<SEC-DOCUMENT>0000902664-23-002472.txt : 20230405
<SEC-HEADER>0000902664-23-002472.hdr.sgml : 20230405
<ACCEPTANCE-DATETIME>20230405123822
ACCESSION NUMBER:		0000902664-23-002472
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230405
DATE AS OF CHANGE:		20230405

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EXELIXIS, INC.
		CENTRAL INDEX KEY:			0000939767
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				043257395
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30235
		FILM NUMBER:		23801788

	BUSINESS ADDRESS:	
		STREET 1:		1851 HARBOR BAY PARKWAY
		CITY:			ALAMEDA
		STATE:			CA
		ZIP:			94502
		BUSINESS PHONE:		6508377000

	MAIL ADDRESS:	
		STREET 1:		1851 HARBOR BAY PARKWAY
		CITY:			ALAMEDA
		STATE:			CA
		ZIP:			94502

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXELIXIS INC
		DATE OF NAME CHANGE:	20000207

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EXELIXIS PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	20000106

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Farallon Capital Partners, L.P.
		CENTRAL INDEX KEY:			0001175707
		IRS NUMBER:				943106322
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		C/O FARALLON PARTNERS, L.L.C.
		STREET 2:		ONE MARITIME PLAZA, SUITE 2100
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
		BUSINESS PHONE:		(415) 421-2132

	MAIL ADDRESS:	
		STREET 1:		C/O FARALLON PARTNERS, L.L.C.
		STREET 2:		ONE MARITIME PLAZA, SUITE 2100
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FARALLON CAPITAL PARTNERS LP
		DATE OF NAME CHANGE:	20020617
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>p23-1234dfan14a.htm
<DESCRIPTION>EXELIXIS, INC.
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">of the Securities Exchange Act of 1934</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 12pt; font-family: Times New Roman, Times, Serif">Filed
by the Registrant</FONT><FONT STYLE="font-family: Wingdings">&nbsp;&#168;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 12pt; font-family: Times New Roman, Times, Serif">Filed
by a Party other than the Registrant</FONT><FONT STYLE="font-family: Wingdings">&nbsp;&#254;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#254;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Soliciting Material Under Rule 14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><B>Exelixis, Inc.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-indent: 0; margin: 0; text-align: center">(Name of Registrant as Specified in Its Charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Farallon
Capital Partners, L.P.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Farallon
Capital Institutional Partners, L.P.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Farallon
Capital Institutional Partners II, L.P.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Farallon
Capital Institutional Partners III, L.P.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Four
Crossings Institutional Partners V, L.P.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Farallon
Capital Offshore Investors II, L.P.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Farallon
Capital (AM) Investors, L.P.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Farallon
Capital F5 Master I, L.P.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Farallon
Healthcare Partners Master, L.P.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Farallon
Capital Management, L.L.C.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Farallon
Partners, L.L.C.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Farallon
Institutional (GP) V, L.L.C.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Farallon
F5 (GP), L.L.C.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Farallon
Healthcare Partners (GP), L.L.C.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Joshua
J. Dapice</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Philip
D. Dreyfuss</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Hannah
E. Dunn</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Michael
B. Fisch</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Richard
B. Fried</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Varun
N. Gehani</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Nicolas
Giauque</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>David
T. Kim</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Michael
G. Linn</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Rajiv
A. Patel</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Thomas
G. Roberts, Jr.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Edric
C. Saito</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>William
Seybold</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Daniel
S. Short</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Andrew
J. M. Spokes</B></FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>John
R. Warren</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Mark
C. Wehrly</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Richard
Bollini</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Colby
Clark</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Cameron
Hillyer</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>David
A. Posner</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Matthew
Trentini</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Tomas
J. Heyman</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>David
E. Johnson</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Robert
&ldquo;Bob&rdquo; Oliver, Jr.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Caligan
Partners LP</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Caligan
Partners Master Fund LP</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if other
