shares listed next to its name
in the following table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.75in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 90%"><B><U>Name</U></B></TD>
    <TD STYLE="width: 10%; text-align: center"><B>Number of </B><BR>
    <B><U>Shares</U></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>J.P. Morgan Securities LLC &#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Leerink Partners LLC &#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>BMO Capital Markets Corp.&#9;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD><!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Total&#9;</TD>
    <TD><!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 0.5pt; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The underwriters are committed to purchase
all the common shares offered by us if they purchase any shares. The underwriting agreement also provides that if an underwriter
defaults, the purchase commitments of non-defaulting underwriters may also be increased or the offering may be terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The underwriters propose to offer the
common shares directly to the public at the initial public offering price set forth on the cover page of this prospectus and to
certain dealers at that price less a concession not in excess of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share. Any such dealers may resell common shares to certain other brokers or dealers at a discount of up to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share from the initial public offering price. After the initial offering of the common shares to the public, the offering
price and other selling terms may be changed by the underwriters. Sales of common shares made outside of the United States may
be made by affiliates of the underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The underwriters have an overallotment
option to buy up to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; additional common shares from us to cover sales
of common shares by the underwriters which exceed the number of common shares specified in the table above. The underwriters have
30&nbsp;days from the date of this prospectus to exercise this option to purchase additional shares. If any common shares are
purchased with this option to purchase additional shares, the underwriters will purchase shares in approximately the same proportion
as shown in the table above. If any additional common shares are purchased, the underwriters will offer the additional shares
on the same terms as those on which the common shares are being offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The underwriting fee is equal to the public
offering price per common share less the amount paid by the underwriters to us per common share. The underwriting fee is $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share. The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters
assuming both no exercise and full exercise of the underwriters&rsquo; overallotment option to purchase additional shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.75in">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 78%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Without
                                         exercise of</B><BR>
                                         <B>overallotment option to purchase additional shares</B></P></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>With
                                         full exercise of</B><BR>
                                         <B>overallotment option to purchase additional shares</B><BR>
                                         <B>exercise</B>&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per
    Share&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;$&#9;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;$&#9;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.75in">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;$&#9;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;$&#9;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 167 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We estimate that the total expenses of
this offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, but excluding
the underwriting discounts and commissions, will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , which
includes the amounts for which we have agreed to reimburse the underwriters for certain FINRA-related expenses incurred by them
in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A prospectus in electronic format may
be made available on the websites maintained by one or more underwriters, or selling group members, if any, participating in the
offering. The underwriters may agree to allocate a number of common shares to underwriters and selling group members for sale
to their online brokerage account holders. Internet distributions will be allocated by the representatives to underwriters and
selling group members that may make Internet distributions on the same basis as other allocations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have agreed that we will not (i) offer,
pledge, announce the intention to sell, 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 or otherwise dispose of, directly or indirectly, or file with
the Securities and Exchange Commission a registration statement under the Securities Act relating to, any common shares or securities
convertible into or exchangeable or exercisable for any common shares, or publicly disclose the intention to make any offer, sale,
pledge, disposition or filing, or (ii) enter into any swap or other arrangement that transfers all or a portion of the economic
consequences associated with the ownership of any common shares or any such other securities (regardless of whether any of these
transactions are to be settled by the delivery of common shares or such other securities, in cash or otherwise), in each case without
the prior written consent of the representatives for a period of 180 days after the date of this prospectus, other than the common
shares to be sold in the offering by us and any common shares issued upon the exercise of options granted under our existing share-based
compensation plans. We have agreed that, subject to certain conditions, the foregoing restrictions shall not apply to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the common shares to be sold in this offering;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any common shares issued pursuant to equity compensation plans described in this prospectus, provided that the recipient executes
a lock-up agreement for the remainder of the 180-day period referred to above;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any options and awards granted under an equity compensation plan described in this prospectus, provided that the recipient
executes a lock-up agreement for the remainder of the 180-day period referred to above;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the filing of a registration statement on Form S-8 relating to an equity compensation plan described in this prospectus;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>certain securities issued by us in connection with certain strategic transactions, including acquisitions, provided that the
recipient executes a lock-up agreement for the remainder of the 180-day period referred to above; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the common shares issued in connection with the corporate reorganization.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
directors and executive officers and substantially all of the holders of our common shares have entered into lock-up agreements
with the underwriters pursuant to which each of these persons or entities for a period of 180&nbsp;days after the date of this
prospectus, may not, without the prior written consent of the representatives, (1)&nbsp;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,
or otherwise transfer or dispose of, directly or indirectly, any common shares, or any securities convertible into or exercisable
or exchangeable for common shares (including without limitation, common shares or such other securities which may be deemed to
be beneficially owned by such directors, executive officers and shareholders in accordance with the rules and regulations of the
Securities and Exchange Commission and securities which may be issued upon exercise of a share option or warrant), or publicly
disclose the intention to make any offer, sale, pledge or disposition, (2)&nbsp;enter into any swap or other agreement that transfers,
in whole or in part, any of the economic consequences of ownership of the common shares or such other securities, whether any
such transaction described in clause&nbsp;(1) or&nbsp;(2) above is to be settled by delivery of common shares or such other securities,
in cash or otherwise, or (3) 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 our common shares. Each such director, executive officer and
shareholder has agreed that, subject to certain conditions, the foregoing restrictions shall not apply to (A) any common shares
purchased in this offering or in the public market following this offering, (B) <FONT STYLE="background-color: white">the establishment
of a trading plan pursuant to Rule&nbsp;10b5-1 under the Exchange Act for the transfer of common shares, subject to certain limitations,
</FONT>or (C) any transfers of our common shares:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>made in connection with the corporate reorganization;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>as a bona fide gift or by will, testamentary document or intestate succession;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to any trust for the direct or indirect benefit of such directors, executive officers and shareholders or their immediate family;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to partners, members, stockholders or trust beneficiaries of such directors, executive officers and shareholders;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the event such shareholder is a corporation, partnership, limited liability company, trust or other business entity, to
any direct or indirect affiliate of such shareholder or any investment fund or other entity controlled or managed by such shareholder
or any investment fund or other entity that controls such shareholder;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>by operation of law;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction made to all holders of
our securities involving a change of control of the Company, provided, that in the event that such tender offer, merger, consolidation
or other such transaction is not completed, such securities held by such directors, executive officers and shareholders will remain
subject to the lock-up provisions; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">to us for cancellation as payment for the
exercise price of any options granted pursuant to our equity compensation plans or the withholding of taxes due upon the exercise
of any such option.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have agreed to indemnify the underwriters
against certain liabilities, including liabilities under the Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have applied to have our common
shares approved for listing on the Nasdaq Stock Market under the symbol &ldquo;IFRX&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with this offering, the
underwriters may engage in stabilizing transactions, which involves making bids for, purchasing and selling common shares in the
open market for the purpose of preventing or retarding a decline in the market price of the common shares while this offering
is in progress. These stabilizing transactions may include making short sales of the common shares, which involves the sale by
the underwriters of a greater number of common shares than they are required to purchase in this offering, and purchasing common
shares on the open market to cover positions created by short sales. Short sales may be &ldquo;covered&rdquo; shorts, which are
short positions in an amount not greater than the underwriters&rsquo; option to purchase additional shares referred to above,
or may be &ldquo;naked&rdquo; shorts, which are short positions in excess of that amount. The underwriters may close out any covered
short position either by exercising their option to purchase additional shares, in whole or in part, or by&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">purchasing
shares in the open market. In making this determination, the underwriters will consider, among other things, the price of shares
available for purchase in the open market compared to the price at which the underwriters may purchase shares through the option
to purchase additional shares. A naked short position is more likely to be created if the underwriters are concerned that there
may be downward pressure on the price of the common shares in the open market that could adversely affect investors who purchase
in this offering. To the extent that the underwriters create a naked short position, they will purchase shares in the open market
to cover the position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The underwriters have advised us that,
pursuant to Regulation&nbsp;M of the Securities Act of 1933, they may also engage in other activities that stabilize, maintain
or otherwise affect the price of the common shares, including the imposition of penalty bids. This means that if the representatives
of the underwriters purchase common shares in the open market in stabilizing transactions or to cover short sales, the representatives
can require the underwriters that sold those shares as part of this offering to repay the underwriting discount received by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These activities may have the effect of
raising or maintaining the market price of the common shares or preventing or retarding a decline in the market price of the common
shares, and, as a result, the price of the common shares may be higher than the price that otherwise might exist in the open market.
If the underwriters commence these activities, they may discontinue them at any time. The underwriters may carry out these transactions
on NASDAQ, in the over-the-counter market or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to this offering, there has been
no public market for our common shares. The initial public offering price will be determined by negotiations between us and the
representatives of the underwriters. In determining the initial public offering price, we and the representatives of the underwriters
expect to consider a number of factors including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         information set forth in this prospectus and otherwise available to the representatives;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>our
                                         prospects and the history and prospects for the industry in which we compete;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>an
                                         assessment of our management;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>our
                                         prospects for future earnings;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         general condition of the securities markets at the time of this offering;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>the
                                         recent market prices of, and demand for, publicly traded common shares of generally comparable
                                         companies; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&middot;</FONT></TD><TD>other
                                         factors deemed relevant by the underwriters and us.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither we nor the underwriters can assure
investors that an active trading market will develop for our common shares, or that the shares will trade in the public market
at or above the initial public offering price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other than in the United States, no action
has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any
jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold,
directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer
and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in
compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes
are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus.
This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus
in any jurisdiction in which such an offer or a solicitation is unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to Prospective Investors in the European Economic
Area</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In relation to each Member State of the
European Economic Area which has implemented the Prospectus Directive (each, a &ldquo;Relevant Member State&rdquo;), with effect
from and including the date on which the Prospectus Directive is implemented in that Relevant Member State, no offer of common
shares may be made to the public in that Relevant Member State other than:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A.</TD><TD>to any legal entity which is a qualified investor as
                                         defined in the Prospectus Directive;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">B.</TD><TD>to fewer than 150 natural or legal persons (other than
                                         qualified investors as defined in the Prospectus Directive), subject to obtaining the
                                         prior consent of the representatives of the underwriters for any such offer; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">C.</TD><TD>in any other circumstances falling within Article 3(2)
                                         of the Prospectus Directive,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">provided that no such offer of shares shall require
us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Directive and each person in a Relevant
Member State who initially acquires any shares or to whom any offer is made will be deemed to have represented, acknowledged and
agreed that it is a &ldquo;qualified investor&rdquo; within the meaning of the law in that Relevant Member State implementing
Article 2(1)(e) of the Prospectus Directive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In the case of any shares being offered to a financial
intermediary as that term is used in Article 3(2) of the Prospectus Directive, each such financial intermediary will be deemed
to have represented, acknowledged and agreed that the shares acquired by it in the offer 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 shares to the public other than their offer or resale in a Relevant Member State to qualified investors
as so defined or in circumstances in which the prior consent of the representatives has been obtained to each such proposed offer
or resale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">For the purposes of this provision, the expression
an &ldquo;offer of shares to the public&rdquo; in relation to any shares in any Relevant Member State means the communication
in any form and by means of sufficient information on the terms of the offer and the shares to be offered so as to enable an investor
to decide to purchase shares, as the same may be varied in that Relevant Member State by any measure implementing the Prospectus
Directive in that Member State, the expression &ldquo;Prospectus Directive&rdquo; means Directive 2003/71/EC (as amended, including
by Directive 2010/73/EU), and includes any relevant implementing measure in the Relevant Member State.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to Prospective Investors in the United Kingdom</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, in the United Kingdom, this
document 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 Prospectus Directive) (i) who have professional experience in matters
relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order
2005, as amended (the &ldquo;Order&rdquo;) and/or (ii) who are high net worth companies (or persons to whom it may otherwise be
lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as &ldquo;relevant
persons&rdquo;) or otherwise in circumstances which have not resulted and will not result in an offer to the public of the shares
in the United Kingdom within the meaning of the Financial Services and Markets Act 2000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any person in the United Kingdom that
is not a relevant person should not act or rely on the information included in this document or use it as basis for taking any
action. In the United Kingdom, any investment or investment activity that this document relates to may be made or taken exclusively
by relevant persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to Prospective Investors in Canada </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The shares may be sold only to purchasers
purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus
Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument
31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the shares must be made in accordance
with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Securities legislation in certain provinces
or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment
thereto) contains a misrepresentation, provided</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">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 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to section 3A.3 of National Instrument
33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI
33-105 regarding underwriter conflicts of interest in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to Prospective Investors in Switzerland </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The shares may not be publicly offered
in Switzerland and will not be listed on the SIX Swiss Exchange (&ldquo;SIX&rdquo;) or on any other stock exchange or regulated
trading facility in Switzerland. This document does not constitute a prospectus within the meaning of, and has been prepared without
regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or
the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other
stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material
relating to the shares or the offering may be publicly distributed or otherwise made publicly available in Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither this document nor any other offering
or marketing material relating to the offering, the Company, the shares have been or will be filed with or approved by any Swiss
regulatory authority. In particular, this document will not be filed with, and the offer of shares will not be supervised by, the
Swiss Financial Market Supervisory Authority FINMA (FINMA), and the offer of shares has not been and will not be authorized under
the Swiss Federal Act on Collective Investment Schemes (&ldquo;CISA&rdquo;). The investor protection afforded to acquirers of interests
in collective investment schemes under the CISA does not extend to acquirers of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to Prospective Investors in Japan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The shares have not been and will not
be registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act. Accordingly, none of the shares
nor any interest therein may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any &ldquo;resident&rdquo;
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 a resident
of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial
Instruments and Exchange Act and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant
time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to Prospective Investors in Hong Kong </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The shares have not been offered or sold
and will not be offered or sold in Hong Kong, by means of any document, other than (a) to &ldquo;professional investors&rdquo;
as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in
other circumstances which do not result in the document being a &ldquo;prospectus&rdquo; as defined in the Companies (Winding
Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the
meaning of that Ordinance. No advertisement, invitation or document relating to the shares has been or may be issued or has been
or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at,
or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the
securities laws of Hong Kong) other than with respect to shares 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 Securities and Futures Ordinance and any rules made
under that Ordinance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The contents of this document have not
been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are
in any doubt about any of the contents of this document, you should obtain independent professional advice.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to Prospective Investors in Singapore</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus has not been registered
as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection
with the offer or sale, or invitation for subscription or purchase, of shares may not be circulated or distributed, nor may the
shares 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 Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Where the shares are subscribed or purchased
under Section 275 of the SFA by a relevant person which is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>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</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>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,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">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 shares pursuant to an offer made under
Section 275 of the SFA except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>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;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>where no consideration is or will be given for the
                                         transfer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>where the transfer is by operation of law;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>as specified in Section 276(7) of the SFA; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">(e)</TD><TD>as specified in Regulation 32 of the
                                         Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005
                                         of Singapore.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to prospective investors in the Netherlands</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">No offer of common
shares, which are the subject of the offering contemplated by this prospectus, has been made or will be made to the public in
the Netherlands, unless in reliance on Article 3(2) of the Prospectus Directive and provided:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">A.</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD>such offer is made exclusively to persons or entities which are qualified investors (<I>gekwalificeerde beleggers</I>)
    as defined in Article 2(1)(e) of the Prospectus Directive; or</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">B.</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD>standard exemption logo and wording are disclosed as required by article 5:20(5) of the Dutch Financial Supervision Act
    (<I>Wet op het financieel toezicht</I>, or the FSA); or</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">C.</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD>such offer is otherwise made in circumstances in which article 5:20(5) of the FSA is not applicable.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to prospective investors in Germany</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">No offer of shares,
which are the subject of the offering contemplated by this prospectus, has been made or will be made in Germany, unless in reliance
on section 3(2) of the German Securities Prospectus Act (<I>Wertpapierprospektgesetz</I>) if such offer is made exclusively to
persons or entities which are qualified investors (<I>qualifizierte Anleger</I>) as defined in section 2 No. 6 of the German Securities
Prospectus Act or, to fewer than 150 natural or legal persons (other than qualified investors). This document does not constitute
a securities prospectus within the meaning of Article 5 para. 3 of Directive 2003/71/EC of the European Parliament and the Council
of 4 November 2003 (as amended, inter alia, by Directive 2010/73/EU); it has not been and will not be submitted for approval to
the German Financial Services Supervisory Authority.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page --> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Other relationships</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain of the underwriters and their
affiliates have provided in the past to us and our affiliates and may provide from time to time in the future certain commercial
banking, financial advisory, investment banking and other services for us and such affiliates in the ordinary course of their
business, for which they have received and may continue to receive customary fees and commissions. In addition, from time to time,
certain of the underwriters and their affiliates may effect transactions for their own account or the account of customers, and
hold on behalf of themselves or their customers, long or short positions in our debt or equity securities or loans, and may do
so in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="ExpensesOfTheOffering"></A><FONT STYLE="text-transform: uppercase"><B>Expenses
Of The Offering</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We estimate that our expenses in connection
with this offering, other than underwriting discounts and commissions, will be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 79%; border: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 10pt"><B>EXPENSES</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>AMOUNT</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">U.S.
    Securities and Exchange Commission registration fee &#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$10,739</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">Stock
    exchange listing fee &#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">FINRA
    filing fee &#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">Printing
    and engraving expenses &#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">Legal
    fees and expenses &#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">Accounting
    fees and expenses &#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">Miscellaneous
    costs &#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
    &#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: center">*</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
be included by amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All amounts in the table are estimates
except the U.S. Securities and Exchange Commission registration fee, the listing fee and the FINRA filing fee. The Company will
pay all of the expenses of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="LegalMatters"></A>Legal Matters</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The validity of the issuance of the common
shares and certain other matters of Dutch law will be passed upon for us by NautaDutilh N.V. Certain matters of U.S. federal and
New York State law will be passed upon for us by Davis Polk &amp; Wardwell LLP, New York, New York. Goodwin Procter LLP, New York,
New York is U.S. federal and New York State law counsel for the underwriters in connection with this offering. Certain legal matters
with respect to Dutch law in connection with this offering will be passed upon for the underwriters by Loyens &amp; Loeff N.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="Experts"></A>Experts</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The statement of financial position of
Fireman B.V. as of June 23, 2017 has been included herein in reliance upon the report of KPMG AG Wirtschaftspr&uuml;fungsgesellschaft,
Leipzig, Germany, independent registered public accounting firm, appearing elsewhere herein, and upon authority of said firm as
experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The consolidated financial statements
of InflaRx GmbH as of December 31, 2015 and 2016 and for each of the years in the two-year period ended December 31, 2016 have
been included herein in reliance upon the report of KPMG AG Wirtschaftspr&uuml;fungsgesellschaft, Leipzig, Germany, independent
registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and
auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="EnforcementofJudgments"></A><FONT STYLE="text-transform: uppercase"><B>Enforcement
of Judgments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">We are a private
company with limited liability (<I>besloten vennootschap met beperkte aansprakelijkheid</I>) incorporated under the laws of the
Netherlands and our headquarters is located in Germany. Substantially all of our assets are located outside the United States.
The majority of our executive officers and directors reside outside the United States. As a result, it may not be possible for
investors to effect service of process within the United States upon such persons or to enforce against them or us in U.S. courts,
including judgments predicated upon the civil liability provisions of the federal securities laws of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The United States
and the Netherlands currently do not have a treaty providing for the reciprocal recognition and enforcement of judgments, other
than arbitration awards, in civil and commercial matters. Consequently, a final judgment for payment given by a court in the United
States, whether or not predicated solely upon U.S. securities laws, would not automatically be recognized or enforceable in the
Netherlands. In order to obtain a judgment which is enforceable in the Netherlands, the party in whose favor a final and conclusive
judgment of the U.S. court has been rendered will be required to file its claim with a court of competent jurisdiction in the
Netherlands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">This court will
have discretion to attach such weight to the judgment rendered by the relevant U.S. court as it deems appropriate. Under current
practice, the courts of the Netherlands may be expected to render a judgment in accordance with the judgment of the relevant foreign
court, provided that such judgment (i) is a final judgment and has been rendered by a court which has established its jurisdiction
vis-&agrave;-vis the relevant Dutch companies or Dutch company, as the case may be, on the basis of internationally accepted grounds
of jurisdiction, (ii) has not been rendered in violation with the principles of proper procedure (<I>behoorlijke rechtspleging</I>),
(iii) is not contrary to the public policy of the Netherlands, and (iv) is not incompatible with (a) a prior judgment of a Dutch
court rendered in a dispute between the same parties, or (b) a prior judgment of a foreign court rendered in a dispute between
the same parties, concerning the same subject matter and based on the same cause of action, provided that such prior judgment
is recognizable in the Netherlands. Dutch courts may deny the recognition and enforcement of punitive damages or other awards.
Moreover, a Dutch court may reduce the amount of damages granted by a U.S. court and recognize damages only to the extent that
they are necessary to compensate actual losses or damages. Enforcement and recognition of judgments of U.S. courts in the Netherlands
are solely governed by the provisions of the Dutch Civil Procedure Code. If no leave to enforce is granted, claimants must litigate
the claim again before a Dutch competent court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Dutch civil procedure
differs substantially from U.S. civil procedure in a number of respects. Insofar as the production of evidence is concerned, U.S.
law and the laws of several other jurisdictions based on common law provide for pre-trial discovery, a process by which parties
to the proceedings may prior to trial compel the production of documents by adverse or third parties and the deposition of witnesses.
Evidence obtained in this manner may be decisive in the outcome of any proceeding. No such pre-trial discovery process exists
under Dutch law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The United States
and Germany currently do not have a treaty providing for the reciprocal recognition and enforcement of judgments, in civil and
commercial matters. Consequently, a final judgment for payment or declaratory judgments given by a court in the United States,
whether or not predicated solely upon U.S. securities laws, would not automatically be recognized or enforceable in Germany. German
courts may deny the recognition and enforcement of a judgment rendered by a U.S. court if they consider the U.S. court not to
be competent or the decision to be in violation of German public policy principles. For example, judgments awarding punitive damages
are generally not enforceable in Germany. A German court may reduce the amount of damages granted by a U.S. court and recognize
damages only to the extent that they are necessary to compensate actual losses or damages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">In addition,
actions brought in a German court against us, our directors, our senior management and the experts named herein to enforce liabilities
based on U.S. federal securities laws may be subject to certain restrictions. In particular, German courts generally do not award
punitive damages. Litigation in Germany is also subject to rules of procedure that differ from the U.S. rules, including with
respect to the taking and admissibility of evidence, the conduct of the proceedings and the allocation of costs. German procedural
law does not provide for pre-trial discovery of documents, nor does Germany support pre-trial discovery of documents under the
1970 Hague Evidence Convention. Proceedings in Germany would have to be conducted in the German language and all documents submitted
to the court would, in principle, have to be translated into German. For these reasons, it may be difficult for a U.S. investor
to bring an original action in a German court predicated upon the civil liability provisions of the U.S. federal securities laws
against us, our directors, our senior management and the experts named in this prospectus.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="WhereYouCanFindMoreInformation"></A>Where You
Can Find More Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have filed with the U.S. Securities
and Exchange Commission a registration statement (including amendments and exhibits to the registration statement) on Form F-1
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. For further information,
we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement. If a document
has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed. Each
statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the closing of this offering, we will
become subject to the informational requirements of the Exchange Act. Accordingly, we will be required to file reports and other
information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. We will file a Form 20-F annual report
with the SEC within four months following the end of our fiscal year. You may inspect and copy reports and other information filed
with the SEC at the Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Information on the operation of the Public
Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains an Internet website that contains
reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a foreign private issuer, we are exempt
under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our
directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section
16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements
with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will send the transfer agent a copy
of all notices of shareholders&rsquo; meetings and other reports, communications and information that are made generally available
to shareholders that are not made available on the SEC&rsquo;s website. The transfer agent has agreed to mail to all shareholders
a notice containing the information (or a summary of the information) contained in any notice of a meeting of our shareholders
received by the transfer agent and will make available to all shareholders such notices and all such other reports and communications
received by the transfer agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="IndextoConsolidatedFinancialStatements"></A>Index to
Consolidated Financial Statements<SUP></SUP></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 94%; padding-top: 4pt; padding-bottom: 4pt"><B>InflaRx GmbH &ndash; Unaudited Condensed Consolidated Financial
    Statements</B></TD>
    <TD STYLE="width: 6%; text-align: right; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 18pt; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Unauditedcondensedconsolidatedstatements">Unaudited condensed consolidated statements of comprehensive
    loss</A></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Unauditedcondensedconsolidatedstatements">F-1</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 18pt; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Condensedconsolidatedstatements">Condensed consolidated statements of financial position
    as of December 31, 2016 and June 30, 2017</A></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Condensedconsolidatedstatements">F-2</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 18pt; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Unauditedchangesinequity">Unaudited condensed consolidated statements of changes
    in equity</A></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Unauditedchangesinequity">F-3</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 18pt; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Unauditedstatementsofcashflows">Unaudited condensed consolidated statements of cash
    flows</A></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Unauditedstatementsofcashflows">F-4</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 18pt; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Notesunauditedcondensedconsolidated">Notes to the unaudited condensed consolidated financial
    statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Notesunauditedcondensedconsolidated">F-5</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt"><B>InflaRx GmbH - Consolidated Financial Statements</B></TD>
    <TD STYLE="text-indent: 0in; text-align: right; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 18pt; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Report1">Report of independent registered public
    accounting firm</A></TD>
    <TD STYLE="text-indent: 0in; text-align: right; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Report1">F-9</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 18pt; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Consolidatedstatementsofcomprehensiveloss">Consolidated statements of comprehensive
    loss</A></TD>
    <TD STYLE="text-indent: 0in; text-align: right; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Consolidatedstatementsofcomprehensiveloss">F-10</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 18pt; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Consolidatedstatementsoffinancialposition">Consolidated statements of financial
    position</A></TD>
    <TD STYLE="text-indent: 0in; text-align: right; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Consolidatedstatementsoffinancialposition">F-11</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 18pt; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Consolidatedchangesinequity">Consolidated statements of changes
    in equity</A></TD>
    <TD STYLE="text-indent: 0in; text-align: right; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Consolidatedchangesinequity">F-12</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 18pt; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Consolidatedcashflows">Consolidated statements of cash flows</A></TD>
    <TD STYLE="text-indent: 0in; text-align: right; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Consolidatedcashflows">F-13</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-left: 18pt; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Notes">Notes to the consolidated financial
    statements</A></TD>
    <TD STYLE="text-indent: 0in; text-align: right; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Notes">F-14</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-top: 4pt; padding-bottom: 4pt"><B>Fireman B.V. - Financial statement</B></TD>
    <TD STYLE="text-indent: 0in; text-align: right; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 18pt; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Report">Report of independent registered public accounting firm</A></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Report">F-34</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 18pt; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Statementoffinancialposition">Statement of financial position</A></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Statementoffinancialposition">F-35</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 18pt; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Notestothefinancialstatement">Notes to the financial statement</A></TD>
    <TD STYLE="text-align: right; padding-top: 4pt; padding-bottom: 4pt"><A HREF="#Notestothefinancialstatement">F-36</A></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">InflaRx GmbH</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="Unauditedcondensedconsolidatedstatements"></A>Unaudited condensed consolidated statements of comprehensive
loss</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&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">For the three months ended June
    30,</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">For the six months ended June
    30,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Note*</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">2016</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">2017</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">2016</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">2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">(in &euro; thousand)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; text-align: left">Other income and expenses (net)&#9;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">55</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">85</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">30</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Research and development expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(573</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,101</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,417</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,502</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">General and administrative expenses&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&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">(264</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">(731</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">(524</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">(1,346</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Loss before interest and income taxes&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(782</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,830</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,856</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,818</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Finance costs (net)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">5</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">(285</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">(842</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">(566</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">(1,655</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Loss for the period&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,067</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,672</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(2,422</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(8,473</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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><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="font-weight: bold; text-align: left">Other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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><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="font-style: italic; text-align: left">Items that may be reclassified subsequently to profit or loss:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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><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">Exchange differences on translating foreign operations&#9;&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&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</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">(2</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">0</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">(2</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">Other comprehensive income for the period&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&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</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">(2</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">0</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">(2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total comprehensive loss&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&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">(1,067</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</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">(4,674</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</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">(2,422</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</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">(8,475</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&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><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="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Loss per common share in &euro; (basic/diluted)&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&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">(38</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</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">(166</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</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">(86</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</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">(301</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DIV ALIGN="LEFT" STYLE="margin: 1pt 5.5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">*&#9;The notes are an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in">&nbsp;</P>

<!-- Field: Page; Sequence: 178; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents" STYLE="font-size: 10pt">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">InflaRx GmbH</P>


<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="Condensedconsolidatedstatements"></A>Condensed consolidated statements of financial position
as of December 31, 2016 and June 30, 2017</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center">As of</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">(in &euro; thousand)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Note*</B></P> </TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>December
                                         31, 2016</B></P> </TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>June
                                         30, 2017 (unaudited)</B></P> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Non-current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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; padding-left: 9pt; width: 67%">Intangible assets&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">5</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: 8%; text-align: right">19</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 9pt">Laboratory and office equipment&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Financial assets&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt">&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">1</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">19</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Total non-current assets&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt">&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">137</TD><TD STYLE="padding-bottom: 2.5pt; 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">171</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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; padding-left: 9pt">Other assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">264</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.070</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-left: 9pt">Cash and cash equivalents&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&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">29,117</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">25,330</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; padding-left: 9pt">Total current assets&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">29,381</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">26,400</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 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">Total assets&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt">&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">29,518</TD><TD STYLE="padding-bottom: 2.5pt; 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">26,571</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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="font-weight: bold; text-align: left">EQUITY AND LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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="font-weight: bold">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 9pt">Issued capital&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Other reserves&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,172</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-left: 9pt">Accumulated deficit&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,055</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35,528</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Own shares&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt">&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">(350</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">(350</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Total equity&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt">&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">(25,689</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</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">(32,675</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Non-current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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; padding-left: 9pt">Preferred shares&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,440</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,584</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-left: 9pt">Deferred income&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Provisions&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt">&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</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">2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Total non-current liabilities&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt">&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">53,461</TD><TD STYLE="padding-bottom: 2.5pt; 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">56,603</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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; padding-left: 9pt">Trade payables&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,534</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,504</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-left: 9pt">Other liabilities&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt">&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">212</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">139</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; padding-left: 9pt">Total current liabilities&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,746</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,643</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 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">Total equity and liabilities&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt">&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">29,518</TD><TD STYLE="padding-bottom: 2.5pt; 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">26,571</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">*&#9;The notes are an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents" STYLE="font-size: 10pt">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">InflaRx GmbH</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="Unauditedchangesinequity"></A>Unaudited condensed consolidated statements of changes
in equity</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="background-color: White">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="21" STYLE="font-weight: bold; text-align: right"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; border-bottom: Black 0.5pt solid; margin-bottom: 0pt; text-align: center">Other
                                         reserves&nbsp;</P>

</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; text-align: center; padding-bottom: 1pt">(in &euro; thousand)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Issued
                                         capital&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Currency
                                         translation&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Share
                                         based payments&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Accumulated
                                         deficit&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Own
                                         shares&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Total
                                         equity&nbsp;</P></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</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><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><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="width: 34%; font-weight: bold">Balance as of January 1, 2016&#9;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">31</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">9</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">807</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">(18,116</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">(350</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">(17,619</TD><TD STYLE="width: 1%; 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><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><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="font-weight: bold; text-align: left">Comprehensive loss</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><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><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">Loss for the period&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,422</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,422</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other comprehensive income&#9;</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><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><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; padding-left: 18pt; text-indent: -9pt">Exchange differences on translating
    foreign operations&#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">0</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">0</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">0</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">0</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">0</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">0</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; text-align: left">Total comprehensive loss&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(2,422</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(2,422</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt; text-indent: -9pt">Recognition of equity-settled share-based
    payments&#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">0</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">0</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">157</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">0</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">0</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">868</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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><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><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="font-weight: bold">Balance as of June 30, 2016&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">31</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">964</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(20,538</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(350</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(19,173</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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><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><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="font-weight: bold">Balance as of January 1, 2017&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">31</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,675</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(27,055</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(350</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(25,689</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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><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><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="font-weight: bold; text-align: left">Comprehensive loss</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><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><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">Loss for the period&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,473</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,473</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Other comprehensive income&#9;</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><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><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; padding-bottom: 1pt; padding-left: 18pt; text-indent: -9pt">Exchange differences on translating
    foreign operations&#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">0</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</TD><TD STYLE="border-bottom: Black 1pt solid; 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">0</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">0</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">0</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</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Total comprehensive loss&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(2</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(8,473</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(8,475</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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><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><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; padding-left: 9pt; text-indent: -9pt">Recognition of equity-settled share-based
    payments&#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">0</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">0</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">1,489</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">0</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">0</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">1,489</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"><B>Balance as of June 30, 2017&#9;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>31</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>8</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>3,164</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(35,528</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(350</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(32,675</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>)</B></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">*&#9;The notes are an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents" STYLE="font-size: 10pt">Table of Contents</A>&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">InflaRx GmbH</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="Unauditedstatementsofcashflows"></A>Unaudited condensed consolidated statements of cash flows</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&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">For the six months<BR> ended
    June 30,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">(in &euro; thousand)</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">2016</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">2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flow from operating activities</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="width: 78%; text-align: left">Loss for the period&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(2,422</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(8,473</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Adjustments for the period:</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">&ndash; Depreciation and amortization&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22</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">&ndash; Expenses recognized in respect of equity-settled share-based payments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,489</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&ndash; Finance costs (net)&#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">566</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">1,655</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt">&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">(1,682</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">(5,307</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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: rgb(213,234,234)">
    <TD STYLE="text-align: left">Change in other assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(806</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Change in trade and other payables and deferred income&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(247</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">892</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">Interest paid (received)&#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">0</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">(11</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">Net cash used in operating activities&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,861</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(5,232</TD><TD STYLE="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="font-weight: bold; text-align: left">Cash flow from investing activities</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">Purchase of intangible assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Purchase of leasehold improvements and equipment&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22</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">Cash paid for financial assets&#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">0</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">(18</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">Net cash used in investing activities&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(56</TD><TD STYLE="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="font-weight: bold; text-align: left">Cash flow from financing activities</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">Proceeds from issuance of preferred shares&#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">0</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">1,500</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">Net cash generated from financing activities&#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">0</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">1,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</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="font-weight: bold; text-align: left">Net changes to cash and cash equivalents&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,862</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(3,788</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Cash and cash equivalents at the beginning of the year&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,302</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,117</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange gains on cash and cash equivalents&#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">0</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">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents at the end of the year&#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">1,440</TD><TD STYLE="padding-bottom: 2.5pt; 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">25,330</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<DIV ALIGN="LEFT" STYLE="margin: 1pt 5.5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">*&#9;The notes are an integral
part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents" STYLE="font-size: 10pt">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0in"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">InflaRx GmbH</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="Notesunauditedcondensedconsolidated"></A>Notes to the unaudited interim condensed consolidated
financial statements</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt; text-align: left">(1)</TD><TD>Reporting entity</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">InflarX GmbH (in the following &ldquo;InflaRx&rdquo; or the
&ldquo;Company&rdquo;) is a German private limited liability company formed in 2007 and is registered in the Commercial Register
of the Jena local court HRB 502149. The Company&rsquo;s registered office is at Winzerlaer Stra&szlig;e 2 in 07745 Jena, Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">InflaRx is a clinical-stage biopharmaceutical company focused
on applying its proprietary technology to discover and develop first-in-class, potent and specific inhibitors of the complement
activation factor known as C5a.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The condensed unaudited consolidated interim financial statements
(the &ldquo;interim financial statements&rdquo;) of InflaRx comprise the Company and its wholly owned subsidiary, InflaRx Inc.,
Ann Arbor, Michigan, USA (together, the &ldquo;Group&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt; text-align: left">(2)</TD><TD>Basis for preparing the interim financial
                                         statements and accounting policies and valuation methods</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt; text-align: left">a)</TD><TD>Statement of compliance</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The interim financial statements of InflaRx GmbH for the three
and six months ended June 30, 2017 and 2016 have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim
financial statements do not include all the information and disclosures required in the annual financial statements, and should
be read in conjunction with the Group&rsquo;s annual consolidated financial statements as of December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The interim financial statements were authorized for issuance
by management on September 11, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt; text-align: left">b)</TD><TD>Critical judgements and accounting estimates</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The preparation of the interim financial statements in conformity
with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies
and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods
affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In preparing these interim financial statements, the critical
judgments made by management in applying the Group&rsquo;s accounting policies and the key accounting estimates were the same
as those applied to the annual consolidated financial statements as of and for the year ended December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt; text-align: left">c)</TD><TD>Functional and presentation currency</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These interim financial statements are presented in thousands
of Euro, which is also InflaRx GmbH&rsquo;s functional currency. All financial information presented in Euro has been rounded
to the nearest thousand (abbreviated &euro;) or million (abbreviated &euro; million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt; text-align: left">d)</TD><TD>Significant accounting policies</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accounting policies applied by the Group in these interim
financial statements are the same as those applied by the Group in its consolidated financial statements as of and for the year
ended December 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt; text-align: left">e)</TD><TD>New standards and interpretations applied
                                         for the first time</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following amendments to standards and new or amended interpretations
are effective for annual periods beginning on or before January 1, 2017, and will be applied in preparing the annual financial
statements for the year 2017:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 80%; border: Black 1pt solid; text-align: justify; padding-right: 3pt; padding-left: 3pt">Standard/Interpretation</TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; padding-right: 3pt; padding-left: 3pt">Effective
    Date<SUP>1</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amendments
    to IAS 7 <I>Disclosure Initiative</I></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">January
    1, 2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><SUP>1</SUP> Shall apply for
periods beginning on or after the date shown in the effective date column.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt; text-align: left">f)</TD><TD>New standards and interpretations not
                                         yet adopted</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following standards, amendments to standards and interpretations
are effective for annual periods beginning after December 31, 2017, and have not yet been applied in preparing these consolidated
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 80%; border: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Standard/Interpretation</FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Effective
    Date<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS
    15 <I>Revenue from Contracts with Customers</I></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">January
    1, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS
    9 <I>Financial Instruments</I> (2014)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">January
    1, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS
    16 <I>Leases</I></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">January
    1, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Clarifications
    to IFRS 15 <I>Revenue from Contracts with Customers</I></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">January
    1, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amendments
    to IFRS 2: <I>Classification and Measurement of Share-based Payment Transactions</I></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">January
    1, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Annual
    Improvements to IFRS Standards 2014-2016 Cycle</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">January
    1, 2018</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><SUP>1</SUP> Shall apply for
periods beginning on or after the date shown in the effective date column.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Group is assessing the potential impact that IFRS 9 or
16 could have on its consolidated financial statements. The other new or amended standards and interpretations are not expected
to have a significant effect on the consolidated financial statements of the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt; text-align: left">(3)</TD><TD>Other assets</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other assets include prepaid expenses of &euro;853 as of June
30, 2017 (and &euro;0 as of December 31, 2016) related to the anticipated initial public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt; text-align: left">(4)</TD><TD>Share-based payments</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">InflaRx GmbH established an equity-settled share-based payment
program in 2016 (the &ldquo;2016 Plan&rdquo;). Pursuant to the 2016 Plan, the Company has granted to its managing directors, certain
executive officers and key employees options to acquire common shares. Each option grant vests on a graded pattern over a period
of 36 months following the initial grant date, with one-twelfth of the options within such grant vesting every three months during
the total vesting period. However, the vesting of options will automatically accelerate upon the occurrence of certain events
such as an initial public offering or an exit event, as defined in the terms of the preferred shares (see note 5).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">InflaRx GmbH is a private company with no active market for
its shares. Therefore, the determination of fair values at the grant date of our share-based payment awards requires significant
judgment and involves the use of unobservable inputs which are defined as level 3 inputs in IFRS 13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fair value of stock options granted under the 2016 Plan
has been measured using a hybrid method which considers the value of InflaRx as a whole and allocates it to the common shares
and various tranches of preferred shares under an option-pricing model after considering the probabilities of various scenarios
of an initial public offering or a future sale of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The inputs used in the measurement of the fair value at grant
date of the awards granted in 2017 under the 2016 Plan were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 66%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%; border: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fair
    value of stock option in &euro;</FONT></TD>
    <TD STYLE="width: 39%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">527</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fair
    value of common share in &euro;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">831</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exercise
    price in &euro;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">656</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Volatility
    (weighted average)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">62%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expected
    life (range)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.25
    to 7 years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividend
    yield</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Risk-free
    rate (range)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">-0.83
    to -0.04%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Expected volatility has been based on an evaluation of the
historical and implied volatility of a peer group of companies. The range of outcomes for the expected life of the instruments
has been based on expectations on option holder behavior in the scenarios considered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The number of share options under the 2016 Plan were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 66%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61%; border: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Outstanding
    at January 2017</FONT></TD>
    <TD STYLE="width: 39%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11,223</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Granted
    in 2017</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,380</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Forfeited</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Outstanding
    at June 30, 2017</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">14,603</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Thereof
    vested</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ndash;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the three and six months ended June 30, 2017 compensation
expenses of &euro;710 and &euro;1,489 were recognized for all share-based payment awards, respectively, compared to compensation
expenses of &euro;107 and &euro;157 in the three and six months ended June 30, 2016, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None of the share-based payments awards were dilutive in determining
earnings per share due to the loss situation of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt; text-align: left">(5)</TD><TD>Preferred shares</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has issued voting preferred
shares for cash to investors in several financing rounds to fund its development activities. The preferred shares do not contain
a redemption feature. The preferred shareholders are entitled to a disproportionate share of the net assets of the Company in
case of certain &ldquo;exit events.&rdquo; These exit events include the insolvency, dissolution or liquidation of the Company,
a sale of at least 50% of the shares or total assets of the Company, a merger or take-over or any other event pursuant to which
the current shareholders own less than a majority of the voting rights in the Company or the combined entities or a reverse takeover
by way of a share swap or merger. Upon the occurrence of an exit event, the preferred shares are entitled, prior to and in preference
to the holders of common shares, to unpaid accreted dividends of 8% per annum on the issue price of the Series A preferred shares
(6% p.a. on Series B and C preferred shares). Any net assets of the Company remaining after the preference is paid shall be distributed
pro rata to each share of common or preferred. If the proceeds are not sufficient for the preference payments, then the entire
proceeds from the event shall be distributed among the holders of preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On March 14, 2017, the Company received cash contributions
of &euro;1,500 in consideration for Series C preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The carrying amount of the preferred shares at a certain date
is determined as the amortized cost using the effective interest rate method based on the contractual cash flows of the instrument.
The Company did not elect to recognize the preferred shares at fair value through profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the six months ended June 30, 2017 and 2016, interest expense
of &euro;1,472 and &euro;524, respectively, were recognized for all preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt; text-align: left">(6)</TD><TD>Related parties</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Remuneration of key management personnel amounted to &euro;609
and &euro;416 in the six months ended June 30, 2017 and 2016, respectively. The Group recognized share-based payment expenses
of &euro;1,108 and &euro;157 for key management personnel in the six months ended June 30, 2017 and 2016, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="Report1"></A><B>Report of Independent
Registered Public Accounting Firm</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">InflaRx GmbH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have audited the accompanying consolidated
statements of financial position of InflaRx GmbH and subsidiary (the Company) as of December 31, 2016 and 2015, and the related
consolidated statements of comprehensive loss, changes in equity and cash flows for each of the years in the two-year period ended
December 31, 2016. These consolidated financial statements are the responsibility of the Company's management. Our responsibility
is to express an opinion on these consolidated financial statements based on our audit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement.
We were not engaged to perform an audit of the Company's internal control over financial reporting. Our audits included consideration
of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and
disclosures in the consolidated financial statements, assessing the accounting principles used and significant estimates made
by management, and evaluating the overall consolidated financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In our opinion, the consolidated financial
statements referred to above present fairly, in all material respects, the consolidated financial position of InflaRx GmbH at
December 31, 2016 and 2015, and the consolidated results of its operations and its cash flows for each of the two years in the
period ended December 31, 2016, in conformity with International Financial Reporting standards, as issued by the International
Accounting Standards Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ KPMG AG</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wirtschaftspr&uuml;fungsgesellschaft</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Leipzig, Germany</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 23, 2017<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>InflaRx GmbH</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><A NAME="Consolidatedstatementsofcomprehensiveloss"></A>Consolidated statements of comprehensive
loss</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</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">Note*</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">2015</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">2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">(in &euro; thousand)</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 66%; text-align: left">Other income and expenses (net)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 5%; text-align: center">4</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">134</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">231</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Research and development expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">5</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,478</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,278</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">General and administrative expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">6</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(438</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,844</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loss before interest and income taxes&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,782</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,891</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Finance income&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Finance costs &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,140</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,049</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Finance costs (net)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">8</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,135</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,048</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loss before income taxes &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,917</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,939</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Income taxes &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">9</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Loss for the period&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,917</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(8,939</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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="font-style: italic; text-align: left">Items that may be reclassified subsequently to profit or loss:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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">Exchange differences on translating foreign operations&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="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">Other comprehensive income for the period&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>2</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>1</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total comprehensive loss&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(4,915</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(8,938</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Loss per common share (basic and diluted)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">12</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&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"><B>(175</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(318</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD></TR>
</TABLE>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">*&#9;The
notes are an integral part of these consolidated financial statements.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents" STYLE="font-size: 10pt">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>InflaRx GmbH</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><A NAME="Consolidatedstatementsoffinancialposition"></A>Consolidated statements of financial position
</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid">As of</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">(in &euro; thousand)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Note*</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31, <BR>
    2015</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31, <BR>
    2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">ASSETS</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Non-current assets</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 66%; text-align: left; padding-left: 0.25in">Intangible assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 5%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7</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">5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Laboratory and office equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">131</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; padding-left: 0.25in">Financial assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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">1</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">1</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; padding-left: 0.25in">Total non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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"><B>117</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>137</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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="font-weight: bold; text-align: left">Current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">10</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">264</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Cash and cash equivalents</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">11</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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">3,302</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">29,117</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3,469</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">29,381</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&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"><B>3,586</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>29,518</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">EQUITY AND LIABILITIES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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: rgb(213,234,234)">
    <TD STYLE="font-weight: bold">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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; padding-left: 0.25in">Issued capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</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-left: 0.25in">Other reserves</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">13</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">816</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,685</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Accumulated deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,116</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,055</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in">Own shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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">(350</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">(350</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; padding-left: 0.25in">Total equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">12</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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"><B>(17,619</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>(25,689</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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="font-weight: bold; text-align: left">Non-current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in">Preferred shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">14</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,744</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,440</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Deferred income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in">Provisions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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</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">2</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; padding-left: 0.25in">Total non-current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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"><B>20,769</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>53,461</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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="font-weight: bold; text-align: left">Current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Trade payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,534</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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">66</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">212</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">436</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,746</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total equity and liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&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"><B>3,586</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>29,518</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">*&#9;The
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents" STYLE="font-size: 10pt">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>InflaRx GmbH</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><A NAME="Consolidatedchangesinequity"></A>Consolidated statements of changes in
equity</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="27" STYLE="font-weight: bold; text-align: center">Other reserves</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">(in &euro; thousand)</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">Note*</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">Issued capital</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">currency translation</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">share based payments</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">Accumulated deficit</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">Own shares</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">Total equity</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 26%; font-weight: bold">Balance as of January 1, 2015&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">31</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">7</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">565</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">(13,199</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">(350</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">(12,946</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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><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><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="font-weight: bold; text-align: left">Comprehensive loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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><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><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">Loss for the period&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,917</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,917</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Other comprehensive income&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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><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><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; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">Exchange differences on translating
    foreign operations&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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</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">2</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</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</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</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">2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Total comprehensive loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,917</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,915</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">Recognition of equity-settled
    share-based payments&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">13</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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</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</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">242</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</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</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">242</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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><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><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="font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">Balance as of December 31, 2015 / January 1, 2016&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">12</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">31</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">807</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(18,116</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(350</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(17,619</TD><TD STYLE="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: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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><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><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="font-weight: bold; text-align: left">Comprehensive loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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><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><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">Loss for the period&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,939</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,939</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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><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><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; text-indent: -0.125in; padding-left: 0.125in">Exchange differences on translating
    foreign operations&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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</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">1</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</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</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</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">1</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">Total comprehensive loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(8,939</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(8,938</TD><TD STYLE="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: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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><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><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; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in">Recognition of equity-settled
    share-based payments&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">13</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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</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</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">868</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</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</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">868</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Balance as of December 31, 2016</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">13</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>31</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>10</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>1,675</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(27,055</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(350</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(25,689</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD></TR>
</TABLE>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">*&#9;The
notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 189 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents" STYLE="font-size: 10pt">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>InflaRx GmbH</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><A NAME="Consolidatedcashflows"></A>Consolidated statements of cash flows</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">(in &euro; thousand)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">Note*</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">2015</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">2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Cash flow from operating activities</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 61%; text-align: left">Loss for the period&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(4,917</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(8,939</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adjustments for the period:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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: rgb(213,234,234)">
    <TD STYLE="text-align: left">&ndash; Depreciation and amortization &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&ndash; Expenses recognized in respect of equity-settled share-based payments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">13</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">243</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">868</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">&ndash; Finance costs (net)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">8</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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">1,051</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">2,048</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,583</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,990</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Change in other assets &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">10</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(119</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(97</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Change in trade and other payables and deferred income&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">389</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,306</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">Interest paid (received)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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">5</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">(212</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">Net cash used in operating activities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(3,308</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,993</TD><TD STYLE="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: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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="font-weight: bold; text-align: left">Cash flow from investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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: rgb(213,234,234)">
    <TD STYLE="text-align: left">Purchase of intangible assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Purchase of leasehold improvements and equipment&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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">(11</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">(49</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Net cash used in investing activities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(13</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(53</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flow from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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">Proceeds from issuance of preferred shares&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">14</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,993</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 issue costs paid&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">14</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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</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">(133</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">Net cash generated from financing activities&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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"><B>0</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>30,860</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&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="font-weight: bold; text-align: left">Net changes to cash and cash equivalents&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(3,321</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">25,814</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">Cash and cash equivalents at the beginning of the year&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">11</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,622</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,302</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Exchange gains on cash and cash equivalents &#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&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">1</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">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents at the end of the year&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">11</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&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"><B>3,302</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>29,117</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;*&#9;The notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents" STYLE="font-size: 10pt">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>InflaRx GmbH</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><A NAME="Notes"></A>Notes to the consolidated financial statements</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(1)</TD><TD>Reporting entity</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">InflaRx GmbH (in the following &ldquo;InflaRx&rdquo;
or the &ldquo;Company&rdquo;) is a German private limited liability company formed in 2007 and is registered in the Commercial
Register of the Jena local court HRB&nbsp;502149. The Company&rsquo;s registered office is at Winzerlaer Stra&szlig;e 2 in 07745
Jena, Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">InflaRx is a clinical-stage biopharmaceutical
company focused on applying its proprietary technology to discover and develop first-in-class, potent and specific inhibitors
of the complement activation factor known as C5a.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements
of InflaRx comprise the Company and its wholly owned subsidiary, InflaRx Inc., Ann Arbor, Michigan,USA (together, the &ldquo;Group&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(2)</TD><TD>Basis for preparing the consolidated financial statements</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 25.1pt"><B>a)</B></TD><TD><B>Statement of compliance</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements
of InflaRx GmbH have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board (IASB).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements
were authorized for issuance by management on June&nbsp;23, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 25.1pt"><B>b)</B></TD><TD><B>Basis of measurement</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements
have been prepared on the historical cost basis except for certain financial assets and share-based payments that are measured
at fair value, as required by IFRS. The Group did not opt to designate the outstanding preferred shares at fair value through
profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The assets and liabilities included in
the consolidated financial statements are recognized and measured in accordance with the accounting policies and valuation methods
described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 25.1pt"><B>c)</B></TD><TD><B>Consolidation</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company controls an entity when it
has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the entity and has the
ability to affect those returns through its power over the entity. A subsidiary is consolidated from the date on which control
is transferred to the Company. It is deconsolidated from the date control ceases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intercompany transactions, balances and
unrealized gains on transactions between group companies are eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 25.1pt"><B>d)</B></TD><TD><B>Functional and presentation currency</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements
and the related notes are presented in thousands of Euro, which is also InflaRx GmbH&rsquo;s functional currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents" STYLE="font-size: 10pt">Table of Contents</A>&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(3)</TD><TD>Accounting policies and valuation methods</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounting policies and valuation
methods set out below have been applied consistently to all periods presented in these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>a)</B></TD><TD><B>Current and non-current distinction</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">InflaRx presents current and non-current
assets and current and non-current liabilities as separate classifications in the statement of financial position. InflaRx classifies
all investments in financial instruments held for trading or available-for-sale and assets expected to be recovered or liabilities
to be settled within twelve months after the reporting period as current and all other amounts as non-current.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>b)</B></TD><TD><B>Foreign currency translation</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transactions in a foreign currency are
initially translated into the respective functional currency using the spot rate prevailing on the date of the relevant transaction.
Monetary items which are not denominated in the functional currency are subsequently translated using the rate applicable at the
end of the period. The resulting currency gains and losses are recognized directly in profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The assets and liabilities of InflaRx
Inc. whose functional currency is the U.S. Dollar are translated using the spot rate at the end of the period into the reporting
currency (Euro). Expenses and income are translated using the rates on the date of the relevant transaction. All cumulative differences
resulting from the currency translation of the shareholders&rsquo; equity of InflaRx Inc. are recognized in other reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following exchange rates have been applied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2015</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average
    </FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">exchange rate</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    rate at the end of period </FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average
    </FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">exchange rate</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    rate at the end of period</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">U.S. Dollar</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.1095</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.0887</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.1069</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.0541</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>c)</B></TD><TD><B>Notes to the cash flow statement</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cash flow statement has been prepared
using the indirect method for cash flows from operating activities. The cash disclosed in the cash flow statement is comprised
of cash and cash equivalents. Cash comprises cash on hand and demand deposits. Cash equivalents are short-term bank deposits and
money market investment funds and are not subject to a significant risk of changes in value. Interest paid and received is included
in the cash from operating activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>d)</B></TD><TD><B>Research and development</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research expenses are recognized as expense
when they are incurred. They comprise third-party services, wages and salaries, cost of materials, relevant depreciation of equipment
and amortization of intangibles as well as overhead.</P>

<P STYLE="margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Development expenses must be capitalized
if the criteria of IAS 38 are met. In the periods presented, no development expenses were capitalized because management does
not believe all the recognition criteria of IAS 38 had been met. This assessment is due to the general uncertainties in drug development
and the unpredictability of regulatory requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intellectual property-related expenses
for patents are part of the expenditure for research and development projects. Therefore, registration expenses for patents are
expensed when incurred as long as the research and development project concerned does not meet the criteria for capitalization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>e)</B></TD><TD><B>Employee benefits</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Short-term employee benefits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Short-term employee benefit obligations
are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount
expected to be paid under a short-term cash bonus, if the Group has a present legal or constructive obligation to pay this amount
as a result of past service provided by the employee, and the obligation can be estimated reliably.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Share-based payment transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The grant-date fair value of equity-settled
share-based payment awards granted to employees is generally recognized as a non-current liability, with a corresponding increase
in equity, over the vesting period of the awards. At each balance sheet date, the amount recognized as an expense is adjusted
to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such
that the amount ultimately recognized is based on the number of awards that meet any related service and non-market performance
conditions at the vesting date. For share-based payment awards with non-market vesting conditions, the grant-date fair value of
the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual
outcomes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>f)</B></TD><TD><B>Government grants</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">The Group receives certain government
grants that support its research efforts in defined projects. These grants generally provide for reimbursement of approved costs
incurred as defined in the respective grants. Income in respect of grants also includes contributions towards the costs of research
and development. Income is recognized when costs under each grant are incurred in accordance with the terms and conditions of
the grant and the collectability of the receivable is reasonably assured. Government grants relating to costs are deferred and
recognized in the consolidated statement of comprehensive loss over the period corresponding to the incurrence of costs they are
intended to compensate.</P>

<P STYLE="margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Government grants whose primary condition
is that the Group purchase non-current assets are recognized as deferred income in the consolidated statement of financial position
and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the cash in relation to recognized
government grants is not yet received the amount is included as a receivable on the statement of financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group recognizes income from government
grants under &lsquo;other income and expenses (net)&rsquo; in the consolidated statement of profit or loss and other comprehensive
income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>g)</B></TD><TD><B>Lease payments</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments made under operating leases are
recognized in profit or loss on a straight-line basis over the term of the lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>h)</B></TD><TD><B>Finance income and finance costs</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance income is derived from interest-bearing
financial assets, including cash equivalents. Interest income is recognized as it accrues using the effective interest method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance costs comprise interest expense
on preferred shares (see note 14).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>i)</B></TD><TD><B>Intangible assets</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangible assets mainly comprise acquired
technology licenses and software. Intangible assets are initially measured at acquisition cost, including any directly attributable
costs of preparing the asset for its intended use less accumulated amortization. Amortization begins when an asset is available
for use and amortization is calculated using the straight-line method to allocate the cost over the assets&rsquo; estimated useful
lives, as follows:</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Technology
                                         licenses: 8 years</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Software:
                                         3 years</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group only owns intangible assets
with a definite useful life.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The useful lives of intangible assets
are reviewed at each reporting date. The effect of any adjustment to useful lives is recognized prospectively as a change of accounting
estimate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>j)</B></TD><TD><B>Laboratory and office equipment </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Laboratory and office equipment are stated
at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition
of the items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All repairs and maintenance are charged
to profit or loss during the financial period in which they are incurred, because they do not constitute a separate asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation on leasehold improvements
and equipment is calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: windowtext">Laboratory
                                         equipment: </FONT>3 to 23 years</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: windowtext">Office
                                         equipment: </FONT>1 to 5 years</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The assets&rsquo; residual values and
useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gains and losses on disposals are determined
by comparing the proceeds with the carrying amount and are recognized within &lsquo;other income and expenses (net)&rsquo; in
the consolidated statement of profit or loss and other comprehensive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>k)</B></TD><TD><B>Financial instruments</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A financial instrument is any contract
that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Financial assets&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents comprise cash
balances, investments in money-market funds and bank deposits with original maturities of three months or less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investments in money-market funds
that are traded in an active market or can be reedeemed are classified as held for trading. These investments are stated at fair
value at the end of each reporting period, and the difference from the prior reporting period is recongized through profit or
loss.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Financial liabilities&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&rsquo;s financial liabilities
comprise trade and other payables and preferred shares. The Group initially recognizes non-derivative financial liabilities on
the date that they are originated and measures them at amortized cost using the effective interest rate method. The Group derecognizes
a financial liability when its contractual obligations are discharged, cancelled or expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>l)</B></TD><TD><B>Income taxes</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income taxes comprise current and deferred
taxes. Current and deferred taxes are recognized in profit or loss except to the extent that they relate to items recognized directly
in equity or in other comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current tax is the expected tax payable
or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date,
and any adjustment to tax payable in respect of previous years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax is recognized in respect
of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts
used for taxation purposes. Deferred tax is not recognized for temporary differences associated with assets and liabilities if
the transaction which led to their initial recognition is a transaction that is not a business combination and that affects neither
accounting nor taxable profit or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax is measured at the tax rates
that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively
enacted by the reporting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets and liabilities are
presented net if there is a legally enforceable right to offset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A deferred tax asset is recognized for
unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits
will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced
to the extent that it is no longer probable that the related tax benefit will be realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to its stage of development, the Company
does not report deferred tax assets on its statement of financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>m)</B></TD><TD><B>Fair Value Measurement </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All assets and liabilities for which fair
value is recognized in the consolidated financial statements are organized in accordance with the following fair value hierarchy,
based on the lowest level input parameter that is significant on the whole for fair value measurement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Level
                                         1 &ndash; Quoted prices in active markets for identical assets or liabilities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Level
                                         2 &ndash; Inputs other than quoted prices included within Level&nbsp;1 that are observable
                                         for the instrument, either directly (as prices) or indirectly (derived from prices).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Level
                                         3 &ndash; Inputs for instruments that are not based on observable market data (unobservable&nbsp;inputs).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amount of all financial instruments
other than preferred shares (see note 14) approximates their fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>n)</B></TD><TD><B>Critical judgments and account estimates</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the consolidated financial
statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application
of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised
and in any future periods affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
preparing these financial statements, the critical judgments made by management in applying the Group's accounting policies involve
the determination of the grant date fair value of share-based payment awards (see note 13) and the classification and measurement
of preferred shares (see note 14).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>o)</B></TD><TD><B>New standards and interpretations applied for
                                         the first time </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A number of amendments to standards and
new or amended interpretations are effective for annual periods beginning on or before January 1, 2016, and have been applied
in preparing these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 81%; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Standard/Interpretation</FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Effective
    date<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Annual Improvements to IFRSs 2012-2014 Cycle</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Amendments to IAS 16, 38 <I>Clarification of acceptable methods
    of depreciation and amortization</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Amendments to IAS 1 <I>Disclosure Initiative</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2016</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 81%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amendments to IFRS 10, 12 and IAS 28 <I>Investment
    Entities</I></FONT></TD>
    <TD STYLE="width: 19%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Amendment to IFRS 11 <I>Accounting for Acquisitions of Interests
    in Joint Operations</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2016</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>1 </SUP></FONT>Shall
apply for periods beginning on or after shown in the effective date column.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of these amendments to standards
and new or amended interpretations had a significant effect on the consolidated financial statements of the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><B>p)</B></TD><TD><B>New standards and interpretations not yet adopted
                                         </B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following standards, amendments to
standards and interpretations are effective for annual periods beginning after December 31, 2016, and have not yet been applied
in preparing these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 81%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Standard/Interpretation</FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Effective
    date<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS 15 <I>Revenue from Contracts with Customers</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS 9 <I>Financial Instruments</I> (2014)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Amendments to IAS 7 <I>Disclosure Initiative</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">IFRS 16 <I>Leases</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Clarifications to IFRS 15 <I>Revenue from Contracts with Customers</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Amendments to IFRS 2 <I>Classification and Measurement of </I></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Share-based Payment Transactions</I></FONT></TD>
    <TD STYLE="text-align: right"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Annual Improvements to IFRSs 2014-2016 Cycle</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 1, 2018</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>1 </SUP></FONT>Shall
apply for periods beginning on or after shown in the effective date column.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group is assessing the potential impact
that IFRS 9 or 16 could have on its consolidated financial statements. The other new or amended standards and interpretations
are not expected to have a significant effect on the consolidated financial statements of the Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>InflaRx GmbH</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notes to the consolidated statements
of comprehensive loss</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(4)</TD><TD>Other income and expenses - net</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(in &euro; thousand)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Government grants&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">123</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">222</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Others&#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">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">16</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other income&#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"><B>141</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>238</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">&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">&nbsp;</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">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Charitable donations&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Others&#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">(4</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">(2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other expenses&#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"><B>(7</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><B>(7</B></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><B>)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Other income
    and expenses, net&#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"><B>134</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>231</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(5)</TD><TD>Research and development expenses</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(in
    &euro; thousand)</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="font-size: 10pt">Third-party services</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">1,960</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">3,757</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Personnel expenses</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,153</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,293</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Legal and consulting fees</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">77</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">95</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Cost of materials</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">52</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Amortisation and depreciation</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Other expenses&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">196</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">72</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Research and development
    expenses&#9;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,478</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,278</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2016, personnel expenses include expenses
for equity-settled share-based payments of k&euro;&nbsp;294 (2015: k&euro;&nbsp;144).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(6)</TD><TD>General and administrative expenses</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(in
    &euro; thousand)</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="font-size: 10pt">Personnel expenses&#9;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">309</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">1,134</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Legal, consulting and audit fees&#9;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">86</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">394</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Other expenses&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">316</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">General and administrative
    expenses&#9;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>438</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,844</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2016, personnel expenses include expenses
for equity-settled share-based payments of k&euro;&nbsp;575 (2015: k&euro;&nbsp;98).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents" STYLE="font-size: 10pt">Table of Contents</A>&nbsp;</DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(7)</TD><TD>Employee benefits</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the items of
employee benefits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(in
    &euro; thousand)</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="font-size: 10pt">Wages and salaries&#9;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">1,124</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">1,468</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Share-based payment expenses&#9;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">242</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">868</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Social security expenses&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">96</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">126</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Employee benefits&#9;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,462</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,462</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(8)</TD><TD>Finance costs (net)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finance costs (net) comprise the following
items:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(in &euro; thousand)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">2015</FONT></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">2016</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left">Finance income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">5</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">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest on preferred shares&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,056</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,836</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>Cost of issuing preferred shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(84</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(193</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other finance costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20</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">Finance costs</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">(1,140</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">(2,049</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: 2.5pt">Finance costs (net)&#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"><B>(1,135</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>(2,048</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>)</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(9)</TD><TD>Income taxes</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group did not incur any material income
tax. As of December 31, 2016 and 2015, temporary differences resulting from tax loss carryforwards or share-based payments have
not been recognized as deferred tax assets as no sufficient probable future taxable profits or offsetting deferred tax liabilities
are available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A reconciliation between current income
taxes recognized in profit or loss and the product of loss before tax multiplied by the Company's applicable tax rate is presented
below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">(in
    &euro; thousand)</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="font-size: 10pt">Loss before taxes&#9;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">(4,917</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">(8,939</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Tax benefits at tax rate of 30.53%&#9;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,501</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,729</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Tax losses for which no deferred income tax
    asset was recognized&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(1,501</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(2,729</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Taxes&#9;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>0</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>0</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In Germany, the Company has tax losses
carried forward of &euro;&nbsp;19,200 (2015: &euro;&nbsp;12,900) for corporate income tax and trade tax purposes that are available
indefinitely for offset against future taxable profits of that entity. Restrictions on the utilization of tax losses were mitigated
through Economic Growth Acceleration Act (Wachstumsbeschleunigungsgesetz). According to the provisions of this Act unused tax
losses of a corporation as at the date of a qualified change in ownership are preserved to the extent they are compensated by
an excess of the fair value of equity for tax purposes above its carrying amount of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Company. Deferred tax assets have not
been recognized in respect of these losses as no sufficient taxable profits of the Company are expected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>InflaRx GmbH</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notes to the consolidated statements
of financial position</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(10)</TD><TD>Other assets</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><BR>(<B>in
                                    &euro; thousand</B>)</P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; padding-bottom: 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>December
                                         31, 2015</B></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; padding-bottom: 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>December
                                         31, 2016</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left">VAT receivables</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">60</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">130</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Government grant receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</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">Prepaid expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Others</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">11</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">13</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Other assets</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"><B>167</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>264</B></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(11)</TD><TD>Cash and cash equivalents</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Group&rsquo;s cash and cash equivalents comprise deposits
held at banks of &euro;1,120 (2015: &euro;3,302) as well as <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">money
market funds in the amount of &euro;27,997 (2015: &euro;0).</FONT></P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(12)</TD><TD>Equity</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Issued capital &nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">InflaRx GmbH was established with an issued
capital of &euro;&nbsp;25, divided into 25,000 shares with a nominal value of &euro;&nbsp;1 each. Subsequently, the issued capital
was increased to &euro;&nbsp;31.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other reserves &ndash; currency translation reserve&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The translation reserve comprises all
foreign currency differences arising from the translation of the financial statements of foreign operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Own shares&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">InflaRx GmbH holds 2,803 of its own shares
at December 31, 2016 and 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Authorized capital&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on shareholders&rsquo; resolutions
management is authorized to increase the Company&rsquo;s issued capital by up to &euro; 16 through the issuance of new shares,
including preference shares that are reported as financial liabilities, through October 26, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(13)</TD><TD>Share-based payments</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><B>2016 Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">InflaRx GmbH established an equity-settled
share-based payment program in 2016 (the &ldquo;2016 Plan&rdquo;). Pursuant to the 2016 Plan, the Company has granted to its managing
directors, certain executive officers and key employees options to acquire common shares. Each option grant vests on a graded
pattern over a period of 36 months following the initial grant date, with one-twelfth of the options within such grant vesting
every three months during the total vesting period. However, the vesting of options will automatically accelerate upon the occurrence
of certain events such as an initial public offering or an exit event, as defined in the terms of the preferred shares (see note
14).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents" STYLE="font-size: 10pt">Table of Contents</A>&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">InflaRx GmbH is a private company with
no active market for its shares. Therefore, the determination of fair value at the grant dates of our share-based payment awards
requires significant judgment and involves the use of unobservable inputs that are defined as level 3 inputs in IFRS 13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of stock options granted
under the 2016 Plan has been measured using a hybrid method which <FONT STYLE="font-family: Times New Roman, Times, Serif">considers
the value of InflaRx as a whole and allocates it to the common shares and the various tranches of preferred shares under an option-pricing
model, taking into account the probabilities of various scenarios such as an initial public offering or a future sale of the Company.
The inputs used in the measurement of the fair values at grant date of the awards granted under the 2016 Plan were as follows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; border: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Fair
    value of stock option in &euro;</FONT></TD>
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">212</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Fair
    value of common share in &euro;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">431</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Exercise
    price in &euro;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">656</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Volatility
    (weighted average)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">63%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Expected
    life (range)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">4.25
    to 7 years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Dividend
    yield</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Risk-free
    rate (range)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">-0.33
    to 0.17%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expected volatility was based on an evaluation
of the historical and implied volatility of a peer group of companies. The range of outcomes for the expected life of the instruments
was based on expectations of option holder behavior in the scenarios considered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of share options under the
2016 Plan were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; border: Black 1pt solid; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted
    in 2016</FONT></TD>
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,223</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
    at December 31, 2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,223</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested
    at December 31, 2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other share-based awards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2016, InflaRx also established a share-based
payment plan for its nonexecutive board members (the &ldquo;Board Plan&rdquo;) and granted 484 shares of common stock. Grants
under the Board Plan are not subject to service or performance conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In prior years, InflaRx had granted to
its managing directors and certain executive officers options to purchase common shares for a nominal price (the &ldquo;2012 Plan&rdquo;).
Vesting of the awards for 5,114 common shares issued in 2012 was subject to non-market performance conditions comprising the achievement
of milestones of development projects. All such awards were vested at December 31, 2016. Options to acquire 974 shares issued
after 2012 to key employees required the completion of an initial public offering or other exit event as a vesting condition,
which was waived in 2016, resulting in vesting of all such options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2016 and 2015, compensation expenses
of k&euro;868 and k&euro;242 were recognized in aggregate for share-based payment awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the share-based payments awards
were dilutive in determining earnings per share due to the loss situation of the Company.</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(14)</TD><TD>Preferred shares</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has issued voting preferred
shares for cash to investors in several financing rounds to fund its development activities. The preferred shares do not contain
a redemption feature. The preferred shareholders are entitled to a disproportionate share of the net assets of the Company in
case of certain &ldquo;exit events.&rdquo; These exit events include the insolvency, dissolution or liquidation of the Company,
a sale of at least 50% of the shares or total assets of the Company, a merger or take-over or any other event pursuant to which
the current shareholders own less than a majority of the voting rights in the Company or the combined entities or a reverse takeover
by way of a share swap or merger. Upon the occurrence of an exit event, the preferred shares are entitled, prior to and in preference
to the holders of common shares, to unpaid accreted dividends of 8% per annum on the issue price of the Series A preferred shares
(6% p.a. on Series B and C preferred shares). Any net assets of the Company remaining after the preference is paid shall be distributed
pro rata to each share of common or preferred. If the proceeds are not sufficient for the preference payments, then the entire
proceeds from the event shall be distributed among the holders of preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the third quarter of 2016, the Company
issued 47,246 Series C preferred shares for cash contributions of &euro;30,993. The carrying amount of the preferred shares at
a certain date is determined as the amortized cost using the effective interest rate method based on the contractual cash flows
of the instrument. The Company did not elect to recognize the preferred shares at fair value through profit or loss.</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other disclosures</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(15)</TD><TD>Contractual obligations and commitments</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below sets forth the contractual
obligations as of December 31, 2016:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">(in &euro; thousand)</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">2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 87%; text-align: left">Within one year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Between one and three years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">454</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">Between three and five years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">More than five years</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</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Operating lease obligations</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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">461</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operating lease obligations&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating lease obligations consist of
payments pursuant to non-cancellable operating lease agreements relating to leases of office space. The lease term of the Group&rsquo;s
premises in Jena, Germany expires in December 2019. The lease term of the Group&rsquo;s premises in Munich, Germany expires in
December 2018. The lease period is extended automatically until June 30, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Contingencies&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group enters into contracts in the
normal course of business with CROs and clinical sites for the conduct of clinical trials, professional consultants for expert
advice and other vendors for clinical supply manufacturing or other services. These contracts are not included in the table above
as they provide for termination on notice, and therefore are cancelable contracts and do not include any minimum purchase commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(16)</TD><TD>Related parties</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&rsquo;s key management personnel
comprised its managing directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">Professor
                                         Niels C. Riedemann &ndash; Chief Executive Officer</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">Professor
                                         Renfeng Guo &ndash; Chief Scientific Officer</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">Mr.
                                         Arnd Christ &ndash; Chief Financial Officer</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">Mr.
                                         Othmar Zenker &ndash; Chief Medical Officer</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The compensation of key management personnel
comprised the following components:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">(<FONT STYLE="font-size: 10pt">in &euro; thousand)</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2015</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; text-align: left"><FONT STYLE="font-size: 10pt">Short-term employee benefits&#9;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">785</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">604</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Share-based payments&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">242</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">660</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Compensation of key management
    personnel&#9;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,027</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,264</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Remuneration of InflaRx&rsquo;s managing
directors comprises fixed and variable components and share-based payment awards. In addition, the managing directors receive
supplementary benefits such as fringe benefits and allowances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The InflaRx GmbH&rsquo;s supervisory board
comprised the following persons:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 12pt; color: windowtext">&bull;</FONT></TD><TD STYLE="text-align: justify">Nicolas
                                         Fulpius (Chairman)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 12pt; color: windowtext">&bull;</FONT></TD><TD STYLE="text-align: justify">Katrin
                                         Uschmann</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 12pt; color: windowtext">&bull;</FONT></TD><TD STYLE="text-align: justify">Mark
                                         Kuebler</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-size: 12pt">&bull;</FONT></TD><TD STYLE="text-align: justify">Lina
                                         Ma</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The supervisory directors of InflaRx GmbH
did not receive compensation for their services on the supervisory board. In 2016, InflaRx granted awards to three directors under
the terms of the Board Plan (see note 14) and recorded compensation expense of &euro;208.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Series C preferred
share financing, certain members of the supervisory board were engaged to assist in sourcing potential new investors. Mr. Kuebler
was paid &euro;160 and Mr. Fulpius was paid &euro;72,000 upon the closing of the series C preferred share financing transaction
in exchange for their respective introductions of certain investors in the financing transaction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(17)</TD><TD>Financial risk management</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Financial risk management objectives
and policies&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&rsquo;s principal financial
assets comprise short-term deposits at commercial banks with a maturity on inception of three months or less and investments in
money-market funds. The main purpose of these financial instruments is to provide funds for the Group's development activities.
The Group has some other financial assets and liabilities such as trade and other payables, which arise directly from its operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The main risks arising from the Group's
financial instruments are credit risk and liquidity risk. The measures taken by management to manage each of these risks are summarized
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Credit risk&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amount of financial assets,
including cash and cash equivalents, represents the maximum exposure to counterparty credit risk of &euro; 29,100 (2015: &euro;
33,300).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cash and cash equivalents are held
with banks, which are rated BBB to A based on Standard &amp; Poor&rsquo;s and Moody&rsquo;s. The issuer of the money-market funds
also has a high credit rating.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Interest rate risk&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The group&rsquo;s interest rate risk arises
from its investments and cash equivalents of &euro; 29,100.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2016, there was no
significant interest rate risk, as the interest income obtained in the current market environment was de minimis. However, the
introduction of negative interest rates on financial assets by financial institutions might expose the Group to additional interest
rate risks in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Foreign currency risk&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Foreign exchange risk arises when commercial
transactions or recognized assets or liabilities are denominated in a currency that is not an entity&rsquo;s functional currency.
InflaRx GmbH is exposed to the exchange rate between the Euro and the US Dollar (USD).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2016, if the Euro had weakened/strengthened
by 10% against the US dollar with all other variables held constant, the loss would have been &euro; 7 higher/&euro; 6 lower,
mainly as a result of foreign exchange gains/losses on translation of US dollar-denominated expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Liquidity risk&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Liquidity risk is the risk that the Group
will encounter difficulties in meeting the obligations which are typically settled by delivering cash. The Group&rsquo;s approach
to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities
when due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group continually monitors its risk
of a shortage of funds using short and mid-term liquidity planning. This takes account of the expected cash flows from all activities.
The management team undertakes regular reviews of the budget.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the third quarter of 2016, InflaRx
raised significant funding that it estimates will enable the group to fund operating expenses and capital expenditure requirements
in the subsequent years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group expects to require additional
funding to continue to advance the development of product candidates In addition, the Group expects to require additional capital
to commercialize the products if regulatory approval were received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Capital management&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The primary objective of the Group's capital
management is to ensure that it maintains its liquidity in order to finance its development activities and meet its liabilities
when due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group manages its capital structure
through equity and the issuance of preferred shares to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><A NAME="Report"></A>Report of Independent
Registered Public Accounting Firm</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Management Board of</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Fireman B.V.:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have
audited the accompanying statement of financial position of Fireman B.V. (the Company) as of June&nbsp;23, 2017. This financial
statement is the responsibility of the Company&rsquo;s management. Our responsibility is to express an opinion on this financial
statement based on our audit.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We conducted
our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the statement of financial position is free of
material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the
statement of financial position, assessing the accounting principles used and significant estimates made by management, and evaluating
the overall presentation of the statement of financial position. We believe that our audit of the statement of financial position
provides a reasonable basis for our opinion.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In our opinion,
the statement of financial position referred to above presents fairly, in all material respects, the financial position of Fireman
B.V. as of June&nbsp;23, 2017, in conformity with International Financial Reporting Standards, as issued by the International
Accounting Standards Board.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">/s/ KPMG AG</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">Wirtschaftspr&uuml;fungsgesellschaft</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Leipzig, Germany</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">June&nbsp;23, 2017<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Fireman B.V.</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><A NAME="Statementoffinancialposition"></A>Statement of financial position</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 75%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
    of</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">(<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>in &euro;)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Note*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">June 23, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ASSETS</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Current assets</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash and cash equivalents</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; border-bottom: Black 0.5pt solid">0.12&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total current assets</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>0.12</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%; text-align: center">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total assets</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="border-bottom: Black 2.5pt double; text-align: center"><B>0.12&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EQUITY</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Equity</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issued capital</FONT></TD>
    <TD STYLE="text-align: center">3</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total equity</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; border-bottom: Black 0.5pt solid"><B>0.12&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total equity</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><P STYLE="border-bottom: Black 2.5pt double; text-align: center"><B>0.12&nbsp;</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt">*&#9;The
notes are an integral part of this financial statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Fireman B.V.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><A NAME="Notestothefinancialstatement"></A>Notes to the financial statement</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(1)</TD><TD>Reporting entity</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fireman B.V. (in the following, &ldquo;Fireman&rdquo;
or the &ldquo;Company&rdquo;) is a Dutch private company with limited liability (<I>besloten vennootschap met beperkte aansprakelijkheid</I>)
formed on June 6, 2017 with its corporate seat in Amsterdam, The Netherlands, and registered in the Commercial Register of The
Netherlands Chamber of Commerce Business Register under CCI number 68904312. The Company&rsquo;s registered office is at Winzerlaer
Stra&szlig;e 2 in 07745 Jena, Germany.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fireman was formed for the purpose of a
corporate reorganization of InflaRx GmbH (the predecessor) in preparation of an initial public offering. Pursuant to the terms
of such corporate reorganization that will be completed prior to the closing of the initial public offering, all of the equity
interests in InflaRx GmbH will be exchanged for newly issued common shares of Fireman, and as a result, InflaRx GmbH will become
a wholly owned subsidiary of Fireman. Subsequently, Fireman intends to convert its legal form under Dutch law from a private company
with limited liability to a public company with limited liability (N.V. or <I>naamloze vennootschap</I>) and to change its name
from Fireman B.V. to InflaRx N.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(2)</TD><TD>Basis of preparation</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: -28.35pt"><B>a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Statement of compliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This financial statement has been prepared
in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This financial statement was authorized
for issuance by the management board on June 23, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: -28.35pt"><B>b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Omission of statements of comprehensive loss, cash-flow and changes in equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To this date, the Company has not commenced
any activities other than those incident to its formation, the contemplated corporate reorganization and the initial public offering.
As of June 23, 2017, Fireman was not capitalized. Accordingly, statements of comprehensive income, cash flows and changes in equity
have been omitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(3)</TD><TD>Equity</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has issued one share to its
sole shareholder in a nominal amount of &euro;0.12. This amount is fully paid-in.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Formation expenses</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 21, 2017, InflaRx GmbH agreed
to reimburse Fireman B.V. for all formation expenses and costs related to the contemplated corporate reorganization and preparation
of an initial public offering, incurred as of the date of the agreement and in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common shares</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 28pt">Fireman
B.V.</FONT></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 28pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_003.jpg" ALT="InflaRx GmbH" STYLE="height: 75px; width: 250px"></P>

