Slide 1: More Change Is Needed at Exelixis
INVESTOR PRESENTATION MORE CHANGE IS NEEDED AT EXELIXIS MAY 2023
Slide 2: Table of Contents
FARALLON | Table of Contents I Executive Summary 3 II Exelixis Has Underperformed and Has Lost Credibility with Investors and Analysts 8 III Exelixis ’ Underperformance Is Due to Poor Decisions by the Board and Management 21 IV Further Board Refreshment Is Necessary to Drive Change 42 V Farallon’s P
Slide 3: Executive Summary
INVESTOR PRESENTATION Executive Summary
Slide 4: Executive Summary
FARALLON | Executive Summary 4 ▪ Exelixis has many fundamental strengths: – Good commercial operations – Strong cash flow from cabozantinib – High probability of cabozantinib patent coverage to 2030 – Cabozantinib is a valuable, life - extending therapy for patients suffering from RCC and HCC – Poss
Slide 5: About Exelixis, Inc.
FARALLON | About Exelixis , Inc. (Nasdaq: EXEL) 5 Five - Year Total Shareholder Return 1 Company Overview 2 ▪ Exelixis is a biotechnology company focused on the discovery, development and commercialization of cancer drugs ▪ Exelixis targets a broad range of cancer types and indications using a varie
Slide 6: About Farallon Capital
FARALLON | About Farallon Capital 6 Overview ▪ Established in 1986 ; 37 years of investment experience and performance ▪ Six offices globally. Based in San Francisco ▪ $36 billion of capital under management ▪ 2 90+ employees . Experienced senior team with 17 - year average tenure at the Firm ▪ Inve
Slide 7: Shareholders Should Support Farallon's Nominees
FARALLON | Shareholders Should Support Farallon’s Nominees 7 Exelixis ’ Board has not created value We believe our Nominees will drive positive change – Exelixis has underperformed its peers and the applicable indices over most relevant time periods, and the Company is significantly undervalued – In
Slide 8: Exelixis Has Underperformed and Has Lost Credibility with Investors and Analysts
INVESTOR PRESENTATION Exelixis has Underperformed and has Lost Credibility with Investors and Analysts
Slide 9: Exelixis' Performance Over Recent Time Periods Has Been Disappointing
FARALLON | Exelixis’ Performance Over Recent Time Periods Has Been Disappointing… 9 1 - Year Total Shareholder Return 1 3 - Year Total Shareholder Return 1 5 - Year Total Shareholder Return 1 1. Source: FactSet and Bloomberg. Data as of March 17, 2023, the last trading day before Farallon filed its
Slide 10: And The Company's Long-Term Performance Is Even Worse
FARALLON | … And The Company’s Long - Term Performance Is Even Worse 10 15 - Year Total Shareholder Return 1 20 - Year Total Shareholder Return 1 Total Shareholder Return Since IPO 1 1. Source: FactSet and Bloomberg. Data as of March 17, 2023, the last trading day before Farallon filed its Schedule
Slide 11: Exelixis Has Created Little Value for Shareholders as a Public Company
FARALLON | Exelixis Has Created Little Value for Shareholders as a Public Company 11 1. Source: Bloomberg. Data as of March 17, 2023, the last trading day before Farallon filed its Schedule 13D with the SEC. (200%) (100%) 0% 100% 200% 300% 400% 500% 600% 700% 800% 2000 2005 2010 2015 2020 TOTAL SHAR
Slide 12: Exelixis' Claim That TSR Was Impacted by Headwinds Is Disingenuous
FARALLON | We Believe Exelixis ’ Claim that its TSR Has Been Impacted By “Headwinds” Is Disingenuous 12 1. Source: Exelixis Letter to Shareholders, filed with the SEC on May 1, 2023. 2. Source: Bloomberg. Data as of March 17, 2023, the last trading day before Farallon filed its Schedule 13D with the
Slide 13: The Company's Challenges Have Been Largely Self-Inflicted
FARALLON | The Company’s Challenges Have Been Largely Self - Inflicted 13 1. Source: FactSet, Bloomberg and Company filings. (0.2%) 0.1% (2.4%) (4.5%) 1.3% (2.0%) (7.4%) (6.3%) 0.4% (1.9%) CONTACT-03 Press Release Q4 2022 Earnings Q4 2022 Preliminary Results at JPM Conference CONTACT-01 Press Releas
Slide 14: Exelixis Has Failed to Deliver Value During Tenures of Most Directors