than the Registrant)<BR STYLE="clear: both">
</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">Payment of Filing Fee (check the appropriate
box):</P>

<P STYLE="font: 12pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#254;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 93%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">No fee required.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Fee computed on table below per Exchange Act Rule 14a-6(i)(4) and 0-11.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1)</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">3)</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">4)</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Total fee paid:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 93%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  </TABLE>
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  <TR>
    <TD STYLE="vertical-align: top; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 93%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
  </TABLE>
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    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">1)</FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Amount Previously Paid:</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Filing Party:</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Date Filed:</FONT></TD></TR>
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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>Farallon Issues Letter to Exelixis Board
of Directors Outlining Case for Change</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Believes
the Company Must Focus R&amp;D Efforts and Spending, Communicate a Coherent Strategy and Return Excess Capital to Shareholders in Order
to Reverse Exelixis&rsquo; Track Record of Underperformance</I></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Intends
to Nominate Three Accomplished, Independent Director Candidates Who Will Bring New Perspectives to the Boardroom to Help Drive Change
and Promote Accountability to Shareholders</I></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SAN
FRANCISCO </B>&ndash; April 5, 2023 &ndash; Funds managed by Farallon Capital Management L.L.C. (&ldquo;Farallon&rdquo;) own approximately
7.2% of the outstanding shares of Exelixis, Inc. (NASDAQ: EXEL) (&ldquo;Exelixis&rdquo; or the &ldquo;Company&rdquo;), making it the
Company&rsquo;s largest active shareholder. Today Farallon issued a letter to the Company&rsquo;s Board of Directors (the &ldquo;Board&rdquo;)
outlining why change is urgently needed in Exelixis&rsquo; boardroom and why it has provided notice of its intent to nominate three accomplished,
independent director candidates for election to the Company&rsquo;s Board at the 2023 Annual Meeting of Shareholders.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">***</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">April
5, 2023</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Board
of Directors Exelixis, Inc.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1851
Harbor Bay Parkway Alameda, CA 94502</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Re:&#9;Creating
Value for Shareholders at Exelixis</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dear
Members of the Board of Directors (the &ldquo;Board&rdquo;):</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Funds
managed by Farallon Capital Management, L.L.C. (together with its affiliates and representatives, &ldquo;Farallon&rdquo; or &ldquo;we&rdquo;
or &ldquo;us&rdquo;) own approximately 7.2% of the outstanding shares of Exelixis, Inc. (&ldquo;Exelixis&rdquo; or the &ldquo;Company&rdquo;),
making us the Company&rsquo;s largest active shareholder. We have been continuously invested in Exelixis since 2018 and believe that
the cabozantinib franchise and related intellectual property are durable, and the opportunity to commercialize zanzalintinib is underestimated
by many investors.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">There
can be no doubt, however, that Exelixis has been a disappointment for shareholders.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Despite
starting with a library of promising compounds and eventually commercializing a front-line cancer medicine that generates more than $2
billion in annual revenue, Exelixis has made essentially no money for its investors. Since its IPO nearly 23 years ago, Exelixis has
generated a total shareholder return of less than 1% per year. Most of you have been on this Board long enough &ndash; your average tenure
is 16 years &ndash; to have observed the Company&rsquo;s stagnation. It is time to ask yourselves: what needs to change so that Exelixis
finally creates value for shareholders?</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
believe the Company must focus its R&amp;D efforts and spending, communicate a differentiated and coherent strategy, commit to ongoing
distributions of excess capital to shareholders and augment the Board with new perspectives. This is why we recently provided you notice
that we intend to nominate three exceptional director candidates to the Board.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
believe it is time for change.</FONT><B><U></U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><U>Focus R&amp;D Efforts and Spending</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">By our estimate, the net present value of
the cabozantinib cash flows alone (with a modest R&amp;D program) is worth in excess of $33 per share. We believe the Board should insist
on, and communicate, a strategic plan that is expected to deliver at least that much value to shareholders on a net present value basis.