<P STYLE="font: bold 28pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 28pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PRELIMINARY PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2017</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: bold 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">J.P. Morgan</P>

<P STYLE="font: bold 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Leerink Partners<BR>
BMO Capital Markets<BR>
<BR></P>

<P STYLE="font: bold 22pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Through and including &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2017 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not
participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer&rsquo;s obligation to
deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II<BR>
INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 6. Indemnification of directors and officers</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our current and former directors (and
such other current or former officer or employee as designated by the board of directors) have the benefit of the following indemnification
provisions in our Articles of Association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Indemnified persons shall be reimbursed
for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>any financial losses or damages incurred by such indemnified
                                         person;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;any expense reasonably
paid or incurred by such indemnified person in connection with any threatened, pending or completed suit, claim, action or legal
proceedings of a civil, criminal, administrative or other nature, formal or informal, in which he becomes involved:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">in each case to the extent this relates
to his current or former position with the company and/or a group company and in each case to the extent permitted by applicable
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There shall be no entitlement to reimbursement
as referred to above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>if a competent court or arbitral tribunal has established
                                         that the acts or omissions of such indemnified person that led to the financial losses,
                                         damages, expenses, suit, claim, action or legal proceedings as described above are of
                                         an unlawful nature (including acts or omissions which are considered to constitute malice,
                                         gross negligence, intentional recklessness and/or serious culpability attributable to
                                         such indemnified person);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>to the extent that his financial losses, damages and
                                         expenses are covered under an insurance and the relevant insurer has settled, or has
                                         provided reimbursement for, these financial losses, damages and expenses (or has irrevocably
                                         undertaken to do so); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>in relation to proceedings brought by such indemnified
                                         person against the company, except for proceedings brought to enforce indemnification
                                         to which he is entitled pursuant to the Articles of Association, pursuant to an agreement
                                         between such indemnified person and the company which has been approved by the board
                                         of directors or pursuant to an insurance taken out by the company for the benefit of
                                         such indemnified person.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The board of directors may stipulate additional
terms, conditions and restrictions in relation to the indemnification referred to above. We also intend to enter into indemnification
agreements with each of our directors and executive officers upon the closing of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 7. Recent sales of unregistered securities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Set forth below is information regarding
all securities issued by Fireman B.V.&rsquo;s predecessor, InflaRx GmbH, without registration under the Securities Act since January
1, 2014:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On July 11, 2014,
InflaRx GmbH issued 9,341 Series B preferred shares. In addition to the nominal value of the shares (&euro;9,000), the shareholders
made cash contributions into the Company&rsquo;s capital reserves of &euro;2.7 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the third quarter
of 2016, InflaRx issued 47,246 Series C preferred shares.&nbsp; In addition to the nominal value of the shares (&euro;47,000),
the shareholders made cash contributions into the Company&rsquo;s capital reserves of &euro;31.0 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On October 12, 2017,
InflaRx and its shareholders entered into an investment and adherence agreement with the Series D investors pursuant to which it
agreed to issue and sell 27,555 Series D preferred shares to such investors. In addition to the nominal value of the shares (&euro;27,555),
the Series D Investors are expected to make cash contributions into the Company&rsquo;s capital reserves of approximately &euro;25.6
million upon the closing of the placement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">From December 31, 2013 through June 30,
2017, InflaRx issued options to purchase 14,753 common shares with an exercise price of &euro;646 per share, 1,110 common shares
with an exercise price of &euro;0.001 per share and 5,114 common shares with an exercise price of &euro;1.00 per share to its employees,
senior management and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The issuances of restricted securities
in the transactions described above were deemed to be exempt from registration under the Securities Act in reliance upon the Section
4(a)(2) of the Securities Act and/or Regulation S promulgated under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8. Exhibits and financial statement schedules</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following exhibits are filed as part of this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    Number</B></FONT></TD>
    <TD STYLE="width: 89%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1*</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Underwriting
    Agreement</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Association</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Articles
    of Association of InflaRx N.V.</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Share
    Issue Deed</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of opinion of NautaDutilh N.V., Dutch counsel
    of Fireman B.V., as to the validity of the common shares</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of NautaDutilh
    N.V., Dutch counsel of Fireman B.V., as to Dutch tax matters</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Taylor
    Wessing Partnerschaftsgesellschaft von Rechtsanw&auml;lten, as to German tax matters</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Davis
    Polk &amp; Wardwell LLP, as to U.S. tax matters</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">English language summary of Lease Agreement
    dated January 15, 2008 between InflaRx GmbH and Ernst-Abbe-Stiftung, as amended and supplemented from time to time</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">English language summary of Lease Agreement
    dated April 10, 2017 between InflaRx GmbH and Immoprojekt Grundst&uuml;cksveraltungsgesellschaft mbh</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3&dagger;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Development Agreement dated December 28,
    2015 between InflaRx GmbH and Beijing Defengrei Biotechnology Co. Ltd., as supplemented by Addendum No. 1 dated December 28,
    2015</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Indemnification
    Agreement for directors and executive officers</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment and
    Shareholders&rsquo; Agreement dated July 21, 2016 between InflaRx GmbH and the Investors in the Series C Preferred Share Financing</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment and
    Adherence Agreement dated October 12, 2017 between InflaRx GmbH, the Investors in the Series C Preferred Shares Financing
    and the Investors in the Series D Preferred Shares Financing</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Ethics
    of Fireman B.V.</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries
    of the Registrant</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of KPMG
    AG Wirtschaftspr&uuml;fungsgesellschaft</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of NautaDutilh
    N.V. (included in Exhibit 5.1 and 8.1)</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Taylor
    Wessing Partnerschaftsgesellschaft von Rechtsanw&auml;lten (included in Exhibit 8.2)</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.4</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Davis
    Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp</FONT> (included in Exhibit 8.3)</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.5</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of KPMG
    AG Wirtschaftspr&uuml;fungsgesellschaft</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powers of Attorney
    (included on signature page to the registration statement)</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Nicolas
    Fulpius, as director nominee</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Katrin
    Uschmann, as director nominee</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Mark
    Kuebler, as director nominee</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Lina
    Ma, as director nominee</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">* To be filed by amendment.&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&dagger;&#9;Application has been
made to the Securities and Exchange Commission for confidential treatment of certain provisions. Omitted material for which confidential
treatment has been requested has been filed separately with the Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following financial statement schedule is filed as part of this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 17. Undertakings</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreement
certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each
purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the provisions referenced in Item 14 of this registration statement, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered hereunder, the registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">indemnification
by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed
as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant
pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement
as of the time it was declared effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form
of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents" STYLE="font-size: 10pt">Table of Contents</A>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Exhibit
    Number</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 88%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1*</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Underwriting
    Agreement</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex0301.htm">Articles of Association</A></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex0302.htm">Form of Articles of Association of InflaRx N.V.</A></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><A HREF="dp81461_ex0401.htm" STYLE="color: Blue; text-decoration: none"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="dp81461_ex0401.htm">Form of Share Issue Deed</A></FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex0501.htm">Form of opinion of NautaDutilh N.V., Dutch counsel of Fireman B.V., as to the validity of the common shares</A></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex0801.htm">Opinion of NautaDutilh N.V., Dutch counsel of Fireman B.V., as to Dutch tax matters</A></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex0802.htm">Opinion of Taylor Wessing Partnerschaftsgesellschaft von Rechtsanw&auml;lten, as to German tax matters</A></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex0803.htm">Opinion of Davis Polk &amp; Wardwell LLP, as to U.S. tax matters</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex1001.htm">English language summary of Lease Agreement dated January 15, 2008 between InflaRx GmbH and Ernst-Abbe-Stiftung, as amended and supplemented from time to time</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex1002.htm">English language summary of Lease Agreement dated April 10, 2017 between InflaRx GmbH and Immoprojekt Grundst&uuml;cksveraltungsgesellschaft mbh</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3&dagger;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex1003.htm">Co-Development Agreement dated December 28, 2015 between InflaRx GmbH and Beijing Defengrei Biotechnology Co. Ltd., as supplemented by Addendum No. 1 dated December 28, 2015</A></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex1004.htm">Form of Indemnification Agreement for directors and executive officers</A></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex1005.htm">Investment and Shareholders&rsquo; Agreement dated July 21, 2016 between InflaRx GmbH and the Shareholders of InflaRx GmbH</A></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</FONT></TD>
    <TD STYLE="vertical-align: bottom"><A HREF="dp81461_ex1006.htm" STYLE="color: Blue; text-decoration: none"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="dp81461_ex1006.htm">Investment and Adherence Agreement dated October 12, 2017 between InflaRx GmbH, the Shareholders of InflaRx GmbH and the Investors in the Series D Preferred Shares Financing</A></FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex1401.htm">Code of Ethics of Fireman B.V.</A></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex2101.htm">Subsidiaries of the Registrant</A></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-decoration: none"><A HREF="dp81461_ex2301.htm" STYLE="color: Blue; text-decoration: none"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="dp81461_ex2301.htm">Consent of KPMG AG Wirtschaftspr&uuml;fungsgesellschaft</A></FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex0801.htm">Consent of NautaDutilh N.V. (included in Exhibit 5.1 and 8.1)</A></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex0802.htm">Consent of Taylor Wessing Partnerschaftsgesellschaft von Rechtsanw&auml;lten (included in Exhibit 8.2)</A></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.4</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex0803.htm">Consent of Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp</FONT> (included in Exhibit 8.3)</A></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.5</FONT></TD>
    <TD STYLE="vertical-align: bottom"><A HREF="dp81461_ex2305.htm" STYLE="color: Blue; text-decoration: none"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="dp81461_ex2305.htm">Consent of KPMG AG Wirtschaftspr&uuml;fungsgesellschaft</A></FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#POA" STYLE="color: Blue; text-decoration: none"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="dp81461_ex1401.htm">Powers of Attorney (included on signature page to the registration statement)</A></FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex9901.htm">Consent of Nicolas Fulpius, as director nominee</A></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex9902.htm">Consent of Katrin Uschmann, as director nominee</A></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex9903.htm">Consent of Mark Kuebler, as director nominee</A></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="dp81461_ex9904.htm">Consent of Lina Ma, as director nominee</A></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">* To be filed by amendment</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&dagger;&#9;Application has been
made to the Securities and Exchange Commission for confidential treatment of certain provisions. Omitted material for which confidential
treatment has been requested has been filed separately with the Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in Jena, Germany on October 13, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">FIREMAN B.V.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Niels Riedemann</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">Name:</TD>
    <TD STYLE="width: 32%; padding-right: 2pt; padding-left: 2pt">Niels Riedemann</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt">Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><A HREF="#TableOfContents" STYLE="font-size: 10pt">Table of Contents</A>&nbsp;</DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><A NAME="POA"></A>KNOW ALL MEN BY THESE PRESENTS, that each
person whose signature appears below constitutes and appoints Niels Riedemann, Arnd Christ, and each of them, his or her true
and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her
name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this
registration statement and any and all additional registration statements pursuant to Rule 462(b) of the Securities Act of 1933,
and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange
Commission, granting unto each said attorney-in-fact and agents full power and authority to do and perform each and every act
in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or either of them or their or his or her
substitute or substitutes may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; text-align: center; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><U>Signature</U></FONT></TD>
    <TD STYLE="width: 34%; text-align: center; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><U>Title</U></FONT></TD>
    <TD STYLE="width: 33%; text-align: center; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><U>Date</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Niels Riedemann</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chief Executive Officer<BR>
    (principal executive officer)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 13,
    2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Niels Riedemann</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Arnd Christ</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Chief
        Financial Officer</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">(principal
        financial and accounting officer)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 13,
    2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Arnd Christ</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Niels Riedemann</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 13,
    2017</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Niels Riedemann</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Colleen A. De Vries</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Authorized
        Representative</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">in
        the United States</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 13,
    2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Colleen
        A. De Vries</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Senior
        Vice President</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


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<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>dp81461_ex0301.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;1</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 3.1</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B><U>UNOFFICIAL
TRANSLATION</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B><U>ARTICLES
OF ASSOCIATION OF</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B><U>FIREMAN
B.V.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">DEED
OF INCORPORATION</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">FIREMAN
B.V.</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">On this, the sixth day of June
two thousand and seventeen, appeared before me, Julian Isabel van Hunnik-Bl&uuml;m, candidate civil law notary, hereinafter referred
to as: &quot;civil law notary&quot;, acting as deputy of Wijnand Hendrik Bossenbroek, civil law notary in Amsterdam:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Koen Biesma, employed at the
offices of me, civil law notary, located at 1082 PR Amsterdam, Beethovenstraat 400, born in Alkmaar on the twentieth day of October
nineteen hundred ninety-four, and acting for the purposes of this Deed as the holder of a written power of attorney from:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Niels Christoph Riedemann</B>,
born in H&ouml;xter, Germany, on the twenty-fourth day of December nineteen hundred seventy-one, residing at &Uuml;ber Den Teufelsl&ouml;chern
7, 07749 Jena, Germany, married, holder of an identity card with number LHC0JR5J1 (the &quot;<B>Incorporator</B>&quot;).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The person appearing before me,
acting in the above capacity, declared that he was hereby establishing a private limited liability company (<I>besloten vennootschap
met beperkte aansprakelijkheid</I>) under Dutch law (the &quot;<B>Company</B>&quot;) to be governed by the following</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">ARTICLES
OF ASSOCIATION (<I>STATUTEN</I>)</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">DEFINITIONS
AND INTERPRETATION</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
1</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>1.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">In these articles of association
                                         the following definitions shall apply:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="RIGHT" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>Company</B></FONT></TD>
    <TD STYLE="width: 66%"><FONT STYLE="font-size: 10pt">the legal entity to which these articles of association relate.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>DCC</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the Dutch Civil Code (<I>Burgerlijk Wetboek</I>).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>General Meeting</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the body formed by Persons with Meeting Rights, or a meeting of Persons with Meeting Rights.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>Group Company</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a legal entity or partnership with which the Company forms an economic and organisational
    unit.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>Management Board</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the management board of the Company.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>Meeting Rights</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the right to attend and address a General Meeting, whether in person or represented by the
    holder of a written proxy.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>Person with Meeting Rights</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a Shareholder, a usufructuary (<I>vruchtgebruiker</I>) with voting rights and/or Meeting
    Rights, or a pledgee with voting rights and/or Meeting Rights.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>Shareholder</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a holder of shares in the capital of the Company.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>Simple Majority</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">more than fifty percent (50%) of the votes cast.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in"><FONT STYLE="font-size: 10pt"><B>Subsidiary</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a legal entity in whose general meeting the Company or one or more of its subsidiaries can,
    whether by virtue of an agreement with other persons with voting rights or otherwise and whether acting alone or together,
    exercise more than fifty percent (50%) of the voting rights, and any other legal entities and partnerships that are designated
    as such</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="RIGHT" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; width: 34%">&nbsp;</TD>
    <TD STYLE="width: 66%"> by the DCC.</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>1.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Terms that are defined in
                                         the singular shall have the corresponding meaning in the plural and vice versa.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>1.3</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The term &quot;written&quot;
                                         or &quot;in writing&quot; shall also include the use of electronic means of communication.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">NAME
AND SEAT</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
2</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>2.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The name of the Company
                                         is <B>Fireman B.V.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>2.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">It has its corporate seat
                                         at Amsterdam.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">OBJECTS</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
3</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The objects of the Company are:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>a.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">to participate in, finance
                                         or hold any other interest in, or to conduct the management of, other legal entities,
                                         partnerships or enterprises;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>b.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">to furnish guarantees, provide
                                         security, warrant performance or in any other way assume liability, whether jointly and
                                         severally or otherwise, for or in respect of obligations of Group Companies or other
                                         parties; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>c.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">to do anything which, in
                                         the widest sense of the words, is connected with or may be conducive to the attainment
                                         of these objects.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">SHARES
- CAPITAL</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
4</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>4.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The nominal value of each
                                         share shall be twelve euro cents (EUR 0.12).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>4.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The shares shall be registered
                                         shares and shall be numbered consecutively, starting from 1.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>4.3</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">At least one share must
                                         be held by a party other than, and not on behalf of, the Company or any of its Subsidiaries.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">SHARES
- REGISTER</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
5</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>5.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The Management Board shall
                                         keep a register setting out the names and addresses of all Shareholders, usufructuaries
                                         and pledgees.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>5.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Shareholders and others
                                         whose particulars must be set out in the register shall provide the Management Board
                                         with the necessary particulars in a timely manner.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>5.3</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">All notifications and notices
                                         convening meetings shall be sent to Persons with Meeting Rights at the addresses set
                                         out in the register.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">SHARES
- ISSUE</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
6</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>6.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Shares may only be issued
                                         by the Company pursuant to a resolution of the General Meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>6.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Article 6.1 shall apply
                                         mutatis mutandis where rights to subscribe for shares are granted, but shall not apply
                                         where shares are issued to a person exercising an existing right to subscribe for shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">SHARES
- PAYMENT</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
7</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>7.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The full nominal value of
                                         each share shall be paid up upon subscription for that share. It may be stipulated that
                                         all or part of the nominal value need not be paid up until after a certain period of
                                         time or until the Company has called for payment.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>7.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The Management Board may
                                         perform juristic acts (<I>rechtshandelingen</I>) in respect of non-cash contributions
                                         for shares without the prior approval of the General Meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">SHARES
- OWN SHARES</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
8</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>8.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The acquisition by the Company
                                         of shares in its own capital shall be decided on by the Management Board. The acquisition
                                         by the Company of shares in its own capital which have not been fully paid up shall be
                                         null and void.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>8.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Except where it acquires such
                                         shares for no consideration, the Company may not acquire fully paid-up shares in its
                                         own capital if the shareholders' equity less the acquisition price is less than the reserves
                                         which must be maintained by law, or if the Management Board knows or should reasonably
                                         foresee that, following the acquisition, the Company will be unable to continue paying
                                         its due and payable debts.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>8.3</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The preceding provisions
                                         of Article 8 shall not be applicable to shares acquired by the Company by universal succession
                                         (<I>onder algemene titel</I>).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">SHARES
- TRANSFER</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
9</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>9.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The issue or transfer of
                                         a share or the creation of a limited right (<I>beperkt recht</I>) in respect of a share
                                         shall require a deed to that effect executed before a civil law notary practising in
                                         the Netherlands and to which the persons involved are parties.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>9.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The transfer of a share
                                         or the creation of a limited right in respect thereof in accordance with Article 9.1
                                         shall also, by operation of law, have effect vis-&agrave;-vis the Company. Unless the
                                         Company itself is a party to the transaction, the rights attached to the relevant share
                                         may not be exercised until the Company has acknowledged the transaction or been served
                                         with the deed.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">SHARES
- TRANSFERABILITY</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
10</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The transferability of shares
shall not be subject to any restrictions.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">SHARES
- USUFRUCT, PLEDGE AND DEPOSITARY RECEIPTS</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
11</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>11.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The voting rights attached
                                         to shares which are subject to a usufruct or pledge shall be vested in the relevant Shareholder.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>11.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Notwithstanding Article
                                         11.1 and subject to what is provided in, respectively, Section 2:197 DCC and Section
                                         2:198 DCC, a usufructuary or pledgee shall have voting rights if this has been stipulated
                                         when the relevant limited right was created or if this has been agreed at a subsequent
                                         time.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>11.3</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Usufructuaries and pledgees
                                         without voting rights shall not have Meeting Rights, unless the contrary is stipulated
                                         upon the creation or transfer of the relevant usufruct or, respectively, the creation
                                         or transmission (<I>overgang</I>) of the relevant pledge.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>11.4</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">No Meeting Rights shall
                                         be attached to depositary receipts for shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">MANAGEMENT
BOARD - APPOINTMENT, SUSPENSION AND REMOVAL</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
12</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>12.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The Company shall have
                                         a Management Board consisting of one or more managing directors. Both natural persons
                                         and legal entities may be managing directors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>12.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The General Meeting shall
                                         determine the number of managing directors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>12.3</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The General Meeting shall
                                         appoint the managing directors and may at any time suspend or remove any managing director.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>12.4</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Where one or more managing
                                         directors are no longer in office or are unable to act, the remaining managing director(s)
                                         shall be provisionally charged with the entire management of the Company. Where all managing
                                         directors or the only managing director are/is no longer in office or are/is unable to
                                         act, the management shall be provisionally conducted by the person designated for that
                                         purpose by the General Meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">MANAGEMENT
BOARD - DUTIES, ORGANISATION AND DECISION MAKING</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
13</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>13.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The Management Board is
                                         charged with the management of the Company, subject to the restrictions contained in
                                         these articles of association. In performing their duties, managing directors shall be
                                         guided by the interests of the Company and of the enterprise connected with it.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>13.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Where the Management Board
                                         consists of more than one managing director, resolutions shall be passed &ndash; irrespective
                                         of whether this occurs at a meeting or otherwise &ndash; by a Simple Majority. Abstentions,
                                         invalid votes and blank votes shall not be counted as votes cast.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>13.3</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">In the event of a tie at
                                         a meeting of the Management Board, the General Meeting shall decide.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>13.4</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">A managing director may
                                         not participate in the deliberations and decision making of the Management Board on a
                                         matter in relation to which he has a direct or indirect personal interest which conflicts
                                         with the interests of the Company and of the enterprise connected with it. Where all
                                         managing directors or the only managing director have/has such a conflict of interest,
                                         the relevant decision shall nevertheless be taken by the Management Board.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>13.5</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Meetings of the Management
                                         Board can be held through audio or audiovisual communication facilities, unless a managing
                                         director objects thereto.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>13.6</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Resolutions of the Management
                                         Board may, instead of at a meeting, be passed in writing, provided that all managing
                                         directors are familiar with the resolution to be passed and none of them objects to this
                                         decision-making process.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>13.7</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The Management Board may
                                         draw up rules concerning its internal matters. The managing directors may also allocate
                                         their duties among themselves, whether by drawing up rules or otherwise.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>13.8</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The Management Board shall
                                         require the approval of the General Meeting for such Management Board resolutions as
                                         the General Meeting shall have specified in a resolution to that effect and notified
                                         to the Management Board.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>13.9</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Failure to obtain the approval
                                         required under Article 13.8 shall not affect the powers of representation of the Management
                                         Board or managing directors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>13.10</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The Management Board must
                                         follow the instructions of the General Meeting, unless these instructions are contrary
                                         to the interests of the Company and the enterprise connected with it.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">MANAGEMENT
BOARD - REPRESENTATION</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
14</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Management Board is entitled
to represent the Company, as is each managing director individually.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">GENERAL
MEETINGS &ndash; CONVOCATION AND AGENDA</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
15</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>15.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">During each financial year
                                         at least one General Meeting must be held or at least one resolution passed in accordance
                                         with Article 18.1.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>15.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">General Meetings shall
                                         also be held whenever such a meeting is convened by the Management Board or one or more
                                         managing directors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>15.3</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">General Meetings must be
                                         held in the place where the Company has its corporate seat as set out in these articles
                                         of association.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>15.4</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">A General Meeting must
                                         be convened by letters sent to Persons with Meeting Rights no later than on the eighth
                                         day prior to the day of the meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>15.5</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Where the rules laid down
                                         by law or by these articles of association in relation to the place where meetings should
                                         be held, the convening of meetings or the drawing up of agendas have not been complied
                                         with, legally valid resolutions may still be passed provided that all Persons with Meeting
                                         Rights have consented to the place of the meeting or to a decision being made on the
                                         relevant matters, respectively, and provided that the managing directors have been afforded
                                         the opportunity to give their advice prior to the decision-making.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">GENERAL
MEETING - PROCEDURAL RULES</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
16</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>16.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The General Meeting shall
                                         appoint its own chairman.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>16.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Managing directors shall,
                                         in that capacity, have an advisory vote at General Meetings.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>16.3</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The Management Board may
                                         decide that each Person with Meeting Rights is entitled, whether in person or represented
                                         by a person holding a written proxy, to participate in, address and (where applicable)
                                         exercise his voting rights at the General Meeting by electronic means of communication.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>16.4</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The Management Board may
                                         impose conditions on the use of electronic means of communication.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">GENERAL
MEETING - DECISION-MAKING</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
17</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>17.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Each share shall give the
                                         right to cast one vote at General Meetings.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>17.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The Management Board may
                                         decide that votes cast before the General Meeting, but not earlier than on the thirtieth
                                         day before that of the meeting, by electronic means of communication shall be equated
                                         with those cast at the time of the meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>17.3</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Unless a greater majority
                                         is required by law, all resolutions shall be passed by a Simple Majority. Invalid and
                                         blank votes shall not be counted as votes cast.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt">GENERAL
MEETING - RESOLUTIONS WITHOUT HOLDING A MEETING</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
18</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>18.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Shareholders may pass resolutions
                                         without holding a meeting provided that all Persons with Meeting Rights have consented
                                         to this manner of decision-making, which consent may be given electronically. The votes
                                         on such a resolution must be cast in writing.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>18.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The managing directors
                                         must have been afforded the opportunity to give their advice prior to the decision-making
                                         referred to in Article 18.1.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">FINANCIAL
YEAR, ANNUAL ACCOUNTS</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
19</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>19.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The financial year of the
                                         Company shall coincide with the calendar year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>19.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Each year, within five
                                         months after the end of the Company's financial year, unless this period is extended
                                         by a maximum of five months by the General Meeting on account of special circumstances,
                                         the Management Board shall prepare annual accounts and deposit them at the Company's
                                         office for inspection by the Shareholders. If the Company is required by law to prepare
                                         a management report, the Management Board shall, within the same period, also deposit
                                         the management report for inspection by the Shareholders. The annual accounts shall be
                                         signed by all managing directors. If one or more of their signatures is missing, this
                                         fact and the reason therefor shall be stated.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>19.3</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The annual accounts shall
                                         be adopted by the General Meeting. The signing of the annual accounts as provided for
                                         in the first sentence of section 2:210(5) DCC shall not serve as adoption of those accounts.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>19.4</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The Company shall publish
                                         the annual accounts, together with all other relevant documents and information if and
                                         to the extent and in the manner required by law.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">DISTRIBUTIONS
ON SHARES</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
20</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>20.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">The profits as determined
                                         through the adoption of the annual accounts shall be at the disposal of the General Meeting.
                                         The General Meeting may decide to make a distribution, to the extent that the shareholders'
                                         equity exceeds the reserves that must be maintained by law.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>20.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">A resolution to make a
                                         distribution shall not take effect as long as the Management Board has not given its
                                         approval. The Management Board may only withhold such approval if it knows or should
                                         reasonably foresee that, following the distribution, the Company will be unable to continue
                                         paying its due and payable debts.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>20.3</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">For the purposes of calculating
                                         any distribution, shares held by the Company in its own capital shall not be included.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>20.4</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">For the purposes of calculating
                                         the amount to be distributed on each share, only the amount of the mandatory payments
                                         towards the nominal value of the shares shall be taken into account. The preceding sentence
                                         may be derogated from with the consent of all Shareholders.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-transform: uppercase"><FONT STYLE="font-size: 10pt">DISSOLUTION
AND LIQUIDATION</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt; text-transform: none">Article
21</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>21.1</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">In the event of the Company
                                         being dissolved, the liquidation shall be effected by the Management Board unless the
                                         General Meeting decides otherwise.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>21.2</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">Any assets remaining after
                                         payment of all of the Company's debts shall first be applied to pay back the part of
                                         the nominal value that has been paid up on the shares. Any remaining assets shall then
                                         be distributed among the Shareholders in proportion to the aggregate nominal value of
                                         their shares. No distribution may be made to the Company in respect of shares held by
                                         it.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>21.3</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">After the liquidation has
                                         been completed, the books, records and other information carriers of the Company shall
                                         be kept for the period prescribed by law by the person designated for that purpose in
                                         the resolution of the General Meeting to dissolve the Company. Where the General Meeting
                                         has not designated such a person, the liquidators shall do so.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt">final
statements</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Finally, the person appearing
declared:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>A.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">that the Incorporator has
                                         subscribed for one (1) share in the capital of the Company;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">therefore
the Company's issued capital amounts to twelve euro cents (EUR 0.12);</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>B.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">that immediately after receiving
                                         a request to that effect from the Company, the Incorporator will pay up, in full, the
                                         share for which it has subscribed; therefore the Company's paid-up capital currently
                                         amounts to zero euro (EUR 0);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>C.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">that payment in a currency
                                         other than that in which the nominal value of the shares is denominated is permitted;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>D.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">that the Incorporator will
                                         be appointed as the Company's first managing director;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>E.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt">that the first financial
                                         year of the Company will end on the thirty-first day of December two thousand and seventeen.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt">POWER
OF ATTORNEY</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The person appearing before me
has been authorised to act under a power of attorney in the form of a private instrument, which will be attached to this Deed
immediately following its execution.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt">FINALLY</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The person appearing is known
to me, civil law notary.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This deed was executed in Amsterdam
on the date mentioned in its heading.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">After I, civil law notary, had
conveyed and explained the contents of the deed in substance to the person appearing, he declared that he had taken note of the
contents of the deed, was in agreement with the contents and did not wish them to be read out in full. Following a partial reading,
the deed was signed by the person appearing and by me, civil law notary at thirteen hours and forty-four minutes.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(following signatures)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="2" CELLSPACING="2" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>ISSUED
FOR TRUE COPY</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-size: 10pt">J.I.
Bl&uuml;m - van Hunnik, candidate civil law notary, acting as a deputy of W.H. Bossenbroek, civil law notary in Amsterdam.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-size: 10pt">This
day, 6 June 2017 at 13.50.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-size: 10pt">(Signed:
J.I. Bl&uuml;m - van Hunnik)</FONT></P>

</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



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<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>dp81461_ex0302.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
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<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 54%"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></P></TD></TR>
</TABLE>


<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 3.2</B></FONT></P>

<P STYLE="margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-align: center; background-color: white"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>UNOFFICIAL
TRANSLATION</U></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 3pt; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>ARTICLES
OF ASSOCIATION OF</U></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INFLARX
N.V.</U></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">ARTICLES
OF ASSOCIATION</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFLARX
N.V.</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFINITIONS
AND INTERPRETATION</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         these articles of association the following definitions shall apply:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="RIGHT" STYLE="width: 95%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article</B></FONT></TD>
    <TD STYLE="width: 66%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An article
    of these articles of association.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Board
    of Directors</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company's board
    of directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Board
    Rules</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The internal rules
    applicable to the Board of Directors, as drawn up by the Board of Directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CEO</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company's chief
    executive officer.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chairman</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chairman of
    the Board of Directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class
    Meeting</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The meeting of holders
    of shares of a certain class.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Company</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The company to which
    these articles of association pertain.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DCC</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Dutch Civil
    Code.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Director</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A member of the
    Board of Directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EURIBOR</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The EURIBOR interest
    rate, as published by Thomson Reuters or another institution chosen by the Board of Directors, for loans with a maturity of
    three, six, nine or twelve months, whichever has had the highest mathematical average over the financial year (or the relevant
    part thereof) in respect of which the relevant distribution is made, but in any event no less than zero percent.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Executive
    Director</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An executive Director.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General
    Meeting</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company's general
    meeting of shareholders.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Group
    Company</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An entity or partnership
    which is organisationally connected with the Company in an economic unit within the meaning of Section 2:24b DCC.</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="RIGHT" STYLE="width: 95%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnified
    Officer</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 66%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A current or former
    Director and such other current or former officer or employee of the Company or its Group Companies as designated by the Board
    of Directors.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Meeting
    Rights</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to
    the Company, the rights attributed by law to the holders of depository receipts issued for shares with a company's cooperation,
    including the right to attend and address a General Meeting.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-Executive
    Director</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A non-executive
    Director.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Person
    with Meeting Rights</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A shareholder, a
    usufructuary or pledgee with voting rights or a holder of depository receipts for shares issued with the Company's cooperation.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Preferred
    Distribution</B></FONT></TD>
    <TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
        distribution on the preferred shares for an amount equal to the Preferred Interest Rate calculated over the aggregate
        amount paid up on those preferred shares, whereby:</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
        amount paid up on those preferred shares (including as a result of an issue of preferred shares) during the financial
        year (or the relevant part thereof) in respect of which the distribution is made shall only be taken into account proportionate
        to the number of days that elapsed during that financial year (or the relevant part thereof) after the payment was made
        on those preferred shares;</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
        reduction of the aggregate amount paid up on preferred shares during the financial year (or the relevant part thereof)
        in respect of which the distribution is made shall be taken into account proportionate to the number of days that elapsed
        during that financial year (or the relevant part thereof) until such reduction was effected; and</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the distribution is made in respect of part of a financial year, the amount of the distribution shall be proportionate to the
number of days that elapsed during that part of the financial year.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Preferred
    Interest Rate</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The mathematical
    average, calculated over the financial year (or the relevant part thereof) in respect of which a distribution is made on preferred
    shares, of the relevant EURIBOR interest rate, plus a margin not exceeding five hundred basis points (500bps) to be determined
    by the Board of Directors each time when, or before, preferred </FONT></TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 43%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" ALIGN="RIGHT" STYLE="width: 95%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify; width: 34%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 66%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares are issued
    without preferred shares already forming part of the Company's issued share capital.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration
    Date</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The date of registration
    for a General Meeting as provided by law.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Simple
    Majority</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">More than half of
    the votes cast.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.05in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subsidiary</B></FONT></TD>
    <TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
        subsidiary of the Company within the meaning of Section 2:24a DCC, including:</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
        entity in whose general meeting the Company or one or more of its Subsidiaries can exercise, whether or not by virtue
        of an agreement with other parties with voting rights, individually or collectively, more than half of the voting rights;
        and</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
entity of which the Company or one or more of its Subsidiaries are members or shareholders and can appoint or dismiss, whether
or not by virtue of an agreement with other parties with voting rights, individually or collectively, more than half of the managing
directors or of the supervisory directors, even if all parties with voting rights cast their votes.</FONT></P></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
                                         the context requires otherwise, references to &quot;shares&quot; or &quot;shareholders&quot;
                                         without further specification are to any class of shares or to the holders thereof, respectively.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">References
                                         to statutory provisions are to those provisions as they are in force from time to time.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms
                                         that are defined in the singular have a corresponding meaning in the plural.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Words
                                         denoting a gender include each other gender.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
                                         as otherwise required by law, the terms &quot;written&quot; and &quot;in writing&quot;
                                         include the use of electronic means of communication.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NAME
AND SEAT</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company's name is <B>InflaRx N.V.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company has its corporate seat in Amsterdam.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OBJECTS</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 43%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company's objects are:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         develop, license, manufacture and commercialize pharmaceutical products;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         develop and commercialize tests and analytical methods;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         participate in, to finance, to hold any other interest in and to conduct the management
                                         or supervision of other entities, companies, partnerships and businesses;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>d.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         acquire, administer, exploit, invest, encumber and dispose of assets and liabilities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>e.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         furnish guarantees, to provide security, to warrant performance in any other way and
                                         to assume liability, whether jointly and severally or otherwise, in respect of obligations
                                         of Group Companies or other parties; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>f.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         do anything which, in the widest sense, is connected with or may be conducive to the
                                         objects described above.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">SHARES
- AUTHORISED SHARE CAPITAL AND DEPOSITORY RECEIPTS</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company's authorised share capital amounts to&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
euro (EUR[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         authorised share capital is divided into:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B>]
([&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>]) ordinary shares; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B>]
([&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>]) preferred shares,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
having a nominal value of twelve eurocents (EUR 0.12).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors may resolve that one or more shares are divided into such number of
                                         fractional shares as may be determined by the Board of Directors. Unless specified differently,
                                         the provisions of these articles of association concerning shares and shareholders apply
                                         mutatis mutandis to fractional shares and the holders thereof, respectively.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company may cooperate with the issue of depository receipts for shares in its capital.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARES
- FORM OF SHARES AND SHARE REGISTER</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         shares are registered shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
                                         shall be numbered consecutively, starting from 1 for each class of shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors shall keep a register setting out the names and addresses of all shareholders
                                         and all holders of a usufruct or pledge in respect of shares. The register shall also
                                         set out any other particulars that must be included in the register pursuant to applicable </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 43%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif; margin-left: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">law. Part of the register may be kept outside the Netherlands to comply with applicable
                                         local law or pursuant to stock exchange rules.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders,
                                         usufructuaries and pledgees shall provide the Board of Directors with the necessary particulars
                                         in a timely fashion. Any consequences of not, or incorrectly, notifying such particulars
                                         shall be borne by the party concerned.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         notifications may be sent to shareholders, usufructuaries and pledgees at their respective
                                         addresses as set out in the register.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARES
- ISSUE</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">6</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
                                         can be issued pursuant to a resolution of the General Meeting or of another body authorised
                                         by the General Meeting for this purpose for a specified period not exceeding five years.
                                         When granting such authorisation, the number of shares that may be issued must be specified.
                                         The authorisation may be extended, in each case for a period not exceeding five years.
                                         Unless stipulated differently when granting the authorisation, the authorisation cannot
                                         be revoked. For as long as and to the extent that another body has been authorised to
                                         resolve to issue shares, the General Meeting shall not have this authority.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         order for a resolution of the General Meeting on an issuance or an authorisation as referred
                                         to in Article 6.1 to be valid, a prior or simultaneous approval shall be required from
                                         each Class Meeting of shares whose rights are prejudiced by the issuance.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         preceding provisions of this Article 6 apply mutatis mutandis to the granting of rights
                                         to subscribe for shares, but do not apply in respect of issuing shares to a party exercising
                                         a previously acquired right to subscribe for shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company may not subscribe for shares in its own capital.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARES
- PRE-EMPTION RIGHTS</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">7</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
                                         an issue of shares, each holder of ordinary shares shall have a pre-emption right in
                                         proportion to the aggregate nominal value of his ordinary shares. No pre-emption rights
                                         are attached to preferred shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         deviation of Article 7.1, holders of ordinary shares do not have pre-emption rights in
                                         respect of:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">preferred
                                         shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
                                         issued against non-cash contribution; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
                                         issued to employees of the Company or of a Group Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 43%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company shall announce an issue with pre-emption rights and the period during which those
                                         rights can be exercised in the State Gazette and in a daily newspaper with national distribution,
                                         unless the announcement is sent in writing to all shareholders at the addresses submitted
                                         by them.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-emption
                                         rights may be exercised for a period of at least two weeks after the date of announcement
                                         in the State Gazette or after the announcement was sent to the shareholders.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-emption
                                         rights may be limited or excluded by a resolution of the General Meeting or of the body
                                         authorised as referred to in Article 6.1, if that body was authorised by the General
                                         Meeting for this purpose for a specified period not exceeding five years. The authorisation
                                         may be extended, in each case for a period not exceeding five years. Unless stipulated
                                         differently when granting the authorisation, the authorisation cannot be revoked. For
                                         as long as and to the extent that another body has been authorised to resolve to limit
                                         or exclude pre-emption rights, the General Meeting shall not have this authority.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         resolution of the General Meeting to limit or exclude pre-emption rights, or to grant
                                         an authorisation as referred to in Article 7.5, shall require a majority of at least
                                         two thirds of the votes cast if less than half of the issued share capital is represented
                                         at the General Meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.7</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         preceding provisions of this Article 7 apply mutatis mutandis to the granting of rights
                                         to subscribe for shares, but do not apply in respect of issuing shares to a party exercising
                                         a previously acquired right to subscribe for shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARES
- PAYMENT</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
8</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                         prejudice to Section 2:80(2) DCC, the nominal value of a share and, if the share is subscribed
                                         for at a higher price, the difference between these amounts must be paid up upon subscription
                                         for that share. However, it may be stipulated that part of the nominal value of a preferred
                                         share, not exceeding three quarters thereof, need not be paid up until the Company has
                                         called for payment. The Company shall observe a reasonable notice period of at least
                                         one month with respect to any such call for payment.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
                                         must be paid up in cash, except to the extent that payment by means of a contribution
                                         in another form has been agreed.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
                                         in a currency other than the euro may only be made with the Company's consent. Where
                                         such a payment is made, the payment obligation is satisfied for the amount in euro for
                                         which the paid amount can be freely exchanged. Without prejudice to the last sentence
                                         of Section 2:80a(3) DCC, the date of the payment determines the exchange rate.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">SHARES
- FINANCIAL ASSISTANCE</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">9</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company may not provide security, give a price guarantee, warrant performance in any
                                         other way or commit itself jointly and severally or otherwise with or for others with
                                         a view to the subscription for or acquisition of shares or depository receipts for shares
                                         in its capital by others. This prohibition applies equally to Subsidiaries.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company and its Subsidiaries may not provide loans with a view to the subscription for
                                         or acquisition of shares or depository receipts for shares in the Company's capital by
                                         others, unless the Board of Directors resolves to do so and Section 2:98c DCC is observed.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         preceding provisions of this Article 9 do not apply if shares or depository receipts
                                         for shares are subscribed for or acquired by or for employees of the Company or of a
                                         Group Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARES
- ACQUISITION OF OWN SHARES</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">10</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         acquisition by the Company of shares in its own capital which have not been fully paid
                                         up shall be null and void.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company may only acquire fully paid up shares in its own capital for no consideration
                                         or if and to the extent that the General Meeting has authorised the Board of Directors
                                         for this purpose and all other relevant statutory requirements of Section 2:98 DCC are
                                         observed.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                         authorisation as referred to in Article 10.2 remains valid for no longer than eighteen
                                         months. When granting such authorisation, the General Meeting shall determine the number
                                         of shares that may be acquired, how they may be acquired and within which range the acquisition
                                         price must be. An authorisation shall not be required for the Company to acquire ordinary
                                         shares in its own capital in order to transfer them to employees of the Company or of
                                         a Group Company pursuant to an arrangement applicable to them, provided that these ordinary
                                         shares are included on the price list of a stock exchange.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                         prejudice to Articles 10.1 through 10.3, the Company may acquire shares in its own capital
                                         for cash consideration or for consideration satisfied in the form of assets. In the case
                                         of a consideration being satisfied in the form of assets, the value thereof, as determined
                                         by the Board of Directors, must be within the range stipulated by the General Meeting
                                         as referred to in Article 10.3.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         previous provisions of this Article 10 do not apply to shares acquired by the Company
                                         under universal title of succession.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         this Article 10, references to shares include depository receipts for shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARES
- REDUCTION OF ISSUED SHARE CAPITAL</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">11</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         General Meeting can resolve to reduce the Company's issued share capital by cancelling
                                         shares or by reducing the nominal value of shares by virtue of an amendment to these
                                         articles of association. The resolution must designate the shares to which the resolution
                                         relates and it must provide for the implementation of the resolution.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         resolution to cancel shares may only relate to:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
                                         held by the Company itself or in respect of which the Company holds the depository receipts;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                         preferred shares, with repayment of the amounts paid up in respect thereof and provided
                                         that, to the extent allowed under Articles 30.1 and 30.2, a distribution is made on those
                                         preferred shares, in proportion to the amounts paid up on those preferred shares, immediately
                                         prior to such cancellation becoming effective, for an aggregate amount of:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>i.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         total of all Preferred Distributions (or parts thereof) in relation to financial years
                                         prior to the financial year in which the cancellation occurs, to the extent that these
                                         should have been distributed but have not yet been distributed as described in Article
                                         32.1; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ii.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Preferred Distribution calculated in respect of the part of the financial year in which
                                         the cancellation occurs, for the number of days that have elapsed during such part of
                                         the financial year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         resolution to reduce the Company's issued share capital, shall require a prior or simultaneous
                                         approval from each Class Meeting of shares whose rights are prejudiced. However, if such
                                         a resolution relates to preferred shares, such resolution shall always require the prior
                                         or simultaneous approval of the Class Meeting of preferred shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         resolution of the General Meeting to reduce the Company's issued share capital shall
                                         require a majority of at least two thirds of the votes cast if less than half of the
                                         issued share capital is represented at the General Meeting. The previous sentence applies
                                         mutatis mutandis to a resolution as referred to in Article 11.3.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">SHARES
- ISSUE AND TRANSFER REQUIREMENTS</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
12</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
                                         as otherwise provided or allowed by Dutch law, the issue or transfer of a share shall
                                         require a deed to that effect and, in the case of a transfer and unless the Company itself
                                         is a party to the transaction, acknowledgement of the transfer by the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         acknowledgement shall be set out in the deed or shall be made in such other manner </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 43%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></P></TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif; margin-left: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">as
                                         prescribed by law.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         as long as any ordinary shares are admitted to trading on the New York Stock Exchange,
                                         the NASDAQ Stock Market or on any other regulated stock exchange operating in the United
                                         States of America, the laws of the State of New York shall apply to the property law
                                         aspects of the ordinary shares reflected in the register administered by the relevant
                                         transfer agent.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">SHARES
- USUFRUCT AND PLEDGE </FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
13</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
                                         can be encumbered with a usufruct or pledge. The creation of a pledge on preferred shares
                                         shall require the prior approval of the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         voting rights attached to a share which is subject to a usufruct or pledge vest in the
                                         shareholder concerned.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         deviation of Article 13.2:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         holder of a usufruct or pledge on ordinary shares shall have the voting rights attached
                                         thereto if this was provided when the usufruct or pledge was created; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         holder of a usufruct or pledge on preferred shares shall have the voting rights attached
                                         thereto if this was provided when the usufruct or pledge was created and this was approved
                                         by the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Usufructuaries
                                         and pledgees without voting rights shall not have Meeting Rights.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHARES
- TRANSFER RESTRICTIONS</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">14</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         transfer of preferred shares shall require the prior approval of the Board of Directors.
                                         A shareholder wishing to transfer preferred shares must first request the Board of Directors
                                         to grant such approval. A transfer of ordinary shares is not subject to transfer restrictions
                                         under these articles of association.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         transfer of the preferred shares to which the request for approval relates must take
                                         place within three months after the approval of the Board of Directors has been granted
                                         or is deemed to have been granted pursuant to Article 14.3.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         approval of the Board of Directors shall be deemed to have been granted:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                         no resolution granting or denying the approval has been passed by the Board of Directors
                                         within three months after the Company has received the request for approval; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                         the Board of Directors, when denying the approval, does not notify the requesting</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 43%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></FONT></P></TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif; margin-left: 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> shareholder
                                         of the identity of one or more interested parties willing to purchase the relevant preferred
                                         shares.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         the Board of Directors denies the approval and notifies the requesting shareholder of
                                         the identity of one or more interested parties, the requesting shareholder shall notify
                                         the Board of Directors within two weeks after having received such notice whether:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">he
                                         withdraws his request for approval, in which case the requesting shareholder cannot transfer
                                         the relevant preferred shares; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">he
                                         accepts the interested party(ies), in which case the requesting shareholder shall promptly
                                         enter into negotiations with the interested party(ies) regarding the price to be paid
                                         for the relevant preferred shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the requesting shareholder does not notify the Board of Directors of his choice in a timely fashion, he shall be deemed to have
withdrawn his request for approval, in which case he cannot transfer the relevant preferred shares.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         an agreement is reached in the negotiations referred to in Article 14.4 paragraph b.
                                         within two weeks after the end of the period referred to in Article 14.4, the relevant
                                         preferred shares shall be transferred for the agreed price within three months after
                                         such agreement having been reached. If no agreement is reached in these negotiations
                                         in a timely fashion:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         requesting shareholder shall promptly notify the Board of Directors thereof; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         price to be paid for the relevant preferred shares shall be equal to the value thereof,
                                         as determined by one or more independent experts to be appointed by the requesting shareholder
                                         and the interested party(ies) by mutual agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         no agreement is reached on the appointment of the independent expert(s) as referred to
                                         in Article 14.5 paragraph b. within two weeks after the end of the period referred to
                                         in Article 14.5:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         requesting shareholder shall promptly notify the Board of Directors thereof; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         requesting shareholder shall promptly request the president of the district court in
                                         whose district the Company has its corporate seat to appoint three independent experts
                                         to determine the value of the relevant preferred shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.7</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         and when the value of the relevant preferred shares has been determined by the independent
                                         expert(s), irrespective of whether he/they was/were appointed by mutual agreement or
                                         by the president of the relevant district court, the requesting shareholder shall promptly
                                         notify the Board of Directors of the value so determined. The Board of Directors shall
                                         then promptly inform the interested party(ies) of such value, following which the/each
                                         interested party may withdraw from the sale procedure by giving notice thereof the Board
                                         of Directors within two weeks.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: rgb(84,48,26) 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 43%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></P></TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.8</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         any interested party withdraws from the sale procedure in accordance with Article 14.7,
                                         the Board of Directors:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall
                                         promptly inform the requesting shareholder and the other interested party(ies), if any,
                                         thereof; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall
                                         give the opportunity to the/each other interested party, if any, to declare to the Board
                                         of Directors and the requesting shareholder, within two weeks, his willingness to acquire
                                         the preferred shares having become available as a result of the withdrawal, for the price
                                         determined by the independent expert(s) (with the Board of Directors being entitled to
                                         determine the allocation of such preferred shares among any such willing interested party(ies)
                                         at its absolute discretion).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.9</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         it becomes apparent to the Board of Directors that all relevant preferred shares can
                                         be transferred to one or more interested parties for the price determined by the independent
                                         expert(s), the Board of Directors shall promptly notify the requesting shareholder and
                                         such interested party(ies) thereof. Within three months after sending such notice the
                                         relevant preferred shares shall be transferred.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.10</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         it becomes apparent to the Board of Directors that not all relevant preferred shares
                                         can be transferred to one or more interested parties for the price determined by the
                                         independent expert(s):</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Board of Directors shall promptly notify the requesting shareholder thereof; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         requesting shareholder shall be free to transfer all relevant preferred shares, provided
                                         that the transfer takes place within three months after having received the notice referred
                                         to in paragraph a.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.11</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company may only be an interested party under this Article 14 with the consent of the
                                         requesting shareholder.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.12</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         notices given pursuant to this Article 14 shall be provided in writing.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.13</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         preceding provisions of this Article 14 do not apply:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         the extent that a shareholder is under a statutory obligation to transfer preferred shares
                                         to a previous holder thereof;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                         it concerns a transfer in connection with an enforcement of a pledge pursuant to Section
                                         3:248 DCC in conjunction with Section 3:250 or 3:251 DCC; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                         it concerns a transfer to the Company, except in the case that the Company acts as an
                                         interested party pursuant to Article 14.11.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.14</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         Article 14 applies mutatis mutandis in case of a transfer of rights to subscribe for
                                         preferred shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">BOARD
OF DIRECTORS </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- COMPOSITION</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
15</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company has a Board of Directors consisting of:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">one
                                         or more Executive Directors, being primarily charged with the Company's day-to-day operations;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">one
                                         or more Non-Executive Directors, being primarily charged with the supervision of the
                                         performance of the duties of the Directors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors shall be composed of individuals.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors shall determine the number of Executive Directors and the number of
                                         Non-Executive Directors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors shall elect an Executive Director to be the CEO. The Board of Directors
                                         may dismiss the CEO, provided that the CEO so dismissed shall subsequently continue his
                                         term of office as an Executive Director without having the title of CEO.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors shall elect a Non-Executive Director to be the Chairman.<A HREF="#note_ftn1" NAME="note_ftnref1" STYLE="font-size: 65%; vertical-align: 35%"></A>
                                         The Board of Directors may dismiss the Chairman, provided that the Chairman so dismissed
                                         shall subsequently continue his term of office as a Non-Executive Director without having
                                         the title of Chairman.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         a Director is absent or incapacitated, he may be replaced temporarily by a person whom
                                         the Board of Directors has designated for that purpose and, until then, the other Director(s)
                                         shall be charged with the management of the Company. If all Directors are absent or incapacitated,
                                         the management of the Company shall be attributed to the person who most recently ceased
                                         to hold office as the Chairman. If such former Chairman is unwilling or unable to accept
                                         that position, the management of the Company shall be attributed to the person who most
                                         recently ceased to hold office as the CEO. If such former CEO is also unwilling or unable
                                         to accept that position, the management of the Company shall be attributed to one or
                                         more persons whom the General Meeting has designated for that purpose. The person(s)
                                         charged with the management of the Company in this manner, may designate one or more
                                         persons to be charged with the management of the Company in addition to, or together
                                         with, such person(s).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         Director shall be considered to be unable to act within the meaning of Article 15.5:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">during
                                         the existence of a vacancy on the Board of Directors, including as a result of:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>i.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">his
                                         death;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ii.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">his
                                         dismissal by the General Meeting, other than at the proposal of the Board of Directors;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 43%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></FONT></P></TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>iii.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">his
                                         voluntary resignation before his term of office has expired;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>iv.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">not
                                         being reappointed by the General Meeting, notwithstanding a (binding) nomination to that
                                         effect by the Board of Directors; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 35.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>v.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">his
                                         suspension,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provided
that the Board of Directors may always decide to decrease the number of Directors such that a vacancy no longer exists;</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                         a period during which the Company has not been able to contact him (including as a result
                                         of illness), provided that such period lasted longer than five consecutive days (or such
                                         other period as determined by the Board of Directors on the basis of the facts and circumstances
                                         at hand); or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                         the deliberations and decision-making of the Board of Directors on matters in relation
                                         to which he has declared to have, or in relation to which the Board of Directors has
                                         established that he has, a conflict of interests as described in Article 18.7.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">BOARD
OF DIRECTORS </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- APPOINTMENT, SUSPENSION AND DISMISSAL</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
16</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         General Meeting shall appoint the Directors and may at any time suspend or dismiss any
                                         Director. In addition, the Board of Directors may at any time suspend an Executive Director.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         General Meeting can only appoint Directors upon a nomination by the Board of Directors.
                                         The General Meeting may at any time resolve to render such nomination to be non-binding
                                         by a majority of at least two thirds of the votes cast representing more than half of
                                         the issued share capital. If a nomination is rendered non-binding, a new nomination shall
                                         be made by the Board of Directors. If the nomination comprises one candidate for a vacancy,
                                         a resolution concerning the nomination shall result in the appointment of the candidate,
                                         unless the nomination is rendered non-binding. A second meeting as referred to in Section
                                         2:120(3) DCC cannot be convened.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                         a General Meeting, a resolution to appoint a Director can only be passed in respect of
                                         candidates whose names are stated for that purpose in the agenda of that General Meeting
                                         or the explanatory notes thereto.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
                                         the appointment of a person as a Director, the General Meeting shall determine whether
                                         that person is appointed as Executive Director or as Non-Executive Director.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         resolution of the General Meeting to suspend or dismiss a Director shall require a majority
                                         of at least two thirds of the votes cast representing more than half of the issued share
                                         capital, unless the resolution is passed at the proposal of the Board of Directors. A
                                         second meeting as referred to in Section 2:120(3) DCC cannot be convened.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         a Director is suspended and the General Meeting does not resolve to dismiss him within
                                         three months from the date of such suspension, the suspension shall lapse.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">BOARD
OF DIRECTORS - DUTIES AND ORGANISATION</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
17</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors is charged with the management of the Company, subject to the restrictions
                                         contained in these articles of association. In performing their duties, Directors shall
                                         be guided by the interests of the Company and of the business connected with it.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors shall draw up Board Rules concerning its organisation, decision-making
                                         and other internal matters, with due observance of these articles of association. In
                                         performing their duties, the Directors shall act in compliance with the Board Rules.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Directors may allocate their duties amongst themselves in or pursuant to the Board Rules
                                         or otherwise pursuant to resolutions adopted by the Board of Directors, provided that:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Executive Directors shall be charged with the Company's day-to-day operations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         task of supervising the performance of the duties of the Directors cannot be taken away
                                         from the Non-Executive Directors;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Chairman must be a Non-Executive Director; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>d.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         making of proposals for the appointment of a Director and the determination of the compensation
                                         of the Executive Directors cannot be allocated to an Executive Director.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors may determine in writing, in or pursuant to the Board Rules or otherwise
                                         pursuant to resolutions adopted by the Board of Directors, that one or more Directors
                                         can validly pass resolutions in respect of matters which fall under his/their duties.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors shall establish the committees which the Company is required to have
                                         and otherwise such committees as are deemed to be appropriate by the Board of Directors.
                                         The Board of Directors shall draw up (and/or include in the Board Rules) rules concerning
                                         the organisation, decision-making and other internal matters of its committees.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors may perform the legal acts referred to in Section 2:94(1) DCC without
                                         the prior approval of the General Meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">BOARD
OF DIRECTORS - DECISION-MAKING</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
18</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                         prejudice to Article 18.5, each Director may cast one vote in the decision-making </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif; margin-left: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">of
                                         the Board of Directors.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         Director can be represented by another Director holding a written proxy for the purpose
                                         of the deliberations and the decision-making of the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resolutions
                                         of the Board of Directors and resolutions of the group of Non-Executive Directors shall
                                         be passed, irrespective of whether this occurs at a meeting or otherwise, by Simple Majority
                                         unless the Board Rules provide differently.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invalid
                                         votes, blank votes and abstentions shall not be counted as votes cast. Directors who
                                         casted an invalid or blank vote or who abstained from voting shall be taken into account
                                         when determining the number of Directors who are present or represented at a meeting
                                         of the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
                                         there is a tie in any vote of the Board of Directors, the Chairman shall have a casting
                                         vote. In case the Chairman does not exercise his casting vote as referred to in the preceding
                                         sentence due to (i) his absence in a meeting of the Board of Directors, (ii) him having
                                         a conflict of interests as referred to in Article 18.7 or (iii) him abstaining from voting,
                                         the CEO may exercise such casting vote instead, except for resolutions concerning the
                                         compensation of the Executive Directors. The foregoing only applies if there are at least
                                         three Directors in office. Otherwise, the relevant resolution shall not have been passed.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Executive Directors shall not participate in the decision-making concerning the determination
                                         of the compensation of Executive Directors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.7</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         Director shall not participate in the deliberations and decision-making of the Board
                                         of Directors on a matter in relation to which he has a direct or indirect personal interest
                                         which conflicts with the interests of the Company and of the business connected with
                                         it. If, as a result thereof, no resolution can be passed by the Board of Directors, the
                                         resolution may nevertheless be passed by the Board of Directors as if none of the Directors
                                         has a conflict of interests as described in the previous sentence.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.8</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meetings
                                         of the Board of Directors can be held through audio-communication facilities, unless
                                         a Director reasonably objects thereto.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.9</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resolutions
                                         of the Board of Directors may, instead of at a meeting, be passed in writing, provided
                                         that all Directors are familiar with the resolution to be passed and none of them reasonably
                                         objects to this decision-making process. Articles 18.1 through 18.7 apply mutatis mutandis.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.10</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         approval of the General Meeting is required for resolutions of the Board of Directors
                                         concerning a material change to the identity or the character of the Company or the business,
                                         including in any event:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">transferring
                                         the business or materially all of the business to a third party;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">entering
                                         into or terminating a long-lasting alliance of the Company or of a Subsidiary either
                                         with another entity or company, or as a fully liable partner of a limited </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif; margin-left: 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">partnership
                                         or general partnership, if this alliance or termination is of significant importance
                                         for the Company; and</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">acquiring
                                         or disposing of an interest in the capital of a company by the Company or by a Subsidiary
                                         with a value of at least one third of the value of the assets, according to the balance
                                         sheet with explanatory notes or, if the Company prepares a consolidated balance sheet,
                                         according to the consolidated balance sheet with explanatory notes in the Company's most
                                         recently adopted annual accounts.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.11</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         absence of the approval of the General Meeting of a resolution as referred to in Article
                                         18.10 shall result in the relevant resolution being null and void pursuant to Section
                                         2:14(1) DCC but shall not affect the powers of representation of the Board of Directors
                                         or of the Directors.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">BOARD
OF DIRECTORS - COMPENSATION</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
19</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         General Meeting shall determine the Company's policy concerning the compensation of the
                                         Board of Directors with due observance of the relevant statutory requirements.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         compensation of Directors shall be determined by the Board of Directors with due observance
                                         of the policy referred to in Article 19.1.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors shall submit proposals concerning arrangements in the form of shares
                                         or rights to subscribe for shares to the General Meeting for approval. This proposal
                                         must at least include the number of shares or rights to subscribe for shares that may
                                         be awarded to the Board of Directors and which criteria apply for such awards or changes
                                         thereto. The absence of the approval of the General Meeting shall not affect the powers
                                         of representation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">BOARD
OF DIRECTORS </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">- REPRESENTATION</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
20</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors is entitled to represent the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         power to represent the Company also vests in the CEO individually, as well as in any
                                         other two Executive Directors acting jointly.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company may also be represented by the holder of a power of attorney to that effect.
                                         If the Company grants a power of attorney to an individual, the Board of Directors may
                                         grant an appropriate title to such person.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEMNITY</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company shall indemnify and hold harmless each of its Indemnified Officers against:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         financial losses or damages incurred by such Indemnified Officer; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         expense reasonably paid or incurred by such Indemnified Officer in connection with any
                                         threatened, pending or completed suit, claim, action or legal proceedings of a civil,
                                         criminal, administrative or other nature, formal or informal, in which he becomes involved,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
the extent this relates to his current or former position with the Company and/or a Group Company and in each case to the extent
permitted by applicable law.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                         indemnification shall be given to an Indemnified Officer:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                         a competent court or arbitral tribunal has established that the acts or omissions of
                                         such Indemnified Officer that led to the financial losses, damages, expenses, suit, claim,
                                         action or legal proceedings as described in Article 21.1 are of an unlawful nature (including
                                         acts or omissions which are considered to constitute malice, gross negligence, intentional
                                         recklessness and/or serious culpability attributable to such Indemnified Officer);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         the extent that his financial losses, damages and expenses are covered under an insurance
                                         and the relevant insurer has settled, or has provided reimbursement for, these financial
                                         losses, damages and expenses (or has irrevocably undertaken to do so); or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                         relation to proceedings brought by such Indemnified Officer against the Company, except
                                         for proceedings brought to enforce indemnification to which he is entitled pursuant to
                                         these articles of association, pursuant to an agreement between such Indemnified Officer
                                         and the Company which has been approved by the Board of Directors or pursuant to an insurance
                                         taken out by the Company for the benefit of such Indemnified Officer.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors may stipulate additional terms, conditions and restrictions in relation
                                         to the indemnification referred to in Article 21.1.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">GENERAL
MEETING - CONVENING AND HOLDING MEETINGS</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
22</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annually,
                                         at least one General Meeting shall be held. This annual General Meeting shall be held
                                         within six months after the end of the Company's financial year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         General Meeting shall also be held:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">within
                                         three months after the Board of Directors has considered it to be likely that the Company's
                                         equity has decreased to an amount equal to or lower than half of its </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 43%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></FONT></P></TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif; margin-left: 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">paid up and called
                                         up capital, in order to discuss the measures to be taken if so required; and</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whenever
                                         the Board of Directors so decides.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
Meetings must be held in the place where the Company has its corporate seat or in Arnhem, The Hague, Rotterdam, Schiphol (Haarlemmermeer)
or Utrecht<SUP>.</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         the Board of Directors has failed to ensure that a General Meeting as referred to in
                                         Articles 22.1 or 22.2 paragraph a. is held, each Person with Meeting Rights may be authorised
                                         by the court in preliminary relief proceedings to do so.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
                                         or more Persons with Meeting Rights who collectively represent at least the part of the
                                         Company's issued share capital prescribed by law for this purpose<SUP></SUP> may request
                                         the Board of Directors in writing to convene a General Meeting, setting out in detail
                                         the matters to be discussed. If the Board of Directors has not taken the steps necessary
                                         to ensure that the General Meeting could be held within the relevant statutory period<SUP>
                                         </SUP>after the request, the requesting Person(s) with Meeting Rights may be authorised,
                                         at his/their request, by the court in preliminary relief proceedings to convene a General
                                         Meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         matter of which the discussion has been requested in writing by one or more Persons with
                                         Meeting Rights who, individually or collectively, represent at least the part of the
                                         Company's issued share capital prescribed by law for this purpose shall be included in
                                         the convening notice or announced in the same manner, if the Company has received the
                                         substantiated request or a proposal for a resolution no later than on the sixtieth day
                                         prior to that of the General Meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.7</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons
                                         with Meeting Rights who wish to exercise their rights as described in Articles 22.5 and
                                         22.6 should first consult the Board of Directors. If the intended exercise of such rights
                                         might result in a change to the Company's strategy, including by dismissing one or more
                                         Directors, the Board of Directors shall be given the opportunity to invoke a reasonable
                                         period to respond to such intention. Such period shall not exceed one hundred and eighty
                                         (180) days from the moment the Board of Directors receives notice of the intention to
                                         exercise the rights as described in Articles 22.5 and 22.6. The Person(s) with Meeting
                                         Rights concerned should respect the response time stipulated by the Board of Directors.
                                         If invoked, the Board of Directors shall use such response period for further deliberation
                                         and constructive consultation, in any event with the Person(s) with Meeting Rights concerned,
                                         and shall explore the alternatives. At the end of the response time, the Board of Directors
                                         shall report on this consultation and the exploration of alternatives to the General
                                         Meeting. This shall be supervised by the Non-Executive Directors. The response period
                                         may be invoked only once for any given General Meeting and shall not apply:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                         respect of a matter for which a response period has been previously invoked; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                         a shareholder holds at least seventy-five percent (75%) of the Company's issued share
                                         capital as a consequence of a successful public bid.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.8</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         General Meeting must be convened with due observance of the relevant statutory minimum
                                         convening period.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.9</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         Persons with Meeting Rights must be convened for the General Meeting in accordance with
                                         applicable law. The shareholders may be convened for the General Meeting by means of
                                         convening letters sent to the addresses of those shareholders in accordance with Article
                                         5.5. The previous sentence does not prejudice the possibility of sending a convening
                                         notice by electronic means in accordance with Section 2:113(4) DCC.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GENERAL
MEETING - PROCEDURAL RULES</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         General Meeting shall be chaired by one of the following individuals, taking into account
                                         the following order of priority:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         the Chairman, if there is a Chairman and he is present at the General Meeting;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         the CEO, if there is a CEO and he is present at the General Meeting;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         another Director who is chosen by the Directors present at the General Meeting from their
                                         midst; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>d.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         another person appointed by the General Meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
person who should chair the General Meeting pursuant to paragraphs a. through d. may appoint another person to chair the General
Meeting instead of him.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         chairman of the General Meeting shall appoint another person present at the General Meeting
                                         to act as secretary and to minute the proceedings at the General Meeting. The minutes
                                         of a General Meeting shall be adopted by the chairman of that General Meeting or by the
                                         Board of Directors. Where an official report of the proceedings is drawn up by a civil
                                         law notary, no minutes need to be prepared. Every Director may instruct a civil law notary
                                         to draw up such an official report at the Company's expense.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         chairman of the General Meeting shall decide on the admittance to the General Meeting
                                         of persons other than:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         persons who have Meeting Rights at that General Meeting, or their proxyholders; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">those
                                         who have a statutory right to attend that General Meeting on other grounds.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         holder of a written proxy from a Person with Meeting Rights who is entitled to attend
                                         a General Meeting shall only be admitted to that General Meeting if the proxy is determined </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
be acceptable by the chairman of that General Meeting.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company may direct that any person, before being admitted to a General Meeting, identify
                                         himself by means of a valid passport or driver's license and/or should be submitted to
                                         such security arrangements as the Company may consider to be appropriate under the given
                                         circumstances. Persons who do not comply with these requirements may be refused entry
                                         to the General Meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         chairman of the General Meeting has the right to eject any person from the General Meeting
                                         if he considers that person to disrupt the orderly proceedings at the General Meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23.7</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         General Meeting shall be conducted in English. The chairman of the General Meeting may
                                         determine to conduct the General Meeting in a language other than the English language.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23.8</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         chairman of the General Meeting may limit the amount of time that persons present at
                                         the General Meeting are allowed to take in addressing the General Meeting and the number
                                         of questions they are allowed to raise, with a view to safeguarding the orderly proceedings
                                         at the General Meeting. The chairman of the General Meeting may also adjourn the meeting
                                         if he considers that this shall safeguard the orderly proceedings at the General Meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">GENERAL
MEETING - EXERCISE OF MEETING AND VOTING RIGHTS</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>24.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                         Person with Meeting Rights has the right to attend, address and, if applicable, vote
                                         at General Meetings, whether in person or represented by the holder of a written proxy.
                                         Holders of fractional shares together constituting the nominal value of a share of the
                                         relevant class shall exercise these rights collectively, whether through one of them
                                         or through the holder of a written proxy.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>24.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors may decide that each Person with Meeting Rights is entitled, whether
                                         in person or represented by the holder of a written proxy, to participate in, address
                                         and, if applicable, vote at the General Meeting by electronic means of communication.
                                         For the purpose of applying the preceding sentence it must be possible, by electronic
                                         means of communication, for the Person with Meeting Rights to be identified, to observe
                                         in real time the proceedings at the General Meeting and, if applicable, to vote. The
                                         Board of Directors may impose conditions on the use of the electronic means of communication,
                                         provided that these conditions are reasonable and necessary for the identification of
                                         the Person with Meeting Rights and the reliability and security of the communication.
                                         Such conditions must be announced in the convening notice.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>24.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors can also decide that votes cast through electronic means of communication
                                         or by means of a letter prior to the General Meeting are considered to be votes </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
are cast during the General Meeting. These votes shall not be cast prior to the Registration Date.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>24.4</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         the purpose of Articles 24.1 through 24.3, those who have voting rights and/or Meeting
                                         Rights on the Registration Date and are recorded as such in a register designated by
                                         the Board of Directors shall be considered to have those rights, irrespective of whoever
                                         is entitled to the shares or depository receipts at the time of the General Meeting.
                                         Unless Dutch law requires otherwise, the Board of Directors is free to determine, when
                                         convening a General Meeting, (i) whether the previous sentence applies and (ii) that
                                         the Registration Date is applied with respect to shares of a specific class only.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>24.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                         Person with Meeting Rights must notify the Company in writing of his identity and his
                                         intention to attend the General Meeting. This notice must be received by the Company
                                         ultimately on the seventh day prior to the General Meeting, unless indicated otherwise
                                         when such General Meeting is convened. Persons with Meeting Rights that have not complied
                                         with this requirement may be refused entry to the General Meeting. When a General Meeting
                                         is convened the Board of Directors may stipulate not to apply the previous provisions
                                         of this Article 24.5 in respect of the exercise of Meeting Rights and/or voting rights
                                         attached to preferred shares at such General Meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GENERAL
MEETING - DECISION-MAKING</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>25.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                         share, irrespective of which class it concerns, shall give the right to cast one vote
                                         at the General Meeting. Fractional shares of a certain class, if any, collectively constituting
                                         the nominal value of a share of that class shall be considered to be equivalent to such
                                         a share.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>25.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                         vote may be cast at a General Meeting in respect of a share belonging to the Company
                                         or a Subsidiary or in respect of a share for which any of them holds the depository receipts.
                                         Usufructuaries and pledgees of shares belonging to the Company or its Subsidiaries are
                                         not, however, precluded from exercising their voting rights if the usufruct or pledge
                                         was created before the relevant share belonged to the Company or a Subsidiary. Neither
                                         the Company nor a Subsidiary may vote shares in respect of which it holds a usufruct
                                         or a pledge.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>25.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
                                         a greater majority is required by law or by these articles of association, all resolutions
                                         of the General Meeting shall be passed by Simple Majority.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>25.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invalid
                                         votes, blank votes and abstentions shall not be counted as votes cast. Shares in respect
                                         of which an invalid or blank vote has been cast and shares in respect of which an abstention
                                         has been made shall be taken into account when determining the part of the issued share
                                         capital that is represented at a General Meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>25.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
                                         there is a tie in any vote of the General Meeting, the relevant resolution shall not
                                         have been passed.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>25.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         chairman of the General Meeting shall decide on the method of voting and the voting procedure
                                         at the General Meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>25.7</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         determination during the General Meeting made by the chairman of that General Meeting
                                         with regard to the results of a vote shall be decisive. If the accuracy of the chairman's
                                         determination is contested immediately after it has been made, a new vote shall take
                                         place if the majority of the General Meeting so requires or, where the original vote
                                         did not take place by response to a roll call or in writing, if any party with voting
                                         rights who is present so requires. The legal consequences of the original vote shall
                                         lapse as a result of the new vote.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>25.8</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors shall keep a record of the resolutions passed. The record shall be
                                         available at the Company's office for inspection by Persons with Meeting Rights. Each
                                         of them shall, upon request, be provided with a copy of or extract from the record, at
                                         no more than the cost price.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>25.9</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
                                         may pass resolutions outside a meeting, unless the Company has cooperated with the issuance
                                         of depository receipts for shares in its capital. Such resolutions can only be passed
                                         by a unanimous vote of all shareholders with voting rights. The votes shall be cast in
                                         writing and may be cast through electronic means.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>25.10</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Directors shall, in that capacity, have an advisory vote at the General Meetings.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GENERAL
MEETING - SPECIAL RESOLUTIONS</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>26.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         following resolutions can only be passed by the General Meeting at the proposal of the
                                         Board of Directors:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         issue of shares or the granting of rights to subscribe for shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         limitation or exclusion of pre-emption rights;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         designation or granting of an authorisation as referred to in Articles 6.1, 7.5 and 10.2,
                                         respectively;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>d.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         reduction of the Company's issued share capital;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>e.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         making of a distribution from the Company's profits or reserves on the ordinary shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>f.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         making of a distribution in the form of shares in the Company's capital or in the form
                                         of assets, instead of in cash;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>g.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         amendment of these articles of association;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 43%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></FONT></P></TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>h.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         entering into of a merger or demerger;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>i.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         instruction of the Board of Directors to apply for the Company's bankruptcy; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>j.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Company's dissolution.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>26.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         purposes of Article 26.1, a resolution shall not be considered to have been proposed
                                         by the Board of Directors if such resolution has been included in the convening notice
                                         or announced in the same manner by or at the request of one or more Persons with Meeting
                                         Rights pursuant to Articles 22.5 and/or 22.6, unless the Board of Directors has expressly
                                         indicated its support of such resolution in the agenda of the General Meeting concerned
                                         or in the explanatory notes thereto.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">CLASS
MEETINGS</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>27.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         Class Meeting shall be held whenever a resolution of that Class Meeting is required by
                                         Dutch law or under these articles of association and otherwise whenever the Board of
                                         Directors so decides.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>27.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                         prejudice to Article 27.1, for Class Meetings of ordinary shares, the provisions concerning
                                         the convening of, drawing up of the agenda for, holding of and decision-making by the
                                         General Meeting apply mutatis mutandis.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>27.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         Class Meetings of preferred shares, the following shall apply:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles
                                         22.3, 22.9, 23.3, 25.1, 25.2 through 25.10 apply mutatis mutandis;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         Class Meeting must be convened no later than on the eighth day prior to that of the meeting;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         Class Meeting shall appoint its own chairman; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>d.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where
                                         the rules laid down by these articles of association in relation to the convening, location
                                         of or drawing up of the agenda for a Class Meeting have not been complied with, legally
                                         valid resolutions may still be passed by that Class Meeting by a unanimous vote at a
                                         meeting at which all shares of the relevant class are represented.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REPORTING
- FINANCIAL YEAR, ANNUAL ACCOUNTS AND MANAGEMENT REPORT</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>28.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company's financial year shall coincide with the calendar year.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>28.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annually,
                                         within the relevant statutory period, the Board of Directors shall prepare the </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 43%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></FONT></P></TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif; margin-left: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">annual
                                         accounts and the management report and deposit them at the Company's office for inspection
                                         by the shareholders.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>28.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         annual accounts shall be signed by the Directors. If any of their signatures is missing,
                                         this shall be mentioned, stating the reasons.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>28.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company shall ensure that the annual accounts, the management report and the particulars
                                         to be added pursuant to Section 2:392(1) DCC shall be available at its offices as from
                                         the convening of the General Meeting at which they are to be discussed. The Persons with
                                         Meeting Rights are entitled to inspect such documents at that location and to obtain
                                         a copy at no cost.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>28.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         annual accounts shall be adopted by the General Meeting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REPORTING
- AUDIT</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article
29</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>29.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         General Meeting shall instruct an auditor as referred to in Section 2:393 DCC to audit
                                         the annual accounts. Where the General Meeting fails to do so, the Board of Directors
                                         shall be authorised.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>29.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         instruction may be revoked by the General Meeting and, if the Board of Directors has
                                         granted the instruction, by the Board of Directors. The instruction can only be revoked
                                         for well-founded reasons; a difference of opinion regarding the reporting or auditing
                                         methods shall not constitute such a reason.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">DISTRIBUTIONS
- GENERAL</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">30</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>30.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         distribution can only be made to the extent that the Company's equity exceeds the amount
                                         of the paid up and called up part of its capital plus the reserves which must be maintained
                                         by law.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>30.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors may resolve to make interim distributions, provided that it appears
                                         from interim accounts to be prepared in accordance with Section 2:105(4) DCC that the
                                         requirement referred to in Article 30.1 has been met and, if it concerns an interim distribution
                                         of profits, taking into account the order of priority described in Article 32.1.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>30.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                         entitlement to distributions is attached to preferred shares, other than as described
                                         in Articles 11.2, 32.1 and 33.3.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>30.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
                                         shall be made in proportion to the aggregate nominal value of the shares . In deviation
                                         of the previous sentence, distributions on preferred shares (or to the former holders
                                         of preferred shares) shall be made in proportion to the amounts paid up (or formerly
                                         paid up) on those preferred shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 43%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></FONT></P></TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>30.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         parties entitled to a distribution shall be the relevant shareholders, usufructuaries
                                         and pledgees, as the case may be, at a date to be determined by the Board of Directors
                                         for that purpose. This date shall not be earlier than the date on which the distribution
                                         was announced.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>30.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         General Meeting may resolve, subject to Article 26, that all or part of such distribution,
                                         instead of being made in cash, shall be made in the form of shares in the Company's capital
                                         or in the form of the Company's assets.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>30.7</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         distribution shall be payable on such date and, if it concerns a distribution in cash,
                                         in such currency as determined by the Board of Directors. If it concerns a distribution
                                         in the form of the Company's assets, the Board of Directors shall determine the value
                                         attributed to such distribution for purposes of recording the distribution in the Company's
                                         accounts with due observance of applicable law (including the applicable accounting principles).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>30.8</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         claim for payment of a distribution shall lapse after five years have expired after the
                                         distribution became payable.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>30.9</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         the purpose of calculating the amount or allocation of any distribution, shares held
                                         by the Company in its own capital shall not be taken into account. No distribution shall
                                         be made to the Company in respect of shares held by it in its own capital.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">DISTRIBUTIONS
- RESERVES</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">31</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>31.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         reserves maintained by the Company shall be attached exclusively to the ordinary shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>31.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
                                         to Article 26, the General Meeting is authorised to resolve to make a distribution from
                                         the Company's reserves.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>31.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                         prejudice to Articles 31.4 and 32.2, distributions from a reserve shall be made exclusively
                                         on the class of shares to which such reserve is attached.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>31.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Board of Directors may resolve to charge amounts to be paid up on shares against the
                                         Company's reserves, irrespective of whether those shares are issued to existing shareholders.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISTRIBUTIONS
- PROFITS</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">32</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>32.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
                                         to Article 30.1, the profits shown in the Company's annual accounts in respect of a financial
                                         year shall be appropriated as follows, and in the following order of priority:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         the extent that any preferred shares have been cancelled without the distribution </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 43%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="width: 3%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></FONT></P></TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif; margin-left: 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">described
                                         in Article 11.2 paragraph b. having been paid in full and without any such deficit subsequently
                                         having been paid in full as described in this Article 32.1 or Article 32.2, an amount
                                         equal to any such (remaining) deficit shall be distributed to those who held those preferred
                                         shares at the moment of such cancellation becoming effective;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         the extent that any Preferred Distribution (or part thereof) in relation to previous
                                         financial years has not yet been paid in full as described in this Article 32.1 or Article
                                         32.2, an amount equal to any such (remaining) deficit shall be distributed on the preferred
                                         shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Preferred Distribution shall be distributed on the preferred shares in respect of the
                                         financial year to which the annual accounts pertain;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>d.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Board of Directors shall determine which part of the remaining profits shall be added
                                         to the Company's reserves; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>e.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">subject
                                         Article 26, the remaining profits shall be at the disposal of the General Meeting for
                                         distribution on the ordinary shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>32.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         the extent that the distributions described in Article 32.1 paragraphs a. through c.
                                         (or any part thereof) cannot be paid out of the profits shown in the annual accounts,
                                         any such deficit shall be distributed from the Company's reserves, subject to Articles
                                         30.1 and 30.2.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>32.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                         prejudice to Article 30.1, a distribution of profits shall be made after the adoption
                                         of the annual accounts that show that such distribution is allowed.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISSOLUTION
AND LIQUIDATION</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">33</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>33.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         the event of the Company being dissolved, the liquidation shall be effected by the Board
                                         of Directors, unless the General Meeting decides otherwise.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>33.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         the extent possible, these articles of association shall remain in effect during the
                                         liquidation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>33.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         the extent that any assets remain after payment of all of the Company's debts, those
                                         assets shall be distributed as follows, and in the following order of priority:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         amounts paid up on the preferred shares shall be repaid on such preferred shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         the extent that any preferred shares have been cancelled without the distribution described
                                         in Article 11.2 paragraph b. having been paid in full and without any such deficit subsequently
                                         having been paid in full as described in Articles 32.1 and 32.2, an amount equal to any
                                         such (remaining) deficit shall be distributed to those who held those preferred shares
                                         at the moment of such cancellation becoming effective;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         the extent that any Preferred Distribution (or part thereof) in relation to financial
                                         years prior to the financial year in which the distribution referred to in paragraph
                                         a. occurs has not yet been paid in full as described in Articles 32.1 and 32.2, an amount
                                         equal to any such (remaining) deficit shall be distributed on the preferred shares;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>d.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Preferred Distribution shall be paid on the preferred shares calculated in respect of
                                         the part of the financial year in which the distribution referred to in paragraph a.
                                         is made, for the number of days that have already elapsed during such part of the financial
                                         year; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>e.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         remaining assets shall be distributed to the holders of ordinary shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>33.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
                                         the Company has ceased to exist, its books, records and other information carriers shall
                                         be kept for the period prescribed by law by the person designated for that purpose in
                                         the resolution of the General Meeting to dissolve the Company. Where the General Meeting
                                         has not designated such a person, the liquidators shall do so.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRANSITIONAL
PROVISION</FONT></P>

