Since its incorporation, Galapagos has never declared or paid any dividends on its shares and does not expect to declare dividends in the near future. Any longer term determination to declare dividends will depend on the Issuer’s earnings, operational and financial condition, capital requirements, including for growth and acquisitions, and other factors deemed relevant by the Board of Directors and the shareholders. Furthermore, the Issuer’s general reserve must be sufficient for any dividend payment. There can be no assurance that Galapagos will generate sufficient earnings to allow it to pay dividends. If Galapagos does generate sufficient earnings, the Shareholders Meeting may elect to reinvest instead of paying dividends.