SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934 (Amendment No. __)
Filed by the Registrant [ ]
Filed by a Party other than the Registrant [x]
Check the appropriate box:
[X] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to ss. 240.14a-12
Biogen Idec Inc.
(Name of Registrant as Specified In Its Charter)
Carl C. Icahn
Alexander J. Denner
Richard C. Mulligan
Thomas F. Deuel
David Sidransky
Mayu Sris
Eric Ende
Jeffrey Meckler
Icahn Partners LP
Icahn Partners Master Fund LP
Icahn Partners Master Fund II LP
Icahn Partners Master Fund III LP
High River Limited Partnership
Barberry Corp.
Hopper Investments LLC
Icahn Offshore LP
Icahn Onshore LP
Icahn Capital LP
IPH GP LLC
Icahn Enterprises Holdings L.P.
Icahn Enterprises G.P. Inc.
Beckton Corp.
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rule 14a-6(i)(4) and 0-11.
1) Title of each class of securities to which transaction applies:
2) Aggregate number of securities to which transaction applies:
3) 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):
4) Proposed maximum aggregate value of transaction:
5) Total fee paid:
[ ] Fee paid previously with preliminary materials.
[ ] 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.
1) Amount Previously Paid:
2) Form, Schedule or Registration Statement No.:
3) Filing Party:
4) Date Filed:
PRELIMINARY COPY
2009 ANNUAL MEETING OF STOCKHOLDERS
OF
BIOGEN IDEC INC.
-------------------
PROXY STATEMENT
OF
CARL C. ICAHN
ALEXANDER J. DENNER
RICHARD C. MULLIGAN
THOMAS F. DEUEL
DAVID SIDRANSKY
MAYU SRIS
ERIC ENDE
JEFFREY MECKLER
ICAHN PARTNERS LP
ICAHN PARTNERS MASTER FUND LP
ICAHN PARTNERS MASTER FUND II LP
ICAHN PARTNERS MASTER FUND III LP
HIGH RIVER LIMITED PARTNERSHIP
BARBERRY CORP.
HOPPER INVESTMENTS LLC
ICAHN OFFSHORE LP
ICAHN ONSHORE LP
ICAHN CAPITAL LP
IPH GP LLC
ICAHN ENTERPRISES HOLDINGS L.P.
ICAHN ENTERPRISES G.P. INC.
BECKTON CORP.
-------------------
To Our Fellow Biogen Stockholders:
This Proxy Statement and the accompanying GOLD proxy card are being
furnished to stockholders ("Stockholders") of Biogen Idec Inc. ("Biogen") in
connection with the solicitation of proxies by Carl C. Icahn and certain of his
affiliates and associates, to be used at the 2009 Annual Meeting (the "Annual
Meeting") of Stockholders of Biogen which is scheduled to be held at 9:00 A.M.,
local time, on [ ] at the [ ], and at any adjournments, postponements or
continuations thereof. This Proxy Statement and the GOLD proxy card are first
being furnished to Stockholders on or about [ ].
This Proxy Statement, as well as other proxy materials to be distributed by
the Participants (as hereinafter defined), are available free of charge online
at http://dfking.com/BIIB.
1. At the Annual Meeting, the Participants will seek to elect to the Board
of Directors of Biogen - Dr. Alexander J. Denner, Dr. Richard C. Mulligan, Dr.
Thomas F. Deuel and Dr. David Sidransky (each a "Nominee", and collectively, the
"Nominees") who has each consented to being named in this Proxy Statement and,
if elected, to serve as a director.
2. The Participants will seek to amend Biogen's Amended and Restated ByLaws
(the "Bylaws") to fix the number of directors at thirteen (13). Biogen's Bylaws
provide for a three-class classified board, the size of which may be expanded by
a vote of the Board. In order to provide the Stockholders with the ability to
elect a majority of Stockholder nominated directors following the 2010 annual
meeting, the Participants will seek to amend the ByLaws to fix the number of
directors at thirteen (13). For example, if the Stockholders elect Dr. Alexander
J. Denner, Dr. Richard C. Mulligan, Dr. Thomas F. Deuel and Dr. David Sidransky
to the Board at the 2009 Annual Meeting, and in 2010, a Stockholder nominates,
and the Stockholders elect, three director nominees at the 2010 annual meeting,
then the Board would include seven Stockholder nominated directors. If the Icahn
Bylaw Amendments (as defined below) are adopted by the Stockholders at the 2009
Annual Meeting and the Board is fixed at 13 directors, then those seven
Stockholder nominated directors elected over the course of two annual meetings
would constitute a majority of the Board. However, because the current Bylaws
allow the Board to expand the size of the Board, if the Icahn Bylaw Amendments
are not adopted at the 2009 Annual Meeting and the Board decides to expand the
size of the Board (despite the possibility that such a decision to expand the
size of the Board could constitute a breach of fiduciary duty under applicable
law), then those seven Stockholder nominated directors could constitute merely a
minority of the Board. As such, the Participants will seek to amend the Bylaws
(collectively, the "Icahn Bylaw Amendments"):
o to replace the first sentence of Section 3.1 of the Bylaws, which
reads:
"The number of directors that shall constitute the entire Board
initially shall be twelve (12); provided, however, that the
number of directors that shall constitute t he entire Board shall
be fixed from time to time by resolution adopted by a majority of
the entire Board",
in its entirety with the following sentence:
"The number of directors that shall constitute the entire Board
shall be thirteen (13)."
o to delete, in its entirety, the first sentence of Section 3.2 of the
Bylaws which reads:
"The number of members of the Board may be increased at any time
as provided in Section 3.1 above."
o to delete, in their entirety, the words "and newly created
directorships resulting from any increase in the authorized number of
directors", appearing in the second sentence of Section 3.2 of the
Bylaws which currently reads, in its entirety:
"Sole power to fill vacancies and newly created directorships
resulting from any increase in the authorized number of directors
shall be vested in the Board, and each director so chosen shall
hold office until the next annual election at which the term of
the class to which they have been elected expires and until such
director's successor is duly elected and qualified or until such
director's earlier resignation, removal from office, death or
incapacity."
3. The Participants will propose a resolution to the Stockholders of Biogen
whereby the Stockholders request that the Board of Biogen promptly initiate and
complete the necessary and appropriate process so that the stockholders of
Biogen can choose whether to change Biogen's jurisdiction of incorporation from
Delaware to North Dakota and to become subject to the North Dakota Publicly
Traded Corporations Act (the "North Dakota Reincorporation Resolution").
THE PARTICIPANTS URGE STOCKHOLDERS TO VOTE FOR EACH OF THE NOMINEES AND TO
VOTE FOR EACH OF THE ICAHN BYLAW AMENDMENTS AND TO VOTE FOR THE NORTH DAKOTA
REINCORPORATION RESOLUTION.
The Nominees and each of the other Participants have no interest in Biogen
other than through the beneficial ownership (if any) of shares of Common Stock,
par value $.0005 per share, of Biogen (the "Shares") or other securities (if
any) of Biogen as disclosed herein, and (i) in the case of Dr. Mulligan, Dr.
Deuel and Dr. Sidransky, pursuant to an agreement in which certain affiliates of
Carl C. Icahn have agreed to pay each of Dr. Mulligan, Dr. Deuel and Dr.
Sidransky $25,000 and to indemnify each such Nominee with respect to certain
costs incurred by each such Nominee in connection with the proxy contest
relating to the Annual Meeting (the "Nominee Agreement"), and (ii) in the case
of Mr. Meckler and Dr. Ende pursuant to their respective Consulting Agreements,
as described herein.
DR. ALEXANDER J. DENNER, DR. RICHARD C. MULLIGAN, DR. THOMAS F. DEUEL AND
DR. DAVID SIDRANSKY ARE COMMITTED TO ACTING IN THE BEST INTEREST OF ALL
STOCKHOLDERS OF BIOGEN. WE URGE YOU TO VOTE YOUR GOLD PROXY CARD (I) FOR DR.
ALEXANDER J. DENNER, DR. RICHARD C. MULLIGAN, DR. THOMAS F. DEUEL AND DR. DAVID
SIDRANKSY, (II) FOR THE ICAHN BYLAW AMENDMENTS AND (III) FOR THE NORTH DAKOTA
REINCORPORATION RESOLUTION.
IMPORTANT
According to Biogen's Proxy Statement, the Bylaws and applicable law, the
nominees for director receiving the highest number of votes FOR election will be
elected as directors at a meeting at which a quorum is present in person or
represented by proxy. An amendment of the Bylaws requires the affirmative vote
of a majority of the Shares issued and outstanding and entitled to vote. The
adoption of a stockholder resolution requires the affirmative vote of a majority
of the Shares present in person or represented by proxy at the Annual Meeting
and entitled to vote on the proposal. As a result, your vote is extremely
important. We urge you to mark, sign, date, and return the enclosed GOLD proxy
card to vote FOR the election of each Nominee, FOR the Icahn Bylaw Amendments
and FOR the North Dakota Reincorporation Resolution.
WE URGE YOU NOT TO SIGN ANY PROXY CARD SENT TO YOU BY BIOGEN. IF YOU HAVE
ALREADY DONE SO, YOU MAY REVOKE YOUR PROXY BY DELIVERING A LATER-DATED GOLD
PROXY CARD IN THE ENCLOSED POSTAGE-PREPAID ENVELOPE, EXECUTING A VOTE VIA
INTERNET OR TELEPHONE, OR BY VOTING IN PERSON AT THE ANNUAL MEETING. YOU MAY
REVOKE A GOLD PROXY CARD BY DELIVERING A LATER-DATED WHITE PROXY CARD TO THE
COMPANY. SEE "VOTING PROCEDURES" AND "PROXY PROCEDURES" BELOW.
If you have any questions or require any assistance in executing your
proxy, please call:
D.F. King & Co., Inc.
Stockholders call toll-free: (800) 769-4414
Banks and Brokers call collect: (212) 269-5550
Only holders of record of Biogen's voting securities as of the close of
business on [ ] (the "Record Date") are entitled to notice of, and to attend and
to vote at, the Annual Meeting and any adjournments or postponements thereof.
According to the proxy statement of Biogen filed with the Securities and
Exchange Commission ("Biogen's Proxy Statement"), as of the Record Date, there
were outstanding [ ] shares of Common Stock. Stockholders of record at the close
of business on the Record Date will be entitled to one vote at the Annual
Meeting for each share of Common Stock of Biogen held on the Record Date.
As of the Record Date, the Participants and their affiliates beneficially
owned an aggregate of [ ] shares of Common Stock, representing approximately [ ]
% of the outstanding shares of Common Stock. The Participants and their
affiliates intend to vote such shares FOR the election of the Nominees, FOR the
Icahn Bylaw Amendments and FOR the North Dakota Reincorporation Resolution.
VOTE FOR THE NOMINEES, FOR THE ICAHN BYLAW AMENDMENTS AND FOR THE NORTH
DAKOTA REINCORPORATION RESOLUTION BY USING THE ENCLOSED GOLD PROXY TO VOTE TODAY
- BY TELEPHONE, BY INTERNET, OR BY MARKING, SIGNING, DATING AND RETURNING THE
GOLD PROXY CARD IN THE POSTAGE-PAID ENVELOPE PROVIDED TO YOU.
