IPSEN: Description of the share repurchase program proposed by the Board of Directors to the approval of the Combined Shareholders’ Meeting to be held on 31 May 2013

Regulatory News:

IPSEN (Paris:IPN):

IPSEN

Société anonyme with a share capital of €84,118,423

Registered office: 65 quai Georges Gorse 92100 Boulogne-Billancourt – France

419 838 529 RCS Nanterre

In accordance with the provisions of Article 241-2 of the General Regulations of the Autorité des Marchés Financiers (AMF) and the European Regulation n° 2273/2003 dated 22 December 2003, the present document describes the objectives and characteristics of the share repurchase program proposed to the approval of the Combined Shareholders’ Meeting to be held on 31 May 2013. The preliminary notice of meeting has been published in the Bulletin des Annonces Légales Obligatoires (BALO) dated 17 April 2013.

Number of shares held directly or indirectly by the Company (as at 31 March 2013)

As at 31 March 2013, the Company held 877,124 of its own shares representing 1.04% of the Company’s share capital.

Number of shares held identified by objective as at 31 March 2013

• Animation of the share through an AMAFI liquidity agreement: 23,452

• External growth transactions: 0

• Hedging of stock purchase options and other employee share ownership system: 853,672

• Hedging of securities giving right to shares: 0

• Cancellation: 0

New share repurchase program

• Objectives:

The objectives of the share repurchase program proposed to the Shareholders’ Meeting to be held on 31 May 2013 are:

– Stimulating the secondary market or ensure the liquidity of the IPSEN share through an investment services provider via a liquidity agreement compliant with AMAFI Code of conduct, as approved by the AMF;

– Retaining shares purchased and subsequently deliver within the context of an exchange or a payment related to possible external growth transactions, it being specified that shares purchased for this purpose cannot exceed 5% of the Company’s share capital;

– Ensuring the hedging of stock purchase option plans and/or bonus shares (or similar plans) in favour of Group employees and/or company officers as well as allocations of shares under a Company or Group savings plan (or similar plans), as part of the profit-sharing schemes and/or all other forms of allocation of shares to the Group employees and/or company officers;

– Ensuring the hedging of negotiable securities giving rights to the allocation of Company shares in accordance with the regulations in force;

– Possibly cancel the shares purchased, subject to the authorisation to be granted by the Combined Shareholders’ Meeting to be held on 31 May 2013 in its eleventh extraordinary resolution.

• Characteristics:

Purchases, sales and transfers may be carried out through any means on the market or over-the-counter, including by acquisition of blocks of shares or by use of optional mechanisms or derivatives in accordance with applicable regulations. The proposed resolution does not limit the part of the program to be repurchased in blocks of shares. The transactions could not be carried out during a takeover bid period.

• Maximum amount of share capital, maximum number and characteristics of the shares, maximum repurchase price:

The maximum percentage of shares to be repurchased pursuant to the terms of the resolution proposed to the Shareholders’ Meeting to be held on 31 May 2013 is set at 10% of the total number of shares comprising the share capital (i.e., 8,411,842 shares as at today), it being specified that the said limit is considered as at the date of the repurchases, in order to take into account the potential share capital increases or reductions carried out during the duration of the program. The number of shares taken into account for the calculation of the said limit corresponds to the number of shares repurchases, deduction made of the number of shares sold during the program in connection with the liquidity objective.

Since the Company is not allowed to hold more than 10% of its share capital, taken into account the 877,124 shares already held as at 31 March 2013 (representing 1.04% of the share capital), the maximum number of shares that may be repurchased is 7,534,718, representing 8.96 % of the share capital, unless transfers or cancellations of shares already held.

The maximum purchase price proposed to the Combined Shareholders’ Meeting of 31 May 2013 is set at €40 per share. As a consequence, the maximum amount of the operation is set at €336,401,000 based on a number of 84,100,253 shares.

• Duration of the program:

In accordance with the resolution proposed to the Combined Shareholders’ Meeting to be held on 31 May 2013, the duration of the share repurchase program is 18 months following as at the date of the said Shareholders’ Meeting and expiring on November 30, 2014.

The present publication is available on the Company’s website (www.ipsen.com).