With the stock hovering in the high teens and low twenties for more than five years, the Company has clearly failed to do this.</P>


<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><U></U></B></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">With
the cost of capital increasing and biotech companies of all sizes making hard investment choices regarding compounds to advance and trials
to conduct, Exelixis stands out as a company with neither a coherent R&amp;D strategy nor a disciplined approach to spending.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
2023, Exelixis plans to spend more money than ever on R&amp;D &ndash; more than $1 billion &ndash; with much of it going to discovery
and pre-clinical projects across a range of modalities and targets, many in scientific and clinical areas in which Exelixis lacks differentiation
and a competitive advantage. Instead of becoming more focused and disciplined, Exelixis is doing precisely the opposite, sponsoring nearly
80 trials simultaneously, a total that is far higher than any of the Company&rsquo;s peers.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
undisciplined spending on R&amp;D is not good for patients or investors. We believe zanzalintinib and other ADCs in the Exelixis pipeline
can extend thousands of lives and become great commercial successes. But we fear the Company is spread too thin and lacks expertise across
its many different trials, mechanisms of action and indications. The result is unproductive efforts and wasted resources, neither of
which patients or investors can afford.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exelixis
has jumped too many times, for example, straight from Phase 1 to Phase 3, seemingly sacrificing discipline and prudence for speed. Most
tellingly, Exelixis&rsquo; Phase 3 trial failures have become so expected by the equity research and investor community that the stock
does not move anymore on such failures. In the trading day after Exelixis recently announced that its Phase 3 CONTACT-03 study failed
to meet its primary endpoints, the stock was down three cents. Seemingly everyone, except the Company, anticipated that the trial would
likely fail.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Company seems resigned to the notion that repeated, expensive failures are an inevitable waystation on the path to discovery. But &ldquo;serendipity&rdquo;
is not a strategy: it is neither efficient nor effective and is thus unlikely to create lasting value. In our view, Exelixis is valued
substantially below the expected cash flows from cabozantinib because the market has no confidence that the Company&rsquo;s R&amp;D efforts
will bear fruit.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Communicate
a Coherent R&amp;D Strategy</U></B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Our
experience has been that investors reward focus and depth and penalize breadth and profligacy. That is, in part, because focus and depth
are more likely to generate R&amp;D productivity.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exelixis,
by our count, is pursuing 27 indications, across 79 trials, using at least three very different therapeutic modalities. This type of
large, unfocused R&amp;D program without an organizing principle or strategy creates the perception of complexity and a lack of productivity,
making it difficult to attract interest from investors.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Instead,
investors want to clearly understand the differentiated approach and competitive advantage the Company is exploiting so that they can
assess the likelihood of success. Today&rsquo;s market valuation unequivocally reflects the fact that shareholders believe Exelixis will
destroy value with its R&amp;D efforts; shareholders have no faith in the current strategy and approach to discovery and development.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">That
must change.</FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Return
Excess Capital on the Balance Sheet</U></B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exelixis
is enabled to conduct such inefficient R&amp;D efforts in part because it has more than $2 billion of cash and marketable securities
on its balance sheet. We are mindful that cabozantinib itself was discovered and developed when the Company had very limited resources,
forcing management to make wise investment decisions. Its success stands not for the proposition that a lot of capital is required for
success, but rather that hitting the bull&rsquo;s eye is often easier with a rifle shot than a scattershot.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
were pleased to see the Board respond to our call for a return of capital with its recent announcement of a share buyback, but from our
perspective, the plan does not go far enough. The Board should commit to an ongoing return of capital as cabozantinib continues to generate
cash flow, both to reward shareholders for their investment and to ensure the Company is disciplined in prioritizing and maximizing the
return on its research program.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Refresh
the Board of Directors</U></B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To
break from the past and drive value for shareholders, we believe the Board needs fresh perspectives brought by new, independent members.