FARALLON | Exelixis Has Failed to Deliver Value During The Tenures of Most Directors 14 1. Source: FactSet and Company filings. Data as of March 17, 2023, the last trading day before Farallon filed its Schedule 13D w ith the SEC. 2. Source: FactSet and Company filings. Data as of April 25, 2023. NET
Slide 15: Exelixis Is Significantly Undervalued Relative to Peers
FARALLON | Exelixis Is Significantly Undervalued Relative to Peers… 15 EV/REVENUE MULTIPLES 1 1. Source: FactSet. Data as of March 17, 2023, the last trading day before Farallon filed its Schedule 13D with the SEC. “Proxy Pee rs” include ACADIA Pharmaceuticals, Alkermes, Alnylam Pharmaceuticals, Bei
Slide 16: And the Valuation Discount Has Been Persistent
FARALLON | …And the Valuation Discount Has Been Persistent 16 1. Source: FactSet. Data runs from March 17, 2020 to March 17, 2023, the last trading day before Farallon filed its Schedule 13D wi th the SEC. “Proxy Peers” include ACADIA Pharmaceuticals, Alkermes, Alnylam Pharmaceuticals, BeiGene , Bio
Slide 17: Sell-Side Analysts Have Become Increasingly Negative
FARALLON | Sell - Side Analysts Have Become Increasingly Negative… 17 1. Source: FactSet. Data as of March 17, 2023, the last trading day before Farallon filed its Schedule 13D with the SEC. $32.72 $24.63 $4.89 $0.68 Mean Analyst Price Target 1 Mean FY 2023E EPS Estimate 1 Despite strong revenue and
Slide 18: And Do Not Value Exelixis' Pipeline
FARALLON | … And Do Not Value Exelixis’ Pipeline 18 [O]ur current base case for EXEL ($29 PT) assumes… no value assigned to Cabo label - expansion opportunities or the pipeline ” 2 R&D 3x over the last few years despite the ROIC re: the pipeline recently. Cutting the spend in half would add ~25% to
Slide 19: Exelixis Has Been Abandoned by Active Managers
FARALLON | Exelixis Has Been Abandoned by Active Managers 19 1. Source: FactSet. Data as of March 31, 2023. 2. “Big Three” Index Funds include BlackRock, State Street and Vanguard. 21.8% 8.7% 16.5% 24.8% Select Active Managers Total Big Three Index Funds Total 29.2% 27.5% 18.3% 8.5% 8.3% 6.9% 0.0% 5
Slide 20: Exelixis Has Been Abandoned by Active Managers (Continued)
FARALLON | 385% 130% 94% 87% 22% - 15% - 26% - 35% - 64% - 64% - 67% - 69% - 87% - 88% - 99% - 100% - 100% - 100% - 100% - 100% Median: - 66% Exelixis Has Been Abandoned by Active Managers (Continued) 20 1. Source: FactSet. Data as of March 31, 2023. CHANGE IN POSITION OF TOP 20 SHAREHOLDERS SINCE D
Slide 21: Exelixis' Underperformance Is Due to Poor Decisions by the Board and Management
INVESTOR PRESENTATION Exelixis ’ Underperformance is Due to Poor Decisions by the Board and Management
Slide 22: Exelixis' Underperformance and Low Valuation Have Known Causes
FARALLON | We Believe Exelixis ’ Underperformance and Low Valuation Have Known Causes 22 22 Inefficient and unfocused R&D ▪ Exelixis ’ R&D spending has increased significantly, but has not delivered strong returns ▪ Exelixis ’ pipeline appears unfocused, without a clear theme or unifying principle S
Slide 23: R&D Spending Has Increased Significantly but Become Less Efficient
FARALLON | R&D Spending has Increased Significantly but has Become Less Efficient 23 1. Source: FactSet and Company filings. ▪ Exelixis ’ most efficient use of capital occurred between 2017 and 2019, which led to highly profitable indication expansion in front - line metastatic renal cell carcinoma
Slide 24: Exelixis' R&D Spend Is Increasing as Peers Show Restraint
FARALLON | Exelixis ’ R&D Spend is Increasing as Peers are Showing Restraint… 24 1. Source: FactSet and Company filings. 2. Source: FactSet. Index data represents average of companies that have five years’ worth of data. 3. Source: Steven Aronowitz , Joachim Bleys , Edd Fleming, and Robert Hsiao, “T
Slide 25: And Is Disproportionate to the Size and Value of the Company
