Important

You must read the following before continuing. The following applies to the attached listing prospectus (the "Listing Prospectus") accessed via internet or otherwise received as a result of such access and you are therefore advised to read this disclaimer carefully before reading, accessing or making any other use of the attached Listing Prospectus. In accessing the attached Listing Prospectus, you agree to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information from us as a result of such access.

NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES, AND SUBJECT TO CERTAIN EXCEPTIONS, THE SECURITIES DESCRIBED IN THE ATTACHED LISTING PROSPECTUS MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, US PERSONS EXCEPT PURSUANT TO AN EXEMPTION FROM, OR TRANSACTION NOT SUBJECT TO, REGISTRATION UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES.

The attached Listing Prospectus is being provided to you on a confidential basis as a current or former shareholder of Actelion Ltd. for informational use only solely in connection with your receipt of Idorsia Ltd. shares and their listing on the SIX Swiss Exchange AG. Its use for any other purpose is not authorized, and you may not, nor are you authorized to, copy or reproduce the Listing Prospectus in whole or in part in any manner whatsoever or deliver, distribute or forward the Listing Prospectus or disclose any of its contents to any other person. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions. If you are not the intended recipient of this Listing Prospectus, you are hereby notified that any dissemination, distribution or copying of this Listing Prospectus is strictly prohibited.

This Listing Prospectus does not constitute or contain any offer to sell or invitation to subscribe or make commitments for or in respect of any security in any jurisdiction. There may be restrictions on the distribution of the attached Listing Prospectus in certain jurisdictions, including Canada, Australia, the member states of the EEA and the United Kingdom of Great Britain and Northern Ireland and Japan. Persons into whose possession this Listing Prospectus may come are required to inform themselves of and observe any such restrictions.

The Listing Prospectus is being provided to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and, consequently neither Actelion Ltd. nor Idorsia Ltd. accepts any liability or responsibility whatsoever in respect of any difference between the Listing Prospectus distributed to you in electronic format and the hard copy version that is available upon request.

This Listing Prospectus may contain specific forward-looking statements, e.g., statements including terms like "believe", "assume", "expect", "forecast", "project", "may", "could", "might", "will" or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of Idorsia Ltd. and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers should not rely on forward-looking statements. Idorsia Ltd. assumes no responsibility to up-date forward-looking statements or to adapt them to future events or developments.

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