PARTICIPANTS IN SOLICITATION OF PROXIES
In addition to the Nominees (who are Dr. Alexander J. Denner, Dr. Richard
C. Mulligan, Dr. Thomas Deuel and Dr. David Sidransky), the participants in the
solicitation of proxies (the "Participants") from stockholders of Biogen Idec
Inc. ("Biogen" or the "Corporation") include the following: Mr. Carl C. Icahn,
Icahn Partners LP, a Delaware limited partnership ("Icahn Partners"), Icahn
Partners Master Fund LP, a Cayman Islands limited partnership ("Icahn Master"),
Icahn Partners Master Fund II LP, a Cayman Islands limited partnership ("Icahn
Master II"), Icahn Partners Master Fund III LP, a Cayman Islands limited
partnership ("Icahn Master III"), High River Limited Partnership, a Delaware
limited partnership ("High River"), Barberry Corp., a Delaware corporation
("Barberry"), Hopper Investments LLC, a Delaware limited liability company
("Hopper"), Beckton Corp., a Delaware corporation ("Beckton"), Icahn Enterprises
G.P. Inc., a Delaware corporation ("Icahn Enterprises GP"), Icahn Enterprises
Holdings L.P., a Delaware limited partnership ("Icahn Enterprises Holdings"),
IPH GP LLC, a Delaware limited liability company ("IPH"), Icahn Capital LP, a
Delaware limited partnership ("Icahn Capital"), Icahn Onshore LP, a Delaware
limited partnership ("Icahn Onshore"), Icahn Offshore LP, a Delaware limited
partnership ("Icahn Offshore"), Mr. Mayu Sris, Dr. Eric Ende and Mr. Jeffrey
Meckler.
The address of Icahn Partners, High River, Barberry, Hopper, Icahn
Enterprises GP, Icahn Enterprises Holdings, Beckton, IPH, Icahn Capital, Icahn
Onshore and Icahn Offshore is White Plains Plaza, 445 Hamilton Avenue - Suite
1210, White Plains, NY 10601. The address of Icahn Master, Icahn Master II and
Icahn Master III is c/o Walkers SPV Limited, P.O. Box 908GT, 87 Mary Street,
George Town, Grand Cayman, Cayman Islands. Mr. Icahn's, Dr. Denner's, Mr. Sris',
Dr. Ende's and Mr. Meckler's business address is c/o Icahn Associates Corp., 767
Fifth Avenue, 47th Floor, New York, NY 10153. Dr. Mulligan's business address is
Harvard Gene Therapy Initiative, Harvard Institutes of Medicine, Suite 407, 4
Blackfan Circle, Boston, MA 02115. Dr. Deuel's business address is The Scripps
Research Institute, MEM 268, 10550 North Torrey Pines Road, La Jolla, CA 92037.
Dr. Sidransky's business address is Johns Hopkins University - Cancer Research
Building II, 1550 Orleans Street, Suite 503, Baltimore, MD 21231.
Icahn Partners, Icahn Master, Icahn Master II, Icahn Master III and High
River (collectively, the "Icahn Parties") are entities controlled by Mr. Icahn.
Dr. Denner and Mr. Sris. are employees and/or officers and directors of the
Icahn Parties and various other entities controlled by Mr. Icahn who may also
participate in soliciting proxies from Biogen Stockholders. Dr. Ende and Mr.
Meckler are consultants hired by the Icahn Parties. Dr. Denner, Mr. Sris, Dr.
Ende and Mr. Meckler do not own beneficially any interest in securities of
Biogen. Neither Dr. Denner nor Mr. Sris will receive any special compensation in
connection with the solicitation of proxies. In connection with his employment
by Mr. Icahn and his affiliated companies, Dr. Denner, among other employees,
has a participatory interest in the profits and fees derived by Mr. Icahn and/or
his affiliated entities from Icahn Partners, Icahn Master, Icahn Master II and
Icahn Master III (collectively, the "Funds"). Because only a portion of such
profit interests are distributed and because of their other investments in the
Funds, Dr. Denner also has capital accounts in the Funds. Generally, in the
aggregate, Dr. Denner's profit interests and capital accounts in the Funds
entitle him to less than 2% of the profits generated by the Funds. Dr. Ende and
Mr. Meckler are independent consultants retained by the Icahn Parties to solicit
proxies and provide consulting services relating to this solicitation, and
another solicitation of proxies by the Icahn Parties, as well as general
consulting services relating to other investments by the Icahn Parties. Assuming
the Annual Meeting of Biogen and the annual meeting relating to the other
solicitation are each held in May and further assuming each contest is
successful, the consulting agreements referenced herein may provide for payments
to Dr. Ende and Mr. Meckler of up to approximately $325,000 in the aggregate.
Each of Icahn Partners, Icahn Master, Icahn Master II, Icahn Master III and
High River is principally engaged in the business of investing in securities.
Annex A attached hereto sets forth, as to the Nominees and the other
Participants, all transactions in securities of Biogen effected during the past
two years and their beneficial ownership of securities of Biogen.
With respect to each Participant (including the Nominees), except as set
forth herein or in any of the Annexes attached hereto, (i) such Participant is
not, nor was within the past year, a party to any contract, arrangement or
understanding with any person with respect to any securities of Biogen,
including, but not limited to, joint ventures, loan or option arrangements, puts
or calls, guarantees against loss or guarantees of profit, division of losses or
profits, or the giving or withholding of proxies; and (ii) neither such
Participant nor any of such Participant's associates have any arrangement or
understanding with any person with respect to (A) any future employment by
Biogen or its affiliates or (B) any future transactions to which Biogen or any
of its affiliates will or may be a party.
PROPOSAL 1 -- ELECTION OF DIRECTORS
On February 5, 2009 the Icahn Parties delivered a letter to Biogen,
notifying Biogen that the Icahn Parties nominate and will seek to elect at the
Annual Meeting - Dr. Alexander J. Denner, Dr. Richard C. Mulligan, Dr. Thomas F.
Deuel and Dr. David Sidransky as members of the board of directors of Biogen.
The Nominees, if elected, would serve a three-year term and hold office until
the 2012 annual meeting of Stockholders and until a successor has been duly
elected and qualified. Background information about each of the Nominees is set
forth below.
Dr. Richard C. Mulligan, Dr. Thomas F. Deuel and Dr. David Sidransky are
each party to an agreement substantially in the form attached hereto as Annex B,
pursuant to which the Icahn Parties have agreed to pay certain fees to each such
Nominee and to indemnify each such Nominee with respect to certain costs
incurred by each such Nominee in connection with the proxy contest relating to
the Annual Meeting (the "Nominee Agreement"). Except as disclosed in this Proxy
Statement, including the Annexes attached hereto and as provided in the Nominee
Agreement (which, among other things, provides for a payment to each of Dr.
Mulligan, Dr. Deuel and Dr. Sidransky of $25,000), none of the Nominees receive
any compensation from any of the Participants or any of their affiliates in
connection with this proxy solicitation. Dr. Mulligan, Dr. Deuel and Dr.
Sidransky have an interest in the election of directors at the Annual Meeting
pursuant to the Nominee Agreement relating to such Nominee. Dr. Denner has an
interest in the election of directors at the Annual Meeting indirectly through
his capital accounts and other investments in the Funds.
The Nominees would not be barred from being considered independent under
the independence requirements of The NASDAQ Stock Market, Inc. and the
independence standards applicable to Biogen under paragraph (a)(1) of Item 407
of Regulation S-K under the Securities Exchange Act of 1934, as amended.
Other than as disclosed in this Proxy Statement, including the Annexes
attached hereto, (i) the Nominees are not, nor were they within the past year, a
party to any contract, arrangement or understanding with any person with respect
to any securities of Biogen, including, but not limited to, joint ventures, loan
or option arrangements, puts or calls, guarantees against loss or guarantees of
profit, division of losses or profits, or the giving or withholding of proxies;
and (ii) none of the Nominees nor any of their respective associates have any
arrangement or understanding with any person with respect to (A) any future
employment by Biogen or its affiliates or (B) any future transactions to which
Biogen or any of its affiliates will or may be a party.
DR. ALEXANDER J. DENNER
Dr. Alexander J. Denner, 39, serves as Managing Director of entities
affiliated with Carl C. Icahn, including Icahn Partners, Icahn Master, Icahn
Master II and Icahn Master III. Icahn Partners, Icahn Master, Icahn Master II
and Icahn Master III are private investment funds. Dr. Denner has served in this
position since August 2006. From April 2005 to May 2006, Dr. Denner served as a
portfolio manager specializing in healthcare investments for Viking Global
Investors. Previously, he served in a variety of roles at Morgan Stanley,
beginning in 1996, including as portfolio manager of healthcare and
biotechnology mutual funds. Dr. Denner was the chairman of the Executive
Committee of the Board of Directors of ImClone Systems Incorporated, a publicly
traded biopharmaceutical company, and a director of ImClone Systems Incorporated
from April 2006 until the company was sold in November 2008. In addition, Dr.
Denner has served as a director of Adventrx Pharmaceuticals Inc., a publicly
traded biopharmaceutical company since October 2006. Dr. Denner received his
S.B. degree from the Massachusetts Institute of Technology and his M.S.,
M.Phil., and Ph.D. degrees from Yale University.
DR. RICHARD C. MULLIGAN
Dr. Richard C. Mulligan, 54, is the Mallinckrodt Professor of Genetics at
Harvard Medical School, and Director of the Harvard Gene Therapy Initiative.
Professor Mulligan received his B.S. degree from the Massachusetts Institute of
Technology, and his Ph.D. from the Department of Biochemistry at Stanford
University School of Medicine. After receiving postdoctoral training at the
Center for Cancer Research at MIT, Professor Mulligan joined the MIT faculty and
subsequently was appointed Professor of Molecular Biology and Member of the
Whitehead Institute for Biomedical Research before moving to Children's Hospital
and Harvard in 1996. His honors include the MacArthur Foundation Prize, the
Rhodes Memorial Award of the American Association for Cancer Research, the
ASMB-Amgen Award, and the Nagai Foundation International Prize. Professor
Mulligan has been associated with a number of biotechnology companies, including
Somatix Therapy Corporation (as founder and member of the Scientific Advisory
Board and Board of Directors, and Chief Scientific Officer), Cell Genesys (as
member of the Scientific Advisory Board) and ImClone, where he served on the
Scientific Advisory Board and as a Director and member of the Executive
Committee from September 2006 to November 2008 when the company was sold. He has
also served on the National Institutes of Health's Recombinant DNA Advisory
Committee and on the U.S. Food and Drug Administration Biological Response
Modifiers Advisory Committee.
DR. THOMAS F. DEUEL
Dr. Thomas F. Deuel, 73, has served as a Professor of Molecular and
Experimental Medicine and Cell Biology, Director of the Division of Molecular
Oncology, Department of Molecular and Experimental Medicine, and Director of the
Vascular Biology Affinity Group at The Scripps Research Institute, since
February 2002. Since 1998, Dr. Deuel has served as a Professor of Medicine at
Harvard Medical School. He is currently a Professor Emeritus at Harvard Medical
School. In addition, from 1996 to 2002, Dr. Deuel served as a Director, Division
of Growth Regulation at Beth Israel Hospital, Boston, Massachusetts and, prior
to that, was a Professor of Medicine and Biochemistry and the head of Oncology
Services at the Washington University School of Medicine, St. Louis, Missouri.