<P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">Article</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">34</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company's first financial year ends on the thirty-first day of December two thousand and seventeen. This Article 34 shall lapse
and shall no longer form part of these articles of association on the first day of the Company's second financial year.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<TYPE>EX-4.1
<SEQUENCE>4
<FILENAME>dp81461_ex0401.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 4.1</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">DEED
OF ISSUE OF SHARES</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">AGAINST
NON-CASH CONTRIBUTION</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">On this
day, the [&nbsp;&nbsp;&nbsp;] day of [<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B>] two thousand and seventeen, appeared before
me, Wijnand Hendrik Bossenbroek, civil law notary at Amsterdam, the Netherlands:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">[<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B>],
acting for the purposes of this Deed as the holder of written powers of attorney from:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
                                         </B>(the &ldquo;<B>Subscriber</B>&rdquo;); and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Fireman
                                         B.V.</B>, a private limited liability company (<I>besloten vennootschap met beperkte
                                         aansprakelijkheid</I>) under Dutch law, having its corporate seat at Amsterdam, the Netherlands
                                         (address: Winzerlaer Strasse 2, 07745 Jena, Germany, trade register number 68904312)
                                         (the &ldquo;<B>Company</B>&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The person
appearing, acting in the above capacities, declared the following:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>DEFINITIONS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Article
1&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In this
Deed the following definitions shall apply:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><B>Articles of Association</B></FONT></TD>
    <TD STYLE="width: 70%; text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">The Company's articles of association, as amended
    from time to time.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><B>GmbH Shares</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
    shares in the share capital of InflaRx GmbH, a company incorporated under the laws of Germany, having its address at Winzerlaer
    Strasse, 207745 Jena, Germany.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><B>Contribution Agreement</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">The contribution agreement laid down in article 4 of this Deed.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><B>DCC</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">The Dutch Civil Code.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><B>Deed</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">This deed of issue against non-cash contribution.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">The description relating to the GmbH Shares prepared in accordance
    with Section 2:204b(1) DCC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><B>General Meeting</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">The general meeting of the Company.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><B>Parties</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">The parties to this Deed.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><B>Resolution</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">The written resolution of the General Meeting dated [<B><I>&nbsp;&nbsp;&nbsp;</I></B>]
    two thousand and seventeen, a copy of which will be attached to this Deed as an <U>annex</U>.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><B>Shares</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">[<B><I>&nbsp;&nbsp;&nbsp;</I></B>] ordinary shares in the capital
    of the Company, having a nominal value of twelve eurocents (EUR 0.12) each and numbered [<B><I>&nbsp;&nbsp;&nbsp;</I></B>]
    up to and including [<B><I>&nbsp;&nbsp;&nbsp;</I></B>].</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>RESOLUTION
TO ISSUE SHARES</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Article
2&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>2.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">As
                                         is evidenced by the Resolution, the General Meeting has resolved to issue the Shares
                                         to the Subscriber against contribution of the GmbH Shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>2.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Under
                                         the Articles of Association, the Company's management board has the authority to perform
                                         juristic acts (<I>rechtshandelingen</I>) pertaining to non-cash contributions on shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>PRE-EMPTION
RIGHTS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Article
3&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As is evidenced
by the Resolution, the General Meeting has resolved to exclude pre-emption rights (<I>voorkeursrechten</I>) in relation to the
present issuance of the Shares.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">AGREEMENT
ON CONTRIBUTION</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Article
4&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Subscriber
and the Company hereby agree that the Subscriber will pay up the Shares in full by transferring the GmbH Shares to the Company
on the legal basis of contribution (<I>ten titel van inbreng</I>).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">ISSUE
OF SHARES</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Article
5&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In giving
effect to the Resolution, the Company hereby issues the Shares to the Subscriber and the Subscriber hereby accepts the Shares
from the Company.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">DESCRIPTION</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Article
6&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>6.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Description has been prepared by the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>6.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To
                                         the best of the Company's knowledge, there has not been a substantial decline in the
                                         value of the GmbH Shares since the date to which the Description relates.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>6.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Company will deposit the Description at its office for inspection by the Company's shareholders
                                         and others having meeting rights (<I>vergaderrecht</I>) under Dutch law.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">TRANSFER
OF GMBH SHARES</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Article
7&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>7.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Subscriber must effect the transfer of the GmbH Shares pursuant to the Contribution Agreement
                                         without delay in accordance with applicable law.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>7.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">To
                                         the extent that the value of the GmbH Shares exceeds the aggregate nominal amount of
                                         the Shares, such excess amount shall be considered to be share premium (<I>agio</I>)
                                         and shall be added to the Company's share premium reserve attached to the ordinary shares
                                         in the Company's capital.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">register</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Article
8&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
will immediately enter the present issuance of the Shares in its register.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">rescission</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Article
9</B>&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Parties
waive the right to rescind or to nullify, or to commence legal proceedings to rescind, nullify or amend on any ground whatsoever,
the Contribution Agreement and any other agreements underlying the present issuance of the Shares.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">CHOICE
OF LAW AND JURISDICTION</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Article
10&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This Deed
shall be governed by and construed in accordance with the laws of the Netherlands. Any dispute arising in connection with this
Deed shall be submitted to the exclusive jurisdiction of the competent court in Amsterdam, the Netherlands.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">CIVIL
LAW NOTARY</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Article
11</B>&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>11.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Parties are aware that the undersigned civil law notary works with NautaDutilh N.V.,
                                         the firm that has advised the Company in this transaction.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>11.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">With
                                         reference to the Code of Conduct (<I>Verordening beroeps- en gedragsregels</I>) laid
                                         down by the Royal Notarial Professional Organisation (<I>Koninklijke Notari&euml;le Beroepsorganisatie</I>),
                                         the Parties hereby explicitly consent to:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>a.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         undersigned civil law notary executing this Deed; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><B>b.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Company being assisted and represented by NautaDutilh N.V. in relation to this Deed and
                                         any agreements that may be concluded, or disputes that may arise, in connection therewith.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">POWER
OF ATTORNEY</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Article
12&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The person
appearing has been authorised to act under two (2) powers of attorney in the form of private instruments, copies of which will
be attached to this Deed as <U>annexes</U>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">finally</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The person
appearing is known to me, civil law notary.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This Deed
was executed in Amsterdam on the date mentioned in its heading.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">After I,
civil law notary, had conveyed and explained the contents of the Deed in substance to the person appearing, the person appearing
declared to have taken note of the contents of the Deed, to be in agreement with the contents and not to wish them to be read
out in full. Following a partial reading, the Deed was signed by the person appearing and by me, civil law notary.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>dp81461_ex0501.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT><B>Exhibit 5.1 and 23.2</B> </P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 37%"><IMG SRC="image_024.jpg" ALT=""></TD>
    <TD STYLE="width: 63%"><IMG SRC="image_025.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">P.O. Box 7113</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">1007 JC Amsterdam</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Beethovenstraat400</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">1082 PR Amsterdam</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">T +31 20 71 71 000</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">F + 31 20 71 71 111</P></TD>
    <TD STYLE="padding-left: 18pt">Amsterdam, [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] 2017<BR>
<BR>
Fireman B.V.<BR>
Winzerlaer Str. 2<BR>
07745 Jena<BR>
Germany</TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ladies and
Gentlemen:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have
acted as legal counsel as to Netherlands law to the Company in connection with the Offering. This opinion letter is renderd to
you in order to be filed with the SEC as an exhibit to the Registration Statement.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Capitalised
terms used in this opinion letter have the meanings set forth in Exhibit A. The section headings used in this opinion letter are
for convenience of reference only and are not to affect its construction or to be taken into consideration in its interpretation.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This opinion
letter is addressed solely to you. This opinion letter is strictly limited to the matters stated in it and may not be read as
extending by implication to any matters not specifically referred to in it. Nothing in this opinion letter should be taken as
expressing an opinion in respect of any representations or warranties, or other information, contained in any document.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In rendering
the opinions expressed in this opinion letter, we have exclusively reviewed and relied upon drafts of the Reviewed Documents and
drafts or pdf copies, as the case may be, of each of the Corporate Documents and we have assumed that the Reviewed Documents shall
be entered into for bona fide commercial reasons. We have not investigated or verified any factual matter disclosed to us in the
course of our review.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This opinion
letter sets out our opinion on certain matters of the laws with general applicability of the Netherlands, and, insofar as they
are directly applicable in the Netherlands, of the European Union, as at today's date and as presently interpreted under published
authoritative case law of the Netherlands courts, the General Court and the Court of Justice of the European Union. We do not
express any opinion on Netherlands or European competition law, tax law or regulatory law. No undertaking is assumed on our part
to revise, update or amend this opinion letter in connection with or to notify or inform you of, any developments and/or changes
of Netherlands law subsequent to today's date.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 25%"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Brussels</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">London</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Luxemburg</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">New
York</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Rotterdam&nbsp;</FONT></P>


</TD>
    <TD STYLE="width: 75%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This communication is confidential and
may be subject to professional privilege. All legal relationships are subject to NautaDutilh N.V.'s general terms and conditions
(see https://www.nautadutilh.com/terms), which apply mutatis mutandis to our relationship with third parties relying on statements
of NautaDutilh N.V., include a limitation of liability clause, have been filed with the Rotterdam District Court and will be provided
free of charge upon request. NautaDutilh N.V.; corporate seat Rotterdam; trade register no. 24338323.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">50106765 M 22118303 / 15</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: center"><IMG SRC="image_010.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The opinions
expressed in this opinion letter are to be construed and interpreted in accordance with Netherlands law. This opinion letter is
based, on the condition that you accept and agree that (i) the competent courts at Amsterdam, the Netherlands have exclusive jurisdiction
to settle any issues of interpretation or liability arising out of or in connection with this opinion letter, (ii) any legal relationship
arising out of or in connection with this opinion letter (whether contractual or non-contractual), including the above submission
to jurisdiction, is governed by Netherlands law and shall be subject to the general terms and conditions of NautaDutilh, (iii)
any liability arising out of or in connection with this opinion letter shall be limited to the amount which is paid out under
NautaDutilh's insurance policy in the matter concerned, and (iv) no person other than NautaDutilh may be held liable in connection
with this opinion letter.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In this
opinion letter, legal concepts are expressed in English terms. The Netherlands legal concepts concerned may not be identical in
meaning to the concepts described by the English terms as they exist under the law of other jurisdictions. In the event of a conflict
or inconsistency, the relevant expression shall be deemed to refer only to the Netherlands legal concepts described by the English
terms.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">For the
purposes of this opinion letter, we have assumed that:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD><FONT STYLE="font-size: 10pt">drafts of the documents reviewed
by us will be signed in the form of the drafts of those documents as described in Exhibit B and Exhibit C, each copy of a document
conforms to the original, each original is authentic, and each signature is the genuine signature of the individual purported
to have placed that signature;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Registration Statement
has been or shall be filed with, and has been or shall be declared effective by, the SEC substantially in the form of the draft
thereof as described in Exhibit B;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 10pt">c.</FONT></TD><TD><FONT STYLE="font-size: 10pt">(i) no regulations (<I>reglementen</I>)
have been adopted by any corporate body of the Company which would affect the resolutions recorded in the Resolutions, (ii) the
Current Articles are the Articles of Association currently in force and (iii) the Revised Articles are the Articles of Association
as they will be in force at each Relevant Moment. The Extract supports item (ii) of this assumption;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 10pt">d.</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Company has not (i) been
dissolved (<I>ontbonden</I>), (ii) ceased to exist pursuant to a merger (<I>fusie</I>) or a division (<I>splitsing</I>), (iii)
been converted (<I>omgezet</I>) into another legal form, either national or foreign (except pursuant to the Deed of Conversion,
once executed), (iv) had its assets placed under administration (<I>onder bewind gesteld</I>), (v) been declared bankrupt (<I>failliet
verklaard</I>) or granted a suspension of payments (<I>surseance van betaling verleend</I>) or (vi) been made subject to similar
proceedings in any jurisdiction or otherwise been limited in its power to dispose of its assets. The Extract and our inquiries
of today with the Insolvency Registers support the items (i) through (v) of this assumption. However, this information does not
constitute conclusive evidence that the events set out in items (i) through (v) have not occurred.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><IMG SRC="image_010.jpg" ALT="">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD>&nbsp;</TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>&nbsp;</DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 10pt">e.</FONT></TD><TD><FONT STYLE="font-size: 10pt">the resolutions recorded
in the Resolutions are in full force and effect, and the factual statements made and the confirmations given in the Resolutions
and the Deeds of Issue are complete and correct and the Resolutions correctly reflect the resolutions reflected therein;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 10pt">f.</FONT></TD><TD><FONT STYLE="font-size: 10pt">no works council (<I>ondernemingsraad</I>)
has been established or is in the process of being established with respect to the business of the Company. This assumption is
supported by the confirmation in this respect as included in the Resolutions;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 10pt">g.</FONT></TD><TD><FONT STYLE="font-size: 10pt">no director (<I>bestuurder</I>)
of the Company has a direct or indirect personal interest which conflicts with the interest of the Company or its business in
respect of any of the resolutions recorded in the Resolutions. This assumption is supported by the confirmation in this respect
as included in the Resolutions;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 10pt">h.</FONT></TD><TD><FONT STYLE="font-size: 10pt">each Power of Attorney (i)
is in full force and effect, and (ii) under any applicable law other than Netherlands law, validly authorises the person or persons
purported to be granted power of attorney, to represent and bind the Company vis-&agrave;-vis other parties in relation to the
transactions contemplated by and for the purposes stated in the Reviewed Documents;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 10pt">i.</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Offering, to the extent
made in the Netherlands, has been, is and will be made in conformity with the NFSA and the rules promulgated thereunder;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 10pt">j.</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Option (i) will have
been validly granted and will be a valid right to subscribe for Option Shares, (ii) will have been validly exercised prior to
the issuance of the Option Shares in accordance with the terms of the Underwriting Agreement and (iii) will be, at the time of
exercise, in full force and effect;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 10pt">k.</FONT></TD><TD><FONT STYLE="font-size: 10pt">at each Relevant Moment,
each of the assumptions made in this opinion letter will be correct in all aspects by reference to the facts and circumstances
then existing; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><IMG SRC="image_010.jpg" ALT="">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD>&nbsp;</TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>&nbsp;</DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 10pt">l.</FONT></TD><TD><FONT STYLE="font-size: 10pt">none of the opinions stated
in this opinion letter will be affected by any foreign law.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Based
upon and subject to the foregoing and subject to the qualifications set forth in this opinion letter and to any matters, documents
or events not disclosed to us, we express the following opinions:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Corporate
Status</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">The Company has been duly
incorporated as a <I>besloten vennootschap met beperkte aansprakelijkheid</I>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Offer
Shares and Option Shares</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Subject
                                         to receipt by the Company of payment in full for the Offer Shares and the Option Shares
                                         (if any) as provided for in the Deeds of Issue and the Underwriting Agreement, and when
                                         issued and accepted in accordance with the respective Deeds of Issue, the Resolutions
                                         and the Underwriting Agreement, the Offer Shares and the Option Shares (if any) will
                                         be validly issued, fully paid and non-assessable.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The opinions
expressed above are subject to the following qualifications:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">A.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         opinion expressed in paragraph &lrm;1 (<I>Corporate Status</I>) of this opinion letter
                                         must not be read to imply that the Company cannot be dissolved (<I>ontbonden</I>). A
                                         company such as the Company may be dissolved, <I>inter alia</I> by the competent court
                                         at the request of the company's management board, any interested party (<I>belanghebbende</I>)
                                         or the public prosecution office in certain circumstances, such as when there are certain
                                         defects in the incorporation of the company. Any such dissolution will not have retro-active
                                         effect.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         information contained in the Extract does not constitute conclusive evidence of the facts
                                         reflected in it.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">C.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant
                                         to Article 2:7 NCC, any transaction entered into by a legal entity may be nullified by
                                         the legal entity itself or its liquidator in bankruptcy proceedings (<I>curator</I>)
                                         if the objects of that entity were transgressed by the transaction and the other party
                                         to the transaction knew or should have known this without independent investigation (<I>wist
                                         of zonder eigen onderzoek moest weten</I>). The Netherlands Supreme Court (<I>Hoge Raad
                                         der Nederlanden</I>) has ruled that in determining whether the objects of a legal entity
                                         are transgressed, not only the description of the objects in that legal entity's articles
                                         of association (<I>statuten</I>) is decisive, but all (relevant) circumstances must be
                                         taken into account, in particular whether the interests of the legal entity were served
                                         by the transaction. Based on the objects clause contained in the Articles of Association,
                                         we have no reason to believe that by entering into the Reviewed Documents the Company
                                         would transgress the description of the objects contained in the Current Articles and
                                         the Revised Articles. However, we cannot assess whether there are other relevant circumstances
                                         that must be taken into account, in particular whether the interests of the Company are
                                         served by entering into the Reviewed Documents since this is a matter of fact.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">D.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         opinions expressed in this opinion letter may be limited or affected by:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                         applicable bankruptcy, insolvency, reorganisation, moratorium or other similar laws or
                                         procedures now or hereafter in effect, relating to or affecting the enforcement or protection
                                         of creditors' rights generally;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         provisions of fraudulent preference and fraudulent conveyance (<I>Actio Pauliana</I>)
                                         and similar rights available in other jurisdictions to liquidators in bankruptcy proceedings
                                         or creditors;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">c.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">claims
                                         based on tort (<I>onrechtmatige daad</I>);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">d.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">sanctions
                                         and measures, including but not limited to those concerning export control, pursuant
                                         to European Union regulations, under the Sanctions Act 1977 (<I>Sanctiewet 1977</I>)
                                         or other legislation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">e.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Anti-Boycott Regulation and related legislation; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">f.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         rules of force majeure (<I>niet toerekenbare tekortkoming</I>), reasonableness and fairness
                                         (<I>redelijkheid en billijkheid</I>), suspension (<I>opschorting</I>), dissolution (<I>ontbinding</I>),
                                         unforeseen circumstances (<I>onvoorziene omstandigheden</I>) and vitiated consent (i.e.
                                         duress (<I>bedreiging</I>), fraud (<I>bedrog</I>), abuse of circumstances (<I>misbruik
                                         van omstandigheden</I>) and error (<I>dwaling</I>)) or a difference of intention (<I>wil</I>)
                                         and declaration (<I>verklaring</I>), set-off (<I>verrekening</I>), and other defences
                                         afforded by Netherlands law to obligors general.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">E.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         term &quot;non-assessable&quot; has no equivalent in the Dutch language and for purposes
                                         of this opinion letter such term should be interpreted to mean that a holder of a share
                                         will not by reason of merely being such a holder be subject to assessment or calls by
                                         the Company or its creditors for further payment on such share.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">F.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If and
                                         to the extent that the Underwriting Agreement refers to Offer Shares or Option Shares
                                         being issued and sold by the Company to the Underwriters and Offer Shares or Option Shares
                                         being purchased by the Underwriters from the Company, for the purposes of this opinion
                                         letter, we have interpreted those references as the Company agreeing to issue such Offer
                                         Shares or Option Shares to, or at the instruction of, the Underwriters and the Underwriters
                                         agreeing to subscribe for, or instruct the subscription for, such Offer Shares or Option
                                         Shares from the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">G.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This
                                         opinion letter does not purport to express any opinion or view on the operational rules
                                         and procedures of any clearing or settlement system or agency.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">We
consent to the filing of this opinion letter as an exhibit to the Registration Statement and also consent to the reference to
NautaDutilh in the Registration Statement under the caption &quot;<I>Legal Matters</I>&quot;.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Sincerely
yours,</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">NautaDutilh
N.V.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">EXHIBIT
A</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: right; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">LIST
OF DEFINITIONS</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: right; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Anti-Boycott
        Regulation</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 61%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        Council Regulation (EC) No 2271/96 of 22 November 1996 on protecting against the effects of the extra-territorial application
        of legislation adopted by a third country, and actions based thereon or resulting therefrom</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Articles
        of Association</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        articles of association of the Company, as they may read from time to time</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Commercial
        Register</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        Netherlands Chamber of Commerce Commercial Register</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Company</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Fireman
        B.V., a <I>besloten vennootschap met beperkte aansprakelijkheid</I>, registered with the Commercial Register under number
        68904312</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Corporate
        Documents</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        documents listed in Exhibit B</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&quot;<B>Current Articles</B>&quot;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 10pt">the Articles of Association as they read after
    the execution of the Deed of Incorporation, following which, according to the Extract, no amendment to the Articles of Association
    was effected</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&quot;<B>Deed of Conversion</B>&quot;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 10pt">the draft deed of conversion of the Company's
    legal form and amendment to the Articles of Association with reference number &nbsp;82041678 M 21475968 (and the unofficial
    translation with reference number 82041678 M 21475970)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Deed
        of Incorporation</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        deed of incorporation (<I>akte van oprichting</I>) of the Company, dated 6 June 2017</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Deeds
        of Issue</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        draft deed of issue and transfer of Offer Shares with reference number [<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>&nbsp;],
        and the draft deed of issue of Option Shares with reference number [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Exhibit</B>&quot;</FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">an
        exhibit to this opinion letter</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><IMG SRC="image_010.jpg" ALT="">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD>&nbsp;</TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>&nbsp;</DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-align: justify; width: 39%"><FONT STYLE="font-size: 10pt">&quot;<B>Extract</B>&quot;</FONT></TD>
    <TD STYLE="width: 61%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">an
        extract from the Commercial Register relating to the Company, dated the date of this opinion letter</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Insolvency
        Registers</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 5%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">i.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></P></TD>
    <TD STYLE="width: 56%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-size: 10pt">the online central insolvency register (<I>Centraal Insolventie Register</I>) and the online EU Insolvency Register (<I>Centraal
Insolventie Register-EU Registraties</I>) held by the Council for the Administration of Justice (<I>Raad voor de Rechtspraak</I>);
and</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.15pt; text-align: justify; text-indent: -37.15pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.15pt; text-align: justify; text-indent: -37.15pt"><FONT STYLE="font-size: 10pt"></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>ii.</TD>
    <TD>the Amsterdam court (location Amsterdam) bankruptcy clerk&rsquo;s office</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>NautaDutilh</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 61%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">NautaDutilh
        N.V.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>NCC</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        Netherlands Civil Code (<I>Burgerlijk Wetboek</I>)</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>the
        Netherlands</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        European territory of the Kingdom of the Netherlands</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>NFSA</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        Netherlands Financial Supervision Act (<I>Wet op het financieel toezicht</I>)</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Offering</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        initial public offering and admission of the Offer Shares and Option Shares, if any, to listing and trading on the NASDAQ
        Global Select Market</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Offer
        Shares</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 10pt">[<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>] Shares</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Option</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        option to be granted to the Underwriters under the Underwriting Agreement with respect to Option Shares</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Option
        Shares</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">up
        to [<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>] Shares, or such lesser number of Shares in respect of which the Option is exercised</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><IMG SRC="image_010.jpg" ALT="">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD>&nbsp;</TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Power
        of Attorney</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 61%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">any
        power of attorney as contained in the Resolutions</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Registration
        Statement</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        registration statement on Form F-1 under the U.S. Securities Act of 1933 filed or to be filed with the SEC in connection
        with the Offering on or about the date of this opinion letter</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Relevant
        Moment</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">each time when Offer
        Shares or Option Shares are issued pursuant to any of the Deeds of Issue</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Resolutions</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        document or documents containing the following resolutions:</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">the resolutions of the board of directors (<I>bestuur</I>) of the Company, dated
        July 12<SUP>th</SUP> 2017 and [<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>];</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">the resolutions of the board of directors (<I>bestuur</I>) of the Company, dated
        [<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>]; [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">the resolutions of the general meeting of the Company, dated [<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>]; and</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font-size: 10pt">the draft resolutions of the pricing committee established by the board of directors
        (<I>bestuur</I>) of the Company, with reference number [<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>]</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Reviewed
        Documents</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 10pt">the documents listed in Exhibit C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 10pt">&quot;<B>Revised Articles</B>&quot;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: justify"><FONT STYLE="font-size: 10pt">the Articles of Association as they will read
    after the execution of the Deed of Conversion</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>SEC</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        United States Securities and Exchange Commission</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Shares</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">ordinary
        shares in the capital of the Company, having a nominal value of EUR [0.12] each</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Underwriters</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        Representatives and each of the other underwriters named in Schedule 1 to the Underwriting Agreement</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Underwriting
        Agreement</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        draft underwriting agreement to be entered into between the Company and the Representatives (acting on behalf of the underwriters
        named in Schedule 1 to the Underwriting Agreement), with reference number [<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>]</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P><P STYLE="margin: 0"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><IMG SRC="image_010.jpg" ALT="">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD>&nbsp;</TD></TR></TABLE><P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>&nbsp;</DIV>
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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">EXHIBIT
B</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: right; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">LIST
OF CORPORATE DOCUMENTS</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: right; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: right; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Deed of Incorporation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Deed of Conversion</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Current Articles;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Revised Articles;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Extract;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         Resolutions; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 36pt; text-align: left"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Registration Statement.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">EXHIBIT
C</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: right; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">LIST
OF reviewed documents</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: right; text-indent: -35.45pt">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: right; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">a draft of the Underwriting Agreement;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-size: 10pt">drafts of the Deeds of Issue.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>6
<FILENAME>dp81461_ex0801.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 8.1 and 23.2</B></P>

<P STYLE="margin: 0; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">P.O.
Box 7113&nbsp;</FONT></P>
                           <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">1007
JC Amsterdam&nbsp;</FONT></P>
                           <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">Beethovenstraat
400</FONT></P>
                           <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">1082
PR Amsterdam&nbsp;</FONT></P>
                           <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">T
+31 20 71 71 000&nbsp;</FONT></P>
                           <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 10pt">F +31 20 71 71 111&nbsp;</FONT></P></TD>
    <TD STYLE="width: 51%; font: 12pt Times New Roman, Times, Serif; text-align: left"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Amsterdam,
October 13, 2017&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Fireman B.V.&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Winzerlaer Str. 2&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">07745 Jena&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Germany</FONT></P>


<FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"><B>Exhibit 8.1</B></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ladies and
Gentlemen:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Re: Netherlands
tax opinion in connection to the registration with the SEC</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have
acted as tax counsel as to Netherlands law to the Company in connection with the Offering in accordance with the Registration
Statement. This opinion letter is an exhibit to the Registration Statement and it may only be relied upon for the purposes of
the filing of the Registration Statement.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Capitalised
terms used in this opinion letter have the meanings set forth in Exhibit A. The section header used in this opinion letter are
for convenience of reference only and is not to affect its construction or to be taken into consideration in its interpretation.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This opinion
letter is addressed solely to you. This opinion letter is strictly limited to the matters stated in it and may not be read as
extending by implication to any matters not specifically referred to in it. Nothing in this opinion letter should be taken as
expressing an opinion in respect of any representations or warranties, or other information, contained in any document. Its contents
may not be quoted, otherwise included, summarised or referred to in any publication or document, other than the Registration Statement,
or disclosed to any other party, in whole or in part, for any purpose other than as an exhibit to the Registration Statement,
without our prior written consent.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In rendering
the opinions expressed in this opinion letter, we have exclusively reviewed and relied upon a pdf copy of the Registration Statement.
We have not investigated or verified any factual matter disclosed to us in the course of our review.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font-size: 10pt">This opinion letter sets out our opinion on certain matters of the laws
with general applicability of the Netherlands, and, insofar as they are directly applicable in the Netherlands, of the European
Union, as at today's date and as presently interpreted under published authoritative case law of the Netherlands courts, the <FONT STYLE="font-family: Times New Roman, Times, Serif">General
Court and the Court of Justice of the European Union. We do not express any opinion on Netherlands or European competition law
and on regulatory law, </FONT></FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">This communication
is confidential and may be subject to professional privilege. All legal relationships are subject to NautaDutilh N.V.'s general
terms and conditions (see www.nautadutilh.com/terms), which apply mutatis mutandis to our relationship with third parties relying
on statements of NautaDutilh N.V., include a limitation of liability clause, have been filed with the Rotterdam District Court
and will be provided free of charge upon request. NautaDutilh N.V.; corporate seat Rotterdam; trade register no. 24338323.</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">and more
generally, we do not express any opinion on Netherlands law other than the tax opinion as set out below. No undertaking is assumed
on our part to revise, update or amend this opinion letter in connection with or to notify or inform you of, any developments
and/or changes of Netherlands law subsequent to today's date. We do not purport to opine on the consequences of amendments to
the Registration Statement subsequent to the date of this opinion letter.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The opinions
expressed in this opinion letter are to be construed and interpreted in accordance with Netherlands law. This opinion letter may
only be relied upon for the purposes of the filing of the Registration Statement, and our willingness to render this opinion letter
is based, on the condition that each person relying on this opinion accepts and agrees that (i) the competent courts at Amsterdam,
the Netherlands have exclusive jurisdiction to settle any issues of interpretation or liability arising out of or in connection
with this opinion letter, (ii) any legal relationship arising out of or in connection with this opinion letter (whether contractual
or non-contractual), including the above submission to jurisdiction, is governed by Netherlands law and shall be subject to the
general terms and conditions of NautaDutilh, (iii) any liability arising out of or in connection with this opinion letter shall
be limited to the amount which is paid out under NautaDutilh's insurance policy in the matter concerned, and (iv) no person other
than NautaDutilh may be held liable in connection with this opinion letter.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In this
opinion letter, legal and tax concepts are expressed in English terms. The Netherlands legal and tax concepts concerned may not
be identical in meaning to the concepts described by the English terms as they exist under the law of other jurisdictions. In
the event of a conflict or inconsistency, the relevant expression shall be deemed to refer only to the Netherlands legal and tax
concepts described by the English terms.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">For the
purposes of this opinion letter, we have assumed that:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">a.</FONT></TD><TD><FONT STYLE="font-size: 10pt">each pdf copy
                                         of a document conforms to the original, each original is authentic, genuine and complete;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">b.</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Registration
                                         Statement has been or will have been filed with the SEC substantially in the form referred
                                         to in this opinion;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">c.</FONT></TD><TD><FONT STYLE="font-size: 10pt">the place of effective
                                         management of the Company is in Germany, and not in the Netherlands, and the Company
                                         will therefore be a tax resident of Germany under German national tax law.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Based upon
and subject to the foregoing and subject to any matters, documents or events not disclosed to us, we express the following opinion:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt"><B>Registration
Statement opinion</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The statements
contained in the Registration Statement under the caption &quot;Material Netherlands tax considerations&quot; constitute our opinion
and we hereby confirm that with respect to matters of Netherlands tax law referred to therein, it is accurate and set forth in
full.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We hereby
consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the references to NautaDutilh
N.V. under the heading &quot;Material Netherlands tax considerations&quot; in the Registration Statement. In giving the consent
set out in the previous sentence, we do not thereby admit or imply that we are in the category of persons whose consent is required
under Section 7 of the Securities Act or any rules and regulations of the SEC promulgated thereunder.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Sincerely
yours,</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ NautaDutilh
N.V.</FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font-size: 10pt">NautaDutilh N.V.</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">EXHIBIT
A</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right; text-indent: 0in"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: right; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">LIST
OF DEFINITIONS</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: right; text-indent: -35.45pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Company</B>&quot;</FONT></TD>
    <TD STYLE="width: 57%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Fireman
        B.V., a <I>besloten vennootschap met beperkte aansprakelijkheid</I>, registered with the Commercial Register under number
        68904312</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>NautaDutilh</B>&quot;</FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">NautaDutilh
        N.V.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>the
        Netherlands</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        European territory of the Kingdom of the Netherlands</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Offering</B>&quot;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        initial public offering and admission of the Shares to listing and trading on the NASDAQ Global Select Market.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>Registration
    Statement</B>&quot;</FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The
        registration statement on Form F-1 under the Securities Act filed or to be filed with the SEC on or about the date of
        this opinion letter</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&quot;<B>SEC</B>&quot;</FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        United States Securities and Exchange Comission</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&quot;<B>Securities Act</B>&quot;</FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        United States Securties Act of 1933, as amended</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&quot;S<B>hares</B>&quot;</FONT></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">ordinary
        shares in the capital of the Company, having a nominal value of EUR <FONT STYLE="background-color: White">0.12</FONT>
        each</FONT></P></TD></TR>
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<DESCRIPTION>EXHIBIT 8.2
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Exhibit 8.2 and 23.3 </B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Taylor Wessing <FONT STYLE="font-family: Symbol">&times;</FONT>
Benrather Stra&szlig;e 15 <FONT STYLE="font-family: Symbol">&times;</FONT> 40213 D&uuml;sseldorf</P>

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        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Firemann B.V.&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Winzlaer Str. 2&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">07745 Jena&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Germany&nbsp;</P></TD></TR>
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        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Direct Dial +49 211 8387-231</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">s.weppner@taylorwessing.com</P></TD></TR>
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    <TD STYLE="width: 41%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 9pt">Lawyer/ Tax Advisor</FONT></TD>
    <TD STYLE="width: 33%; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 26%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">Dr. Simon Weppner</TD>
    <TD></TD>
    <TD STYLE="text-align: justify; font-size: 10pt">12 October 2017</TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="width: 100%; text-align: justify; font-size: 10pt"><B>Registration with the US Securities and Exchange Commission of ordinary shares in the capital of the Issuer</B></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Dear Sir / Madam,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify">Introduction</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">I act as German tax adviser (<I>Rechtsanwalt/Steuerberater</I>)
to the Issuer in connection with the Registration. Certain terms used in this opinion are defined in Annex 1 (Definitions).</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD STYLE="text-align: justify">German Tax Law</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This opinion is limited to German
tax law in effect on the date of this opinion. It (including all terms used in it) is to be construed in accordance with German
tax law.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD STYLE="text-align: justify">Scope of Inquiry</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the purpose of this opinion,
I have examined, and relied upon the accuracy of the factual statements in, the Registration Statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Taylor Wessing Partnerschaftsgesellschaft von Rechtsanw&auml;lten,
    Steuerberatern, Solicitors und Avocats &agrave; la Cour mbB, Sitz D&uuml;sseldorf , AG Essen, PR 1530</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="width: 60%; text-align: left"><FONT STYLE="font-size: 8pt">IBAN DE54 3007 0010 0732 0351 00 &nbsp;&nbsp;BIC (Swift
    Code) DEUTDEDDXXX</FONT></TD>
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font-size: 8pt">Amsterdam Beijing Berlin Bratislava Br&uuml;nn Br&uuml;ssel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Deutsche Bank AG</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Budapest Cambridge Dubai D&uuml;sseldorf Eindhoven</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Steuer-Nr. 133/5949/1039&nbsp;&nbsp;ID-Nr. DE 121196622</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Frankfurt Hamburg Hongkong Kiew Klagenfurt London</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">M&uuml;nchen Paris Prag Shanghai Singapur Warschau Wien</FONT></TD></TR>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD STYLE="text-align: justify">Assumptions</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the purpose of this opinion,
I have made the following assumptions:</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify">The Registration Statement has been or will have been filed with the SEC in the form referred to
in this opinion.</TD></TR></TABLE>

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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"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify">The effective place of management of the Issuer will be located in Jena, Germany.</TD></TR></TABLE>

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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"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify">The factual statements in the Registration Statement are true and correct in all respects.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.</FONT></TD><TD STYLE="text-align: justify">Opinion</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Based on the documents and investigations
referred to and the assumptions made in paragraphs 3 and 4, I hereby confirm that the statements set forth in the Registration
Statement under the caption &ldquo;German Tax Considerations&rdquo; constitute the opinion of Taylor Wessing as to the material
German tax consequences of purchasing, holding or transferring the ordinary shares in the capital of the Issuer.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.</FONT></TD><TD STYLE="text-align: justify">Reliance</TD></TR></TABLE>

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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"></TD><TD STYLE="width: 0.5in">6.1</TD><TD STYLE="text-align: justify">This opinion is an exhibit to the Registration Statement and may be only relied upon for the purpose
of the Registration. It may not be supplied, and its contents or existence may not be disclosed, to any person other than as an
Exhibit to (and therefore together with) the Registration Statement and may not be relied upon for any purpose other than the Registration.</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"></TD><TD STYLE="width: 0.5in">6.2</TD><TD STYLE="text-align: justify">Each person relying on this opinion agrees, in so relying, that only Taylor Wessing shall have
any liability in connection with this opinion, that the agreement in this paragraph&nbsp;6.2 and all liability and other matters
relating to this opinion shall be governed exclusively by German law (under the exclusion of private international law principles)
and that the German courts shall have exclusive jurisdiction to settle any dispute relating to this opinion.</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"></TD><TD STYLE="width: 0.5in">6.3</TD><TD STYLE="text-align: justify">The Issuer may:</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">file this opinion as an exhibit to the Registration Statement; and</TD></TR></TABLE>

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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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">refer to Taylor Wessing giving this opinion under the heading &ldquo;Legal Matters&rdquo; in the
prospectus included in the Registration Statement.</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The previous sentence is no admittance
from me (or Taylor Wessing) that I am (or Taylor Wessing is) in the category of persons whose consent for the filing and reference
in that paragraph is required under Section 7 of the Securities Act or any rules or regulations of the SEC promulgated under it.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.</FONT></TD><TD STYLE="text-align: justify">Place of Jurisdiction; Governing Law</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 0pt 0.5in; text-align: justify">The opinion and any disputes arising
out of or in connection herewith are exclusively subject to the jurisdictions of the courts of Frankfurt am Main.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This opinion is to be governed
by and construed in accordance with German law. It is strictly limited to the matters stated herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Yours faithfully,</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">&nbsp;</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">/s/ Simon Weppner</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">Dr. Simon Weppner&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">(Rechtsanwalt/Steuerberater)&nbsp;</P>


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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><B>Annex 1-Definitions</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">In this opinion:</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"><B>&ldquo;German Tax&rdquo;</B> means any tax
pursuant to Section&nbsp;3 (1) thorough to (3) German Fiscal Code (<I>Abgabenordnung</I>) levied by or on behalf of Germany or
any of its subdivisions or taxing authorities.</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"><B>&ldquo;Taylor Wessing&rdquo;</B> means Taylor
Wessing, Partnerschaftsgesellschaft von Rechtsanw&auml;lten, Steuerberatern, Solicitors und Avocats &agrave; la Cour mbB.</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"><B>&ldquo;Issuer&ldquo;</B> means Fireman B.V.
with corporate seat in Amsterdam, the Netherlands.</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"><B>&ldquo;Registration&rdquo;</B> means the
registration of ordinary shares in the capital of the Issuer with the SEC under the Securities Act.</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"><B>&ldquo;Registration Statement&rdquo;</B>
means the registration statement on form F-1 (Registration No.&nbsp;333-197097) in relation to the Registration to be filed with
the SEC on the date hereof (excluding any documents incorporated by reference in it and any exhibits to it).</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"><B>&ldquo;SEC&rdquo;</B> means the U.S. Securities
and Exchange Commission.</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"><B>&ldquo;Securities Act&rdquo;</B> means the
U.S. Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<TYPE>EX-8.3
<SEQUENCE>8
<FILENAME>dp81461_ex0803.htm
<DESCRIPTION>EXHIBIT 8.3
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 8.3 and 23.4</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: top; font-size: 8pt; font-weight: bold">New York<BR>
Northern California<BR>
Washington DC<BR>
S&atilde;o Paulo<BR>
London</TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; font-weight: bold">Paris<BR>
Madrid<BR>
Tokyo<BR>
Beijing<BR>
Hong Kong</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="font-size: 10pt"><IMG SRC="image_001.jpg" ALT="DavisPolk" STYLE="height: 30px; width: 155px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Davis Polk &amp; Wardwell
        LLP</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">450 Lexington Avenue<BR>
        New York, NY 10017</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P></TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">212 450 4000 tel</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">212 701 5800 fax</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-align: right; font-size: 10pt; text-transform: uppercase; font-weight: bold">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    </TR>
</TABLE>


<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-size: 10pt">October 13, 2017</FONT></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">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fireman B.V.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Winzerlaer Str. 2</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">07745 Jena, Germany</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<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 acting as United States counsel to Fireman B.V., a Dutch
private company with limited liability (<I>besloten vennootschap met beperkte aansprakelijkheid</I>) (the &ldquo;<B>Company</B>&rdquo;),
in connection with the preparation of the Registration Statement on Form F-1 (the &ldquo;<B>Registration Statement</B>&rdquo;)
filed with the United States Securities and Exchange Commission.</P>

<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, as your counsel, have examined originals or copies of such
documents, corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable for
the purpose of rendering this opinion.</P>

<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 hereby confirm that our opinion as to the material U.S. federal
income tax consequences to U.S. Holders of an investment in the Company&rsquo;s common shares is set forth in full under the caption
&ldquo;Material U.S. Federal Tax Considerations for U.S. Holders of Common Shares&rdquo; in the Registration 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">We are members of the Bar of the State of New York and the foregoing
opinion is limited to the laws of the State of New York and the federal laws of 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">We hereby consent to the use of our name under the captions &ldquo;Material
U.S. Federal Tax Considerations for U.S. Holders of Common Shares&rdquo; and &ldquo;Legal Matters&rdquo; in the Registration Statement
and to the filing, as an exhibit to the Registration Statement, of this letter. In giving this consent we do not admit that we
come within the category of persons whose consent is required under Section 7 of the United States Securities Act of 1933.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Very truly yours,</P>

<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="font-size: 10pt">/s/ Davis Polk &amp; Wardwell
LLP</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"></P>

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<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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<TYPE>EX-10.1
<SEQUENCE>9
<FILENAME>dp81461_ex1001.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I><U>JENA</U></I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>English Summary of a lease agreement dated January 15, 2008
(the&nbsp;<I>Lease</I>) by and between the BioCentiv GmbH (the&nbsp;<I>Landlord</I>) and InflaRx GmbH (the&nbsp;<I>Tenant</I>),
as amended by supplements to the Lease dated November 18, 2008; October 25, 2010, January 18, 2011, July 13, 2011, October 18,
2012, April 8, 2013, August 14, 2014, November 20, 2014, February 23, 2015, April 9, 2015 and April 15, 2015, , by and between
the Landlord and the Tenant, and as amended by supplements to the Lease dated December 21, 2015, April 27, 2016, November 3, 2016
and February 17, 2017, by and among Ernst &ndash; Abbe &ndash; Stiftung as landlord (the &nbsp;<I>New Landlord</I>), Ernst &ndash;
Abbe &ndash; Project GmbH (the <I>Service Provider</I>) and the Tenant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Leased Property</B>: the Tenant leases from the Landlord a) laboratory space, b) office space, c) parking garage spots, d) storage space, and e) outside, utility and ancillary items (together, the&nbsp;<B><I>Premises</I></B>), initially 39.34 square meters of laboratory areas, 21.17 square meters of office areas, no storage area, one parking garage spot and outside, utility and ancillary items in the Bioinstruments Center (<I>Bioinstrumentzentrum</I>).&nbsp;&nbsp;The Premises were later extended or reduced in various addenda to cover different areas of the Bioinstruments Center (<I>Bioinstrumentzentrum</I>), with its address Winzerlaer Str. 2, 07745 Jena, in the categories a) through e) above.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Term</B>: The initial term started at January 16, 2008 and
        ended on December 31, 2008. The Tenant had the option to extend the Lease for another two years, to be executed subject to three
        months&rsquo; notice prior to the end of the term.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Lease was extended various times, most recently on February
        17, 2017 until December 31, 2019.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Landlord may terminate the Lease in the statutorily defined
        cases, in particular payment default, breach of contract and insolvency.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Parties</B>: The New Landlord and the Service Provider have signed the amendments to the Lease dated April, 27, 2016, November 3, 2016 and February 17, 2017. </FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Deposit</B>: The Tenant must provide a bank guarantee in the amount of EUR 1,000 for securing its obligations.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Permitted Use</B>: The permitted use is for the development, production and sale of therapeutic products in the area of acute infections. &nbsp;The Tenant confirms that it is a small and medium-sized enterprise within the meaning of the European Commission definition and will inform the Landlord immediately of non-compliance with any element of that definition. </FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Sublease and Assignment of Rights</B>: The Tenant is not allowed to sublease the Premises without written permission by the Landlord. The Tenant shall only assign its rights from the lease to third parties with prior written approval of the Landlord. </FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rent</B>: The initial monthly net rent was a) EUR
11.00 per square meter for laboratory space, b) EUR 7.00 per square meter for office space, c) EUR 30.00 per parking garage spot,
and d) EUR 5.00 per square meter for storage space. In addition, the Tenant is liable for all ancillary costs, and will initially
pay monthly ancillary cost arrears of EUR 400.00 (starting from 1 July 2008). In addition, the Tenant is liable to pay EUR 1.20
per square meter per leased space as a center lump sum.&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Starting July 2008, the monthly payment was EUR 1,289.41. The
        monthly rent was adapted several times, most recently on February 17, 2017, to an amount of EUR 11,458.26 per month starting from
        February 2017 to the New Landlord, and EUR 875.10 to the Service Provider.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Valorization: </B>If the consumer price index for Germany changes by 10 points (with 2006 being the base of 100 points), then the rent will be so adjusted.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Insurances, Liability, Maintenance</B>: The Landlord maintains
        insurance against fire, storm, hail and water damages, and the Tenant will reimburse the Landlord as part of the ancillary costs.
        The Tenant is required to immediately inform the Landlord of any damages.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Tenant is liable for any damages incurred by the Landlord on the Premises or other property of the Landlord which is culpably caused by the Tenant, its relatives, employees or visitors, and indemnifies the Landlord against any claims as a result of its business. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">The Tenant is obliged to maintain the Premises and to pay for running maintenance costs.</P>





</TD></TR>
</TABLE>
<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Modifications to leased Premises</B>: The Tenant is permitted to effect modifications to the leased premises only with the prior written approval of the Landlord. The Tenant and the Landlord will agree on the costs, reimbursement and potential obligations to build-back modifications. </FONT></TD></TR>
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<TYPE>EX-10.2
<SEQUENCE>10
<FILENAME>dp81461_ex1002.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.2</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I><U>M&Uuml;NCHEN</U></I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>English Summary of a lease agreement dated April 10, 2017
(the&nbsp;<I>Lease</I>) by and between the Immoprojekt Grundst&uuml;cksverwaltungsgesellschaft mbh (the&nbsp;<I>Landlord</I>) and
InflaRx GmbH (the&nbsp;<I>Tenant</I>)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Leased Property</B>: the Tenant leases from the Landlord 148 square meters of souterrain space at the estate Semmelweisstra&szlig;e 8, 82152 Planegg, House II (together, the&nbsp;<B><I>Premises</I></B>), as well a share on the communal areas.&nbsp;&nbsp;The Lease also covers one parking spot, subject to a separate agreement attached as Annex 2 to the Lease. </FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Term</B>: The term starts on April 15, 2107 and ends on June
        30, 2017. Thereafter, the Lease is extended by one month periods, unless one of the parties terminates subject to three weeks&rsquo;
        notice.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Both parties can terminate the Lease for cause.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Deposit</B>: The Tenant must provide a bank guarantee in the amount of EUR 5,000 for securing its obligations.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Permitted Use</B>: The permitted use is the use as office space. For a change of the permitted use, the Tenant requires the prior written approval of the Landlord. &nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Sublease</B>: The Tenant is not allowed to sublease the Premises without written permission by the Landlord. </FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rent</B>: The monthly rent, starting from May 1, 2017, is
        EUR 2,150.33. The parties will review the rent after one year if one party requires a rent adjustment. The adjustment will be based
        on the consumer price index for Germany (at the beginning of the Lease).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Tenant is liable for all ancillary costs and will provide
        monthly arrears, subject to a defined ancillary cost calculation.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Insurances, Maintenance</B>: The Tenant shall maintain a business liability insurance. The Tenant is obliged to maintain the Premises and to pay for running maintenance costs. &nbsp;The Landlord is obliged to keep the Premises in a usable state.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Modifications to leased Premises</B>: The Tenant is permitted to effect modifications to the leased premises only with the prior written approval of the Landlord </FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sublease agreement with ethris GmbH</B>: The Tenant has also
        concluded a sub-lease agreement with ethris GmbH (the <B><I>Sub-Lessor</I></B>) in relation to 206 square meters of office space
        (the <B><I>Sub-Lease Space 1</I></B>), with an option for another 188 square meters of office space (the <B><I>Sub-Lease Space
        2</I></B>) in the estate Semmelweisstra&szlig;e 8, 82152 Planegg (the <B><I>Sub-Lease</I></B>), the same building as the Lease.
        The Sub-Lessor is tenant of the Lessor with respect to the space subject to the Sub-Lease. The Lessor has approved the Sub-Lease.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The terms of the Sub-Lease conform essentially with those of
        the Lease. With respect to the Sub-Lease Space 1, the Term starts on July 1, 2017 and lasts for 18 months until December 31, 2018.
        The term renews for 5 years unless terminated by either party subject to three months&rsquo; notice (such termination to be executed
        until September 30, 2018). Should the Tenant execute the option with respect to Sub-Lease Space 2, the Sub-Lease lasts until June
        30, 2022 for the entire space subject to the Sub-Lease, for which the Tenant has the option to extend the Sub-Lease once for a
        5 years period, subject to a 15 months&rsquo; notice prior termination of the Sub-Lease Space 2.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Current monthly rent for the Sub-Lease Space 1 is EUR 4,493.68,
        and monthly rent for the entire space subject to the Sub-Lease, after execution of the option for Sub-Lease Space 2, is EUR 8,685.57.
        The</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Sub-Lease is also subject to valorization based on the German consumer price index.</TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>11
<FILENAME>dp81461_ex1003.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Exhibit 10.3</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

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    <TD STYLE="width: 75%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX -
    BDB contract - confidential information</FONT></TD>
    <TD STYLE="width: 25%; font-size: 10pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">page 1 of 30</FONT></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><U>CONFIDENTIAL TREATMENT REQUESTED UNDER
RULE 406 UNDER THE SECURITIES ACT OF 1933, AS AMENDED.</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><U>[*****] INDICATES OMITTED MATERIAL
THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE OMITTED MATERIAL HAS BEEN FILED
SEPERATELY WITH THE COMMISSION.</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Co-Development Agreement</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-align: center"><B>effective as of December 28<SUP>th</SUP>
2015 </B><BR>
(hereinafter referred to as &ldquo;<B>Agreement</B>&rdquo;)<BR>
between<BR>
<BR>
<B>lnflaRx GmbH</B><BR>
a corporation established under the law of Germany<BR>
Winzerlaer Strasse 2, 07745 Jena/Germany<BR>
(hereinafter referred to as &ldquo;<B>INFLARX</B>&rdquo;)<BR>
<BR>
and<BR>
<BR>
<B>Beijing Defengrei Biotechnology Co.Ltd &nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><IMG SRC="ex1003-p1.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">a corporation established under the law of P.R. China<BR>
36 Jinghai Er Road. BDA<BR>
Beijing 100176<BR>
P.R. China<BR>
(hereinafter referred to as &ldquo;<B>BDB</B>&rdquo;)<BR>
<BR>
</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: justify">(INFLARX or BDB hereinafter also referred
to as &ldquo;<B>Party</B>&rdquo; and together as &ldquo;<B>Parties</B>&rdquo;)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><U>PREAMBLE</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&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"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify">INFLARX possesses certain intellectual property rights, whether patented or not, know how, material,
cell lines, drug substance, drug product, development know-how, data, etc. all related to monoclonal anti-human complement C5a
antibodies referred to as IFX-1 (as further defined within this Agreement) and further humanized versions thereof (collectively
&quot;IFX-2&quot; as further defined within this 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"></TD><TD STYLE="width: 0.25in">B.</TD><TD STYLE="text-align: justify">BDB wishes to utilize said intellectual property of INFLARX in order to manufacture, research and
develop a drug candidate (referred to and defined within this Agreement as BDB-1 and/or BDB-2) and later sell and commercialize
this inside the territory of the P.R. China.</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"></TD><TD STYLE="width: 0.25in">C.</TD><TD STYLE="text-align: justify">INFLARX is prepared to grant to BDB appropriate rights under said intellectual property of INFLARX
to the extent necessary and under certain monetary and development requirements and other conditions set forth in this 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"></TD><TD STYLE="width: 0.25in">D.</TD><TD STYLE="text-align: justify">BDB on the other hand possesses intellectual property rights, know-how, technology, access to research
models etc. which may be useful for the further development of IFX-1 and/or IFX-2 by INFLARX and may, by developing INFLARX Intellectual
Property (including but not being limited to IFX-1, IFX-2 and corresponding cell lines) lead to the generation of new know-how,
data, material in any form, intellectual property, insights for use and application of IFX-1 and/or IFX-2, whether patentable or
not, and which INFLARX seeks to use, make use of, patent, pursue, commercialize, sell, license or sublicense or otherwise exploit
in any form worldwide unless otherwise specified in this 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"></TD><TD STYLE="width: 0.25in">E.</TD><TD STYLE="text-align: justify">BDB is prepared to grant to INFLARX appropriate rights under said intellectual property of BDB
under conditions set forth in this 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"></TD><TD STYLE="width: 0.25in">F.</TD><TD STYLE="text-align: justify">The Parties intend to enable by this Agreement the defined R&amp;D collaborative and/or co-development
efforts as well as future drug development and commercialization</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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 75%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract - confidential information</FONT></TD><TD STYLE="width: 25%; font-size: 10pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> of 30</FONT></TD></TR></TABLE>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">efforts of
the Parties and set the rules and conditions for such co-development as in principle set forth above (hereinafter also referred
to as the &ldquo;<B>Purpose</B>&rdquo; of this Agreement).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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"></TD><TD STYLE="width: 0.25in">G.</TD><TD STYLE="text-align: justify">The Parties further acknowledge that they have entered into an earlier agreement covering some
aspects which are related to the Purpose dated February 12<SUP>th</SUP>, 2014 (the &ldquo;<B>Base Agreement</B>&rdquo;) and that
by executing this Agreement the Parties wish to terminate and fully coordinate the provisions of said Base Agreement from the time
point of execution of this Agreement onwards.</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: justify"><B>Now, therefore, the Parties agree as
follows:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 1 &mdash;
DEFINITIONS</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in">In
this Agreement, unless otherwise expressly provided, the following terms shall have meanings ascribed to them below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify">&ldquo;<B>Affiliates</B>&rdquo; means: (i) any person, corporation, firm, joint venture, entity
or other organization, which directly or indirectly controls either Party; or (ii) any person, corporation, firm, joint venture,
entity or other organization which is directly or indirectly controlled by either Party; or (iii) any person, corporation, firm,
joint venture, entity or other organization, which is controlled, directly or indirectly, by the ultimate parent company of either
Party. The term &ldquo;control&rdquo; as used herein means the possession of the power to direct or cause the direction of the
management and the policies of an entity, whether through the ownership of a majority of the outstanding voting security or by
contract or otherwise.</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"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify">&ldquo;<B>Applicable Laws</B>&rdquo; means all national, state and local laws and the rules, regulations,
guidances, guidelines and requirements of all competent Governmental Authorities and pharmacopoeias in effect from time to time
applicable to the activities intended under the Frame of Co-Development (as defined below), including without limitation the handling,
manufacturing, processing, packaging and quality control of any Product.</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"></TD><TD STYLE="width: 0.5in">1.3</TD><TD STYLE="text-align: justify">&ldquo;<B>Approved Third Parties</B>&rdquo; means those Third Parties being approved by INFLARX
for secondary transfer of IFX-1 and/or the IFX-1 Cell Line within the territory of the P.R. China in accordance with Section <B>&lrm;</B>4.8ii.</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"></TD><TD STYLE="width: 0.5in">1.4</TD><TD STYLE="text-align: justify">&ldquo;<B>Base Agreement</B>&rdquo; means the agreement between the Parties dated February 12<SUP>th</SUP>,
2014.</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"></TD><TD STYLE="width: 0.5in">1.5</TD><TD STYLE="text-align: justify">&ldquo;<B>BDB-1</B>&rdquo; means a monoclonal antibody directed against the human complement factor
C5a which is being developed in full responsibility by BDB under granted rights from INFLARX inside the BDB Territory <U>and</U>
which is manufactured and produced using the IFX-1 Cell Line under BDB's full responsibility and which is covered in part or in
whole by the same INFLARX Intellectual Property as IFX-1.</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"></TD><TD STYLE="width: 0.5in">1.6</TD><TD STYLE="text-align: justify">&ldquo;<B>BDB Intellectual Property</B>&rdquo; means all Intellectual Property Controlled by BDB
as of the Effective Date and during the term of this Agreement that is useful and/or necessary for the activities intended under
the Frame of Co-Development (as defined below) and/or for the further development of Products and the corresponding cell lines
by or on behalf of INFLARX. For the avoidance of doubt, any INFLARX Intellectual Property, any Intellectual Property generated
under the Base Agreement and any Intellectual Property relating to Co-Development Findings shall not be considered BDB Intellectual
Property.</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"></TD><TD STYLE="width: 0.5in">1.7</TD><TD STYLE="text-align: justify">&ldquo;<B>BDB Territory</B>&rdquo; means the territory of the P.R. China.</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"></TD><TD STYLE="width: 0.5in">1.8</TD><TD STYLE="text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means any day that is not a Saturday, a Sunday or other day on
which banks are required or authorized by Applicable Laws to be closed in Jena (Germany) or Beijing (P.R. China).</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"></TD><TD STYLE="width: 0.5in">1.9</TD><TD STYLE="text-align: justify">&ldquo;<B>Calendar Year</B>&rdquo; means a period of 12 calendar months commencing on January 1.</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"></TD><TD STYLE="width: 0.5in">1.10</TD><TD STYLE="text-align: justify">[*****]</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"></TD><TD STYLE="width: 0.5in">1.11</TD><TD STYLE="text-align: justify">&ldquo;<B>Co-Development</B>&rdquo; means any development effort undertaken by either Party in
order to fulfill the Purpose of this Agreement and as set forth in the Frame of Co-Development (as defined below).</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"></TD><TD STYLE="width: 0.5in">1.12</TD><TD STYLE="text-align: justify">&ldquo;<B>Co-Development Finding(s)</B>&rdquo;means any Know-How, scientific knowledge, data or
material in any format or form including but not being limited to development insights about potential use, manufacturing changes
and improvements, effects and side effects of use and any other Know-How, whether patentable or not, resulting from BDB's use of
the INFLARX Intellectual Property in accordance with this Agreement and from the Parties' activities within the Frame of Co-Development
and the Purpose.</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"></TD><TD STYLE="width: 0.5in">1.13</TD><TD STYLE="text-align: justify">&ldquo;<B>Commercialization</B>&rdquo; and &ldquo;<B>Commercialize</B>&rdquo; shall refer to all
activities undertaken relating to the manufacture for commercial sale, pre-marketing, marketing, distribution and sale of a product,
and the process of Commercialization, respectively.</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"></TD><TD STYLE="width: 0.5in">1.14</TD><TD STYLE="text-align: justify">&ldquo;<B>Confidential Information</B>&rdquo; means all secret technical and non-technical information
of any kind relating to INFLARX Intellectual Property, as well as to the BDB Intellectual Property furnished to or obtained by
a Party (hereinafter the &ldquo;<B>Receiving Party</B>&rdquo;) from the other Party (hereinafter the &ldquo;<B>Disclosing Party</B>&rdquo;)
under this Agreement or under the Base Agreement. Confidential Information shall include but not being limited to:</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: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">research knowledge, materials (especially antibodies), experimental work, data, amino acid or nucleic
acid sequences, cDNA libraries, plasmids, cells, cell lines, antibodies and fragments thereof, other biological substances, apparatus,
equipment, technical or animal models, proposals, specifications, manufacturing details, the Manufacturing Process, purchasing
requirements, business forecasts, business plans or financial, operational, and marketing plans, sales, agreements etc;</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: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">all inventions, improvements, modifications or discoveries, whether patentable or not, unpublished
patent applications, copyrights, trade secrets;</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: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">any and all Co-Development Findings which may arise out of the Co-Development, it being understood
that all Co-Development Findings are Confidential Information of INFLARX; and</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: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">any textual, numerical, graphical drawing or image fixed on paper, any electronic medium, any like
media or any storage device containing such media, containing or embodying Confidential Information.</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 0pt 0.5in; text-align: justify">Any information disclosed or transferred
by the Disclosing Party will be considered Confidential Information of the Disclosing Party by the Receiving Party if such information
is marked as &ldquo;Confidential&rdquo; or &ldquo;Proprietary&rdquo;, or if the Receiving Party should know by virtue of the circumstances
in which the Receiving Party learned the information, including through visual or other inspections, audits or other inspections,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 75%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract - confidential information</FONT></TD><TD STYLE="width: 25%; font-size: 10pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> of 30</FONT></TD></TR></TABLE>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">that such information is not generally
known to the public or to anyone who is not bound to the Disclosing Party by obligations of confidentiality.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">1.15</TD><TD STYLE="text-align: justify">&ldquo;<B>Control</B>&rdquo; or &ldquo;<B>Controlled</B>&rdquo; means with respect to any item
of information, Know-How, Patent Right or other Intellectual Property, possession of the right, whether directly or indirectly,
and whether by ownership, license or otherwise, to assign, or to grant a license or sublicense as provided for herein without violating
the terms of any agreement or other arrangement with a Third Party.</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"></TD><TD STYLE="width: 0.5in">1.16</TD><TD STYLE="text-align: justify">&ldquo;<B>cPoC</B>&rdquo; means clinical Proof of Concept, the stage in the drug development process
where the clinical efficacy of a novel drug candidate has been verified and proven for the first time in a clinical trial in man.</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"></TD><TD STYLE="width: 0.5in">1.17</TD><TD STYLE="text-align: justify">&ldquo;<B>Drug Approval Application</B>&rdquo; means an application for Regulatory Approval required
before commercial sale or use of a Product as a drug in a regulatory jurisdiction.</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"></TD><TD STYLE="width: 0.5in">1.18</TD><TD STYLE="text-align: justify">&ldquo;<B>Effective Date</B>&rdquo; shall mean the date of this Agreement as set forth on the front
page.</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"></TD><TD STYLE="width: 0.5in">1.19</TD><TD STYLE="text-align: justify">&ldquo;<B>EMA</B>&rdquo; means the European Medicines Agency or any successor Governmental Authority
with responsibility for regulating the development, manufacture and sale of human pharmaceutical products.</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"></TD><TD STYLE="width: 0.5in">1.20</TD><TD STYLE="text-align: justify">&ldquo;<B>Exploit</B>&rdquo; or &ldquo;<B>Exploiting</B>&rdquo; means to research or have researched,
develop or have developed, register or have registered in its own name, patent or have patented in its own name, modify or have
modified, enhance or have enhanced, improve or have improved, manufacture or have manufactured, hold or keep or have held and kept
(whether for disposal or otherwise), formulate or have formulated, optimize or have optimized, import or have imported, export
or have exported, transport or have transported, distribute or have distributed, offer for sale or have offered for sale, promote
or have promoted, market or have marketed, sell or have sold or otherwise commercialize or have commercialized a product or process.
&ldquo;Exploitation&rdquo; means the act of Exploiting a product or process.</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"></TD><TD STYLE="width: 0.5in">1.21</TD><TD STYLE="text-align: justify">&ldquo;<B>FDA</B>&rdquo; means the United States Food and Drug Administration of the Department
of Health and Human Services, or any successor Governmental Authority with responsibility for regulating the development, manufacture
and sale of human pharmaceutical products.</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"></TD><TD STYLE="width: 0.5in">1.22</TD><TD STYLE="text-align: justify">&ldquo;<B>First Commercial Sale</B>&rdquo; means the initial transfer of a Product by or on behalf
of either Party or its Affiliates, or Sub-Licensees to a Third Party distributor or end user customer in exchange for cash or some
equivalent to which value can be assigned in any country pursuant to a Regulatory Approval and after all other applicable approvals
required to market and sell Product, including pricing and reimbursement approvals, have been granted, or otherwise permitted,
by the Governmental Authorities of such country.</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"></TD><TD STYLE="width: 0.5in">1.23</TD><TD STYLE="text-align: justify">&ldquo;<B>GCP</B>&rdquo; shall mean all current laws and regulations established for Good Clinical
Practice i.e. those established within the International Conference on Harmonization of Technical Requirements for Registration
of Pharmaceuticals for Human Use (CPMP/ICH/135/95) Harmonized Tripartite Guideline for Good Clinical Practice as amended from time
to time and the principles set out in the Declaration of Helsinki as revised from time to time and any equivalent or relating regulatory
requirements inside the territory of the P.R. China.</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"></TD><TD STYLE="width: 0.5in">1.24</TD><TD STYLE="text-align: justify">&ldquo;<B>GMP</B>&rdquo; shall mean all current laws and regulations related to Good Manufacturing
Practices as specified in Directive 2003/94/EEC, the Guidelines to Good Manufacturing</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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Practice of
Medicinal Products for Human and Veterinary Use of the European Union and the US Code of Federal Regulations, Title 21, Chapter
I, Parts 210 and 211 as well as the ICH Q7 Guideline, as well as any respective Chinese regulations pertaining to the matter.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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"></TD><TD STYLE="width: 0.5in">1.25</TD><TD STYLE="text-align: justify">&ldquo;<B>Governmental Authority</B>&rdquo; means any court, agency authority, department, regulatory
body or other instrumentality of any government or country or of any national, federal, state, provincial, regional, county, city
or other political subdivision of any such government or any supranational organization of which any such country is a member.</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"></TD><TD STYLE="width: 0.5in">1.26</TD><TD STYLE="text-align: justify">[*****]</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"></TD><TD STYLE="width: 0.5in">1.27</TD><TD STYLE="text-align: justify">&ldquo;<B>IFX-1</B>&rdquo; means a specific monoclonal antibody directed against the human complement
factor C5a which is being developed and manufactured by INFLARX or on behalf of INFLARX and which is produced in the IFX-1 Cell
Line and which is defined by a related antibody sequence (the &ldquo;IFX-1 Sequence&rdquo; as detailed within the <B>Attachment
I</B>).</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"></TD><TD STYLE="width: 0.5in">1.28</TD><TD STYLE="text-align: justify">&ldquo;<B>IFX-1 Cell Line</B>&rdquo; means the Chinese Hamster Ovarian (CHO) Cell Line producing
lFX-1 which has been generated on behalf of INFLARX by [*****] and which is owned by INFLARX (after initiation of a contractually
defined sale process) and which may contain or require for use Intellectual Property, whether patented or not, owned by [*****]
and appropriately granted to INFLARX. Within this Agreement, the term IFX-1 Cell Line shall also be used and understood as relevant
cell line for manufacturing BDB-1.</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"></TD><TD STYLE="width: 0.5in">1.29</TD><TD STYLE="text-align: justify">&ldquo;<B>IFX-2 and BDB-2</B>&rdquo; means any monoclonal antibody directed against the human complement
factor C5a which is being derived from the underlying gene sequence of IFX-1 by any type of humanization effort and which is not
developed or manufactured by use of the IFX-1 Cell Line. Such antibody may be generated by the underlying gene sequences as detailed
in <B>Attachment II</B> or other gene sequences which are substantially similar to the gene sequence of lFX-1 [*****], whereas
the term IFX-2 shall be reserved for any development and use of such antibody by or on behalf and under responsibility of INFLARX
and the term BDB-2 shall be reserved for any development and use of such antibody by and under responsibility of BDB.</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"></TD><TD STYLE="width: 0.5in">1.30</TD><TD STYLE="text-align: justify">&ldquo;<B>IFX-2 Cell Line and BDB-2 Cell Line</B>&rdquo; shall be defined as any corresponding
cell line developed by the respective Party to manufacture lFX-2 or BDB-2.</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"></TD><TD STYLE="width: 0.5in">1.31</TD><TD STYLE="text-align: justify">&ldquo;<B>Indication</B>&rdquo; means any disease or condition for which a Product can be used
to treat or prevent, which use is the subject of a separate Drug Approval Application and/or of a separate Regulatory Approval
process. For the avoidance of doubt, all sub-classes of a main-class of disease shall be treated only as one and the same Indication.</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"></TD><TD STYLE="width: 0.5in">1.32</TD><TD STYLE="text-align: justify">&ldquo;<B>INFLARX Inspection Rights</B>&rdquo; has the meaning as defined in Section <B>&lrm;</B>4.7.</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"></TD><TD STYLE="width: 0.5in">1.33</TD><TD STYLE="text-align: justify">&ldquo;<B>INFLARX Intellectual Property</B>&rdquo; means the INFLARX Patent Rights and all other
Intellectual Property that is Controlled by INFLARX at the Effective Date or during the term of this Agreement and that relates
to the IFX-1 Cell Line and/or IFX-1 and/or IFX-2 and/or any IFX-2 Cell Line as well as BDB-1, BDB-2 and/or any BDB-2 Cell Line.
For the avoidance of doubt, all Intellectual Property generated under the Base Agreement</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">and all Intellectual
Property with respect to Co-Development Findings is INFLARX Intellectual Property.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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"></TD><TD STYLE="width: 0.5in">1.34</TD><TD STYLE="text-align: justify">&ldquo;<B>INFLARX Patent Rights</B>&rdquo; means all Patent Rights Controlled by INFLARX at the
Effective Date or during the term of this Agreement and relating to IFX-1, IFX-2, IFX-1 Cell Line and/or IFX-2 Cell Line and/or
BDB-1, BDB-2 and/or BDB-2 Cell Line, including without limitation the international patent application with the title [*****]</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"></TD><TD STYLE="width: 0.5in">1.35</TD><TD STYLE="text-align: justify">&ldquo;<B>INFLARX Territory</B>&rdquo; means all countries of the world except the territory of
the P.R. China.</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"></TD><TD STYLE="width: 0.5in">1.36</TD><TD STYLE="text-align: justify">&ldquo;<B>Intellectual Property</B>&rdquo; or &ldquo;<B>IP</B>&rdquo; means any and all legally
established rights in and to ideas, inventions, discoveries, Know-How, data, databases, documentation, reports, materials, writings,
designs, computer software, processes, principles, methods, techniques and other information, including Patent Rights, trade secrets,
trademarks, service marks, trade names, registered designs, design rights, copyrights (including rights in computer software and
database rights), domain names and any rights or property similar to any of the foregoing in any part of the world arising under
statutory or common law, whether or not perfected and whether registered or not, together with the right to apply for the registration
of any such rights.</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"></TD><TD STYLE="width: 0.5in">1.37</TD><TD STYLE="text-align: justify">&ldquo;<B>Know-How</B>&rdquo; means any information, records, chemical structure information, methods,
techniques, processes, discoveries, inventions, innovations, unpatentable processes, specifications, recipes, formulae, designs,
plans, documentation, drawings, data and other technical information and data which is secret and not in the public domain, particularly
not disclosed in a Patent Right, and identified or identifiable in a tangible form, including, without limitation of the foregoing,
biological, chemical, pharmacological, toxicological, preclinical and clinical information, materials and data as well as information,
data and specifications regarding manufacturing processes, formulation, quality control, sourcing and testing, and related know-how
and trade secrets.</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"></TD><TD STYLE="width: 0.5in">1.38</TD><TD STYLE="text-align: justify">&ldquo;<B>Manufacturing Process</B>&rdquo; means the entire process necessary for manufacturing
of IFX-1 and/or BDB-1 with the underlying cell line, including materials and media used, data and development reports, batch production
records and CMC documents of any kind, up-stream and downstream processes, viral clearance procedures, formulation, filling, packaging,
handling of drug substance and drug product and other processes as maybe involved and necessary to manufacture drug substance and
final drug product (filled, packaged and labeled and ready to use) and release the same for any application</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"></TD><TD STYLE="width: 0.5in">1.39</TD><TD STYLE="text-align: justify">&ldquo;<B>Net Sales</B>&rdquo; means the gross amount invoiced by the relevant Party, its Affiliates
or Sub-Licensees for sales of a Product to unaffiliated Third Parties less the following deductions:</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: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">[*****] of gross amount for transportation, freight insurance, distribution, packing and handling;</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: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">sales and excise taxes or customs duties paid by the relevant Party, its Affiliates or Sub-Licensees
or any other governmental charges imposed upon the sale of a Product and paid by the relevant Party, its Affiliates or Sub-Licensees;</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: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">rebates and premiums granted or allowed by the relevant Party, its Affiliates or Sub Licensees
in connection with the sale of a Product;</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: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">allowances or credits granted by the relevant Party, its Affiliates or Sub-Licensees to customers
on account of governmental requirements, rejection, outdating, returns, billing errors or recalls of a Product; and</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: 0.5in"></TD><TD STYLE="width: 0.25in">v.</TD><TD STYLE="text-align: justify">trade, cash and quantity discounts, bonuses or chargebacks granted by the relevant Party, its Affiliates
or Sub-Licensees in connection with the sale of a Product.</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 0pt 0.5in; text-align: justify">For the purpose of calculating
Net Sales, the Parties recognize that: (a) customers may include persons in the chain of commerce who enter into agreements with
the relevant Party, its Affiliates or Sub-Licensees as to price even though title to the Product does not pass directly from the
relevant Party, its Affiliates or Sub-Licensees to such customers and even though payment for such Product is not made by such
customers directly to the relevant Party, its Affiliates or Sub-Licensees; and (b) in such cases, chargebacks paid by the relevant
Party, its Affiliates or Sub-Licensees to or through a Third Party (such as a wholesaler) can be deducted by the relevant Party,
its Affiliates or Sub-Licensees from gross revenue in order to calculate Net Sales. Furthermore, for the purpose of calculating
Net Sales the deductions referred to under iii. and v. shall not exceed the upper threshold common in the relevant market of competitive
Products; in the case of dispute the Party obliged to royalty payments shall prove that the amount of the relevant deductions are
common in the relevant market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">1.40</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Patent Rights</B>&rdquo; means (a) all national, regional
and international patents and patent applications, including provisional patent applications, (b) all patent applications filed
either from such patents, patent applications or provisional applications or from an application claiming priority from either
of these, including divisionals, continuations, continuations-in-part, provisionals, converted provisionals, and continued prosecution
applications, (c) any and all patents that have issued or in the future issue from the foregoing patent applications ((a) and (b)),
including utility models, petty patents and design patents and certificates of invention, (d) any and all extensions or restorations
by existing or future extension or restoration mechanisms, including revalidations, reissues, re-examinations and extensions (including
any supplementary protection certificates and the like) of the foregoing patents or patent applications ((a), (b) and (c)), and
(e) any similar rights, including so-called pipeline protection, or any importation, revalidation, confirmation or introduction
patent or registration patent or patent of additions to any such foregoing patent applications and patents.</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"></TD><TD STYLE="width: 0.5in">1.41</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Phase II Clinical Trials</B>&rdquo; shall mean a clinical
trial in human patient population to explore the therapeutic efficacy and to determine the safe and effective dose range in the
proposed therapeutic Indication as more fully described in the ICH Harmonized Tripartite Guideline entitled &ldquo;General Considerations
for Clinical Trials E-8&rdquo;, as amended .</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"></TD><TD STYLE="width: 0.5in">1.42</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Product</B>&rdquo; means any medicinal product containing
IFX-1 or IFX-2 or BDB-1 or BDB-2 as at least one (1) active pharmaceutical ingredient.</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"></TD><TD STYLE="width: 0.5in">1.43</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<B>Regulatory Approval</B>&rdquo; means with respect to a
regulatory jurisdiction, any and all approvals, product and/or establishment licenses, registrations or authorizations of any Governmental
Authority, including without limitation the SFDA, the EMA and the FDA, necessary for the use (including in a clinical trial), storage,
import, export, transport and Commercialization of a Product in such regulatory jurisdiction, including, where applicable, (a)
pricing and reimbursement approval in such regulatory jurisdiction, (b) pre- and post-approval marketing authorizations (including
any prerequisite </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="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 75%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract - confidential information</FONT></TD><TD STYLE="width: 25%; font-size: 10pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --> of 30</FONT></TD></TR></TABLE>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">manufacturing
approval or authorization related thereto), (c) labeling approval and (d) technical, medical and scientific licenses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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"></TD><TD STYLE="width: 0.5in">1.44</TD><TD STYLE="text-align: justify">&ldquo;<B>SFDA</B>&rdquo; means the Chinese State Food and Drug Administration, or any successor
Governmental Authority with responsibility for regulating the development, manufacture and sale of human pharmaceutical products.</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"></TD><TD STYLE="width: 0.5in">1.45</TD><TD STYLE="text-align: justify">&ldquo;<B>Sub-Licensee</B>&rdquo; means a Third Party to whom INFLARX granted a license or respectively
sub-license under its rights reserved under Section <B>&lrm;</B>6.5 and Section <B>&lrm;</B>6.7 after execution of said reserved
rights.</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"></TD><TD STYLE="width: 0.5in">1.46</TD><TD STYLE="text-align: justify">&ldquo;<B>Third Party</B>&rdquo; means any entity other than the Parties or any Affiliate of either
Party.</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; text-align: center; text-indent: 0in"><U>ARTICLE 2 &mdash;
Scope of this Agreement/ Frame of Co-Development</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify"><U>Scope of this Agreement / Further agreements.</U> The Parties understand that this Agreement
sets the frame and principle understanding between the Parties in order to fulfill the Purpose but it may not fully cover all aspects
of such future development. The Parties understand that additional future contractual work and agreements may be necessary to fully
cover aspects of future development, including but not limited to aspects of clinical development, manufacturing or Commercialization
or others. The Parties therefore agree that they will jointly work together in good faith on such future contractual agreements
as may be deemed appropriate or wished for by either Party, it being understood that the principle frame and conditions set forth
in this Agreement are binding and shall be fully reflected in any such future agreements unless agreed differently in writing by
both Parties.</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"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify"><U>Frame of Co-Development</U>. The Parties hereto agree that in order to serve and fulfill the
Purpose of this Agreement, the Parties shall engage in the following Co-Development steps and conditions, of which some or all
are further specified and conditional to defined terms as set forth in detail elsewhere in this 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: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">[*****]</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: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">BDB shall appropriately handle and store the IFX-1 Cell Line under its strict oversight, create
a master- or working cell bank and develop and build the Manufacturing Process according to GMP standards either by itself or together
with Approved Third Parties inside the BDB Territory in order to manufacture GMP standard drug product BDB-1 solely to be used
for defined development and later Commercialization inside the BDB Territory in accordance with further detailed obligations as
set forth in this Agreement and under its sole and full responsibility.</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: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">BDB may develop and generate under its sole and full responsibility a BDB-2 Cell Line only inside
the BDB Territory, create a master- or working cell bank and develop and build the Manufacturing Process according to GMP standards
and manufacture GMP standard drug product BDB-2 solely for the purpose to develop and Commercialize BDB-2 solely within and for
the BDB Territory. INFLARX shall have the right to Exploit such BDB-2 Cell Line under its own responsibility to develop, manufacture
and Commercialize IFX-2 anywhere in</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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">the INFLARX
Territory and BDB shall assist and transfer appropriate amounts of material (i.e. vials of the BDB-2 Cell Line etc.) to INFLARX
to enable such Exploitation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; 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: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">BDB shall conduct pre-clinical animal and in vitro studies inside the BDB Territory using IFX-1
(to be transferred separately to BDB by INFLARX under the terms of this Agreement) and/or BDB-1 and/or IFX-2 and/or BDB-2, and
BDB shall promptly share all related Co-Development Findings and ensure data sharing with INFLARX and put in place reporting tools
for all development areas.</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: 0.5in"></TD><TD STYLE="width: 0.25in">v.</TD><TD STYLE="text-align: justify">BDB shall conduct clinical trials using BDB-1 and/or BDB-2 in compliance with all Applicable Laws,
including GCP and with the provisions of this Agreement inside the BDB Territory and ensure data sharing with INFLARX and put in
place reporting tools and potentially necessary data exchange agreements with INFLARX as may be deemed appropriate by INFLARX.</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: 0.5in"></TD><TD STYLE="width: 0.25in">vi.</TD><TD STYLE="text-align: justify">BDB shall be granted appropriate usage rights under lNFLARX Intellectual Property to the extent
necessary for development, manufacture and Commercialization of BDB-1 and BDB-2 solely inside the BDB Territory and pay in return
royalties to INFLARX as set forth in this 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: 0.5in"></TD><TD STYLE="width: 0.25in">vii.</TD><TD STYLE="text-align: justify">INFLARX shall be granted and/or transferred exclusive Exploitation rights and ownership in all
Co-Development Findings by BDB and shall be granted usage rights under BDB Intellectual Property to the extent necessary or useful
to Exploit the rights set forth in this 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: 0.5in"></TD><TD STYLE="width: 0.25in">viii.</TD><TD STYLE="text-align: justify">The Parties shall cooperate and help in putting in place appropriate more detailed agreements if
needed from either side or if useful for successful development and Commercialization of BDB-1 and/or BDB-2 by BDB within the BDB
Territory and of IFX-1 and/or IFX-2 by lNFLARX.</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: 0.5in"></TD><TD STYLE="width: 0.25in">ix.</TD><TD STYLE="text-align: justify">Unless agreed differently between the Parties in writing, each Party shall fully cover its own
costs and expenses and have sole and full responsibility for any of its own Co-Development effort and activity agreed in this 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: 0.5in"></TD><TD STYLE="width: 0.25in">x.</TD><TD STYLE="text-align: justify">BDB shall in no event make or engage any Third Party in making additional changes, alterations
or any humanization efforts of any kind to IFX-1, BDB-1 and/or IFX-2 and/or BDB-2 and/or the IFX-1 Cell Line and/or IFX-2 Cell
Line and/or the BDB-2 Cell Line unless agreed expressly differently between the Parties in writing.</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 0pt 0.5in; text-align: justify">These Co-Development steps and
conditions shall collectively be understood as the &ldquo;<B>Frame of Co-Development</B>&rdquo; which will be conditional to the
terms and provisions set forth in this Agreement and shall solely serve the Purpose of this Agreement. The Parties agree that the
development of any combination therapy involving IFX-1, IFX-2, BDB-1 or BDB-2 as active pharmaceutical ingredient is not part of
the Frame of Co-Development and shall be excluded from the grant of any rights to BDB under this Agreement; the Parties may agree
on development of such combination therapies in a separate agreement or addendum to this Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify"><U>Coordination of Co-Development.</U> The Parties understand that for the time being the Co-Development
can be reasonably coordinated through the reporting in accordance with Article 5. If either Party at a certain stage of Co-Development
deems it useful or necessary for coordination of the Parties development activities to install a Joint Development Committee, the
Parties shall establish such Joint Development</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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Committee with
members having the necessary scientific and regulatory skills with respect to the relevant stage of development and shall agree
on competence and governance rules of such Joint Development Committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify"><U>Coordination with Base Agreement.</U> The Parties agree that the Base Agreement shall terminate
at the Effective Date. Articles 5, 8, 9 and 10.5 of the Base Agreement shall survive its termination. The Parties further agree
that any materials provided by INFLARX to BDB under the Base Agreement shall be further handled in accordance with the relevant
provisions regarding such material transfer under this Agreement. The Parties understand and agree that all &ldquo;Research Findings&rdquo;
as this term is defined in the Base Agreement shall be Confidential Information of INFLARX under this Agreement and all &ldquo;Confidential
Information&rdquo; as this term is defined under the Base Agreement and which were exchanged by the Parties under the Base Agreement
shall be and treated as Confidential Information under this Agreement. For the avoidance of doubt, all rights in the &ldquo;Research
Findings&rdquo; as this term is defined in the Base Agreement shall be INFLARX Intellectual Property under this Agreement.</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; text-align: center; text-indent: 0in"><U>ARTICLE 3 &mdash;
Transfer of Cell Line</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify"><U>Transfer.</U> Under the conditions and terms set forth within this Agreement and conditional
to the receipt of the [*****] (as defined below) by [*****] from BDB and receipt of the [*****] by INFLARX from [*****], INFLARX
shall request that [*****] makes 22 vials containing aliquots from the master cell bank of the IFX-1 Cell Line which is currently
stored at [*****], available to INFLARX for further shipment to BDB (hereinafter referred to as the &ldquo;<B>Transfer</B>&rdquo;).
The Transfer shall take place under the following conditions and terms:</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: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">upon [*****] (as defined below) from BDB and [*****] by INFLARX from [*****], INFLARX shall in
due course furnish a written transfer request to [*****] and obtain approval for the Transfer ;</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: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">upon receipt of approval from [*****] by INFLARX, BDB shall provide the vendor and shipment details,
as well as process details and all necessary documents to INFLARX for the Transfer;</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: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">BDB understands and agrees that it will cover all costs for shipment to BDB as well as any associated
risk for the Transfer once shipment has left [*****] premises and that it may seek insurance coverage for the Transfer if deemed
appropriate; for the avoidance of doubt, neither INFLARX nor [*****] is obliged to furnish any replacement if any or all of the
22 vials containing aliquots from the master cell bank of the IFX-1 Cell Line are destroyed during the shipment or are not viable
upon receipt by BDB.</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"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify">[*****]</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">[*****]</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If and to the extent that INFLARX
is held liable for payment of any taxes, duties or other amounts by any Governmental Authority of any country with respect to the
[*****] and/or in connection with this indemnification and reimbursement obligation of BDB, BDB shall indemnify and hold INFLARX
harmless from and reimburse to INFLARX any such amount assessed against INFLARX (and/or paid by INFLARX).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">3.3</TD><TD STYLE="text-align: justify"><U>Transfer of IFX-1.</U> INFLARX may, from time to time as may be agreed between the Parties,
transfer IFX-1, which may or may not have been manufactured according to GMP standards or GMP equivalent standards under INFLARX'
responsibility and oversight. Any quantity of IFX-1 transferred by INFLARX to BDB may be used by BDB solely to serve the Purpose
of this Agreement, in the BDB Territory and to foster the development of BDB-1 within the BDB Territory. BDB shall under no circumstances
use IFX-1 for any application in humans and treat IFX-1 strictly confidential and not transfer IFX-1 to any Third Party without
the express prior written consent from INFLARX.</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; text-align: center; text-indent: 0in"><U>ARTICLE 4 &mdash;
BDB Use of the IFX-1 Cell Line, IFX-1, BDB-1, BDB-2 Cell Line, BDB-2 and IFX-2 and IFX-2 Cell Line</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify"><U>BDB's Right to Use the IFX-1-Cell Line.</U> INFLARX hereby grants to BDB an exclusive right
to use the IFX-1 Cell Line solely within the BDB Territory and solely for the Purpose and the Co-Development under this Agreement
and subject to compliance of BDB with all terms and conditions set forth in this Agreement. BDB hereby accepts this grant. INFLARX
reserves the right to develop and/or manufacture IFX-1 and Products containing IFX-1 inside the BDB Territory with a Third Party
solely for the purpose of Exploitation and Commercialization of such IFX-1 or such Product containing IFX-1 in the INFLARX Territory,
and reserves the right to use the IFX-1 Cell Line within the BDB Territory for other non-commercial 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"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify"><U>INFLARX and </U>[*****] <U>Intellectual Property.</U> BDB acknowledges and understands that
the IFX-1 Cell Line represents INFLARX Intellectual Property which was manufactured by [*****] based on at least in part [*****]
proprietary technology and Intellectual Property, including but not limited to the [*****], and that nothing in this Agreement
is meant to transfer to BDB any [*****] or any rights in the [*****] nor any INFLARX Intellectual Property unless expressly provided
differently within this 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"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify"><U>Use of the IFX-1 Cell Line.</U> BDB shall use the IFX-1 Cell Line solely within the Frame of
Co-Development and in order to fulfill the Purpose: Such use shall solely include and be limited to the development and implementation
of a Manufacturing Process for the manufacturing of BDB-1 for developing (pre-clinical and clinical), testing, seeking Regulatory
Approval for Commercialization of BDB-1 within the BDB Territory, all being conditional to any relevant term and obligation set
forth in this Agreement. BDB expressly agrees and acknowledges that the Transfer to BDB shall not be construed as a license or
as permission to (A) independently make, utilize or copy the [*****] or (B) modify or derive portions of the IFX-1 Cell Line for
the development of any other cell line or product.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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: 0.5in">4.4</TD><TD STYLE="text-align: justify"><U>Monitoring by INFLARX and </U>[*****]<U>.</U> BDB hereby grants to INFLARX and to [*****] the
right to monitor BDB and any of its Approved Third Parties for compliance with the Sections <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>4.3(A)
and <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>4.3(B). This right to monitor includes any reasonable measure</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">considered necessary
by INFLARX and/or [*****], including without limitation the right to request and receive documents and the right to inspect the
premises of BDB and any of its Approved Third Parties. Any involvement of an Approved Third Party by BDB shall be conditioned on
the prior assurance that such Approved Third Party will respect and comply with INFLARX' and [*****] monitoring right. [*****]</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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"></TD><TD STYLE="width: 0.5in">4.5</TD><TD STYLE="text-align: justify"><U>Quality Adherence and BDB Oversight.</U> BDB undertakes and warrants to INFLARX that it will
strictly adhere to any applicable GMP, GCP or other Applicable Laws when storing, handling, manufacturing, developing, Commercializing
or otherwise using the IFX-1 Cell Line, IFX-1 or BDB-1, any IFX-2 Cell Line, IFX-2, any BDB-2 Cell Line and BDB-2 and that it will
ensure any of its Approved Third Parties to strictly comply with such Applicable Laws as well. BDB shall have the sole responsibility
to establish and ensure strict oversight of any and all use and quality adherence of the IFX-1 Cell Line or parts thereof as well
as IFX-1, BDB-1 or parts thereof, as well as any future BDB-2 Cell Line and BDB-2 or any parts thereof as well as any IFX-2 Cell
Line and IFX-2 or parts thereof within the BDB Territory and shall keep complete and up-to-date records about such oversight. Such
oversight records shall establish for each of the above mentioned components the exact storage place, storage conditions, amount
and handling responsibility, reasons for transfer and all other information reasonably required for proving compliance as set forth
herein and shall also include any audit and inspections reports and certificates of any Approved Third Party. A copy of such oversight
records shall be furnished in copy to INFLARX within [*****] upon request at any time.</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"></TD><TD STYLE="width: 0.5in">4.6</TD><TD STYLE="text-align: justify"><U>Quality Agreements.</U> BDB undertakes to execute with INFLARX, upon the latter request, appropriate
quality assurance agreements including but not limited to aspects of oversight, clarification of responsibilities, handling, storage
and manufacturing conditions, clinical trial aspects, reporting of incidences and adverse events/reactions etc., safety data exchange
agreements or pharmacovigilance agreements as may be deemed appropriate or useful by INFLARX in order to assure adherence to applicable
external or internal quality regulations or guidelines and to Applicable Laws which may be applicable to INFLARX.</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"></TD><TD STYLE="width: 0.5in">4.7</TD><TD STYLE="text-align: justify"><U>lNFLARX Inspection Rights.</U> BDB acknowledges that INFLARX may need to keep global oversight
over any and all manufacturing and developing efforts regarding the IFX-1 Cell Line and that lNFLARX may be liable or otherwise
bound by regulatory requirements under any Applicable Laws or any order or decision of a competent Governmental Authority to ensure
such global oversight and adherence to quality regulations or guidelines and Applicable Laws (including without limitation GMP
and GCP). Therefore, BDB shall cooperate with and assist INFLARX in any reasonable way to ensure such oversight and to ensure that
lNFLARX is able to fulfill its legal and/or regulatory responsibilities. BDB hereto agrees that INFLARX and any of its successors
with respect to the rights granted under this Agreement to BDB, as well as any competent Governmental Authority, including but
not limited to the FDA and the EMA, the German or other European Governmental Authorities or other Governmental Authorities that
are in charge of inspections of INFLARX manufacturing or development programs or Regulatory Approvals of any form with respect
to IFX-1 and/or IFX-2 shall have the right to audit and inspect BDB, its facilities, its documentation and its adherence to quality
regulations or guidelines and any other Applicable Laws (collectively understood as &ldquo;<B>INFLARX Inspection Rights</B>&rdquo;).
BDB shall contractually ensure that any Approved Third Party as defined under Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>4.8
of this Agreement shall be obligated to grant the INFLARX Inspection Rights to the same extent.</TD></TR></TABLE>