Eight of the 11 current directors have served on the Board for more than a decade and seven directors have been on the Board for over
15 years. The average tenure and seniority of board members is inconsistent with what the Company needs now &ndash; namely, newfound
perspectives to help reassess R&amp;D spending in light of dynamic changes in the sector and in capital markets.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
our recent conversations with the Chairman, we were told that our efforts to augment the Board&rsquo;s composition were unnecessary and
unwelcome because &ldquo;the Board does its own refreshing.&rdquo; We disagree. Since 2010, only three directors have retired and only
three directors have been added.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">With
a stock that has failed for so long to perform for investors, we believe it is critical to have fresh perspectives &ndash; from directors
that were selected by the long-suffering shareholders themselves &ndash; in the boardroom to promote accountability and, as importantly,
to give shareholders confidence that new approaches are being fairly considered.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Because
you have been unwilling to make substantial changes to your composition by yourselves, we intend to nominate three exceptional candidates
to the Board for consideration by our fellow shareholders at the upcoming annual meeting. Our candidates are:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Tom Heyman</B> led Johnson
&amp; Johnson&rsquo;s venture capital group, which managed approximately $1.5 billion in capital and oversaw investments in over 100 companies
and assets. He is also the former Global Head of Business Development for Janssen, where he was responsible for sourcing and executing
hundreds of M&amp;A and licensing transactions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 20pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Dave Johnson</B> has spent
over a decade investing in and serving on the boards of small- and mid-cap life sciences companies and has strong expertise in biotech
capital allocation.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Bob Oliver</B> is the former
CEO of Otsuka America Pharmaceutical. He has a track record of building strong portfolios and commercializing assets across different
markets. While at Otsuka, he built the company&rsquo;s commercial capabilities and developed ABILIFY into the number-one selling pharmaceutical
in the U.S.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If
elected, these accomplished professionals will enter the boardroom with a willingness to collaborate with their fellow directors and
with management, with their singular objective being to improve the lives of patients and returns for shareholders.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">***</FONT></P>




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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Our
preference has always been to work with you constructively. Since submitting our nominations, we have continued to engage privately with
the Board to reach an acceptable resolution. Although you initially and repeatedly offered for us to review the data on the Company&rsquo;s
R&amp;D spend pursuant to a non-disclosure agreement and present our non-binding recommendations with respect to your capital allocation,
you then withdrew this proposal summarily. This surprised us, as we had been told several times that receiving confidential data about
the Company&rsquo;s R&amp;D would give us a better appreciation of the strengths of the program.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
episode has only added to our conviction that your spending and budgeting cannot stand up to scrutiny. It has also led us to believe
that the Company does not have a sincere interest in shareholder input or allowing true independence in the boardroom, making it imperative
that our director candidates be elected with a mandate to effect change.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Conclusion</U></B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
believe Exelixis has a great opportunity to aid patients and create value for shareholders.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We
