Record and distribution date trading of Theravance shares

|By:, SA News Editor

Beginning May 16, 2014 through the June 2, 2014 distribution date Theravance (THRXshares will trade "regular way" meaning that shares have an entitlement to Theravance Biopharma ordinary shares to be distributed in connection the the spin-off. After the distribution date, the entitlement ends. THRX shareholders who sell shares prior to or on June 2 will be selling their rights to receive Theravance Biopharma shares.

On May 16, Theravance shares will also begin trading on an "ex-distribution when-issued market" basis under the symbol THRXV until the distribution date and cease afterward.

The conversion rate adjustment of the 2.125% Convertible Subordinated Notes due 2023 that will result from the spin-off will be based on the ten consecutive trading days commencing on and including June 3, 2014.

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