Code on Private Investment Transactions

According to the Corporate Governance Best Practices and the Belgian Code of Corporate Governance which is based on the European Directive 2003/6 EC on Insider Dealing and Market Manipulation, the Company adopted the "Code on Private Investment Transactions" for its Insiders (Directors, Senior Executives, Key Employees, their secretaries and assistants, all employees of the UCB group, their family members) and Outsiders to prevent insider trading offences and market abuse, particularly during the periods preceding the publication of results (closed period).

Closed periods extend from 1 January and 1 July up to two business days following the release of the (mid-)year results. The calendar of those releases is available on this internet website. No Director, Senior Executive, Key employee or other employee can buy or sell UCB (related) securities during closed periods. Moreover, even during trading windows Insiders are not allowed to trade in UCB (related) securities when in possession of material non-public information.

The Code prohibits trading in the Company's shares during "special closed periods" for certain employees who are or will soon be in possession of material non-public information.

It also introduces the obligation for Directors, Senior Executives and Key employees to inform the Company about the amount of shares concerned and the type of transaction they plan to do. This information will be disclosed in the Company's relevant annual report.

Moreover, Directors, members of the Executive Committee of the Company and their close family members have to notify each transaction on UCB (related) securities to the Banking, Finance and Insurance Commission (BFIC) within five days following the transaction by sending the form available on the internet website of the BFIC (http://www.cbfa.be/) financial markets - market abuse - reporting of insider transaction - form B reporting of insider transactions) by email or fax and by post (with piece of evidence).

For more information please contact Mrs Michèle de Cannart, Insider Trading Compliance Officer, VP General Secretary (Insider.Trading.Compliance.Officer@UCB-Group.com).