He is a member of the Institute of Medicine at the National Academy of Sciences.
Dr. Deuel is also President of the Edward R. Mallinckrodt Foundation, St. Louis,
Missouri. He has served on various editorial boards, including the Journal of
Clinical Investigation and Blood, and currently is on the Editorial Board of
Current Opinion in Hematology and Section Editor for Vascular Biology. Dr. Deuel
has served and continues to serve on numerous scientific advisory boards for
various companies, including the scientific advisory board of ImClone Systems
Incorporated, a publicly traded biopharmaceutical company, during the existence
of such board from 1988 to 2001. From July 2007 to November 2008, Dr. Deuel
served on ImClone's board of directors. Dr. Deuel has earned many professional
honors and awards and holds an M.D. from Columbia University and an A.B. from
Princeton University.
DR. DAVID SIDRANSKY
Dr. David Sidransky, 48, has been the Director of the Head and Neck Cancer
Research Division at Johns Hopkins University School of Medicine since July
1992. He is a founder of several private biotechnology companies and has served
on scientific advisory boards of many private and publicly traded companies,
including MedImmune Inc., Telik Inc., Roche, and Amgen Inc. Dr. Sidransky is
also a director of Alfacell Inc. He was formerly on the Board of Scientific
Counselors at the National Institute of Dental and Craniofacial Research and a
member of the Recombinant DNA Advisory Committee at the National Institute of
Health. Dr. Sidransky serves on numerous editorial boards and is Senior Editor
of Clinical Cancer Research. In addition, he is a Professor of Oncology,
Otolaryngology-Head and Neck Surgery, Cellular & Molecular Medicine, Urology,
Genetics, and Pathology at Johns Hopkins University and Hospital. Dr. Sidransky
is certified in Internal Medicine and Medical Oncology by the American Board of
Medicine. He has over 390 peer-reviewed publications, and has contributed more
than 60 cancer reviews and chapters and also has numerous issued biotechnology
patents. He has been the recipient of many awards and honors, including the 1997
Sarstedt International Prize from the German Society of Clinical Chemistry, the
1998 Alton Ochsner Award Relating Smoking and Health by the American College of
Chest Physicians and the 2004 Hinda and Richard Rosenthal Award from the
American Association of Cancer Research. Dr. Sidransky is also the Chairman of
the Board of Directors of Champions Biotechnology, Inc. Dr. Sidransky served as
a director of ImClone Systems Inc., a biotechnology company, between January
2004 and November 2008. Dr. Sidransky received his B.A. from Brandeis University
and his M.D. from the Baylor College of Medicine.
WE STRONGLY URGE YOU TO VOTE FOR THE ELECTION OF DR. ALEXANDER J. DENNER,
DR. RICHARD C. MULLIGAN, DR. THOMAS F. DEUEL AND DR. DAVID SIDRANSKY BY MARKING,
SIGNING, DATING AND RETURNING THE ENCLOSED GOLD PROXY CARD IN THE POSTAGE PAID
ENVELOPE PROVIDED TO YOU WITH THIS PROXY STATEMENT OR BY USING THE GOLD PROXY
CARD TO VOTE BY TELEPHONE OR INTERNET. IF YOU HAVE SIGNED THE GOLD PROXY CARD
AND NO MARKING IS MADE, YOU WILL BE DEEMED TO HAVE GIVEN A DIRECTION TO VOTE ALL
THE SHARES REPRESENTED BY THE GOLD PROXY CARD FOR THE ELECTION OF DR. ALEXANDER
J. DENNER, DR. RICHARD C. MULLIGAN, DR. THOMAS F. DEUEL AND DR. DAVID SIDRANSKY.
PROPOSAL 2 -- ICAHN BYLAW AMENDMENTS
Biogen's ByLaws provide for a three-class classified board, the size of
which may be expanded by a vote of the Board. In order to provide the
Stockholders with the ability to elect a majority of Stockholder nominated
directors following the 2010 annual meeting, the Participants will seek to amend
the ByLaws to fix the number of directors at thirteen. For example, if the
Stockholders elect Dr. Alexander J. Denner, Dr. Richard C. Mulligan, Dr. Thomas
F. Deuel and Dr. David Sidransky to the Board at the 2009 Annual Meeting, and in
2010, a Stockholder nominates, and the Stockholders elect three director
nominees at the 2010 annual meeting, then the Board would include seven
Stockholder nominated directors. If the Icahn Bylaw Amendments are adopted by
the Stockholders at the 2009 Annual Meeting and the Board is fixed at 13
directors, then those seven Stockholder nominated directors elected over the
course of two annual meetings would constitute a majority of the Board. However,
because the current Bylaws allow the Board to expand the size of the Board, if
the Icahn Bylaw Amendments are not adopted at the 2009 Annual Meeting and the
Board decides to expand the size of the Board (despite the possibility that such
a decision to expand the size of the Board could constitute a breach of
fiduciary duty under applicable law), then those seven Stockholder nominated
directors could constitute merely a minority of the Board. As such, the
Participants will seek to amend the Bylaws:
o to replace the first sentence of Section 3.1 of the Bylaws, which
reads:
"The number of directors that shall constitute the entire Board
initially shall be twelve (12); provided, however, that the
number of directors that shall constitute the entire Board shall
be fixed from time to time by resolution adopted by a majority of
the entire Board",
in its entirety with the following sentence:
"The number of directors that shall constitute the entire Board
shall be thirteen (13)."
o to delete, in its entirety, the first sentence of Section 3.2 of the
Bylaws which reads:
"The number of members of the Board may be increased at any time
as provided in Section 3.1 above."
o to delete, in their entirety, the words "and newly created
directorships resulting from any increase in the authorized number of
directors", appearing in the second sentence of Section 3.2 of the
Bylaws which currently reads, in its entirety:
"Sole power to fill vacancies and newly created directorships
resulting from any increase in the authorized number of directors
shall be vested in the Board, and each director so chosen shall
hold office until the next annual election at which the term of
the class to which they have been elected expires and until such
director's successor is duly elected and qualified or until such
director's earlier resignation, removal from office, death or
incapacity."
Opponents of the Icahn Bylaw Amendments may argue that it is in the best
interests of the Stockholders for the Bylaws to remain as currently drafted in
order to allow the Board of Directors maximum flexibility to add or remove
director positions at anytime and for any reason.
WE STRONGLY URGE YOU TO VOTE FOR THE ICAHN BYLAW AMENDMENTS BY MARKING, SIGNING,
DATING AND RETURNING THE ENCLOSED GOLD PROXY CARD IN THE POSTAGE PAID ENVELOPE
PROVIDED TO YOU WITH THIS PROXY STATEMENT OR BY USING THE GOLD PROXY CARD TO
VOTE BY TELEPHONE OR INTERNET. IF YOU HAVE SIGNED THE GOLD PROXY CARD AND NO
MARKING IS MADE, YOU WILL BE DEEMED TO HAVE GIVEN A DIRECTION TO VOTE ALL THE
SHARES REPRESENTED BY THE GOLD PROXY CARD FOR THE ICAHN BYLAW AMENDMENTS.
PROPOSAL 3 -- NORTH DAKOTA REINCORPORATION RESOLUTION
The proposal states:
"RESOLVED, that the stockholders of the Corporation hereby request the
Board of Directors of the Corporation to take all action as is necessary
and appropriate to properly initiate and complete the process to change the
Corporation's jurisdiction of incorporation from Delaware to North Dakota
and to become subject to the North Dakota Publicly Traded Corporations
Act."
The Icahn Parties believe that the North Dakota Publicly Traded
Corporations Act (the "North Dakota Act") is the most stockholder friendly
corporate law in the United States as it relates to public companies and that
being incorporated there and subject to the North Dakota Act would give the
Stockholders considerably more protection against management entrenchment and
would make it easier for third parties to successfully bid for the Corporation.
Although there can be no assurances, this could enable stockholders, in some
cases, to achieve a premium over market for their shares. The Participants
believe, however, that courts in all jurisdictions rely in part on decisions
from other jurisdictions.
Other than the change in corporate domicile, the North Dakota
reincorporation is not intended to result in any change in the business,
physical location, management, assets, liabilities or net worth of the Company,
nor is it intended to result in any change in location of Company employees,
including the Company's management. Upon consummation of a North Dakota
reincorporation, it is anticipated that the daily business operations of the
Company will continue as they are presently conducted
Principal Reasons for the Reincorporation
The Icahn Parties believe that there are several reasons why a
reincorporation to North Dakota and becoming subject to the North Dakota Act is
in the best interests of Biogen and the Stockholders. If the Company were
governed by the North Dakota Act:
o The board of directors would be elected by a majority vote (as opposed to a
mere plurality) and directors defeated under the majority voting system
would be prohibited from being appointed by the board of directors to fill
a vacancy;
o The board of directors could not be classified (staggered), each director
would be elected every year and the board of directors would not be able to
change its size when it has reason to believe there will be a contested
election;
o The chairman of the board of directors could not serve as an executive
officer;
o Stockholders who have held five percent (5%) or more of the Corporation's
outstanding shares for at least two years would have access to management's
proxy statement to nominate directors;
o All stockholders would be reimbursed for proxy contest expenses in the
election of directors, to the extent they are successful;
o Stockholders would be statutorily entitled to an advisory vote each year on
executive compensation (a "say on pay" proposal);
o The ability of the board of directors to adopt and maintain a poison pill
would be limited in several respects;
o Antitakeover provisions proposed for inclusion in the Corporation's charter
or bylaws would require the prior approval of two-thirds of the shares
entitled to vote;
o Stockholders could not be required to provide more than ninety (90) days
notice in advance of a stockholder meeting when making nominations to the
board of directors and there would be limitations on the type of
information that could be required in connection with such nominations;
o Stockholders who own 5% or more of the Corporation's outstanding shares
would have a right to propose and approve amendments to the Company's
charter without prior board approval; and
o The Corporation could not add a requirement to its charter or bylaws that
certain actions require the approval of a super majority vote.
The North Dakota Act would provide stockholders more rights than are
generally currently available under other state corporation laws, including
Delaware, where the Corporation is currently incorporated. Moreover, the North
Dakota Act expressly provides that it "must be liberally construed to protect
and enhance the rights of shareholders in publicly traded corporations."
In addition to providing increased stockholder rights, the North Dakota Act
contains a franchise tax system that is specifically designed to impose
significantly less cost on companies than the Delaware franchise tax system,
thereby providing additional value to Stockholders.
Possible Negative Considerations
Notwithstanding the Participant's belief as to the benefits to Stockholders
of reincorporation, reincorporation in North Dakota to take advantage of the
North Dakota Act may be criticized.
Some commentators have raised the concern that the North Dakota Act, unlike
the corporate law of Delaware, is untested and less predictable and that such
lack of predictability could be detrimental to shareholders. The North Dakota
Act was only recently enacted, and the Participants do not believe that there
are any reported cases regarding the North Dakota Act. In contrast, Delaware
corporate law is revised regularly, Delaware offers a system of specialized
Chancery Courts to deal with corporate law questions, and Delaware has a
substantial body of case law interpreting Delaware corporate law. The
Participants believe, however, that courts in all jurisdictions rely in part on
decisions from other jurisdictions.