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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"></TD><TD STYLE="width: 0.5in">4.8</TD><TD STYLE="text-align: justify"><U>Secondary Transfer of the IFX-1 Cell Line, IFX-1, IFX-2 Cell Line, IFX-2. BDB-1, BDB-2 Cell
Line and BDB-2.</U> The following rules shall apply for any transfer of the IFX-1 Cell Line, IFX-1 and BDB-1 as well as the IFX-2
Cell Line and IFX-2 and the BDB-2 Cell Line and BDB-2 outside the primary direct control and the premises of BDB:</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: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">BDB shall under no circumstances transfer the IFX-1 Cell Line, IFX-1 and BDB-1 or any part thereof
or the IFX-2 Cell Line or IFX-2 or any part thereof or the BDB-2 Cell Line or BDB-2 or any parts thereof outside the BDB Territory
unless expressly authorized previously by INFLARX 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: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">Inside the BDB Territory, BDB shall not transfer, store, develop or otherwise use the IFX-1 Cell
Line and IFX-1 or any part thereof or the IFX-2 Cell Line or IFX-2 or any part thereof to any facility, manufacturer, company,
entity, person or institution of any kind or any other Third Party without the express prior written consent from INFLARX. If BDB
wishes to transfer the IFX-1 Cell Line or IFX-1 or any parts thereof or the IFX-2 Cell Line or IFX-2 or any part thereof to any
Third Party inside the BDB Territory, BDB shall request consent from INFLARX for such transfer in writing and inform INFLARX within
this request in detail about (a) the exact place of business of such Third Party, (b) the exact location of storage and location
of use and manufacture, (c) the exact purpose and conditions for such transfer and amount transferred, (d) confirmation of such
Third Party that it will adhere to GMP, GCP or any other Applicable Laws and that it will protect the INFLARX Intellectual Property
and any parts thereof from any unauthorized access and to grant INFLARX and [*****] monitoring rights at least to the extent as
set forth in Section 4.4 and to grant the INFLARX Inspection Rights. INFLARX shall, upon review of completeness of such request,
issue consent for such secondary transfer (the entire procedure shall be collectively understood as &ldquo;<B>Transfer Consent</B>&rdquo;
and any Third Party consented to gain access as &ldquo;<B>Approved Third Party</B>&rdquo;). Such Transfer Consent shall be granted
in writing by an INFLARX authorized representative within 7 Business Days upon receipt of INFLARX of a complete request for a Transfer
Consent and shall not be unreasonably withheld. INFLARX shall not be obliged to issue any Transfer Consent if the request of BDB
is not complete, or if the purpose for any collaboration stated within the request falls outside the Purpose and the Frame of Co-Development
as set forth in this 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: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">Inside the BDB Territory, BDB may transfer BDB-1 and or BDB-2 and or the BDB-2 Cell Line to designated
Third Parties solely to fulfill the Purpose of this Agreement and within the Frame of Co-Development. BDB shall strictly document
any such transfer, including the purpose, the amount and detailed description of transferred material and furnish to INFLARX a
copy of such documentation within 10 Business Days thereafter. BDB shall also notify INFLARX about any such transfer within the
quarterly reports. BDB shall only arrange for any such transfer if strict rules for confidentiality and safe handling and prohibition
of further transfer and granting access to other Third Parties are in place substantially similar to the ones set forth in this
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"></TD><TD STYLE="width: 0.5in">4.9</TD><TD STYLE="text-align: justify"><U>Manufacturing of BDB-1 and BDB-2</U>. BDB and its Approved Third Parties shall manufacture BDB-1
and or BDB-2 using the IFX-1 Cell Line or any BDB-2 Cell Line under their sole and full responsibility and under strict compliance
with GMP, GCP and other Applicable Laws as may be applicable for the BDB Territory and shall ensure that INFLARX is informed in
detail about the Manufacturing Process.</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"></TD><TD STYLE="width: 0.5in">4.10</TD><TD STYLE="text-align: justify"><U>Use in Humans.</U> The following rules and conditions shall apply for any use of IFX-1 or BDB-1
or BDB-2 or parts thereof in humans:</TD></TR></TABLE>

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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: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">BDB warrants that it will not use any transferred IFX-1 for any application in humans.</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: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">BDB warrants that it will not and will assure that any Approved Third Party will not use, apply
or administer BDB-1 or BDB-2 or any part thereof in/to humans unless all required Regulatory Approvals and consents of any competent
Governmental Authority, including without limitation of the SFDA, and of any ethics committee have been obtained previously and
that it will conduct any clinical application using BDB-1 or BDB-2 under strict GCP compliance and compliance with other Applicable
Laws.</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: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">Before BDB engages in any first clinical application of BDB-1 or BDB-2 in humans it shall consult
with INFLARX at least [*****] before submission of the respective Regulatory Approval application whether INFLARX needs any quality
assurance agreement, safety data exchange agreements and/or pharmacovigilance agreements to be put in place and INFLARX shall furnish
a written decision about this question within [*****] upon receipt of the request. If no decision has been made and communicated
by INFLARX to BDB whether any of such agreements should be concluded on [*****] after receipt of such notice from BDB, then BDB
may proceed with submission of its application for the relevant Regulatory Approval. If INFLARX establishes the need for such agreements
upon receipt of such notice from BDB or before, then BDB shall fully cooperate to execute such additional agreements and put in
place related documents and procedures.</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: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">Before any application of BDB-1 and BDB-2 in humans in any form, BDB shall notify INFLARX at the
earliest possible time point but in any case at least [*****] before any document submission for application for a respective Regulatory
Approval to the respective Chinese authorities, including without limitation the SFDA and the competent ethic committee about the
purpose of such use and the intended frame (i.e. clinical trial phase X) in English language: including a complete outline of the
study detailing the Indication, the inclusion and exclusion criteria as well as the intended primary and secondary or other endpoints
as well as the regulatory status (collectively the &ldquo;<B>Use In Human Announcement</B>&rdquo;). INFLARX shall acknowledge receipt
of such Use in Human Announcement via email within [*****] upon receipt and be granted a [*****] time frame &middot;upon receipt
to consult with BDB and comment on such development effort also with respect to its own development efforts in similar or substantially
same areas of Indication it being understood that &ldquo;substantially same areas of Indications&rdquo; are concerned if there
is an overlap in targeted sub-groups of patients in the Indications pursued in development of the Parties.</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"></TD><TD STYLE="width: 0.5in">4.11</TD><TD STYLE="text-align: justify"><U>Use in Animals.</U> The following rules and conditions shall apply for any use of IFX-1 or IFX-2
or BDB-1 or BDB-2 or parts thereof in animals:</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: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">BDB shall not apply IFX-1 or BDB-1 or BDB-2 or any parts thereof to animals unless all required
Regulatory Approvals and consents of any competent Governmental Authority and of any ethics committee have been obtained previously.</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: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">Within a reasonable time frame before any and each use of IFX-1 or IFX-2 or BDB-1 or BDB-2 in primates
or other monkeys, BDB shall deliver to INFLARX a written report about the purpose of such use and the intended frame including
a study synopsis. INFLARX shall acknowledge receipt of such notice or report</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 5 &mdash;
BDB Reporting Obligations</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify"><U>BDB Reporting</U>. BDB shall establish a regular reporting in English language to be delivered
to INFLARX quarterly by email (within [*****] after each quarter passed - i.e. until [*****] for Q1, until [*****] for Q2 and until
[*****] for Q3 of the same year and until [*****] for Q4 of the preceding Calendar Year) and which shall summarize its development
progress and efforts according to the different areas of development: manufacturing (including any progress and change in the Manufacturing
Process, and its results in terms of protein yield and quality), pre-clinical development (any data pertaining to in vitro, in
vivo experimental analysis of BDB-1, IFX-1 and BDB-2), clinical development (any planned and conducted clinical trial, reports,
analysis etc. related to BDB-1 and or BDB-2), regulatory (any regulatory consultation and its results with respect to any and all
aspects of the BDB-1 and or BDB-2 development in the BDB Territory), strategic (any strategic considerations, plans and conduct
pertaining to the use of BDB-1 within the BDB Territory within pre-clinical and clinical studies and other development), commercial
and sales (any relevant sale and commercial plans, figures, considerations, pricing issues etc.), other areas (other development
aspects not captured within any of the above mentioned areas). In addition, BDB shall report and furnish to INFLARX in English
language the up to date version of the lnvestigational Medicinal Product Dossier (&ldquo;<B>IMPD</B>&rdquo;) or parts thereof and
study synopsis within [*****] upon written request (email sufficient).</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"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify"><U>Reporting of Clinical Trial Data</U>. Before document submission for Regulatory Approval of
any application of BDB-1 and or BDB-2 in humans in any clinical trial, BDB shall make a Use in Humans Announcement to INFLARX as
set forth in Section <B>&lrm;</B>4.10. BDB shall be responsible for informing INFLARX without undue delay about any of the following
events within any active clinical trial:</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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Any regulatory decision regarding a trial (approval, stop, change etc.)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>FPFV = First Patient First Visit</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Any results from a planned interim analysis</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Any results from a planned and unplanned interim safety review</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Any substantial change in the study protocol / substantial amendment</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>IDMC &mdash; Recommendations = Independent data monitoring committee recommendations</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>LPLV = Last Patient Last Visit</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Data availability upon un-blinding</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 0pt 0.5in; text-align: justify">BDB agrees hereby that INFLARX
shall be granted access to any and all data recorded within the clinical trial, including but not being limited to raw data, for
calculation of any endpoints without undue delay upon closure of the data base and un-blinding of any clinical trial and that INFLARX
shall be furnished copies of such data upon request. BDB shall furnish to INFLARX without undue delay and without further request
the final study report including all appendices and line listings and any other attached or referenced data in English language.
INFLARX shall be entitled to use such report and raw data for its own development programs and benefit and, if applicable, also
for discussions with competent Governmental Authorities and for application for Regulatory Approvals. Without prejudice to the
aforementioned usage rights, INFLARX shall handle any and all such data under strict confidentiality and in accordance with Applicable
Laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">BDB shall en<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">s</FONT>ure
that such use of clinical trial data by INFLARX shall be openly declared to patients participating in any clinical trial and to
the respective Governmental Authorities and ethics committees in charge of approving the respective clinical trial. As such, data
use and handling by INFLARX shall expressly be addressed within and be<BR CLEAR="ALL">
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">part of the informed consent sheet,
the approval documents, the data safety handling sheet or any other applicable or equivalent sheet.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 6 &mdash;
Intellectual Property/ Handling of Co-Development Findings</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in">6.1</TD><TD STYLE="text-align: justify"><U>Ownership</U>. Nothing in this Agreement is meant and shall be construed to transfer ownership
of or title to any INFLARX Intellectual Property to BDB or any existing BDB Intellectual Property to INFLARX unless explicitly
stated differently in this 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"></TD><TD STYLE="width: 0.5in">6.2</TD><TD STYLE="text-align: justify"><U>BDB-1 and BDB-2 Development and Commercialization Rights.</U> INFLARX grants to BDB the exclusive,
non-transferrable right under the INFLARX Intellectual Property to develop, to manufacture for development and to Commercialize
BDB-1 and BDB-2 solely within and for the BDB Territory. BDB hereby accepts this grant. For the avoidance of doubts, this exclusive
right of BDB is subject to INFLARX' rights set forth in Sections <B>&lrm;</B>6.6 and <B>&lrm;</B>6.7. BDB's right granted under
this Section <B>&lrm;</B>6.2 shall be conditional to performance of any and all obligations BDB and subject to terms and conditions
set forth in this Agreement. BDB shall bear all related costs and risks for such development and manufacture for development and
Commercialization of BDB-1 and BDB-2 within the BDB Territory. BDB is not entitled to grant sub-licenses to any Third Party.</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 0pt 0.5in; text-indent: -0.5in">BDB shall not use the term IFX-1
or IFX-2 for its own development programs. The term IFX-1 and IFX-2 shall be reserved for the INFLARX development only. Furthermore,
BDB shall not use the same or confusingly similar product names as INFLARX uses for its Products containing IFX-1 or IFX-2 for
Commercialization of Products containing BDB-1 or BDB-2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-indent: -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"></TD><TD STYLE="width: 0.5in">6.3</TD><TD STYLE="text-align: justify"><U>Non-exclusive License under BDB Intellectual Property to INFLARX.</U> BDB hereby grants to INFLARX
a non-exclusive, transferable and sublicenseable right of use under all BDB Intellectual Property to the extent necessary to Exploit
and Commercialize IFX-1 and/or IFX-2 within the INFLARX Territory. INFLARX hereby accepts this license grant._lf and to the extent
INFLARX exercises its reserved right to Exploit and Commercialize BDB-1 or BDB-2 within the INFLARX Territory pursuant to Section
<B>&lrm;</B>6.5, this non-exclusive license under BDB Intellectual Property shall automatically also cover such Exploitation and
Commercialization of BDB-1 and BDB-2 by INFLARX. If and to the extent INFLARX exercises its optional development right to Exploit
and Commercialize IFX-1 or IFX-2 in any Indication pursuant to Section <B>&lrm;</B>6.7, this nonexclusive license under BDB Intellectual
Property shall automatically also cover such Exploitation and Commercialization of IFX-1 and IFX-2 in the relevant Indication by
INFLARX within the BDB Territory.</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"></TD><TD STYLE="width: 0.5in">6.4</TD><TD STYLE="text-align: justify"><U>Handling of and Ownership in Co-Development Findings</U>. BDB agrees that INFLARX shall have
all title to and all rights in any and all Co-Development Findings and that any Intellectual Property with respect to Co-Development
Findings shall be regarded as INFLARX Intellectual Property and INFLARX shall be entitled to its free choice to fully Exploit such
Co-Development Findings and the respective INFLARX Intellectual Property worldwide, it being understood that the rights granted
to BDB under INFLARX Intellectual Property according to this Agreement within the BDB Territory shall stay in place. In order to
facilitate this sole and exclusive ownership of INFLARX in the Co-Development Findings the following provisions shall apply:</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: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">BDB shall document all Co-Development Findings in accordance with good scientific practice and
shall promptly inform INFLARX of and make available to INFLARX all scientific information being Co-Development Findings in form
of data, tables and calculations as well as full reports. Outside any regular BDB reporting as set forth under Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>5.1,
this rule especially pertains to receipt of</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">Co-Development
Findings related to any manufacturing, pre-clinical in vitro and animal studies and any clinical trial or clinical application.
INFLARX shall notify BDB of the receipt of such Co-Development Findings reporting/information immediately.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; 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: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">BDB hereby assigns to INFLARX its entire worldwide right, title and interest in and to all such
Co-Development Findings in advance and INFLARX accepts such assignment. If and to the extent such transfer of ownership to INFLARX
is not legally enforceable for any reason (e.g. in case of copyrights), BDB hereby grants to INFLARX the exclusive, royalty-free
and timely and territorially unlimited right to use and/or utilize such Co-Development Findings, which is unlimited with regard
to the scope of use and particularly covers all known as well as currently unknown kinds of use, and INFLARX hereby accepts such
grant of rights. BDB shall undertake all precautionary measures in relation to its employees and Approved Third Parties to secure
effective transfer right, title and interest in or respectively grant of exclusive Exploitation rights with respect to all Co-Development
Findings to INFLARX in accordance with Applicable Laws. The transfer or respectively grant of exclusive Exploitation rights to
INFLARX [*****] for by the delivery of the IFX-1 Cell Line and the granting of the developing rights for BDB-1 and BDB-2 to BDB
as set forth in Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>6.2.</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: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">INFLARX shall bear [*****] for the Exploitation of the Co-Development Findings and the respective
Intellectual Property in the INFLARX Territory.</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: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">In case of inventions within the Co-Development Findings, INFLARX shall declare whether it wishes
to file a Patent Right application or expand existing Patent Rights with the Co-Development Findings within [*****] after receipt
of the relevant information. BDB will cooperate with INFLARX and execute and shall secure that its employees and Approved Third
Parties will execute all documents necessary to enable INFLARX to apply for Patent Right protection for such Inventions in INFLARX'
name and at INFLARX' expense with an employee of BDB being named as inventor or co-inventor as the case may be, BDB will, at INFLARX'
request, provide all necessary declarations and cooperate with INFLARX, as reasonably required, to enable Patent Rights to be issued.
Particularly, all employee inventions of BDB's employees and of BDB's Approved Third Parties being Co-Development Findings must
be reported to INFLARX promptly, completely and in writing. BDB shall undertake all precautionary measures to secure effective
transfer of such inventions to INFLARX in accordance with Applicable Laws. BDB is solely responsible for any compensation or respectively
remuneration owed to its employees according to the Applicable Laws with regard to any service inventions being Co-Development
Findings transferred to INFLARX hereunder .and INFLARX does not assume any liability or obligation vis-a-vis BDB and/or any BDB
employee in this regard.</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: 0.5in"></TD><TD STYLE="width: 0.25in">v.</TD><TD STYLE="text-align: justify">Should INFLARX in case of an invention within the Co-Development Findings decline from pursuing
Patent Right protection for such Co-Development Finding within the BDB Territory, then INFLARX shall inform BDB within reasonable
time after making such decision. Any such decline of INFLARX shall be only valid when provided in writing by INFLARX to BDB (dated
and signed by an authorized representative). Upon BDB's request INFLARX shall grant BDB the right to pursue such protection within
the BDB Territory on its own cost and risk unless INFLARX has any reasonable interest that the relevant Co-Development Finding
remains secret. If BDB applies for a Patent Right for any Co-Development Finding in accordance with the aforementioned provisions,
INFLARX shall retain</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">a non-exclusive
right to Exploit such Co-Development Finding and the respective Patent Right in the BDB Territory subject to the rights granted
to BDB under Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>6.2 and shall retain the exclusive right to Exploit such
Co-Development Finding in the INFLARX Territory.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; 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"></TD><TD STYLE="width: 0.5in">6.5</TD><TD STYLE="text-align: justify"><U>INFLARX Reserved Rights to BDB-1 and BDB-2.</U> INFLARX reserves the right to decide &mdash;
in sole discretion &mdash; to Exploit and Commercialize BDB-1 and/or BDB-2 in the INFLARX Territory particularly in the event that
INFLARX determines that, for whatever reasons, any Indication cannot be or will not be developed in the INFLARX Territory using
IFX-1 or IFX-2. In such an event, INFLARX shall pay royalties to BDB as set forth under Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>7.2
and INFLARX and BDB shall execute an appropriate transfer agreement or supply agreement in case INFLARX chooses to get BDB-1 and/or
BDB-2 supply directly from BDB or its Approved Third Party. In addition, BDB shall grant to INFLARX access to any relevant documents
(such as the IMPD, clinical trial data and reports, manufacturing data and reports etc.) as may be necessary for use of BDB-1 and/or
BDB-2 within the INFLARX Territory. Any costs arising out of such information and document transfer and BDB-1 or BDB-2 supply shall
be [*****] unless agreed upon differently by the Parties.</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"></TD><TD STYLE="width: 0.5in">6.6</TD><TD STYLE="text-align: justify"><U>Retained INFLARX rights with respect to certain development of IFX-1 and IFX-2 inside the BDB
Territory.</U> INFLARX reserves the right to include patients in clinical trials inside the BDB Territory for its global development
efforts for IFX-1 and or IFX-2 solely for the purpose to gain Regulatory Approval for Commercialization of a Product containing
IFX-1 and or IFX-2 within the INFLARX Territory</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"></TD><TD STYLE="width: 0.5in">6.7</TD><TD STYLE="text-align: justify"><U>Optional Development</U><I>.</I> In the event that INFLARX is being granted any Regulatory Approval
for Commercialization of a Product containing IFX-1 or IFX-2 anywhere in the INFLARX Territory for an Indication and if the same
or a substantially similar Indication at that time is not pursued by BDB inside the BDB Territory, as evidenced by any initiated
(FPFV) Phase II Clinical Trial for cPoC sponsored by BDB, with respect to BDB-1 or BDB-2, then INFLARX &mdash; upon INFLARX request
in writing &mdash; shall be granted the right to pursue Regulatory Approval for and to Exploit and Commercialize such Product containing
IFX-1 and or IFX-2 in that respective Indication inside the BDB Territory. In such event, BDB shall be entitled to royalty payments
as set forth in Section <B>&lrm;</B>7.2. For the purpose of this provision, it is understood that a &ldquo;substantially similar
Indication&rdquo; is concerned if there is an overlap in targeted sub-groups of patients in the Indications pursued in development
of the Parties.</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; text-align: center; text-indent: 0in"><U>ARTICLE 7 &mdash;
Royalty, Royalty Reporting and other Payments</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in">7.1</TD><TD STYLE="text-align: justify"><U>Royalties to be paid to INFLARX.</U> For the granting of the exclusive license under lNFLARX
Intellectual Property with respect to development and Commercialization of BDB-1 and BDB-2 inside the BDB Territory as set forth
in Section <B>&lrm;</B>6.2, BDB shall pay to INFLARX royalties amounting to [*****]</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"></TD><TD STYLE="width: 0.5in">7.2</TD><TD STYLE="text-align: justify"><U>Conditional Royalties to be paid to BDB.</U> INFLARX may pay royalties to BDB under this Agreement
conditional to defined circumstances outlined as following:</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: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">Only in the event that INFLARX chooses to exercise its reserved right to Exploit and Commercialize
BDB-1 and/or BDB-2, and not IFX-1 and/or IFX-2, anywhere in the INFLARX Territory pursuant to Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>6.5,
then INFLARX shall pay to BDB royalties amounting to [*****] arising from such Commercialization of a Product containing BDB-1
or BDB-2. For the avoidance of doubt INFLARX [*****] to BDB for any INFLARX' Exploitation</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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">and Commercialization
of Products containing IFX-1 and/or IFX-2 in the INFLARX Territory.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; 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: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">Only in the event that INFLARX Exploits and Commercializes any Product containing IFX-1 and/or
IFX-2 for any Indication inside the BDB Territory pursuant to Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>6.7, then
BDB shall be entitled to [*****] arising out of such Commercialization of Products containing IFX-1 or IFX-2 inside the BDB Territory.</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"></TD><TD STYLE="width: 0.5in">7.3</TD><TD STYLE="text-align: justify"><U>Payment of Royalties.</U> The Parties agree that royalty payments shall be made [*****] and
shall be due upon the [*****]. All royalty payments made under this Agreement will be payable in United States Dollar (USD) regardless
of the countries in which sales are made. Net Sales made in currencies other than in USD will be converted into USD using the average
exchange rate for the applicable calendar quarter sourced from the Federal Reserve Bank of the United States. The royalty payments
will be made to the bank account last notified by the other Party to the Party being obliged to make payment.</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"></TD><TD STYLE="width: 0.5in">7.4</TD><TD STYLE="text-align: justify"><U>Royalty Reports.</U> After the First Commercial Sale of a Product for which either Party owes
royalties according to this Agreement, such Party shall submit in writing to the other Party quarterly royalty reports on or before
the [*****] following the [*****] Each quarterly royalty report shall cover the reporting Party's (and each Affiliate's and Sub-Licensee's)
most recently [*****] and shall show for the relevant Products</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: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">the gross sales of Products and Net Sales during the most recently completed calendar quarter and
the royalties payable with respect thereto;</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: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">the number of each type of Product sold;</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: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">the method used to calculate the royalties; and</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: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">the exchange rates used.</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 0pt 0.5in; text-align: justify">If no sales of Products have been
made by the relevant Party, its Affiliates and/or SubLicensees during any reporting period, that Party shall so report. The quarterly
royalty report shall be certified as correct by an authorized representative of the relevant Party.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">7.5</TD><TD STYLE="text-align: justify"><U>Late Payments.</U> Failure to conduct outstanding payments shall be regarded as breach of this
Agreement and the Party entitled to such payments shall have the right to charge an additional interest rate on such outstanding
payments of [*****] or, if lower, to the extent as then being minimally permitted by law at the place of jurisdiction of the charging
Party.</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"></TD><TD STYLE="width: 0.5in">7.6</TD><TD STYLE="text-align: justify"><U>Taxes.</U> Unless explicitly provided differently in this Agreement (such as, but without limitation
to, in Sections <B>&lrm;</B>3.2 and <B>&lrm;</B>7.8), the following shall apply with respect to taxes applicable with respect to
any payment to be made under this Agreement:</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 0pt 0.5in; text-align: justify">Any Party required to make a payment
under this Agreement (&ldquo;<B>Paying Party</B>&rdquo;) shall be entitled to deduct and withhold from the amount payable the tax
which the Paying Party is liable under any provisions of applicable tax law. If the withholding tax rate is reduced according to
the regulations in the Double Tax Treaty, no deduction shall be made or a reduced amount shall be deducted only if Paying Party
is timely furnished with necessary documents by the Party receiving such payment (&ldquo;<B>Payee</B>&rdquo;) issued by the competent
tax authority, certifying that the payment is exempt from tax or subject</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">to a reduced tax rate. Any withheld
tax shall be treated as having been paid by Paying Party to Payee for all purposes of this Agreement. Paying Party shall timely
forward the tax receipts certifying the payments of withholding tax on behalf of Payee. In case Paying Party cannot deduct the
withholding tax due to fulfillment of payment obligation by settlement or set-off, Payee will pay the withholding tax to Paying
Party separately. If Paying Party missed to deduct withholding tax but is still required by tax law to pay withholding tax on account
of Payee to the tax authorities, Payee shall assist Paying Party with regard to all procedures required in order to obtain reimbursement
by tax authorities or, in case tax authorities will not reimburse withholding tax to Paying Party, Payee will immediately refund
the tax amount.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">7.7</TD><TD STYLE="text-align: justify"><U>Record &amp; Audits.</U> The Party obliged to make royalty payments under this Agreement shall
keep, and shall require its Affiliates and Sub-Licensees to keep, accurate and complete records of all Products manufactured, used,
and sold under this Agreement in accordance with the International Financial Reporting Standards (IFRS). Such records shall be
retained by that Party for [*****] following a given reporting period.</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 0pt 0.5in; text-align: justify">All records shall be available
during normal business hours for inspection at the expense of the other Party by a public accountant bound by professional secrecy
selected by the other Party and reasonably acceptable to record keeping Party and in compliance with the other terms of this Agreement
for the sole purpose of verifying reports and payments. The other Party shall provide written notice that it is requesting an audit
not less than [*****] prior to such audit is planned. In an exceptional case, the record keeping Party may request a reasonable
adjournment of the audit in written form explaining the reason why the audit on the planned date would be mistimed, but in case
of such request the audit shall not take place later than [*****] after provision of the other Party's notice. Such inspection
shall not take place more often than [*****] every Calendar Year, and shall cover the Calendar Year in which the inspection is
made and the preceding [*****] Calendar Years only. Such inspector shall not disclose any information other than information relating
to the accuracy of quarterly royalty reports and payments made under this Agreement. In the event that any such inspection shows
an underpayment for any [*****], then the Party owing the royalty payments, within [*****] of receiving the final audit report,
shall pay any additional sum that would have been payable if reported correctly plus an interest calculated according to Section
&lrm;7.5 on the amount due from the day the payment becomes overdue. In the event that any such inspection shows an underpayment
for any [*****] period in excess of [*****], then the record keeping Party shall, in addition to the amount payable under the preceding
sentence, pay the costs of the audit. In the event that any such inspection shows an overpayment for any [*****] period, then the
relevant Party may deduct, commencing with the next royalty report due after receipt of the final audit report, from future royalties
the amount of such overpayment without interest charges.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">7.8</TD><TD STYLE="text-align: justify"><U>Conditional Milestone Payment.</U> In any event of [*****] for Commercialization of any Product
containing BDB-1 within the BDB Territory by the SFDA, BDB shall notify INFLARX within [*****]. Solely in the event that BDB shall
be granted such Regulatory Approval inside the BDB Territory before any such equivalent Regulatory Approval for any Indication
shall have been granted to INFLARX for Commercialization of a Product containing IFX-1 in any country of the INFLARX Territory,
then BDB shall pay to INFLARX a milestone of [*****] plus any taxes (including without limitation withholding tax as the case may
be), duties and other amounts (but excluding income and franchise tax) assessed by any Governmental Authority of any country with
respect to or in connection with the payment of the aforementioned sum and/or indemnification from or reimbursement of any such
tax, duties or other amount assess by any Governmental</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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Authority for
the purpose that INFLARX shall fulfill its milestone payment obligations vis-&aacute;-vis [*****] for any [*****] for Commercialization
of a Product</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">anywhere in
the world based on the use of the IFX-1 Cell Line. The aforementioned payment shall be due within [*****] after receipt of such
Regulatory Approval for Commercialization of a Product containing BDB-1. The Parties may agree that alternatively BDB assumes from
INFLARX said milestone payment obligation vis-&agrave;-vis [*****] and any resulting tax, duty or other payment obligation in connection
with said payment. The Parties understand that such milestone payment by BDB, irrespective whether it is made through INFLARX or
directly to [*****], shall be seen as loan to INFLARX not bearing any interest and INFLARX shall pay back to BDB such amount actually
paid by BDB with respect to the aforementioned event upon receipt of its [*****] containing IFX-1 in any country of the INFLARX
Territory, due within the same time span.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 8 &mdash;
Confidentiality/ Publications/ Press Releases</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in">8.1</TD><TD STYLE="text-align: justify"><U>Mutual Confidentiality Obligation.</U> Each Party agrees to treat the Confidential Information
of or obtained from the other Party as strictly confidential and not to disclose it to any Third Party for any purpose whatsoever
without obtaining the prior written consent of the other Party and not make use of the Confidential Information of or obtained
from the other Party or any part thereof other than as permitted under this Agreement and solely for the stated Purpose and within
the Frame of Co-Development of this Agreement and to treat it with at least the same care and in the same manner as its own secret
and valuable information but not less than according to the common standards in the pharmaceutical industry. Each Party may disclose
all or any part of the Confidential Information of or obtained from the other Party to its Affiliates, provided, however, that
such Party ensures that such Affiliates comply with the provisions of this this Article 8 This requirement of non-use, confidentiality
and non-disclosure shall not apply, however, to Confidential Information which:</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: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">the Receiving Party already knew without any confidentiality obligation being in place, the prior
knowledge of which it can document by prior written records;</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: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">is or becomes public knowledge other than through the Receiving Party's breach of its confidentiality
obligations herein;</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: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">the Receiving Party independently develops, discovers or arrives at without use of or reference
to the Confidential Information of or obtained from the Disclosing Party; 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: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">is obtained by the Receiving Party from a Third Party who is lawfully in possession of such information
and is not subject to an obligation of confidentiality or non-use owed to the Disclosing Party.</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 0pt 0.5in; text-align: justify">The Receiving Party bears the
burden of proof in case it relies on one of the above mentioned exemptions under numbers i) to iv). Specific aspects or details
of Confidential Information shall not be deemed to be within the public domain or in the possession of the Receiving Party merely
because the Confidential Information is embraced by more general information in the public domain or in the possession of the Receiving
Party. Further, any combination of Confidential Information shall not be considered in the public domain or in the possession of
the Receiving Party merely because individual elements of such Confidential Information are in the public domain or in the possession
of the Receiving Party unless the combination and its principles are in the public domain or in the possession of the Receiving
Party.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">8.2</TD><TD STYLE="text-align: justify"><U>Legally Required Disclosure.</U> If the Receiving Party becomes legally required to disclose
any Confidential Information of or obtained from the Disclosing Party, the Receiving Party will give, to the extent reasonably
possible, the Disclosing Party prompt notice of such fact so that the Disclosing Party may obtain a protective order or other appropriate
remedy concerning such disclosure and/or waive compliance with the non-disclosure provision of this Agreement The Receiving Party
will reasonably cooperate with the Disclosing Party in connection with the Disclosing Party's efforts to obtain any such order
or other remedy. If any such order or other remedy does not fully preclude disclosure of Confidential Information or the Disclosing
Party waives such compliance, the Receiving Party will make such disclosure of Confidential Information only to the extent that
such disclosure is legally required and will use its reasonable efforts to have confidential treatment accorded to the disclosed
information.</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"></TD><TD STYLE="width: 0.5in">8.3</TD><TD STYLE="text-align: justify"><U>Handling of Confidential Information.</U> The Parties agree that Confidential Information (including
handling of any transferred material or technology) is only handled and used by such officers and employees who need to know such
Information or need to handle any material in order to fulfill the Purpose within the Frame of Co-Development of this Agreement.
The Receiving Party will make best efforts to ensure that any employee or officer to whom it discloses Confidential Information
of or obtained from the Disclosing Party will retain such information in strict confidence and is held under strict confidentiality
rules as set forth in this Agreement. The Receiving Party further undertakes that it will make best efforts to keep Confidential
Information of or obtained from the Disclosing Party and especially also any transferred material or technology of or obtained
from the other Party safe and to restrict access of non-authorized personnel to it wherever reasonably possible (e.g. keep materials
locked or guarded etc.).</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"></TD><TD STYLE="width: 0.5in">8.4</TD><TD STYLE="text-align: justify"><U>Return of Confidential Information.</U> Upon termination of this Agreement, or upon ending of
any Co-Development established under this Agreement or subsequent agreements between the Parties, the Receiving Party shall upon
the other Party's written request, either return any material and Confidential Information of or obtained from the other Party
within [*****] back to the other Party, or destroy such material and/or Confidential Information entirely and certify to the other
Party the complete destruction, or in case no such request has been made, store the material and Confidential Information at a
secure place without access of Third Parties at its own expenses and risks.</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"></TD><TD STYLE="width: 0.5in">8.5</TD><TD STYLE="text-align: justify"><U>Breach of Confidentiality Obligation.</U> In case any Party breaches the confidentiality obligation
arising from the provisions of this Article 8 and causes through misconduct trade secrets, material or Confidential Information
to be disclosed to Third Parties, it shall be obligated to cover any damages resulting from this breach. Furthermore, the Receiving
Party acknowledges that unauthorized disclosure or use of Confidential Information of or obtained from the Disclosing Party could
cause great and/or irreparable injury to the Disclosing Party and that pecuniary compensation would not afford adequate relief
or it would be extremely difficult to ascertain the amount of compensation which would afford adequate relief. Therefore, the Receiving
Party agrees that, in the event of such unauthorized disclosure or use of Confidential Information, the Disclosing Party will have
the right to seek and obtain injunctive relief in addition to any other rights and remedies it may have.</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 0pt 0.5in; text-align: justify">The Parties agree the confidentiality
obligation of BDB under this Article 8 shall extend also to the IFX-1 Cell Line and the [*****] and any information related thereto
and obtained from INFLARX and that [*****]</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">8.6</TD><TD STYLE="text-align: justify"><U>Publications.</U> BDB is not entitled to make any publication in oral or written form (including
but not limited to articles, abstracts, posters, presentations at any symposia,</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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 75%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract - confidential information</FONT></TD><TD STYLE="width: 25%; font-size: 10pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --> of 30</FONT></TD></TR></TABLE>&nbsp;</DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">national, international
or regional professional meeting or in any journal, thesis, dissertation, newspaper or press releases or otherwise of its own choosing)
(hereinafter referred to as &ldquo;<B>Publication(s)</B>&rdquo;) covering or relating to the INFLARX Intellectual Property, Co-Development
Findings or other Confidential Information of or obtained from INFLARX. If and to the extent that any Publication planned by BDB
is related to BDB-1 and/or BDB-2, BDB shall request INFLARX prior written approval at least [*****] before planned submission of
the manuscript of such publication. INFLARX shall not unreasonably withhold its approval but is entitled to request from BDB delay
and/or amendments to the planned Publication in order to ensure patentability and/or protection of high-sensitive Confidential
Information. For the avoidance of doubt, any planned Publication shall not be deemed approved by INFLARX simply by expiry of any
deadline for response set by BDB.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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"></TD><TD STYLE="width: 0.5in">8.7</TD><TD STYLE="text-align: justify"><U>Press Release.</U> Neither Party shall issue any press release relating to this Agreement without
obtaining the prior written consent of the other Party. Prior to being released or made, a copy of all press releases which a Party
intends to issue or make regarding this Agreement shall be provided to the other Party for approval, which approval shall not be
unreasonably withheld.</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; text-align: center; text-indent: 0in"><U>ARTICLE 9 &mdash;
WARRANTIES and LIABILITY</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in">9.1</TD><TD STYLE="text-align: justify"><U>Mutual Warranties.</U> Each Party hereby warrants and represents that as of the Effective Date:</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: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">it is duly organized, validly existing and in good standing under the laws of the jurisdiction
of its incorporation and has full corporate power and authority to enter into this Agreement and to carry out the provisions hereof;</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: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">execution of this Agreement and the performance of its obligations hereunder have been duly authorized;</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: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">this Agreement has been duly executed and delivered on behalf of it, and constitutes a legal, valid,
binding obligation, enforceable against it in accordance with the terms hereof;&#9;&middot;</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: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">the execution, delivery and performance of this Agreement by it does not conflict with and does
not create a breach or default of any agreement, instrument or understanding, oral or written, to which it is a party or by which
it is bound, nor violate any laws or regulations of any court or Governmental Authority having jurisdiction over it which may result
in the invalidity of this 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"></TD><TD STYLE="width: 0.5in">9.2</TD><TD STYLE="text-align: justify"><U>BDB Warranties and Limitation of Liability.</U> BDB warrants to INFLARX that</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: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">it will strictly adhere to all obligations established within this Agreement, including but not
being limited to those under Article 4 and Article 5;</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: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">it will adhere to and ensure that its Approved Third Parties will adhere to all necessary regulatory,
ethical and legal guidelines and Applicable Laws applicable to manufacturing, developing, testing and Commercializing BDB-1 and
or BDB-2 inside the BDB Territory.</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 0pt 0.5in; text-align: justify">BDB makes no further representations
or warranties including but not being limited to implied warranties of patentability, merchantability, fitness for a particular
purpose of</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 75%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract - confidential information</FONT></TD><TD STYLE="width: 25%; font-size: 10pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --> of 30</FONT></TD></TR></TABLE>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">any Co-Development Findings and
assumes no responsibility with respect to any Exploitation of such Co-Development Findings by INFLARX. Save for death or personal
injuries caused by negligence or for cases of gross negligence or willful misconduct or a case of Third Party claim indemnification
set forth in this Agreement, in no event shall BDB, including its officers and employees and agents, be responsible or liable for
any direct, indirect, special, incidental, or consequential damages or lost profits or other economic loss or damage resulting
out of INFLARX' Exploitation of Co-Development Findings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">9.3</TD><TD STYLE="text-align: justify"><U>INFLARX Warranties and Limitation of Liability.</U> INFLARX warrants that it has all rights,
or where applicable, the right to use and sublicense, for transferring the IFX-1 Cell Line to BDB and granting the development
rights inside the BDB Territory as set forth under Section <B>&lrm;</B>6.2. INFLARX makes no further representations or warranties
that any INFLARX Intellectual Property, including but not being limited to the IFX-1 Cell Line or IFX-1, nor derived products such
as BDB-1 or BDB-2 will not infringe any Patent Right or other Intellectual Property of any Third Party. In addition INFLARX makes
no warranties of any kind, including but not being limited to the implied warranties of merchantability, or fitness for a particular
purpose and assumes no responsibility with respect to design, development, manufacture, use, sale or other disposition arising
out of the use of the IFX-1 Cell Line transferred hereunder, or BDB-1 or BDB-2 or rights granted hereunder. Save for death or personal
injuries caused by negligence or for cases of gross negligence or willful misconduct or a case of Third Party claim indemnification
set forth in this Agreement, in no event shall INFLARX, including its officers and employees and agents, be responsible or liable
for any direct, indirect, special, incidental, or consequential damages or lost profits or other economic loss or damage in relation
to any rights granted to BDB or to INFLARX Intellectual Property and materials transferred to BDB within the Frame of Co-Development
of this Agreement.</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; text-align: center; text-indent: 0in"><U>ARTICLE 10 &mdash;
Third Party Claim Indemnification</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in">10.1</TD><TD STYLE="text-align: justify"><U>Indemnification Obligation of BDB.</U> BDB shall defend, indemnify and hold INFLARX and/or [*****]
including their directors, officers, employees, and agents (hereinafter the &ldquo;<B>INFLARX lndemnitees</B>&rdquo;) harmless
and shall require any Approved Third Party to defend, indemnify and hold the INFLARX Indemnities harmless from and against any
and all claims, demands, damages, losses, and costs or expenses of any nature (including reasonable attorneys' fees and other reasonable
litigation expenses) (hereinafter the &ldquo;<B>Losses</B>&rdquo;), resulting from any Third Party claim arising from or in connection
with any use by BDB of the IFX-1 Cell Line, IFX-1, IFX-2 Cell Line, IFX-2, BDB-1 and/or BDB-2 or BDB-2 Cell Line or any INFLARX
Intellectual Property, except to the extent that any such Losses and/or Third Party claims arise out of the gross negligence, willful
misconduct or bad faith of any INFLARX lndemnitees and except to the extent INFLARX must indemnify BDB from such Losses pursuant
to Section <B>&lrm;</B>10.2. This indemnification shall include, but not be limited to, any product liability. [*****]</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"></TD><TD STYLE="width: 0.5in">10.2</TD><TD STYLE="text-align: justify"><U>Indemnification Obligation of INFLARX.</U> INFLARX shall defend, indemnify and hold BDB including
its directors, officers, employees and agents (hereinafter the &ldquo;<B>BDB lndemnitees</B>&rdquo;) harmless from and against
any and all Losses resulting from any Third Party claim arising from or in connection with, any Exploitation of Co-Development
Findings or, as the case may be, of BDB-1 or BDB-2 by INFLARX, except to the extent that any such Losses and/or Third Party claims
arise out of the gross negligence, willful misconduct or bad faith of any BDB lndemnitees and except to the extent BDB must indemnify
INFLARX from such Losses pursuant to Section <B>&lrm;</B>10.1. This indemnification shall include, but not be limited to, any product
liability.</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"></TD><TD STYLE="width: 0.5in">10.3</TD><TD STYLE="text-align: justify"><U>Indemnification Procedure.</U> In the event that a Party (or [*****]) seeks indemnification
hereunder or under any provision in this Agreement with respect to a Third Party claim, the Party (or [*****]) seeking indemnification
(the &ldquo;<B>Indemnified Party</B>&rdquo;) shall promptly notify the other Party (the &ldquo;<B>Indemnifying Party</B>&rdquo;)
in writing of any Third Party claim in respect of which it intends to claim indemnification under this Article 10, provided, however,
that any failure to provide the Indemnifying Party with any such notice will not relieve the Indemnifying Party from any liability
that it may have to the Indemnified Party under this Article 10, except to the extent that the ability of the Indemnifying Party
to defend such claim is materially prejudiced by the Indemnified Party's failure to give such notice. If the Indemnifying Party
assumes such defense, the Indemnified Party will have the right to participate in the defense thereof and to employ counsel, at
its own expense, separate from the counsel employed by the Indemnifying Party. If the Indemnified Party has been advised by its
counsel that (i) there are one or more legal defenses available to it that are different from or additional to those available
to the Indemnifying Party or (ii) that there is otherwise a potential conflict between the interests of the Indemnified Party and
the Indemnifying Party, the reasonable fees and expenses of such separate counsel will be paid by the Indemnifying Party. If the
Indemnifying Party does not assume control of the defense of a Third Party claim within [*****] after the receipt by the Indemnifying
Party &middot; of the notice required pursuant to this Section <B>&lrm;</B>10.3, the Indemnified Party will have the right to defend
such claim in such manner as it may deem appropriate at the reasonable cost and expense of the Indemnifying Party, but - for the
avoidance of doubt - the Indemnifying Party is not released from its indemnification obligation hereunder. The Indemnified Party
shall cooperate as may be reasonably requested in order to ensure the proper and adequate defense of any action, claim or liability
covered by this indemnification. The Indemnifying Party may not settle or otherwise dispose of any Third Party claim without the
prior written consent of the Indemnified Party unless such settlement (i) includes only the payment of monetary damages (which
are fully paid by the Indemnifying Party); (ii) does not impose any injunctive or equitable relief upon the Indemnified Party;
(iii) does not require any admission or acknowledgment of liability or fault of the Indemnified Party and (iv) contains an unconditional
release of the Indemnified Party in respect of such Third Party claim. The Indemnified Party may not settle or otherwise dispose
of any Third Party claim for which the Indemnifying Party may be liable for damages or indemnification under this Agreement without
the prior written consent of the Indemnifying Party.</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; text-align: center; text-indent: 0in"><U>ARTICLE 11 &mdash;
TERM AND TERMINATION</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in">11.1</TD><TD STYLE="text-align: justify"><U>Term.</U> This Agreement will become effective and binding to the Parties as of the Effective
Date and will continue in effect unless termination occurs according to the terms set forth within this Article 11</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"></TD><TD STYLE="width: 0.5in">11.2</TD><TD STYLE="text-align: justify"><U>Termination upon Agreement of the Parties.</U> This Agreement shall stay in effect unless the
Parties agree on terminating or amending this Agreement in writing, dated and signed by both Parties.</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"></TD><TD STYLE="width: 0.5in">11.3</TD><TD STYLE="text-align: justify"><U>Termination for Good Cause.</U> Either Party may terminate this Agreement based on &ldquo;good
cause&rdquo;. A termination shall be considered based on good cause if the terminating Party establishes any of the following faults
caused by the other Party:</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: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">breach of any term or obligation established within this Agreement and failure to cure such breach
within a given time frame as set forth in Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>11.5;</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="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 75%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract - confidential information</FONT></TD><TD STYLE="width: 25%; font-size: 10pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --> of 30</FONT></TD></TR></TABLE>&nbsp;</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: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">contesting or challenging the ownership of the other Party in the other Party's Intellectual Property
for which the contesting Party is granted any usage right under this Agreement or the validity of any Patent Right within the other
Party's Intellectual Property for which the contesting Party is granted any usage right under this 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: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">breach of any obligation under the confidentiality provision set forth under Article 8;</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: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">willful misconduct;</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: 0.5in"></TD><TD STYLE="width: 0.25in">v.</TD><TD STYLE="text-align: justify">filing for bankruptcy or insolvency or any comparable circumstance including but not being limited
to the case in which a Party fails to pay its creditors;</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: 0.5in"></TD><TD STYLE="width: 0.25in">vi.</TD><TD STYLE="text-align: justify">[*****]</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"></TD><TD STYLE="width: 0.5in">11.4</TD><TD STYLE="text-align: justify"><U>Consequences of Termination.</U> In the event that this Agreement is terminated for good cause,
the following rules shall apply:</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: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">the rights granted to BDB by INFLARX under this Agreement as outlined within Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>6.2
shall cease immediately and BDB shall immediately cease any development, manufacture and Commercialization of BDB-1 and/or BDB-2;</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: 0.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">BDB shall return to INFLARX or destroy any material received from INFLARX including but not limited
to the IFX-1 Cell Line and IFX-1 upon written request by INFLARX;</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: 0.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">BDB shall, upon INFLARX' written request, destroy any and all amounts of BDB-1, BDB-2 and the corresponding
BDB-2 Cell Line;</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: 0.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">any ownership rights of INFLARX with respect to Co-Development Findings generated until the day
of termination shall remain fully intact and Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>6.4 shall further apply to
any Co-Development Findings made until the day of such termination;</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: 0.5in"></TD><TD STYLE="width: 0.25in">v.</TD><TD STYLE="text-align: justify">INFLARX shall retain the non-exclusive license under BDB Intellectual Property that shall extend
worldwide from the date of termination;</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: 0.5in"></TD><TD STYLE="width: 0.25in">vi.</TD><TD STYLE="text-align: justify">only in the case that INFLARX files for bankruptcy or insolvency then the foregoing rules under
Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>11.4 <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>i - <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>iii
shall not apply and BDB shall be entitled to keep its rights as granted under Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>6.2
also for the case that the underlying INFLARX Intellectual Property related to the IFX-1 Cell Line and/or BDB-1 and/or IFX-2 and/or
BDB-2 and/or BDB-2 Cell Line shall be bought or acquired by or transferred in some way to any Third Party within this insolvency
process. In case no such transfer occurs in such insolvency case relating to INFLARX, then BDB shall have the right to acquire
the ownership in INFLARX Intellectual Property existing in the BDB Territory and related to the !FX-1 Cell Line and use of BDB-1
and/or BDB-2 at no additional costs, other than actual or accumulated patent or other maintenance costs;</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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 75%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract - confidential information</FONT></TD><TD STYLE="width: 25%; font-size: 10pt; border-bottom: Black 1pt solid; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --> of 30</FONT></TD></TR></TABLE>&nbsp;</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: 0.5in"></TD><TD STYLE="width: 0.25in">vii.</TD><TD STYLE="text-align: justify">only for the event that BDB terminates the Agreement for a breach of INFLARX responsibility to
pay royalties as set forth in this Agreement after INFLARX has started Exploitation and Commercialization of BDB-1 and/or BDB-2
in the INFLARX Territory pursuant to Section <FONT STYLE="font-size: 12pt"><B>&lrm;</B></FONT>6.5, then INFLARX shall cease any
such Exploitation and Commercialization of BDB-1 and or BDB-2 in the INFLARX Territory and shall owe no further royalty payments
from the time of receipt of such termination while INFLARX shall remain obliged to make any outstanding royalty payments until
the day of termination; INFLARX shall be granted a sell-off right with respect to all Products containing BDB-1 or BDB-2 on stock
at the time of termination subject to the royalty payment obligation as set forth in this Agreement; if and to the extent any Governmental
Authority requires from lNFLARX the further supply of the Products containing BDB-1 or BDB-2 into the relevant market, the Parties
will negotiate in good faith on measures in order to fulfill such requirements;</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: 0.5in"></TD><TD STYLE="width: 0.25in">viii.</TD><TD STYLE="text-align: justify">for the avoidance of doubt, any payment or royalty payment received by either Party under this
Agreement before receipt of any termination from the other Party shall then not be refunded;</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: 0.5in"></TD><TD STYLE="width: 0.25in">ix.</TD><TD STYLE="text-align: justify">for further avoidance of doubt, termination of this Agreement shall be without prejudice to any
rights and/or claims (including for payment of royalties) either Party may have against the other arising prior to expiry or termination.</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"></TD><TD STYLE="width: 0.5in">11.5</TD><TD STYLE="text-align: justify"><U>Breach.</U> Unless expressly stated otherwise within this Agreement any breach detected by a
Party shall be communicated as soon as reasonably possible to the breaching Party in writing (email with confirmation of receipt
shall be deemed appropriate) and the breaching Party shall have [*****] from the day of receipt of such notice onwards to cure
such breach and confirm such cure in detail back to the notifying Party. If no cure can be established within these [*****] and
unless the Parties have agreed on a prolongation of the cure period, then any such breach shall be deemed permanent and the Parties
agree that this establishes a cause for an immediate termination of this 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"></TD><TD STYLE="width: 0.5in">11.6</TD><TD STYLE="text-align: justify"><U>Survival.</U> The following provisions shall survive any termination of this Agreement: Article
1, Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>2.4, Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>6.1,
Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>6.3, Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>6.4 (without
v. but maintaining all retained rights already existing at termination under v.), Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>7.4
(for any royalty payment outstanding at termination), Sections <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>7.5 through <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>7.7,
Articles 8 through 10, Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>11.4, this Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>11.6,
Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>12.2, Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>12.3 and
Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>12.6. To extent the aforementioned provisions refer to another provision
of this Agreement such referred provision shall continue in full force and in accordance with their terms, notwithstanding the
expiration or termination of this Agreement for any reason.</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; text-align: center; text-indent: 0in"><U>ARTICLE 12 &mdash;
MISCELLANEOUS PROVISIONS</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in">12.1</TD><TD STYLE="text-align: justify"><U>Transfer of Agreement.</U> This Agreement shall automatically stay intact if BDB or INFLARX
will undergo any name changes or if either Party becomes partially or completely part of another company or entity and therefore
be binding for such entities. The rights granted under this Agreement to BDB as set forth under Section <FONT STYLE="font-size: 13pt"><B>&lrm;</B></FONT>6.2
shall not be transferrable, sold or granted further by BDB to any Third Party without the prior written consent and approval hereto
from INFLARX, dated and signed by a duly authorized representative of INFLARX. In case INFLARX decides to sell or exclusively license
IFX-1 and or IFX-2 and/or its related INFLARX Intellectual Property to any Third Party, than INFLARX shall bind such Third Party
to accept this Agreement to its full extent and assume any resulting INFLARX responsibilities under this Agreement.</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"></TD><TD STYLE="width: 0.5in">12.2</TD><TD STYLE="text-align: justify"><U>Governing Law.</U> This Agreement shall be construed, governed, interpreted and applied according
to the German law, excluding its conflict of laws provisions.</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"></TD><TD STYLE="width: 0.5in">12.3</TD><TD STYLE="text-align: justify"><U>Dispute Resolution.</U> The Parties agree to attempt to settle any dispute arising out of or
in relation to this Agreement through consultation and negotiation in good faith and spirit of mutual cooperation. If and to the
extent such out of court settlement could not be reached by the Parties within [*****] after receipt of either Party of a respective
notice in writing from the other Party, any unresolved dispute will be finally settled by binding arbitration without recourse
to the ordinary courts of law according to the Rules of the German Institute of Arbitration (DIS) (&ldquo;<B>DIS Rules</B>&rdquo;)
as modified hereunder by a panel of 3 arbitrators, who shall also have knowledge of the pharmaceutical business. Within [*****]
after receipt of an arbitration notice from a Party, each Party shall appoint one independent arbitrator, the both Party appointed
arbitrators then shall jointly appoint a third arbitrator, who shall act as chairman. If the both Party appointed arbitrators are
unable to appoint the third arbitrator within [*****] after the appointment of the last of the both Party appointed arbitrators,
the third arbitrator shall be appointed by the DIS in accordance with the DIS Rules. The panel of 3 arbitrators shall conduct the
arbitration in accordance with the DIS Rules. All arbitrators shall be required to speak write and read fluently in English. The
language of the arbitration shall be in English. Arbitration shall take place in Cologne, Germany. The International Bar Association
Rules on the Taking of Evidence in International Commercial Arbitration shall govern the taking of evidence in any such proceeding.
The Parties hereto agree mutually that any arbitral award will be binding, final and enforceable. The prevailing Party shall be
entitled to reimbursement of its expenses including reasonable attorney fees.</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"></TD><TD STYLE="width: 0.5in">12.4</TD><TD STYLE="text-align: justify"><U>Severability.</U> If a court of competent jurisdiction or any competent Governmental Authority
in charge for either Parties development programs, finds any term of this Agreement invalid, illegal or unenforceable, that term
will be curtailed, limited or deleted, or changed but only to the extent necessary to remove the invalidity, illegality or unenforceability
by keeping the terms as close as possible to the originally intended term and without in any way affecting or impairing the validity
and enforceability of the remaining terms of this 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"></TD><TD STYLE="width: 0.5in">12.5</TD><TD STYLE="text-align: justify"><U>No waiver.</U> No waiver by either Party of any breach of this Agreement, no matter how long
continuing or how often repeated, is a waiver of any subsequent breach thereof, nor is any delay or omission on the part of either
Party to exercise or insist on any right, power, or privilege hereunder a waiver of such right, power or privilege. In no event
shall any waiver be deemed valid unless it is in writing and signed by an authorized representative of each Party.</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"></TD><TD STYLE="width: 0.5in">12.6</TD><TD STYLE="text-align: justify"><U>Confidential Agreement.</U> Both Parties agree that this Agreement shall be deemed confidential
and handled as outlined hereunder within this Agreement. However, either Party shall be entitled to disclose this agreement to
a public accountant bound by professional secrecy in case of an audit as well as to any of its shareholders if this is required
under the internal corporate guidelines. [*****] Furthermore, either Party may disclose the existence and the content of this Agreement
in the course of any sale of or investment into its business subject to prior conclusion of an appropriate confidentiality agreement
with the relevant Third Party as well as the existence and key figures of this Agreement may be disclosed in any investment brochure
or prospect to the extent required by Applicable Laws.</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"></TD><TD STYLE="width: 0.5in">12.7</TD><TD STYLE="text-align: justify"><U>Independent Collaborators:</U> The relationship between the Parties is that of independent collaborators.
Neither Party shall act as an agent of the other Party, especially not</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">when in connection
with the exercise of any rights hereunder, and neither has any right or authority to assume or create any obligation or responsibility
on behalf of the other.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 13 &mdash;
NOTICES</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Unless explicitly provided differently,
any notice, request, or report required or permitted to be given or made under this contract by either Party is effective when
mailed if sent by recognized overnight carrier, certified or registered mail, or electronic mail electronic proof of delivery,
to the address set forth below or such other address as such Party specifies by written notice given in conformity herewith. Any
notice, request, or report not so given is not effective until actually received by the other Party. if under this Agreement any
notice is required to be given in writing, such notice shall be deemed received by the other Party upon the date and time of electronic
receipt acknowledgment notice if an electronic copy of the relevant written notice is send by email (dated and signed by an duly
authorized representative) and mailed by certified mail carrier with undue delay thereafter (receipt within [*****] required &mdash;
or, if exceeding [*****], the day of the actual receipt of the signed and dated notice shall be considered the official date of
receipt).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</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: 50%; text-align: left"><U>TO INFLARX:</U></TD>
    <TD STYLE="width: 50%; text-align: left"><U>To BDB:</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>lnflaRx GmbH </B><BR>
<B>Winzerlaer Str. 2</B><BR>
<B>07745 Jena </B><BR>
<B>Germany</B></TD>
    <TD STYLE="text-align: left"><B>Beijing Defengrei Biotechnology Co.Ltd </B><BR>
<B>36 Jinghai Er Road. BDA</B><BR>
<B>Beijing 100176 </B><BR>
<B>P.R.China</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Tel.:49-3641-508180</TD>
    <TD STYLE="text-align: left">Tel: 86-13522096085</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">[*****]</TD>
    <TD STYLE="text-align: left">[*****]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Signature page follows:</U></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; text-align: justify">IN WITNESS WHEREOF, the Parties hereto have
executed this contract in duplicate originals by their duly authorized officers or representatives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>FOR INFLARX:</B></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>FOR BDB:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">/s/ Niels C. Riedemann</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">/s/ Shusheng Geng</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Prof. Dr. Niels C. Riedemann, CEO)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(Dr. Shusheng Geng, CEO)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">&nbsp;Dec 28<SUP>th</SUP> 2015</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">&nbsp;12/01/ 2015</TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">/s/ Renfeng Guo</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">/s/ Lina Ma</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Prof. Dr. Renfeng Guo, CSO)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">11/30/2015</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 41%">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Addendum I to the<BR>
Co-Development Agreement</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-align: center"><B>effective as of December 28<SUP>th</SUP>
2015 </B><BR>
(hereinafter referred to as &ldquo;<B>Addendum</B>&rdquo;)<BR>
between<BR>
<BR>
<B>lnflaRx GmbH</B><BR>
a corporation established under the law of Germany<BR>
Winzerlaer Strasse 2, 07745 Jena/Germany<BR>
(hereinafter referred to as &ldquo;<B>INFLARX</B>&rdquo;)<BR>
<BR>
and<BR>
<BR>
<B>Beijing Defengrei Biotechnology Co.Ltd</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B><IMG SRC="ex1003-p1.jpg" ALT=""><BR>
a corporation established under the law of P.R. China<BR>
36 Jinghai Er Road. BDA<BR>
Beijing 100176<BR>
P.R. China<BR>
(hereinafter referred to as &ldquo;<B>BDB</B>&rdquo;)<BR>
<BR></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: justify">(INFLARX or BDB hereinafter also referred
to as &ldquo;<B>Party</B>&rdquo; and together as &ldquo;<B>Parties</B>&rdquo;)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><U>PREAMBLE</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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">A.</TD><TD STYLE="text-align: justify">The Parties have executed a Co-Development Agreement effective as of December<BR>
28<SUP>th</SUP> 2015 with respect to monoclonal anti-human complement C5a antibodies (the<BR>
&ldquo;<B>Co-Development Agreement</B>&rdquo;).</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"></TD><TD STYLE="width: 0.25in">B.</TD><TD STYLE="text-align: justify">The Parties envisage additional collaborative work for the creation and development of additional
molecules (hereinafter referred to as IFX-x and BDB-x and defined below) on the basis of the INFLARX Intellectual Property and
the BDB Intellectual Property (as defined in the Co-Development Agreement) and wish to include the creation testing and potential
further development of such additional molecules into the Purpose of the Co-Development Agreement by expanding the Frame of Co-Development
(as both defined in the Co-Development Agreement) as outlined in this Addendum.</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"></TD><TD STYLE="width: 0.25in">C.</TD><TD STYLE="text-align: justify">The Parties wish to provide for a timely limited option right of BDB in order to choose to further
develop, manufacture and commercialize any specific Established IFX-x (as defined below) solely inside of the BDB Territory (as
defined in the Co-Development Agreement) subject to the terms of the Co-Development Agreement and this Addendum.</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"></TD><TD STYLE="width: 0.25in">D.</TD><TD STYLE="text-align: justify">The development work described in B above and the grant of the option right described in C above
requires supplementing some of the provisions of the Co-Development Agreement.</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: justify"><B>Now, therefore, the Parties conclude
this Addendum:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; padding-bottom: 2pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract Addendum I - confidential information</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 2pt; width: 25%"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> of 8</FONT></TD></TR></TABLE>&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 1 &mdash;
DEFINITIONS</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify">All defined terms used in this Addendum shall have the same meaning as defined in the Co-Development
Agreement unless expressively altered, broadened or changed within this Addendum</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"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify">&ldquo;<B>Development Phase</B>&rdquo; means the period of time during which INFLARX and BDB will
execute development activities as described in Article 2 below, having a duration of [*****] from the Effective Date which may
be prolonged upon both Parties' written 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"></TD><TD STYLE="width: 0.5in">1.3</TD><TD STYLE="text-align: justify">&ldquo;<B>Established IFX-x</B>&rdquo; has the meaning as defined in Section &lrm;2.3.</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"></TD><TD STYLE="width: 0.5in">1.4</TD><TD STYLE="text-align: justify">&quot;<B>IFX-x</B>&quot; means one or more bi- or multiple specific molecule(s) (i) which is/are
developed on the basis of the INFLARX Intellectual Property and the BDB Intellectual Property and which is developed and derived
in part or in whole from the antibody sequence of IFX-1 or from IFX-2 and which is binding to the complement component C5a, and
(ii) contain in addition at least one other molecular entity bound or linked to the part described in (i), which binds or interacts
with any molecular target or targets other than the complement component C5a, and (iii) which bi- or multiple specific molecule(s)
is/ are developed under the full responsibility of INFLARX. It is understood that IFX-x is not manufactured/ generated in the IFX-1
Cell Line.</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"></TD><TD STYLE="width: 0.5in">1.5</TD><TD STYLE="text-align: justify">&ldquo;<B>BDB-x</B>&rdquo; means any specific Established IFX-x (as defined below) which is being
developed under the full responsibility of BDB in accordance with the provisions of the Co-Development Agreement as altered by
this Addendum after BDB has exercised its option right with respect to such specific Established IFX-x as set forth under Article
3.</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; text-align: center; text-indent: 0in"><U>ARTICLE 2 &mdash;
Creation and Establishing of IFX-x molecules<BR>
during the Development Phase</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">BDB shall, during the Development Phase, create and generate one or more IFX-x molecule(s) (numbered
in order of the creation starting with IFX-3, IFX-4 and so forth) on the basis of the INFLARX Intellectual Property and any applicable
BDB Intellectual Property. These IFX-x molecules shall, besides interacting with C5a, bind and/or interact with one or more of
the following targets: [*****]. Additional targets may be added upon approval by both Parties in writing. INFLARX will assist this
creation and generation of the IFX-x molecules reasonably. BDB shall not create or engage in the creation of any IFX-x with respect
to any target other than the targets set forth herein without the prior written approval of INFLARX. The Parties shall use their
best reasonable efforts to create or generate such IFX-x molecules free of any Third Party Intellectual Property.</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"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify">BDB shall then test and establish the binding, inhibition or other interaction of such molecule
to any established target other than C5a in-house and deliver to INFLARX without undue delay any results of such testing. BDB shall
deliver to INFLARX together with said test results such IFX-x in order for INFLARX to test and establish the binding to C5a and/or
the inhibition of C5a-induced biological effects by such IFX x and INFLARX shall furnish the results of such testing without undue
delay to BDB.</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"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify">If, according to the test results, any IFX-x molecule is established by INFLARX and by BDB to bind
to or interact with the additional target(s) as described in Section &lrm;2.1</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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; padding-bottom: 2pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract Addendum I - confidential information</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 2pt; width: 25%"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> of 8</FONT></TD></TR></TABLE>&nbsp;</DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">above and C5a
in a satisfactory manner to both Parties, this IFX-x molecule will be recognized as established by both Parties by written notice
dated and signed by both Parties (such established IFX-x molecule hereinafter the &ldquo;<B>Established IFX-x</B>&rdquo;). The
Parties understand that weak or partial binding or blocking activity below [*****] of a suitable reference standard, i.e. IFX-1
performance for C5a binding, shall generally be deemed as not suitable. Such written notice determining an Established IFX-x shall
become effective upon the date of the last signature. However, neither Party shall withhold unreasonably its signature of such
notice for longer than [*****] after receipt of the dated and signed notice by the other Party if the test results show that the
respective IFX-x is suitable as described before.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify">[*****]</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"></TD><TD STYLE="width: 0.5in">2.5</TD><TD STYLE="text-align: justify">The Parties agree that all activities as set forth in this Article 2 during the Development Phase
shall be part of the Frame of Co-Development and all provisions of the Co-Development Agreement (as supplemented by this Addendum)
shall apply to such activities unless specifically and explicitly provided differently in this Addendum. For the avoidance of doubt,
INFLARX, at its sole discretion, cost coverage and its sole responsibility shall have the exclusive right to fully Exploit any
IFX-x and shall, wherever applicable, be granted and/or transferred exclusive Exploitation rights to and ownership in IFX-x and
all Co-Development Findings by BDB and shall be granted and transferred usage rights under BDB Intellectual Property to the extent
necessary or useful to Exploit such rights in any IFX-x and any Co-Development Findings subject to the option right of BDB as set
forth under Article&nbsp;3.</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; text-align: center; text-indent: 0in"><U>ARTICLE 3 &mdash;
BDB Option Right</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify">Within [*****] of receipt of the notice of INFLARX according to Section &lrm;2.3 above for any
Established IFX-x (the &ldquo;<B>Option Period</B>&rdquo;), BDB has an option right for such Established IFX-x in order to further
pursue it solely and exclusively in the BDB Territory as BDB-x in accordance with and subject to all provisions of the Co-Development
Agreement as altered in this Addendum. The option right is exercised if INFLARX receives written notice to this effect from BDB
for the relevant Established IFX-x during the Option 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"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify">If BDB exercises its option right for a specific Established IFX-x in accordance with Section &lrm;3.1
above, all provisions of the Co-Development Agreement (as altered or supplemented in this Addendum) will fully apply to this specific
Established IFX-x and the respective BDB-x and any product containing this specific BDB-x (and the respective Established IFX-x),
it being understood that such products shall be covered by the &quot;Product&quot;-definition. For the avoidance of doubt, the
Frame of Co-Development will be supplemented with respect to any Established IFX-x and the respective BDB-x for which BDB has exercised
its option right in accordance with Section &lrm;3.1 as follows:</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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; padding-bottom: 2pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract Addendum I - confidential information</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 2pt; width: 25%"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> of 8</FONT></TD></TR></TABLE>&nbsp;</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: 50.55pt"></TD><TD STYLE="width: 35.45pt">i.</TD><TD STYLE="text-align: justify">BDB may, at its sole discretion, cost coverage and its sole responsibility establish any BDB-x
Cell Line, GMP Manufacturing Process for the relevant BDB-x and conduct pre-clinical animal and in vitro studies inside the BDB
Territory using the relevant BDB-x as well as later clinical trials and studies inside the BDB Territory in compliance with all
Applicable Laws including GCP and with the provisions of the Co-Development Agreement. BDB shall promptly share all related Co-Development
Findings and ensure data sharing with INFLARX and put in place reporting tools for all development areas equivalent to those required
for BDB-1 and BDB-2 under the Co-Development Agreement. INFLARX shall grant appropriate rights to BDB for such manufacturing, development
and Commercialization exclusively and solely within the BDB Territory equivalent to the rights granted for development of BDB-2
and the corresponding cell line within the Co-Development Agreement. INFLARX shall be limited with respect to Commercialization
of any molecule binding to the same targets of the Established IFX-x and the respective BDB-x inside the BDB Territory as set forth
in Section &lrm;5.2.</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: 50.55pt"></TD><TD STYLE="width: 35.45pt">ii.</TD><TD STYLE="text-align: justify">INFLARX, at its sole discretion, cost coverage and its sole responsibility shall retain and have
the exclusive right to fully Exploit the relevant Established IFX x and shall, wherever applicable, be granted and/or transferred
exclusive Exploitation rights to and ownership in the relevant IFX-x and all Co-Development Findings by BDB and shall be granted
and transferred usage rights under BDB Intellectual Property to the extent necessary or useful to Exploit such rights equivalent
to those established within the Co-Development Agreement for IFX-2 and any Co-Development Findings subject to the rights granted
to BDB with respect to the BDB Territory under the Co-Development 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"></TD><TD STYLE="width: 0.5in">3.3</TD><TD STYLE="text-align: justify">If BDB does not exercise its option right in accordance with Section &lrm;3.1 with respect to any
Established IFX-x, INFLARX will have all exclusive rights to develop, manufacture, Exploit and Commercialize the relevant Established
IFX-x through itself or through a Third Party also within the BDB Territory. BDB shall grant, and INFLARX hereby accepts such grant,
all usage rights under BDB Intellectual Property to the extent necessary or useful to Exploit such Established IFX-x, the relevant
INFLARX Intellectual Property and any relevant Co-Development Findings also within the BDB Territory.</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; text-align: center; text-indent: 0in"><U>ARTICLE 4 &mdash;
BDB Use of Cell Lines and IFX-x and BDB-x</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify">All terms and conditions established within Sections &lrm;4.1 through &lrm;4.11 of the Co-Development
Agreement regarding IFX-2 and the IFX-2 Cell Line shall be fully applicable to IFX-x and its corresponding cell line/ manufacturing
process and all terms and conditions established therein for BDB-2 and the corresponding BDB-2 Cell Line as well as IFX-2 and the
IFX-2 Cell Line shall be fully applicable to BDB-x and the corresponding cell line/ manufacturing process. For the avoidance of
doubt, any right to use IFX-2 and the IFX-2 Cell Line as set forth in Sections &lrm;4.1 through &lrm;4.11 of the Co-Development
Agreement shall be limited to the use necessary for the development works as described under Article 2 above during the Development
Phase, and use of IFX-2 and the IFX-2 Cell Line for further development, manufacture and Commercialization of any IFX-x and BDB-x
and the corresponding cell lines and/or manufacturing process as set forth in the Co-Development Agreement is subject to the exercise
of the option right in accordance with Section &lrm;3.1 above for the respective Established IFX-x.</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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; padding-bottom: 2pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract Addendum I - confidential information</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 2pt; width: 25%"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> of 8</FONT></TD></TR></TABLE>&nbsp;</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"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify">BDB shall in no event make or engage any Third Party in making additional changes, alterations
or any humanization efforts of any kind to any IFX-x and/or BDB-x and any corresponding cell line unless agreed upon differently
between the Parties in writing.</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; text-align: center; text-indent: 0in"><U>ARTICLE 5 &mdash;
Intellectual Property / Handling of Co-Development Findings</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify">During the Development Phase, INFLARX grants to BDB the non-exclusive, non transferrable right
under the INFLARX Intellectual Property to research and develop IFX-x only as set forth under Article 2 and solely within the BDB
Territory. BDB hereby accepts this grant. BDB's rights granted under this Section &lrm;5.1 shall be conditional to performance
of any and all its obligations by BDB and subject to the terms and conditions set forth in this Addendum.</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"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify">Subject to Section &lrm;5.1 above and subject to the provisions in Sections &lrm;3.2 and &lrm;3.3
above, all terms and conditions established within Sections &lrm;6.1 through &lrm;6.7 of the Co-Development Agreement with respect
to BDB-2/IFX-2 and the corresponding BDB-2/IFX-2 Cell Line shall be fully applicable to BDB-x/IFX-x and its corresponding cell
line/ manufacturing process. The Parties agree that the usage rights granted to BDB under Section &lrm;6.2 of the Co-Development
Agreement and BDB&rsquo;s right to be offered to pursue patent protection within the BDB Territory for any invention within the
Co-Development Findings relating to the relevant Established IFX-x (and the respective BDB-x) as set forth on Section &lrm;6.4
&lrm;v. of the Co-Development Agreement shall be granted only and from the date of exercise of the option right by BDB with respect
to the relevant Established IFX-x in accordance with Section &lrm;3.1 above. If and to the extent that BDB exercises its option
right for any Established IFX-x, INFLARX shall from the date of execution of the option right by BDB in accordance with Section
&lrm;3.1 not engage in any Commercialization either alone or together with or through a Third Party of any product containing any
other independently developed molecule targeting the human complement factor C5a and the respective other target(s) to which the
Established IFX-x and the respective BDB-x, for which BDB has exercised its option right, is binding within the BDB Territory.
For the avoidance of doubt, INFLARX retains the right to develop and/or manufacture any other independently developed molecule
targeting the human complement factor C5a and the respective other target(s) to which the Established IFX-x and the respective
BDB-x, for which BDB has exercised its option right, is binding and any product containing such molecule inside the BDB Territory
alone or together with or through a Third Party solely for the purpose of Exploitation and Commercialization of a product containing
such molecule in the INFLARX Territory, and to Exploit such molecule within the BDB Territory for non-commercial 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"></TD><TD STYLE="width: 0.5in">5.3</TD><TD STYLE="text-align: justify">For the avoidance of doubt, IFX-x and BDB-x and including the respective cell lines and manufacturing
processes and all Know-How generated by the Parties with respect thereto shall be considered Co-Development Findings and shall
be handled as such in accordance with the relevant provisions set forth in the Co-Development Agreement.</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; text-align: center; text-indent: 0in"><U>ARTICLE 6 &mdash;
Royalty, Royalty Reporting and other Payments</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For any Established IFX-x and
respective BDB-x the following royalty scheme should apply instead of the royalty scheme set forth in Sections &lrm;7.1 and &lrm;7.2
of the Co-Development Agreement:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">6.1</TD><TD STYLE="text-align: justify"><U>Royalties to be paid to INFLARX for the development of BDB-x:</U> For the granting of the exclusive
license under INFLARX Intellectual Property with respect to</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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center; padding-bottom: 2pt; width: 75%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INFLARX - BDB contract Addendum I - confidential information</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-bottom: 2pt; width: 25%"><FONT STYLE="font-size: 10pt">page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> of 8</FONT></TD></TR></TABLE>&nbsp;</DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">development
and Commercialization of any BDB-x, for which (or respectively for the respective Established IFX-x) BDB has exercised its option
right in accordance with Section &lrm;3.1 above, inside the BDB Territory in accordance to Section &lrm;6.2 of the Co-Development
Agreement, BDB shall pay to INFLARX royalties amounting to [*****]</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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"></TD><TD STYLE="width: 0.5in">6.2</TD><TD STYLE="text-align: justify"><U>Royalties to be paid to BDB for the development of Established IFX-x:</U> In the event that
INFLARX chooses to develop and to Exploit and Commercialize any Established IFX-x within the INFLARX Territory, then INFLARX shall
pay to BDB royalties amounting to [*****] arising from such Commercialization of a Product containing the relevant Established
IFX-x.</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"></TD><TD STYLE="width: 0.5in">6.3</TD><TD STYLE="text-align: justify"><U>Conditional Royalties for IFX-x and BDB-x development</U>:</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: 50.55pt"></TD><TD STYLE="width: 35.45pt">i.</TD><TD STYLE="text-align: justify">Only in the event that INFLARX chooses to exercise its reserved right to Exploit and Commercialize
any BDB-x, for which (or respectively for the respective Established IFX-x) BDB has exercised its option right in accordance with
Section &lrm;3.1 above, and not the respective Established IFX-x anywhere in the INFLARX Territory pursuant to Section &lrm;6.5
of the Co-Development Agreement, then INFLARX shall pay to BDB royalties amounting to [*****] arising from such Commercialization
of a Product containing the relevant BDB-x.</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: 50.55pt"></TD><TD STYLE="width: 35.45pt">ii.</TD><TD STYLE="text-align: justify">Only in the event that INFLARX Exploits and Commercializes any Product containing any Established
IFX-x, for which BDB has exercised its option right in accordance with Section &lrm;3.1 above, for any Indication inside the BDB
Territory pursuant to Section &lrm;6.7 of the Co-Development Agreement, then BDB shall be entitled to [*****] arising out of such
Commercialization of Products containing the relevant IFX-x inside the BDB Territory.</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"></TD><TD STYLE="width: 0.5in">6.4</TD><TD STYLE="text-align: justify"><U>Conditions for Royalty payments for IFX-x and BDB-x:</U> For the avoidance of doubt, all terms
and conditions established within the Sections &lrm;7.3 through &lrm;7.7 of the Co-Development Agreement shall be fully applicable
in connection with royalty payments established regarding relevant Established IFX-x and respective BDB-x.</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; text-align: center; text-indent: 0in"><U>ARTICLE 7 &mdash;
WARRANTIES and LIABILITY</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In addition to the warranties
made by BDB under Section &lrm;9.2 of the Co-Development Agreement, BDB hereby warrants to the best of its knowledge that it has
all right and title to apply the necessary Know-How or technology for the generation of any IFX-x and any BDB-x including but not
being limited to necessary manufacturing steps and that it does not violate or infringe existing Third Party Intellectual Property
by the creation of any IFX-x and/or the respective BDB-x. For the avoidance of doubt, this supplementing warranty shall apply already
with respect to the Development Phase and the activities conducted in the Development Phase.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><U>ARTICLE 8 &mdash;
TERM AND TERMINATION</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 0.5in">8.1</TD><TD STYLE="text-align: justify">This Addendum will become effective and binding to the Parties as of the Effective Date and will
continue in effect unless the Co-Development Agreement is terminated pursuant to Article 11 of the Co-Development Agreement.</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"></TD><TD STYLE="width: 0.5in">8.2</TD><TD STYLE="text-align: justify">Notwithstanding Section &lrm;8.1 above, this Addendum may also be terminated by either Party at
any time during the Development Phase without termination of the Co-Development Agreement by [*****] prior written notice to the
other Party. Upon such termination, BDB shall immediately stop any development works then conducted in accordance with Article
2 and shall provide and transfer to INFLARX all results of the development works conducted under Article 2. All rights and obligations
of the Parties accrued under this Addendum prior to such termination shall be maintained. Any option right of BDB already accrued
with respect to any Established IFX-x at the time of such termination shall be maintained and BDB may still exercise such option
right after such termination becomes effective unless and until the Co-Development Agreement is terminated. If and to the extent
BDB has already exercised its option right with respect to any Established IFX-x at the time of such termination by INFLARX, BDB
will retain all rights granted under this Addendum and the Co-Development Agreement with respect to such Established IFX-x, for
which BDB has already exercised its option right, for the further development, manufacture and Commercialization of the respective
BDB-x solely within the BDB Territory, unless and until the Co-Development Agreement is terminated.</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"></TD><TD STYLE="width: 0.5in">8.3</TD><TD STYLE="text-align: justify">The following provisions of this Addendum shall survive its termination: Article 1, Section &lrm;2.5,
Sections &lrm;3.1 and &lrm;3.2 to the extent required under Section &lrm;8.2, Section &lrm;3.3, Sections &lrm;5.2 and &lrm;5.3,
Article 6 to the extent required under Section &lrm;8.2, Article 7, Section &lrm;8.2 and Article 9. To the extent the aforementioned
provisions refer to another provision of this Addendum and of the Co-Development Agreement, such referred provision shall continue
in full force and in accordance with their terms, notwithstanding the expiration or termination of this Addendum for any reason.</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; text-align: center; text-indent: 0in"><U>ARTICLE 9 &mdash;
MISCELLANEOUS PROVISIONS</U></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Parties agree that nothing
in this Addendum is meant to alter, invalidate, change or dismiss any term or condition of the Co-Development Agreement unless
expressively stated so differently within this Addendum. The Parties conclude that this Addendum and the Co-Development Agreement
shall constitute the entire contractual understanding between the Parties with respect to their subject matters as of the Effective
Date. The Co-Development Agreement shall fully apply to all activities of the Parties under this Addendum unless specifically und
explicitly provided differently in this Addendum.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Signature page follows:</U></P>

