Dividend Policy
Vectura Group plc is seeking primarily to achieve capital growth for its Shareholders. The Group has incurred significant development expenditure to date. It is the Board's intention during the current phase of the Group's development to retain any future distributable profits for use within the business. Thereafter, subject to the availability of distributable reserves, the Directors intend to pursue a dividend policy reflecting the Company's growth in earnings and cash flow generated from operations, whilst maintaining an appropriate level of dividend cover and having regard to further development of the Group's activities. The Directors do not anticipate declaring any dividends for the foreseeable future.

General information on share price volatility and liquidity
The share price of emerging healthcare companies can be extremely volatile. The price at which the Ordinary Shares in Vectura Group plc will be quoted and the price which investors may realise for their Ordinary Shares will be influenced by a large number of factors, some specific to Vectura Group plc and its operations, some which may affect emerging healthcare companies generally, and many of these are outside the control of the Group. These factors may include, but not be limited to, results from the clinical development of the Group’s products, results from competing products or products from other listed emerging healthcare companies, large purchases or sales of shares, changes in the regulatory environment for pharmaceutical products and changes in recommendations of securities analysts. In particular, broad market and industry factors may seriously harm the market price of the Vectura Group plc Ordinary Shares, regardless of its operating performance. In addition it may be more difficult for investors to realise their investments in a company listed on AIM, as is Vectura Group plc, than a Company whose shares are quoted on the London Stock Exchange Official List due to a potential lack of liquidity.