In addition, some opponents may be concerned that reincorporation may cause
the Corporation to incur significant costs and that the Company may need consent
from certain contract parties or federal, state or local regulatory bodies, in
order to consummate the reincorporation. The Participants believe that such
costs would be warranted in order to achieve the benefits of a reincorporation.
WE STRONGLY URGE YOU TO VOTE FOR THE NORTH DAKOTA REINCORPOATION RESOLUTION BY
MARKING, SIGNING, DATING AND RETURNING THE ENCLOSED GOLD PROXY CARD IN THE
POSTAGE PAID ENVELOPE PROVIDED TO YOU WITH THIS PROXY STATEMENT OR BY USING THE
GOLD PROXY CARD TO VOTE BY TELEPHONE OR INTERNET. IF YOU HAVE SIGNED THE GOLD
PROXY CARD AND NO MARKING IS MADE, YOU WILL BE DEEMED TO HAVE GIVEN A DIRECTION
TO VOTE ALL THE SHARES REPRESENTED BY THE GOLD PROXY CARD FOR THE NORTH DAKOTA
REINCORPORATION RESOLUTION.
OTHER MATTERS TO BE CONSIDERED AT THE ANNUAL MEETING
According to Biogen's Proxy Statement, Biogen is soliciting proxies with
respect to two proposals other than the election of directors, the Icahn Bylaw
Amendments and the North Dakota Reincorporation Resolution. Please refer to
Biogen's Proxy Statement for a detailed discussion of these proposals, including
various arguments in favor of and against such proposals. These proposals are
outlined below. IF YOU HAVE SIGNED THE GOLD PROXY CARD AND NO MARKING IS MADE,
YOU WILL BE DEEMED TO HAVE GIVEN A DIRECTION TO VOTE ALL OF THE SHARES
REPRESENTED BY YOUR GOLD PROXY CARD FOR PROPOSALS FOUR AND FIVE BELOW.
PROPOSAL 4 -- RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
At the Annual Meeting, the Stockholders will be asked to vote to ratify the
selection of PricewaterhouseCoopers LLP as Biogen's independent registered
public accounting firm. Biogen's Board of Directors recommended a vote for this
proposal. The Participants intend to vote, and recommend that you vote, FOR this
proposal.
PROPOSAL 5 -- BIOGEN BYLAW AMENDMENTS
At the Annual Meeting, the Stockholders will be asked to vote to approve
amendments to Biogen's Bylaws to change the voting standard for the election of
directors in uncontested elections from a plurality standard to a majority
standard. Biogen's Board of Directors recommended a vote for this proposal (the
"Biogen Bylaw Amendments"). The Participants intend to vote, and recommend that
you vote, FOR this proposal.
OTHER PROPOSALS
The Participants and their affiliates know of no other business to be
presented at the Annual Meeting. If any other matters should properly come
before the Annual Meeting, it is intended that the persons named on the enclosed
GOLD proxy card will vote that proxy on such other matters in accordance with
their judgment.
VOTING PROCEDURES
According to Biogen's Proxy Statement, the Bylaws and applicable law,
holders of shares of Biogen's Common Stock, at the close of business on the
Record Date are entitled to notice of, and to vote at, the Annual Meeting. Each
share of Common Stock outstanding on the Record Date is entitled to one vote on
each matter presented at the Annual Meeting.
According to Biogen's Proxy Statement, the Bylaws and applicable law,
directors are elected by a plurality of the votes cast by the holders of
Biogen's Common Stock at a meeting at which a quorum is present. Plurality means
that the individuals who receive the largest number of votes cast are elected as
directors up to the maximum number of directors to be chosen at the meeting.
Consequently, any shares not voted (whether by abstention, broker nonvote or
otherwise) have no impact in the election of directors. A quorum is a majority
of the Shares issued and outstanding and entitled to vote, present in person or
represented by proxy at the Annual Meeting. The Shares represented by a proxy
marked "withhold" or "abstain" will be considered present at the Annual Meeting
for purposes of determining a quorum.
According to Biogen's Proxy Statement, the Bylaws and applicable law,
amendments to the Bylaws are effected by the affirmative vote of a majority of
the Shares issued and outstanding and entitled to vote thereon. An affirmative
vote means that a vote must be cast in favor of the Icahn Bylaw Amendments.
Consequently, any shares not voted (whether by abstention, broker nonvoter or
otherwise) would have the effect of a vote AGAINST the Icahn Bylaw Amendments.
According to the Biogen Proxy Statement, as of the Record Date, there were [ ]
Shares issued and outstanding. As a result, in order to amend the Bylaws, at
least [ ] Shares must be affirmatively voted in FAVOR of the Icahn Bylaw
Amendments.
According to Biogen's Proxy Statement, the Bylaws and applicable law,
amendments to the Bylaws are effected by the affirmative vote of a majority of
the Shares issued and outstanding and entitled to vote thereon. An affirmative
vote means that a vote must be cast in favor of the Biogen Bylaw Amendments.
Consequently, any shares not voted (whether by abstention, broker nonvoter or
otherwise) would have the effect of a vote AGAINST the Biogen Bylaw Amendments.
According to the Biogen Proxy Statement, as of the Record Date, there were [ ]
Shares issued and outstanding. As a result, in order to amend the Bylaws, at
least [ ] Shares must be affirmatively voted in FAVOR of the Biogen Bylaw
Amendments.
According to Biogen's Proxy Statement, the Bylaws and applicable law, the
affirmative vote of a majority of Shares present in person or represented by
proxy at the Annual Meeting and entitled to vote thereon are required to ratify
the selection of the independent registered accounting firm.
As explained in the detailed instructions on your GOLD proxy card, there
are four ways you may vote. You may:
1. Sign, date and return the enclosed GOLD proxy card in the enclosed
postage-paid envelope. We recommend that you vote on the GOLD proxy
card even if you plan to attend the Annual Meeting;
2. Vote via the Internet by following the voting instructions on the GOLD
proxy card or the voting instructions provided by your broker, bank or
other holder of record.;
3. Vote by telephone by following the voting instructions on the GOLD
proxy card or the instructions provided by your broker, bank or other
holder of record; or
4. Vote in person by attending the Annual Meeting. Written ballots will
be distributed to Stockholders who wish to vote in person at the
Annual Meeting. If you hold your Shares through a bank, broker or
other custodian, you must obtain a legal proxy from such custodian in
order to vote in person at the meeting.
To submit a proxy with voting instructions by telephone please call the
telephone number listed on the GOLD proxy card. Proxies may also be submitted
over the Internet. Please refer to the GOLD proxy card for the website
information. In each case Stockholders will be required to provide the unique
control number which has been printed on each Stockholder's GOLD proxy card. In
addition to the instructions that appear on the GOLD proxy card, step-by-step
instructions will be provided by a recorded telephone message for those
Stockholders submitting proxies by telephone, or at the designated website for
those Stockholders submitting proxies over the Internet. Stockholders submitting
their proxies with voting instructions by telephone or over the Internet will
receive confirmation on the telephone that their vote by telephone was
successfully submitted, and may provide an email address for confirmation that
their vote by Internet was successfully submitted.
Whether or not you are able to attend the Annual Meeting, you are urged to
complete the enclosed GOLD proxy and return it in the enclosed self-addressed,
prepaid envelope. All valid proxies received prior to the meeting will be voted.
If you specify a choice with respect to any item by marking the appropriate box
on the proxy, the Shares will be voted in accordance with that specification. IF
NO SPECIFICATION IS MADE, THE SHARES WILL BE VOTED (I) FOR DR. ALEXANDER J.
DENNER FOR DIRECTOR; (II) FOR DR. RICHARD C. MULLIGAN FOR DIRECTOR; (III) FOR
DR. THOMAS F. DEUEL FOR DIRECTOR; (IV) FOR DR. DAVID SIDRANSKY FOR DIRECTOR; (V)
FOR THE ICAHN BYLAW AMENDMENTS; (VI) FOR THE NORTH DAKOTA REINCORPORATION
RESOLUTION; (VII) FOR THE RATIFICATION OF SELECTION OF THE INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM; (VIII) FOR THE BIOGEN BYLAW AMENDMENTS; AND
(IX) IN THE PROXY HOLDERS' DISCRETION AS TO OTHER MATTERS THAT MAY PROPERLY COME
BEFORE THE ANNUAL MEETING.
If you have any questions or require any assistance in executing your
proxy, please call:
D.F. King & Co., Inc.
Stockholders call toll-free: (800) 769-4414
Banks and Brokers call collect: (212) 269-5550
PROXY PROCEDURES
IN ORDER FOR YOUR VIEWS TO BE REPRESENTED AT THE ANNUAL MEETING, PLEASE
MARK, SIGN, DATE AND RETURN THE ENCLOSED GOLD PROXY CARD IN THE ENCLOSED
POSTAGE-PREPAID ENVELOPE OR USE THE GOLD PROXY CARD TO VOTE BY TELEPHONE OR
INTERNET.
The accompanying GOLD proxy card will be voted at the Annual Meeting in
accordance with your instructions on such card.
Only holders of record as of the close of business on the Record Date will
be entitled to vote. If you were a Stockholder of record on the Record Date, you
will retain your voting rights at the Annual Meeting even if you sell such
shares after the Record Date. Accordingly, it is important that you vote the
shares held by you on the Record Date, or grant a proxy to vote such shares on
the GOLD proxy card, even if you sell such shares after the Record Date.
BROKER NON-VOTES
If you hold your shares in street name and do not provide voting
instructions to your broker, your shares will not be voted on any proposal on
which your broker does not have discretionary authority to vote. In this case, a
"broker non-vote" occurs. Shares constituting broker non-votes are not counted
or deemed to be present or represented for the purpose of determining whether
shareholders have approved a matter, but they are counted as present for the
purpose of determining a quorum at the Annual Meeting.
For the Annual Meeting, because the solicitation of proxies described in
this proxy statement, the election of directors at the Annual Meeting is a
"non-routine matter" and brokers do not have discretionary authority to vote
your shares on "non-routine matters." Therefore, unless you provide specific
voting instructions to your broker, they would not have discretionary authority
to vote your shares for the election of directors at the Annual Meeting and your
shares would not be voted for any of the Nominees. If your shares are held in
street name, your broker or nominee has enclosed a voting instruction card with
this proxy statement. We strongly encourage you to vote your shares by following
the instructions provided on the proxy card.
IF YOUR SHARES ARE HELD IN THE NAME OF A BROKERAGE FIRM, BANK, BANK NOMINEE
OR OTHER INSTITUTION ON THE RECORD DATE, ONLY IT CAN VOTE SUCH SHARES AND ONLY
UPON RECEIPT OF YOUR SPECIFIC INSTRUCTIONS. ACCORDINGLY, PLEASE CONTACT THE
PERSON RESPONSIBLE FOR YOUR ACCOUNT AND INSTRUCT THAT PERSON TO EXECUTE ON YOUR
BEHALF THE GOLD PROXY CARD AS SOON AS POSSIBLE.