look forward to engaging with our fellow investors and sharing additional detail on our perspectives on Exelixis&rsquo; opportunities
in the coming weeks and months.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 20pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Kind
regards,</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 24pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Philip
D. Dreyfuss<BR>
 Partner</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><I>This letter reflects the opinions of Farallon
Capital Management, L.L.C. (together with its affiliates and representatives, &ldquo;Farallon&rdquo; or &ldquo;we&rdquo;) on behalf of
certain investment funds managed or advised by it that currently beneficially own, or otherwise have an economic interest in, shares of
Exelixis, Inc. (the &ldquo;Company&rdquo;). This letter is for informational purposes only and does not constitute investment advice or
convey an offer or solicitation of any type with respect to any securities or other financial products. The views expressed in this letter
are expressed as of the date hereof and are based solely on publicly available information and Farallon&rsquo;s analyses. This letter
contains statements reflecting Farallon&rsquo;s opinions and beliefs with respect to the Company and its business based on Farallon&rsquo;s
research, analysis and experience; all such statements are based on Farallon&rsquo;s opinion and belief, whether or not those statements
are expressly so qualified. Farallon acknowledges that the Company may possess information that could lead the Company to disagree with
Farallon&rsquo;s views and/or analyses. Nothing contained in this letter may be relied upon as a guarantee, promise, assurance or representation
as to future events. The investment funds managed or advised by Farallon are in the business of trading (i.e., buying and selling) securities,
and it is expected that they will from time to time engage in transactions that result in changes to their beneficial ownership and/or
economic interest in the Company.</I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">***</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>About
Farallon</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Farallon
Capital Management, L.L.C., is a global investment firm founded in 1986 and registered as an investment advisor with the United States
Securities and Exchange Commission since 1990.&nbsp;Farallon seeks investments across asset classes and around the world through a process
of bottom-up fundamental research and analysis emphasizing capital preservation.&nbsp;More information on Farallon is available at www.faralloncapital.com.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Disclaimer</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any
state to any person. This press release does not recommend the purchase or sale of a security. There is no assurance or guarantee with
respect to the prices at which any securities of the Company will trade, and such securities may not trade at prices that may be implied
herein. In addition, this press release and the discussions and opinions herein are for general information only, and are not intended
to provide investment advice.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This
press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and may include
projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with
respect to future financial results, events, operations, services, product development and potential, and statements regarding future
performance. Forward-looking statements are generally identified by the words &ldquo;expects&rdquo;, &ldquo;anticipates&rdquo;, &ldquo;believes&rdquo;,
&ldquo;intends&rdquo;, &ldquo;estimates&rdquo;, &ldquo;plans&rdquo;, &ldquo;will be&rdquo; and similar expressions. Although Farallon
Capital Management (as defined below) believes that the expectations reflected in such forward-looking statements are reasonable, investors
are cautioned that forward-looking information and statements are subject to various risks and uncertainties&mdash;many of which are
difficult to predict and are generally beyond the control of Farallon Capital Management or the Company&mdash;that could cause actual
results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and
