2019071701

Credit Event

Galapagos Holding SA

Has a Failure to Pay Credit Event occurred with respect to Galapagos Holding SA?

Event Publicly Available Information:

According to a statement from 17 July 2019 Galapagos Holding S.A. did not make the interest payment on its outstanding notes XS1071420027 until 15 July 2019, which is the end of the 30-day grace period (coupon was due on 15 June 2019). and therefore an event of default has occurred under the indenture. Furthermore, the Galapagos Holding S.A. states in this statement that talks with Senior noteholders are ongoing.

Company Statement 17 July 2019

The EMEA DC has determined that a Failure to Pay in respect of the Reference Entity’s 7% Senior Notes due 2022 had occurred on July 17, 2019.

Auction Timeline

Common Event Determination Date: July 17, 2019

Auction Date: August 7, 2019

Auction Settlement Date: August 12, 2019

Settlement Terms

Auction in respect of 2014 Transactions

2019 Galapagos Holding S.A. Auction Settlement Terms

2019 Galapagos Holding S.A. Auction Settlement Terms blacklined against DRAFT 2019 Galapagos Holding S.A. Auction Settlement Terms

EMEA DC Statement August 2, 2019:

Further to the publication of the Auction Settlement Terms in relation to Galapagos Holding S.A. on Friday 2 August 2019, market participants should note the timing of the following auction/settlement‐related key events/deadlines:

5:00 p.m. London time on Monday 5 August 2019: deadline for any market participant who wishes to participate in the Galapagos Holding S.A. Auction to submit a Participating Bidder Letter to the DC Secretary.

5:00 p.m. London time on Tuesday 6 August 2019: deadline for submission of Customer Physical Settlement Requests to the relevant Participating Bidder.

Wednesday 7 August 2019: Auction Date.

4:00 p.m. London time on Thursday 8 August 2019: deadline for Buyers to deliver Notices of Physical Settlement to Sellers in respect of any Representative Auction‐Settled Transactions.

Monday 12 August 2019: Auction Settlement Date.

4:00 p.m. London time on Friday 23 August 2019: deadline for Sellers to deliver Notices of Physical Settlement to Buyers in respect of any Representative Auction‐Settled Transactions.

Monday 7 October 2019: Physical Settlement Date in respect of any Representative Auction‐Settled Transactions.

Deliverable Obligations

Auction in respect of 2014 Transactions

Final List

Initial List

Supplemental List

Timetable for publication of Final List

Friday 26 July 2019: publication of Initial List.

5:00 p.m. London time Monday 29 July 2019: deadline for submitting additional potential Deliverable Obligations to the DC Secretary for inclusion on the Supplemental List. Please see Submission of Potential Deliverable Obligations and Challenges Note below for further information on making such a submission.

7:00 p.m. London time Monday 29 July 2019: publication of the Supplemental List.

5:00 p.m. London time Thursday 1 August 2019: deadline for challenging obligations on the Supplemental List. Please see Submission of Potential Deliverable Obligations and Challenges Note below for further information on making such a challenge.

5:00 p.m. London time Monday 5 August 2019: if applicable, deadline for resolving challenges.

After 5:00 p.m. London time on Monday 5 August 2019 (or earlier if no challenges received): publication of the Final List.

Submission of Potential Deliverable Obligations and Challenges