FARALLON | … And is Disproportionate to the Size and Value of the Company 25 1. Source: FactSet and company filings. “Proxy Peers” include ACADIA Pharmaceuticals, Alkermes, Alnylam Pharmaceuticals, BeiGene , BioMarin Pharmaceutical, Blueprint Medicines, Emergent BioSolutions, Horizon Therapeutics, I
Slide 26: The Company's FY 2023E $1 Billion+ R&D Guidance Shocked the Street
FARALLON | $867 $1,025 FY 2023 Street Consensus FY 2023 Guidance The Company’s FY 2023E $1 Billion+ R&D Guidance Shocked the Street 26 1. Source: FactSet and Company reports. +18% FY 2023 R&D Spend 1 1 Exelixis ’ FY 2023 guidance indicates a significant step - up in R&D expenses at a time when most
Slide 27: Exelixis' Development Track Record Is Poor
FARALLON | Exelixis ’ Development Track Record is Poor 27 Program in Development Favorable or Unfavorable Outcome Ph3 CONTACT - 01 (2L NSCLC) Failed to meet its OS primary endpoint Ph3 CONTACT - 03 Failed to meet its OS primary endpoint Ph1b COSMIC - 021 Cohort 6 (2L+ mCRPC ) Further cohort expansio
Slide 28: Cabozantinib Trial Results and CONTACT Study Failures
FARALLON | ▪ At ASCO 2020, Exelixis presented the results of a trial of cabozantinib in combination with atezolizumab to treat lung cancer for 30 patients. After 12.1 months it showed an Overall Response Rate (“ORR”) of 27% and a median Progression Free Survival (“mPFS”) of 4.2 months ▪ After the st
Slide 29: Exelixis' Pipeline Strategy Appears Unfocused
FARALLON | Exelixis’ Pipeline Strategy Appears Unfocused 29 ▪ At a time when most biotech companies are prioritizing their spend and allocating resources to higher - probability investments, Exelixis is moving in the opposite direction ▪ The Company has vastly more active trials than most of its pee
Slide 30: Exelixis' Lack of Focus Is Getting Worse
FARALLON | Exelixis’ Lack of Focus is Getting Worse 30 1. Source: FactSet and Company website. Partnership announcements are cumulative from CY 2018 to the end of CY 2022. 15 13 12 24 27 21 28 37 47 43 8 11 11 8 8 44 52 60 79 78 2018 2019 2020 2021 2022 Phase 1/Pre-Clinical Phase 2 Phase 3 Partnersh
Slide 31: Exelixis' R&D Efforts Appear to Have Destroyed Value
FARALLON | Exelixis’ R&D Efforts Appear to have Destroyed Value… 31 1. Source: FactSet and Company website. Partnership announcements are cumulative from CY 2018 to the end of CY 2022. ▪ Exelixis has spent over $2.6 billion on R&D over the last five years and has little to show for it ▪ In fact, the
Slide 32: And the Market Is Assuming That Trend Will Continue
FARALLON | $17.55 $33 Unaffected Stock Price Illustrative Fair Value … And the Market is Assuming that Trend Will Continue 32 1. Source: FactSet, Jefferies estimates and Farallon analysis. Model assumes cabo patent expires in 2030 and Exelixis offers a 1 0% price discount and maintains 75% market sh
Slide 33: The Company's Cash Position Has Been Increasing Steadily
FARALLON | The Company’s Cash Position Has Been Increasing Steadily… 33 1. Source: FactSet. “Cash, Cash Equivalents, Restricted Cash Equivalents & Investments” refers to gross figure due to capital le ase s. $457 $852 $1,389 $1,539 $1,857 $2,068 5% 14% 26% 25% 32% 40% 0% 5% 10% 15% 20% 25% 30% 35% 4
Slide 34: To a Level That Appears Excessive, Even After Share Repurchases
FARALLON | …To a Level that Appears Excessive, Even After Share Repurchases 34 ▪ The Company’s cash and securities portfolio is significantly greater than its peers ▪ While we applaud Exelixis for avoiding large value - destructive M&A, we believe the Company’s cash position is overly conservative ▪
Slide 35: Exelixis Seems Unlikely to Deliver on Its Stated Target for Cabo
FARALLON | $4.0 $2.3 Exelixis January 2020 Target Analyst Consensus Exelixis Seems Unlikely to Deliver on Its Stated Target for Cabo 35 ▪ At the 2020 JP Morgan Conference, Exelixis laid out a path to reaching $4 billion in net product revenue from Cabo by 2025 ▪ The market reacted positively to what
Slide 36: CEO Compensation Is Not Aligned with Performance