statements. These risks and uncertainties are enumerated in the Company&rsquo;s public filings. In addition, the foregoing considerations
and any other publicly stated risks and uncertainties should be read in conjunction with the risks and cautionary statements discussed
or identified in the Company&rsquo;s public filings with the United States Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;),
including those listed under &ldquo;Risk Factors&rdquo; in the Company&rsquo;s annual reports on Form 10-K and quarterly reports on Form
10-Q. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, Farallon Capital
Management does not undertake any obligation to update or revise any forward-looking information or statements. Certain information included
in this material is based on data obtained from sources considered to be reliable. Any analyses provided to assist the recipient of this
material in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative
methodologies that produce different results. Accordingly, any analyses should also not be viewed as factual and also should not be relied
upon as an accurate prediction of future results. All figures are unaudited estimates and, unless required by law, are subject to revision
without notice.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Funds
managed by Farallon Capital Management currently beneficially own shares of the Company. These funds are in the business of trading (i.e.,
buying and selling) securities and may continue trading in the securities of the Company, subject to applicable law. You should assume
such funds will from time to time sell all or a portion of their holdings of the Company in open market transactions or otherwise, buy
additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other
derivative instruments relating to such shares.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consequently, Farallon Capital Management&rsquo;s
beneficial ownership of shares of, and/or economic interest in, the Company may vary over time depending on various factors, with or without
regard to Farallon Capital Management&rsquo;s views of the Company&rsquo;s business, prospects, or valuation (including the market price
of the Company&rsquo;s shares), including, without limitation, other investment opportunities available to Farallon Capital Management,
concentration of positions in the portfolios managed by Farallon Capital Management, conditions in the securities markets and general
economic and industry conditions. Farallon Capital Management also reserves the right to change the opinions expressed herein and its
intentions with respect to its investment in the Company, and to take any actions with respect to its investment in the Company as it
may deem appropriate, and disclaims any obligation to notify the market or any other party of any such changes or actions, except as required
by law.</FONT></P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CERTAIN
INFORMATION CONCERNING THE PARTICIPANTS</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Farallon Parties (as defined below), together with the other Participants (as defined below), intend to file a definitive proxy statement
and accompanying white proxy card with the United States Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) to be used
to solicit proxies for votes regarding the election of director nominees and other proposals that may come before the 2023 annual meeting
of stockholders (including any adjournments or postponements thereof or any special meeting that may be held in lieu thereof, the &ldquo;<U>Annual
Meeting</U>&rdquo;) of Exelixis, Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;). THE PARTICIPANTS STRONGLY ADVISE ALL
SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION REGARDING THE PARTICIPANTS. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE
ON THE SEC&rsquo;S WEBSITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE,
WHEN AVAILABLE, UPON REQUEST.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
Participants in the proxy solicitation are anticipated to be: (1) Farallon Capital Partners, L.P., a California limited partnership (&ldquo;<U>FCP</U>&rdquo;),
(2) Farallon Capital Institutional Partners, L.P., a California limited partnership (&ldquo;<U>FCIP</U>&rdquo;), (3) Farallon Capital