REVOCATION OF PROXIES
Any Stockholders of record may revoke or change his or her proxy
instructions at any time prior to the vote at the Annual Meeting in any of the
following ways, by:
o submitting a properly executed, subsequently dated GOLD proxy card
that will revoke all prior proxy cards, including any White proxy
cards which you may have submitted to Biogen (or if you want to revoke
a GOLD proxy card (which we do not recommend), then submit a
subsequently dated WHITE proxy card that will revoke all prior proxy
cards, including any GOLD proxy cards which you may have submitted to
the Participants);
o by telephone or via the Internet as to how you would like your shares
voted (instructions are on your GOLD proxy card);
o attending the Annual Meeting and withdrawing his or her proxy by
voting in person (although attendance at the Annual Meeting will not
in and of itself constitute revocation of a proxy); or
o delivering written notice of revocation either to the Icahn Parties
c/o D.F. King & Co., Inc., 48 Wall Street, New York, New York 10005,
or the Corporate Secretary of Biogen.
Although a revocation is effective if delivered to Biogen, the Icahn
Parties request that either the original or a copy of any revocation be mailed
to the Icahn Parties c/o D.F. King & Co., Inc., 48 Wall Street, New York, New
York 10005, so that the Icahn Parties will be aware of all revocations.
IF YOU PREVIOUSLY SIGNED AND RETURNED A WHITE PROXY CARD TO BIOGEN, WE URGE
YOU TO REVOKE IT IN ANY OF THE FOLLOWING WAYS: BY (1) MARKING, SIGNING, DATING
AND RETURNING THE GOLD PROXY CARD, (2) BY TELEPHONE OR VIA THE INTERNET AS TO
HOW YOU WOULD LIKE YOUR SHARES VOTED WITH RESPECT TO THE GOLD PROXY CARD
(INSTRUCTIONS ARE ON THE GOLD PROXY CARD), (3) ATTENDING THE ANNUAL MEETING AND
VOTING IN PERSON OR (4) DELIVERING A WRITTEN NOTICE OF REVOCATION TO THE ICAHN
PARTIES OR TO THE CORPORATE SECRETARY OF THE COMPANY.
COST AND METHOD OF SOLICITATION
Solicitation of proxies will be made by Messrs. Icahn, Denner, Sris, Ende
and Meckler.
The Icahn Parties have retained D.F. King & Co., Inc. ("DF King") to
conduct the solicitation, for which DF King is to receive a fee not to exceed
$300,000, plus reimbursement for its reasonable out-of-pocket expenses. The
Icahn Parties have agreed to indemnify DF King against certain liabilities and
expenses, including certain liabilities under the federal securities laws.
Insofar as indemnification for liabilities arising under the federal securities
laws may be permitted to DF King pursuant to the foregoing provisions, we have
been informed, that in the opinion of the Securities and Exchange Commission,
such indemnification is against public policy and is therefore unenforceable.
Proxies may be solicited by mail, courier services, Internet, advertising,
telephone or telecopier or in person. It is anticipated that DF King will employ
approximately 100 persons to solicit proxies from Biogen Stockholders for the
Annual Meeting. The total expenditures in furtherance of, or in connection with,
the solicitation of proxies is approximately $[ ] to date, and is estimated to
be $[ ] million in total.
The Icahn Parties intend to seek reimbursement for the costs and expenses
associated with the proxy solicitation in the event that any of the Nominees are
elected to the Board of Directors of Biogen, but do not intend to submit the
issue of reimbursement to a vote of Stockholders.
ADDITIONAL INFORMATION
Certain information regarding the securities of Biogen held by Biogen's
directors, management and 5% Stockholders is contained in Biogen's Proxy
Statement. Information concerning the date by which proposals of security
holders intended to be presented at the next annual meeting of Stockholders of
Biogen must be received by Biogen for inclusion in Biogen's Proxy Statement and
form of proxy for that meeting is also contained in Biogen's Proxy Statement.
This information is expected to be contained in Biogen's public filings. The
Participants take no responsibility for the accuracy or completeness of such
information contained in Biogen's public filings.
Date: [ ]
CARL C. ICAHN
ALEXANDER J. DENNER
RICHARD C. MULLIGAN
THOMAS F. DEUEL
DAVID SIDRANSKY
MAYU SRIS
ERIC ENDE
JEFFREY MECKLER
ICAHN PARTNERS LP
ICAHN PARTNERS MASTER FUND LP
ICAHN PARTNERS MASTER FUND II LP
ICAHN PARTNERS MASTER FUND III LP
HIGH RIVER LIMITED PARTNERSHIP
BARBERRY CORP.
HOPPER INVESTMENTS LLC
ICAHN OFFSHORE LP
ICAHN ONSHORE LP
ICAHN CAPITAL LP
IPH GP LLC
ICAHN ENTERPRISES HOLDINGS L.P.
ICAHN ENTERPRISES G.P. INC.
BECKTON CORP.
ANNEX A
BENEFICIAL OWNERSHIP OF SECURITIES OF BIOGEN
BENEFICIAL OWNERSHIP OF SECURITIES OF BIOGEN AS OF THE CLOSE OF BUSINESS ON
APRIL 24, 2009:
(1) TITLE OF (2) NAME OF (3) BENEFICIAL (4) PERCENT OF
CLASS (1) BENEFICIAL OWNERSHIP CLASS (3)
OWNER (2)
--------------------------------------------------------------------------------
Common Stock, High River 3,215,051 [ ]%
par value $0.0005
per share
--------------------------------------------------------------------------------
Common Stock, Icahn Partners 4,532,847 [ ]%
par value $0.0005
per share
--------------------------------------------------------------------------------
Common Stock, Icahn Master 5,888,807 [ ]%
par value $0.0005
per share
--------------------------------------------------------------------------------
Common Stock, Icahn Master II 1,761,077 [ ]%
par value $0.0005
per share
--------------------------------------------------------------------------------
Common Stock, Icahn Master III 677,474 [ ]%
par value $0.0005
per share
--------------------------------------------------------------------------------
TOTAL 16,075,256 [ ]%
_________________________
(1) Please note that the Icahn Parties also purchased certain call options on
Shares as described on Attachment 1 to this Annex A and wrote certain put
options on Shares as described on Attachment 2 to this Annex A. All such
call options were exercised on August 24, 2007. All such put options
expired on August 24, 2007.
(2) Please note that each Record Holder listed in this table is, as of the
close of business on April 24, 2009, the direct beneficial owner of the
Shares set forth under the heading "(3) Beneficial Ownership" and that
indirect beneficial ownership of Shares is described below in the text of
this Annex A under the heading "Description of Beneficial Ownership."
(3) Please note that percentages of ownership set forth in this column were
calculated based on the number of Shares stated to be outstanding as of [
], 2009, as reported in Biogen's Proxy Statement filed on [ ], 2009.
INFORMATION ABOUT MR. ICAHN
Mr. Icahn has an interest in the election of directors at the Annual
Meeting indirectly through the beneficial ownership of securities, as described
below.
Carl C. Icahn, 73, has served as chairman of the board and a director of
Starfire Holding Corporation, a privately-held holding company, and chairman of
the board and a director of various subsidiaries of Starfire, since 1984. Since
August 2007, through his position as Chief Executive Officer of Icahn Capital
LP, a wholly owned subsidiary of Icahn Enterprises L.P., and certain related
entities, Mr. Icahn's principal occupation is managing private investment funds,
including Icahn Partners LP, Icahn Partners Master Fund LP, Icahn Partners
Master Fund II LP and Icahn Partners Master Fund III LP. Prior to August 2007,
Mr. Icahn conducted this occupation through his entities CCI Onshore Corp. and
CCI Offshore Corp since September 2004. Since November 1990, Mr. Icahn has been
chairman of the board of Icahn Enterprises G.P. Inc., the general partner of
Icahn Enterprises L.P. Icahn Enterprises L.P. is a diversified holding company
engaged in a variety of businesses, including investment management, metals,
real estate and home fashion. Mr. Icahn was chairman of the board and president
of Icahn & Co., Inc., a registered broker-dealer and a member of the National
Association of Securities Dealers, from 1968 to 2005. Mr. Icahn has served as
chairman of the board and as a director of American Railcar Industries, Inc., a
company that is primarily engaged in the business of manufacturing covered
hopper and tank railcars, since 1994. From October 1998 through May 2004, Mr.
Icahn was the president and a director of Stratosphere Corporation, the owner
and operator of the Stratosphere Hotel and Casino in Las Vegas, which until
February 2008, was a subsidiary of Icahn Enterprises L.P. From September 2000 to
February 2007, Mr. Icahn served as the chairman of the board of GB Holdings,
Inc., which owned an interest in Atlantic Coast Holdings, Inc., the owner and
operator of The Sands casino in Atlantic City until November 2006. Mr. Icahn has
been chairman of the board and a director of XO Holdings, Inc., a
telecommunications services provider, since February 2006 and of its predecessor
from January 2003 to February 2006. Mr. Icahn has served as a Director of Cadus
Corporation, a company engaged in the ownership and licensing of yeast-based
drug discovery technologies since July 1993. In May 2005, Mr. Icahn became a
director of Blockbuster Inc., a provider of in-home movie rental and game
entertainment. In October 2005, Mr. Icahn became a director of WestPoint
International, Inc., a manufacturer of bed and bath home fashion products. From
September 2006 until December 2008, Mr. Icahn was a director of ImClone Systems
Incorporated, a biopharmaceutical company, and from October 2006 to November
2008 was the chairman of the board. In August 2007, Mr. Icahn became a director
of WCI Communities, Inc., a homebuilding company, and since September 2007 has
been the chairman of the board of WCI. In December 2007, Mr. Icahn became a
director of Federal-Mogul Corporation, a supplier of automotive products, and
since January 2008 has been the chairman of the board of Federal-Mogul. Mr.
Icahn received his B.A. from Princeton University.
BENEFICIAL OWNERSHIP
Barberry Corp., a Delaware corporation ("Barberry"), is the sole member of
Hopper Investments LLC, a Delaware limited liability company ("Hopper"), which
is the general partner of High River. Beckton Corp., a Delaware corporation
("Beckton") is the sole stockholder of Icahn Enterprises G.P. Inc., a Delaware
corporation ("Icahn Enterprises GP"), which is the general partner of Icahn
Enterprises Holdings L.P. ("Icahn Enterprises Holdings"). Icahn Enterprises
Holdings is the sole member of IPH GP LLC, a Delaware limited liability company
("IPH"), which is the general partner of Icahn Capital LP, a Delaware limited
partnership ("Icahn Capital"). Icahn Capital is the general partner of each of
Icahn Onshore LP, a Delaware limited partnership ("Icahn Onshore") and Icahn
Offshore LP, a Delaware limited partnership ("Icahn Offshore"). Icahn Onshore is
the general partner of Icahn Partners. Icahn Offshore is the general partner of
each of Icahn Master, Icahn Master II and Icahn Master III. Each of Barberry and
Beckton is 100 percent owned by Carl C. Icahn. As such, Mr. Icahn is in a
position indirectly to determine the investment and voting decisions made by
each of High River, Icahn Partners, Icahn Master, Icahn Master II and Icahn
Master III (collectively, the "Icahn Parties").