FARALLON | CEO Compensation Is Not Aligned with Performance 36 4 Total CEO Compensation 1 Market Cap Percentile & CEO Pay Percentile vs. Proxy Peers 1 1. Source: FactSet, Bloomberg and Company filings. Data as of April 30, 2022. Peer data refers to median. $5.1 $8.5 $16.9 $8.2 Exelixis Proxy Peers 2
Slide 37: CEO Compensation Is Not Aligned with Performance (Continued)
FARALLON | CEO Compensation is Not Aligned with Performance (Continued) 37 4 Annual Incentive Award 1 Long - Term Incentive Award 1 55% 60% 37% 120% 115% 100% 2020 2021 2022 Annual TSR Percentile % of Target Bonus Awarded 22% 29% 35% 100% 200% 100% 2018-2020 2019-2021 2020-2022 Three-Year TSR Percen
Slide 38: The Company's Compensation Program Reflects Its Lack of Focus
FARALLON | The Company’s Compensation Program Reflects its Lack of Focus 38 ▪ There are 14 different metrics in the Company’s annual incentive plan – Some of these metrics – progress on the construction of buildings, for example – have little connection to the Company’s core business and are largely
Slide 39: Exelixis Has Delivered More Value for Insiders than for Shareholders
FARALLON | Exelixis has Delivered More Value for Insiders than for Shareholders 39 CUMULATIVE COMPENSATION PAID TO DIRECTORS & EXECUTIVES VS. VALUE CREATED FOR SHAREHOLDERS 1 1. Source: FactSet, Bloomberg and Company filings. Value created defined as the change in Exelixis ’ stock price during each
Slide 40: Exelixis' Company Culture Appears to Be Suboptimal
FARALLON | Exelixis ’ Company Culture Appears to Be Suboptimal 40 1. Source: Glassdoor. Data as of April 20, 2023. Overall Glassdoor Rating 1 Recommend to a Friend 1 Approve of CEO 1 3.0 Proxy Peer Median: 3.8 HZNP SRPT BMRN INCY NBIX SGEN RARE UTHR SAGE ALKS ALNY BPMC IONS JAZZ ACAD NVCR BGNE EBS N
Slide 41: Employees Are Seemingly Frustrated by Leadership
FARALLON | Employees are Seemingly Frustrated by Leadership 41 “ Management with no plan on business operations has recently fired key contributors… People are miserable and it shows in every meeting and interaction.” 1 – Former Director, November 30, 2022 “ Reputation has suffered which has contrib
Slide 42: Further Board Refreshment Is Necessary to Drive Change
INVESTOR PRESENTATION Further Board Refreshment is Necessary to Drive Change
Slide 43: We Believe Exelixis' Board Remains Stale
FARALLON | We Believe Exelixis ’ Board Remains Stale 43 ▪ The Exelixis Board currently has the tenth - highest average tenure in the entire Nasdaq Biotechnology Index (N = 273) and one of the highest among the Company’s peers ▪ The Board’s long tenure is inconsistent with governance best practices a
Slide 44: Board Leadership Is Concentrated Among the Longest-Tenured Directors
FARALLON | Board Leadership is Concentrated Among the Longest - Tenured Directors 44 1. Source: FactSet and Company filings. Data as of March 17, 2023, the last trading day before Farallon filed its Schedule 13D w ith the SEC. 28.3 19.1 18.6 18.2 16.1 6.5 Board Chair Audit Committee Chair R&D Commit
Slide 45: Exelixis' Directors Have Not Driven Value for Shareholders
FARALLON | Exelixis ’ Directors Have Not Driven Value for Shareholders 45 1. Source: Bloomberg. Data as of March 17, 2023, the last trading day before Farallon filed its Schedule 13D with the SEC. * Not standing for reelection at the 2023 Annual Meeting. vs. Proxy Peers vs. Close Peers vs. Nasdaq Co
Slide 46: Insiders Have Been Aggressively Selling Shares
FARALLON | Insiders Have Been Aggressively Selling Shares 46 ▪ While Exelixis’ management promotes the success of cabozantinib and the promising pipeline of new drugs, the Board and CEO have been selling stock ▪ There is a clear inconsistency between the story that management is telling shareholders
Slide 47: Insider Sales Reflect a Lack of Optimism and Alignment
FARALLON | We Believe Insider Sales Reflect a Lack of Optimism and Alignment 47 Director Stock Ownership ($M) 1 Executive Stock Ownership ($M) 1,2 $115.5 $82.5 Value of Stock Sold Value of Stock Currently Owned $5.81 $15.29 $22.85 $20.72 $21.54 $22.29 $22.34 $19.90 $17.67 Current Average Analyst Pri