Institutional Partners II, L.P., a California limited partnership (&ldquo;<U>FCIP II</U>&rdquo;), (4) Farallon Capital Institutional
Partners III, L.P., a Delaware limited partnership (&ldquo;<U>FCIP III</U>&rdquo;), (5) Four Crossings Institutional Partners V, L.P.,
a Delaware limited partnership (&ldquo;<U>FCIP V</U>&rdquo;), (6) Farallon Capital Offshore Investors II, L.P., a Cayman Islands exempted
limited partnership (&ldquo;<U>FCOI II</U>&rdquo;), (7) Farallon Capital (AM) Investors, L.P., a Delaware limited partnership (&ldquo;<U>FCAMI</U>&rdquo;),
(8) Farallon Capital F5 Master I, L.P., a Cayman Islands limited partnership (&ldquo;<U>F5MI</U>&rdquo;), (9) Farallon Healthcare Partners
Master, L.P., a Cayman Islands exempted limited partnership (&ldquo;<U>FHPM</U>&rdquo; and together with FCP, FCIP, FCIP II, FCIP III,
FCIP V, FCOI II, FCAMI and F5MI, the &ldquo;<U>Farallon Funds</U>&rdquo;), (10) Farallon Capital Management, L.L.C., a Delaware limited
liability company (&ldquo;<U>Farallon Capital Management</U>&rdquo;), (11) Farallon Partners, L.L.C., a Delaware limited liability company
(&ldquo;<U>Farallon General Partner</U>&rdquo;), (12) Farallon Institutional (GP) V, L.L.C., a Delaware limited liability company (&ldquo;<U>FCIP
V General Partner</U>&rdquo;), (13) Farallon F5 (GP), L.L.C., a Delaware limited liability company (&ldquo;<U>F5MI General Partner</U>&rdquo;),
(14) Farallon Healthcare Partners (GP), L.L.C., a Delaware limited liability company (&ldquo;<U>FHPM General Partner</U>&rdquo;), (15)
Joshua J. Dapice (&ldquo;<U>Dapice</U>&rdquo;), (16) Philip D. Dreyfuss (&ldquo;<U>Dreyfuss</U>&rdquo;), (17) Hannah E. Dunn (&ldquo;<U>Dunn</U>&rdquo;),
(18) Michael B. Fisch (&ldquo;<U>Fisch</U>&rdquo;), (19) Richard B. Fried (&ldquo;<U>Fried</U>&rdquo;), (20) Varun N. Gehani (&ldquo;<U>Gehani</U>&rdquo;),
(21) Nicolas Giauque (&ldquo;<U>Giauque</U>&rdquo;), (22) David T. Kim (&ldquo;<U>Kim</U>&rdquo;), (23) Michael G. Linn (&ldquo;<U>Linn</U>&rdquo;),
(24) Rajiv A. Patel (&ldquo;<U>Patel</U>&rdquo;), (25) Thomas G. Roberts Jr. (&ldquo;<U>Roberts</U>&rdquo;), (26) Edric C. Saito (&ldquo;<U>Saito</U>&rdquo;),
(27) William Seybold (&ldquo;<U>Seybold</U>&rdquo;), (28) Daniel S. Short (&ldquo;<U>Short</U>&rdquo;), (29) Andrew J.M. Spokes (&ldquo;<U>Spokes</U>&rdquo;),
(30) John R. Warren (&ldquo;<U>Warren</U>&rdquo;), (31) Mark C. Wehrly (&ldquo;<U>Wehrly</U>&rdquo; and together with Dapice, Dreyfuss,
Dunn, Fisch, Fried, Gehani, Giauque, Kim, Linn, Patel, Roberts, Saito, Seybold, Short, Spokes and Warren, the &ldquo;<U>Farallon Owner
Individuals</U>&rdquo; and the Farallon Owner Individuals together with Farallon Capital Management, Farallon General Partner, FCIP V
General Partner, F5MI General Partner and FHPM General Partner, the &ldquo;<U>Beneficial Owners</U>&rdquo;; and the Beneficial Owners
together with the Farallon Funds and the Farallon Non-Owner Individuals (as defined below), the &ldquo;<U>Farallon Parties</U>&rdquo;),
(32) Richard Bollini (&ldquo;<U>Bollini</U>&rdquo;), (33) Colby Clark (&ldquo;<U>Clark</U>&rdquo;), (34) Cameron Hillyer (&ldquo;<U>Hillyer</U>&rdquo;),
(35) David A. Posner (&ldquo;<U>Posner</U>&rdquo;), (36) Matthew Trentini (&ldquo;<U>Trentini</U>&rdquo; and together with Bollini, Clark,
Hillyer and Posner, the &ldquo;<U>Farallon Non-Owner Individuals</U>&rdquo;),&nbsp;(37) Tomas J. Heyman (&ldquo;<U>Mr. Heyman</U>&rdquo;),
(38) David E. Johnson (&ldquo;<U>Mr. Johnson</U>&rdquo;), (39) Robert &ldquo;Bob&rdquo; Oliver, Jr. (&ldquo;<U>Mr. Oliver</U>&rdquo;
and together with Mr. Heyman and Mr. Johnson, the &ldquo;<U>Nominees</U>&rdquo;), (40) Caligan Partners LP, a Delaware limited partnership
(&ldquo;<U>Caligan IM</U>&rdquo;), and (41) Caligan Partners Master Fund LP, a Cayman Islands exempted limited partnership (the &ldquo;<U>Caligan
Fund</U>&rdquo; and together with Mr. Johnson and Caligan IM, the &ldquo;<U>Caligan Parties</U>&rdquo;, and the Caligan Parties together
with the Farallon Parties and the Nominees, the &ldquo;<U>Participants</U>&rdquo;).</FONT></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
of the date hereof, the Participants beneficially own (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934), in
the aggregate, 24,316,000 shares of common stock, par value $0.001 per share, of the Company (the &ldquo;<U>Common Stock</U>&rdquo;).