The Icahn Parties and Carl C. Icahn are deemed to beneficially own, in the
aggregate, 16,075,256 Shares, representing approximately [ ]% of Biogen's
outstanding Shares (based upon the [ ] Shares stated to be outstanding as of [
], 2009 by Biogen in Biogen's Proxy Statement filed on [ ], 2009.)
High River has sole voting power and sole dispositive power with regard to
3,215,051 Shares. Each of Hopper, Barberry and Mr. Icahn has shared voting power
and shared dispositive power with regard to such Shares. Icahn Partners has sole
voting power and sole dispositive power with regard to 4,532,847 Shares. Each of
Icahn Onshore, Icahn Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises
GP, Beckton and Mr. Icahn has shared voting power and shared dispositive power
with regard to such Shares. Icahn Master has sole voting power and sole
dispositive power with regard to 5,888,807 Shares. Each of Icahn Offshore, Icahn
Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton and Mr.
Icahn has shared voting power and shared dispositive power with regard to such
Shares. Icahn Master II has sole voting power and sole dispositive power with
regard to 1,761,077 Shares. Each of Icahn Offshore, Icahn Capital, IPH, Icahn
Enterprises Holdings, Icahn Enterprises GP, Beckton and Mr. Icahn has shared
voting power and shared dispositive power with regard to such Shares. Icahn
Master III has sole voting power and sole dispositive power with regard to
677,474 Shares. Each of Icahn Offshore, Icahn Capital, IPH, Icahn Enterprises
Holdings, Icahn Enterprises GP, Beckton and Mr. Icahn has shared voting power
and shared dispositive power with regard to such Shares.
Each of Hopper, Barberry and Mr. Icahn, by virtue of their relationships to
High River, are deemed to beneficially own the Shares which High River directly
beneficially owns. Each of Icahn Onshore, Icahn Capital, IPH, Icahn Enterprises
Holdings, Icahn Enterprises GP, Beckton and Mr. Icahn, by virtue of their
relationships to Icahn Partners, are deemed to beneficially own the Shares which
Icahn Partners directly beneficially owns. Each of Icahn Offshore, Icahn
Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton and Mr.
Icahn, by virtue of their relationships to Icahn Master, Icahn Master II and
Icahn Master III, are deemed to beneficially own the Shares which Icahn Master,
Icahn Master II and Icahn Master III directly beneficially own.
TWO YEAR SUMMARY TABLE
The following table indicates the date of each purchase and sale of Shares, as
well as the exercise of call options, by the Icahn Parties within the past two
years, and the number of shares in each such purchase, sale, or call option
exercise.
SHARES PURCHASED/
(SOLD) AND CALL
NAME DATE OPTIONS EXERCISED (4)
---- ---- ---------------------
HIGH RIVER
--------------------------------------------------------------------------------
High River April 27, 2007 30,000
--------------------------------------------------------------------------------
High River April 30, 2007 25,000
--------------------------------------------------------------------------------
High River May 1, 2007 19,200
--------------------------------------------------------------------------------
High River May 2, 2007 31,300
--------------------------------------------------------------------------------
High River May 3, 2007 30,000
--------------------------------------------------------------------------------
High River May 4, 2007 20,000
--------------------------------------------------------------------------------
High River May 7, 2007 20
--------------------------------------------------------------------------------
High River May 8, 2007 6,934
--------------------------------------------------------------------------------
High River May 10, 2007 120,000
--------------------------------------------------------------------------------
High River May 11, 2007 20,000
--------------------------------------------------------------------------------
High River May 14, 2007 50,000
--------------------------------------------------------------------------------
High River May 15, 2007 40,000
--------------------------------------------------------------------------------
High River May 16, 2007 20,000
--------------------------------------------------------------------------------
High River May 17, 2007 30,000
--------------------------------------------------------------------------------
High River May 18, 2007 20,000
--------------------------------------------------------------------------------
High River May 21, 2007 10,000
--------------------------------------------------------------------------------
High River May 22, 2007 17,149
--------------------------------------------------------------------------------
High River May 24, 2007 106,000
--------------------------------------------------------------------------------
High River May 25, 2007 56,286
--------------------------------------------------------------------------------
High River May 29, 2007 43,111
--------------------------------------------------------------------------------
High River August 24, 2007 941,470 *
--------------------------------------------------------------------------------
High River August 24, 2007 943,952 **
--------------------------------------------------------------------------------
High River September 6, 2007 (147,100)
--------------------------------------------------------------------------------
High River September 7, 2007 (55,240)
--------------------------------------------------------------------------------
High River September 10, 2007 (2,098)
--------------------------------------------------------------------------------
High River September 25, 2007 (109,000)
--------------------------------------------------------------------------------
High River September 26, 2007 (60,530)
--------------------------------------------------------------------------------
High River October 16, 2007 (64,020)
--------------------------------------------------------------------------------
High River October 16, 2007 (67,046)
--------------------------------------------------------------------------------
High River December 13, 2007 500,000
--------------------------------------------------------------------------------
High River December 13, 2007 59,793
--------------------------------------------------------------------------------
High River December 18, 2007 (113,660)
--------------------------------------------------------------------------------
High River December 19, 2007 (107,207)
--------------------------------------------------------------------------------
High River December 19, 2007 (46,133)
--------------------------------------------------------------------------------
High River December 20, 2007 (160,000)
--------------------------------------------------------------------------------
High River December 21, 2007 (124,000)
--------------------------------------------------------------------------------
High River December 24, 2007 (108,793)
--------------------------------------------------------------------------------
High River December 24, 2007 (11,207)
--------------------------------------------------------------------------------
High River January 24, 2008 33,000
--------------------------------------------------------------------------------
High River January 25, 2008 390,000
--------------------------------------------------------------------------------
High River August 1, 2008 180,000
--------------------------------------------------------------------------------
High River August 1, 2008 541,600
--------------------------------------------------------------------------------
High River August 4, 2008 100,000
--------------------------------------------------------------------------------
High River August 5, 2008 4,900
--------------------------------------------------------------------------------
High River August 6, 2008 39,280
--------------------------------------------------------------------------------
High River August 7, 2008 50,000
--------------------------------------------------------------------------------
High River August 8, 2008 7,680
--------------------------------------------------------------------------------
High River August 11, 2008 620
--------------------------------------------------------------------------------
High River August 11, 2008 91,000
--------------------------------------------------------------------------------
High River October 28, 2008 (340,000)
--------------------------------------------------------------------------------
High River October 29, 2008 (225,000)
--------------------------------------------------------------------------------
High River December 2, 2008 54,300.00
--------------------------------------------------------------------------------
High River December 3, 2008 62,133.00
--------------------------------------------------------------------------------
High River December 4, 2008 131,153.00
--------------------------------------------------------------------------------
High River December 5, 2008 30,204.00
--------------------------------------------------------------------------------
_________________________
(4) Sales of Shares in this column are indicated by the use of a parenthetical.
ICAHN PARTNERS
--------------------------------------------------------------------------------
Icahn Partners April 27, 2007 38,293
--------------------------------------------------------------------------------
Icahn Partners April 30, 2007 31,911
--------------------------------------------------------------------------------
Icahn Partners May 1, 2007 24,186
--------------------------------------------------------------------------------
Icahn Partners May 2, 2007 39,817
--------------------------------------------------------------------------------
Icahn Partners May 3, 2007 38,165
--------------------------------------------------------------------------------
Icahn Partners May 4, 2007 25,442
--------------------------------------------------------------------------------
Icahn Partners May 7, 2007 26
--------------------------------------------------------------------------------
Icahn Partners May 8, 2007 8,820
--------------------------------------------------------------------------------
Icahn Partners May 10, 2007 152,654
--------------------------------------------------------------------------------
Icahn Partners May 11, 2007 25,442
--------------------------------------------------------------------------------
Icahn Partners May 14, 2007 63,606
--------------------------------------------------------------------------------
Icahn Partners May 15, 2007 50,885
--------------------------------------------------------------------------------
Icahn Partners May 16, 2007 25,443
--------------------------------------------------------------------------------
Icahn Partners May 17, 2007 38,163
--------------------------------------------------------------------------------
Icahn Partners May 18, 2007 25,443
--------------------------------------------------------------------------------
Icahn Partners May 21, 2007 12,721
--------------------------------------------------------------------------------
Icahn Partners May 22, 2007 21,815
--------------------------------------------------------------------------------
Icahn Partners May 24, 2007 134,930
--------------------------------------------------------------------------------
Icahn Partners May 25, 2007 71,611
--------------------------------------------------------------------------------
Icahn Partners May 29, 2007 54,848
--------------------------------------------------------------------------------
Icahn Partners August 24, 2007 1,214,776 *
--------------------------------------------------------------------------------
Icahn Partners August 24, 2007 1,218,780 **
--------------------------------------------------------------------------------
Icahn Partners September 7, 2007 (54,463)
--------------------------------------------------------------------------------
Icahn Partners September 10, 2007 (2,878)
--------------------------------------------------------------------------------
Icahn Partners September 25, 2007 (149,338)
--------------------------------------------------------------------------------
Icahn Partners September 26, 2007 (83,068)
--------------------------------------------------------------------------------
Icahn Partners October 16, 2007 (22,510)
--------------------------------------------------------------------------------
Icahn Partners December 13, 2007 754,630
--------------------------------------------------------------------------------
Icahn Partners December 13, 2007 367,948
--------------------------------------------------------------------------------
Icahn Partners December 18, 2007 (171,544)
--------------------------------------------------------------------------------
Icahn Partners December 19, 2007 (196,404)
--------------------------------------------------------------------------------
Icahn Partners December 19, 2007 (35,027)
--------------------------------------------------------------------------------
Icahn Partners December 20, 2007 (241,481)
--------------------------------------------------------------------------------
Icahn Partners December 21, 2007 (187,148)
--------------------------------------------------------------------------------
Icahn Partners December 24, 2007 (181,111)
--------------------------------------------------------------------------------
Icahn Partners January 24, 2008 34,982
--------------------------------------------------------------------------------
Icahn Partners January 25, 2008 585,855
--------------------------------------------------------------------------------
Icahn Partners August 1, 2008 287,915
--------------------------------------------------------------------------------
Icahn Partners August 1, 2008 1,108,403
--------------------------------------------------------------------------------
Icahn Partners August 4, 2008 159,953
--------------------------------------------------------------------------------
Icahn Partners August 5, 2008 7,013
--------------------------------------------------------------------------------
Icahn Partners August 6, 2008 62,819
--------------------------------------------------------------------------------
Icahn Partners August 7, 2008 79,965
--------------------------------------------------------------------------------
Icahn Partners August 8, 2008 12,282
--------------------------------------------------------------------------------
Icahn Partners August 11, 2008 992
--------------------------------------------------------------------------------
Icahn Partners August 11, 2008 145,534
--------------------------------------------------------------------------------
Icahn Partners October 28, 2008 (866,819)
--------------------------------------------------------------------------------
Icahn Partners October 29, 2008 (336,851)