<P STYLE="font: bold 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: justify">IN WITNESS WHEREOF, the Parties hereto have
executed this Addendum in duplicate originals by their duly authorized officers or representatives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>FOR INFLARX:</B></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>FOR BDB:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">/s/ Niels C. Riedemann</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">/s/ Shusheng Geng</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Prof. Dr. Niels C. Riedemann, CEO)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(Dr. Shusheng Geng, CEO)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">&nbsp;Dec 28<SUP>th</SUP> 2015</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">&nbsp;12/01/ 2015</TD></TR>
</TABLE>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">/s/ Renfeng Guo</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid">/s/ Lina Ma</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Prof. Dr. Renfeng Guo, CSO)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">11/30/2015</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 41%">&nbsp;</TD></TR>
</TABLE>


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<TYPE>EX-10.4
<SEQUENCE>12
<FILENAME>dp81461_ex1004.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 10.4</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-style: normal"><B>FORM
OF INDEMNIFICATION AGREEMENT</B></FONT></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">THIS
INDEMNIFICATION AGREEMENT (the &ldquo;<B>Agreement</B>&rdquo;) is made and entered into as of [<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B>] between InflaRx
N.V., a public company with limited liability (<I>naamloze vennootschap</I>) incorporated under the laws of the Netherlands (the
&ldquo;<B>Company</B>&rdquo;), and [<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B>] (&ldquo;<B>Indemnitee</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">WITNESSETH
THAT:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
highly competent persons have become more reluctant to serve corporations as officers, directors or in other capacities unless
they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and
actions against them arising out of their service to and activities on behalf of the corporation;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
the Board of Directors of the Company (the &ldquo;<B>Board</B>&rdquo;) has determined that, in order to attract and retain qualified
individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons
serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary
and widespread practice among corporations and other business enterprises, the Company believes that, given current market conditions
and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same
time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected
to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought
only against the Company or business enterprise itself;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
the articles of association of the Company provide that the Company shall indemnify and advance expenses to all directors and
officers of the Company in the manner set forth therein and to the fullest extent permitted by applicable law. The articles of
association provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts
may be entered into between the Company and its directors, officers and other persons with respect to indemnification;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining
such persons;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company&rsquo;s shareholders and other stakeholders and that the Company should act to assure such persons that there will
be increased certainty of such protection in the future;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses
on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the
Company free from undue concern that they will not be so indemnified; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
Indemnitee does <B>not</B> regard the protection available under the Company&rsquo;s articles of association and insurance as
adequate in the present circumstances, and may not be willing to continue to serve as a director or an officer or in any other
capacity without adequate</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">protection,
and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on
additional service for or on behalf of the Company on the condition that he be so indemnified.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">NOW,
THEREFORE, in consideration of Indemnitee&rsquo;s agreement to serve as an officer and/or a director from and after the date hereof,
the parties hereto agree as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
of Indemnitee</U>. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law,
as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality
thereof:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Proceedings
Other Than Proceedings by or in the Right of the Company</U>. Indemnitee shall be entitled to the rights of indemnification provided
in this <U>Section l(a)</U> if, by reason of his Corporate Status (as hereinafter defined), the Indemnitee is, or is threatened
to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of
the Company. Pursuant to this <U>Section 1(a)</U>, Indemnitee shall be indemnified against all Expenses (as hereinafter defined),
judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him, or on his behalf, in connection
with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding,
had no reasonable cause to believe the Indemnitee&rsquo;s conduct was unlawful.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Proceedings
by or in the Right of the Company</U>. Indemnitee shall be entitled to the rights of indemnification provided in this <U>Section
1(b)</U> if, by reason of his Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any
Proceeding brought by or in the right of the Company. Pursuant to this <U>Section 1(b)</U>, Indemnitee shall be indemnified against
all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee&rsquo;s behalf, in connection with such
Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to
the best interests of the Company; provided, however, if applicable law so provides, no indemnification against such Expenses
shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be
liable to the Company unless and to the extent that the appropriate court of the Netherlands shall determine that such indemnification
may be made.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
for Expenses of a Party Who is Wholly or Partly Successful</U>. Notwithstanding any other provision of this Agreement, to the
fullest extent permitted by applicable law, to the extent that Indemnitee is, by reason of his Corporate Status, a party to and
is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or
in part, he shall be indemnified to the maximum extent permitted by law, as such may be amended from time to time, against all
Expenses actually and reasonably incurred by or on his behalf in connection therewith. If Indemnitee is not wholly successful
in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters
in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify Indemnitee against all Expenses
actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">matter.
For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal,
with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s indemnification obligations set forth in this Section 1 shall apply (i) in respect of Indemnitee&rsquo;s past,
present and future service in any Corporate Status and (ii) regardless of whether Indemnitee is serving in any Corporate Status
at the time any such Expense or liability is incurred.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Indemnity</U>. In addition to, and without regard to any limitations on, the indemnification provided for in <U>Section 1</U>
of this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties,
fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf if, by reason of his Corporate Status,
he is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of
the Company). The only limitation that shall exist upon the Company&rsquo;s obligations pursuant to this Agreement shall be that
the Company shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject
to the presumptions, set forth in <U>Sections 6</U> and <U>11</U> hereof) to be unlawful.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.&#9;&nbsp;&nbsp;&nbsp;&nbsp;<U>Witness
Expenses</U>. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her
Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses
actually and reasonably incurred by Indemnitee or on his or her behalf in connection therewith.&#9;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contribution</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether
or not the indemnification provided in <U>Sections 1</U> and <U>2</U> hereof is available, in respect of any threatened, pending
or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such
action, suit or proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of
such action, suit or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes
any right of contribution it may have against Indemnitee. The Company shall not enter into any settlement of any action, suit
or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding)
unless such settlement provides for a full and final release of all claims asserted against Indemnitee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee
shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action,
suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably
incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all directors, officers
or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action,
suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such action, suit or
proceeding arose; provided, however, that the proportion determined on the basis of relative</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">benefit
may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Company and all
directors, officers or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined
in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted
in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which the Law may require
to be considered. The relative fault of the Company and all directors, officers or employees of the Company, other than Indemnitee,
who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee,
on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by
intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which
their conduct is active or passive.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by
directors, officers or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection
with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in
light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and
Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of
the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
for Expenses of a Witness</U>. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason
of his Corporate Status, a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee
is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection
therewith.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Advancement
of Expenses</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection
with any Proceeding by reason of Indemnitee&rsquo;s Corporate Status within ten (10) days after the receipt by the Company of
a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final
disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and
shall include or be preceded or accompanied by a written undertaking by or on behalf of Indemnitee to repay any Expenses advanced
if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and
undertakings to repay pursuant to this <U>Section 5</U> shall be unsecured and interest free.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnitee
agrees that Indemnitee shall reimburse the Company for all Expenses advanced by the Company pursuant to Section 6(a), in the event
and only to the extent that it shall be determined by final judgment or other final adjudication under the provisions of any applicable
law (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee is not entitled to be indemnified
by the Company for such Expenses.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedures
and Presumptions</U>. It is the intent of this Agreement to secure for Indemnitee rights of indemnity that are as favorable as
may be permitted under the laws of the Netherlands and public policy of the Netherlands. Accordingly, the parties agree that the
following procedures and presumptions shall apply to claims by Indemnitee for indemnification under this Agreement:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request as soon as reasonably practicable
after receipt by Indemnitee of written notice that he is a party to or a participant (as a witness or otherwise) in any proceeding
or of any other matter in respect of which Indemnitee intends to seek indemnification or advancement of Expenses hereunder, including
therein or therewith such relevant documentation and information as is reasonably available to Indemnitee. Any payment for indemnification
requested by the Indemnitee hereunder shall be made no later than ten (10) days after receipt of the written request of the Indemnitee;
provided, however, that the written request of the Indemnitee shall constitute an undertaking providing that the Indemnitee undertakes
to the fullest extent required by law to repay any indemnification payment if and to the extent that it is ultimately determined
by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified
by the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(b)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>In
any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(c)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>Indemnitee
shall be deemed to have acted in good faith if Indemnitee&rsquo;s action is in good faith reliance on the records or books of
account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise
(as hereinafter defined) in the course of their duties, or on the advice of legal counsel for the Enterprise or on information
or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert
selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director,
officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement. Whether or not the foregoing provisions of this <U>Section 6(c)</U> are satisfied, it shall in any event
be presumed that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in or not opposed
to the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden
of persuasion by clear and convincing evidence.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(d)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>The
Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to
avoid expense, delay,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">distraction,
disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any
manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding
with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits
or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and
the burden of persuasion by clear and convincing evidence.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his conduct was unlawful.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Exclusivity;
Survival of Rights; Insurance; Primacy of Indemnification; Subrogation</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee
may at any time be entitled under applicable law, any agreement, a vote of shareholders, a resolution of directors or otherwise,
of the Company. Notwithstanding this non-exclusivity, this Agreement shall take priority over any other rights to which Indemnitee
may be entitled, including other agreements with respect to indemnification. No amendment, alteration or repeal of this Agreement
or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken
or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change
in the laws of the Netherlands, whether by statute or judicial decision, permits greater indemnification than would be afforded
currently under this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater
benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy,
and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other right or remedy.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan
or other enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies
in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent
or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof,
the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of
such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">payable
as a result of such proceeding in accordance with the terms of such policies.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the
extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the
Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of
expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exception
to Right of Indemnification</U>. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this
Agreement to make any indemnity in connection with any claim made against Indemnitee:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
which it has been established by a competent court in a final and conclusive decision that such claim results from willful (<I>opzettelijk</I>),
intentionally reckless (<I>bewust roekeloos</I>) or seriously culpable (<I>ernstig verwijtbaar</I>) conduct by the Indemnitee;
or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of federal, state, provincial
or local statutory law or common law; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part
of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless
(i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the
indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">10.&nbsp;&nbsp;&nbsp;<U>Duration
of Agreement</U>. This Agreement shall continue until and terminate upon the later of: (a) ten (10) years after the date that
Indemnitee shall have ceased to serve as an officer or a director of the Company, (b) one (1) year after the final termination
of any Proceeding, including any appeal, then pending in respect of which Indemnitee is granted rights of indemnification or advancement
hereunder and of any proceeding commenced by</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Indemnitee
pursuant to <U>Section 11</U> of this Agreement relating thereto or (c) three (3) years after the date on which the Company is
declared bankrupt. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit
of Indemnitee and his heirs, executors and administrators. The Company shall require and cause any successor (whether direct or
indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or
assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession
had taken place.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">11.&nbsp;&nbsp;&nbsp;<U>Security</U>.
To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to time provide security
to Indemnitee for the Company&rsquo;s obligations hereunder through an irrevocable bank line of credit, funded trust or other
collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of
the Indemnitee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">12.&nbsp;&nbsp;&nbsp;<U>Enforcement
and Remedies of Indemnitee</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby
in order to induce Indemnitee to serve as an officer or a director of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving as an officer or a director of the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that advancement of Expenses or payment of any claim for indemnification is not made pursuant to this Agreement within
ten (10) days after receipt by the Company of a written request from Indemnitee therefor, Indemnitee shall be entitled to an adjudication
in an appropriate court of the Netherlands, or in any other court of competent jurisdiction, of Indemnitee&rsquo;s entitlement
to such indemnification. The Company shall not oppose Indemnitee&rsquo;s right to seek any such adjudication.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall be precluded from asserting in any Proceeding commenced pursuant to this <U>Section 11</U> that the procedures and
presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is
bound by all the provisions of this Agreement. The Company shall indemnify Indemnitee against any and all Expenses and, if requested
by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefor) advance, to the extent
not prohibited by law, such Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by
Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors&rsquo; and
officers&rsquo; liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined
to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">13.&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
For purposes of this Agreement:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Corporate
Status</B>&rdquo; describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company
or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is
or was serving at the express request of the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Enterprise</B>&rdquo;
shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
(including any subsidiary of the Company) that Indemnitee is or was serving at the express request of the Company as a director,
officer, employee, agent or fiduciary.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Expenses</B>&rdquo;
shall include all reasonable attorneys&rsquo; fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements
or expenses of the types customarily incurred in connection with (i) prosecuting, defending, preparing to prosecute or defend,
investigating, participating, or being or preparing to be a witness in, or otherwise participating in, a Proceeding, (ii) responding
to, or objecting to, a request to provide discovery in any Proceeding, or (iii) establishing or enforcing a right to indemnification
under this Agreement, the Company&rsquo;s articles of association, applicable law or otherwise. Expenses also shall include Expenses
incurred in connection with any appeal resulting from any Proceeding and any federal, state, local or foreign taxes imposed on
the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, including without limitation
the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent.
Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Proceeding</B>&rdquo;
includes any threatened, pending or completed action, derivative action, suit, claim, counterclaim, cross claim, arbitration,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed
proceeding, whether civil (including intentional and unintentional tort claims), criminal, administrative or investigative, including
any appeal therefrom, and whether instituted by or on behalf of the Company or any other party, or any inquiry or investigation
that Indemnitee in good faith believes might lead to the institution of any such action, suit or other proceeding hereinabove
listed in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of
any Corporate Status of Indemnitee, or by reason of any action taken (or failure to act) by him or her or of any action (or failure
to act) on his or her part while serving in any Corporate Status.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">14.&nbsp;&nbsp;&nbsp;<U>Severability</U>.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other
provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification
rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law,
such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">15.&nbsp;&nbsp;&nbsp;<U>Modification
and Waiver</U>. No supplement, modification, waiver, termination or amendment of this Agreement shall be binding unless executed
in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">shall
constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">16.&nbsp;&nbsp;&nbsp;<U>Notice
By Indemnitee</U>. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any
summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may
be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation
which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially
prejudices the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">17.&nbsp;&nbsp;&nbsp;<U>Notices</U>.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent
during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five (5) days after
having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit
with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications
shall be sent:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1.25in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to Indemnitee, at the address set forth below Indemnitee&rsquo;s signature hereto.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1.25in"> <FONT STYLE="font-size: 10pt">(b)</FONT> <FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Company, at:</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.75in; text-indent: 0in"><FONT STYLE="font-size: 10pt">InflaRx
N.V.</FONT><BR>
<FONT STYLE="font-size: 10pt">Winzerlaer Str. 2</FONT><BR>
<FONT STYLE="font-size: 10pt">Jena, Germany</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.75in; text-indent: 0in"><FONT STYLE="font-size: 10pt">Attention:
Chief Executive Officer</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">or
to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may
be.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">18.&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">19.&nbsp;&nbsp;&nbsp;<U>Headings</U>.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part
of this Agreement or to affect the construction thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">20.&nbsp;&nbsp;&nbsp;<U>Governing
Law and Consent to Jurisdiction.</U> This Agreement and the legal relations among the parties shall be governed by, and construed
and enforced in accordance with, the laws of the Netherlands, without regard to its conflict of laws rules. The Company and Indemnitee
hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement
shall be brought only in the appropriate court of the Netherlands (the &ldquo;<B>Netherlands Court</B>&rdquo;), and not in any
state or federal court in the United States</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">of
America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Netherlands Court for purposes
of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue
of any such action or proceeding in the Netherlands Court, and (iv) waive, and agree not to plead or to make, any claim that any
such action or proceeding brought in the Netherlands Court has been brought in an improper or inconvenient forum.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B><I>[SIGNATURE
PAGE TO FOLLOW]</I></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in"><FONT STYLE="font-size: 10pt">IN
WITNESS WHEREOF, the parties hereto have executed this Indemnification Agreement on and as of the day and year first above written.</FONT></P>

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    <TD COLSPAN="3" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>COMPANY</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
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    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
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    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
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    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
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    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="text-align: left; text-indent: 0in; width: 7%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; width: 25%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; width: 9%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
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    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Title</FONT></TD>
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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>INDEMNITEE</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
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    <TD COLSPAN="2" STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">Address:</FONT></TD>
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    <TD STYLE="text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page to Indemnification Agreement</I>]</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>13
<FILENAME>dp81461_ex1005.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
<HTML>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.5</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A.Prot. 2016/59<BR>
dated 21 July 2016 of the Notary<BR>
Stephan Cueni, Basel (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">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">NOTARIAL DEED</P>

<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">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">INVESTMENT AND SHAREHOLDERS&rsquo; AGREEMENT<BR>
Series C Preferred Shares Financing<BR>
InflaRx GmbH, Jena, Germany</P>

<P STYLE="font: bold 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: justify">Negotiated at Basel/Switzerland this 21st
(twenty-first) day of July 2016 (two thousand and sixteen).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Before me, the undersigned Notary Public</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Stephan Cueni</P>

<P STYLE="font: bold 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: justify">at Basel/Switzerland appeared today:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&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"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><B>Prof. Dr. Niels Riedemann</B>, born 24 December 1971, German citizen, domiciled at DE 07749
Jena, Uber den Teufelslochern 7, known by person,</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 0pt 0.25in; text-align: justify">according to his declarations
acting</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&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: 0.5in">a)</TD><TD STYLE="text-align: justify">in h<B>is own name,</B></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 0pt 0.75in; text-align: justify">and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">b)</TD><TD STYLE="text-align: justify">as managing director with single representation power and released from the restrictions imposed
by &sect; 181 German Civil Code (prohibition of self-dealing and of multiple representation) in the name and on behalf of</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 0pt 0.75in; text-align: justify"><B>InflaRx GmbH </B>with its
registered seat at Jena and with business Address at DE 07745 Jena, Winzerlaer Strasse 2, registered with the commercial register
at the local court of Jena under HRB 502149,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">with reference to the attached
printout of an electronic extract from the Commercial Register as of today;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">and as duly empowered attorney-in-fact,
released from the restrictions imposed by &sect; 181 German Civil Code (prohibition of self-dealing and of multiple representation),
in the name and on behalf of</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">c)</TD><TD STYLE="text-align: justify"><B>Prof. Renfeng Guo, </B>born 27 February 1970, domiciled at 821 Gallery Lane, Ann Arbor, MI 48103,
USA,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney with signature certified dated 13 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">d)</TD><TD STYLE="text-align: justify"><B>University of Michigan, </B>Office of Technology Transfer, 1600 Huron Pkwy, Building 520, Ann
Arbor, MI 48104-2590, USA,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney (without signature certified and without notarial confirmation of representation power) dated 15 January 2014, the original
of which has been submitted to the Notary and a hereby certified copy of which is attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">e)</TD><TD STYLE="text-align: justify"><B>Mr. Mark K&uuml;bler, </B>born 6 October 1974, Swiss citizen, domiciled at CH 8832 Wollerau,
Erlenmatte 10,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney with signature certified dated 14 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">f)</TD><TD STYLE="text-align: justify"><B>Mr. Rolf K&uuml;bler, </B>born 19 October 1942, Swiss citizen, domiciled at CH 8832 Wollerau,
Erlenmatte 10,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney with signature certified dated 13 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">g)</TD><TD STYLE="text-align: justify"><B>Ammann Group Holding AG, </B>a Swiss stock corporation with registered seat at Bern/Switzerland
and business address c/o Walder Wyss AG, Bubenbergplatz 8, CH 3011 Bern, registered with the commercial register of the canton
Bern under number CHE-103.003.538,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney (with signatures certified and with notarial confirmation of representation power) dated 12 July 2016, the</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">original of which has been submitted
to the Notary and a hereby certified copy of which is attached to this Deed,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">and with reference to the attached
printout of an electronic extract from the Commercial Register as of today;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">h)</TD><TD STYLE="text-align: justify"><B>Prof. Dr. med. Konrad Reinhart, </B>born 26 October 1947, German citizen, domiciled at DE 07743
Jena, Philosophenweg 17,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney with signature certified dated 30 June 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">i)</TD><TD STYLE="text-align: justify"><B>Kamalaka Enterprises Limited, </B>maltesische Gesellschaft mit Sitz in Susan Court B1, Triq
il-Prinjolata, Ta &lsquo;Xbiex, XbXI 1130, Malta, eingetragen in Malta unter der Registernummer C 54041,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney (with signature certified and with notarial confirmation of representation power) dated 9 July 2014, the original of which
has been submitted to the Notary and a hereby certified copy of which is attached to this Deed,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">and with reference to a substitute
power of attorney (without signature certified) dated 15 July 2016, the original of which has been submitted to the Notary and
a hereby certified copy of which is attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">j)</TD><TD STYLE="text-align: justify"><B>Cabita Investments Limited, </B>maltesische Gesellschaft mit Sitz in Susan Court B1, Triq il-Prinjolata,
Ta &lsquo;Xbiex, XbXI 1130, Malta, eingetragen in Malta unter der Registernummer C 58548,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney (with signature certified and with notarial confirmation of representation power) dated 9 July 2014. the original of which
has been submitted to the Notary and a hereby certified copy of which is attached to this Deed,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">and with reference to the substitute
power of attorney referenced under lit. k) above,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">k)</TD><TD STYLE="text-align: justify"><B>Ms Carla Comelli, </B>born 13 February 1940, Italian citizen, domiciled at CH 8832 Wollerau,
Felsenstrasse 76,</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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">with reference to a power of
attorney with signature certified dated 8 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">I)</TD><TD STYLE="text-align: justify"><B>Mr. Nicolas Fulpius, </B>born 15 May 1973, Swiss citizen, domiciled at CH 1208 Geneva, 43c Route
de Ch&ecirc;ne,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney with signature certified dated 11 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">m)</TD><TD STYLE="text-align: justify"><B>METALL ZUG AG, </B>a Swiss stock corporation with registered seat at Zug/Switzerland and business
address Industriestrasse 66, Postfach 59, CH-6301 Zug, registered with the commercial register of the canton Zug under number CHE-101.865.948,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney (with signatures certified, but without notarial confirmation of representation power) dated 18 July 2016, the original
of which has been submitted to the Notary and a hereby certified copy of which is attached to this Deed,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">and with reference to the attached
printout of an electronic extract from the Commercial Register as of today;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">n)</TD><TD STYLE="text-align: justify"><B>Mr. Guillermo Francisco Vogel Hinojosa, </B>born 14 December 1950, Mexican citizen, domiciled
at Campos El&iacute;seos 400, Piso 17, Ciudad de M&eacute;xico 11560, M&eacute;xico,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney with signature certified dated 8 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">o)</TD><TD STYLE="text-align: justify"><B>Mr. Angel Servando Sosa Hurtado, </B>born 28 March 1951, Mexican citizen, domiciled at Manuel
M. Sol&oacute;rzano 21, Ciudad de Mexico 04730, M&eacute;xico,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney with signature certified dated 8 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 2 -->
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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: 0.5in">p)</TD><TD STYLE="text-align: justify"><B>Mr. Daniel P&eacute;rez Gil de Hoyos, </B>born 5 January 1967, Mexican citizen, domiciled at
Blvd. Adolfo L&oacute;pez Mateos 2349, Piso 6, Ciudad de M&eacute;xico 04500, M&eacute;xico,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney with signature certified dated 8 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">q)</TD><TD STYLE="text-align: justify"><B>Ms Mita Maria Paola Castiglioni Grassi, </B>born 17 May 1955, Mexican citizen, domiciled at
Sierra Ventana 334, Ciudad de Mexico 11000, M&eacute;xico,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney with signature certified dated 7 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">r)</TD><TD STYLE="text-align: justify"><B>Mr. Marco Simeoni, </B>born 21 May 1966, domiciled at Rue du Petit Ch&ecirc;ne 23, CH-1003 Lausanne,
Switzerland,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney with signature certified dated 6 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">s)</TD><TD STYLE="text-align: justify"><B>Mr. Philippe Beal, </B>born 4 March 1967, domiciled at Rue des Petites-Buttes 16B, CH-1180 Rolle,
Switzerland,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney with signature certified dated 11 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">t)</TD><TD STYLE="text-align: justify"><B>Mr. Pierre-Alain Racine, </B>born 12 December 1952, domiciled at Chemin du Midi 3, CH-1350 Orbe,
Switzerland,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney with signature certified dated 7 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">u)</TD><TD STYLE="text-align: justify"><B>DocEpsilon LLC, </B>a company existing under the laws of Texas/USA, with registered head office
at 4251 Park Lane, Dallas, TX 75220, USA, registered with the Secretary of State of the State of Texas under number 801095879,</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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">with reference to a power of
attorney (with signature certified, but without notarial confirmation of representation power) dated 24 June 2016, the original
of which has been submitted to the Notary and a hereby certified copy of which is attached to this Deed,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">and with the promise to submit
an additional power of attorney authorizing an investment of up to EUR 150,000.00,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">and with reference to (i) a Certificate
of the Secretary of State of Texas dated 9 March 2009 and confirmed on 8 July 2016, (ii) certified minutes of a partners&rsquo;
meeting of 6 July 2016 and (iii) a certified confirmation of a Certified Chartered Accountant dated 13 July 2016, the originals
of which have been submitted to the Notary and hereby certified copies of which are attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">v)</TD><TD STYLE="text-align: justify"><B>Romaria Investment Corp, </B>a stock corporation under the laws of Panama, with registered head
office at 53rd E Street, Urb. Marbella, MMG Tower, Piso 16, Panama, registered with the Commercial Register of Panama under no.
706064,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney (with signature certified, but without notarial confirmation of representation power) dated 13 July 2016, the original
of which has been submitted to the Notary and a hereby certified copy of which is attached to this Deed,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">and with reference to the attached
Certificado de Persona Juridica dated 5 July 2016 (with certified English translation), the original of which has been submitted
to the Notary and a hereby certified copy of which is attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">w)</TD><TD STYLE="text-align: justify"><B>Mr. Philippe Meyer, </B>born 8 February 1954, Swiss citizen, domiciled at R&uuml;tistrasse 8,
CH-8702 Zollikon, Switzerland,</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 0pt 0.75in; text-align: justify">with reference to a power of
attorney with signature certified dated 12 July 2016, the original of which has been submitted to the Notary and a hereby certified
copy of which is attached to this Deed;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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: 0.5in">x)</TD><TD STYLE="text-align: justify"><B>Mulberry Invest AG, </B>a Swiss stock corporation with registered seat at Freienbach/Switzerland
and business address at Kantonsstrasse 22,</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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">CH<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT>8807
Freienbach, Switzerland, registered with the Commercial Register of the canton Schwyz under CHE-113.025.820,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">with reference to a power of
attorney with signature certified and with notarial confirmation of representation power dated 8 July 2016, the original of which
has been submitted to the Notary and a hereby certified copy of which is attached to this Deed,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">and with reference to the attached
printout of an electronic extract from the Commercial Register as of today;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">and further, excluding any personal
liability as representative without power and subject to subsequent approval (declarations of approval shall be deemed notified
to the other parties hereto also when received by the acting Notary) in the name and on behalf of</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&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: 0.5in">y)</TD><TD STYLE="text-align: justify"><B>Private Equity Th&uuml;ringen GmbH &amp; Co. KG </B>with registered seat at Erfurt and business
address at DE 99084 Erfurt, Gorkistrasse 9, registered with the commercial register at the local court of Jena under HRA 103063,</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: 0.5in">z)</TD><TD STYLE="text-align: justify"><B>Private Equity Th&uuml;ringen GmbH &amp; Co. Zweite Beteiligungen KG </B>with registered seat
at Erfurt and business address at DE 99084 Erfurt, Gorkistrasse 9, registered with the commercial register at the local court of
Jena under HRA 501890,</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"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><B>Mr. Arnd Christ, </B>born 26 May 1966, German citizen, domiciled at DE 82152 Krailling, Fichtenstrasse
13, identified by his German passport;</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"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><B>Ms. Daniela Neuman, </B>lic.iur., attorney-at-law, born 23 April 1969, Swiss citizen, domiciled
at CH 4053 Basel, Thiersteinerallee 46, known by person,</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 0pt 0.25in; text-align: justify">according to her declarations
acting not in her own name, but excluding any personal liability as representative without power and subject to subsequent approval
(declaration of approval shall be deemed notified to the other parties hereto also when received by the acting Notary) in the name
and on behalf of</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B>KfW, </B>German public law
entity (<I>Anstalt des &ouml;ffentlichen Rechts</I>) with seat at Frankfurt am Main, branch office DE 53179 Bonn, Ludwig Erhard
Platz 1-3,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&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"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><B>Mr. Lukas Storch, </B>born 6 June 1988, German citizen, with business address at Bockenheimer
Anlage 44, DE 60322 Frankfurt am Main, and private domicile at Steinhauserstrasse 7, DE 60599 Frankfurt am Main, identified by
his German Identity Card with the number L5HMLG2XT,</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 0pt 0.25in; text-align: justify">according to his declarations
acting not in his own name, but excluding any personal liability as duly empowered attorney-in-fact in the name and on behalf of</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B>Staidson Hong Kong Investment
Company Limited, </B>a private company under Hong Kong Law, with business address at 1/F 122D Ma Yautong Sai Kung N.T., Hong Kong,
registered with the Companies Registry of Hong Kong under the company number 2235882,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">with reference to a power of
attorney (with signature(s) certified) dated 15 July 2016, presented as faxcopy only, the original of which shall be submitted
to the Notary as soon as possible and a copy of which then shall be attached to this Deed,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">and with reference to a printout
of an electronic extract from the Commercial Register dated 11 May 2016 and certified by the Registrar of Companies on 28 June
2016, the original of which has been submitted to the Notary and a hereby certified copy of which is attached to this Deed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">________________</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: justify">The acting Notary Public has drawn the attention
of the persons appearing to the fact, that - unless there is a notarial certificate of authenticity of the signatures and a notarial
or equivalent confirmation of representation power - he could examine neither the authenticity of the signatures nor the authorisation
of the signatories to represent the respective party. Nevertheless the persons appearing insisted on the immediate notarization
and released each party from submitting subsequently certified powers of attorney or other documents evidencing or supporting the
representative capacity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The acting Notary advised the persons appearing
that a notary who or whose partners in the law firm have formerly acted as legal advisors to one of the parties involved in the
matter to be notarized would not be entitled to take office as a notary in the matter at hand pursuant to &sect;&sect; 23 ss. of
the Act of Notarization of the Canton Basel-City, which provisions correspond with the so-called &ldquo;Vorbefassungsverbot&rdquo;
under the German Act of Notarization (&sect; 3 Sect. 1(7)). The acting Notary states that he himself and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">his firm have not been involved in the matter
at hand in the meaning of said provisions. The Parties hereto confirm such statement of the acting Notary.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The persons appearing requested this Deed
including its Annexes and Exhibits to be recorded in the English language. The acting Notary Public who is in sufficient command
of the English language ascertained that the persons appearing are also in command of the English language. After having been instructed
by the acting Notary, the persons appearing waived the right to obtain the assistance of a sworn interpreter and to obtain a certified
translation of this Deed including the Annexes and Exhibits hereto.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">________________</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: justify">The persons appearing, acting as indicated,
declared with request for notarial recording the following</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Investment and Shareholders&rsquo; Agreement<BR>
Series C Preferred Shares Financing<BR>
InflaRx GmbH, Jena, Germany</P>

<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">CONTENTS</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</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: 96%; font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">Table of Annexes and Exhibits</TD>
    <TD STYLE="width: 4%; text-align: right; font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">Preamble</TD>
    <TD STYLE="text-align: right; font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">Section I Financing Structure</TD>
    <TD STYLE="text-align: right; font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 1 Commitments First Closing</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 2 Share Capital Increase First Closing; Restatement of the Articles of Association and By-laws for the Management Board</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 3 Second Closing</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">24</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 4 Non-statutory Payments into the Capital Reserves</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">27</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 5 Use of Proceeds</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 6 Employee Participation Programs</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 7 Classes of Shares</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">Section II Representations and Warranties</TD>
    <TD STYLE="text-align: right; font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 8 Current Shareholders&rsquo; Representations and Warranties</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 9 Business Representations and Warranties</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">38</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 10 General Limitations</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">Section III Restrictions on Disposals of Shares</TD>
    <TD STYLE="text-align: right; font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">41</TD></TR>
</TABLE>

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<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: 96%; font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 11 Lock-up</TD>
    <TD STYLE="width: 4%; text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">41</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 12 Rights of First Refusal</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">42</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 13 Co-sale Rights</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 14 Drag-along Rights</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">48</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 15 Permitted Transfers</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">50</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 16 Accession of Future Shareholders to this Agreement</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 17 Consent of the Shareholders</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">52</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 18 Inheritance</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">Section IV Further Financing of the Company</TD>
    <TD STYLE="text-align: right; font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 19 Future Financing Agreements</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">Section V IPO and Trade Sale</TD>
    <TD STYLE="text-align: right; font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">55</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 20 Initial Public Offering</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">55</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 21 Preference in Liquidation and Sale Proceeds</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">57</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 22 Conversion of Preferred Shares</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">62</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">Section VI Corporate Governance</TD>
    <TD STYLE="text-align: right; font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">62</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 23 Management of the Company</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">62</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 24 D&amp;O Insurance</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">62</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 25 Information</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">63</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 26 KfW Participation Principles</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">64</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">Section VII Final Provisions</TD>
    <TD STYLE="text-align: right; font-variant: small-caps; padding-top: 3pt; padding-bottom: 3pt">65</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 27 Duration of this Agreement; Termination of Prior Agreements</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">65</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 28 Transaction Costs</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">65</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-style: italic; padding-top: 3pt; padding-bottom: 3pt; padding-left: 0.125in">&sect; 29 Miscellaneous</TD>
    <TD STYLE="text-align: right; font-style: italic; padding-top: 3pt; padding-bottom: 3pt">66</TD></TR>
</TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Table of Annexes and Exhibits</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</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: 20%; text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Annex &sect; 2(1)b)</TD>
    <TD STYLE="width: 80%; text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Restated Articles of Association</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Annex &sect; 2(1)c)</TD>
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">By-laws for the Management Board</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Annex &sect; 3(1)-A</TD>
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Investment Declaration</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Annex &sect; 3(1)-B</TD>
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Joinder</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Annex &sect; 6(2)</TD>
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Terms and Conditions Stock Option Plan 2016</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Annex &sect; 9(1)</TD>
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Business Representations and Warranties</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Exhibit 4</TD>
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Conversion, subscription, option or similar rights</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Exhibit 5</TD>
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Excerpt of the Commercial Register</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Exhibit 8</TD>
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Agreements between the Company and Current
    Shareholders, their relatives or affiliated companies</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Exhibit 13</TD>
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Financial Statements 2015</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Exhibit 17</TD>
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">IP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">Annex &sect; 26(1)</TD>
    <TD STYLE="text-align: justify; padding-top: 6pt; padding-bottom: 6pt">KfW Participation Principles</TD></TR>
</TABLE>

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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Investment and Shareholders&rsquo; Agreement<BR>
Series C Preferred Shares Financing<BR>
InflaRx GmbH, Jena, Germany</P>

<P STYLE="font: bold 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: center">by and between</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&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"></TD><TD STYLE="width: 27pt">1.</TD><TD><B>Prof. Dr. Niels Riedemann, </B>&Uuml;ber den Teufelsl&ouml;chern 7, 07749 Jena, Germany</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: right">- hereinafter referred to as &ldquo;<B>Prof.
Dr. Niels Riedemann</B>&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">2.</TD><TD><B>Prof. Dr. Renfeng Guo, </B>821 Gallery Lane, Ann Arbor, MI 48103, Michigan, USA</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: right">- hereinafter referred to as &ldquo;<B>Prof.
Dr. Renfeng Guo</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">3.</TD><TD><B>Nicolas Fulpius, </B>43c Route de Ch&ecirc;ne, CH-1208 Geneva, Switzerland</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: right">- hereinafter referred to as &ldquo;<B>Nicolas
Fulpius</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">4.</TD><TD><B>University of Michigan, </B>Office of Technology Transfer, 1600 Huron Pkwy, Building 520, Ann Arbor, MI 48104-2590, Michigan,
USA</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: right">- hereinafter referred to as &ldquo;<B>UofM</B>&rdquo;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">5.</TD><TD><B>Mark K&uuml;bler, </B>Erlenmatte 10, CH-8832 Wollerau, Switzerland</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: right">- hereinafter referred to as &ldquo;<B>Mark
K&uuml;bler</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">6.</TD><TD><B>Rolf K&uuml;bler, </B>Erlenmatte 10, CH-8832 Wollerau, Switzerland</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: right">- hereinafter referred to as &ldquo;<B>Rolf
K&uuml;bler</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">7.</TD><TD><B>Ammann Group Holding AG, </B>c/o Walder Wyss AG, Bubenbergplatz 8, Postfach 8750, CH-3001 Bern, Switzerland, registered
with the Commercial Register of the Canton Bern under CHE-103.003.538</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: right">- hereinafter referred to as &ldquo;<B>Ammann
Group</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">8.</TD><TD><B>KfW Anstalt des &ouml;ffentlichen Rechts, </B>Ludwig-Erhard-Platz 1-3, 53179 Bonn, Germany</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: right">- hereinafter referred to as &ldquo;<B>KfW</B>&rdquo;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">9.</TD><TD><B>Private Equity Th&uuml;ringen GmbH &amp; Co. KG, </B>Gorkistra&szlig;e 9, 99084 Erfurt, Germany, registered with the Commercial
Register of the Jena Local Court under HRA 103063</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: right">- hereinafter referred to as &ldquo;<B>PET-I</B>&rdquo;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">10.</TD><TD><B>Private Equity Th&uuml;ringen GmbH &amp; Co. Zweite Beteiligungen KG, </B>Gorkistra&szlig;e 9, 99084 Erfurt, Germany, registered
with the Commercial Register of the Jena Local Court under HRA 501890</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: right">- hereinafter referred to as &ldquo;<B>PET-II</B>&rdquo;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">11.</TD><TD><B>Prof. Dr. Konrad Reinhart, </B>Philosophenweg 17, 07743 Jena, Germany</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: right">- hereinafter referred to as &ldquo;<B>Prof.
Dr. Konrad Reinhart</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">12.</TD><TD><B>Kamalaka Enterprises Limited, </B>Susan Court B1, Triq il-Prinjolata, Ta &lsquo;Xbiex, XbXI 1130, Malta, registered in Malta
under registry number C 54041</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: right">- hereinafter referred to as &ldquo;<B>Kamalaka</B>&rdquo;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">13.</TD><TD><B>Cabita Investments Limited, </B>Susan Court B1, Triq il-Prinjolata, Ta &lsquo;Xbiex, XbXI 1130, Malta, registered in Malta
under registry number C 58548</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: right">- hereinafter referred to as &ldquo;<B>Cabita</B>&rdquo;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">14.</TD><TD><B>Carla Comelli, </B>Felsenstrasse 76, CH-8832 Wollerau, Switzerland</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: right">- hereinafter referred to as &ldquo;<B>Carla
Comelli</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">15.</TD><TD><B>Arnd Christ, </B>Fichtenstra&szlig;e 13, 82152 Krailling, Germany</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: right">- hereinafter referred to as &ldquo;<B>Arnd
Christ</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">16.</TD><TD><B>Staidson Hong Kong Investment Company Limited, </B>1/F 122D Ma Yautong Sai Kung N.T., Hong Kong</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: right">- hereinafter referred to as &ldquo;<B>Staidson</B>&rdquo;
or &ldquo;<B>Lead Investor</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">17.</TD><TD><B>METALL ZUG AG,</B> Industriestrasse 66, Postfach 59, CH-6301 Zug, Switzerland, registered with the Commercial Register of
the Canton Zug under CHE-101.865.948</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: right">- hereinafter referred to as &ldquo;<B>Metall
Zug</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">18.</TD><TD><B>Guillermo Francisco Vogel Hinojosa, </B>Campos El&iacute;seos 400, Piso 17, Ciudad de M&eacute;xico 11560, M&eacute;xico</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: right">- hereinafter referred to as &ldquo;<B>Guillermo
Vogel</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">19.</TD><TD><B>Angel Servando Sosa Hurtado,</B> Manuel M. Sol&oacute;rzano 21, Ciudad de M&eacute;xico 04730, M&eacute;xico</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: right">- hereinafter referred to as &ldquo;<B>Angel
Sosa</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">20.</TD><TD><B>Daniel P&eacute;rez Gil de Hoyos,</B> Blvd. Adolfo L&oacute;pez Mateos 2349, Piso 6, Ciudad de M&eacute;xico 04500, M&eacute;xico</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: right">- hereinafter referred to as &ldquo;<B>Daniel
Perez</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">21.</TD><TD><B>Mita Maria Paola Castiglioni Grassi, </B>Sierra Ventana 334, Ciudad de M&eacute;xico 11000, M&eacute;xico</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: right">- hereinafter referred to as &ldquo;<B>Mita
Grassi</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">22.</TD><TD><B>Marco Simeoni,</B> Rue du Petit Ch&ecirc;ne 23, CH-1003 Lausanne, Switzerland</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: right">- hereinafter referred to as &ldquo;<B>Marco
Simeoni</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">23.</TD><TD><B>Philippe Beal,</B> Rue des Petites-Buttes 16B, CH-1180 Rolle, Switzerland</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: right">- hereinafter referred to as &ldquo;<B>Philippe
Beal</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 27pt">24.</TD><TD><B>Pierre-Alain Racine,</B> Chemin du Midi 3, CH-1350 Orbe, Switzerland</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">- hereinafter referred to as &ldquo;<B>Pierre-Alain
Racine</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">25.</TD><TD><B>DocEpsilon LLC,</B> 4251 Park Lane, Dallas, TX 75220, USA</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">- hereinafter referred to as &ldquo;<B>DocEpsilon</B>&rdquo;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">26.</TD><TD><B>Romaria Investment Corp, </B>53rd E Street, Urb. Marbella, MMG Tower, Piso 16, Panama, registered with the Commercial Register
of Panama under no. 706064</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">- hereinafter referred to as &ldquo;<B>Romaria</B>&rdquo;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">27.</TD><TD><B>Philippe Meyer, </B>R&uuml;tistrasse 8, CH-8702 Zollikon, Switzerland</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">- hereinafter referred to as &ldquo;<B>Philippe
Meyer</B>&rdquo; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">28.</TD><TD><B>Mulberry Invest AG, </B>Kantonsstrasse 22, CH-8807 Freienbach, Switzerland, registered with the Commercial Register of the
Canton Schwyz under CHE-113.025.820,</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: right">- hereinafter referred to as &ldquo;<B>Mulberry</B>&rdquo;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">29.</TD><TD><B>InflaRx GmbH, </B>Winzerlaer Stra&szlig;e 2, 07745 Jena, Germany, registered with the Commercial Register of the Jena Local
Court under HRB 502149.</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: justify">The parties named under 1. to 3. above are
hereinafter collectively referred to as the &ldquo;<B>Founders</B>&rdquo; and each individually as a &ldquo;<B>Founder</B>&rdquo;<B>.
</B>The parties named under 15. to 28. above are hereinafter collectively referred to as the &ldquo;<B>New Investors</B>&rdquo;
and each individually as a &ldquo;<B>New Investor</B>&rdquo;<B>. </B>The parties named under 2., 3., 5. to 7., 10., 11. and 14.
to 28. above are hereinafter collectively referred to as the &ldquo;<B>Initial Series C Investors</B>&rdquo; and each individually
as an &ldquo;<B>Initial Series C Investor</B>&rdquo;<B>. </B>The parties named under 5. to 10., 12. to 14. and 16. to 28. above
are hereinafter collectively referred to as the &ldquo;<B>Financial Investors</B>&rdquo; and each individually as a &ldquo;<B>Financial
Investor</B>&rdquo;<B>. </B>The parties named under 1. to 14. above are hereinafter collectively referred to as the &ldquo;<B>Current
Shareholders</B>&rdquo; and each individually as a &ldquo;<B>Current Shareholder</B>&rdquo;<B>. </B>The parties named under 1.
to 28. above are hereinafter collectively referred to as the &ldquo;<B>Shareholders</B>&rdquo; and each individually as a &ldquo;<B>Shareholder</B>&rdquo;<B>.
</B>The parties named under 1. to 29. above are hereinafter collectively referred to as the &ldquo;<B>Parties</B>&rdquo; and each
individually as a &ldquo;<B>Party</B>&rdquo;<B>.</B></P>

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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Preamble</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&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"></TD><TD STYLE="width: 27pt">(A)</TD><TD STYLE="text-align: justify">The Current Shareholders are the sole shareholders of InflaRx GmbH with its registered seat in
Jena, Germany, registered with the Commercial Register of the Jena Local Court under HRB 502149 (hereinafter referred to as the
&ldquo;<B>Company</B>&rdquo;). The object of the Company is the development, manufacture and distribution of anti-inflammatory
therapeutics and diagnostics, in particular in the field of acute and chronic inflammatory diseases.</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"></TD><TD STYLE="width: 27pt">(B)</TD><TD STYLE="text-align: justify">The share capital of the Company currently amounts to EUR 125,332.00, divided into 125,332 shares
with a nominal value of EUR 1.00 each, is fully paid in and held exclusively by the Current Shareholders and the Company as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</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: 36%; border: Black 1pt solid; padding: 2pt 5pt"><B>Current Shareholder</B></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: center"><B>Total Shares</B><BR>
<B>(EUR)</B></TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: center"><B>Share Numbers</B></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: center"><B>Participation</B><BR>
<B>(%)</B></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">Prof. Dr. Niels Riedemann</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">11,875.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">11,899 to 23,773</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">9.47</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">Prof. Dr. Renfeng Guo</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">11,875.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">24 to 11,898</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">9.47</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">Nicolas Fulpius</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">3,125.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">23,774 to 26,898</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">2.49</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">UofM</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">1,250.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">73,963 to 75,212</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">1.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">Mark K&uuml;bler</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">3,480.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">70,483 to 73,962</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">2.78</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">Rolf K&uuml;bler</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 5pt; text-align: right">9,746.00</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 5pt; text-align: right">103,898 to 105,627</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 5pt; text-align: right">7.78</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">59,261 to 67,276</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">Ammann Group</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 5pt; text-align: right">12,102.00</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 5pt; text-align: right">75,213 to 84,108</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 5pt; text-align: right">9.66</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">67,277 to 70,482</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">KfW</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">19,289.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">84,109 to 103,397</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">15.39</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">PET I</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">24,750.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">26,899 to 51,648</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">19.75</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">PET II</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 5pt; text-align: right">14,394.00</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 5pt; text-align: right">105,628 to 116,014</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 5pt; text-align: right">11.48</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">51,649 to 55,655</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">Prof. Dr. Konrad Reinhart</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">802.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">55,656 to 56,457</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">0.64</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">Kamalaka</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">6,924.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">116,015 to 122,938</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">5.52</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">Cabita</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">692.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">122,939 to 123,630</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">0.55</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">Carla ComeIli</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">1,725.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">123,631 to 125,355</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">1.38</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">Company (treasury shares)</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 5pt; text-align: right">3,303.00</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 5pt; text-align: right">103,398 to 103,897</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 5pt; text-align: right">2.64</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">56,458 to 59,260</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 5pt"><B>Total</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right"><B>125,332.00</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right"><B>--</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 5pt; text-align: right"><B>100.00</B></TD></TR>
<TR>
    <TD STYLE="padding: 2pt 5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 2pt 5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 2pt 5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 2pt 5pt">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27pt">(C)</TD><TD STYLE="text-align: justify">The Company seeks growth financing in the total amount of up to approx. EUR 45,000,000.00 as a
Series C round of financing against subscription of shares of a new class of Series C Preferred Shares of the Company and additional</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">payments into
the capital reserves of the Company within the meaning of &sect; 272 (2) No. 4 of the German Commercial Code (<I>HGB</I>) to be
invested in up to two closings in accordance with the terms and conditions of this &ldquo;Investment and Shareholders&rsquo; Agreement
Series C Preferred Shares Financing InflaRx GmbH, Jena, Germany&rdquo; (hereinafter referred to as &ldquo;<B>this Agreement</B>&rdquo;<B>,
</B>and such growth financing hereinafter referred to as the &ldquo;<B>Series C Preferred Shares Financing</B>&rdquo;<B>). </B>The
pre-money valuation of the Company in the Series C Preferred Shares Financing shall amount to EUR 80,051,024.00 resulting in a
share price of EUR 656.00 per each Series C Preferred Share with a nominal value of EUR 1.00 to be issued in the Series C Preferred
Shares Financing (hereinafter referred to as the &ldquo;<B>Series C Share Price</B>&rdquo;<B>). </B>The Initial Series C Investors
are prepared to undertake an investment of EUR 30,993,376.00 in aggregate as equity capital in the first closing of the Series
C Preferred Shares Financing in accordance with the terms and conditions of this Agreement (hereinafter referred to as the &ldquo;<B>First
Closing</B>&rdquo;<B>). </B>KfW, the other Current Shareholders and one or more further external investors shall be invited (but
not obliged) to participate in the Series C Preferred Shares Financing by undertaking an investment of up to a total amount of
EUR 45,000,000.00 in aggregate minus the investments by the Initial Series C Investors in the First Closing as equity capital in
the Second Closing (as defined below) of the Series C Preferred Shares Financing on or before 31 October 2016 at the same terms
and conditions as offered to the Initial Series C Investors in the course of the First Closing (except for those terms and conditions
that are personal to the Lead Investor) and in accordance with the terms and conditions of this Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; 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"></TD><TD STYLE="width: 27pt">(D)</TD><TD STYLE="text-align: justify">The Parties intend to lay down the principles of the legal relationship between all Shareholders
as current and future shareholders of the Company.</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: justify">NOW, THEREFORE, the Parties hereby enter
into this Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Section I<BR>
Financing Structure</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 1<BR>
Commitments First Closing</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">Each of the Initial Series C Investors undertakes individually for himself vis-&agrave;-vis each
other and each of the other Shareholders, but not vis-&agrave;-vis the Company,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">to invest
in the Series C Preferred Shares Financing the respective amount as stated for the respective Initial Series C Investor in the
following table as capital contributions towards the share capital of the Company and additional payments into the capital reserves
of the Company within the meaning of &sect; 272 (2) No. 4 HGB in accordance with the terms and conditions of this Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 49%; border: Black 1pt solid; padding: 2pt"><B>Initial Series C </B><BR>
<B>Investor</B></TD>
    <TD STYLE="width: 51%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt; text-align: center"><B>Total</B><BR>
<B>(EUR)</B></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Prof. Dr. Renfeng Guo</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">99,712.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Nicolas Fulpius</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">399,504.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Mark K&uuml;bler</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">749,808.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Rolf K&uuml;bler</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">499,872.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Ammann Group</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">1,499,616.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">PET-II</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">999,744.00</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Prof. Dr. Konrad<BR>
Reinhart</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">149,568.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Carla Comelli</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">249,936.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Arnd Christ</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">49,856.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Staidson</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">18,099,696.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Metall Zug</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">1,499,616.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Guillermo Vogel</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">199,424.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Angel Sosa</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">199,424.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Daniel P&eacute;rez</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">149,568.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Mita Grassi</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">199,424.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Marco Simeoni</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">999,744.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Philippe Beal</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">499,872.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Pierre-Alain Racine</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">299,792.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">DocEpsilon</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">149,568.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Romaria</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">2,999,888.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Philippe Meyer</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">499,872.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Mulberry</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">499,872.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt"><B>Total</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right"><B>30,993,376.00</B></TD></TR>
<TR>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 2pt">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" 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: 27pt">(2)</TD><TD STYLE="text-align: justify">The Shareholders agree that the Initial Series C Investors&rsquo; obligations under this &sect;
1 shall exist only on the basis of a contractual agreement by and between the Initial Series C Investors and the Shareholders and
not vis-&agrave;-vis the Company. The Company itself is not a party to this &sect; 1 and shall not be entitled to demand performance
of the obligations under this &sect; 1. The claims under this &sect; 1 shall not be assignable. This &sect; 1 shall neither constitute
a contract for the benefit of a</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">third party
(<I>kein Vertrag zugunsten Dritter</I>) nor a contract with protective effect for the benefits of third parties (<I>kein Vertrag
mit Schutzwirkung f&uuml;r Dritte</I>)<I>. </I>This &sect; 1 shall not establish any secondary obligations within the meaning of
&sect; 3 (2) of the German Law Pertaining to Companies with Limited Liability (<I>GmbHG</I>)<I>. </I>Any joint and several liability
(<I>gesamtschuldnerische Haftung</I>) of the Initial Series C Investors under this &sect; 1 shall be excluded.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 2<BR>
Share Capital Increase First Closing;<BR>
Restatement of the Articles of Association and<BR>
By-laws for the Management Board</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">Each of the Current Shareholders undertakes individually for himself vis-&agrave;-vis each of the
other Shareholders, but not vis-&agrave;-vis the Company, to resolve unanimously and with all votes in an extraordinary Shareholders&rsquo;
Meeting of the Company to be held in the form of a general meeting (<I>Vollversammlung</I>) immediately after the notarization
of this Agreement to</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: 27pt"></TD><TD STYLE="width: 27pt">a)</TD><TD STYLE="text-align: justify">increase the Company&rsquo;s share capital from EUR 125,332.00 by EUR 47,246.00 to EUR 172,578.00
in return for cash contributions by the issue of 47.246 new Series C Preferred Shares of the Company with a nominal value of EUR
1.00 each with the share numbers 125,356 (inclusive) through 172,601 (inclusive) and only invite the Initial Series C Investors
to subscribe and to take over the new Series C Preferred Shares with a nominal value of EUR 1.00 each as set forth in the following
table:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 49%; border: Black 1pt solid; padding: 2pt"><B>Initial Series C</B><BR>
<B>Investor</B></TD>
    <TD STYLE="width: 51%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt; text-align: center"><B>Series C Preferred</B><BR>
<B>Shares <I>&agrave; </I>EUR 1.00</B><BR>
<B>(number)</B></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Prof. Dr. Renfeng Guo</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">152</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Nicolas Fulpius</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">609</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Mark K&uuml;bler</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">1,143</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Rolf K&uuml;bler</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">762</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Ammann Group</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">2,286</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">PET-II</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">1,524</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Prof. Dr. Konrad<BR>
Reinhart</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">228</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Carla Comelli</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">381</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Arnd Christ</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">76</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49%; border: Black 1pt solid; padding: 2pt">Staidson</TD>
    <TD STYLE="width: 51%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">27,591</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Metall Zug</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">2,286</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Guillermo Vogel</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">304</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Angel Sosa</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">304</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Daniel P&eacute;rez</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">228</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Mita Grassi</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">304</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Marco Simeoni</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">1,524</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Philippe Beal</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">762</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Pierre-Alain Racine</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">457</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">DocEpsilon</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">228</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Romaria</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">4,573</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Philippe Meyer</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">762</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Mulberry</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">762</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt"><B>Total</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right"><B>47,246</B></TD></TR>
<TR>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 2pt 20pt 2pt 2pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The new Series C Preferred Shares shall
have the rights, preferences and privileges as set forth in the amended and restated Articles of Association of the Company under
&sect; 2(1)b) below and this Agreement. The new Series C Preferred Shares shall be issued for the nominal value and shall be entitled
to participate in profits as from 1 January 2016. The capital contributions in the nominal value shall be paid in full and in cash
within ten bank working days in Frankfurt am Main, Germany (hereinafter referred to as &ldquo;<B>Bank Working Days</B>&rdquo;)
after this Agreement has come into force to the following special account for the increase of the share capital (<I>Kapital-erhohungssonderkonto</I>)
of the Company:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; padding: 2pt">Account holder:</TD>
    <TD STYLE="width: 62%; padding: 2pt">InflaRx GmbH</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt">Bank:</TD>
    <TD STYLE="padding: 2pt">Sparkasse Jena</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt">IBAN:</TD>
    <TD STYLE="padding: 2pt">DE13 8305 3030 0018 0358 76</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt">BIC/SWIFT:</TD>
    <TD STYLE="padding: 2pt">HELADEF1JEN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt">b)</TD><TD STYLE="text-align: justify">adopt the amended and restated Articles of Association of the Company as set forth in <U>Annex
&sect; 2(1)b)</U> to this Agreement (hereinafter referred to as the &ldquo;<B>Restated Articles of Association</B>&rdquo;); and</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: 27pt"></TD><TD STYLE="width: 27pt">c)</TD><TD STYLE="text-align: justify">adopt the By-laws for the Management Board of the Company as set forth in <U>Annex&nbsp; &sect;
2(1)c)</U> to this Agreement.</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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">Each of the Shareholders undertakes individually for himself vis-&agrave;-vis each of the other
Shareholders, to do or cause to be done everything necessary or appropriate for the implementation of the measures agreed in &sect;
2(1) above.</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 0pt 0.4in; text-align: justify">Thus, each of the Current Shareholders
undertakes individually for himself vis-&agrave;-vis each of the other Shareholders, in particular without limitation to participate
in the Shareholders&rsquo; Meeting of the Company as set forth in &sect; 2(1) above, to exercise his voting rights and other rights
in such Shareholders&rsquo; Meeting in favour of the measures agreed in &sect; 2(1) above, and to waive the subscription rights
to which he is entitled for the subscription to new shares to the extent set forth in &sect; 2(1) above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">Further, each of the Shareholders
undertakes individually for himself vis-&agrave;-vis each of the other Shareholders, to refrain from any actions which could prevent
or defer the implementation of the measures agreed in &sect; 2(1) above as well as to waive the right to raise objections to, and
to challenge, the resolutions of the Shareholders&rsquo; Meeting under &sect; 2(1) above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">Each of the Initial Series C Investors undertakes individually for himself vis-&agrave;-vis each
other and each of the other Shareholders, but not vis-&agrave;-vis the Company, to subscribe and to take over the new Series C
Preferred Shares of the Company stated for them in the table in &sect; 2(1)a) above, respectively, immediately after the end of
the Shareholders&rsquo; Meeting under &sect; 2(1) above and to pay in full and in cash the capital contributions in the nominal
value within ten Bank Working Days after this Agreement has come into force to the special account for the increase of the share
capital of the Company set forth in &sect; 2(1)a) above. Payments shall be made exclusively to this special account; this special
account must not have a debit balance immediately prior to the aforementioned payments being effected, so that the Company&rsquo;s
Managing Directors (<I>Gesch&auml;ftsf&uuml;hrer</I>) can freely dispose of the amounts paid.</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"></TD><TD STYLE="width: 27pt">(4)</TD><TD STYLE="text-align: justify">Without undue delay (<I>unverz&uuml;glich</I>) <I>after </I>(i) the subscription and taking over
of the new Series C Preferred Shares under &sect; 2(1)a) above and (ii) the receipt of the total capital contributions in the nominal
value for such new shares and (iii) the payment of the additional payments into the capital reserves of the Company by the Initial
Series C Investors pursuant to &sect; 4 (for the avoidance of doubt: either directly into the account of the Company or into the
trust account set up by the notary as escrow agent), the Company shall apply for registration of the</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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">resolution
to increase the Company&rsquo;s share capital under &sect; 2(1)a) above and the Restated Articles of Association with the Commercial
Register and shall take all other actions and make all other declarations necessary or appropriate for the increase of the Company&rsquo;s
share capital under &sect; 2(1)a) above and the Restated Articles of Association to become effective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; 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"></TD><TD STYLE="width: 27pt">(5)</TD><TD STYLE="text-align: justify">Should the Commercial Register make valid objections to the increase of the Company&rsquo;s share
capital under &sect; 2(1)a) above and/or the Restated Articles of Association, the Shareholders undertake, as amongst each other,
to remove such objections without undue delay by way of adopting the necessary resolutions in the Shareholders&rsquo; Meeting of
the Company so that the purpose and intention of the provisions objected to can be achieved to the maximum permissible extent.</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"></TD><TD STYLE="width: 27pt">(6)</TD><TD STYLE="text-align: justify">The Shareholders undertake vis-&agrave;-vis each other, as from the notarization of this Agreement
up until the increase of the Company&rsquo;s share capital under &sect; 2(1)a) above and the Restated Articles of Association have
been registered with the Commercial Register, to treat each other as if the Restated Articles of Association had already come into
force upon the end of the Shareholders&rsquo; Meeting under &sect; 2(1)a) above and each of the Initial Series C Investors had
already acquired the new Series C Preferred Shares to be issued under &sect; 2(1)a) above upon subscription, respectively, to the
extent legally permissible. Thus, each of the Shareholders undertakes individually for himself vis-&agrave;-vis each of the Initial
Series C Investors, as from the subscription of the new Series C Preferred Shares under &sect; 2(1)a) above, respectively, to put
each of the Initial Series C Investors internally in such position as they each would be in, if they had acquired the financial
rights (<I>Verm&ouml;gensrechte</I>) and, to the extent legally permissible, the administrative rights (<I>Verwaltungsrechte</I>)
under this Agreement and the Restated Articles of Association resulting from the new Series C Preferred Shares to be issued under
&sect; 2(1)a) above upon subscription, respectively.</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"></TD><TD STYLE="width: 27pt">(7)</TD><TD STYLE="text-align: justify">After the increase of the Company&rsquo;s share capital under &sect; 2(1)a) above has become effective,
the share capital of the Company will be held exclusively by the Shareholders and the Company as follows:</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 CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; border: Black 1pt solid; padding: 2pt 20pt 2pt 2pt"><B>Shareholder</B></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: center"><B>Total Shares</B><BR>
<B>(EUR)</B></TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: center"><B>Share Numbers</B></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: center"><B>Participation</B><BR>
<B>(%)</B></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Prof. Dr. Niels Riedemann</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">11,875.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">11,899 to 23,773</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">6.88</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Prof. Dr. Renfeng Guo</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">12,027.00</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">24 to 11,898</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">6.97</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">125,356 to 125,507</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Nicolas Fulpius</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">3,734.00</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">23,774 to 26,898</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">2.16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">125,508 to 126,116</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">UofM</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">1,250.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">73,963 to 75,212</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">0.72</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Mark K&uuml;bler</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">4,623.00</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">70,483 to 73,962</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">2.68</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">126,117 to 127,259</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Rolf K&uuml;bler</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">10,508.00</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">103,898 to 105,627</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">6.09</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">59,261 to 67,276</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">127,260 to 128,021</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Ammann Group</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">14,388.00</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">75,213 to 84,108</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">8.34</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">67,277 to 70,482</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">128,022 to 130,307</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">KfW</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">19,289.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">84,109 to 103,397</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">11.18</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">PET-I</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">24,750.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">26,899 to 51,648</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">14.34</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">PET-II</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">15,918.00</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">105,628 to 116,014</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">9.22</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">51,649 to 55,655</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">130,308 to 131,831</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Prof. Dr. Konrad Reinhart</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">1,030.00</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">55,656 to 56,457</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">0.60</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">131,832 to 132,059</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Kamalaka</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">6,924.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">116,015 to 122,938</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">4.01</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Cabita</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">692.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">122,939 to 123,630</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">0.40</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Carla Comelli</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">2,106.00</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">123,631 to 125,355</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">1.22</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">132,060 to 132,440</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Arnd Christ</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">76.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">132,441 to 132,516</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">0.04</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Staidson</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">27,591.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">132,517 to 160,107</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">15.99</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Metall Zug</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">2,286.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">160,108 to 162,393</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">1.32</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Guillermo Vogel</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">304.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">162,394 to 162,697</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">0.18</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Angel Sosa</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">304.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">162,698 to 163,001</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">0.18</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Daniel P&eacute;rez</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">228.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">163,002 to 163,229</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">0.13</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Mita Grassi</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">304.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">163,230 to 163,533</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">0.18</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Marco Simeoni</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">1,524.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">163,534 to 165,057</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">0.88</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Philippe Beal</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">762.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">165,058 to 165,816</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">0.44</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Pierre-Alain Racine</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">457.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">165,817 to 166,276</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">0.26</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">DocEpsilon</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">228.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">166,277 to 166,504</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">0.13</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Romaria</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">4,573.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">166,505 to 171,077</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">2.65</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Philippe Meyer</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">762.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">171,078 to 171,839</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">0.44</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Mulberry</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">762.00</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">171,840 to 172,601</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">0.44</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">Company (treasury shares)</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">3,303.00</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">103,398 to 103,897</TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">1.91</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">56,458 to 59,260</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt 20pt 2pt 2pt"><B>Total</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right"><B>172,578.00</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right"><B>--</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right"><B>100.00</B></TD></TR>
</TABLE>