Of the 24,316,000 shares of Common Stock beneficially owned in the aggregate by the Participants: (a) 23,466,000 shares of Common Stock
are beneficially owned by the Farallon Parties, in the aggregate, and (b) 850,000 shares of Common Stock are beneficially owned by the
Caligan Parties, in the aggregate. As of the date hereof, neither Mr. Heyman nor Mr. Oliver beneficially owns any shares of Common Stock
or any other securities of the Company.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Of
the 23,466,000 shares of Common Stock owned, in the aggregate, by the Farallon Parties, such shares of Common Stock may be deemed to
be beneficially owned as follows: (a) 23,466,000 shares of Common Stock may be deemed to be beneficially owned by Farallon Capital Management
by virtue of it being the investment manager for each of the Farallon Funds; (b) 22,620,792 shares of Common Stock may be deemed to be
beneficially owned by Farallon General Partner by virtue of it being the general partner of FCP, FCIP, FCIP II, FCIP III, FCOI II, and
FCAMI and the sole member of FCIP V General Partner and FHPM General Partner; (c) 442,347 shares of Common Stock may be deemed to be
beneficially owned by FCIP V General Partner by virtue of it being the general partner of FCIP V; (d) 845,208 shares of Common Stock
may be deemed to be beneficially owned by F5MI General Partner by virtue of it being the general partner of F5MI; (e) 12,507,800 shares
of Common Stock may be deemed to be beneficially owned by FHPM General Partner by virtue of it being the general partner of FHPM; (f)
23,466,000 shares of Common Stock may be deemed to be beneficially owned by Spokes by virtue of being a Senior Managing Member of Farallon
Capital Management and Farallon General Partner, and a Senior Manager of FCIP V General Partner, F5MI General Partner, and FHPM General
Partner; and (g) 23,466,000 shares of Common Stock may be deemed to be beneficially owned by each of Dapice, Dreyfuss, Dunn, Fisch, Fried,
Gehani, Giauque, Kim, Linn, Patel, Roberts, Saito, Seybold, Short, Warren and Wehrly by virtue of being a Managing Member of Farallon
Capital Management and Farallon General Partner, and a Manager of FCIP V General Partner, F5MI General Partner, and FHPM General Partner.
By virtue of their relationships to the Farallon Funds, each of the Farallon Owner Individuals may be deemed to have shared voting power
and shared dispositive power with regard to the shares of Common Stock owned by the Farallon Funds. For the avoidance of doubt, none
of the Farallon Non-Owner Individuals owns any shares of Common Stock, beneficially or otherwise.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Of
the 23,466,000 shares of Common Stock owned, in the aggregate, by the Farallon Parties, such shares of Common Stock are directly owned
as follows: (a) 1,959,620 shares of Common Stock (including the 1,000 shares of Common Stock held in record name) are directly owned
by FCP; (b) 2,450,882 shares of Common Stock are directly owned by FCIP; (c) 649,197 shares of Common Stock are directly owned by FCIP
II; (d) 332,586 shares of Common Stock are directly owned by FCIP III; (e) 442,347 shares of Common Stock are directly owned by FCIP
V; (f) 4,059,527 shares of Common Stock are directly owned by FCOI II; (g) 845,208 shares of Common Stock are directly owned by F5MI;
(h) 218,833 shares of Common Stock are directly owned by FCAMI; and (i) 12,507,800 shares of Common Stock are directly owned by FHPM.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Of
the 850,000 shares of Common Stock owned by the Caligan Parties: (a) 850,000 shares of Common Stock are directly held, in the aggregate,
by the Caligan Fund and certain accounts managed by Caligan IM; (b) 850,000 shares of Common Stock may be deemed to be beneficially owned
by Caligan IM by virtue of it serving indirectly as the investment manager of the Caligan Fund and certain managed accounts; and (c)
850,000 shares of Common Stock may be deemed to be beneficially owned by Mr. Johnson by virtue of him being the Managing Partner of Caligan
IM.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 24pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each
of the Farallon Parties expressly disclaims beneficial ownership of any shares of Common Stock beneficially owned by the Caligan Parties.
Each of the Caligan Parties expressly disclaims beneficial ownership of any shares of Common Stock beneficially owned by the Farallon
Parties. Each of Mr. Heyman and Mr. Oliver expressly disclaims beneficial ownership of any shares of Common Stock beneficially owned
by the Farallon Parties or the Caligan Parties.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Media
Contacts</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Longacre
Square Partners Dan Zacchei / Charlotte Kiaie</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Farallon@longacresquare.com</FONT></P>


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