--------------------------------------------------------------------------------
Icahn Partners December 4, 2008 92,838.00
--------------------------------------------------------------------------------
Icahn Partners December 5, 2008 42,583.00
--------------------------------------------------------------------------------
ICAHN MASTER
--------------------------------------------------------------------------------
Icahn Master April 27, 2007 55,094
--------------------------------------------------------------------------------
Icahn Master April 30, 2007 45,911
--------------------------------------------------------------------------------
Icahn Master May 1, 2007 36,875
--------------------------------------------------------------------------------
Icahn Master May 2, 2007 58,162
--------------------------------------------------------------------------------
Icahn Master May 3, 2007 55,738
--------------------------------------------------------------------------------
Icahn Master May 4, 2007 37,163
--------------------------------------------------------------------------------
Icahn Master May 7, 2007 38
--------------------------------------------------------------------------------
Icahn Master May 8, 2007 12,883
--------------------------------------------------------------------------------
Icahn Master May 10, 2007 222,979
--------------------------------------------------------------------------------
Icahn Master May 11, 2007 37,163
--------------------------------------------------------------------------------
Icahn Master May 14, 2007 92,908
--------------------------------------------------------------------------------
Icahn Master May 15, 2007 74,327
--------------------------------------------------------------------------------
Icahn Master May 16, 2007 37,163
--------------------------------------------------------------------------------
Icahn Master May 17, 2007 55,744
--------------------------------------------------------------------------------
Icahn Master May 18, 2007 37,164
--------------------------------------------------------------------------------
Icahn Master May 21, 2007 18,581
--------------------------------------------------------------------------------
Icahn Master May 22, 2007 31,866
--------------------------------------------------------------------------------
Icahn Master May 24, 2007 196,907
--------------------------------------------------------------------------------
Icahn Master May 25, 2007 104,585
--------------------------------------------------------------------------------
Icahn Master May 29, 2007 80,102
--------------------------------------------------------------------------------
Icahn Master August 24, 2007 1,747,975 *
--------------------------------------------------------------------------------
Icahn Master August 24, 2007 1,776,777 **
--------------------------------------------------------------------------------
Icahn Master September 6, 2007 (405,705)
--------------------------------------------------------------------------------
Icahn Master September 7, 2007 (114,462)
--------------------------------------------------------------------------------
Icahn Master September 10, 2007 (3,789)
--------------------------------------------------------------------------------
Icahn Master September 25, 2007 (197,537)
--------------------------------------------------------------------------------
Icahn Master September 26, 2007 (109,329)
--------------------------------------------------------------------------------
Icahn Master October 16, 2007 (170,708)
--------------------------------------------------------------------------------
Icahn Master October 16, 2007 (169,108)
--------------------------------------------------------------------------------
Icahn Master December 13, 2007 862,247
--------------------------------------------------------------------------------
Icahn Master December 13, 2007 209,093
--------------------------------------------------------------------------------
Icahn Master December 18, 2007 (196,006)
--------------------------------------------------------------------------------
Icahn Master December 19, 2007 (13,087)
--------------------------------------------------------------------------------
Icahn Master December 19, 2007 (251,347)
--------------------------------------------------------------------------------
Icahn Master December 20, 2007 (275,919)
--------------------------------------------------------------------------------
Icahn Master December 21, 2007 (213,838)
--------------------------------------------------------------------------------
Icahn Master December 24, 2007 (121,143)
--------------------------------------------------------------------------------
Icahn Master December 24, 2007 (80,102)
--------------------------------------------------------------------------------
Icahn Master December 24, 2007 (5,694)
--------------------------------------------------------------------------------
Icahn Master January 24, 2008 85,509
--------------------------------------------------------------------------------
Icahn Master January 25, 2008 677,871
----------------- --------------------------------------------------------------
Icahn Master August 1, 2008 293,286
--------------------------------------------------------------------------------
Icahn Master August 1, 2008 611,947
--------------------------------------------------------------------------------
Icahn Master August 4, 2008 162,937
--------------------------------------------------------------------------------
Icahn Master August 5, 2008 9,307
--------------------------------------------------------------------------------
Icahn Master August 6, 2008 64,018
--------------------------------------------------------------------------------
Icahn Master August 7, 2008 81,488
--------------------------------------------------------------------------------
Icahn Master August 8, 2008 12,518
--------------------------------------------------------------------------------
Icahn Master August 11, 2008 1,010
--------------------------------------------------------------------------------
Icahn Master August 11, 2008 148,309
--------------------------------------------------------------------------------
Icahn Master October 28, 2008 (259,138)
--------------------------------------------------------------------------------
Icahn Master October 29, 2008 (387,686)
--------------------------------------------------------------------------------
Icahn Master December 2, 2008 217,200.00
--------------------------------------------------------------------------------
Icahn Master December 3, 2008 244,430.00
--------------------------------------------------------------------------------
Icahn Master December 4, 2008 310,807.00
--------------------------------------------------------------------------------
Icahn Master December 5, 2008 55,323.00
--------------------------------------------------------------------------------
ICAHN MASTER II
--------------------------------------------------------------------------------
Icahn Master II April 27, 2007 19,109
----------------- ---------------------------- ---------------------------------
Icahn Master II April 30, 2007 15,923
----------------- ---------------------------- ---------------------------------
Icahn Master II May 1, 2007 11,656
----------------- ---------------------------- ---------------------------------
Icahn Master II May 2, 2007 19,693
----------------- ---------------------------- ---------------------------------
Icahn Master II May 3, 2007 18,876
----------------- ---------------------------- ---------------------------------
Icahn Master II May 4, 2007 12,584
----------------- ---------------------------- ---------------------------------
Icahn Master II May 7, 2007 12
----------------- ---------------------------- ---------------------------------
Icahn Master II May 8, 2007 4,363
----------------- ---------------------------- ---------------------------------
Icahn Master II May 10, 2007 75,504
----------------- ---------------------------- ---------------------------------
Icahn Master II May 11, 2007 12,584
----------------- ---------------------------- ---------------------------------
Icahn Master II May 14, 2007 31,461
----------------- ---------------------------- ---------------------------------
Icahn Master II May 15, 2007 25,167
----------------- ---------------------------- ---------------------------------
Icahn Master II May 16, 2007 12,585
----------------- ---------------------------- ---------------------------------
Icahn Master II May 17, 2007 18,876
----------------- ---------------------------- ---------------------------------
Icahn Master II May 18, 2007 12,584
----------------- ---------------------------- ---------------------------------
Icahn Master II May 21, 2007 6,292
----------------- ---------------------------- ---------------------------------
Icahn Master II May 22, 2007 10,790
----------------- ---------------------------- ---------------------------------
Icahn Master II May 24, 2007 66,766
----------------- ---------------------------- ---------------------------------
Icahn Master II May 25, 2007 35,422
----------------- ---------------------------- ---------------------------------
Icahn Master II May 29, 2007 27,131
----------------- ---------------------------- ---------------------------------
Icahn Master II August 24, 2007 583,382 *
----------------- ---------------------------- ---------------------------------
Icahn Master II August 24, 2007 566,437 **
----------------- ---------------------------- ---------------------------------
Icahn Master II September 6, 2007 (132,473)
----------------- ---------------------------- ---------------------------------
Icahn Master II September 7, 2007 (37,752)
----------------- ---------------------------- ---------------------------------
Icahn Master II September 10, 2007 (1,250)
--------------------------------------------- ----------------------------------
Icahn Master II September 25, 2007 (64,548)
--------------------------------------------- ----------------------------------
Icahn Master II September 26, 2007 (36,077)
--------------------------------------------- ----------------------------------
Icahn Master II October 16, 2007 (62,115)
--------------------------------------------- ----------------------------------
Icahn Master II October 16, 2007 (55,546)
--------------------------------------------- ----------------------------------
Icahn Master II December 13, 2007 277,956
---------------------------------------------- ---------------------------------
Icahn Master II December 13, 2007 45,129
---------------------------------------------- ---------------------------------
Icahn Master II December 18, 2007 (18,055)
---------------------------------------------- ---------------------------------
Icahn Master II December 18, 2007 (45,129)
---------------------------------------------- ---------------------------------
Icahn Master II December 19, 2007 (85,243)
---------------------------------------------- ---------------------------------
Icahn Master II December 20, 2007 (88,947)
---------------------------------------------- ---------------------------------
Icahn Master II December 21, 2007 (68,933)
---------------------------------------------- ---------------------------------
Icahn Master II December 24, 2007 (16,778)
---------------------------------------------- ---------------------------------
Icahn Master II December 24, 2007 (27,131)
---------------------------------------------- ---------------------------------
Icahn Master II December 24, 2007 (22,801)
---------------------------------------------- ---------------------------------
Icahn Master II January 24, 2008 7,764
---------------------------------------------- ---------------------------------
Icahn Master II January 25, 2008 214,839
---------------------------------------------- ---------------------------------
Icahn Master II August 1, 2008 100,573
---------------------------------------------- ---------------------------------
Icahn Master II August 1, 2008 322,181
---------------------------------------------- ---------------------------------
Icahn Master II August 4, 2008 55,873
---------------------------------------------- ---------------------------------
Icahn Master II August 5, 2008 2,419
---------------------------------------------- ---------------------------------
Icahn Master II August 6, 2008 21,943
---------------------------------------------- ---------------------------------
Icahn Master II August 7, 2008 27,932
---------------------------------------------- ---------------------------------
Icahn Master II August 8, 2008 4,291
---------------------------------------------- ---------------------------------
Icahn Master II August 11, 2008 346
---------------------------------------------- ---------------------------------
Icahn Master II August 11, 2008 50,836
---------------------------------------------- ---------------------------------
Icahn Master II October 28, 2008 (170,073)
---------------------------------------------- ---------------------------------
Icahn Master II October 29, 2008 (127,108)
---------------------------------------------- ---------------------------------
Icahn Master II December 4, 2008 85,212.00
---------------------------------------------- ---------------------------------
Icahn Master II December 5, 2008 16,545.00
--------------------------------------------------------------------------------
ICAHN MASTER III
--------------------------------------------------------------------------------
Icahn Master III April 27, 2007 7,504
---------------------------------------------- ---------------------------------
Icahn Master III April 30, 2007 6,255
---------------------------------------------- ---------------------------------
Icahn Master III May 1, 2007 4,083
---------------------------------------------- ---------------------------------
Icahn Master III May 2, 2007 7,528
---------------------------------------------- ---------------------------------
Icahn Master III May 3, 2007 7,221
---------------------------------------------- ---------------------------------
Icahn Master III May 4, 2007 4,811
---------------------------------------------- ---------------------------------
Icahn Master III May 7, 2007 4
---------------------------------------------- ---------------------------------
Icahn Master III May 8, 2007 1,668
---------------------------------------------- ---------------------------------
Icahn Master III May 10, 2007 28,863
---------------------------------------------- ---------------------------------
Icahn Master III May 11, 2007 4,811
---------------------------------------------- ---------------------------------
Icahn Master III May 14, 2007 12,025
---------------------------------------------- ---------------------------------
Icahn Master III May 15, 2007 9,621
---------------------------------------------- ---------------------------------
