Farallon nominates three independent directors to Exelixis board

Funds managed by Farallon Capital Management own approximately 7.2% of the outstanding shares of Exelixis, making it the Company’s largest active shareholder. Today, Farallon filed definitive proxy materials in connection with Exelixis’ 2023 Annual Meeting of Shareholders which has been scheduled for May 31. Farallon also sent a letter today to the Company’s shareholders outlining why change is urgently needed in Exelixis’ boardroom and why shareholders should support Farallon’s three independent director nominees for election to the Board of Directors at the upcoming Annual Meeting. Farallon Capital Partners together with certain of its affiliates, has owned Exelixis stock continuously since 2018. We currently own approximately 7.2% of the outstanding shares of Exelixis making us the Company’s largest active shareholder. Farallon is a fundamental value investor that takes great pride in building strong, lasting relationships with boards and management teams. Our preference is to work constructively with our portfolio companies to help drive sustainable value and growth. Only in situations where it is absolutely necessary do we publicly criticize or challenge a Board’s stewardship. This is one of those situations. As a result, we have nominated three candidates to the Board of Directors at this year’s May 31 Annual Meeting of Shareholders.