Slide 48: Farallon's Proposal for Change
INVESTOR PRESENTATION Farallon’s Proposal for Change
Slide 49: Farallon's Proposal for Change Could Unlock Substantial Value
FARALLON | Farallon’s Proposal for Change Could Unlock Substantial Value 49 Refocus R&D spending ▪ Avoid the mistakes made with cabozantinib, in which the Company conducted w asteful trials to expand indications based on small data sets and unpromising results ▪ Restrict zanzalintinib development to
Slide 50: Refocus R&D Spending
FARALLON | Refocus R&D Spending Gate spending on zanzalintinib to only those applications with an exceptionally clear advantage over the current standard of care ▪ Ensure that Phase 1 data are adequate and meaningfully differentiated from competition prior to initiating further trials 50 1 Integrate
Slide 51: Other Peers Provide a Blueprint for Exelixis to Follow
FARALLON | Other Peers Provide a Blueprint for Exelixis to Follow 51 Source: Financial data from FactSet; pipeline data from company websites and clinicaltrials.gov. TSR and valuation data for A lny lam and Exelixis as of March 17, 2023. TSR and valuation data for Seagen as of February 24, 2023, the
Slide 52: A More Efficient EXEL Could Be Worth at Least $40 per Share
FARALLON | We Believe a More Efficient EXEL Could Be Worth at Least $40 per Share… 1. Source: FactSet, Jefferies estimates and Farallon analysis. Model assumes cabo patent expires in 2030 and Exelixis offers a 1 0% price discount and maintains 75% market share; model also assumes that R&D spend is r
Slide 53: And Other Commentators Agree
FARALLON | …And Other Commentators Agree 1 53 An area of particular interest amongst investors has been the company’s R&D expenses, which has grown significantly in recent years (from ~$90M in 2016 when Cabometyx was approved in second - line kidney cancer… to guidance of nearly $1B in 2023. Excludi
Slide 54: Develop a Comprehensive Capital Allocation Strategy
FARALLON | Develop a Comprehensive Capital Allocation Strategy 54 2 We are pleased that Exelixis recently announced a share repurchase program in response to our suggestion, but we believe the current authorization does not go far enough ▪ We believe Exelixis should increase its share repurchase aut
Slide 55: Refresh the Board and Enhance Alignment with Shareholders
FARALLON | Refresh the Board and Enhance Alignment with Shareholders 55 3 We believe Exelixis should engage in active Board refreshment with the assistance of a respected independent search firm ▪ Seek diverse perspectives and experienced leaders to challenge the status quo ▪ The addition of Farallo
Slide 56: Farallon's Nominees Bring Relevant Experience
FARALLON | Farallon’s Nominees Bring Relevant Experience 56 3 Biography Relevant Expertise Tom Heyman ▪ Interim, part - time CEO of Interlaken Therapeutics ▪ President of Johnson & Johnson Development Corp., the corporate venture capital group of Johnson & Johnson (2015 – 2019) ▪ Global Head of Busi
Slide 57: Re-examine Executive Compensation Structure
FARALLON | Re - examine Executive Compensation Structure 57 3 We believe Exelixis should focus the annual incentive plan on a more limited number of targeted performance metrics that align with a more focused strategy and long - term shareholder interests ▪ The annual incentive plan currently uses m
Slide 58: Improve Investor Relations and Engage with Investors and Analysts
FARALLON | Improve Investor Relations and Engage with Investors and Analysts 58 4 We believe Exelixis should provide a clear roadmap for the Company’s strategy The description of the strategy should be sufficiently detailed, with clear goals and KPIs to create a compelling investment narrative and a
Slide 59: Conclusion
INVESTOR PRESENTATION Conclusion
Slide 60: We Believe More Change Is Required
FARALLON | We Believe More Change is Required 60 We believe the Board’s “accelerated refreshment” – which it initiated only after our nominations – does not go far enough ▪ The Board had many years to refresh its composition and replace long - tenured directors and did not do so prior to our involve
