Private investment transactions and trading in Company's shares

Privileged confidential information whether it relates to the Company or to a third party will not be used by employees (Directors, Executive management and other employees) for personal benefit. The Board of Directors has approved a Code on Private Investment Transactions to prevent insider trading offences and market abuse, particularly during the periods preceding the publication of results or information which is liable to considerably influence UCB's share price or the share price of the company targeted by a planned operation.

The Code on Private Investment Transactions establishes rules for all employees (Directors, Executive management and other employees) prohibiting dealing in the Company's shares or other financial instruments of the Company for a designated period preceding the announcement of its financial results (closed periods). It also establishes rules to set limitations in transactions by certain employees (Key Employees). It further prohibits trading in the Company's shares during "special closed periods" for certain employees who are or will soon be in possession of insider information.

The Board has designated a Compliance Officer whose duties and responsibilities are defined in the Code. The Code establishes the list of Key Employees, who have to inform the Compliance Officer of the transactions on the company's shares they intend to make for their own account and which will be disclosed in the Company's relevant annual report. The Compliance Officer monitors the compliance with the rules of the Code on Private Investment Transactions approved by the Board.

The Compliance Officer monitors the compliance with the rules of the Code on Private Investment Transactions approved by the Board. The Code is fully in compliance with Directive 2003/6 EC on Insider Dealing and Market Manipulation and Belgian Royal Decree 24 /08/2005 in the same field.