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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 3<BR>
Second Closing</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">The Parties agree that KfW, the Current Shareholders other than KfW and one or more further external
investors who are approved by the Advisory Board (<I>Beirat</I>) of the Company with a simple majority of its members shall be
invited (but not obliged) to participate in the Series C Preferred Shares Financing by undertaking an investment of up to a total
amount of EUR 45,000,000.00 in aggregate minus the investments by the Initial Series C Investors in the First Closing at the terms
and conditions set forth in this Agreement and the Restated Articles of Association, as amended under &sect; 3(4) below, in case
of KfW and the other Current Shareholders by notarially certified (<I>notariell beglaubigt</I>) declaration to the Company using
the form attached as <U>Annex &sect; 3(1)-A</U> to this Agreement (hereinafter referred to as the &ldquo;<B>Investment Declaration</B>&rdquo;),
and in case of all other persons by acceding to this Agreement as a party with the rights and obligations of a Second Closing Investor
(as defined below), a Series C Investor (as defined below), a holder of Series C Preferred Shares, a New Investor, a Financial
Investor, a Shareholder and a Party, by notarial (<I>notariell beurkundet</I>) declaration to the Company using the form attached
as <U>Annex &sect; 3(1)-B</U> to this Agreement (hereinafter referred to as the &ldquo;<B>Joinder</B>&rdquo;), in each case on
or before 31 October 2016 (hereinafter referred to as the &ldquo;<B>Commitment Deadline</B>&rdquo;), whereby the relevant time
shall be the receipt of the relevant Investment Declaration or Joinder by the Company (hereinafter referred to as the &ldquo;<B>Second
Closing</B>&rdquo;). KfW shall be admitted to an investment of up to EUR 1,500,000.00 in the Second Closing. Otherwise, the Advisory
Board of the Company shall determine the total amount of the investments available in the Second Closing, whether one or more further
external investors shall be admitted to an investment in the Second Closing and if applicable the investment each such external
investor shall be admitted to in the Second Closing, and whether the Current Shareholders other than KfW shall be admitted to an
investment in the Second Closing and the total amount of the investments available for the Current Shareholders other than KfW
in the Second Closing, in each case with a simple majority of the members of the Advisory Board and subject to the approval of
the Management Board of the Company. To the extent that the Current Shareholders other than KfW shall be admitted to an investment
in the Second Closing and the total investment undertaken by the Current Shareholders other than KfW in the Second Closing in accordance
with the preceding provisions exceeds the total amount available for the Current</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">Shareholders
other than KfW in the Second Closing, the Current Shareholders other than KfW undertaking an investment in the Second Closing
shall be admitted to such total amount available for them in the Second Closing pro rata to the nominal value of all shares of
the Company held by such Current Shareholders <I>inter se, </I>but in each case not more than stated in the respective Investment
Declaration, unless such Current Shareholders agree otherwise. The persons admitted to and undertaking an investment in the Second
Closing in accordance with the preceding provisions hereinafter also (in addition to any other definitions) collectively referred
to as the &ldquo;<B>Second Closing Investors</B>&rdquo; and each individually as a &ldquo;<B>Second Closing Investor</B>&rdquo;;
the Initial Series C Investors and the Second Closing Investors, if any, hereinafter collectively referred to as the &ldquo;<B>Series
C Investors</B>&rdquo; and each individually as a &ldquo;<B>Series C Investor</B>&rdquo;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">All Parties hereby declare their
consent, and hereby offer, to the external investors who are approved by the Advisory Board and the Management Board of the Company
in accordance with the preceding provisions to accede as a party to this Agreement with the rights and obligations of a Second
Closing Investor, a Series C Investor, a holder of Series C Preferred Shares, a New Investor, a Financial Investor, a Shareholder
and a Party in accordance with the preceding provisions. All Parties, with the exception of the Company, hereby waive the requirement
that they are notified of any Investment Declaration or Joinder under this &sect; 3(1) pursuant to &sect; 151 sentence 1 of the
German Civil Code <I>(Verzicht auf den Zugang der Erkl&auml;rungen gema&szlig; &sect; 151 Satz 1 BGB</I>)<I>, </I>which shall become
effective upon receipt by the Company of a counterpart (<I>Ausfertigung</I>) of such declarations in accordance with the preceding
provisions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">Following the receipt of any Investment Declaration or Joinder by the Company, the Advisory Board
of the Company shall determine in its sole and free discretion with a simple majority of its members whether the respective investment
shall be implemented immediately or only together with any subsequent investment undertaken in the Second Closing, provided that
(i) to the extent that Current Shareholders other than KfW shall be admitted to an investment in the Second Closing, all investments
undertaken by the Current Shareholders other than KfW in the Second Closing shall be implemented only after the expiry of the Commitment
Deadline, and (ii) all investments undertaken in the Second Closing shall be implemented without undue delay after the expiry of
the Commitment Deadline unless they have already been implemented prior to that date.</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">Whenever one
or more investments undertaken in the Second Closing shall be implemented in accordance with the preceding provisions, the Company
shall notify all Shareholders thereof in writing, by telefax or e-mail accompanied by a copy of the relevant Investment Declaration(s)
and/or Joinder(s) (hereinafter referred to as a &ldquo;<B>Second Closing Notice</B>&rdquo;<B>).</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; 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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">Each of the Shareholders undertakes individually for himself vis-&agrave;-vis each of the other
Shareholders, but not vis-&agrave;-vis the Company, to resolve unanimously and with all votes in an extraordinary Shareholders&rsquo;
Meeting of the Company to be held in the form of a general meeting as soon as practicable, but in any event not later than two
calendar weeks after the receipt of the relevant Second Closing Notice, to further increase the Company&rsquo;s share capital in
return for cash contributions by the issue of new Series C Preferred Shares of the Company with a nominal value of EUR 1.00 each
and only invite the relevant Second Closing Investor(s) to subscribe and to take over the new Series C Preferred Shares, whereby
(each of) the relevant Second Closing Investor(s) shall be invited to subscribe and to take over such number of new Series C Preferred
Shares with a nominal value of EUR 1.00 each that corresponds to the investment to which such Second Closing Investor shall be
admitted in the Second Closing under &sect; 3(1) above divided by EUR 656.00 and the result if necessary rounded commercially down
to the next full number which is divisible by EUR 1.00. The new Series C Preferred Shares under this &sect; 3(3) shall have the
same rights, preferences and privileges as the Series C Preferred Shares issued under &sect; 2(1)a) above. The new Series C Preferred
Shares shall be issued for the nominal value and shall be entitled to participate in profits as from 1 January 2016. The capital
contributions in the nominal value shall be paid in full and in cash within ten Bank Working Days after subscription to the special
account for the increase of the share capital of the Company set forth in &sect; 2(1)a) above.</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"></TD><TD STYLE="width: 27pt">(4)</TD><TD STYLE="text-align: justify">Each of the Shareholders undertakes individually for himself vis-&agrave;-vis each of the other
Shareholders, but not vis-&agrave;-vis the Company, to resolve the amendment of the Restated Articles of Association in each Shareholders&rsquo;
Meeting under &sect; 3(3) above as follows:</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: 27pt"></TD><TD STYLE="width: 27pt">a)</TD><TD STYLE="text-align: justify">Increase of the amount of the share capital of the Company and amendment of the total share numbers
in &sect; 6 (1) of the Restated Articles of Association in accordance with the volume of the relevant increase of the Company&rsquo;s
share capital under &sect; 3(3) above; and</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: 27pt"></TD><TD STYLE="width: 27pt">b)</TD><TD STYLE="text-align: justify">inclusion of the respective new Series C Preferred Shares to be issued under &sect; 3(3) above
as Series C Preferred Shares of the Company in &sect; 6 (2) of the Restated Articles of Association</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 0pt 0.4in; text-align: justify">(the Restated Articles of Association
so amended hereinafter referred to as the &ldquo;<B>Restated Articles of Association</B>&rdquo;<B>).</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&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"></TD><TD STYLE="width: 27pt">(5)</TD><TD STYLE="text-align: justify">&sect; 2(2) to (6) above shall apply <I>mutatis mutandis; </I>provided, however, that the obligations
under &sect; 2(6) above shall apply <I>mutatis mutandis </I>as from the end of the Shareholders&rsquo; Meeting under &sect; 3(3)
above.</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; text-align: center; text-indent: 0in">&sect; 4<BR>
Non-statutory Payments into the Capital Reserves</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">Subject to the deductions provided for in &sect; 28(2) below, each of the Series C Investors undertakes
individually for himself vis-&agrave;-vis each other and each of the other Shareholders, but not vis-&agrave;-vis the Company,
to render, in addition to the capital contributions towards the share capital in the nominal value for the new Series C Preferred
Shares of the Company to be subscribed by them under &sect; 2(1)a) or &sect; 3(3) (if any) of this Agreement, respectively, additional
payments into the capital reserves of the Company within the meaning of &sect; 272 (2) No. 4 of the German Commercial Code (<I>sonstige
Zuzahlungen in die Kapitalr&uuml;cklage der Gesellschaft gema&szlig; &sect; 272 Abs. 2 Nr. 4 HGB</I>) in each case in one tranche
in accordance with the following provisions.</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 0pt 0.4in; text-align: justify">The additional payments into the
capital reserves of the Company under this &sect; 4 shall be rendered in cash to the following bank account of the Company; the
last sentence of &sect; 2(3) above shall apply <I>mutatis mutandis</I>:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; padding: 2pt">Account holder:</TD>
    <TD STYLE="width: 62%; padding: 2pt">InflaRx GmbH</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt">Bank:</TD>
    <TD STYLE="padding: 2pt">Sparkasse Jena</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt">IBAN:</TD>
    <TD STYLE="padding: 2pt">DE64 8305 3030 0000 6017 30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt">BIC/SWIFT:</TD>
    <TD STYLE="padding: 2pt">HELADEF1JEN</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">Each of the Initial Series C Investors
shall render additional payments into the capital reserves of the Company under this &sect; 4 in the respective amount as stated
for the respective Initial Series C Investor in the following table.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 49%; border: Black 1pt solid; padding: 2pt"><B>Initial Series C</B><BR>
<B>Investor</B></TD>
    <TD STYLE="width: 51%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: center"><B>Payments into the</B><BR>
<B>Capital Reserves</B><BR>
<B>(EUR)</B></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Prof. Dr. Renfeng Guo</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">99,560.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Nicolas Fulpius</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">398,895.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Mark K&uuml;bler</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">748,665.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Rolf K&uuml;bler</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">499,110.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Ammann Group</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">1,497,330.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">PET-II</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">998,110.00</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Prof. Dr. Konrad<BR>
Reinhart</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">149,340.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Carla Comelli</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">249,555.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Arnd Christ</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">49,780.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Staidson</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">18,072,105.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Metall Zug</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">1,497,330.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Guillermo Vogel</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">199,120.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Angel Sosa</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">199,120.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Daniel P&eacute;rez</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">149,340.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Mita Grassi</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">199,120.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Marco Simeoni</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">998,220.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Philippe Beal</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">499,110.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Pierre-Alain Racine</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">299,335.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">DocEpsilon</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">149,340.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Romaria</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">2,995,315.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Philippe Meyer</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">499,110.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt">Mulberry</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right">499,110.00</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2pt"><B>Total</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 20pt 2pt 2pt; text-align: right"><B>30,946,130.00</B></TD></TR>
<TR>
    <TD STYLE="padding: 2pt">&nbsp;</TD>
    <TD STYLE="padding: 2pt 20pt 2pt 2pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">Each of the Second Closing Investors
shall render additional payments into the capital reserves of the Company under this &sect; 4 in each case in an amount equal to
the investment to which such Second Closing Investor shall be admitted in the Second Closing under &sect; 3(1) above less the aggregate
nominal value of the new Series C Preferred Shares of the Company to be subscribed by such Second Closing Investor under &sect;
3(3) above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">The additional payments into the capital reserves of the Company by the Initial Series C Investors
under this &sect; 4 shall become due for payment to the Company within ten Bank Working Days after this Agreement has come into
force. Each Initial Series C Investor shall be entitled but not obliged to fulfil his respective obligation to render the additional
payments into the capital reserves of the</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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">Company under
this &sect; 4 by way of payment into a trust account set up by the notary as escrow agent on the basis of the trust agreement between
the respective Initial Series C Investor and the notary, provided that the escrow agent shall be obliged under the trust agreement
to pay such amount, reduced by fees, charges, costs and/or negative interests incurred by the notary in connection with the trust
agreement which shall be deducted by the notary from such amount, to the Company on behalf of the respective Initial Series C Investor
within ten Bank Working Days after the registration of the increase of the Company&rsquo;s share capital under &sect; 2(1)a) above
and the Restated Articles of Association under &sect; 2(1)b) above and the filing of the new shareholders list showing the Initial
Series C Investors&rsquo; shareholding in the Company in accordance with &sect; 2(7) above with the Commercial Register. The obligation
to render additional payments of each Initial Series C Investor to the Company&rsquo;s free capital reserves according to this
&sect; 4 shall be deemed fulfilled with the payment of an amount as shown in the table in &sect; 4(1) above into the trust account
as set forth in the preceding sentence and any deductions made by the notary (e.g. for costs or negative interests) from such amount
when paying it to the Company in accordance with the trust agreement shall not lead to additional payment claims of the other Shareholders
under this &sect; 4 vis-&agrave;-vis the Initial Series C Investors. The obligations of the notary under such trust agreement shall
be undertaken as a true contract for the benefit of third parties (<I>echter Vertrag zugunsten Dritter</I>) in favor of the Shareholders
with the effect that each of the Shareholders shall have an own direct claim against the notary to demand that the notary transfers
the funds of the respective Initial Series C Investors into the bank account of the Company set forth in &sect; 4(1) above and
that the provisions of the trust agreement and in particular the rights of the Shareholders may not be cancelled or modified without
the approval of each of the Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; 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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">The Company undertakes not to dispose of the additional payments into the capital reserves of the
Company by the Initial Series C Investors under this &sect; 4 in any way until registration of the increase of the Company&rsquo;s
share capital under &sect; 2(1)a) above and the Restated Articles of Association under &sect; 2(1)b) above and the filing of the
new shareholders list showing the Initial Series C</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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">Investors&rsquo;
shareholding in the Company in accordance with &sect; 2(7) above with the Commercial Register. If the registration of the increase
of the Company&rsquo;s share capital under &sect; 2(1)a) above and the Restated Articles of Association under &sect; 2(1)b) above
and the filing of the new shareholders list showing the Initial Series C Investors&rsquo; shareholding in the Company in accordance
with &sect; 2(7) above with the Commercial Register have not occurred by the end of 31 December 2016, or any later date mutually
agreed upon between the Parties, the Shareholders shall take best efforts to procure that the additional payments into the capital
reserves of the Company under this &sect; 4 shall be repaid to the respective Initial Series C Investor within ten Bank Working
Days.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; 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"></TD><TD STYLE="width: 27pt">(4)</TD><TD STYLE="text-align: justify">The additional payments into the capital reserves of the Company by the relevant Second Closing
Investor under this &sect; 4 shall become due for payment to the Company within ten Bank Working Days after receipt of a notification
from the Company in writing, by telefax or e-mail that the relevant increase of the Company&rsquo;s share capital under &sect;
3(3) above and the corresponding Restated Articles of Association under &sect; 3(4) above have been registered and the new shareholders
list showing the relevant Second Closing Investor&rsquo;s shareholding in the Company resulting from the Second Closing has <I>been
</I>filed with the Commercial Register, but by way of a condition precedent only after the passing of the resolutions of the relevant
Shareholders&rsquo; Meeting under &sect; 3(3) above and the registration of the corresponding Restated Articles of Association
under &sect; 3(4) above and the filing of the new shareholders list showing the relevant Second Closing Investor&rsquo;s shareholding
in the Company resulting from the Second Closing with the Commercial Register.</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"></TD><TD STYLE="width: 27pt">(5)</TD><TD STYLE="text-align: justify">The Shareholders agree that the obligations of the Series C Investors to render additional payments
into the capital reserves of the Company under this &sect; 4 shall exist only on the basis of a contractual agreement by and between
the Series C Investors and the Shareholders and not vis-&agrave;-vis the Company. With exception of the obligation set forth in
&sect; 4(3) above, the Company itself is not a party to this &sect; 4 and shall not be entitled to demand the payments under this
&sect; 4. The payment claims under this &sect; 4 shall not be assignable. This &sect; 4 shall neither constitute a contract for
the benefit of a third party nor a contract with protective effect for the benefits of third parties (<I>kein Vertrag mit Schutzwirkung
f&uuml;r Dritte</I>)<I>. </I>This &sect; 4 shall not establish any secondary obligations within the meaning of &sect; 3 (2) GmbHG.
Any joint and several liability (<I>gesamtschuldnerische Haftung</I>) of the Series C Investors under this &sect; 4 shall be excluded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 5<BR>
Use of Proceeds</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">The net proceeds from the Series
C Preferred Shares Financing shall be used exclusively for operational and capital expenditures, general working capital purposes
and investments of the Company, including in particular the funding of (i) the ongoing phase II clinical trial in complex cardiac
surgery with IFX-1, (ii) up to three additional phase II clinical trials in inflammatory diseases with IFX-1, (iii) the manufacturing
of IFX-1, (iv) ongoing pre-clinical research projects for IFX-1, (v) the manufacturing of IFX-2 and its pre-clinical development,
(vi) the initial IFX-3 pre-clinical development and (vii) the preparation for an IPO (e.g. on NASDAQ).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 6<BR>
Employee Participation Programs</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">In section 18 of the Investment Agreement
                                         V (<I>Beteiligungsvertrag V</I>) dated 11 July 2014 (roll of deeds no. A.Prot. 2014/97
                                         of the notary public Stephan Cueni, Basel, Switzerland; hereinafter referred to as the
                                         &ldquo;<B>Investment Agreement V</B>&rdquo;<B>), </B>the Current Shareholders and the
                                         Company have implemented a stock option plan in favour of Prof. Dr. Niels Riedemann,
                                         Prof. Dr. Renfeng Guo and further key members of the management with a total volume of
                                         5 % of the share capital of the Company after the consummation of its Series B round
                                         of financing laid down in the Investment Agreement V, providing for stock options to
                                         acquire Common Shares of the Company against payment of the nominal value (hereinafter
                                         referred to as the &ldquo;<B>Stock</B> <B>Option Plan 2014</B>&rdquo;<B>). </B>Under
                                         the Stock Option Plan 2014, stock options for shares with a total nominal value of EUR
                                         2,557.00 have been allocated to Prof. Dr. Niels Riedemann, stock options for shares with
                                         a total nominal value of EUR 2,557.00 have been allocated to Prof. Dr. Renfeng Guo, stock
                                         options for shares with a total nominal value of EUR 626.00 have been allocated to Arnd
                                         Christ and stock options for shares with a total nominal value of EUR 348.00 have been
                                         allocated to Othmar Zenker.</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 0pt 0.4in; text-align: justify">The terms and conditions of the
stock options of Prof. Dr. Niels Riedemann and Prof. Dr. Renfeng Guo are laid down in section 18 of the Investment Agreement V.
The Parties are in agreement that the terms and conditions laid down in section 18 of the Investment Agreement V shall continue
to apply, whereby all Parties agree that all milestones A, B, C, D and E laid down in section 18.2.1 of the Investment Agreement
V shall be deemed fulfilled.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">The terms and conditions of the
stock options of Arnd Christ and Othmar Zenker are laid down in section 18 of the Investment Agreement V in conjunction with their
respective service agreement. The Parties are in agreement that the terms and conditions laid down in section 18 of the Investment
Agreement V and the respective service agreement shall continue to apply, provided that the Managing Directors (<I>Gesch&auml;ftsf&uuml;hrer</I>)
of the Company with the approval of the Advisory Board of the Company shall be entitled to amend the terms and conditions set forth
in the respective service agreement of Arnd Christ or Othmar Zenker as they deem appropriate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">In order to serve the claims of
the beneficiaries under the Stock Option Plan 2014, on 11 July 2014 the Shareholders&rsquo; Meeting of the Company created an authorized
capital in the total amount of up to EUR 8,000.00 as set forth in &sect; 3 a (1) to (3) of the current Articles of Association
of the Company. In the Shareholders&rsquo; Meeting under &sect; 2(1) above, the Shareholders shall reduce this authorized capital
to a total amount of up to EUR 6,088.00 and shall extend its term up until 20 July 2021, as set forth in &sect; 6 a (1) to (3)
of the Restated Articles of Association (hereinafter referred to as the &ldquo;<B>Authorized Capital 2014/I</B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">The Shareholders are in agreement
that the Authorized Capital 2014/I shall be maintained in order to serve the claims of the beneficiaries under the Stock Option
Plan 2014, and each of the Shareholders undertakes individually for himself vis-&agrave;-vis each of the other Shareholders, to
renew the Authorized Capital 2014/I at the end of its term for a further five years if and to the extent that at the end of the
term of the Authorized Capital 2014/I claims of the beneficiaries under the Stock Option Plan 2014 are still outstanding; the preceding
provisions shall apply <I>mutatis mutandis </I>in the event that at the end of the term of such successor authorized capital claims
of the beneficiaries under the Stock Option Plan 2014 are still outstanding.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">Each of the New Investors hereby
accedes as a party to section 18 of the Investment Agreement V with the rights and obligations of a shareholder (<I>Gesellschafter</I>)
and a party (<I>Partei</I>)<I>. </I>Wherever section 18 of the Investment Agreement V refers to &ldquo;Gesellschafter&rdquo; and/or
&ldquo;Partei(en)&rdquo;, both in the singular and the plural, this shall encompass each of the New Investors as well. All other
Parties hereby expressly and irrevocably consent to this accession by the New Investors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">The Shareholders agree that as a means to promote their motivation and identification, the Company
shall establish a further stock option plan for present and future selected managing directors, key employees and consultants of
the Company, providing for stock options to acquire Common Shares of the Company with a total nominal value equal to 10&nbsp;%&nbsp;of
the share capital of the Company after the registration of the last increase of the Company&rsquo;s share capital under &sect;
2(1)a) and &sect; 3(3) (if any) above with the Commercial Register on a fully-diluted basis (i.e. including the Stock Option Plan
2014 and the Board Stock Options (as defined below), but excluding the Stock Option Plan 2016 (as defined below) and the treasury
shares), whereby 75 % of the total volume may be granted to present and future Managing Directors and the CSO of the Company and
the remaining 25&nbsp;%&nbsp;may be granted to other beneficiaries (hereinafter referred to as the &ldquo;<B>Stock Option Plan
2016</B>&rdquo;<B>). </B>The terms and conditions of the Stock Option Plan 2016 shall be as set forth in <U>Annex 6(2)</U> to this
Agreement.</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 0pt 0.4in; text-align: justify">In the Shareholders&rsquo; Meeting
under &sect; 2(1) above, the Shareholders shall</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&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: 27pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">authorize the Advisory Board of the Company
to implement, on the basis of </FONT>the terms and conditions set forth in this &sect; 6(2) and in Annex &sect; 6(2) to this Agreement,
the detailed legal structure and further terms and conditions of the Stock Option Plan 2016;</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: 27pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD STYLE="text-align: justify">authorize the Managing Directors of the Company with the approval of the Advisory Board or, to
the extent that Managing Directors are beneficiaries, the Advisory Board to determine the selection criteria and designate each
beneficiary who shall be granted stock options under the Stock Option Plan 2016, and the total number of stock options granted
to them, respectively, and other terms, conditions or limitations with respect to such granting of stock options, and to grant
stock options to acquire Common Shares of the Company with a total nominal value of EUR 17,585.00 to the beneficiaries in accordance
with the terms and conditions set forth in this &sect; 6(2), Annex &sect; 6(2) to this Agreement, (i) above and this (ii); and</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: 27pt"></TD><TD STYLE="width: 27pt">(iii)</TD><TD STYLE="text-align: justify">create a further authorized capital in order to serve the claims of the beneficiaries under the
Stock Option Plan 2016, as set forth in &sect; 6 a (4) of the Restated Articles of Association.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">The Shareholders shall endeavour
to ensure that the Stock Option Plan 2016 will be implemented by the Advisory Board by 30 September 2016 at the latest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">In each Shareholders&rsquo; Meeting
under &sect; 3(3) above, the Shareholders shall increase the volume of the authorization to grant stock options under (ii) above
and the amount of the further authorized capital under (iii) above in each case by one tenth of the volume of the relevant increase
of the Company&rsquo;s share capital under &sect; 3(3) above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">The fifth sub-paragraph of &sect;
6(1) above shall apply <I>mutatis mutandis.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">The Shareholders agree that the Company shall establish a further stock option plan for the current
members of its Advisory Board Nicolas Fulpius, Mark K&uuml;bler and Katrin Uschmann providing for stock options to acquire Common
Shares of the Company with a total nominal value of EUR 484.00 against payment of the nominal value, whereby stock options for
shares with a total nominal value of EUR 217.00 shall be allocated to Nicolas Fulpius, stock options for shares with a total nominal
value of EUR 87.00 shall be allocated to Mark K&uuml;bler and stock options for shares with a total nominal value of EUR 180.00
shall be allocated to Katrin Uschmann (hereinafter referred to as the &ldquo;<B>Board Stock Options</B>&rdquo;<B>; </B>the Stock
Option Plan 2014, the Stock Option Plan 2016 and the Board Stock Options hereinafter collectively referred to as the &ldquo;<B>ESOP</B>&rdquo;<B>).
</B>The Board Stock Options shall be fully vested as of the date of grant. The Board Stock Options shall be exercisable at the
same time as the stock options of Prof. Dr. Niels Riedemann under the Stock Option Plan 2014. The terms and conditions of the Stock
Option Plan 2014 shall apply <I>mutatis mutandis </I>to the Board Stock Options.</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 0pt 0.4in; text-align: justify">In the Shareholders&rsquo; Meeting
under &sect; 2(1) above, the Shareholders shall</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&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: 27pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify">implement the Board Stock Options in accordance with the terms and conditions set forth in this
&sect; 6(3) and authorize and direct the Managing Directors of the Company to execute in the name and on behalf of the Company
the corresponding option agreements with the beneficiaries of the Board Stock Options in accordance with the terms and conditions
set forth in this &sect; 6(3); and</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: 27pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD STYLE="text-align: justify">create a further authorized capital in order to serve the claims of the beneficiaries under the
Board Stock Options, as set forth in &sect; 6 a (5) of the Restated Articles of Association.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 27pt">The fifth
sub-paragraph of &sect; 6(1) above shall apply <I>mutatis mutandis.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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: 27pt">(4)</TD><TD STYLE="text-align: justify">Each of the Shareholders hereby expressly accepts the dilution of his participation in the Company
which the ESOP entails. &sect; 2(2) to (6) above shall apply <I>mutatis mutandis.</I></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; text-align: center; text-indent: 0in">&sect; 7<BR>
Classes of Shares</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">The shares of the Company to be issued to the Series C Investors under &sect; 2(1)(a) and &sect;&nbsp;3(3)
(if any) above and any and all other shares of the Company which under the provisions of this Agreement shall be Series C Preferred
Shares of the Company are hereinafter &ndash; including after a split or consolidation of such shares &ndash; collectively referred
to as the &ldquo;<B>Series C Preferred Shares</B>&rdquo; and each individually as a &ldquo;<B>Series C Preferred Share</B>&rdquo;.</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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">The existing shares of the Company with the share numbers 65,289 (inclusive) through 70,482 (inclusive),
80,647 (inclusive) through 84,108 (inclusive), 94,742 (inclusive) through 103,397 (inclusive) and 103,898 (inclusive) through 125,355
(inclusive) and any and all other shares of the Company which under the provisions of this Agreement shall be Series B Preferred
Shares of the Company are hereinafter &ndash; including after a split or consolidation of such shares &ndash; collectively referred
to as the &ldquo;<B>Series B Preferred Shares</B>&rdquo; and each individually as a &ldquo;<B>Series B Preferred Share</B>&rdquo;.</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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">The existing shares of the Company with the share numbers 9,424 (inclusive) through 11,898 (inclusive),
21,249 (inclusive) through 23,773 (inclusive), 26,399 (inclusive) through 62,163 (inclusive), 70,483 (inclusive) through 80,646
(inclusive), 84,109 (inclusive) through 94,741 (inclusive) and 103,398 (inclusive) through 103,897 (inclusive) and any and all
other shares of the Company which under the provisions of this Agreement shall be Series A Preferred Shares of the Company are
hereinafter &ndash; including after a split or consolidation of such shares &ndash; collectively referred to as the &ldquo;<B>Series
A Preferred Shares</B>&rdquo; and each individually as a &ldquo;<B>Series A Preferred Share</B>&rdquo;. The Series C Preferred
Shares, the Series B Preferred Shares and the Series A Preferred Shares are hereinafter collectively referred to as the &ldquo;<B>Preferred
Shares</B>&rdquo; and each individually as a &ldquo;<B>Preferred Share</B>&rdquo;.</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"></TD><TD STYLE="width: 27pt">(4)</TD><TD STYLE="text-align: justify">All other shares of the Company which shall not be Series C Preferred Shares under &sect; 7(1)
above, Series B Preferred Shares under &sect; 7(2) above or Series A Preferred Shares under &sect; 7(3) above are hereinafter &ndash;
including after a split or consolidation of such shares &ndash; collectively referred to as the &ldquo;<B>Common Shares</B>&rdquo;
and each individually as a &ldquo;<B>Common Share</B>&rdquo;.</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; text-align: center; text-indent: 0in">Section II<BR>
Representations and Warranties</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 8<BR>
Current Shareholders&rsquo; Representations and Warranties</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">Subject to the following provisions of this &sect; 8 as well as the provisions of &sect; 10 below,
each of the Current Shareholders severally and not jointly (<I>als Einzelschuldner</I>) hereby represents and warrants to each
of the Series C Investors in the form of an independent guarantee (<I>selbstst&auml;ndiges Garantieversprechen) </I>within the
meaning of &sect; 311 (1) of the German Civil Code (<I>BGB</I>) and with the legal consequences, and only with the legal consequences,
set forth in &sect; 8(2) below, that all of the following statements are fully true and correct with respect to his capacity and
his title to shares of the Company as of the date of the notarization of this Agreement (hereinafter collectively referred to as
the &ldquo;<B>Current Shareholders&rsquo; Representations and Warranties</B>&rdquo; and each individually as a &ldquo;<B>Current
Shareholders&rsquo; Representation and Warranty</B>&rdquo;):</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: 27pt"></TD><TD STYLE="width: 27pt">a)</TD><TD STYLE="text-align: justify">The respective Current Shareholder is the unlimited and unencumbered sole legal and beneficial
owner of all of the shares of the Company and the corresponding voting rights as set forth opposite the name of the respective
Current Shareholder in the table in the Preamble to this 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: 27pt"></TD><TD STYLE="width: 27pt">b)</TD><TD STYLE="text-align: justify">the shares of the Company held by the respective Current Shareholder have not been pledged (<I>verpfandet</I>)
or otherwise encumbered (<I>belastet</I>) and, save as provided otherwise in the current Articles of Association of the Company
or the Investment Agreement V, such shares are free and clear of any and all third party rights and transfer restrictions, and
the respective Current Shareholder may freely dispose of such shares without requiring the consent of any third party or violating
any third party rights, and no third party is entitled to exercise any pre-emptive rights, rights of first</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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 54.7pt; text-align: justify; text-indent: 0in">refusal, option
or other rights to purchase or acquire any shares of the Company held by the respective Current Shareholder;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 54.7pt; text-align: justify; 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: 27pt"></TD><TD STYLE="width: 27pt">c)</TD><TD STYLE="text-align: justify">the respective Current Shareholder has full power and authority to enter into and perform this
Agreement, and this Agreement constitutes valid and binding obligations of the respective Current Shareholder in accordance with
the terms herein, and the execution and performance of this Agreement by the respective Current Shareholder does not require the
approval or consent by any governmental authority or other third party.</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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">In the event that the Current Shareholders&rsquo; Representations and Warranties of any Current
Shareholder are not fully true and correct, each of the Series C Investors shall be entitled to demand from the respective Current
Shareholder to remedy the inaccuracy and/or incorrectness of such Current Shareholders&rsquo; Representations and Warranties within
a reasonable period of time, which shall not exceed 30 Bank Working Days after the receipt of such demand, in such a way that the
respective Current Shareholder brings about the situation which would have existed, had the respective Current Shareholders&rsquo;
Representations and Warranties been fully true and correct (restitution in kind; <I>Naturalrestitution</I>)<I>. </I>Should the
respective Current Shareholder not remedy the inaccuracy and/or incorrectness of such Current Shareholders&rsquo; Representations
and Warranties within such period of time or should such remedy be impossible, then each of the Series C Investors shall have the
right to demand compensation for damages in cash (<I>Schadensersatz in Geld</I>) from the respective Current Shareholder in such
a way that such Current Shareholder shall place the Series C Investors in such position in which the Series C Investors would economically
have been in, had the respective Current Shareholders&rsquo; Representations and Warranties been fully true and correct. The right
to demand compensation for damages in cash under this &sect; 8(2) shall include all damages recoverable in accordance with the
provisions of &sect;&sect; 249 <I>et seq. </I>BGB.</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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">The liability of each of the Current Shareholders under this &sect; 8 shall be limited to an amount
equal to the investment actually rendered by the respective Series C Investor under this Agreement.</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 0pt 0.4in; text-align: justify">The limitations under this &sect;
8(3) shall not apply to any claims based on a wilful (<I>vors&auml;tzlich</I>) or gross negligent (<I>grob fahrl&auml;ssig </I>inaccuracy
and/or incorrectness of any of the Current Shareholders&rsquo; Representations and Warranties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&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"></TD><TD STYLE="width: 27pt">(4)</TD><TD STYLE="text-align: justify">All claims to which the Series C Investors may be entitled under this &sect; 8 (with the exception
of claims based on a wilful or gross negligent inaccuracy and/or incorrectness of any of the Current Shareholders&rsquo; Representations
and Warranties) shall be time-barred under the statute of limitations (<I>verj&auml;hren</I>) three years after the notarization
of this Agreement. &sect; 202 BGB shall remain unaffected.</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; text-align: center; text-indent: 0in">&sect; 9<BR>
Business Representations and Warranties</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">Subject to the following provisions of this &sect; 9 as well as the provisions of &sect; 10 below,
the Company hereby represents and warrants to each of the Series C Investors in the form of an independent guarantee within the
meaning of &sect; 311 (1) BGB and with the legal consequences, and only with the legal consequences, set forth in &sect; 9(3) below,
that all of the statements which are in detail included in <U>Annex &sect; 9(1)</U> to this Agreement are fully true and correct
as of the date of the notarization of this Agreement (hereinafter collectively referred to as the &ldquo;<B>Business Representations
and Warranties</B>&rdquo; and each individually as a &ldquo;<B>Business Representation and Warranty</B>&rdquo;<B>; </B>the Current
Shareholders&rsquo; Representations and Warranties and the Business Representations and Warranties hereinafter collectively referred
to as the &ldquo;<B>Representations and Warranties</B>&rdquo; and each individually as a &ldquo;<B>Representation and Warranty</B>&rdquo;<B>).</B></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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">Claims under this &sect; 9 may only be brought, if and to the extent that the aggregate loss arising
as a result of all breaches of the Business Representations and Warranties exceeds in total the amount of EUR 100,000.00 (<I>Freibetrag</I>)<I>;
</I>if this limit is exceeded, then the loss arising and exceeding such amount of EUR 100,000.00 shall be compensated in accordance
with &sect; 9(3) below.</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 0pt 0.4in; text-align: justify">The limitations under this &sect;
9(2) shall not apply to any claims based on a wilful or gross negligent inaccuracy and/or incorrectness of any of the Business
Representations and Warranties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">In the event that the Business Representations and Warranties are not fully true and correct, the
Shareholders shall resolve in favour of an increase of the Company&rsquo;s share capital (hereinafter referred to as the &ldquo;<B>Guarantee
Share Capital Increase</B>&rdquo;) upon the demand of one or more of the Series C Investors. The Guarantee Share Capital Increase
shall be resolved and consummated without undue delay after the demand by any of the Series C Investors. Each of the Series C Investors
individually may request his participation in the Guarantee Share Capital Increase without being obliged to do so. As part of the
Guarantee Share Capital Increase, the</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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">Series C Investors,
who request this, shall be invited to subscribe and to take over such number of new Series C Preferred Shares of the Company with
a nominal value of EUR 1.00 each in return for cash contributions in payment of the nominal value without premium or any other
contributions to the capital reserves of the Company, by means of which they shall receive such participation in the Company&rsquo;s
share capital as they each would have held, if they had invested the funds (capital contributions in the nominal value and additional
payments into the capital reserves of the Company pursuant to &sect; 272 (2) No. 4 HGB) provided under this Agreement and the additional
funds provided in the Guarantee Share Capital Increase from the start at the Reduced Valuation (as defined below); the subscription
rights of the other Shareholders shall be excluded. &sect; 2(2) to (6) above shall apply <I>mutatis mutandis.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">The &ldquo;<B>Reduced Valuation</B>&rdquo;
shall be equal to a pre-money valuation of the Company of EUR 80,051,024.00 undiluted less the total amount of all damages arising
as a result of all breaches of the Business Representations and Warranties; provided, however, that such pre-money valuation shall
not be reduced by more than EUR 5,000,000.00, provided that the limitations under this &sect; 9(3) shall not apply to any claims
based on a wilful or gross negligent inaccuracy and/or incorrectness of any of the Business Representations and Warranties. If
the Parties cannot agree on the Reduced Valuation within two calendar weeks after any of the Series C Investors has demanded a
Guarantee Share Capital Increase, then the Reduced Valuation shall be determined by an independent expert acting as arbitration
expert (<I>Schiedsgutachter</I>) who shall be appointed by the Advisory Board of the Company by way of simple majority resolution.
The determination by the arbitration expert shall be final and binding on all Parties. The costs of the arbitration expert shall
be borne by the Parties applying &sect;&sect; 91 <I>et seq. </I>of the German Code of Civil Procedure (<I>ZPO</I>) <I>mutatis mutandis.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&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"></TD><TD STYLE="width: 27pt">(4)</TD><TD STYLE="text-align: justify">All claims to which the Series C Investors may be entitled under this &sect; 9 (with the exception
of claims based on a wilful or gross negligent inaccuracy and/or incorrectness of any of the Business Representations and Warranties)
shall be time-barred under the statute of limitations three months after the delivery to the Shareholders of the Company&rsquo;s
audited annual financial statements for the business year ending on 31 December 2016. &sect; 202 BGB shall remain unaffected.</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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 10<BR>
General Limitations</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">The Representations and Warranties and the right to demand damages in relation thereto constitute
a special agreement negotiated and agreed upon between the Parties specifically for the purposes of the transactions contemplated
by this Agreement in accordance with &sect; 311 (1) BGB. Further, the Representations and Warranties are subject to all the limitations
set forth in this Agreement, in particular without limitation any limitation set forth in the respective statement contained in
&sect; 8(1) or &sect; 9(1) above or in Annex &sect; 9(1) to this Agreement and the limitations on damages set forth in &sect; 8
and &sect; 9 above and this &sect; 10. The Parties agree that none of the Representations and Warranties constitutes a guarantee
with respect to the quality of the object of sale (<I>Garantie f&uuml;r die Beschaffenheit der Sache</I>) within the meaning of
&sect; 444 2nd alternative BGB nor a guarantee with respect to the quality of the purchase object (<I>Beschaffenheitsgarantie</I>)
within the meaning of &sect; 443 BGB. The legal consequences of a possible violation of the Representations and Warranties shall
be determined exclusively pursuant to &sect; 8 to &sect; 10 of this Agreement. The Parties further agree that the provisions of
&sect;&sect; 434 to 453 BGB relating to defects in quality or in title shall not apply to any Representation and Warranty. Claims
of the Series C Investors for a breach of the Business Representations and Warranties shall be excluded to the extent that the
respective Series C Investor had positive knowledge (<I>positive Kenntnis</I>) of the circumstances underlying such breach; the
contents of the virtual data room operated by the Company at &ldquo;netfiles GmbH&rdquo;, to which all Series C Investors who requested
this have been granted access, shall be deemed to be known by all Series C Investors. Likewise, claims of the Series C Investors
for a breach of the Business Representations and Warranties shall be excluded with respect to such circumstances which are fairly
disclosed in this Agreement or one of the Annexes or Exhibits hereto. &sect;&sect; 377 <I>et seq. </I>HGB shall not apply.</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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">The Parties agree that the Current Shareholders do not give any representations, warranties, guarantees
and indemnifications, whether expressly or implied, other than the Current Shareholders&rsquo; Representations and Warranties,
and that the Company does not give any representations, warranties, guarantees and indemnifications, whether expressly or implied,
other than the Business Representations and Warranties. Except as set forth in &sect; 8 to &sect; 10 of this Agreement and for
any claims based on fraud or wilful or gross negligent misconduct which shall</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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">remain unaffected,
any and all other rights and remedies of any legal nature which the Series C Investors may have against the Current Shareholders
and/or the Company with respect to a breach of Representations and Warranties, irrespective of which nature, amount or legal basis,
are hereby expressly waived and excluded to the maximum permissible extent. Further, except as set forth in &sect; 8 to &sect;
10 of this Agreement and for any claims based on fraud or wilful or gross negligent misconduct which shall remain unaffected, any
and all claims and rights of the Series C Investors under and in connection with this Agreement, irrespective of which nature,
amount or legal basis, are hereby expressly waived and excluded to the maximum permissible extent, in particular, without limitation,
claims under pre-contractual fault (&sect; 311 (2) and (3) BGB), frustration of contract (<I>St&ouml;rung der Gesch&auml;ftsgrundlage</I>)<I>,
</I>breach of contract (<I>Pflichtver-letzung aus dem Schuldverhaltnis</I>)<I>, </I>supplementary performance (<I>Nacherf&uuml;llung),
</I>the right to reduce the price (<I>Minderung</I>) and/or the right to avoid (<I>Anfechtung</I>) or to rescind (<I>R&uuml;cktritt</I>)
this Agreement, and any liability in tort (<I>Deliktshaftung</I>)<I>.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Section III<BR>
Restrictions on Disposals of Shares</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 11<BR>
Lock-up</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Without prejudice to (i) the co-sale rights
under &sect; 13 below, (ii) the drag-along rights under &sect; 14 below and (iii) the permitted transfers under &sect; 15 below,
which shall not be subject to this &sect; 11, the sale, transfer or other disposal of shares of any class of the Company by a Shareholder
on or before 21 July 2019 shall require the express prior written consent of Shareholders individually or collectively holding
70 % or more (according to their nominal value) of all issued shares of the Company, voting together as one class, whereby the
Shareholder intending to sell, transfer or otherwise dispose of shares of the Company shall be entitled to vote. This shall apply
<I>mutatis mutandis </I>to the conclusion, termination, transfer and amendment of sub-participations and trust agreements as well
as the pledging or encumbrance of shares of any class of the Company by a Shareholder on or before 21 July 2019. If the necessary
consent under this &sect; 11 has been given, then the respective Shareholder is free to dispose of his shares of the Company, provided
that the provisions in &sect; 12, &sect; 13, &sect; 16(1) and &sect; 17 of this Agreement are complied with. This provision shall
automatically cease to have any effect upon an IPO (as defined in &sect; 19).</P>

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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 12<BR>
Rights of First Refusal</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">If any of the Shareholders (hereinafter referred to as the &ldquo;<B>Selling Shareholder</B>&rdquo;)
intends to transfer (including by way of a swap or contribution) his shares of any class of the Company in whole or in part with
or without consideration to another Shareholder or a third party (hereinafter referred to as the &ldquo;<B>Potential Purchaser</B>&rdquo;),
then he is under an obligation to inform all Shareholders and the Company of such intent without undue delay and in writing, by
telefax or e-mail (hereinafter referred to as &ldquo;<B>Text Form</B>&rdquo;, and such information to all Shareholders and the
Company hereinafter referred to as the &ldquo;<B>Notification</B>&rdquo;). The Notification shall include in particular the name/firm
and address/registered office of the Selling Shareholder and the Potential Purchaser, the number/nominal value and class of the
shares of the Company intended to be transferred, the purchase price or other consideration and the due date for payment together
with any representations, warranties, indemnities and other claims to be given or declared by the Selling Shareholder and the Potential
Purchaser as well as the remedies available in case of a breach thereof. In the event that non-monetary consideration is provided
for, the Selling Shareholder shall state the equivalent monetary value of such non-monetary consideration for the purposes of the
rights of first refusal set forth below. The value of non-monetary consideration shall be determined in accordance with the respective
consideration&rsquo;s fair market value. The Advisory Board of the Company, by way of simple majority resolution, shall instruct
an independent expert (e.g. an auditor) acting as arbitration expert to submit a report and make a determination on the fair market
value of such consideration unless otherwise agreed by the relevant parties. The costs incurred as a result of instructing such
expert shall be borne by the Selling Shareholder. The results of such report and determination shall be final and binding on all
Parties with respect to the fair market value of the consideration payable for the purposes of the rights of first refusal set
forth below.</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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">If any of the Shareholders intends to transfer (including by way of a swap or contribution) his
shares of any class of the Company in whole or in part with or without consideration to another Shareholder or a third party, all
Shareholders other than the Selling Shareholder (hereinafter collectively referred to as the &ldquo;<B>Other Shareholders</B>&rdquo;
and each individually as an &ldquo;<B>Other Shareholder</B>&rdquo;) shall have a right of first refusal as set forth <B>i</B>n
the following provisions to acquire the</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">shares of
the Company which the Selling Shareholder intends to transfer, at the terms and conditions set forth in the Notification as possibly
amended by the determination of the fair market value of non-monetary consideration by the independent expert under &sect; 12(1)
above. Within four (4) weeks after the later of (i) the receipt by the respective Other Shareholder of the Notification and (ii)
the delivery of the report by the independent expert under &sect; 12(1) above, if any, (hereinafter referred to as the &ldquo;<B>Exercise
Period</B>&rdquo;) each Other Shareholder shall state in writing to the Company whether he is willing to acquire that portion of
the shares of each class of the Company which the Selling Shareholder intends to transfer, which corresponds to the total nominal
value of all shares of the Company held by the respective Other Shareholder in proportion to the total nominal value of all shares
of the Company held by all Other Shareholders <I>inter se, </I>in whole or in part in accordance with this &sect; 12 (hereinafter
referred to as the &ldquo;<B>Purchase Statement</B>&rdquo;). The Purchase Statement shall be binding in accordance with the following
provisions. After the expiry of the Exercise Period for all Other Shareholders, the Company shall inform all Shareholders without
undue delay and in Text Form of the aggregate number/nominal value of the shares of each class of the Company for which the rights
of first refusal under this &sect; 12(2) have been exercised and by whom (hereinafter referred to as the &ldquo;<B>Exercise Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; 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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">If not all Other Shareholders have exercised their right of first refusal under &sect; 12(2) above
in whole, the Other Shareholders who have exercised their right of first refusal under &sect; 12(2) above in whole (hereinafter
collectively referred to as the &ldquo;<B>Exercising Shareholders</B>&rdquo; and each individually as an &ldquo;<B>Exercising Shareholder</B>&rdquo;)
shall have an extended right of first refusal as set forth in the following provisions to acquire the remaining shares of the Company
which the Selling Shareholder intends to transfer and for which the rights of first refusal under &sect; 12(2) above have not been
exercised, at the terms and conditions set forth in the Notification as possibly amended by the determination of the fair market
value of non-monetary consideration by the independent expert under &sect; 12(1) above. Within two (2) weeks after the receipt
by the respective Other Shareholder of the Exercise Statement (hereinafter referred to as the &ldquo;<B>Extended Exercise Period</B>&rdquo;)
each Exercising Shareholder shall state in writing to the Company the maximum number/nominal value of shares of each class of the
Company for which the rights of first refusal under &sect; 12(2) above have not been exercised and which such Exercising Shareholder
is willing to additionally acquire</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">(hereinafter
referred to as the &ldquo;<B>Acquisition Limit</B>&rdquo;) in accordance with this &sect; 12 (hereinafter referred to as the &ldquo;<B>Extended
Purchase Statement</B>&rdquo;). The Extended Purchase Statement shall be binding in accordance with the following provisions. After
the expiry of the Extended Exercise Period for all Exercising Shareholders, the Company shall inform all Shareholders without undue
delay and in Text Form of the aggregate number/nominal value of the shares of each class of the Company for which the extended
rights of first refusal under this &sect; 12(3) have been exercised and by whom (hereinafter referred to as the &ldquo;<B>Extended
Exercise Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; 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"></TD><TD STYLE="width: 27pt">(4)</TD><TD STYLE="text-align: justify">If the aggregate Acquisition Limits for all classes of shares of the Company are equal to or exceed
the aggregate number/nominal value of the shares of the respective class of the Company for which the rights of first refusal under
&sect; 12(2) above have not been exercised, the Other Shareholders who have issued a Purchase Statement shall be entitled and obliged
to acquire from the Selling Shareholder the shares of the Company which the Selling Shareholder intends to transfer pursuant to
the Notification in accordance with the following provisions: All Other Shareholders who have issued a Purchase Statement shall
be entitled and obliged to acquire from the Selling Shareholder that portion of the shares of each class of the Company which the
Selling Shareholder intends to transfer pursuant to the Notification in accordance with their respective Purchase Statement, and
in addition the Exercising Shareholders who have issued an Extended Purchase Statement shall be entitled and obliged to acquire
from the Selling Shareholder the remaining shares of each class of the Company which the Selling Shareholder intends to transfer
pursuant to the Notification and for which the rights of first refusal under &sect; 12(2) above have not been exercised, each of
these Exercising Shareholders limited to such Exercising Shareholder&rsquo;s Acquisition Limit, and up to such Acquisition Limit
with respect to each class of shares of the Company pro rata to the nominal value of all shares of the Company held by such Exercising
Shareholders <I>inter se </I>unless such Exercising Shareholders agree otherwise. Indivisible fractional amounts shall be purchased
by the Other Shareholder who issued his Purchase Statement or Extended Purchase Statement, as applicable, first; whereby the relevant
time shall be the receipt of the Purchase Statement or Extended Purchase Statement, as applicable, by the Company. The Selling
Shareholder as well as the Other Shareholders who are entitled and obliged to acquire from the Selling Shareholder the shares of
the Company which the Selling Shareholder intends to transfer pursuant to the</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">Notification
under the preceding sentences shall without undue delay and in any event within two (2) weeks after the receipt of the Extended
Exercise Statement enter into a notarized share sale and transfer agreement in accordance with the terms and conditions set forth
in the Notification as possibly amended by the determination of the fair market value of non-monetary consideration by the independent
expert under &sect; 12(1) above, the respective Purchase Statement and, if applicable, Extended Purchase Statement and the allocation
of shares of the Company pursuant to this &sect; 12(4). For the avoidance of doubt, such share sale and transfer agreement shall
only be entered into if the necessary consent under &sect; 11 above has been given.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; 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"></TD><TD STYLE="width: 27pt">(5)</TD><TD STYLE="text-align: justify">If the aggregate Acquisition Limits for any class of shares of the Company fall short of the aggregate
number/nominal value of the shares of such class of the Company for which the rights of first refusal under &sect; 12(2) above
have not been exercised, no rights of first refusal shall apply at all. In such event, the Selling Shareholder, subject to the
co-sale rights pursuant to &sect; 13 below, and the other Shareholders, who exercise such co-sale rights, shall be entitled to
transfer their shares of the Company to the Potential Purchaser, but only in strict compliance with the terms and conditions stated
in the Notification (as possibly amended by the determination of the fair market value of non-monetary consideration by the independent
expert under &sect; 12(1) above) as well as the provisions of &sect; 16(1) and &sect; 17 below, during a period of two months after
the receipt of the Extended Exercise Statement. A notarized certified copy of the contract concluded between the Selling Shareholder
and the other Shareholders, if applicable, on the one hand and the Potential Purchaser on the other hand shall be submitted for
review to all other Shareholders. For the avoidance of doubt, such a transfer shall not be permitted, unless the necessary consent
under &sect; 11 above has been given.</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; text-align: center; text-indent: 0in">&sect; 13<BR>
Co-sale Rights</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">All Shareholders shall be entitled to demand from a Selling Shareholder, who has made a Notification
and under &sect; 12(5) above is entitled to transfer shares of the Company to the Potential Purchaser, the co-sale of the shares
of the Company held by the respective Shareholder in accordance with the terms and conditions set forth in the Notification as
possibly amended by the determination of the fair</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">market value
of non-monetary consideration by the independent expert under &sect; 12(1) above, to the extent desired by the respective Shareholder.
Such co-sale right is to be exercised by way of written declaration, such declaration setting forth the maximum (and, if desired,
minimum) number/nominal value and class of the shares of the Company the respective Shareholder wishes to be co-sold. The said
notification is to be submitted to the Company within four (4) weeks after the later of (i) the receipt by the respective Shareholder
of the Notification and (ii) the delivery of the report by the independent expert under &sect; 12(1) above, if any, and may be
made jointly with the issuance of a Purchase Statement pursuant to &sect; 12(2) above. In the Exercise Statement, the Company shall
inform all Shareholders about the extent and content of all requests for the co-sale of shares of the Company that have been made
within said four-weeks-period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; 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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">If the Potential Purchaser is not willing to purchase the shares of the Company from the Selling
Shareholder and the shares of the Company the co-sale of which is demanded pursuant to &sect; 13(1) above, save for the provision
set forth in &sect; 13(4) below, the Selling Shareholder is obliged, upon request of the respective Shareholders who have exercised
their co-sale right, to transfer his own shares of the Company and the shares of the Company the co-sale of which has been demanded
pro rata to the nominal value of the shares of the Company held by the Selling Shareholder and such Shareholders who have exercised
their co-sale right <I>inter se</I> unless such Shareholders demand the co-sale of all their shares of the Company in accordance
with the following provisions.</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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">Before transferring and after having received the notification that rights of co-sale have been
exercised, the Selling Shareholder is obliged to inform the Shareholders who have exercised their co-sale right of the total number/nominal
value of shares of the Company that the Potential Purchaser wishes to acquire. If the Potential Purchaser does not wish to acquire
all the shares of the Company that the Shareholders who have exercised their co-sale right demand to be included in the sale, the
Shareholders exercising their co-sale right must inform the Selling Shareholder within two weeks after receipt of the notification
under the preceding sentence, whether they request to sell their shares of the Company on a pro rata basis according to &sect;
13(2) above or all their shares of the Company pursuant to &sect; 13(4) below; such request shall be binding on the Selling Shareholder.</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"></TD><TD STYLE="width: 27pt">(4)</TD><TD STYLE="text-align: justify">In the event that the Potential Purchaser is a competitor of the Company or a company affiliated
with a competitor of the Company within the meaning of &sect;&sect; 15 <I>et seq. </I>of the German Stock Corporation Act (<I>AktG</I>)<I>,
</I>the co-sale right may be exercised with respect to all of the shares of the Company held by the respective Shareholder, irrespective
of the class, and the transfer by the Selling Shareholder to the Potential Purchaser shall only be permitted if the Potential Purchaser
takes all shares of the Company of a Shareholder who has exercised his co-sale right and requests the co-sale of all his shares
of the Company. Sentence 1 shall also apply in the event that the Potential Purchaser, even if not a competitor of the Company
or a company affiliated with a competitor of the Company, would hold, directly and/or indirectly, 50 % or more of the share capital
of the Company after the acquisition of the shares of the Company from the Selling Shareholder and from the Shareholders who have
exercised their co-sale right on a pro rata basis under &sect; 13(2) above. The preceding provisions shall also apply when the
Potential Purchaser is already a minority shareholder of the Company and would, after the acquisition of the shares of the Company
from the Selling Shareholder and from the Shareholders who have exercised their co-sale right on a pro rata basis under &sect;
13(2) above, hold, directly and/or indirectly, 50 % or more of the share capital of the Company. If the terms of the transaction(s)
which trigger the right of the other Shareholders to co-sell their shares of the Company are, without any justified reason, less
favourable than the terms of earlier transactions with the Potential Purchaser, the terms of the earlier transactions, and if there
have been several earlier transactions, the weighted average, shall apply to the co-sale right of the other Shareholders. For the
purposes of the preceding provisions, shares of the Company already held and/or to be acquired in connection with such acquisition
by a company affiliated with the Potential Purchaser or a person acting in concert with the Potential Purchaser shall be deemed
to be held by the Potential Purchaser. For the purpose of this provision, a &ldquo;competitor&rdquo; is a firm, body corporate
or person which offers a similar product, whether marketed, commercialized or under development, or service as the Company at the
time of the relevant transfer (i.e. drug development, drug marketing and commercialization or manufacturing in the field of acute
and chronic inflammatory diseases). For the avoidance of doubt, the Parties acknowledge that neither Staidson (Beijing) Biopharmaceutical
Company Limited nor Staidson shall be deemed to be a competitor of the Company.</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"></TD><TD STYLE="width: 27pt">(5)</TD><TD STYLE="text-align: justify">All terms and conditions for the transfer of shares of the Company in compliance with this &sect;
13 shall equal the terms and conditions which apply to the transfer of shares of the Company by the Selling Shareholder.</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; text-align: center; text-indent: 0in">&sect; 14<BR>
Drag-along Rights</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">In the event that Shareholders individually or collectively holding 70 % or more (according to
their nominal value) of all issued shares of the Company, voting together as one class, (hereinafter referred to as the &ldquo;<B>Drag-along
Majority</B>&rdquo;) consent at any time and from time to time to (i) the disposal of all shares of the Company (also by way of
a swap, contribution or merger), (ii) the disposal (including by way of exclusive license(s)) of all or substantially all of the
tangible and intangible assets of the Company (calculated at fair market values and irrespective of whether such assets may be
shown in the Company&rsquo;s financial statements under applicable generally accepted accounting principles) (also by way of a
swap, contribution or merger) or (iii) a transformation of the Company within the meaning of &sect; 1 of the German Act on Transformations
of Companies (<I>UmwG</I>) except for a conversion (<I>formwechselnde Umwandlung</I>)<I>, </I>then any and all Shareholders shall
be obliged to dispose of all their shares of the Company or to participate in the asset deal or transformation on the same (pro
rata) terms and conditions in accordance with the following provisions of this &sect; 14.</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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">In the event that a draft contract meets all of the following requirements, the Drag-along Majority
shall be entitled to demand from any and all Shareholders that they enter into the contract with the acquirer or submit a corresponding
firm offer to the prospective acquirer within five calendar days of the receipt of the draft contract:</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: 27pt"></TD><TD STYLE="width: 27pt">a)</TD><TD STYLE="text-align: justify">the Drag-along Majority agrees to the draft contract including the related terms and conditions;</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: 27pt"></TD><TD STYLE="width: 27pt">b)</TD><TD STYLE="text-align: justify">all shares of the Company or all or substantially all of the tangible and intangible assets of
the Company (calculated at fair market values and irrespective of whether such assets may be shown in the Company&rsquo;s financial
statements under applicable generally accepted accounting principles) shall be included in the transaction;</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: 27pt"></TD><TD STYLE="width: 27pt">c)</TD><TD STYLE="text-align: justify">the acquirer&rsquo;s consideration shall be in cash and/or in a divisible consideration in kind
(e.g. shares) and shall be distributed among the Shareholders in accordance with &sect; 21 below;</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: 27pt"></TD><TD STYLE="width: 27pt">d)</TD><TD STYLE="text-align: justify">the consideration distributed to each Shareholder in accordance with &sect; 21 below shall be in
cash and/or in a divisible and liquid consideration in kind (e.g. publicly traded shares) to the extent required to timely pay
any and all taxes and other charges accruing to the respective Shareholder as a result of the transaction; and</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: 27pt"></TD><TD STYLE="width: 27pt">e)</TD><TD STYLE="text-align: justify">the liability of each Shareholder for representations, warranties, indemnities and other claims
granted to the acquirer in connection with the transaction shall be limited at most to the proceeds of such Shareholder; moreover,
none of the Shareholders shall be obliged to grant any representations, warranties, guarantees or indemnities other than with respect
to the title in, and third party rights regarding, the shares of the Company sold by the respective Shareholder and their respective
capacity to enter into the contract.</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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">Each of the Shareholders shall, according to the terms and conditions agreed upon by the Drag-along
Majority, without undue delay submit all declarations and take all measures which the implementation of the transaction under &sect;
14(1) above requires, in particular without limitation pass shareholders&rsquo; resolutions (in particular without limitation under
&sect; 13 (3) of the Restated Articles of Association) or apply for required court or administrative orders.</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"></TD><TD STYLE="width: 27pt">(4)</TD><TD STYLE="text-align: justify">In the event that the prospective acquirer (i) is an Affiliate of a Shareholder or (ii) acts commercially
for the account of a Shareholder, such Shareholder shall not be entitled to participate in any decision with respect to a transaction
under &sect; 14(1) above and the Drag-along Majority shall be calculated on the basis of the remaining shares of the Company excluding
the shares of the Company held by such Shareholder.</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"></TD><TD STYLE="width: 27pt">(5)</TD><TD STYLE="text-align: justify">&sect; 11, &sect; 12, &sect; 13 and &sect; 16(1) of this Agreement shall not apply to any transaction
under this &sect; 14. This &sect; 14 shall take precedence over &sect; 13 (3) of the Restated Articles of Association.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 15<BR>
Permitted Transfers</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">The Financial Investors may at any time and from time to time transfer their respective participations
in the Company held by them in whole or in part to other persons, entities or firms (whether corporate or otherwise) which are
in each case affiliated with the transferring Investor within the meaning of &sect;&sect; 15 <I>et seq. </I>AktG, without &sect;
11, &sect; 12 and &sect; 13 of this Agreement being applicable to such transfers; provided, however, that in the event that such
transferee ceases to be affiliated with the transferring Financial Investor within the meaning of &sect;&sect; 15 <I>et seq. </I>AktG,
it shall transfer the shares of the Company back to the transferring Financial Investor or another person, entity or firm which
is affiliated with the transferring Financial Investor within the meaning of &sect;&sect; 15 <I>et seq. </I>AktG. This shall apply
<I>mutatis mutandis </I>to transfers of shares, which the Financial Investors carry out in favour of other funds, partnerships,
investment vehicles or other entities (whether corporate or otherwise) whose business is managed by the transferring Financial
Investor or a person, entity or firm affiliated with the transferring Financial Investor within the meaning of &sect;&sect; 15
<I>et seq. </I>AktG or a general partner or managing limited partner or management company of the transferring Financial Investor.
This &sect; 15(1) shall not apply to the transfer to a portfolio company of the respective Financial Investor. The persons, funds,
partnerships, investment vehicles, entities and firms named under the 1<SUP>st</SUP> and 2<SUP>nd</SUP> sentence of this &sect;
15(1), in each case excluding portfolio companies of the respective Investor, are hereinafter collectively referred to as the &ldquo;<B>Affiliates</B>&rdquo;
and each individually as an &ldquo;<B>Affiliate</B>&rdquo;.</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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">Mark K&uuml;bler, Rolf K&uuml;bler, Carla Comelli and Romaria may at any time and from time to
time transfer their respective participations in the Company held by them in whole or in part to each other, without &sect; 11,
&sect; 12 and &sect; 13 of this Agreement being applicable to such transfers.</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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">The Founders may at any time and from time to time transfer their respective participations in
the Company held by them in whole or in part to each other, without &sect; 11, &sect; 12 and &sect; 13 of this Agreement being
applicable to such transfers.</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"></TD><TD STYLE="width: 27pt">(4)</TD><TD STYLE="text-align: justify">During the lock-up period pursuant to &sect; 11, each of Prof. Dr. Niels Riedemann and Prof. Dr.
Renfeng Guo may at any time and from time to time transfer up to</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">50 % of his
respective participation in the Company held by him after the increase of the Company&rsquo;s share capital pursuant to &sect;
2(1)a) above to other Shareholders, without &sect; 11, &sect; 12 and &sect; 13 of this Agreement being applicable to such transfers.
After expiry of the lock-up period pursuant to &sect; 11, each of Prof. Dr. Niels Riedemann and Prof. Dr. Renfeng Guo may at any
time and from time to time transfer his respective participation in the Company held by him in whole or in part to other Shareholders,
without &sect; 11, &sect; 12 and &sect; 13 of this Agreement being applicable to such transfers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 16<BR>
Accession of Future Shareholders to this Agreement</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">The Parties agree that each future shareholder of the Company, including shareholders acquiring
shares under &sect; 15 above, may and must accede as a party to this Agreement prior to or concurrently with the acquisition of
shares of the Company, with the rights and obligations which correspond to those of his respective legal predecessor. Each of the
Shareholders shall be entitled and obliged to transfer his rights and obligations under this Agreement together with the shares
of the Company to which such rights and obligations relate, provided that such transfer of shares of the Company occurs in accordance
with the provisions of this Agreement and the Restated Articles of Association. Each of the Parties hereby declares his consent,
and hereby offers, to such acquirers of shares of the Company to so accede as a party to this Agreement and to such transferring
Shareholder to so cease to be a party to this Agreement, provided that such transfer of shares of the Company occurs in accordance
with the provisions of this Agreement and the Restated Articles of Association. Each of the Parties, with the exception of the
Company, waives the requirement that they are notified of such accession and leaving pursuant to &sect; 151 sentence 1 BGB <I>(Verzicht
auf den Zugang der Beitritts- and Austrittserkl&auml;rung gem&auml;&szlig; &sect; 151 Satz 1 BGB), </I>which shall become effective
upon receipt by the Company of a corresponding instrument duly executed in notarized form by the transferring Shareholder and the
acquirer of shares of the Company.</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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">The Parties agree that each acquirer of shares of the Company under the ESOP may and must accede
as a party to this Agreement prior to or concurrently with the acquisition of shares of the Company under the ESOP, with the rights
and obligations of a Shareholder, a Party and a holder of Common Shares of the</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">Company. &sect;
16(1) sentences 3 and 4 above shall apply <I>mutatis mutandis. </I>The Parties further agree that in the event that the relevant
stock options are exercised in connection with a transaction as a result of which the co-sale right may be exercised with respect
to all of the shares of the Company held by the respective Shareholder pursuant to &sect; 13(4) above, an IPO (as defined below),
or a transaction triggering the distribution of the Proceeds in accordance with &sect; 21 below (hereinafter referred to as a &ldquo;<B>Trade
Sale</B>&rdquo;), then upon exercise of the stock options, the holders of stock options shall be treated as if they had been Shareholders,
Parties and holders of Common Shares already immediately prior to such transaction, e.g. they shall be so entitled to co-sale rights
under &sect; 13 above, shall be so subject to the drag-along right under &sect; 14 above and shall be so subject to and included
in the distribution of the Proceeds in accordance with &sect; 21 below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; 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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">Pursuant to the German Prevention of Money Laundering Act <I>(Geldw&auml;schegesetz) </I>(hereinafter
referred to as <I>&ldquo;<B>GWG</B>&rdquo;</I>)<I>, </I>KfW is obliged to identify the shareholders of the Company and &ndash;
as the case may be &ndash; possible legal successors of such shareholders and any party that accedes to this Agreement. In order
to fulfil the requirements imposed by the GWG, the Shareholders and &ndash; as the case may be &ndash; possible legal successors
of such Shareholders and any party that accedes to this Agreement hereby undertake vis-&agrave;-vis KfW, to provide KfW with a
copy of their passports (individual person) or an excerpt form the competent commercial register including a list of shareholders
(legal entity) and &ndash; insofar as existent &ndash; to identify the beneficial owner of such Shareholder. The Shareholders undertake
to provide KfW with the aforementioned documents until the date of accession of each such Shareholder as a party to this Agreement.
For the avoidance of doubt, such Shareholder whose documents are required shall only refer to a Second Closing Investor or any
future investors of the Company and shall not include any Current Shareholders nor the Initial Series C Investors.</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; text-align: center; text-indent: 0in">&sect; 17<BR>
Consent of the Shareholders</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">If a Shareholder wishing to transfer has,
prior to or concurrently with the disposal of his shares of the Company, complied with the provisions of &sect; 11 to &sect; 16
above, then the Shareholders shall be obliged to declare their consent pursuant to &sect; 15 (1) of the Restated Articles of Association
to the disposal of shares of the Company by the</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">respective Shareholder, irrespective of
whether or not they have exercised any rights of first refusal or co-sale rights to which they may be entitled.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 18<BR>
Inheritance</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">In the event of the death of one of the Shareholders, the rights and obligations under this Agreement
shall devolve on his heirs. The heirs must evidence their title by the presentation of an inheritance certificate or official evidence
of inheritance in accordance with &sect; 35 of the German Land Register Act (<I>GBO</I>)<I>. </I>If the shares of the Company of
the deceased are inherited by joint co-heirs (<I>Erbengemeinschaft</I>)<I>, </I>they are under an obligation to exercise their
rights under this Agreement and the Articles of Association of the Company jointly and to determine a joint representative for
these purposes in writing to the Company. So long as a joint representative has not been appointed or the proof of inheritance
has not been given, all rights under this Agreement and as a shareholder of the Company shall be suspended (except for the right
to participate in profits) to the extent legally permitted.</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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">In the event of the gift of shares of the Company by means of a legacy, the testator and the heirs
shall make the transfer of the shares of the Company dependent upon the beneficiary of the legacy becoming a party to this Agreement;
&sect; 16(1), &sect; 17 and &sect; 18(1) above shall apply <I>mutatis mutandis.</I></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; text-align: center; text-indent: 0in">Section IV<BR>
Further Financing of the Company</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 19<BR>
Future Financing Agreements</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">Each of the Shareholders undertakes individually for himself vis-&agrave;-vis each other Shareholder,
but not vis-&agrave;-vis the Company, to enter into investment agreements and shareholders&rsquo; agreements and related agreements
(replacing or amending this Agreement and/or any successor agreements and/or the Articles of Association of the Company and/or
other related agreements), to pass resolutions in Shareholders&rsquo; Meetings of the Company (in particular without limitation
under &sect; 13 (3) of the Restated Articles of Association), and to do or cause to be done everything necessary or appropriate,
for further rounds of financing of the</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">Company (hereinafter
collectively referred to as the &ldquo;<B>Future Financing Agreements</B>&rdquo;), to the extent that Shareholders individually
or collectively holding 90 % or more (according to their nominal value) of all issued shares of the Company, voting together as
one class, agree to the terms and conditions of the Future Financing Agreements; provided, however, that (i) to the extent that
the Future Financing Agreements provide for an obligation of Shareholders to make further contributions to the Company, the Future
Financing Agreements shall require the consent of the Shareholders affected, and (ii) to the extent that the terms and conditions
of the Future Financing Agreements materially diminish or adversely affect the rights of any Shareholder in a manner disproportionately
unfavourable to such Shareholder as compared to similar situated Shareholders, the Future Financing Agreements shall require the
consent of such disproportionately and unfavourably affected Shareholder with regard to the application of such terms and conditions
specifically to it. &sect; 2(2) to (6) above shall apply <I>mutatis mutandis. </I>This &sect; 19 shall in particular without limitation
include the obligation to implement (i) the financial terms and conditions of such further rounds of financing, in particular without
limitation the valuation, the amount and rank of the liquidation and trade sale preferences and the stock exchange demand rights,
(ii) the extension of existing rights and obligations under this Agreement and/or the Restated Articles of Association to new shareholders
of the Company joining under the Future Financing Agreements, (iii) changes to majorities under this Agreement and/or the Restated
Articles of Association (including, but not limited to, the Drag-along Majority), (iv) changes to rights to appoint and remove
members of the Advisory Board of the Company, and this &sect; 19 shall also include the obligation to waive rights under this Agreement
and/or the Restated Articles of Association (e.g. liquidation and trade sale preferences, veto rights, consent requirements, and
rights to appoint and remove members of the Advisory Board of the Company), in each case provided that Shareholders individually
or collectively holding 90 % or more (according to their nominal value) of all issued shares of the Company, voting together as
one class, agree. The right of the Shareholders to invest in further rounds of financing of the Company on a pro rata basis shall
remain unaffected.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; 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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">Notwithstanding the undertaking set forth in &sect; 19(1) above, KfW shall in its reasonable discretion
be entitled to reject any Future Financing Agreement if (i) the conclusion of such Future Financing Agreement would in the reasonable
view of KfW result in the breach of any regulations applicable for KfW or which are the</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">basis for
the participation of KfW in the Company, in particular the KfW Participation Principles as set forth in &sect; 26(1) below or (ii)
to the extent that the terms and conditions of the Future Financing Agreements diminish or adversely affect the rights of KfW.
For the avoidance of doubt: If KfW rejects a Future Financing Agreement under this &sect; 19(2), the majority set forth in &sect;
19(1) above shall not be entitled to demand the participation of KfW within such Future Financing Agreement; in particular, KfW
shall not be obliged to make any investment within such Future Financing Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Section V<BR>
IPO and Trade Sale</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 20<BR>
Initial Public Offering</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">The Drag-along Majority is entitled to demand from the Company and any and all Shareholders the
direct or indirect (via a holding company) listing of the Company and/or the Company&rsquo;s shares and/or the public offering
of the Company&rsquo;s shares or a secondary offering of the Company&rsquo;s shares on a qualified stock exchange within the European
Union or Switzerland, a transnational stock exchange, the New York Stock Exchange or the NASDAQ (hereinafter referred to as an
&ldquo;<B>IPO</B>&rdquo;); provided, however, that all Shareholders hereby agree that the Management Board with the consent of
the Advisory Board may initiate at any time an IPO on the NASDAQ or Euronext without any further approval or resolution of the
Shareholders or the Drag-along Majority.</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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">The Drag-along Majority has the right to demand a successful IPO under &sect; 20(1) above twice;
the Drag-along Majority is furthermore entitled to demand a successful IPO on two different stock exchanges named in &sect; 20(1)
above. The Parties agree that (i) any stock exchange listing which is not demanded by the Drag-along Majority or initiated by the
Management Board with the consent of the Advisory Board under &sect; 20(1) above and (ii) the selection of the stock exchange and
the exchange segment where the Company&rsquo;s shares shall be listed other than the NASDAQ or Euronext shall require the prior
consent of the Drag-along Majority. The selection of the consortium banks and the conclusion of agreements with the consortium
banks shall in any event require the prior consent of the Advisory Board.</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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">The Company and each of the Shareholders undertakes to ensure that following a demand by the Drag-along
Majority or the initiation by the Management Board with the consent of the Advisory Board under &sect; 20(1) above, the stock exchange
registration and public offering procedure is initiated immediately and all costs in connection therewith (including without limitation
all registration, qualification and/or offering fees and expenses, bank fees and charges, legal costs and printers&rsquo; and accounting
costs), but excluding underwriters&rsquo; discounts and commission for shares of the Company sold by shareholders of the Company,
are paid by the Company to the extent legally permissible. The Shareholders shall immediately submit all declarations and take
all measures which the stock exchange registration and public offering procedure requires, in particular pass required shareholders&rsquo;
resolutions (in particular without limitation under &sect; 13 (3) of the Restated Articles of Association) or apply for required
court or administrative orders.</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"></TD><TD STYLE="width: 27pt">(4)</TD><TD STYLE="text-align: justify">Each of the Shareholders undertakes individually for himself vis-&agrave;-vis each other Shareholder,
following a demand by the Drag-along Majority or the initiation by the Management Board with the consent of the Advisory Board
under &sect; 20(1) above, to comply with all regulations, conditions and restrictions applicable to the stock exchange and the
exchange segment concerned and to take all measures required in order to procure and not block or prevent a listing and offering
of the Company&rsquo;s shares. Each of the Shareholders shall be obliged to subject themselves to and comply with all customary
lock-up provisions for a period of up to 180 days following the closing of the IPO which are required under the terms for the particular
stock market listing procedure, the admission for trading on a specific stock exchange and/or on the specific market segment or
by the underwriters in connection with the proposed IPO, and if necessary to deposit their shares of the Company in a depository
account of Clearstream Banking AG or otherwise.</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"></TD><TD STYLE="width: 27pt">(5)</TD><TD STYLE="text-align: justify">In the event that the IPO requires a restructuring of the Company (e.g. the conversion of the Company
into a joint stock corporation (<I>Aktiengesellschaft</I>) under German law or the transfer of the shares of the Company to a domestic
or foreign holding company in return for the issue of shares in that company), the Drag-along Majority or the Management Board
with the consent of the Advisory Board, as applicable, is entitled to demand from any and all Shareholders and the Company that
they approve such restructuring measures and make all</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">declarations
necessary for this purpose and support all transactions to effect such restructuring; provided, however, that all Shareholders
who may incur any unreasonable tax disadvantage or other unreasonable liability as a consequence of such restructuring have approved
such restructuring.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; 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"></TD><TD STYLE="width: 27pt">(6)</TD><TD STYLE="text-align: justify">In the event that shares of the Company (or a restructured company) held by the Company or other
Shareholders are listed on a stock exchange upon instruction of the Company or other Shareholders, each of the Shareholders shall
be entitled to demand from the Company (or such other company after restructuring) or such other Shareholders that a proportionate
number of such Shareholder&rsquo;s shares of the Company is also listed on such stock exchange (piggy-back rights), subject to
standard underwriter cutback in view of market conditions.</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; text-align: center; text-indent: 0in">&sect; 21<BR>
Preference in Liquidation and Sale Proceeds</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">In the event of a sale of more than 50 % of the share capital of the Company in a single transaction
or in a series of related transactions (including in accordance with the provisions regarding rights of first refusal, co-sale
rights and drag-along rights under &sect; 12, &sect; 13 and &sect; 14 above), the Shareholders agree vis-&agrave;-vis each other,
but not vis-&agrave;-vis the Company, that the total amount paid by the purchaser (for the avoidance of doubt including but not
limited to upfront payments, milestone payments, earn-out payments and any other deferred or contingent consideration) for the
shares of the Company to the Shareholders net of VAT, if any, (hereinafter referred to as the &ldquo;<B>Proceeds</B>&rdquo;) shall
be distributed among the Shareholders as follows:</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: 27pt"></TD><TD STYLE="width: 27pt">a)</TD><TD STYLE="text-align: justify">First, on the same level and with the same rank,</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: 54pt"></TD><TD STYLE="width: 31.5pt">aa)</TD><TD STYLE="text-align: justify">the holders of Series C Preferred Shares shall receive, in preference to the holders of Common
Shares but concurrently with the holders of Series B Preferred Shares and Series A Preferred Shares, preference payments (<I>Vorabzahlungen</I>)
in each case in an amount equal to one time (1x) their average contributions to the Company (capital contributions towards the
share capital in the nominal value and additional payments into the capital reserves of the Company pursuant to &sect; 272 (2)
HGB) for each of their respective Series C Preferred Shares included in the sale plus an amount representing interest at a rate
of</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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 85.7pt; text-align: justify; text-indent: 0in">6 % p.a. on
such contributions as from the date of the respective payment of such contributions to the Company or the date of the payment into
the trust account in accordance with &sect; 4 of this Agreement, as the case may be, up until the date of the closing of the sale;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 85.7pt; text-align: justify; 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: 54pt"></TD><TD STYLE="width: 31.5pt">bb)</TD><TD STYLE="text-align: justify">the holders of Series B Preferred Shares shall receive, in preference to the holders of Common
Shares but concurrently with the holders of Series C Preferred Shares and Series A Preferred Shares, preference payments (<I>Vorabzahlungen</I>)
in each case in an amount equal to one time (1x) their average contributions to the Company (capital contributions towards the
share capital in the nominal value and additional payments into the capital reserves of the Company pursuant to &sect; 272 (2)
HGB) for each of their respective Series B Preferred Shares included in the sale plus an amount representing interest at a rate
of 6 % p.a. on such contributions as from the date of the respective payment of such contributions to the Company up until the
date of the closing of the sale; and</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: 54pt"></TD><TD STYLE="width: 31.5pt">cc)</TD><TD STYLE="text-align: justify">the holders of Series A Preferred Shares shall receive, in preference to the holders of Common
Shares but concurrently with the holders of Series C Preferred Shares and Series B Preferred Shares, preference payments (<I>Vorabzahlungen</I>)
in each case in an amount equal to one time (1x) their average contributions to the Company (capital contributions towards the
share capital in the nominal value and additional payments into the capital reserves of the Company pursuant to &sect; 272 (2)
HGB) for each of their respective Series A Preferred Shares included in the sale plus an amount representing interest at a rate
of 8 (eight) % p.a. on such contributions as from the date of the respective payment of such contributions to the Company up until
the date of the closing of the sale;</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 0pt 0.75in; text-align: justify">if the Proceeds are not sufficient
to satisfy all amounts to be paid under this &sect; 21(1)a), then the entire Proceeds shall be divided between the holders of Series
C Preferred Shares, Series B Preferred Shares and Series A Preferred Shares in proportion to the preference payments they each
would be entitled to under this a) if the Proceeds were sufficient to satisfy all amounts to be paid under this a);</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 58; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></TD></TR></TABLE></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: 27pt"></TD><TD STYLE="width: 27pt">b)</TD><TD STYLE="text-align: justify">to the extent that the Proceeds exceed the preference payments to be made under &sect; 21(1)a)
above, any remaining Proceeds shall be divided between the holders of Common Shares pro rata to the nominal value of all Common
Shares held by them and included in the sale, respectively;</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: 27pt"></TD><TD STYLE="width: 27pt">c)</TD><TD STYLE="text-align: justify">in the event that following a conversion of the Series C Preferred Shares into Common Shares at
the conversion rate set forth in &sect; 22 below, the total amount to be distributed under &sect; 21(1)b) above on the Common Shares
resulting from such conversion is higher than the total amount to be distributed under &sect; 21(1)a)aa) above on such Series C
Preferred Shares without such conversion, all Series C Preferred Shares shall automatically be deemed converted into Common Shares
at the conversion rate set forth in &sect; 22 below for the purposes of the distribution of the Proceeds under this &sect; 21;</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: 27pt"></TD><TD STYLE="width: 27pt">d)</TD><TD STYLE="text-align: justify">in the event that following a conversion of the Series B Preferred Shares into Common Shares at
the conversion rate set forth in &sect; 22 below, the total amount to be distributed under &sect; 21(1)b) above on the Common Shares
resulting from such conversion is higher than the total amount to be distributed under &sect; 21(1)a)bb) above on such Series B
Preferred Shares without such conversion, all Series B Preferred Shares shall automatically be deemed converted into Common Shares
at the conversion rate set forth in &sect; 22 below for the purposes of the distribution of the Proceeds under this &sect; 21;</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: 27pt"></TD><TD STYLE="width: 27pt">e)</TD><TD STYLE="text-align: justify">in the event that following a conversion of the Series A Preferred Shares into Common Shares at
the conversion rate set forth in &sect; 22 below, the total amount to be distributed under &sect; 21(1)b) above on the Common Shares
resulting from such conversion is higher than the total amount to be distributed under &sect; 21(1)a)cc) above on such Series A
Preferred Shares without such conversion, all Series A Preferred Shares shall automatically be deemed converted into Common Shares
at the conversion rate set forth in &sect; 22 below for the purposes of the distribution of the Proceeds under this &sect; 21.</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 0pt 0.4in; text-align: justify">In the event that the Proceeds
are paid in tranches and/or contingent upon conditions and/or deferred and/or paid into an escrow account (in particular without
limitation to cover any representations, warranties, indemnities or similar</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">claims), the amount of the preference
payments under &sect; 21(1)a) above shall not be abrogated or diminished, i.e. the first Proceeds received by the Shareholders
shall first be distributed to the holders of Series C Preferred Shares, the holders of Series B Preferred Shares and the holders
of Series A Preferred Shares until they have received the full preference payments under &sect; 21(1)a) above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">In the event that not all shares
of the Company are included in the Trade Sale, then with respect to any subsequent sale, share swap or contribution of shares of
the Company or other transaction with respect to shares not included in such initial Trade Sale, the provisions of this &sect;
21(1) shall apply accordingly in respect of the allocation of the total consideration to the Shareholders for such subsequent sale,
share swap, contribution or other transaction (irrespective of the percentage of the share capital of the Company included in such
subsequent transaction).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">In the event of more than one
Trade Sale and/or subsequent sale, share swap or contribution of shares of the Company or other transaction under the preceding
sub-paragraph, the respective preference payment under &sect; 21(1)a)aa) to cc) above, respectively, shall be paid only until the
respective holder of the respective class of Preferred Shares has, together with any preceding preference payments under &sect;
21(1)a)aa) to cc) above, respectively, in aggregate received the full amount of the respective preference payment set forth in
&sect; 21(1)a)aa) to cc) above, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.4in; text-align: justify">&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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">The Shareholders agree vis-&agrave;-vis each other, but not vis-&agrave;-vis the Company, that
&sect; 21(1) above shall apply accordingly in the event of any liquidation, dissolution or winding up of the Company (also as a
result of the opening of insolvency proceedings over the assets of the Company or the refusal of the opening of such proceedings
for lack of assets) and in the event of the disposal (including by way of exclusive license(s)) of all or substantially all of
the tangible and intangible assets of the Company (calculated at fair market values and irrespective of whether such assets may
be shown in the Company&rsquo;s financial statements under applicable generally accepted accounting principles). In the event of
the disposal of all or substantially all of the assets of the Company, all Shareholders agree that the proceeds of such disposal
shall be distributed applying &sect; 21(1) above accordingly; each of the Shareholders undertakes individually for himself vis-&agrave;-vis
each of the other Shareholders, to do or cause to be done everything necessary or appropriate to implement this, and in particular
without limitation</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">to exercise
his voting rights and other rights in the Shareholders&rsquo; Meeting of the Company accordingly. In the event of the disposal
of all or substantially all of the assets of the Company, the Shareholders agree vis-&agrave;-vis each other, but not vis-a-vis
the Company, that the Company shall be liquidated, subject to applicable mandatory legal provisions; each of the Shareholders undertakes
individually for himself vis-&agrave;-vis each of the other Shareholders, but not vis-&agrave;-vis the Company, to do or cause
to be done everything necessary or appropriate that the liquidation proceeds are distributed in accordance with &sect; 21(1) above
as soon as legally possible.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; 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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">In the event of a share swap, contribution, merger or other transformation within the meaning of
&sect; 1 UmwG other than a conversion, the Shareholders agree vis-&agrave;-vis each other, but not vis-&agrave;-vis the Company,
that the consideration shall be distributed according to &sect; 21(1) above, when as a consequence of such transaction the Shareholders
hold less than 50 % of the receiving or surviving legal entity. The preference on the Proceeds pursuant to &sect; 21(1) above shall
be fulfilled in such case by way of a transfer of shares before the carrying out of such measures (compensation in <I>advance/Vorabausgleich).
</I>To the extent that the consideration in kind consists of shares in companies listed on a stock exchange, the share price fixed
at the stock exchange at the time and date that the transfer of the consideration takes effect shall be conclusive; in all other
cases, the fair market value of such consideration in kind at the time and date of the consummation of the relevant transaction
shall be decisive, which shall be determined with binding effect on all Shareholders by the Company&rsquo;s auditor in accordance
with the IDW-guidelines for the purposes of applying &sect; 21(1) above <I>mutatis mutandis. </I>When as a consequence of the transactions
mentioned in sentence 1 above the Shareholders hold 50 % or more of the receiving or surviving legal entity, the Shareholders agree
vis-&agrave;-vis each other, but not vis-&agrave;-vis the Company, that the rights of the Shareholders under this Agreement and the Restated Articles of Association
must continue to exist in full and unchanged; otherwise, sentences 1 to 3 above shall apply accordingly.</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"></TD><TD STYLE="width: 27pt">(4)</TD><TD STYLE="text-align: justify">The amounts per share stated in &sect; 21(1) above are subject to appropriate adjustments (i) for
stock splits, reverse stock splits, stock dividends, combinations and the like and (ii) in the event of the issuance of new shares
of the respective class of the Company in the course of a Guarantee Share Capital Increase.</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="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 22<BR>
Conversion of Preferred Shares</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">Any holder of Preferred Shares may at any time and from time to time demand from the other Shareholders
to approve that his Preferred Shares individually or in total be converted into Common Shares of the Company subject to compliance
with the statutory provisions.</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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">The holders of Preferred Shares are obliged to convert all their Preferred Shares into Common Shares
of the Company in the event of the closing of an IPO.</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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">For the purposes of &sect; 22(1) and (2) above, the conversion rate between Preferred Shares and
Common Shares shall be 1:1, subject to appropriate adjustments for stock splits, reverse stock splits, stock dividends, combinations
and the like.</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"></TD><TD STYLE="width: 27.35pt">(4)</TD><TD STYLE="text-align: justify">The Shareholders undertake to carry out the necessary actions for any conversion under &sect; 22(1)
or (2) above, in particular without limitation to pass the required resolutions of the Shareholders&rsquo; Meeting of the Company.
&sect; 2(2) to (6) above shall apply <I>mutatis mutandis.</I></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; text-align: center; text-indent: 0in">Section VI<BR>
Corporate Governance</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 23<BR>
Management of the Company</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Subject to the powers of the Advisory Board
to appoint or remove the Managing Directors as well as to resolve on the conclusion, amendment and termination of service agreements
with Managing Directors, Prof. Dr. Niels Riedemann shall continue to be Chief Executive Officer (&ldquo;Gesch&auml;ftsf&uuml;hrer&rdquo;)
of the Company and be exempted from the restrictions of &sect; 181 BGB.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 24<BR>
D&amp;O Insurance</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Company shall take out and maintain
at all times an appropriate directors&rsquo; and officers&rsquo; liability insurance in favour of the members of the Advisory Board
and the management of the Company at the Company&rsquo;s costs with a coverage in the amount</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">of EUR 5,000,000.00 per occurrence. In the
event that the Company merges with another entity and is not the surviving corporation, or transfers all or substantially all of
its assets, proper provisions shall be made so that successors of the Company assume the Company&rsquo;s obligations with respect
to the D&amp;O insurance in favour of the members of the Advisory Board and the management of the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 25<BR>
Information</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">Each Shareholder agrees that such Shareholder will keep confidential and will not disclose, divulge
or use for any purpose, other than to monitor its investment in the Company, the contents of this Agreement as well as any confidential
information obtained from the Company, unless such information (i) is known or becomes known to the public in general (other than
as a result of a breach of this &sect; 25(1) by such Shareholder), (ii) is or has been independently developed or conceived by
the Shareholder without use of the Company&rsquo;s confidential information or (iii) is or has been made known or disclosed to
the Shareholder by a third party without a breach of any obligation of confidentiality such third party may have to the Company;
provided, however, that a Shareholder may disclose confidential information (a) to its attorneys, accountants and other professional
advisors who are subject to a professional duty of confidentiality (<I>Berufsverschwiegenheit</I>) to the extent necessary to obtain
their services in connection with monitoring the investment in the Company, (b) to any investors in such Shareholder to the extent
required for investment reporting purposes in the ordinary course of business provided that such investors are subject to a duty
of confidentiality, or (c) as may otherwise be required by law, stock exchange rules or enforceable court or governmental orders,
provided that the Shareholder takes reasonable steps to minimize the extent of any such required disclosure; and provided further
that to the extent that KfW is subject to corresponding reporting duties vis-&agrave;-vis the German Federal Ministry of Economic
Affairs and Technology (<I>Bundesministerium f&uuml;r Wirtschaft and Technologie</I>) and the German Federal Court of Auditors
(<I>Bundesrechnungshof</I>) KfW may disclose confidential information to such authorities. The obligations under this &sect; 25(1)
shall continue to apply even after the termination of this Agreement pursuant to &sect; 27(1) below.</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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">The Company shall permit each Shareholder and their respective authorized representatives (provided
that the Company has not reasonably determined that</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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">such Shareholder
is a competitor of the Company), at such Shareholder&rsquo;s expense. to visit and inspect the Company&rsquo;s properties, to examine
its books of account and its corporate and financial records, and to discuss the Company&rsquo;s affairs, business, finances, and
accounts with the Managing Directors of the Company, during normal business hours of the Company following reasonable notice and
as often as may be reasonably requested by such Shareholder; provided, however, that the Company shall not be obligated pursuant
to this &sect; 25(2) to provide access to any information (a) that the Company reasonably determines in good faith to be a trade
secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company)
or (b) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; 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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">The Company and the Series C Investors shall agree on the format and contents of a press release
relating to the Series C Preferred Shares Financing to be issued as soon as practicable after the notarization of this Agreement.
Each of the Shareholders may furthermore issue a separate press release, provided that such separate press release shall require
the prior approval of the Company and the Series C Investors, such approval not to be unreasonably withheld or delayed.</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"></TD><TD STYLE="width: 27pt">(4)</TD><TD STYLE="text-align: justify">&sect; 51a GmbHG shall remain unaffected.</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"></TD><TD STYLE="width: 27pt">(5)</TD><TD STYLE="text-align: justify">All Shareholders hereby expressly agree to the provisions of this &sect; 25.</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; text-align: center; text-indent: 0in">&sect; 26<BR>
KfW Participation Principles</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">The <I>Beteiligungsgrunds&auml;tze zur Durchf&uuml;hrung des ERP-Startfonds &ndash; Stand: Januar
2015 </I>attached as <U>Annex &sect; 26(1)</U> to this Agreement (hereinafter referred to as the &ldquo;<B>KfW Participation Principles</B>&rdquo;)
are the basis for the participation of KfW in the Company. The Company hereby undertakes vis-&agrave;-vis KfW to adhere to the
KfW Participation Principles. The KfW Participation Principles shall form an integral part of this Agreement, shall supplement
this Agreement and shall prevail over this Agreement in case of doubts.</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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">All Shareholders hereby expressly agree to the provisions of this &sect; 26.</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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Section VII<BR>
Final Provisions</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&sect; 27<BR>
Duration of this Agreement; Termination of Prior Agreements</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">This Agreement shall become effective upon notarization of this Agreement and shall have effect
for a period of twenty years; for this period of time, a regular termination (<I>ordentliche K&uuml;ndigung</I>) of this Agreement
shall be excluded. The right to terminate this Agreement for cause (<I>aus wichtigem Grund</I>) shall remain unaffected. If one
Party leaves as a result of giving notice or for any other reason, this Agreement shall be continued by the remaining Parties;
this shall also apply in the event of the insolvency or liquidation of any of the Parties. In any event, this Agreement, except
for &sect; 20 above, shall cease to have effect for the future upon the first quotation of the price for the Company&rsquo;s shares
on one of the qualified stock exchanges mentioned in &sect; 20(1) above.</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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">Upon this Agreement taking effect, any and all other investment agreements and shareholders&rsquo;
agreements and comparable agreements by and between all or individual Current Shareholders and possibly the Company relating to
their participation in the Company (with the exception of (i) provisions of such agreements terminating prior agreements in full
or in part and (ii) agreements which under the provisions of this Agreement shall be maintained, (iii) the co-operation/pooling
agreement between KfW and bm-t beteiligungsmanagement th&uuml;ringen gmbh, Jena, Germany and section 18 of the Investment Agreement
V as per &sect; 6(1) above) shall be amended and totally replaced by this Agreement for the future; provided, however, that such
agreements shall remain the legal basis (<I>Rechtsgrund</I>) for any performances (<I>Leistungen</I>) under these agreements during
their respective term.</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; text-align: center; text-indent: 0in">&sect; 28<BR>
Transaction Costs</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">Each of the Parties shall bear its own legal and other costs and expenses in connection with the
Series C Preferred Shares Financing, provided that the Company shall also bear the following external costs and out-of-pocket expenses
in connection with the Series C Preferred Shares Financing as costs for the provision of further capital <I>(Kapitalbeschaffungskosten):</I></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="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right">&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></TD></TR></TABLE></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: 27pt"></TD><TD STYLE="width: 27pt">a)</TD><TD STYLE="text-align: justify">Legal fees of CMS Hasche Sigle Partnerschaft von Rechts&auml;nwalten und Steuerberatern mb&szlig;,
Munich plus out-of-pocket expenses and VAT; and</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: 27pt"></TD><TD STYLE="width: 27pt">b)</TD><TD STYLE="text-align: justify">reasonable fees and out-of-pocket expenses incurred by the Lead Investor in connection with the
Series C Preferred Shares Financing up to the total amount of EUR 55,000.00 plus VAT In the aggregate.</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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">All payments pursuant to &sect; 28(1) shall be made within two weeks after invoicing. The Lead
Investor shall be entitled to reimbursement of costs and expenses to the extent these costs and expenses shall be borne by the
Company pursuant to &sect; 28(1) above, and shall be entitled to deduct such amounts from their respective additional payments
into the capital reserves of the Company pursuant to &sect; 4 above. Irrespective of such deduction, any amounts deducted from
the additional payments into the capital reserves of the Company under the preceding sentence shall be treated as fully rendered
to the Company for all purposes of this Agreement, in particular &sect; 21 above.</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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">The Company shall bear the costs and fees of the notary for the notarization of this Agreement
and the court and register fees and disbursements for the required commercial register registrations. The Company shall also bear
the costs and expenses for additional notarizations by a German notary that may be necessary if the commercial register rejects
a registration of the Restated Articles of Association or objects to the new shareholders list to be filed with the commercial
register because of notarization of documents by a Swiss notary. The Company hereby agrees also to bear all costs and expenses
(including for the avoidance of doubt any negative interests) of the notary in connection with the trust agreement (in particular
for the setting up, maintaining and administrating the escrow account) as set forth in &sect; 4 of this Agreement. The Company
further undertakes to reimburse Staidson, and Staidson shall have a direct claim vis-&agrave;-vis the Company for reimbursement,
to the extent Staidson will be made liable by the notary for any of Its costs and expenses in connection with the trust agreement
(including for the avoidance of doubt any negative interests).</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; text-align: center; text-indent: 0in">&sect; 29<BR>
Miscellaneous</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; 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"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify">The terms and conditions of this Agreement shall apply to all shares of the Company held by the
Shareholders currently or In the future. The shares of the</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="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">Company shall
remain in the particular ownership of the respective Shareholder. No joint ownership (<I>Eigentum zur gesamten Hand</I>) or co-ownership
(<I>Miteigentum</I>) shall be established by this Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; 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"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify">Any joint and several liability (<I>gesamtschuldnerische Haftung</I>) shall be excluded, unless
expressly set forth otherwise in this 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"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify">If this Agreement refers to an internal vote or resolution of the Shareholders or a specific group
of Shareholders outside Shareholders&rsquo; Meetings, the following provisions shall apply: The request for such a vote or resolution
shall be made by any of such Shareholders in Text Form to all Shareholders who are part of the specific group. The vote or resolution
shall be made within ten calendar days following the sending of the request and be taken in writing, by telephone, telefax or e-mail.
The vote or resolution shall be deemed taken if Shareholders representing the majority required for such internal vote or resolution
agree to the proposed vote or resolution within this time limit irrespective of whether all Shareholders of the specific group
participate in the vote or resolution. Minutes of the vote or resolution shall be drawn up and shall be signed by the Shareholder
requesting the vote or resolution immediately after the passing of such vote or resolution, and a copy shall be provided to each
Shareholder and the Company.</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"></TD><TD STYLE="width: 27pt">(4)</TD><TD STYLE="text-align: justify">The terms and conditions of this Agreement shall prevail, as amongst the Shareholders, over the
terms and conditions of the Articles of Association of the Company. In the event that provisions of this Agreement contradict provisions
of the Articles of Association of the Company, this Agreement shall prevail to the extent legally permissible; the Shareholders
shall amend the Articles of Association of the Company accordingly.</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"></TD><TD STYLE="width: 27pt">(5)</TD><TD STYLE="text-align: justify">This Agreement is written in the English language (except that Annexes and Exhibits to this Agreement
may be in other languages) which shall be binding. Terms to which a German term has been added in parentheses and italics shall
be interpreted throughout this Agreement including its Annexes and Exhibits in accordance with the German term alone, and the English
term to which such German term relates shall be disregarded.</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"></TD><TD STYLE="width: 27pt">(6)</TD><TD STYLE="text-align: justify">Amendments and additions to this Agreement must be made in writing to be effective, to the extent
that notarization is not required. This shall also apply to a</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0in">waiver of
the written form requirement as well as to a waiver of any right or claim under this Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; 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"></TD><TD STYLE="width: 27pt">(7)</TD><TD STYLE="text-align: justify">Should individual terms of this Agreement be or become invalid or unenforceable or if this Agreement
contains gaps, this shall not affect the validity of the remaining terms of this Agreement. In place of the invalid, unenforceable
or missing term, such valid term which the Parties would reasonably have agreed, had they been aware at the conclusion of this
Agreement that the relevant term was invalid, unenforceable or missing, shall be deemed to have been agreed. Should a term of this
Agreement be or become invalid because of the scope or time of performance for which it provides, then the agreed scope or time
of performance shall be amended to correspond with the extent legally permitted.</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"></TD><TD STYLE="width: 27pt">(8)</TD><TD STYLE="text-align: justify">This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic
of Germany, without regard to principles of conflicts of laws. The UN Convention on Contracts for the International Sale of Goods
(CISG) shall not apply.</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"></TD><TD STYLE="width: 27pt">(9)</TD><TD STYLE="text-align: justify">To the extent that such an agreement is legally valid, the courts competent for Jena, Germany shall
have exclusive jurisdiction over this Agreement.</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: right">(continued on next page)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><B>IN WITNESS THEREOF </B>this Notarial
Deed including the Exhibits and Annexes hereto</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="color: #0D0D0D">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #0D0D0D">with the exception of certain
lists of items, titles, rights and obligations con</FONT>tained in an Exhibit, in respect of which the persons appearing waived
the right to have them read aloud and which instead have been presented to the persons appearing, were acknowledged and signed
on each page by the persons appearing, and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">-</TD><TD STYLE="text-align: justify">with the further exception of certain Exhibits, which
are attached for identification purposes only and the content of which does not form part of the declarations of the parties in
notarial form,</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">has been read aloud to the persons appearing
and this Notarial Deed including its Exhibits and Annexes was confirmed and approved by the persons appearing. The persons appearing
then signed this Deed. All this was done at the day here below written in the presence of me, the Notary Public, who also signed
this Deed and affixed my official Seal.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Basel, this 21st (twenty-first) day of July
2016 (two thousand and sixteen)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%">&nbsp;</TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">/s/ Niels Riedemann</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%">&nbsp;</TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">/s/ Arnd Christ</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%">&nbsp;</TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">/s/ Daniela Neuman, lic.iur.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%">&nbsp;</TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid">/s/ Lukas Storch</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #0D0D0D">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #0D0D0D"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #0D0D0D"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/
    <FONT STYLE="color: #0D0D0D">Stephan Cueni</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0D0D0D">Stephan Cueni, Notary Public</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">[Stephan Cueni Notary Seal]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #0D0D0D"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; color: #0D0D0D">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>14
<FILENAME>dp81461_ex1006.htm
<DESCRIPTION>EXHIBIT 10.6
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.6</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>InflaRx
GmbH &ndash; Investment and Adherence Agreement</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt">&nbsp;</P>