Slide 61: Shareholders Should Support Farallon's Nominees to Drive Meaningful Change
FARALLON | Shareholders Should Support Farallon’s Nominees to Drive Meaningful Change 61 We Believe Exelixis Has Underperformed; Meaningful Change Is Needed Shareholders Should Vote for Change by Supporting Our Candidates ▪ Despite its advantages, Exelixis has underperformed for many years — Exelixi
Slide 62: Please Vote the WHITE Card to Support Meaningful Change at Exelixis
FARALLON | Please Vote the WHITE Card to Support Meaningful Change at Exelixis 62 Brokers and Banks: (212) 929 - 5500 All Others Call Toll - Free: (800) 322 - 2885 Email: proxy @mackenziepartners.com Vote the WHITE proxy card We urge you to support change at Exelixis by voting the WHITE universal pr
Slide 63: Appendix: Nominee Biographies
INVESTOR PRESENTATION APPENDIX Nominee Biographies
Slide 64: Nominee Biographies
FARALLON | Nominee Biographies 64 Nominee Current & Past Affiliations Experience Tom Heyman Former President Johnson & Johnson Innovation + Interim, part - time CEO of Interlaken Therapeutics, a development - stage biotechnology company focused on rare diseases + Former President of Johnson & Johnso
Slide 65: Nominee Biographies (Continued)
FARALLON | Nominee Biographies (Continued) 65 Nominee Current & Past Affiliations Experience Dave Johnson Managing Partner Caligan Partners LP + Partner and Co - Founder of Caligan Partners, an investment firm focused on small - and mid - cap life sciences companies + Previously served as Managing D
Slide 66: Nominee Biographies (Continued)
FARALLON | Nominee Biographies (Continued) 66 Nominee Current & Past Affiliations Experience Bob Oliver Former President & CEO Otsuka America + Most recently served as President and CEO of Otsuka America Pharmaceutical, where he was responsible for overseeing the company’s oncology, neuroscience, ca
Slide 67: Appendix: Exelixis Products and Pipeline
INVESTOR PRESENTATION APPENDIX Exelixis Products and Pipeline
Slide 68: Overview of Exelixis' Products and Pipeline
FARALLON | Overview of Exelixis ’ Products and Pipeline 68 Source: Company filings. Product / Candidate Primary Modality Indications Status Marketed Products CABOMETYX ® ( cabozantinib ) Kinase inhibitor Renal cell carcinoma Hepatocellular carcinoma Differentiated thyroid cancer Approved for use in
Slide 69: Overview of Exelixis' Cabozantinib Extension Pipeline
FARALLON | Overview of Exelixis ’ Cabozantinib Extension Pipeline 69 Source: Company website. Therapeutic Area Phase 1 Trials Phase 2 Trials Phase 3 Trials Genitourinary Cancers 7 10 4 Gastrointestinal Cancers 4 8 1 Thyroid Cancer 1 1 - Lung Cancer 2 3 1 Gynecologic Cancers 1 1 - Neuroendocrine Tumo
Slide 70: Appendix: Relative TSR
INVESTOR PRESENTATION APPENDIX Relative TSR
Slide 71: Exelixis Has Underperformed Peers and Indices Over Most Time Periods
FARALLON | Exelixis Has Underperformed Peers and Indices Over Most Time Periods 71 Relative TSR 1 1 - Year 3 - Year 5 - Year 15 - Year 20 - Year Since IPO vs. Close Peers (17%) (9%) (36%) (371%) (820%) (134%) vs. Proxy Peers (23%) 0% (37%) (517%) (962%) (191%) vs. S&P 400 (2%) (44%) (92%) (314%) (75
Slide 72: Appendix: Important Information
INVESTOR PRESENTATION APPENDIX Important Information
Slide 73: Disclaimer
FARALLON | Disclaimer 73 The views expressed in this presentation represent the opinions of Farallon Capital Management, L . L . C . and its affiliates (collectively, “Farallon”) and are based on publicly available information with respect to Exelixis , Inc . (“ Exelixis ” or the “Company”) and the
Slide 74: Important Information
FARALLON | Important Information 74 Farallon, together with certain other persons acting as participants in the solicitation of shareholders of the Company by Farallon in connection with the Company’s 2023 annual meeting of shareholders (the “ 2023 Annual Meeting”), have filed a definitive proxy sta