<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.5pt"><FONT STYLE="font-size: 10pt"><B>Copy (not including
powers of attorney)</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">Register
of Deeds No. 67 / 2017</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_035.jpg" ALT=""><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 166.7pt 0pt 166.4pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 166.7pt 0pt 166.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Recorded</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 166.7pt 0pt 166.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">on
this 12 October 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 154.95pt 0pt 155.45pt; text-indent: 22.1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">before me, the undersigned notary</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 154.95pt 0pt 155.45pt; text-indent: 22.1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 166.7pt 0pt 168.95pt; text-align: center"><FONT STYLE="font-size: 10pt">Dr.
Karsten M&uuml;ller-Eising</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 166.7pt 0pt 168.95pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">with offices in Frankfurt
am Main, Nextower, Thurn-und-Taxis-Platz 6,</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72.7pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><FONT STYLE="font-size: 10pt">appeared there today:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 35.25pt"><FONT STYLE="font-size: 10pt">A.</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.3pt"><FONT STYLE="font-size: 10pt">Mr.
                                         <B>Hassan Said Sohbi</B>, born on 21 April 1962, lawyer (<I>Rechtsanwalt</I>), personally
                                         known to the notary, with business address at c/o Taylor Wessing, Thurn-und-Taxis-Platz
                                         6, 60313 Frankfurt am Main, (the &quot;<B>Person Appearing No. A</B>&quot;)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.95pt"><FONT STYLE="font-size: 10pt">acting not in his
own name, but in his capacity as authorised representative of</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">1)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Prof.
                                         Dr. Niels Riedemann</B>, &Uuml;ber den Teufelsl&ouml;chern 7, 07749 Jena, Germany</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated September 18, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 182.2pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>Prof. Dr. Niels Riedemann</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 182.2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">2)</FONT></TD><TD STYLE="text-align: left; padding-right: 17.95pt"><FONT STYLE="font-size: 10pt"><B>Prof.
                                         Dr. Renfeng Guo</B>, 821 Gallery Lane, Ann Arbor, MI 48103, Michigan, USA pursuant to
                                         a power of attorney dated September 18, 2017</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 199.95pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>Prof. Dr. Renfeng Guo</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 199.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">3)</FONT></TD><TD STYLE="text-align: left; padding-right: 65.6pt"><FONT STYLE="font-size: 10pt"><B>Nicolas
                                         Fulpius</B>, 1450 Arcadia Place, Palo Alto, California 94303, USA pursuant to a power
                                         of attorney dated September 13, 2017</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 233.05pt; text-align: right"><FONT STYLE="font-size: 10pt">-
hereinafter referred to as &quot;<B>Nicolas Fulpius</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 233.05pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 10pt">4)</FONT></TD><TD STYLE="text-align: left; padding-right: 5.2pt"><FONT STYLE="font-size: 10pt"><B>University
                                         of Michigan</B>, Office of Technology Transfer, 1600 Huron Pkwy, Building 520, Ann Arbor,
                                         MI 48104-2590, Michigan, USA</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated September 14, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 279.05pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>UofM</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 279.05pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">5)</FONT></TD><TD STYLE="text-align: left; padding-right: 105.95pt"><FONT STYLE="font-size: 10pt"><B>Mark
                                         K&uuml;bler</B>, Erlenmatte 10, CH-8832 Wollerau, Switzerland pursuant to a power of
                                         attorney dated September 13, 2017</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 239.25pt; text-align: right"><FONT STYLE="font-size: 10pt">-
hereinafter referred to as &quot;<B>Mark K&uuml;bler</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1.4pt 0pt 239.25pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">6)</FONT></TD><TD STYLE="text-align: left; padding-right: 112.65pt"><FONT STYLE="font-size: 10pt"><B>Rolf
                                         K&uuml;bler</B>, Erlenmatte 10, CH-8832 Wollerau, Switzerland pursuant to a power of
                                         attorney dated September 14, 2017</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 245.95pt; text-align: right"><FONT STYLE="font-size: 10pt">-
hereinafter referred to as &quot;<B>Rolf K&uuml;bler</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 245.95pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">7)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.3pt"><FONT STYLE="font-size: 10pt"><B>Ammann
                                         Group Holding AG</B>, c/o Walder Wyss AG, Bubenbergplatz 8, Postfach 8750, CH-3001 Bern,
                                         Switzerland, a Swiss stock corporation, registered with the Commercial Register of the
                                         Canton Bern under CHE-103.003.538</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated September 13, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 227.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-
hereinafter referred to as &quot;<B>Ammann Group</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 227.5pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">8)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.35pt"><FONT STYLE="font-size: 10pt"><B>Private
                                         Equity Th&uuml;ringen GmbH &amp; Co. KG</B>, Gorkistra&szlig;e 9, 99084 Erfurt, Ger-
                                         many, registered with the Commercial Register of the Jena Local Court under HRA 103063</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated September 15, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 277.25pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>PET-I</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 277.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">9)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.35pt"><FONT STYLE="font-size: 10pt"><B>Private
                                         Equity Th&uuml;ringen GmbH &amp; Co. Zweite Beteiligungen KG</B>, Gorkistra&szlig;e 9,
                                         99084 Erfurt, Germany, registered with the Commercial Register of the Jena Local Court
                                         under HRA 501890</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated September 15, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 272.9pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>PET-II</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 272.9pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">10)</FONT></TD><TD STYLE="text-align: left; padding-right: 64.95pt"><FONT STYLE="font-size: 10pt"><B>Prof.
                                         Dr. Konrad Reinhart</B>, Philosophenweg 17, 07743 Jena, Germany pursuant to a power of
                                         attorney dated September 18, 2017</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 180.35pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>Prof. Dr. Konrad Reinhart</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 180.35pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">11)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.25pt"><FONT STYLE="font-size: 10pt"><B>Kamalaka
                                         Enterprises Limited</B>, Level 4, The Penthouse, Suite 2, Europa Business Centre, Triq
                                         Dun Karm, Birkirkara, BKR 9034, Malta, registered in Malta under reg- istry number C
                                         54041</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated September 21, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1.1pt 0pt 253.3pt; text-align: right"><FONT STYLE="font-size: 10pt">-
hereinafter referred to as &quot;<B>Kamalaka</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 1.1pt 0pt 253.3pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">12)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.25pt"><FONT STYLE="font-size: 10pt"><B>Cabita
                                         Investments Limited</B>, Level 4, The Penthouse, Suite 2, Europa Business Centre, Triq
                                         Dun Karm, Birkirkara, BKR 9034, Malta, registered in Malta under reg- istry number C
                                         58548</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated September 21, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 274.75pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>Cabita</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 274.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">13)</FONT></TD><TD STYLE="text-align: left; padding-right: 93.15pt"><FONT STYLE="font-size: 10pt"><B>Carla
                                         Comelli</B>, Felsenstrasse 76, CH-8832 Wollerau, Switzerland pursuant to a power of attorney
                                         dated September 18, 2017</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 239.2pt; text-align: right"><FONT STYLE="font-size: 10pt">-
hereinafter referred to as &quot;<B>Carla Comelli</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 239.2pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">14)</FONT></TD><TD STYLE="text-align: left; padding-right: 126.9pt"><FONT STYLE="font-size: 10pt"><B>Arnd
                                         Christ</B>, Fichtenstra&szlig;e 13, 82152 Krailling, Germany pursuant to a power of attorney
                                         dated September 19, 2017</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 2.6pt 0pt 245.95pt; text-align: right"><FONT STYLE="font-size: 10pt">-
hereinafter referred to as &quot;<B>Arnd Christ</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 2.6pt 0pt 245.95pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>InflaRx GmbH &ndash; Investment and Adherence Agreement</I></FONT></P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">15)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.2pt"><FONT STYLE="font-size: 10pt"><B>Staidson
                                         Hong Kong Investment Company Limited</B>, 1/F 122D Ma Yautong Sai Kung N.T., Hong Kong,
                                         a company established and existing under the laws of Hong Kong, registered in the company
                                         register of Hong Kong under number 2235882</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated September 13, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 266.2pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>Staidson</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 266.2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 10pt">16)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.3pt"><FONT STYLE="font-size: 10pt"><B>Metall
                                         Zug AG</B>, Industriestrasse 66, Postfach 59, CH-6301 Zug, Switzerland, a Swiss stock
                                         corporation, registered with the Commercial Register of the Canton Zug under CHE-101.865.948</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated September 14, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 253.25pt; text-align: right"><FONT STYLE="font-size: 10pt">-
hereinafter referred to as &quot;<B>Metall Zug</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 253.25pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 10pt">17)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.3pt"><FONT STYLE="font-size: 10pt"><B>Guillermo
                                         Francisco Vogel Hinojosa</B>, Campos El&iacute;seos 400, Piso 17, Ciudad de M&eacute;xico
                                         11560, M&eacute;xico</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated September 18, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 228.65pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>Guillermo Vogel</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 228.65pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">18)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Angel
                                         Servando Sosa Hurtado</B>, Manuel M. Sol&oacute;rzano 21, Ciudad de M&eacute;xico 04730,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt"><FONT STYLE="font-size: 10pt">M&eacute;xico</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated September 18, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 0pt 253.3pt; text-align: right"><FONT STYLE="font-size: 10pt">-
hereinafter referred to as &quot;<B>Angel Sosa</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 0pt 253.3pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 10pt">19)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.45pt"><FONT STYLE="font-size: 10pt"><B>Daniel
                                         P&eacute;rez Gil de Hoyos</B>, Blvd. Adolfo L&oacute;pez Mateos 2349, Piso 6, Ciudad
                                         de M&eacute;xico 04500, M&eacute;xico</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated September 19, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 245.9pt; text-align: right"><FONT STYLE="font-size: 10pt">-
hereinafter referred to as &quot;<B>Daniel P&eacute;rez</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 245.9pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 10pt">20)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.3pt"><FONT STYLE="font-size: 10pt"><B>Mita
                                         Maria Paola Castiglioni Grassi</B>, Sierra Ventana 334, Ciudad de M&eacute;xico 11000,
                                         M&eacute;xico</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated 18 September, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 250.6pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>Mita Grassi</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 250.6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 10pt">21)</FONT></TD><TD STYLE="text-align: left; padding-right: 59.3pt"><FONT STYLE="font-size: 10pt"><B>Marco
                                         Simeoni</B>, Rue du Petit Ch&ecirc;ne 23, CH-1003 Lausanne, Switzerland pursuant to a
                                         power of attorney dated 15 September, 2017</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>InflaRx GmbH &ndash; Investment and Adherence Agreement</I></FONT></P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 0pt 233.1pt; text-align: right"><FONT STYLE="font-size: 10pt">-
hereinafter referred to as &quot;<B>Marco Simeoni</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.8pt 0pt 233.1pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">22)</FONT></TD><TD STYLE="text-align: left; padding-right: 65.65pt"><FONT STYLE="font-size: 10pt"><B>Philippe
                                         Beal</B>, Rue des Petites-Buttes 16B, CH-1180 Rolle, Switzerland pursuant to a power
                                         of attorney dated 15 September, 2017</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 239.25pt; text-align: right"><FONT STYLE="font-size: 10pt">-
hereinafter referred to as &quot;<B>Philippe Beal</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0.7pt 0pt 239.25pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">23)</FONT></TD><TD STYLE="text-align: left; padding-right: 75.3pt"><FONT STYLE="font-size: 10pt"><B>Pierre-Alain
                                         Racine</B>, Chemin du Midi 3, CH-1350 Orbe, Switzerland pursuant to a power of attorney
                                         dated 26 September, 2017</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 212.8pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>Pierre-Alain Racine</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 212.8pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">24)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.2pt"><FONT STYLE="font-size: 10pt"><B>DocEpsilon
                                         LLC</B>, 4251 Park Lane, Dallas, TX 75220, USA, a limited liability com- pany established
                                         and existing under the laws of Texas, registered in the State of Texas under registration
                                         number 8010955879</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated 14 September, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 251.7pt; text-align: right"><FONT STYLE="font-size: 10pt">-
hereinafter referred to as &quot;<B>DocEpsilon</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 251.7pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">25)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.3pt"><FONT STYLE="font-size: 10pt"><B>Romaria
                                         Investment Corp</B>, 53rd E Street, Urb. Marbella, MMG Tower, Piso 16, Panama, a corporation
                                         under the laws of Panama, registered with the Commercial Register of Panama under no.
                                         706064</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated 14 September, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 265pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>Romaria</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 265pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">26)</FONT></TD><TD STYLE="text-align: left; padding-right: 105.3pt"><FONT STYLE="font-size: 10pt"><B>Philippe
                                         Meyer</B>, R&uuml;tistrasse 8, CH-8702 Zollikon, Switzerland pursuant to a power of attorney
                                         dated 13 September, 2017</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 233.05pt; text-align: right"><FONT STYLE="font-size: 10pt">-
hereinafter referred to as &quot;<B>Philippe Meyer</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 233.05pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">27)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.25pt"><FONT STYLE="font-size: 10pt"><B>Mulberry
                                         Invest AG</B>, Kantonsstrasse 22, CH-8807 Freienbach, Switzerland, a Swiss stock corporation,
                                         registered with the Commercial Register of the Canton Schwyz under CHE-113.025.820</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated 18 September, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 259.65pt; text-align: right"><FONT STYLE="font-size: 10pt">-
hereinafter referred to as &quot;<B>Mulberry</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 259.65pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">28)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.3pt"><FONT STYLE="font-size: 10pt"><B>InflaRx
                                         GmbH</B>, Winzerlaer Stra&szlig;e 2, 07745 Jena, Germany, a limited liability com- pany
                                         (<I>Gesellschaft mit beschr&auml;nkter Haftung</I>) under German law, registered with
                                         the Commercial Register of the Jena Local Court under HRB 502149.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>InflaRx GmbH &ndash; Investment and Adherence Agreement</I></FONT></P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.95pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated 12. Oktober 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 278.7pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>Company</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 278.7pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 35.25pt"><FONT STYLE="font-size: 10pt">B.</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.3pt"><FONT STYLE="font-size: 10pt">Mr.
                                         Martin Rojahn, born on 24 October 1984, lawyer (<I>Rechtsanwalt</I>), identifying himself
                                         by his valid official photo identity document (<I>Lichtbildausweis</I>), with business
                                         address at c/o Linklaters LLP, Taunusanlage 8, 60329 Frankfurt am Main, (the &quot;<B>Person
                                         Appearing No. B</B>&quot;)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.95pt"><FONT STYLE="font-size: 10pt">acting not in his
own name, but in his capacity as authorised representative of</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 77.95pt"><FONT STYLE="font-size: 10pt"><B>KfW Anstalt
des &ouml;ffentlichen Rechts</B>, mit Sitz in Frankfurt am Main, Niederlassung Ludwig-Erhard-Platz 1-3, 53179 Bonn, Germany</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 77.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.95pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated 19 September 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 301.3pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>KfW</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 301.3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.95pt"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-size: 10pt">C.</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.3pt"><FONT STYLE="font-size: 10pt">Mr.
                                         <B>Marvin Singh</B>, born on 27 October 1986, personally known to the notary, with business
                                         address at c/o Taylor Wessing, Thurn-und-Taxis-Platz 6, 60313 Frankfurt am Main, (the
                                         &quot;<B>Person Appearing No. C</B>&quot;)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.95pt"><FONT STYLE="font-size: 10pt">acting not in his
own name, but in his capacity as authorised representative of</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">1)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.25pt"><FONT STYLE="font-size: 10pt"><B>Cormorant
                                         Private Healthcare Fund I LP</B>, a company existing under the laws of Delaware, with
                                         registered head office at c/o Cormorant Asset Management, LLC, 200 Clarendon Street,
                                         52nd Floor, Boston, MA 02116, USA, duly represented by its In- vestment Manager with
                                         sole power of representation Cormorant Asset Management, LLC, a company existing under
                                         the laws of Delaware, with registered head office at 200 Clarendon Street, 52nd Floor,
                                         Boston, MA 02116, USA,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated 11 October 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 236.5pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>Cormorant Fund I</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 236.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">2)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.25pt"><FONT STYLE="font-size: 10pt"><B>Cormorant
                                         Global Healthcare Master Fund LP</B>, a company existing under the laws of the Cayman
                                         Islands, with registered head office at c/o Cormorant Asset Man- agement, LLC, 200 Clarendon
                                         Street, 52nd Floor, Boston, MA 02116, USA, duly represented by its Investment Manager
                                         with sole power of representation Cormorant Asset Management, LLC, a company existing
                                         under the laws of Delaware, with regis- tered head office at 200 Clarendon Street, 52nd
                                         Floor, Boston, MA 02116, USA,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt"><FONT STYLE="font-size: 10pt">pursuant to a power
of attorney dated 11 October 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 207.15pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>Cormorant Master Fund</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 207.15pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">3)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.25pt"><FONT STYLE="font-size: 10pt"><B>CRMA
                                         SPV L.P.</B>, a company existing under the laws of the Cayman Islands, with registered
                                         head office at c/o Cormorant Asset Management, LLC, 200 Clarendon</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>InflaRx GmbH &ndash; Investment and Adherence Agreement</I></FONT></P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 78pt; text-align: justify"><FONT STYLE="font-size: 10pt">Street,
52nd Floor, Boston, MA 02116, USA, duly represented by its Investment Manager with sole power of representation Cormorant Asset
Management, LLC, a company existing under the laws of Delaware, with registered head office at 200 Clarendon Street, 52nd Floor,
Boston, MA 02116, USA,</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.3pt 0pt 78pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify"><FONT STYLE="font-size: 10pt">pursuant
to a power of attorney dated 11 October 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 290.3pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>CRMA</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 290.3pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 35.95pt"><FONT STYLE="font-size: 10pt">4)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.25pt"><FONT STYLE="font-size: 10pt"><B>BlackRock
                                         Health Sciences Opportunities Portfolio, a series of BlackRock Funds</B>, 100 Bellevue
                                         Parkway, Wilmington, Delaware 19809, USA, a portfolio held by BlackRock Funds, a Massachusetts
                                         business trust, registered in the Common- wealth of Massachusetts and with legal entity
                                         identifier of VN6DJGBO8DKY0GTM4883, which is managed by its investment advisor Black-
                                         Rock Advisors, LLC, a limited liability company under the laws of Delaware, 100 Bellevue
                                         Parkway, Wilmington, Delaware 19809, USA</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">pursuant
to a power of attorney dated 11 October 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 239.5pt; text-align: right"><FONT STYLE="font-size: 10pt">-
hereinafter referred to as &quot;<B>BlackRock HSOP</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 239.5pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">5)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.2pt"><FONT STYLE="font-size: 10pt"><B>BlackRock
                                         Health Sciences Trust, </B>100 Bellevue Parkway, Wilmington, Delaware 19809, USA, a Delaware
                                         statutory trust, registered in the State if Delaware and with a legal entity identifier
                                         of 4UL0KI4EPYFKMUU31I34, which is managed by its in- vestment advisor BlackRock Advisors,
                                         LLC, a limited liability company under the laws of Delaware, 100 Bellevue Parkway, Wilmington,
                                         Delaware 19809, USA</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">pursuant
to a power of attorney dated 11 October 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 247.4pt; text-align: right"><FONT STYLE="font-size: 10pt">-
hereinafter referred to as &quot;<B>BlackRock HST</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 247.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.95pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">6)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.2pt"><FONT STYLE="font-size: 10pt"><B>BlackRock
                                         Health Sciences Master Unit Trust, </B>a unit trust under the laws of Cay- man Islands,
                                         with registered business address at c/o INTERTRUST CORPORATE SERVICES (CAYMAN) LIMITED,
                                         190 Elgin Avenue, George Town, Grand Cay- man KY1-9005, Cayman Islands and with formation
                                         number 52242, which is man- aged by its investment advisor BlackRock Capital Managment,
                                         Inc., a corporation under the laws of Delaware,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">pursuant
to a power of attorney dated 11 October 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 230.15pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>BlackRock HSMUT</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 230.15pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.95pt"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-size: 10pt">D.</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.3pt"><FONT STYLE="font-size: 10pt">Mr.
                                         <B>Lutz Hans Krosien</B>, born on 24 September 1960, lawyer (<I>Rechtsanwalt</I>), identifying
                                         himself by his valid official photo identity document (<I>Lichtbildausweis</I>), with
                                         business ad- dress at c/o Morgan, Lewis &amp; Bockius LLP, OpernTurm, Bockenheimer Landstra&szlig;e
                                         4, 60306 Frankfurt am Main, (the &quot;<B>Person Appearing No. D</B>&quot;)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>InflaRx GmbH &ndash; Investment and Adherence Agreement</I></FONT></P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt"><FONT STYLE="font-size: 10pt">acting not in his own
name, but in his capacity as authorised representative of</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">1)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.2pt"><FONT STYLE="font-size: 10pt"><B>Blackwell
                                         Partners LLC - Series A</B>, a limited liability company existing under the laws of Delaware,
                                         with registered head office at c/o DUMAC, Inc., 280 S. Mangum St., Suite 210 Durham,
                                         North Carolina 27701, USA, registered with the Secretary of State of the State of Delaware
                                         under number 5632217, which is duly represented by its investment manager with sole power
                                         of representation DUMAC, Inc., a corpora- tion existing under the laws of North Carolina,
                                         with registered head office at 280 S. Mangum St., Suite 210 Durham, North Carolina 27701,
                                         USA, registered with the Secretary of State of the State of North Carolina under number
                                         1217990,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify"><FONT STYLE="font-size: 10pt">pursuant
to a power of attorney dated 9 October 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 278.75pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>Blackwell</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 278.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 10pt">2)</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.25pt"><FONT STYLE="font-size: 10pt"><B>RA
                                         Capital Healthcare Fund, L.P., </B>a limited partnership existing under the laws of Delaware/USA,
                                         with registered head office at c/o RA Capital Management, LLC, 20 Park Plaza, Suite 1200,
                                         Boston, Massachusetts, USA, registered with the Secretary of State of the State of Delaware
                                         under number 3837135, which is duly represented by its general partner with sole power
                                         of representation RA Capital Management, LLC, a limited liability company existing under
                                         the laws of Massachusetts/USA, with regis- tered head office at 20 Park Plaza, Suite
                                         1200, Bos-ton, Massachusetts, USA, regis- tered with the Secretary of State of the Commonwealth
                                         of Massachusetts under num- ber 830406777,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify"><FONT STYLE="font-size: 10pt">pursuant
to a power of attorney dated 10 October 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 291.5pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>RaCap</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 291.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6pt"></TD><TD STYLE="width: 35.25pt"><FONT STYLE="font-size: 10pt">E.</FONT></TD><TD STYLE="text-align: justify; padding-right: 5.3pt"><FONT STYLE="font-size: 10pt">Mr.
                                         Rudolf Mehl, born on 25 November 1986, lawyer (<I>Rechtsanwalt</I>), identifying himself
                                         by his valid official photo identity document (<I>Lichtbildausweis</I>), with business
                                         address at c/o Hengeler Mueller, Bockenheimer Landstra&szlig;e 24, 60323 Frankfurt am
                                         Main, (the &quot;<B>Person Appearing No. E</B>&quot;)</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt"><FONT STYLE="font-size: 10pt">acting not in his own
name, but in his capacity as authorised representative of</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 78pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>BCLS
Investco, L.P.</B>, a Cayman Exempted Limited Partnership with its registered seat at Grand Cayman, c/o Maples Corporate Services
Limited, PO Box 309, Ugland House, George Town, Grand Cayman, KY1-1104, Cayman Islands,</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 78pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify"><FONT STYLE="font-size: 10pt">pursuant
to a power of attorney dated 11 October 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 295.85pt; text-align: right"><FONT STYLE="font-size: 10pt">- hereinafter referred
to as &quot;<B>BCLS</B>&quot; -</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 295.85pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.95pt"><FONT STYLE="font-size: 10pt">The copies of the
powers of attorney attached hereto under <B>Annex A </B>are true and accurate copies (<I>Abschriften</I>) of the powers of attorney
that were presented to the notary in original form.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>InflaRx GmbH &ndash; Investment and Adherence Agreement</I></FONT></P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
copies of the powers of attorney attached hereto under <B>Annex B </B>are copies (<I>Abschriften</I>) of the powers of attorney
of which copies were presented to the notary. The respective Person Appearing promised to submit the original powers of attorney
as soon as possible to the notary who was asked to attach certified copies of the original powers of attorney then to this deed.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Persons Appearing No. A through E together the &quot;<B>Persons Appearing</B>&quot;.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant
to Section 21 German Notary Act and based on inspection on 11 October 2017 of the electronic commercial register of the local
court of Jena under HRA 103063 and HRB 113753 respectively, I certify that Private Equity Th&uuml;ringen GmbH &amp; Co. KG is
a limited partnership of which Private Equity Th&uuml;ringen Verwaltungs GmbH is the sole liable general partner and that Mr.
Kevin Daniel Reeder, born on 14 September 1977, who signed the power of attorney, is the sole managing director of Private Equity
Th&uuml;ringen Verwaltungs GmbH authorized to act alone and released from the restrictions set forth in Sec. 181 German Civil
Code (BGB).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant
to Section 21 German Notary Act and based on inspection on 11 October 2017 of the electronic commercial register of the local
court of Jena under HRA 501890 and HRB 113753 respectively, I certify that Private Equity Th&uuml;ringen GmbH &amp; Co. Zweite
Beteiligungen KG is a limited partnership of which Private Equity Th&uuml;ringen Verwaltungs GmbH is the sole liable general partner
and that Mr. Kevin Daniel Reeder, born on 14 September 1977, who signed the power of attorney, is the sole managing director of
Private Equity Th&uuml;ringen Verwaltungs GmbH authorized to act alone and released from the restrictions set forth in Sec. 181
German Civil Code (BGB).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant
to Section 21 German Notary Act and based on inspection on 11 October 2017 of the electronic commercial register of the local
court of Jena under HRB 502149, I certify that Prof. Dr. Niels Riedemann, born on 24 December 1971, and Mr. Arnd Christ, born
on 26 May 1966, are each a managing director, authorized to act alone and released from the restrictions set forth in Sec. 181
German Civil Code (BGB), of InflaRx GmbH, having its registered seat (<I>Sitz</I>) at Jena and its registered business address
(<I>Gesch&auml;ftsanschrift</I>) at Winzerlaer Stra&szlig;e 2, 07745 Jena.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 166.7pt 0pt 166.3pt; text-align: center"><FONT STYLE="font-size: 10pt">I.</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 166.7pt 0pt 166.3pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Persons Appearing denied the question as to the prior involvement of the acting Notary or any of his partners with regard to the
subject matter hereof beyond his notarial activity according to section 3 subsection 1 sentence 1 number 7 German Notarization
Act (<I>BeurkG</I>).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.2pt 0pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 166.7pt 0pt 166.25pt; text-align: center"><FONT STYLE="font-size: 10pt">II.</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 166.7pt 0pt 166.25pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Persons Appearing requested that this Deed be recorded in the English language and stated that they were in sufficient command
of the English language. The Notary, who himself is in sufficient command of the English language, assured himself that the Persons
Appearing were, in fact, in such sufficient command of the English language. Advised by the Notary of their rights to have the
assis- tance of a sworn interpreter and to have a certified translation attached to this Deed, the Persons Ap- pearing waived
such rights.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>InflaRx GmbH &ndash; Investment and Adherence Agreement</I></FONT></P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
notary took copies of the Persons Appearings&rsquo; official identity documents, which was approved by them, and the notary advised
the Persons Appearing that their personal data will &ndash; in each case to the extent necessary &ndash; be collected, stored,
processed and, if and to the extent necessary, provided to third parties to prepare this deed and to complete the transactions
set forth in this deed. The Persons Appearing gave their consent thereto.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 4.9pt; text-align: center"><FONT STYLE="font-size: 10pt">III.</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 4.9pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.05pt 0pt 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">On
21 July 2016, an &ldquo;Investment and Shareholders&rsquo; Agreement Series C Preferred Shares Financing InflaRx GmbH, Jena, Germany&rdquo;
was notarized under Register of Deeds No. 2016 / 59 of the notary Stephan Cueni in Basel, Switzerland, (the &ldquo;<B>Reference
Deed</B>&rdquo;). In the Investment and Adherence Agreement, concluded today (see IV.), the Persons Appearing referred to the
Reference Deed of which a certified copy, duly certified by the notary Stephan Cueni and legalized by means of an Apos- tille
in accordance with the Hague Convention of 5 Octoer 1961, was available for review and inspec- tion by the Persons Appearing during
this recording. The Persons Apperaring declared that the content of the Reference Deed is known to them and they waive their right
to the respective deed being read aloud to them. They also waive their right to the respective deed being attached to the present
notarial recording. The Notary advised the Persons Appearing of Sec. 13a of the German Notarization Act (<I>Beurkundungsgesetz</I>).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.05pt 0pt 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 4.9pt; text-align: center"><FONT STYLE="font-size: 10pt">IV.</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 4.9pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Acting
as aforesaid, the Persons Appearing then declared the following:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">We
herewith conclude and agree to the &ldquo;Investment and Adherence Agreement InflaRx GmbH, Jena, Germany&rdquo; attached hereto
as <B>Annex Investment and Adherence Agreement</B>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 4.95pt; text-align: center"><FONT STYLE="font-size: 10pt">V.</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 4.95pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
cost of the notarization of this deed shall be borne by the Company.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 5.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">Each
Party shall receive one certified copy of this deed, which in each case shall be sent to the respec- tive Person Appearing acting
as its representative.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 5.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 4.9pt; text-align: center"><FONT STYLE="font-size: 10pt">VI.</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 4.45pt 0pt 4.9pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Notary advised the Persons Appearing:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.95pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-size: 10pt">that a capital increase
of a German limited liability company requires a notarized sharehold- ers&rsquo; resolution and the registration in the commercial
register.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 41.95pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>InflaRx GmbH &ndash; Investment and Adherence Agreement</I></FONT></P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.45pt; text-indent: 172.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.45pt; text-indent: 172.25pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">that the English original
version of this notarial deed will not be acceptable for enforcement in German courts but will have to be translated, by a certified
translator, into the German lan guage for such purposes at the expense of the party enforcing this agreement;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 41pt 0pt 41.2pt; text-align: justify; text-indent: 0.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">that he has not, in
any regard, rendered any tax advice to the Persons Appearing or the parties represented by them;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 41.25pt 0pt 41.5pt; text-align: justify; text-indent: -0.05pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-size: 10pt">that the parties are
liable as secondary obligors for the Notary's fees;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.45pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">that the Notary has
not advised as to any foreign laws and matters, including as to the due representation of the parties that are domiciled or incorporated
in a jurisdiction other than Germany as stated in the entry into this deed; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 41.4pt 0pt 41.2pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">that this deed must
contain all stipulations and agreements of the parties with regard to the subject matter of the notarized document and that absent
thereof this agreement may be void.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 41.15pt 0pt 41.25pt; text-align: justify; text-indent: 0.15pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 41.4pt 0pt 5.5pt; text-align: justify; text-indent: -0.2pt"><FONT STYLE="font-size: 10pt">This
notarial deed, including the Annex Investment an Adherence Agreement and its annexes, was read aloud to the Persons Appearing
by the Notary. The exhibits to annex 7.1 of the Investment and Adherence Agrement were reviewed by the parties, who waived their
right to have them read aloud, and signed by them. Thereupon the parties approved this notarial deed, including the Annex Invest
ment and Adherence Agreement and its annexes and exhibits, which was signed by them and the Notary as follows:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 41.4pt 0pt 5.5pt; text-align: justify; text-indent: -0.2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>/s/
Dr. Karsten M&uuml;ller-Eising, Notary</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">Authorized
Signatory&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 41.4pt 0pt 5.5pt; text-align: justify; text-indent: -0.2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.25pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0"><B></B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B></B></P>

<!-- Field: Page; Sequence: 11 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify; font-size: 10pt">Date</TD>
    <TD STYLE="width: 50%; text-align: right; font-size: 10pt">12 October 2017</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>InflaRx GmbH</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; text-align: left; text-indent: 460.65pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 460.65pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></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: left; text-indent: 460.65pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 460.65pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><FONT STYLE="text-transform: uppercase"><B>Investment
and adherence agreement</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 460.65pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 460.65pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 460.65pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 460.65pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 460.65pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 460.65pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 460.65pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0pt 0; text-align: right"><IMG SRC="image_029.jpg" ALT="TWLogotype_Green" STYLE="width: 173px; height: 26px"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"><B></B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"><B>&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Investment and Adherence Agreement</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; text-align: center"><B>InflaRx GmbH, Jena, Germany</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; text-align: center">by and between</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&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"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B>Prof. Dr. Niels Riedemann</B>, &Uuml;ber den Teufelsl&ouml;chern 7, 07749 Jena, Germany</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: right">- hereinafter referred to as &quot;<B>Prof.
Dr. Niels Riedemann</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B>Prof. Dr. Renfeng Guo</B>, 821 Gallery Lane, Ann Arbor, MI 48103, Michigan, USA</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: right">- hereinafter referred to as &quot;<B>Prof.
Dr. Renfeng Guo</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B>Nicolas Fulpius</B>, 1450 Arcadia Pl, Palo Alto, CA 94303, USA</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: right">- hereinafter referred to as &quot;<B>Nicolas
Fulpius</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><B>University of Michigan</B>, Office of Technology Transfer, 1600 Huron Pkwy, Building 520, Ann
Arbor, MI 48104-2590, Michigan, USA</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: right">- hereinafter referred to as &quot;<B>UofM</B>&quot;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify"><B>Mark K&uuml;bler</B>, Erlenmatte 10, CH-8832 Wollerau, Switzerland</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: right">- hereinafter referred to as &quot;<B>Mark
K&uuml;bler</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify"><B>Rolf K&uuml;bler</B>, Erlenmatte 10, CH-8832 Wollerau, Switzerland</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: right">- hereinafter referred to as &quot;<B>Rolf
K&uuml;bler</B>&quot; -</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: right"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify"><B>Ammann Group Holding AG</B>, c/o Walder Wyss AG, Bubenbergplatz 8, Postfach 8750, CH-3001 Bern,
Switzerland, registered with the Commercial Register of the Canton Bern under CHE-103.003.538</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: right">- hereinafter referred to as &quot;<B>Ammann
Group</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify"><B>KfW Anstalt des &ouml;ffentlichen Rechts</B>, Ludwig-Erhard-Platz 1-3, 53179 Bonn, Germany</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: right">- hereinafter referred to as &quot;<B>KfW</B>&quot;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify"><B>Private Equity Th&uuml;ringen GmbH &amp; Co. KG</B>, Gorkistra&szlig;e 9, 99084 Erfurt, Germany,
registered with the Commercial Register of the Jena Local Court under HRA 103063</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: right">- hereinafter referred to as &quot;<B>PET-I</B>&quot;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify"><B>Private Equity Th&uuml;ringen GmbH &amp; Co. Zweite Beteiligungen KG</B>, Gorkistra&szlig;e
9, 99084 Erfurt, Germany, registered with the Commercial Register of the Jena Local Court under HRA 501890</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: right">- hereinafter referred to as &quot;<B>PET-II</B>&quot;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify"><B>Prof. Dr. Konrad Reinhart</B>, Philosophenweg 17, 07743 Jena, Germany</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: right">- hereinafter referred to as &quot;<B>Prof.
Dr. Konrad Reinhart</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify"><B>Kamalaka Enterprises Limited</B>, Level 4, The Penthouse, Suite 2, Europa Business Centre, Triq
Dun Karm, Birkirkara, BKR 9034, Malta, registered in Malta under registry number C 54041</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: right">- hereinafter referred to as &quot;<B>Kamalaka</B>&quot;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify"><B>Cabita Investments Limited</B>, Level 4, The Penthouse, Suite 2, Europa Business Centre, Triq
Dun Karm, Birkirkara, BKR 9034, Malta, registered in Malta under registry number C 58548</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: right">- hereinafter referred to as &quot;<B>Cabita</B>&quot;
-</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: right"></P>

<!-- Field: Page; Sequence: 15; Value: 1 -->
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify"><B>Carla Comelli</B>, Felsenstrasse 76, CH-8832 Wollerau, Switzerland</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: right">- hereinafter referred to as &quot;<B>Carla
Comelli</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">15.</TD><TD STYLE="text-align: justify"><B>Arnd Christ</B>, Fichtenstra&szlig;e 13, 82152 Krailling, Germany</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: right">- hereinafter referred to as &quot;<B>Arnd
Christ</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">16.</TD><TD STYLE="text-align: justify"><B>Staidson Hong Kong Investment Company Limited</B>, 1/F 122D Ma Yautong Sai Kung N.T., Hong Kong</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: right">- hereinafter referred to as &quot;<B>Staidson</B>&quot;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">17.</TD><TD STYLE="text-align: justify"><B>Metall Zug AG</B>, Industriestrasse 66, Postfach 59, CH-6301 Zug, Switzerland, registered with
the Commercial Register of the Canton Zug under CHE-101.865.948</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: right">- hereinafter referred to as &quot;<B>Metall
Zug</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">18.</TD><TD STYLE="text-align: justify"><B>Guillermo Francisco Vogel Hinojosa</B>, Campos El&iacute;seos 400, Piso 17, Ciudad de M&eacute;xico
11560, M&eacute;xico</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: right">- hereinafter referred to as &quot;<B>Guillermo
Vogel</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">19.</TD><TD STYLE="text-align: justify"><B>Angel Servando Sosa Hurtado</B>, Manuel M. Sol&oacute;rzano 21, Ciudad de M&eacute;xico 04730,
M&eacute;xico</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: right">- hereinafter referred to as &quot;<B>Angel
Sosa</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">20.</TD><TD STYLE="text-align: justify"><B>Daniel P&eacute;rez Gil de Hoyos</B>, Blvd. Adolfo L&oacute;pez Mateos 2349, Piso 6, Ciudad
de M&eacute;xico 04500, M&eacute;xico</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: right">- hereinafter referred to as &quot;<B>Daniel
P&eacute;rez</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">21.</TD><TD STYLE="text-align: justify"><B>Mita Maria Paola Castiglioni Grassi</B>, Sierra Ventana 334, Ciudad de M&eacute;xico 11000,
M&eacute;xico</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: right">- hereinafter referred to as &quot;<B>Mita
Grassi</B>&quot; -</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: right"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">22.</TD><TD STYLE="text-align: justify"><B>Marco Simeoni</B>, Rue du Petit Ch&ecirc;ne 23, CH-1003 Lausanne, Switzerland</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: right">- hereinafter referred to as &quot;<B>Marco
Simeoni</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">23.</TD><TD STYLE="text-align: justify"><B>Philippe Beal</B>, Rue des Petites-Buttes 16B, CH-1180 Rolle, Switzerland</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: right">- hereinafter referred to as &quot;<B>Philippe
Beal</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">24.</TD><TD STYLE="text-align: justify"><B>Pierre-Alain Racine</B>, Chemin du Midi 3, CH-1350 Orbe, Switzerland</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: right">- hereinafter referred to as &quot;<B>Pierre-Alain
Racine</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">25.</TD><TD STYLE="text-align: justify"><B>DocEpsilon LLC</B>, 4251 Park Lane, Dallas, TX 75220, USA</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: right">- hereinafter referred to as &quot;<B>DocEpsilon</B>&quot;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">26.</TD><TD STYLE="text-align: justify"><B>Romaria Investment Corp</B>, 53rd E Street, Urb. Marbella, MMG Tower, Piso 16, Panama, registered
with the Commercial Register of Panama under no. 706064</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: right">- hereinafter referred to as &quot;<B>Romaria</B>&quot;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">27.</TD><TD STYLE="text-align: justify"><B>Philippe Meyer</B>, R&uuml;tistrasse 8, CH-8702 Zollikon, Switzerland</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: right">- hereinafter referred to as &quot;<B>Philippe
Meyer</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">28.</TD><TD STYLE="text-align: justify"><B>Mulberry Invest AG</B>, Kantonsstrasse 22, CH-8807 Freienbach, Switzerland, registered with
the Commercial Register of the Canton Schwyz under CHE-113.025.820</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: right">- hereinafter referred to as &quot;<B>Mulberry</B>&quot;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">29.</TD><TD STYLE="text-align: justify"><B>Blackwell Partners LLC - Series A</B>, c/o DUMAC, Inc., 280 S. Mangum St., Suite 210 Durham,
NC 27701, USA</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: right">- hereinafter referred to as &quot;<B>Blackwell</B>&quot;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">30.</TD><TD STYLE="text-align: justify"><B>RA Capital Healthcare Fund, L.P., </B>c/o RA Capital Management, LLC, 20 Park Plaza, Suite 1200,
Boston, Massachusetts, USA</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: right">- hereinafter referred to as &quot;<B>RaCap</B>&quot;
-</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: right"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">31.</TD><TD STYLE="text-align: justify"><B>BCLS Investco, L.P.</B>, c/o Maples Corporate Services Limited, PO Box 309, Ugland House, George
Town, Grand Cayman, KY1-1104, Cayman Islands</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: right">- hereinafter referred to as &quot;<B>BCLS</B>&quot;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">32.</TD><TD STYLE="text-align: justify"><B>Cormorant Private Healthcare Fund I LP</B>, 200 Clarendon Street, 52nd Floor, Boston, MA 02116</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: right">- hereinafter referred to as &quot;<B>Cormorant
Fund I</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">33.</TD><TD STYLE="text-align: justify"><B>Cormorant Global Healthcare Master Fund LP</B>, 200 Clarendon Street, 52nd Floor, Boston, MA
02116</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: right">- hereinafter referred to as &quot;<B>Cormorant
Master Fund</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">34.</TD><TD STYLE="text-align: justify"><B>CRMA SPV L.P.</B>, PO Box 309, Ugland House, George Town, Grand Cayman, KY1-1104 Cayman Islands</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: right">- hereinafter referred to as &quot;<B>CRMA</B>&quot;
-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">35.</TD><TD STYLE="text-align: justify"><B>BlackRock Health Sciences Opportunities Portfolio</B>, <B>a series of BlackRock Funds,</B> 100
Bellevue Parkway, Wilmington, Delaware 19809, USA</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: right">- hereinafter referred to as &quot;<B>BlackRock
HSOP</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">36.</TD><TD STYLE="text-align: justify"><B>BlackRock Health Sciences Trust, </B>100 Bellevue Parkway, Wilmington, Delaware 19809, USA</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: right">- hereinafter referred to as &quot;<B>BlackRock
HST</B>&quot; -</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">37.</TD><TD STYLE="text-align: justify"><B>BlackRock Health Sciences Master Unit Trust, </B>INTERTRUST CORPORATE SERVICES (CAYMAN) LIMITED,
190 Elgin Avenue, George Town, Grand Cayman KY1-9005, Cayman Islands</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: right">- hereinafter referred to as &quot;<B>BlackRock
HSMUT</B>&quot; -</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: right"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&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"></TD><TD STYLE="width: 0.5in">38.</TD><TD STYLE="text-align: justify"><B>InflaRx GmbH</B>, Winzerlaer Stra&szlig;e 2, 07745 Jena, Germany, registered with the Commercial
Register of the Jena Local Court under HRB 502149.</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: right">- hereinafter referred to as &quot;<B>Company</B>&quot;
-</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: justify">The parties named under <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>1.
to <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>3. are hereinafter collectively referred
to as the &quot;<B>Founders</B>&quot; and each individually as a &quot;<B>Founder</B>&quot;. The parties named under <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>29.
to <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>37. are hereinafter collectively referred
to as the &quot;<B>Series D Investors</B>&quot; and each individually as a &quot;<B>Series D Investor</B>&quot;. The parties named
under <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>1. to <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>28.
are hereinafter collectively referred to as the &quot;<B>Current Shareholders</B>&quot; and each individually as a &quot;<B>Current
Shareholder</B>&quot;. The parties named under <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>1.
to <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>37. are hereinafter collectively referred
to as the &quot;<B>Shareholders</B>&quot; and each individually as a &quot;<B>Shareholder</B>&quot;. The parties named under <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>1.
to <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>38. are hereinafter collectively referred
to as the &quot;<B>Parties</B>&quot; and each individually as a &quot;<B>Party</B>&quot;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 21.25pt 0pt 28.35pt; text-transform: uppercase; text-align: center; text-indent: -28.35pt">Table
of contents</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 21.25pt 0pt 28.35pt; text-transform: uppercase; text-align: center; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 21.25pt 0pt 28.35pt; text-transform: uppercase; text-align: center; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 21.25pt 0pt 28.35pt; text-transform: uppercase; text-align: center; text-indent: -28.35pt"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="width: 90%; text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part
    1: Investment Agreement</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial Fett; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;Commitments</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial Fett; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;Share
    Capital Increase; Transfer of Preferred Shares</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial Fett; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;Non-statutory
    Payments into the Capital Reserves</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial Fett; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;Use
    of Proceeds</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial Fett; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.&nbsp;&nbsp;&nbsp;Classes
    of Shares</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial Fett; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.&nbsp;&nbsp;&nbsp;Current
    Shareholders' Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial Fett; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.&nbsp;&nbsp;&nbsp;Business
    Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial Fett; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.&nbsp;&nbsp;&nbsp;General
    Limitations</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial Fett; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: bold 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part
    2: Adherence Agreement</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial Fett; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.&nbsp;&nbsp;&nbsp;General
    Provisions</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial Fett; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.&nbsp;&nbsp;&nbsp;Adherence
    to the Shareholders&lsquo; Agreement</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial Fett; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.&nbsp;&nbsp;&nbsp;Modifications
    of the Series C ISHA</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial Fett; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.&nbsp;&nbsp;&nbsp;Validity
    of Series C ISHA</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial Fett; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.&nbsp;&nbsp;&nbsp;Transaction
    Costs</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial Fett; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.&nbsp;&nbsp;&nbsp;Miscellaneous</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial Fett; text-transform: uppercase">
    <TD STYLE="text-align: left; text-indent: -28.35pt; padding-top: 2pt; padding-bottom: 2pt; padding-left: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.&nbsp;&nbsp;&nbsp;Severability</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37</FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 21.25pt 0pt 28.35pt; text-transform: uppercase; text-align: center; text-indent: -28.35pt"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 21.25pt 0pt 28.35pt; text-transform: uppercase; text-align: center; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 21.25pt 0pt 28.35pt; text-transform: uppercase; text-align: center; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 21.25pt 0pt 28.35pt; text-transform: uppercase; text-align: center; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 21.25pt 0pt 28.35pt; text-transform: uppercase; text-align: center; text-indent: -28.35pt">&nbsp;</P>




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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Table of
Annexes</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; border: Black 1pt solid; padding: 3pt; text-align: left; layout-grid-mode: both; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Annex&nbsp;</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2.1(b)</B></FONT></TD>
    <TD STYLE="width: 63%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; text-align: left; layout-grid-mode: both; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Restated Articles of Association</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt; text-align: left; layout-grid-mode: both; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Annex&nbsp;</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7.1</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; text-align: left; layout-grid-mode: both; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Business Representations and Warranties</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">List of Definitions</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: left">&nbsp;</P>

<DIV STYLE="float: left; width: 48%">

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: left">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 80%; text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Agreement</FONT></TD>
    <TD STYLE="width: 20%; text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Ammann Group</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Angel Sosa</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Arnd Christ</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Bank Working Days</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">BCLS</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">BlackRock HSMUT</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">BlackRock HSOP</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">BlackRock HST</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Blackwell</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Business Representation and Warranty</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Business Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Cabita</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Carla Comelli</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Closing Notice</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Common Share</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Common Shares</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Company</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">6, 11</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Company&acute;s Bank Account</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Converted Series D Preferred Shares</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Cormorant</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Current Shareholder</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Current Shareholders</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Current Shareholders' Representation
    and Warranty</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Current Shareholders' Representations
    and Warranties</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Daniel P&eacute;rez</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">DocEpsilon</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Founder</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Founders</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Guarantee Share Capital Increase</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

</DIV>

<DIV STYLE="float: right; width: 48%">

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt; width: 80%"><FONT STYLE="font-size: 10pt">Guillermo Vogel</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt; width: 20%"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Kamalaka</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">KfW</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">KfW Shares Sold</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Marco Simeoni</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Mark K&uuml;bler</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Metall Zug</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Mita Grassi</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Mulberry</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Nicolas Fulpius</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Parties</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Party</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">PET-I</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">PET-I Shares Sold</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">PET-II</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">PET-II Shares Sold</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Philippe Beal</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Philippe Meyer</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Pierre-Alain Racine</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Preferred Share</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Preferred Shares</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Primary Investors</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Prof. Dr. Konrad Reinhart</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Prof. Dr. Niels Riedemann</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Prof. Dr. Renfeng Guo</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">RaCap</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Reduced Valuation</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Representation and Warranty</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Restated Articles of Association</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Rolf K&uuml;bler</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Romaria</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Series A Preferred Share</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

</DIV>

<P STYLE="margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

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<DIV STYLE="float: left; width: 48%">

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt; width: 80%"><FONT STYLE="font-size: 10pt">Series A Preferred Shares</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt; width: 20%"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Series B Preferred Share</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Series B Preferred Shares</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Series C ISHA</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Series C Preferred Share</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Series C Preferred Shares</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Series D Capital Increase</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Series D Investor</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Series D Investors</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

</DIV>

<P STYLE="margin: 0"></P>

<DIV STYLE="float: right; width: 48%">

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt; width: 80%"><FONT STYLE="font-size: 10pt">Series D Preferred Share</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt; width: 20%"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Series D Preferred Shares</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Series D Preferred Shares Financing</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Series D Share Price</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Shareholder</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Shareholders</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Staidson</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">Stock Option Plan 2016</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 0pt; padding: 0pt"><FONT STYLE="font-size: 10pt">UofM</FONT></TD>
    <TD STYLE="text-align: right; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

</DIV>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Preamble</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&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: 0pt"></TD><TD STYLE="width: 28.35pt">(A)</TD><TD STYLE="text-align: justify">The Current Shareholders are the sole shareholders of InflaRx GmbH with its registered seat in
Jena, Germany, registered with the Commercial Register of the Jena Local Court under HRB 502149 (&quot;<B>Company</B>&quot;). The
object of the Company is the development, manufacture and distribution of anti-inflammatory therapeutics and diagnostics, in particular
in the field of acute and chronic inflammatory diseases.</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"></TD><TD STYLE="width: 28.35pt">(B)</TD><TD STYLE="text-align: justify">The share capital of the Company currently amounts to EUR&nbsp;175,081.00, divided into 175,081
shares with a nominal value of EUR&nbsp;1.00 each, is fully paid in and held exclusively by the Current Shareholders and the Company
as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 22%; border: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Current Shareholder</B></TD>
    <TD STYLE="width: 24%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Total Nominal Amount</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(EUR)</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 31%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Share Numbers</B></TD>
    <TD STYLE="width: 10%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Share Class</B></TD>
    <TD STYLE="width: 13%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Participation</B>&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(%)</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Prof. Dr. Niels Riedemann</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">11,875.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">11,899 to 23,773</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">S</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.7pt 0pt 0; text-align: center">6.78%</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.7pt 0pt 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Prof. Dr. Renfeng Guo</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">11,875.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">24 to 11,898</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">S</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.7pt 0pt 0; text-align: center">6.87%</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.7pt 0pt 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">152.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">125,356 to 125,507</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Nicolas Fulpius</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">3,125.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">23,774 to 26,898</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">S</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">2.26%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">609.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">125,508 to 126,116</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">217.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">174,888 to 175,104</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">S</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">UofM</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">1,250.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">73,963 to 75,212</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">S</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.7pt 0pt 0; text-align: center">0.71%&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Mark K&uuml;bler</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">3,480.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">70,483 to 73,962</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">2.64%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">1,143.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">126,117 to 127,259</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Rolf K&uuml;bler</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">9,746.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">103,898 to 105,627</FONT><BR>
<FONT STYLE="font-size: 10pt">59,261 to 67,276</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">6.00%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">762.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">127,260 to 128,021</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Ammann Group</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">5,434.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">75,213 to 80,646</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">8.22%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">6,668.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">80,647 to 84,108</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">67,277 to 70,482</P></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">2,286.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">128,022 to 130,307</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">KfW</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">10,633.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">84,109 to 94,741</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">12.32%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">8,656.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">94,742 to 103,397</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">2,286.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">172,602 to 174,887</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">PET-I</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">24,750.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">26,899 to 51,648</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">14.14%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">PET-II</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">14,394.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">105,628 to 116,014</FONT><BR>
<FONT STYLE="font-size: 10pt">51,649 to 55,655</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">9.09%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">1,524.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">130,308 to 131,831</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt; width: 22%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">Prof. Dr. Konrad Reinhart</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt; width: 24%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">802.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt; width: 31%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">55,656 to 56,457</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt; width: 10%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt; width: 13%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">0.59%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">228.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">131,832 to 132,059</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Kamalaka</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">6,924.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">116,015 to 122,938</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">3.95%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Cabita</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">692.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">122,939 to 123,630</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.40%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Carla Comelli</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">1,725.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">123,631 to 125,355</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1.20%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">381.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">132,060 to 132,440</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Arnd Christ</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">76.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">132,441 to 132,516</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.04%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Staidson </FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">27,591.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">132,517 to 160,107</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">15.76%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Metall Zug </FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">2,286.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">160,108 to 162,393</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1.31%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Guillermo Vogel</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">304.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">162,394 to 162,697</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.17%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Angel Sosa</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">304.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">162,698 to 163,001</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.17%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Daniel P&eacute;rez</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">228.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">163,002 to 163,229</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.13%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Mita Grassi</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">304.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">163,230 to 163,533</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.17%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Marco Simeoni</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">1,524.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">163,534 to 165,057</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.87%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Philippe Beal</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">762.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">165,058 to 165,819</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.44%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Pierre-Alain Racine</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">457.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">165,820 to 166,276</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.26%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">DocEpsilon</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">228.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">166,277 to 166,504</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.13%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Romaria</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">4,573.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">166,505 to 171,077</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">2.61%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Philippe Meyer</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">762.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">171,078 to 171,839</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.44%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Mulberry</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">762.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">171,840 to 172,601</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.44%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Company (treasury shares)</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: right; layout-grid-mode: both; padding-right: 3pt"><FONT STYLE="font-size: 10pt">3,303.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">103,398 to 103,897</FONT><BR>
<FONT STYLE="font-size: 10pt">56,458 to 59,260</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">S</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1.89%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Total</B></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>175,081.00</B></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>100%</B></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(C)</TD><TD STYLE="text-align: justify">The Company seeks growth financing in the total amount of up to approx. USD&nbsp;30,000,000.00
to be provided by the Series D Investors against subscription of shares of a new class of Series D Preferred Shares of the Company
as well as a secondary purchase of shares by the Series D Investors from Current Shareholders in the total amount of up to approx.
EUR 25,000,000.00 in accordance with the terms and conditions of this &quot;Investment and Adherence Agreement&quot; (hereinafter
referred to as &quot;<B>Agreement&quot; </B>and such growth financing hereinafter referred to as the &quot;<B>Series D Preferred
Shares Financing</B>&quot;). The pre-money valuation of the Company in the Series D Preferred Shares Financing shall amount to
USD&nbsp;210,000,000.00 resulting in a share price of EUR 927,92 (calculated with a fix exchange rate of EUR 0.8523 / USD 1.00
resulting in an amount of USD 1,088.73) per each Series D Preferred Share with a nominal value of EUR&nbsp;1.00 to be issued in
the Series D Preferred Shares Financing (&quot;<B>Series D Share Price</B>&quot;). The Series D Share Price is calculated on a
fully diluted basis including all granted options whether vested or not (21,108 shares), but it does not include the non-granted
3,060 options available for granting under the 2016 stock option pool, which shall be cancelled.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(D)</TD><TD STYLE="text-align: justify">Rolf K&uuml;bler will transfer 4,139 of his shares in the Company to Mark K&uuml;bler.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(E)</TD><TD STYLE="text-align: justify">The Current Shareholders entered into a investment and shareholders&rsquo; agreement dated 21 July
2016 (roll of deeds no. A. Prot 2016/59 of the notary public Stephan Cueni, Basel, Switzerland) (&quot;<B>Series C ISHA</B>&quot;).
The Parties intend to keep the principles of the legal relationship between all Shareholders as current and future shareholders
of the Company by allowing the Series D Investors to adhere to the Series C ISHA and to agree upon certain modifications of the
Series C ISHA..</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: justify">NOW, THEREFORE, the Parties hereby enter
into this Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: 0in">Part 1:
Investment Agreement</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="text-align: justify">Commitments</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify">Each of the Series D Investors listed in the table below (&ldquo;<B>Primary Investors</B>&rdquo;)
undertakes individually for himself vis-&agrave;-vis each other and each of the other Shareholders, but not vis-&agrave;-vis the
Company, to invest in the Series D Preferred Shares Financing the respective amount as stated for the respective Primary Investor
in the following table as capital contributions towards the share capital of the Company and additional payments into the capital
reserves of the Company within the meaning of &sect;&nbsp;272&nbsp;(2) No.&nbsp;4 HGB in accordance with the terms and conditions
of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 95%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 48%; border: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Primary Investor</B></TD>
    <TD STYLE="width: 52%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Total</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(EUR)</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">RaCap</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">8,264,055.52</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">Blackwell</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">1,963,478.72</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">BCLS</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">10,227,534.24</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">Cormorant Fund I</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">4,236,882.72</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">Cormorant Master Fund</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">717,282.16</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">CRMA</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">159,602.24</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Total</B></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>25,568,835.60</B></TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%">&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: 0.5in">1.2</TD><TD STYLE="text-align: justify">The Shareholders agree that the Primary Investors' obligations under this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>1
shall exist only on the basis of a contractual agreement by and between the Primary Investors and the Shareholders and not vis-&agrave;-vis
the Company. The Company itself is not a party to this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>1
and shall not be entitled to demand performance of the obligations under this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>1.
The claims under this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>1 shall not be
assignable. This Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>1 shall neither constitute
a contract for the benefit of a third party (<I>kein Vertrag zugunsten Dritter</I>) nor a contract with protective effect for the
benefits of third parties (<I>kein Vertrag mit Schutzwirkung f&uuml;r Dritte</I>). This Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>1
shall not establish any secondary obligations within the meaning of &sect;&nbsp;3&nbsp;(2) of the German Law Pertaining to Companies
with Limited Liability (<I>GmbHG</I>). Any joint and several liability (<I>gesamtschuldnerische Haftung</I>) of the Primary Investors
under this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>1 shall be excluded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT></TD><TD STYLE="text-align: justify">Share Capital Increase; Transfer of Preferred Shares</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"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">Each of the Current Shareholders undertakes individually for himself vis-&agrave;-vis each of the
other Shareholders, but not vis-&agrave;-vis the Company, to resolve unanimously and with all votes in an extraordinary Shareholders'
Meeting of the Company to be held in the form of a general meeting (<I>Vollversammlung</I>) immediately after the notarization
of this Agreement to:</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: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">increase the Company&rsquo;s share capital from EUR&nbsp;175,081.00 by EUR&nbsp;27,555.00 to EUR&nbsp;202,636.00
in return for cash contributions by the issue of 27,555 Series D Preferred Shares of the Company with a nominal value of EUR&nbsp;1.00
each with the share numbers 175,105 (inclusive) through 202,659 (inclusive) and only invite the Primary Investors to subscribe
and to take over the Series D Preferred Shares with a nominal value of EUR&nbsp;1.00 each as set forth in the following table (&ldquo;<B>Series
D Capital Increase</B>&rdquo;):</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 90%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 32%; border: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Primary Investor</B></TD>
    <TD STYLE="width: 31%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Series D Preferred Shares &agrave; EUR&nbsp;1.00</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(number)</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 37%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Share Numbers</B></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">RaCap</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">8,906</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">175,105 to 184,010 </TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">Blackwell</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">2,116</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">184,011 to 186,126</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">BCLS</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">11,022</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">186,127 to 197,148</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">Cormorant Fund I</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">4,566</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">197,149 to 201,714</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">Cormorant Master Fund</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">773</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">201,715 to 202,487</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">CRMA</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">172</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">202,488 to 202,659</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Total</B></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>27,555</B></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Series D Preferred Shares shall
have the rights, preferences and privileges as set forth in the amended and restated Articles of Association of the Company under
Clause 2.1<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>(b) and this Agreement. The Series
D Preferred Shares shall be issued for the nominal value and shall be entitled to participate in profits as from 1&nbsp;January
2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">adopt the amended and restated Articles of Association of the Company as set forth in <B><U>Annex&nbsp;</U></B><U>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT><B>2.1</B> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT><B>(b)</B></U>
to this Agreement (&quot;<B>Restated Articles of Association</B>&quot;).&#9;</TD></TR></TABLE>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">consent to the sale and the transfer of shares in the Company pursuant to the Clauses <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.5,
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.6, <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.7
and <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.9 and to waive any existing right in
respect of such sale and transfer, in particular any pre-emption rights or tag-along rights.</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"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify">Each of the Shareholders undertakes individually for himself vis-&agrave;-vis each of the other
Shareholders, to do or cause to be done everything necessary or appropriate for the implementation of the measures agreed in Clause
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1.</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 0pt 0.5in; text-align: justify; text-indent: 0in">Thus, each of
the Current Shareholders undertakes individually for himself vis-&agrave;-vis each of the other Shareholders, in particular without
limitation to participate in the Shareholders' Meeting of the Company as set forth in Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1,
to exercise his voting rights and other rights in such Shareholders' Meeting in favour of the measures agreed in Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1,
and to waive the subscription rights to which he is entitled for the subscription to new shares to the extent set forth in Clause
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Further, each
of the Shareholders undertakes individually for himself vis-&agrave;-vis each of the other Shareholders, to refrain from any actions
which could prevent or defer the implementation of the measures agreed in Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1
as well as to waive the right to raise objections to, and to challenge, the resolutions of the Shareholders' Meeting under Clause
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Each of the
Primary Investors undertakes individually for himself vis-&agrave;-vis each other and each of the other Shareholders, but not vis-&agrave;-vis
the Company, to subscribe and to take over the Series D Preferred Shares of the Company stated for them in the table in Clause
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1(a), respectively, immediately after the
end of the Shareholders' Meeting under Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1
and to pay in full and in cash the capital contributions in the nominal value immediately after signing of this Agreement, but
at the latest within two (2) bank working days in Frankfurt am Main, Germany (&quot;<B>Bank Working Days</B>&quot;) after this
Agreement has come into force, to the following special account for the increase of the share capital (<I>Kapitalerh&ouml;hungssonderkonto</I>)
of the Company (&ldquo;<B>Company&acute;s Bank Account</B>&rdquo;):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></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: 26%; text-align: justify; text-indent: 0in; padding-left: 48pt; padding-top: 2pt; padding-bottom: 2pt">Account holder:</TD>
    <TD STYLE="width: 74%; text-align: justify; text-indent: 0in; padding-top: 2pt; padding-bottom: 2pt">InflaRx GmbH</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; padding-left: 48pt; padding-top: 2pt; padding-bottom: 2pt">Bank:</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; padding-top: 2pt; padding-bottom: 2pt">Sparkasse Jena-Saale-Holzland</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; padding-left: 48pt; padding-top: 2pt; padding-bottom: 2pt">IBAN:</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; padding-top: 2pt; padding-bottom: 2pt">DE85 8305 3030 0000 0431 17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; padding-left: 48pt; padding-top: 2pt; padding-bottom: 2pt">BIC/SWIFT:</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; padding-top: 2pt; padding-bottom: 2pt">HELADEF1JEN</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Payments shall
be made exclusively to this special account; this special account must not have a debit balance immediately prior to the aforementioned
payments being effected, so that the Company's Managing Directors (<I>Gesch&auml;ftsf&uuml;hrer</I>) can freely dispose of the
amounts paid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify">Without undue delay (<I>unverz&uuml;glich</I>) after (i) the subscription and taking over of the
Series D Preferred Shares under Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1(a)
and (ii) the receipt of the total capital contributions in the nominal value for such new shares, the Company shall apply for registration
of the resolution to increase the Company's share capital under Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1(a)
and the Restated Articles of Association with the Commercial Register and shall take all other actions and make all other declarations
necessary or appropriate for the increase of the Company's share capital under Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1(a)
and the Restated Articles of Association to become effective.</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"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify">Should the Commercial Register make valid objections to the increase of the Company's share capital
under Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1(a) and/or the Restated Articles
of Association, the Shareholders undertake, as amongst each other, to remove such objections without undue delay by way of adopting
the necessary resolutions in the Shareholders' Meeting of the Company so that the purpose and intention of the provisions objected
to can be achieved to the maximum permissible extent.</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"></TD><TD STYLE="width: 0.5in">2.5</TD><TD STYLE="text-align: justify">KfW herewith sells to RaCap and RaCap herewith purchases from KfW existing Series A Preferred Shares
as set forth in the following table (&ldquo;<B>KfW Shares Sold</B>&rdquo;):</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 17%; border: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>KfW selling to</B></TD>
    <TD STYLE="width: 21%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Total Nominal Amount</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(EUR)</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 26%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Share Numbers</B></TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-right: red 2.25pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Share Class</B></TD>
    <TD STYLE="width: 24%; border-top: red 2.25pt solid; border-right: red 2.25pt solid; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>KfW Purchase Price</B>&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(EUR)</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">RaCap</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">5,400.00</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">84,109 to 89,508</TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">A</TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">5,010,768.00</TD></TR>
<TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Total</B></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>5,400.00</B></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: red 2.25pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>5,010,768.00</B></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The KFW Shares
Sold are priced at EUR&nbsp;927,92 each. KfW herewith transfers the KfW Shares Sold to RaCap subject to the condition precedent
within the meaning of Section 158 para. 1 of the German Civil Code (<I>B&uuml;rgerliches Gesetzbuch &ndash; BGB</I>) (<I>aufschiebende
Bedingung gem&auml;&szlig; &sect; 158 B&uuml;rgerliches Gesetzbuch &ndash; BGB</I>) of the receipt of the KfW Purchase Price (as
shown in the the table above). RaCap hereby accept the transfer of the KfW Shares Sold. If the condition precedent within the meaning
of Section 158 para. 1 BGB (<I>aufschiebende Bedingung gem&auml;&szlig; &sect;&nbsp;158 BGB</I>) in this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.5
is not fulfilled within ten (10) Bank Working Days following receipt of a pdf copy of the registration of the Series D Capital
Increase by the officiating notary with the Commercial Register (<I>Eintragungsnachricht</I>) (&ldquo;<B>Closing Notice</B>&rdquo;)
by RaCap, KfW shall have the right to rescind (<I>zur&uuml;cktreten</I>) from the share transfer according to this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.5
by written notice to RaCap and the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subject to the respective approval
of the share transfer by all Current Shareholders pursuant to Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1(c)
the respective KfW Purchase Price shall be due and payable by the Series D Investors respectively, immediately but at the latest
within two (2) Bank Working Days following receipt of the Closing Notice, in Euros (EUR), and by means of wire transfer in immediately
available funds, without deduction of any banking fees onto the following bank account of KfW:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></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: 24%; text-align: justify; padding-left: 36pt; padding-top: 2pt; padding-bottom: 2pt">Account holder:</TD>
    <TD STYLE="width: 76%; text-align: justify; padding-top: 2pt; padding-bottom: 2pt">KfW</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 36pt; padding-top: 2pt; padding-bottom: 2pt">Bank:</TD>
    <TD STYLE="text-align: justify; padding-top: 2pt; padding-bottom: 2pt">KfW</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 36pt; padding-top: 2pt; padding-bottom: 2pt">IBAN:</TD>
    <TD STYLE="text-align: justify; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">DE40 5002 0400 1086 7993 63</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-left: 36pt; padding-top: 2pt; padding-bottom: 2pt">BIC/SWIFT:</TD>
    <TD STYLE="text-align: justify; padding-top: 2pt; padding-bottom: 2pt">KFWIDEFFXXX&nbsp;&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">2.6</TD><TD STYLE="text-align: justify">PET-I herewith sells to the Series D Investors listed in the table below and such Series D Investors
herewith purchases from PET-I existing Series A Preferred Shares as set forth in the following table (&ldquo;<B>PET-I Shares Sold</B>&rdquo;):</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 17%; border: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>PET-I selling to</B></TD>
    <TD STYLE="width: 21%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Total Nominal Amount</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(EUR)</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 29%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Share Numbers</B></TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-right: red 2.25pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Share Class</B></TD>
    <TD STYLE="width: 21%; border-top: red 2.25pt solid; border-right: red 2.25pt solid; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>PET-I Purchase Price</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(EUR)</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">RaCap</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">537.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">41,093 to 41,629</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">498,293.04</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Blackwell</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">1,411.00</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">41,630 to 43,040</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1,309,295.12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">BCLS</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">7,348.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">43,041 to 50,388</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">6,818,356.16</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Cormorant Fund I</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1,260.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">50,389 to 51,648</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1,169,179.20</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Total</B></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>10,556.00</B></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: red 2.25pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>9,795,123.52</B></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The PET-I Shares Sold are priced
at EUR&nbsp;927,92 each. PET-I herewith transfers the PET-I Shares Sold to each of the Series D Investors listed in the table above
subject to the condition precedent within the meaning of Section 158 para. 1 of the German Civil Code (<I>B&uuml;rgerliches Gesetzbuch
&ndash; BGB</I>) (<I>aufschiebende Bedingung gem&auml;&szlig; &sect; 158 B&uuml;rgerliches Gesetzbuch &ndash; BGB</I>) of the receipt
of the respective PET-I Purchase Price (as defined shown in the table above). Each of the Series D Investors listed in the table
above hereby accept the transfer of the PET-I Shares Sold. If the condition precedent within the meaning of Section 158 para. 1
BGB (<I>aufschiebende Bedingung gem&auml;&szlig; &sect; 158 BGB</I>) in this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.6
is not fulfilled within ten (10) Bank Working Days following receipt of the Closing Notice by the respective Series D Investor
listed in the table above, PET-I shall have the right to rescind (<I>zur&uuml;cktreten</I>) from the respective share transfer
according to this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.6 by written notice
to the respective Series D Investor and the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subject to the respective approval
of the share transfer by all Current Shareholders pursuant to Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1(c)
the respective PET-I Purchase Price shall be due and payable by the Series D Investors respectively, immediately but at the latest
within two (2) Bank Working Days following receipt of the Closing Notice, in Euros (EUR), and by means of wire transfer in immediately
available funds, without deduction of any banking fees onto the following bank account of PET-I:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></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: 23%; text-align: left; padding-left: 36pt; padding-top: 2pt; padding-bottom: 2pt">Account holder:</TD>
    <TD STYLE="width: 77%; text-align: left; padding-top: 2pt; padding-bottom: 2pt">PET-I</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 36pt; padding-top: 2pt; padding-bottom: 2pt">Bank:</TD>
    <TD STYLE="text-align: left; padding-top: 2pt; padding-bottom: 2pt">Landesbank Hessen-Th&uuml;ringen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 36pt; padding-top: 2pt; padding-bottom: 2pt">IBAN:</TD>
    <TD STYLE="text-align: left; padding-top: 2pt; padding-bottom: 2pt">DE18 5005 0000 0021 5017 62</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 36pt; padding-top: 2pt; padding-bottom: 2pt">BIC/SWIFT:</TD>
    <TD STYLE="text-align: left; padding-top: 2pt; padding-bottom: 2pt">HELADEFF</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></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: 0.5in">2.7</TD><TD STYLE="text-align: justify">PET-II herewith sells to the Series D Investors listed in the table below and such Series D Investors
herewith purchases from PET-II existing Series B Preferred Shares as set forth in the following table (&ldquo;<B>PET-II Shares
Sold</B>&rdquo;):</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 17%; border: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>PET-II selling to</B></TD>
    <TD STYLE="width: 21%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Total Nominal Amount</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(EUR)</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 29%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Share Numbers</B></TD>
    <TD STYLE="width: 12%; border-top: Black 1.5pt solid; border-right: red 2.25pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Share Class</B></TD>
    <TD STYLE="width: 21%; border-top: red 2.25pt solid; border-right: red 2.25pt solid; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>PET-II Purchase Price</B>&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(EUR)</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Cormorant Fund I</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1,784.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">105,628 to 107,411</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1,655,409.28</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Cormorant Master Fund</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">515.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">107,412 to 107,926</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">477,878.80</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">CRMA</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">115.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">107,927 to 108,041</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">106,710.80</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">BlackRock HSOP</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">4,254.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">108,042 to 112,295</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">3,947,371.68</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">BlackRock HSMUT</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">108</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">112,296 to 112,403 </TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">100,215.36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">BlackRock HST</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">232</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">112,404 to 112,635</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">215,277.44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Total</B></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>7,008.00</B></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: red 2.25pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>6,502,863.36</B></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The PET-II Shares Sold are priced
at EUR&nbsp;927,92 each. PET-II herewith transfers the PET-II Shares Sold to each of the Series D Investors listed in the table
above subject to the condition precedent within the meaning of Section 158 para. 1 of the German Civil Code (<I>B&uuml;rgerliches
Gesetzbuch &ndash; BGB</I>) (<I>aufschiebende Bedingung gem&auml;&szlig; &sect; 158 B&uuml;rgerliches Gesetzbuch &ndash; BGB</I>)
of the receipt of the respective PET-II Purchase Price (as defined shown in the table above). Each of the Series D Investors listed
in the table above hereby accept the transfer of the PET-II Shares Sold. If the condition precedent within the meaning of Section
158 para. 1 BGB (<I>aufschiebende Bedingung gem&auml;&szlig; &sect; 158 BGB</I>) in this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.7
is not fulfilled within ten (10) Bank Working Days following receipt of the Closing Notice by the respective Series D Investor
listed in the table above, PET-II shall have the right to rescind (<I>zur&uuml;cktreten</I>) from the respective share transfer
according to this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.7 by written notice
to the respective Series D Investor and the Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subject to the respective approval
of the share transfer by all Current Shareholders pursuant to Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1(c)
the respective PET-II Purchase Price shall be due and payable by the Series D Investors respectively, immediately but at the latest
within two (2) Bank Working Days following receipt of the Closing Notice, in Euros (EUR), and by means of wire transfer in immediately
available funds, without deduction of any banking fees onto the following bank account of PET-II:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></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: 27%; text-align: left; padding-left: 36pt; padding-top: 2pt; padding-bottom: 2pt">Account holder:</TD>
    <TD STYLE="width: 73%; text-align: left; padding-top: 2pt; padding-bottom: 2pt">PET-II</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 36pt; padding-top: 2pt; padding-bottom: 2pt">Bank:</TD>
    <TD STYLE="text-align: left; padding-top: 2pt; padding-bottom: 2pt">Landesbank Hessen-Th&uuml;ringen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 36pt; padding-top: 2pt; padding-bottom: 2pt">IBAN:</TD>
    <TD STYLE="text-align: left; padding-top: 2pt; padding-bottom: 2pt">DE18 5005 0000 0021 5027 60</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 36pt; padding-top: 2pt; padding-bottom: 2pt">BIC/SWIFT:</TD>
    <TD STYLE="text-align: left; padding-top: 2pt; padding-bottom: 2pt">HELA DEFF</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></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: 0.5in">2.8</TD><TD STYLE="text-align: justify">All Series A Preferred Shares transferred pursuant to Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.5
and <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.6 and all Series B Preferred Shares
transferred pursuant to Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.7 shall be
converted into Series D Preferred Shares as reflected in the Restated Articles of Association (jointly the &quot;<B>Converted Series
D Preferred Shares</B>&quot;).</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"></TD><TD STYLE="width: 0.5in">2.9</TD><TD STYLE="text-align: justify">Rolf K&uuml;bler herewith transfers to Mark K&uuml;bler 4,139 existing Series B Preferred Shares
with the share number 59,261 (inclusive) through 63,399 (inclusive) upon the registration of the Series D Capital Increase in the
commercial register. Mark K&uuml;bler hereby accepts the transfer of the shares transferred pursuant to this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.9.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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<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"></TD><TD STYLE="width: 0.5in">2.10</TD><TD STYLE="text-align: justify">The Shareholders undertake vis-&agrave;-vis each other, as from the notarization of this Agreement
up until the increase of the Company's share capital under Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1(a)
and the Restated Articles of Association have been registered with the Commercial Register, to treat each other as if the Restated
Articles of Association had already come into force upon the end of the Shareholders' Meeting under Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1(a)
and each of the Series D Investors had already acquired its new and/or converted Series D Preferred Shares, respectively, to the
extent legally permissible. Thus, each of the Shareholders undertakes individually for himself vis-&agrave;-vis each of the Series
D Investors, as from the subscription of the Series D Preferred Shares under Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1(a),
respectively, to put each of the Series D Investors internally in such position as they each would be in, if they had acquired
the financial rights (<I>Verm&ouml;gensrechte</I>) and, to the extent legally permissible, the administrative rights (<I>Verwaltungsrechte</I>)
under this Agreement and the Restated Articles of Association resulting from the Series D Preferred Shares to be issued under Clause
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1(a) upon subscription, respectively.</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"></TD><TD STYLE="width: 0.5in">2.11</TD><TD STYLE="text-align: justify">After the increase of the Company's share capital under Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1(a)
and the share transfers pursuant to Clauses <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.5,
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.6, <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.7
and <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.9 have become effective, the share capital
of the Company will be held exclusively by the Shareholders and the Company as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 26%; border: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Current Shareholder</B></TD>
    <TD STYLE="width: 19%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Total Nominal Amount</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(EUR)</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="width: 31%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Share Numbers</B></TD>
    <TD STYLE="width: 10%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Share Class</B></TD>
    <TD STYLE="width: 14%; border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Participation</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(%)</B>&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Prof. Dr. Niels Riedemann</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">11,875.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">11,899 to 23,773</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">S</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">5.86%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Prof. Dr. Renfeng Guo</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">11,875.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">24 to 11,898</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">S</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">5.94%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">152.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">125,356 to 125,507</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Nicolas Fulpius</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">3,125.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">23,774 to 26,898</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">S</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1.95%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">609.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">125,508 to 126,116</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">217.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">174,888 to 175,104</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">S</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">UofM</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1,250.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">73,963 to 75,212</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">S</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.62%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Mark K&uuml;bler</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">3,480.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">70,483 to 73,962</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">4.32%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">4,139.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">59,261 to 63,399</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1,143.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">126,117 to 127,259</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Rolf K&uuml;bler</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">5,607.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">103,898 to 105,627</FONT><BR>
<FONT STYLE="font-size: 10pt">63,400 to 67,276</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">3.15%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">762.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">127,260 to 128,021</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Ammann Group</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">5,434.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">75,213 to 80,646</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">7.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">6,668.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">80,647 to 84,108</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">67,277 to 70,482</P></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">2,286.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">128,022 to 130,307</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 34; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt; width: 26%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">KfW</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt; width: 19%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">5,233.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt; width: 31%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">89,509 to 94,741</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt; width: 10%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt; width: 14%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">7.98%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">8,656.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">94,742 to 103,397</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">2,286.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">172,602 to 174,887</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">PET-I</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">14,194.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">26,899 to 41,092</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">7.00%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">PET-II</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">7,386.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">112,636 to 116,014</FONT><BR>
<FONT STYLE="font-size: 10pt">51,649 to 55,655</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">4.39%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1,524.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">130,308 to 131,831</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Prof. Dr. Konrad Reinhart</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">802.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">55,656 to 56,457</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.51%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">228.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">131,832 to 132,059</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Kamalaka</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">6,924.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">116,015 to 122,938</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">3.42%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Cabita</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">692.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">122,939 to 123,630</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.34%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Carla Comelli</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1,725.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">123,631 to 125,355</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">B</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1.14%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">381.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">132,060 to 132,440</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Arnd Christ</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">76.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">132,441 to 132,516</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.04%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Staidson </FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">27,591.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">132,517 to 160,107</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">13.62%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Metall Zug </FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">2,286.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">160,108 to 162,393</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1.13%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Guillermo Vogel</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">304.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">162,394 to 162,697</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.15%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Angel Sosa</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">304.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">162,698 to 163,001</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.15%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Daniel P&eacute;rez</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">228.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">163,002 to 163,229</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.11%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Mita Grassi</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">304.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">163,230 to 163,533</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.15%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Marco Simeoni</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1,524.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">163,534 to 165,057</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.75%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Philippe Beal</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">762.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">165,058 to 165,819</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.38%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Pierre-Alain Racine</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">457.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">165,820 to 166,276</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.23%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">DocEpsilon</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">228.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">166,277 to 166,504</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.11%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Romaria</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">4,573.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">166,505 to 171,077</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">2.26%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Philippe Meyer</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">762.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">171,078 to 171,839</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.38%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Mulberry</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">762.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">171,840 to 172,601</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">C</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.38%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">RaCap</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">8,906.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">175,105 to 184,010</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">D</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">7.33%</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">5,400.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">84,109 to 89,508</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">D</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">537.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">41,093 to 41,629</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">D</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Blackwell</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">2,116.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">184,011 to 186,126</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">D</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1.74%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1,411.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">41,630 to 43,040</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">D</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">BCLS</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">11,022.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">186,127 to 197,148</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">D</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">9.07%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">7,348.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">43,041 to 50,388</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">D</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Cormorant Fund I</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">4,566.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">197,149 to 201,714</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">D</FONT></TD>
    <TD ROWSPAN="3" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">3.75%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1,260.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">50,389 to 51,648</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">D</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1,784.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">105,628 to 107,411</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">D</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Cormorant Master Fund</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">773.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">201,715 to 202,487</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">D</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.63%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">515.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">107,412 to 107,926</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">D</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">CRMA</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">172.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">202,488 to 202,659</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">D</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.14%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">115.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">107,927 to 108,041</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">D</FONT></TD></TR>
</TABLE><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<BR STYLE="clear: both">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 35; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt; width: 26%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">BlackRock HSOP</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt; width: 19%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">4,254.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt; width: 31%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">108,042 to 112,295</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt; width: 10%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">D</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt; width: 14%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">2.10%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">BlackRock HSMUT </FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">108</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">112,296 to 112,403 </FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">D</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.05%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">BlackRock HST</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">232</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">112,404 to 112,635</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">D</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">0.11%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Company (treasury shares)</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">3,303.00</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">103,398 to 103,897</FONT><BR>
<FONT STYLE="font-size: 10pt">56,458 to 59,260</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">S</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1.63%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Total</B></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>202,636.00</B></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>100%</B></TD></TR>
</TABLE><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>
<BR STYLE="clear: both">

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3.</FONT></TD><TD STYLE="text-align: justify">Non-statutory Payments into the Capital Reserves</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"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify">Each of the Primary Investors undertakes individually for himself vis-&agrave;-vis each other and
each of the other Shareholders, but not vis-&agrave;-vis the Company, to render, in addition to the capital contributions towards
the share capital in the nominal value for the new Series D Preferred Shares of the Company to be subscribed by them under Clause
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1(a), additional payments into the capital
reserves of the Company within the meaning of &sect;&nbsp;272&nbsp;(2) No.&nbsp;4 of the German Commercial Code (<I>sonstige Zuzahlungen
in die Kapitalr&uuml;cklage der Gesellschaft gem&auml;&szlig; &sect;&nbsp;272 Abs.&nbsp;2 Nr.&nbsp;4 HGB</I>) in each case in one
tranche in accordance with the following provisions.</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 0pt 0.5in; text-align: justify">The additional payments into the
capital reserves of the Company under this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>3
shall be rendered in cash to the Company&acute;s Bank Account.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Each of the Primary Investors
shall render additional payments into the capital reserves of the Company under this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>3
in the respective amount as stated for the respective Primary Investor in the following table:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 95%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 45%; border-top: Black 1.5pt solid; border-right: red 2.25pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: center; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Primary Investor</B></TD>
    <TD STYLE="width: 55%; border-top: red 2.25pt solid; border-right: red 2.25pt solid; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Payments into the </B><BR>
<B>Capital Reserves</B>&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(EUR)</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">RaCap</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">8,255,149.52</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Blackwell</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">1,961,362.72</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt">BCLS</TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">10,216,512.24</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Cormorant Fund I</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">4,232,316.72</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">Cormorant Master Fund</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">716,509.16</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt solid; text-align: left; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">CRMA</FONT></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: Black 1pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt">159,430.24</FONT></TD></TR>
<TR STYLE="background-color: #F2F2F2">
    <TD STYLE="vertical-align: top; border-right: red 2.25pt solid; border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: justify; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>Total</B></TD>
    <TD STYLE="border-right: red 2.25pt solid; border-bottom: red 2.25pt solid; text-align: right; layout-grid-mode: both; padding-right: 3pt; padding-left: 3pt"><B>25,541,280.60</B></TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<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: 0.5in">3.2</TD><TD STYLE="text-align: justify">The additional payments into the capital reserves of the Company by the Primary Investors under
this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>3 shall become due and payable
immediately but at the latest within two (2) Bank Working Days following receipt of the Closing Notice.</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"></TD><TD STYLE="width: 0.5in">3.3</TD><TD STYLE="text-align: justify">The Shareholders agree that the obligations of the Primary Investors to render additional payments
into the capital reserves of the Company under this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>3.3
shall exist only on the basis of a contractual agreement by and between the Primary Investors and the Shareholders and not vis-&agrave;-vis
the Company. The Company itself is not a party to this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>3
and shall not be entitled to demand the payments under this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>3.
The payment claims under this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>3 shall
not be assignable. This Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>3 shall neither
constitute a contract for the benefit of a third party nor a contract with protective effect for the benefits of third parties
(<I>kein Vertrag mit Schutzwirkung f&uuml;r Dritte</I>). This Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>3
shall not establish any secondary obligations within the meaning of &sect;&nbsp;3&nbsp;(2) GmbHG. Any joint and several liability
(<I>gesamtschuldnerische Haftung</I>) of the Series D Investors under this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>3
shall be excluded.</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: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4.</FONT></TD><TD STYLE="text-align: justify">Use of Proceeds</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 0pt 0.5in; text-align: justify">The net proceeds from the Series
D Preferred Shares Financing shall be used exclusively for operational and capital expenditures, general working capital purposes
and investments of the Company, including in particular the funding of (i) the clinical development of IFX-1, (ii) the manufacturing
of IFX-1, (iii) ongoing pre-clinical research projects for IFX-1 and (iv) the manufacturing of IFX-2 and its pre-clinical.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5.</FONT></TD><TD STYLE="text-align: justify">Classes of Shares</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"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify">The shares of the Company to be issued to the Series D Investors under Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1(a)
(if any) and any and all other shares of the Company which under the provisions of this Agreement shall be Series D Preferred Shares
of the Company are hereinafter &ndash; including after a split or consolidation of such shares &ndash; collectively referred to
as the &quot;<B>Series D Preferred Shares</B>&quot; and each individually as a &quot;<B>Series D Preferred Share</B>&quot;.</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"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify">The existing shares of the Company with the share numbers 125,356 (inclusive) through 172,601 (inclusive)
and any and all other shares of the Company which under the provisions of this Agreement shall be Series C Preferred Shares of
the Company are hereinafter &ndash; including after a split or consolidation of such shares &ndash; collectively referred to as
the &quot;<B>Series C Preferred Shares</B>&quot; and each individually as a &quot;<B>Series C Preferred Share</B>&quot;.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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<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"></TD><TD STYLE="width: 0.5in">5.3</TD><TD STYLE="text-align: justify">The existing shares of the Company with the share numbers 65,289 (inclusive) through 70,482 (inclusive),
80,647 (inclusive) through 84,108 (inclusive), 94,742 (inclusive) through 103,397 (inclusive) and 103,898 (inclusive) through 125,355
(inclusive) and any and all other shares of the Company which under the provisions of this Agreement shall be Series B Preferred
Shares of the Company are hereinafter &ndash; including after a split or consolidation of such shares &ndash; collectively referred
to as the &quot;<B>Series B Preferred Shares</B>&quot; and each individually as a &quot;<B>Series B Preferred Share</B>&quot; subject
to the Series B Preferred Shares which will be converted into Converted Series D Preferred Shares pursuant to Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.8
of this 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"></TD><TD STYLE="width: 0.5in">5.4</TD><TD STYLE="text-align: justify">The existing shares of the Company with the share numbers 9,424 (inclusive) through 11,898 (inclusive),
21,249 (inclusive) through 23,773 (inclusive), 26,899 (inclusive) through 62,163 (inclusive), 70,483 (inclusive) through 80,646
(inclusive), 84,109 (inclusive) through 94,741 (inclusive) and 103,398 (inclusive) through 103,897 (inclusive) and any and all
other shares of the Company which under the provisions of this Agreement shall be Series A Preferred Shares of the Company are
hereinafter &ndash; including after a split or consolidation of such shares &ndash; collectively referred to as the &quot;<B>Series
A Preferred Shares</B>&quot; and each individually as a &quot;<B>Series A Preferred Share</B>&quot;, subject to the Series A Preferred
Shares which will be converted into Converted Series D Preferred Shares pursuant to Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.1(c)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.8
of this Agreement. The Series D Preferred Shares, the Series C Preferred Shares, the Series B Preferred Shares and the Series A
Preferred Shares are hereinafter collectively referred to as the &quot;<B>Preferred Shares</B>&quot; and each individually as a
&quot;<B>Preferred Share</B>&quot;.</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"></TD><TD STYLE="width: 0.5in">5.5</TD><TD STYLE="text-align: justify">All other shares of the Company which shall not be Series D Preferred Shares under Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>5.1,
Series C Preferred Shares under Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>&lrm;</B></FONT>5.2,
Series B Preferred Shares under Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>5.3
or Series A Preferred Shares under Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>5.4
are hereinafter &ndash; including after a split or consolidation of such shares &ndash; collectively referred to as the &quot;<B>Common
Shares</B>&quot; and each individually as a &quot;<B>Common Share</B>&quot;.</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: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6.</FONT></TD><TD STYLE="text-align: justify">Current Shareholders' Representations and Warranties</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"></TD><TD STYLE="width: 0.5in">6.1</TD><TD STYLE="text-align: justify">Subject to the following provisions of this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>6
as well as the provisions of Clause&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>8,
each of the Current Shareholders severally and not jointly (<I>als Einzelschuldner</I>) hereby represents and warrants to each
of the Series D Investors in the form of an independent guarantee (<I>selbstst&auml;ndiges Garantieversprechen</I>) within the
meaning of &sect;&nbsp;311&nbsp;(1) of the German Civil Code (<I>BGB</I>) and with the legal consequences, and only with the legal
consequences, set forth in Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>6.2, that
all of the following statements are fully true and correct with respect to his capacity and his title to shares of the Company
as of the date of the notarization of this Agreement (hereinafter collectively referred to as the &quot;<B>Current Shareholders'
Representations and Warranties</B>&quot; and each individually as a &quot;<B>Current Shareholders' Representation and Warranty</B>&quot;):</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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<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: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The respective Current Shareholder is the unlimited and unencumbered sole legal and beneficial
owner of all of the shares of the Company and the corresponding voting rights as set forth opposite the name of the respective
Current Shareholder in the table in Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>(B)
of the Preamble to this 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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the shares of the Company held by the respective Current Shareholder have not been pledged (<I>verpf&auml;ndet</I>)
or otherwise encumbered (belastet) and, save as provided <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">otherwise in the
current Articles of Association</FONT> of the Company or the Series C ISHA, such shares are free and clear of any and all third
party rights and transfer restrictions, and the respective Current Shareholder may freely dispose of such shares without requiring
the consent of any third party or violating any third party rights, and no third party is entitled to exercise any pre-emptive
rights, rights of first refusal, option or other rights to purchase or acquire any shares of the Company held by the respective
Current Shareholder;</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: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the respective Current Shareholder has full power and authority to enter into and perform this
Agreement, and this Agreement constitutes valid and binding obligations of the respective Current Shareholder in accordance with
the terms herein, and the execution and performance of this Agreement by the respective Current Shareholder does not require the
approval or consent by any governmental authority or other third party.</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"></TD><TD STYLE="width: 0.5in">6.2</TD><TD STYLE="text-align: justify">In the event that the Current Shareholders' Representations and Warranties of any Current Shareholder
are not fully true and correct, each of the Series D Investors shall be entitled to demand from the respective Current Shareholder
to remedy the inaccuracy and/or incorrectness of such Current Shareholders' Representations and Warranties within a reasonable
period of time, which shall not exceed 30 Bank Working Days after the receipt of such demand, in such a way that the respective
Current Shareholder brings about the situation which would have existed, had the respective Current Shareholders' Representations
and Warranties been fully true and correct (restitution in kind; <I>Naturalrestitution</I>). Should the respective Current Shareholder
not remedy the inaccuracy and/or incorrectness of such Current Shareholders' Representations and Warranties within such period
of time or should such remedy be impossible, then each of the Series D Investors shall have the right to demand compensation for
damages in cash (<I>Schadensersatz in Geld</I>) from the respective Current Shareholder in such a way that such Current Shareholder
shall place the Series D Investors in such position in which the Series D Investors would economically have been in, had the respective
Current Shareholders' Representations and Warranties been fully true and correct. The right to demand compensation for damages
in cash under this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>6.2 shall include
all damages recoverable in accordance with the provisions of &sect;&sect;&nbsp;249 <I>et seq.</I> BGB.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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<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"></TD><TD STYLE="width: 0.5in">6.3</TD><TD STYLE="text-align: justify">The liability of each of the Current Shareholders under this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>6
shall be limited to an amount equal to the investment actually rendered by the respective Series D Investor under this Agreement.
The limitations under this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>6.3 shall
not apply to any claims based on a wilful (<I>vors&auml;tzlich</I>) or gross negligent (<I>grob fahrl&auml;ssig</I>) inaccuracy
and/or incorrectness of any of the Current Shareholders' Representations and Warranties.</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"></TD><TD STYLE="width: 0.5in">6.4</TD><TD STYLE="text-align: justify">All claims to which the Series D Investors may be entitled under this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>6
(with the exception of claims based on a wilful or gross negligent inaccuracy and/or incorrectness of any of the Current Shareholders'
Representations and Warranties) shall be time-barred under the statute of limitations (<I>verj&auml;hren</I>) three years after
the notarization of this Agreement. &sect;&nbsp;202 BGB shall remain unaffected.</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: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">7.</FONT></TD><TD STYLE="text-align: justify">Business Representations and Warranties</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"></TD><TD STYLE="width: 0.5in">7.1</TD><TD STYLE="text-align: justify">Subject to the following provisions of this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>7
as well as the provisions of Clause&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>8,
the Company hereby represents and warrants to each of the Series D Investors in the form of an independent guarantee within the
meaning of &sect;&nbsp;311&nbsp;(1) BGB and with the legal consequences, and only with the legal consequences, set forth in Clause
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>7.3, that all of the statements which are
in detail included in <B><U>Annex&nbsp;</U></B><U><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT><B>7.1</B></U>
are fully true and correct as of the date of the notarization of this Agreement (hereinafter collectively referred to as the &quot;<B>Business
Representations and Warranties</B>&quot; and each individually as a &quot;<B>Business Representation and Warranty</B>&quot;; the
Current Shareholders' Representations and Warranties and the Business Representations and Warranties hereinafter collectively referred
to as the &quot;<B>Representations and Warranties</B>&quot; and each individually as a &quot;<B>Representation and Warranty</B>&quot;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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<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"></TD><TD STYLE="width: 0.5in">7.2</TD><TD STYLE="text-align: justify">Claims under this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>7
may only be brought, if and to the extent that the aggregate loss arising as a result of all breaches of the Business Representations
and Warranties exceeds in total the amount of EUR&nbsp;100,000.00 (<I>Freibetrag</I>); if this limit is exceeded, then the loss
arising and exceeding such amount of EUR&nbsp;100,000.00 shall be compensated in accordance with Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>7.3.</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 0pt 0.5in; text-align: justify">The limitations under this Clause
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>7.2 shall not apply to any claims based on
a wilful (<I>vors&auml;tzlich</I>) or gross negligent (<I>grob fahrl&auml;ssig</I>) inaccuracy and/or incorrectness of any of the
Business Representations and Warranties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">7.3</TD><TD STYLE="text-align: justify">In the event that the Business Representations and Warranties are not fully true and correct, the
Shareholders shall resolve in favour of an increase of the Company's share capital (&quot;<B>Guarantee Share Capital Increase</B>&quot;)
upon the demand of one or more of the Series D Investors. The Guarantee Share Capital Increase shall be resolved and consummated
without undue delay after the demand by any of the Series D Investors. Each of the Series D Investors individually may request
his participation in the Guarantee Share Capital Increase without being obliged to do so. As part of the Guarantee Share Capital
Increase, the Series D Investors, who request this, shall be invited to subscribe and to take over such number of new Series D
Preferred Shares of the Company with a nominal value of EUR&nbsp;1.00 each in return for cash contributions in payment of the nominal
value without premium or any other contributions to the capital reserves of the Company, by means of which they shall receive such
participation in the Company's share capital as they each would have held, if they had invested the funds (capital contributions
in the nominal value and additional payments into the capital reserves of the Company pursuant to &sect;&nbsp;272&nbsp;(2) No.&nbsp;4
HGB) provided under this Agreement and the additional funds provided in the Guarantee Share Capital Increase from the start at
the Reduced Valuation (as defined below); the subscription rights of the other Shareholders shall be excluded. Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.2
to <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.4 and <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.10
shall apply <I>mutatis mutandis</I>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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<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 0pt 0.5in; text-align: justify">The &quot;<B>Reduced Valuation</B>&quot;
shall be equal to a pre-money valuation of the Company of EUR 178,983,000 (based on a USD valuation of USD 210,000,000, calculated
with a fixed exchange rate of EUR 0.8523 / USD 1.00) undiluted less the total amount of all damages arising as a result of all
breaches of the Business Representations and Warranties; provided, however, that such pre-money valuation shall not be reduced
by more than EUR&nbsp;5,000,000.00, provided that the limitations under this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>7.3
shall not apply to any claims based on a wilful or gross negligent inaccuracy and/or incorrectness of any of the Business Representations
and Warranties. If the Parties cannot agree on the Reduced Valuation within two calendar weeks after any of the Series D Investors
has demanded a Guarantee Share Capital Increase, then the Reduced Valuation shall be determined by an independent expert acting
as arbitration expert (<I>Schiedsgutachter</I>) who shall be appointed by the Advisory Board of the Company by way of simple majority
resolution. The determination by the arbitration expert shall be final and binding on all Parties. The costs of the arbitration
expert shall be borne by the Parties applying &sect;&sect;&nbsp;91 <I>et seq.</I> of the German Code of Civil Procedure (<I>ZPO</I>)
<I>mutatis mutandis</I>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">7.4</TD><TD STYLE="text-align: justify">All claims to which the Series D Investors may be entitled under this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>7
(with the exception of claims based on a wilful (<I>vors&auml;tzlich</I>) or gross negligent (<I>grob fahrl&auml;ssig</I>) inaccuracy
and/or incorrectness of any of the Business Representations and Warranties) shall be time-barred under the statute of limitations
three months after the delivery to the Shareholders of the Company's audited annual financial statements for the business year
ending on 31&nbsp;December 2017. &sect;&nbsp;202 BGB shall remain unaffected.</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: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8.</FONT></TD><TD STYLE="text-align: justify">General Limitations</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"></TD><TD STYLE="width: 0.5in">8.1</TD><TD STYLE="text-align: justify">The Representations and Warranties and the right to demand damages in relation thereto constitute
a special agreement negotiated and agreed upon between the Parties specifically for the purposes of the transactions contemplated
by this Agreement in accordance with &sect;&nbsp;311&nbsp;(1) BGB. Further, the Representations and Warranties are subject to all
the limitations set forth in this Agreement, in particular without limitation any limitation set forth in the respective statement
contained in Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>6.1 or Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>7.1
or in Annex&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>7.1 and the limitations on
damages set forth in Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>6 and Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>7
and this Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>8. The Parties agree that
none of the Representations and Warranties constitutes a guarantee with respect to the quality of the object of sale (<I>Garantie
f&uuml;r die Beschaffenheit der Sache</I>) within the meaning of &sect;&nbsp;444 2nd alternative BGB nor a guarantee with respect
to the quality of the purchase object (<I>Beschaffenheitsgarantie</I>) within the meaning of &sect;&nbsp;443 BGB. The legal consequences
of a possible violation of the Representations and Warranties shall be determined exclusively pursuant to Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>6
to Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>8 of this Agreement. The Parties
further agree that the provisions of &sect;&sect;&nbsp;434 to 453 BGB relating to defects in quality or in title shall not apply
to any Representation and Warranty. Claims of the Series D Investors for a breach of the Business Representations and Warranties
shall be excluded to the extent that the respective Series D Investor had positive knowledge (<I>positive Kenntnis</I>) of the
circumstances underlying such breach; the contents of the virtual data room operated by the Company at &quot;netfiles GmbH&quot;,
to which all Series D Investors who requested this have been granted access, shall be deemed to be known by all Series D Investors.
Likewise, claims of the Series D Investors for a breach of the Business Representations and Warranties shall be excluded with respect
to such circumstances which are fairly disclosed in this Agreement or one of the Annexes or Exhibits hereto. &sect;&sect;&nbsp;377
<I>et seq.</I> HGB shall not apply.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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<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"></TD><TD STYLE="width: 0.5in">8.2</TD><TD STYLE="text-align: justify">The Parties agree that the Current Shareholders do not give any representations, warranties, guarantees
and indemnifications, whether expressly or implied, other than the Current Shareholders' Representations and Warranties, and that
the Company does not give any representations, warranties, guarantees and indemnifications, whether expressly or implied, other
than the Business Representations and Warranties. Except as set forth in Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>6
to Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>8 of this Agreement and for any
claims based on fraud or wilful or gross negligent misconduct which shall remain unaffected, any and all other rights and remedies
of any legal nature which the Series D Investors may have against the Current Shareholders and/or the Company with respect to a
breach of Representations and Warranties, irrespective of which nature, amount or legal basis, are hereby expressly waived and
excluded to the maximum permissible extent. Further, except as set forth in Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>6
to Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>8 of this Agreement and for any
claims based on fraud or wilful or gross negligent misconduct which shall remain unaffected, any and all claims and rights of the
Series D Investors under and in connection with this Agreement, irrespective of which nature, amount or legal basis, are hereby
expressly waived and excluded to the maximum permissible extent, in particular, without limitation, claims under pre-contractual
fault (&sect;&nbsp;311&nbsp;(2) and (3) BGB), frustration of contract (<I>St&ouml;rung der Gesch&auml;ftsgrundlage</I>), breach
of contract (<I>Pflichtverletzung aus dem Schuldverh&auml;ltnis</I>), supplementary performance (<I>Nacherf&uuml;llung</I>), the
right to reduce the price (<I>Minderung</I>) and/or the right to avoid (<I>Anfechtung</I>) or to rescind (<I>R&uuml;cktritt</I>)
this Agreement, and any liability in tort (<I>Deliktshaftung</I>).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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<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 0pt 28.35pt; text-transform: uppercase; text-align: center; text-indent: -28.35pt"><FONT STYLE="text-transform: none">Part
2: Adherence Agreement</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 28.35pt; text-transform: uppercase; text-align: center; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9.</FONT></TD><TD STYLE="text-align: justify">General Provisions</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"></TD><TD STYLE="width: 0.5in">9.1</TD><TD STYLE="text-align: justify">Terms defined in Part 2 of this Agreement shall be interpreted and construed consistently and have
the same meaning throughout this Part 2 of this 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"></TD><TD STYLE="width: 0.5in">9.2</TD><TD STYLE="text-align: justify">Capitalized terms that are not defined in this Part 2 of this Agreement shall have the meaning
assigned to them in the Series C ISHA.</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"></TD><TD STYLE="width: 0.5in">9.3</TD><TD STYLE="text-align: justify">The headings contained in this Part 2 of this Agreement are for convenience and reference purposes
only and shall not affect the meaning or construction of any of the provisions hereof.</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: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10.</FONT></TD><TD STYLE="text-align: justify">Adherence to the Shareholders&lsquo; 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"></TD><TD STYLE="width: 0.5in">10.1</TD><TD STYLE="text-align: justify">Each of the Series D Investors hereby irrevocably declares to adhere to the Series C ISHA with
effect as of today, and thus becoming a &ldquo;Party&rdquo; and &ldquo;Shareholder&rdquo; of the Series C ISHA (as modified by
this 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"></TD><TD STYLE="width: 0.5in">10.2</TD><TD STYLE="text-align: justify">The Series D Investors accept to be bound to their irrevocable offer pursuant to &sect;&nbsp;16(1)
of the Series C ISHA. With respect to the Series D Investors all preconditions of &sect;&nbsp;16(1) of the Series C ISHA shall
be deemed fulfilled or waived. Each of the Series D Investors accepts this offer to become a Party of the Series C ISHA (as modified
by the provisions of this Agreement). As a matter of precaution only, the Current Shareholders hereby accept the offer of the Series
D Investors to accede to the Series C ISHA and waive the requirement to receive an adherence declaration by the Series D Investors.</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: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11.</FONT></TD><TD STYLE="text-align: justify">Modifications of the Series C ISHA</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"></TD><TD STYLE="width: 0.5in">11.1</TD><TD STYLE="text-align: justify">Definitions</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 0pt 0.5in; text-align: justify">The definition of Financial Investors,
Shareholder and Party as set forth in the parties section of the Series C ISHA shall be modified to include the Series D Investors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">11.2</TD><TD STYLE="text-align: justify">Preference in Liquidation and Sale Proceeds (&sect; 21 of the Series C ISHA)</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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<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 0pt 0.5in; text-align: left; text-indent: 0in">&sect;&nbsp;21(1)a)
of the Series C ISHA will be amended as follows:<BR>
<BR>
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">&ldquo;First, on
the same level and with the same rank,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: left; 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: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the holders of Converted Series D Preferred Shares shall receive, in preference to the holders
of Common Shares but concurrently with the holders of the remaining Series D Preferred Shares (for the avoidance of doubt excluding
the Converted Series D Preferrred Shares), Series C Preferred Shares, Series B Preferred Shares and Series A Preferred Shares,
preference payments (<I>Vorabzahlungen</I>) in each case in an amount equal to one time (1x) the Series D Share Price for each
of their respective Converted Series D Preferred Shares included in the sale plus an amount representing interest at a rate of
6&nbsp;% p.a. on such Series D Share Price as from the date of the respective payment of such Series D Share Price up until the
date of the closing of the sale.<BR>
For the avoidance of doubt, the holders of Converted Series D Preferred Shares do not have any rights referring to the time prior
to the conversion of their Series A Preferred Shares or Series B Preferred Shares into Converted Series D Preferred Shares pursuant
to Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>2.8 of Part 1 of this 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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the holders of Series D Preferred Shares, excluding the holders of Converted Series D Preferred
Shares, shall receive, in preference to the holders of Common Shares but concurrently with the holders of Converted Series D Preferred
Shares, Series C Preferred Shares, Series B Preferred Shares and Series A Preferred Shares, preference payments (<I>Vorabzahlungen</I>)
in each case in an amount equal to one time (1x) their average contributions to the Company (capital contributions towards the
share capital in the nominal value and additional payments into the capital reserves of the Company pursuant to &sect;&nbsp;272&nbsp;(2)
HGB) for each of their respective Series D Preferred Shares included in the sale plus an amount representing interest at a rate
of 6&nbsp;% p.a. on such contributions as from the date of the respective payment of such contributions to the Company up until
the date of the closing of the sale;</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: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the holders of Series C Preferred Shares shall receive, in preference to the holders of Common
Shares but concurrently with the holders of Converted Series D Preferred Shares, Series D Preferred Shares, Series B Preferred
Shares and Series A Preferred Shares, preference payments (<I>Vorabzahlungen</I>) in each case in an amount equal to one time (1x)
their average contributions to the Company (capital contributions towards the share capital in the nominal value and additional
payments into the capital reserves of the Company pursuant to &sect;&nbsp;272&nbsp;(2) HGB) for each of their respective Series
C Preferred Shares included in the sale plus an amount representing interest at a rate of 6&nbsp;% p.a. on such contributions as
from the date of the respective payment of such contributions to the Company or the date of the payment into the trust account
in accordance with Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>3 of this Agreement,
as the case may be, up until the date of the closing of the sale;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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<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: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the holders of Series B Preferred Shares, except for the holders of Converted Series D Preferred
Shares, shall receive, in preference to the holders of Common Shares but concurrently with the holders of Converted Series D Preferred
Shares, Series D Preferred Shares, Series C Preferred Shares and Series A Preferred Shares, preference payments (<I>Vorabzahlungen</I>)
in each case in an amount equal to one time (1x) their average contributions to the Company (capital contributions towards the
share capital in the nominal value and additional payments into the capital reserves of the Company pursuant to &sect;&nbsp;272&nbsp;(2)
HGB) for each of their respective Series B Preferred Shares included in the sale plus an amount representing interest at a rate
of 6&nbsp;% p.a. on such contributions as from the date of the respective payment of such contributions to the Company up until
the date of the closing of the sale; and</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: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">the holders of Series A Preferred Shares, except for the holders of Converted Series D Preferred
Shares, shall receive, in preference to the holders of Common Shares but concurrently with the holders of Converted Series D Preferred
Shares, Series D Preferred Shares, Series C Preferred Shares and Series B Preferred Shares, preference payments (<I>Vorabzahlungen</I>)
in each case in an amount equal to one time (1x) their average contributions to the Company (capital contributions towards the
share capital in the nominal value and additional payments into the capital reserves of the Company pursuant to &sect;&nbsp;272&nbsp;(2)
HGB) for each of their respective Series A Preferred Shares included in the sale plus an amount representing interest at a rate
of 8 (eight) % p.a. on such contributions as from the date of the respective payment of such contributions to the Company up until
the date of the closing of the sale;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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<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 0pt 0.5in; text-align: justify">if the Proceeds are not sufficient
to satisfy all amounts to be paid under this &sect; 21(1)a), then the entire Proceeds shall be divided between the holders of Converted
Series D Preferred Shares, Series D Preferred Shares, Series C Preferred Shares, Series B Preferred Shares and Series A Preferred
Shares in proportion to the preference payments they each would be entitled to under this a) if the Proceeds were sufficient to
satisfy all amounts to be paid under this a).&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">Subsequent to
&sect; 21 (1)e) of the Series C ISHA, the following &sect; 21(1)f) will be included:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; 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: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">&quot;in the event that following a conversion of the Series D Preferred Shares into Common Shares
at the conversion rate set forth in &sect; 22 below, the total amount to be distributed under &sect; 21(1)b) above on the Common
Shares resulting from such conversion is higher than the total amount to be distributed under &sect; 21(1)a)cc) above on such Series
D Preferred Shares without such conversion, all Series D Preferred Shares shall automatically be deemed converted into Common Shares
at the conversion rate set forth in &sect; 22 below for the purposes of the distribution of the Proceeds under this &sect; 21.&rdquo;</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 0pt 1in; text-align: justify">The subsequent paragraph will be
amended as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;In the event that the Proceeds
are paid in tranches and/or contingent upon conditions and/or deferred and/or paid into an escrow account (in particular without
limitation to cover any representations, warranties, indemnities or similar claims), the amount of the preference payments under
&sect; 21(1)a) above shall not be abrogated or diminished, i.e. the first Proceeds received by the Shareholders shall first be
distributed to the holders of Converted Series D Preferred Shares, Series D Preferred Shares, Series C Preferred Shares, Series
B Preferred Shares and the holders of Series A Preferred Shares until they have received the full preference payments under &sect;
21(1)a) above.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">11.3</TD><TD STYLE="text-align: justify">Cancellation of Non-Granted Options (Stock Option Plan 2016)</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 0pt 0.5in; text-align: justify">&sect; 6(2) of the Series C ISHA
provides for a stock option plan to promote the motivation and identification for present and future selected managing directors,
key employees and consultants of the Company to be granted at terms set forth in the Series C ISHA (&ldquo;<B>Stock Option Plan
2016</B>&rdquo;). Currently, 3,060 options are available for granting under the Stock Option Plan 2016. These not granted options
shall hereby be cancelled, so that no options may be granted from the date of this Agreement under the Stock Option Plan 2016.
Prof. Dr. Niels Riedemann and Arnd Christ, in their capacity as managing directors of the Company, hereby undertake not to grant
any options from the Stock Option Plan 2016 or to utilize the Authorized Capital as provided therefore in Section 6a of the Company&rsquo;s
Articles of Association. The cancellation of the not granted options and of the Authorized Capital in Section 6a of the Company&rsquo;s
Articles of Association shall be resolved in a separate resolution as soon as practicably possible after registration of the Series
D Capital Increase in the Company&rsquo;s Commercial Register.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"></TD><TD STYLE="width: 0.5in">11.4</TD><TD STYLE="text-align: justify">German Money Laundering Act (&sect; 16 para. 3 of the Series C ISHA)</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 0pt 0.5in; text-align: justify; text-indent: 0in">Parties agree
that the Series D Investors will deliver the documentation requested under &sect; 16 para. 3 of the Series C ISHA without undue
delay after signing of this Agreement and thus provide information of the beneficial owner of the shareholder in accordance with
Sec. 3 para. 2 of the German Money Laundering Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">12.</FONT></TD><TD STYLE="text-align: justify">Validity of Series C ISHA</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 0pt 0.5in; text-align: justify">To the extent that the provisions
of the Series C ISHA have not been modified by this Part 2 of this Agreement and particularly by Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>11
of this Part 2 of this Agreement it is agreed that the Series C ISHA should remain in full effect.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">13.</FONT></TD><TD STYLE="text-align: justify">Transaction Costs</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"></TD><TD STYLE="width: 0.5in">13.1</TD><TD STYLE="text-align: justify">The Company shall bear all legal and administrative costs in connection with the Series D Preferred
Shares Financing including reasonable fees and expenses of external legal counsel of the Series D Investors.</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"></TD><TD STYLE="width: 0.5in">13.2</TD><TD STYLE="text-align: justify">All payments pursuant to Clause <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&lrm;</FONT>13.1
shall be made within two weeks after invoicing.</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"></TD><TD STYLE="width: 0.5in">13.3</TD><TD STYLE="text-align: justify">The Company shall bear the costs and fees of the notary for the notarization of this Agreement
and the court and register fees and disbursements for the required Commercial Register registrations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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<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: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14.</FONT></TD><TD STYLE="text-align: justify">Miscellaneous</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"></TD><TD STYLE="width: 0.5in">14.1</TD><TD STYLE="text-align: justify">The terms and conditions of this Agreement shall apply to all shares of the Company held by the
Shareholders currently or in the future. The shares of the Company shall remain in the particular ownership of the respective Shareholder.
No joint ownership (<I>Eigentum zur gesamten Hand</I>) or co-ownership (<I>Miteigentum</I>) shall be established by this 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"></TD><TD STYLE="width: 0.5in">14.2</TD><TD STYLE="text-align: justify">Any joint and several liability (<I>gesamtschuldnerische Haftung</I>) shall be excluded, unless
expressly set forth otherwise in this 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"></TD><TD STYLE="width: 0.5in">14.3</TD><TD STYLE="text-align: justify">If this Agreement refers to an internal vote or resolution of the Shareholders or a specific group
of Shareholders outside Shareholders' Meetings, the following provisions shall apply: The request for such a vote or resolution
shall be made by any of such Shareholders in Text Form to all Shareholders who are part of the specific group. The vote or resolution
shall be made within ten calendar days following the sending of the request and be taken in writing, by telephone, telefax or e-mail.
The vote or resolution shall be deemed taken if Shareholders representing the majority required for such internal vote or resolution
agree to the proposed vote or resolution within this time limit irrespective of whether all Shareholders of the specific group
participate in the vote or resolution. Minutes of the vote or resolution shall be drawn up and shall be signed by the Shareholder
requesting the vote or resolution immediately after the passing of such vote or resolution, and a copy shall be provided to each
Shareholder and the Company.</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"></TD><TD STYLE="width: 0.5in">14.4</TD><TD STYLE="text-align: justify">The terms and conditions of this Agreement shall prevail, as amongst the Shareholders, over the
terms and conditions of the Articles of Association of the Company. In the event that provisions of this Agreement contradict provisions
of the Articles of Association of the Company, this Agreement shall prevail to the extent legally permissible; the Shareholders
shall amend the Articles of Association of the Company accordingly.</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"></TD><TD STYLE="width: 0.5in">14.5</TD><TD STYLE="text-align: justify">This Agreement is written in the English language (except that Annexes and Exhibits to this Agreement
may be in other languages) which shall be binding. Terms to which a German term has been added in parentheses and italics shall
be interpreted throughout this Agreement including its Annexes and Exhibits in accordance with the German term alone, and the English
term to which such German term relates shall be disregarded.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

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<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"></TD><TD STYLE="width: 0.5in">14.6</TD><TD STYLE="text-align: justify">Amendments and additions to this Agreement must be made in writing to be effective, to the extent
that notarization is not required. This shall also apply to a waiver of the written form requirement as well as to a waiver of
any right or claim under this 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"></TD><TD STYLE="width: 0.5in">14.7</TD><TD STYLE="text-align: justify">Should individual terms of this Agreement be or become invalid or unenforceable or if this Agreement
contains gaps, this shall not affect the validity of the remaining terms of this Agreement. In place of the invalid, unenforceable
or missing term, such valid term which the Parties would reasonably have agreed, had they been aware at the conclusion of this
Agreement that the relevant term was invalid, unenforceable or missing, shall be deemed to have been agreed. Should a term of this
Agreement be or become invalid because of the scope or time of performance for which it provides, then the agreed scope or time
of performance shall be amended to correspond with the extent legally permitted.</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"></TD><TD STYLE="width: 0.5in">14.8</TD><TD STYLE="text-align: justify">This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic
of Germany, without regard to principles of conflicts of laws. The UN Convention on Contracts for the International Sale of Goods
(CISG) shall not apply.</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"></TD><TD STYLE="width: 0.5in">14.9</TD><TD STYLE="text-align: justify">To the extent that such an agreement is legally valid, the courts competent for Jena, Germany,
shall have exclusive jurisdiction over this 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: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">15.</FONT></TD><TD STYLE="text-align: justify">Severability</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">If any paragraph,
provision or clause in this Agreement shall be found or held to be invalid or unenforceable, the remainder of this Agreement shall
be valid and enforceable and the Parties shall negotiate, in good faith, a substitute, valid and enforceable provision which most
nearly affects the Parties&rsquo; intent in entering into this Agreement.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: center">******</P>

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<DOCUMENT>
<TYPE>EX-14.1
<SEQUENCE>15
<FILENAME>dp81461_ex1401.htm
<DESCRIPTION>EXHIBIT 14.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 14.1</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><IMG SRC="image_011.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">InflaRx
N.V.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Code
of Ethics<BR>
Adopted ______________, 2017</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Introduction</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
Code of Ethics (the &ldquo;<B>Code</B>&rdquo;) has been adopted by our Board of Directors and summarizes the standards that must
guide our actions. Although they cover a wide range of business practices and procedures, these standards cannot and do not cover
every issue that may arise or every situation in which ethical decisions must be made, but rather set forth key guiding principles
that represent Company policies and establish conditions for employment at the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
must strive to foster a culture of honesty and accountability. Our commitment to the highest level of ethical conduct should be
reflected in all of the Company&rsquo;s business activities, including, but not limited to, relationships with employees, customers,
suppliers, competitors, the government, the public and our shareholders. All of our employees, officers and directors must conduct
themselves according to the language and spirit of this Code and seek to avoid even the appearance of improper behavior. Even
well-intentioned actions that violate the law or this Code may result in negative consequences for the Company and for the individuals
involved.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">One
of our Company&rsquo;s most valuable assets is our reputation for integrity, professionalism and fairness. We should all recognize
that our actions are the foundation of our reputation and adhering to this Code and applicable law is imperative.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Conflicts
of Interest</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our
employees, officers and directors have an obligation to conduct themselves in an honest and ethical manner and to act in the best
interest of the Company. All employees, officers and directors should endeavor to avoid situations that present a potential or
actual conflict between their interest and the interest of the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A
&ldquo;conflict of interest&rdquo; occurs when a person&rsquo;s private interest interferes in any way, or even appears to interfere,
with the interests of the Company as a whole, including those of its subsidiaries and affiliates. A conflict of interest can arise
when an employee, officer or director takes an action or has an interest that may make it difficult for him or her to perform
his or her work objectively and effectively. Conflicts of interest may also arise when an employee, officer or director (or a
member of his or her family) receives improper personal benefits as a result of the employee&rsquo;s, officer&rsquo;s or director&rsquo;s
position in the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Although
it would not be possible to describe every situation in which a conflict of interest may arise, the following are examples of
situations that may constitute a conflict of interest:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Working,
                                         in any capacity, for a competitor, customer or supplier while employed by the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Accepting
                                         gifts of more than modest value or receiving personal discounts (if such discounts are
                                         not generally offered to the public) or other benefits as a result of your position in
                                         the Company from a competitor, customer or supplier.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="image_018.jpg" ALT=""></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Competing
                                         with the Company for the purchase or sale of property, products, services or other interests.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Having
                                         an interest in a transaction involving the Company, a competitor, customer or supplier
                                         (other than as an employee, officer or director of the Company and not including routine
                                         investments in publicly traded companies).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Receiving
                                         a loan or guarantee of an obligation as a result of your position with the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Directing
                                         business to a supplier owned or managed by, or which employs, a relative or friend.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Situations
involving a conflict of interest may not always be obvious or easy to resolve. You should report actions that may involve a conflict
of interest to the Chief Executive Officer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
the event that an actual or apparent conflict of interest arises between the personal and professional relationship or activities
of an employee, officer or director, the employee, officer or director involved is required to handle such conflict of interest
in an ethical manner in accordance with the provisions of this Code, if need be after consultation with the Chief Executive Officer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Quality
of Public Disclosures</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company has a responsibility to communicate effectively with shareholders so that they are provided with full and accurate information,
in all material respects, about the Company&rsquo;s financial condition and results of operations. Our reports and documents filed
with or submitted to the United States Securities and Exchange Commission and our other public communications shall include full,
fair, accurate, timely and understandable disclosure, and the Company has established a Disclosure Committee consisting of senior
management to assist in monitoring such disclosures.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Accuracy
of Company Financial Records</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
maintain the highest standards in all matters relating to accounting, financial controls, internal reporting and taxation. All
financial books, records and accounts must accurately reflect transactions and events and conform both to required accounting
principles and to the Company&rsquo;s system of internal controls. Records shall not be distorted in any way to hide, disguise
or alter the Company&rsquo;s true financial position.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Compliance
with Laws, Rules and Regulations</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
are strongly committed to conducting our business affairs with honesty and integrity and in full compliance with all applicable
laws, rules and regulations. No employee, officer or director of the Company shall commit an illegal or unethical act, or instruct
others to do so, for any reason.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Compliance
with This Code and Reporting of Any Illegal or Unethical Behavior</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">All
employees, directors and officers are expected to comply with all of the provisions of this Code. The Code will be strictly enforced
and violations will be dealt with immediately, including by subjecting persons who violate its provisions to corrective and/or
disciplinary action such as dismissal or removal from office. Violations of the Code that involve illegal behavior will be reported
to the appropriate authorities.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;<IMG SRC="image_019.jpg" ALT=""></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Situations
which may involve a violation of ethics, laws, rules, regulations or this Code may not always be clear and may require the exercise
of judgment or the making of difficult decisions. Employees, officers and directors should promptly report any concerns about
a violation of ethics, laws, rules, regulations or this Code to their supervisors/managers or the Chief Executive Officer or,
in the case of accounting, internal accounting controls or auditing matters, in addition to the Audit Committee of the Board of
Directors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Any
concerns about a violation of ethics, laws, rules, regulations or this Code by any senior executive officer or director should
be reported promptly to the Chief Executive Officer and the Chief Executive Officer shall notify the Nominating and Corporate
Governance Committee. Reporting of such violations may also be done anonymously through [___] or in writing to [____]. An anonymous
report should provide enough information about the incident or situation to allow the Company to investigate properly. If concerns
or complaints require confidentiality, including keeping an identity anonymous, the Company will endeavor to protect this confidentiality,
subject to applicable laws, regulations or legal proceedings.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company encourages all employees, officers and directors to report any suspected violations promptly and intends to thoroughly
investigate any good faith reports of violations. The Company will not tolerate any kind of retaliation for reports or complaints
regarding misconduct that were made in good faith. Open communication of issues and concerns by all employees, officers and directors
without fear of retribution or retaliation is vital to the successful implementation of this Code. All employees, officers and
directors are required to cooperate in any internal investigations of misconduct and unethical behavior.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company recognizes the need for this Code to be applied equally to everyone it covers. The Chief Executive Officer of the Company
will have primary authority and responsibility for the enforcement of this Code, subject to the supervision of the Nominating
and Corporate Governance Committee, or, in the case of accounting, internal accounting controls or auditing matters, the Audit
Committee of the Board of Directors, and the Company will devote the necessary resources to enable the General Counsel to establish
such procedures as may be reasonably necessary to create a culture of accountability and facilitate compliance with this Code.
Questions concerning this Code should be directed to the Chief Executive Officer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
provisions of this section are qualified in their entirety by reference to the following section.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Reporting
Violations to a Governmental Agency</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">You
have the right under federal law to certain protections for cooperating with or reporting legal violations to governmental agencies
or entities and self-regulatory organizations. As such, nothing in this Code is intended to prohibit you from disclosing or reporting
violations to, or from cooperating with, a governmental agency or entity or self-regulatory organization, and you may do so without
notifying the Company. The Company may not retaliate against you for any of these activities, and nothing in this Code or otherwise
requires you to waive any monetary award or other payment that you might become entitled to from a governmental agency or entity,
or self-regulatory organization.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Protection
of Confidential Proprietary Information</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Confidential
proprietary information generated by and gathered in our business is a valuable Company asset. Protecting this information plays
a vital role in our continued growth and ability to compete, and all proprietary information should be maintained in strict confidence,
except when disclosure is authorized by the Company or required by law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="image_020.jpg" ALT=""></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Proprietary
information includes all non-public information that might be useful to competitors or that could be harmful to the Company, its
customers or its suppliers if disclosed. Intellectual property such as trade secrets, patents, trademarks and copyrights, as well
as business, research and new product plans, objectives and strategies, records, databases, salary and benefits data, employee
medical information, customer, employee and suppliers lists and any unpublished financial or pricing information must also be
protected.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unauthorized
use or distribution of proprietary information violates Company policy and could be illegal. Such use or distribution could result
in negative consequences for both the Company and the individuals involved, including potential legal and disciplinary actions.
We respect the property rights of other companies and their proprietary information and require our employees, officers and directors
to observe such rights.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Your
obligation to protect the Company&rsquo;s proprietary and confidential information continues even after you leave the Company,
and you must return all proprietary information in your possession upon leaving the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
provisions of this section are qualified in their entirety by the section entitled &ldquo;Reporting Violations to Governmental
Agencies&rdquo; above.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Protection
and Proper Use of Company Assets</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Protecting
Company assets against loss, theft or other misuse is the responsibility of every employee, officer and director. Loss, theft
and misuse of Company assets directly impact our profitability. Any suspected loss, misuse or theft should be reported to a senior
management member immediately.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
sole purpose of the Company&rsquo;s equipment, vehicles, supplies and electronic resources (including hardware, software and the
data thereon) is the conduct of our business. They may only be used for Company business consistent with Company guidelines.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Social
Media</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless
you are authorized by the Chief Executive Officer, you are discouraged from discussing the Company as part of your personal use
of social media. While business should only be conducted through approved channels, we understand that social media is used as
a source of information and as a form of communicating with friends, family and workplace contacts.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">When
you are using social media and identify yourself as a Company employee, officer or director or mention the Company incidentally,
for instance on a Facebook page or professional networking site, please remember the following:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Never
                                         disclose confidential information about the Company or its business, customers or suppliers.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Make
                                         clear that any views expressed are your own and not those of the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Be
                                         respectful of your colleagues and all persons associated with the Company, including
                                         customers and suppliers.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="image_021.jpg" ALT=""></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Promptly
                                         report to the Chief Executive Officer any social media content which inaccurately or
                                         inappropriately discusses the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Never
                                         respond to any information, including information that may be inaccurate about the Company.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Never
                                         post documents, parts of documents, images or video or audio recordings that have been
                                         made with Company property or of Company products, services or people or at Company functions
                                         or events.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Waivers
and Amendments</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Any
waiver (including any implicit waiver) of the provisions in this Code for executive officers or directors will be disclosed to
the Company&rsquo;s shareholders in the Company&rsquo;s annual report on Form 20-F. Any waiver of this Code for other employees
may only be granted by the Chief Executive Officer. Amendments to this Code will also be disclosed in the Company&rsquo;s annual
report on Form 20-F.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Review</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Board of Directors shall review this Code annually and make changes as appropriate.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>16
<FILENAME>dp81461_ex2101.htm
<DESCRIPTION>EXHIBIT 21.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 21.1</B></P>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subsidiaries
of the Registrant</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Entity
    name</B></FONT></TD>
    <TD STYLE="width: 45%; font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jurisdiction
    of organization</B></FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">InflaRx GmbH</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Germany</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="margin: 0; text-align: left"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>17
<FILENAME>dp81461_ex2301.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 23.1</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Consent
of Independent Registered Public Accounting Firm</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We consent
to the use of our report dated June 23, 2017, with respect to the consolidated statements of financial position of InflaRx GmbH
as of December 31, 2016 and 2015, and the related consolidated statements of comprehensive loss, changes in equity and cash flows
for each of the years in the two-year period ended December 31, 2016, included herein and to the reference to our firm under the
heading &ldquo;Experts&rdquo; in the prospectus.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">/s/ KPMG
AG</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">Wirtschaftspr&uuml;fungsgesellschaft</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Leipzig, Germany</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">October 13, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.5
<SEQUENCE>18
<FILENAME>dp81461_ex2305.htm
<DESCRIPTION>EXHIBIT 23.5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 23.5</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Consent
of Independent Registered Public Accounting Firm</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We consent
to the use of our report dated June 23, 2017, with respect to the statement of financial position of Fireman B.V. as of June 23,
2017, included herein and to the reference to our firm under the heading &ldquo;Experts&rdquo; in the prospectus.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">/s/ KPMG AG</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">Wirtschaftspr&uuml;fungsgesellschaft</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Leipzig, Germany</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">October 13, 2017</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>19
<FILENAME>dp81461_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Consent
of Director Nominee</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Fireman B.V.
is filing a Registration Statement on Form&nbsp;F-1 with the Securities and Exchange Commission under the Securities Act of 1933,
as amended (the &ldquo;Securities Act&rdquo;), in connection with the initial public offering of its common shares. In connection
therewith, I hereby consent, pursuant to Rule&nbsp;438 of the Securities Act, to being named as a nominee to the board of Fireman
B.V. in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit
to such Registration Statement and any amendments thereto.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid"><FONT STYLE="font-size: 10pt">/s/
Nicolas Fulpius</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Name:&nbsp;Nicolas
    Fulpius</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Date:&nbsp;&nbsp;&nbsp;October
    12, 2017</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="margin: 0; text-align: left"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>20
<FILENAME>dp81461_ex9902.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Consent of Director
Nominee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Fireman B.V. is filing a Registration Statement
on Form&nbsp;F-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), in connection with the initial public offering of its common shares. In connection therewith, I hereby consent, pursuant
to Rule&nbsp;438 of the Securities Act, to being named as a nominee to the board of Fireman B.V. in the Registration Statement,
as may be amended from time to time. I also consent to the filing of this consent as an exhibit to such Registration Statement
and any amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid">/s/ Katrin Uschmann</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;Katrin Uschmann</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Date:&nbsp;&nbsp;&nbsp;&nbsp;October
    11, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif; text-indent: -0.5in">&nbsp;</TD></TR>
</TABLE><BR STYLE="clear: both">

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><BR STYLE="clear: both">


<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
<P STYLE="margin: 0; text-align: left"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>21
<FILENAME>dp81461_ex9903.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="text-align: right; margin: 0pt 0"><B>Exhibit 99.3</B></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Consent
of Director Nominee</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Fireman B.V.
is filing a Registration Statement on Form&nbsp;F-1 with the Securities and Exchange Commission under the Securities Act of 1933,
as amended (the &ldquo;Securities Act&rdquo;), in connection with the initial public offering of its common shares. In connection
therewith, I hereby consent, pursuant to Rule&nbsp;438 of the Securities Act, to being named as a nominee to the board of Fireman
B.V. in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit
to such Registration Statement and any amendments thereto.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 65%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid"><FONT STYLE="font-size: 10pt">/s/
        Mark Kuebler</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Name:&nbsp;Mark
    Kuebler</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Date:&nbsp;&nbsp;&nbsp;October
    12, 2017</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="margin: 0"></P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>22
<FILENAME>dp81461_ex9904.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.4</B></P>

<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Consent
of Director Nominee</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Fireman B.V.
is filing a Registration Statement on Form&nbsp;F-1 with the Securities and Exchange Commission under the Securities Act of 1933,
as amended (the &ldquo;Securities Act&rdquo;), in connection with the initial public offering of its common shares. In connection
therewith, I hereby consent, pursuant to Rule&nbsp;438 of the Securities Act, to being named as a nominee to the board of Fireman
B.V. in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit
to such Registration Statement and any amendments thereto.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.75pt solid"><FONT STYLE="font-size: 10pt">/s/
        Lina Ma&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;Lina
    Ma</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Date:&nbsp;&nbsp;&nbsp;&nbsp;October
    11, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">


<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
<P STYLE="margin: 0; text-align: left"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>23
<FILENAME>ex1003-p1.jpg
<DESCRIPTION>GRAPHIC
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end
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<DOCUMENT>
<TYPE>GRAPHIC
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begin 644 image_006.jpg
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<DOCUMENT>
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begin 644 image_018.jpg
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<DOCUMENT>
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<SEQUENCE>39
<FILENAME>image_019.jpg
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begin 644 image_019.jpg
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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>40
<FILENAME>image_020.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_020.jpg
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>41
<FILENAME>image_021.jpg
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<TEXT>
begin 644 image_021.jpg
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<DOCUMENT>
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<FILENAME>image_024.jpg
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begin 644 image_024.jpg
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end
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>43
<FILENAME>image_025.jpg
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<TEXT>
begin 644 image_025.jpg
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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>44
<FILENAME>image_029.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_029.jpg
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>45
<FILENAME>image_035.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_035.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