Icahn Master III May 16, 2007 4,809
---------------------------------------------- ---------------------------------
Icahn Master III May 17, 2007 7,217
---------------------------------------------- ---------------------------------
Icahn Master III May 18, 2007 4,809
---------------------------------------------- ---------------------------------
Icahn Master III May 21, 2007 2,406
---------------------------------------------- ---------------------------------
Icahn Master III May 22, 2007 4,125
---------------------------------------------- ---------------------------------
Icahn Master III May 24, 2007 25,397
---------------------------------------------- ---------------------------------
Icahn Master III May 25, 2007 13,529
---------------------------------------------- ---------------------------------
Icahn Master III May 29, 2007 10,362
---------------------------------------------- ---------------------------------
Icahn Master III August 24, 2007 219,750 *
---------------------------------------------- ---------------------------------
Icahn Master III August 24, 2007 213,810 **
---------------------------------------------- ---------------------------------
Icahn Master III September 6, 2007 (50,222)
---------------------------------------------- ---------------------------------
Icahn Master III September 7, 2007 (14,283)
---------------------------------------------- ---------------------------------
Icahn Master III September 10, 2007 (473)
---------------------------------------------- ---------------------------------
Icahn Master III September 25, 2007 (24,577)
---------------------------------------------- ---------------------------------
Icahn Master III September 26, 2007 (13,647)
---------------------------------------------- ---------------------------------
Icahn Master III October 16, 2007 (23,257)
---------------------------------------------- ---------------------------------
Icahn Master III October 16, 2007 (21,021)
---------------------------------------------- ---------------------------------
Icahn Master III December 13, 2007 105,167
---------------------------------------------- ---------------------------------
Icahn Master III December 13, 2007 17,002
---------------------------------------------- ---------------------------------
Icahn Master III December 18, 2007 (6,904)
---------------------------------------------- ---------------------------------
Icahn Master III December 18, 2007 (17,002)
---------------------------------------------- ---------------------------------
Icahn Master III December 19, 2007 (32,252)
---------------------------------------------- ---------------------------------
Icahn Master III December 20, 2007 (33,653)
---------------------------------------------------- ---------------------------
Icahn Master III December 21, 2007 (26,081)
---------------------------------------------- ---------------------------------
Icahn Master III December 24, 2007 (6,277)
---------------------------------------------- ---------------------------------
Icahn Master III December 24, 2007 (10,362)
---------------------------------------------- ---------------------------------
Icahn Master III December 24, 2007 (8,601)
---------------------------------------------- ---------------------------------
Icahn Master III January 24, 2008 3,745
---------------------------------------------- ---------------------------------
Icahn Master III January 25, 2008 81,435
---------------------------------------------- ---------------------------------
Icahn Master III August 1, 2008 38,226
---------------------------------------------- ---------------------------------
Icahn Master III August 1, 2008 123,869
---------------------------------------------- ---------------------------------
Icahn Master III August 4, 2008 21,237
---------------------------------------------- ---------------------------------
Icahn Master III August 5, 2008 861
---------------------------------------------- ---------------------------------
Icahn Master III August 6, 2008 8,340
---------------------------------------------- ---------------------------------
Icahn Master III August 7, 2008 10,615
---------------------------------------------- ---------------------------------
Icahn Master III August 8, 2008 1,629
---------------------------------------------- ---------------------------------
Icahn Master III August 11, 2008 132
--------------------------------------------------------------------------------
Icahn Master III August 11, 2008 19,321
------------------------------------------------- ------------------------------
Icahn Master III October 28, 2008 (63,970)
------------------------------------------------- ------------------------------
Icahn Master III October 29, 2008 (48,355)
------------------------------------------------- ------------------------------
Icahn Master III December 3, 2008 4,103.00
------------------------------------------------- ------------------------------
Icahn Master III December 4, 2008 35,757.00
------------------------------------------------- ------------------------------
Icahn Master III December 5, 2008 6,364.00
------------------------------------------------- ------------------------------
* These numbers consist of Shares obtained by the respective Icahn Party as a
result of an exercise by such party of its call options written by Merrill Lynch
International, which had a strike price of $35.50 and an expiration date of
November 26, 2008 (which options were purchased by the Icahn Parties as
described on Attachment 1 to this Annex A), and the dates set forth in the table
above with respect to such Shares are the dates on which such options were
exercised.
** These numbers consist of Shares obtained by the respective Icahn Party as a
result of an exercise by such party of its call options written by UBS AG, which
had a strike price of $31.50 and an expiration date of November 26, 2008 (which
options were purchased by the Icahn Parties as described on Attachment 1 to this
Annex A), and the dates set forth in the table above with respect to such Shares
are the dates on which such options were exercised.
Shares purchased by each of the Icahn Parties are maintained in margin accounts
that include positions in securities in addition to the Shares. As of [ ], 2009,
the indebtedness of the margin account of each of High River, Icahn Partners,
Icahn Master, Icahn Master II and Icahn Master III was approximately $[ ]
million, $[ ] million, $[ ] million, $[ ] million, and $[ ] million,
respectively.
ATTACHMENT 1 TO ANNEX A
American call options (which are options that may be exercised at any time
before their expiration) purchased by the Icahn Parties were written by UBS AG
and had a $31.50 strike price, expiration date of November 26, 2008, and
provided for physical settlement (unless the party opted for a cash settlement)
are further described in the chart set forth below. On August 24, 2007, the
Icahn Parties exercised all of the call options described in the chart below.
NUMBER OF
SHARES
SUBJECT TO
NAME DATE OPTION PREMIUM
---- ---- ------ -------
HIGH RIVER
--------------------------------------------------------------------------------
High River May 29, 2007 50,000 872,885.00
--------------------------------------------------------------------------------
High River May 31, 2007 85,760 1,772,050.30
--------------------------------------------------------------------------------
High River June 1, 2007 74,000 1,532,014.60
--------------------------------------------------------------------------------
High River June 4, 2007 40,000 822,144.00
--------------------------------------------------------------------------------
High River June 8, 2007 81,151 1,619,295.17
--------------------------------------------------------------------------------
High River June 11, 2007 20,000 399,928.00
--------------------------------------------------------------------------------
High River June 12, 2007 27,765 543,258.32
--------------------------------------------------------------------------------
High River June 13, 2007 54,976 1,088,150.96
--------------------------------------------------------------------------------
High River June 14, 2007 40,000 796,540.00
--------------------------------------------------------------------------------
High River June 27, 2007 43,600 936,092.00
--------------------------------------------------------------------------------
High River June 28, 2007 100,000 2,203,950.00
--------------------------------------------------------------------------------
High River June 29, 2007 100,000 2,203,370.00
--------------------------------------------------------------------------------
High River July 2, 2007 53,100 1,164,259.98
--------------------------------------------------------------------------------
High River July 9, 2007 25,400 587,283.56
--------------------------------------------------------------------------------
High River July 10, 2007 11,200 258,709.92
--------------------------------------------------------------------------------
High River July 16, 2007 50,000 1,197,000.00
--------------------------------------------------------------------------------
High River July 17, 2007 87,000 2,058,367.80
--------------------------------------------------------------------------------
ICAHN PARTNERS
--------------------------------------------------------------------------------
Icahn Partners May 29, 2007 63,614 1,110,554.13
--------------------------------------------------------------------------------
Icahn Partners May 31, 2007 109,109 2,254,508.36
--------------------------------------------------------------------------------
Icahn Partners June 1, 2007 97,229 2,012,922.26
--------------------------------------------------------------------------------
Icahn Partners June 4, 2007 50,954 1,047,288.13
--------------------------------------------------------------------------------
Icahn Partners June 8, 2007 103,652 2,068,282.37
--------------------------------------------------------------------------------
Icahn Partners June 11, 2007 25,514 510,188.15
--------------------------------------------------------------------------------
Icahn Partners June 12, 2007 35,420 693,038.35
--------------------------------------------------------------------------------
Icahn Partners June 13, 2007 70,134 1,388,176.29
--------------------------------------------------------------------------------
Icahn Partners June 14, 2007 51,030 1,016,185.91
--------------------------------------------------------------------------------
Icahn Partners June 27, 2007 55,631 1,194,397.57
--------------------------------------------------------------------------------
Icahn Partners June 28, 2007 127,574 2,811,667.17
--------------------------------------------------------------------------------
Icahn Partners June 29, 2007 127,574 2,810,927.24
--------------------------------------------------------------------------------
Icahn Partners July 2, 2007 64,783 1,420,419.10
--------------------------------------------------------------------------------
Icahn Partners July 9, 2007 46,401 1,072,856.08
--------------------------------------------------------------------------------
Icahn Partners July 10, 2007 14,370 331,934.07
--------------------------------------------------------------------------------
Icahn Partners July 16, 2007 64,157 1,535,918.58
--------------------------------------------------------------------------------
Icahn Partners July 17, 2007 111,634 2,641,193.46
--------------------------------------------------------------------------------
ICAHN MASTER
--------------------------------------------------------------------------------
Icahn Master May 29, 2007 92,903 1,621,872.70
--------------------------------------------------------------------------------
Icahn Master May 31, 2007 159,347 3,292,571.13
--------------------------------------------------------------------------------
Icahn Master June 1, 2007 152,205 3,151,084.89
--------------------------------------------------------------------------------
Icahn Master June 4, 2007 75,113 1,543,842.56
--------------------------------------------------------------------------------
Icahn Master June 8, 2007 152,235 3,037,712.41
--------------------------------------------------------------------------------
Icahn Master June 11, 2007 37,492 749,705.03
--------------------------------------------------------------------------------
Icahn Master June 12, 2007 52,047 1,018,367.22
--------------------------------------------------------------------------------
Icahn Master June 13, 2007 103,056 2,039,808.02
--------------------------------------------------------------------------------
Icahn Master June 14, 2007 74,984 1,493,193.88
--------------------------------------------------------------------------------
Icahn Master June 27, 2007 81,792 1,756,074.24
--------------------------------------------------------------------------------
Icahn Master June 28, 2007 187,463 4,131,590.79
--------------------------------------------------------------------------------
Icahn Master June 29, 2007 187,464 4,130,525.54
--------------------------------------------------------------------------------
Icahn Master July 2, 2007 110,439 2,421,463.43
--------------------------------------------------------------------------------
Icahn Master July 9, 2007 32,806 758,520.65
--------------------------------------------------------------------------------
Icahn Master July 10, 2007 20,966 484,295.73
--------------------------------------------------------------------------------
Icahn Master July 16, 2007 93,601 2,240,807.94
--------------------------------------------------------------------------------
Icahn Master July 17, 2007 162,864 3,853,264.52
--------------------------------------------------------------------------------
ICAHN MASTER II
--------------------------------------------------------------------------------
Icahn Master II May 29, 2007 31,465 549,306.53
--------------------------------------------------------------------------------
Icahn Master II May 31, 2007 53,972 1,115,218.04
--------------------------------------------------------------------------------
Icahn Master II June 1, 2007 34,144 706,879.82
--------------------------------------------------------------------------------
Icahn Master II June 4, 2007 24,577 505,145.83
--------------------------------------------------------------------------------
Icahn Master II June 8, 2007 49,762 992,955.92
--------------------------------------------------------------------------------
Icahn Master II June 11, 2007 12,308 246,115.69
--------------------------------------------------------------------------------
Icahn Master II June 12, 2007 17,085 334,290.24
--------------------------------------------------------------------------------
Icahn Master II June 13, 2007 33,830 669,603.96
--------------------------------------------------------------------------------
Icahn Master II June 14, 2007 24,614 490,150.89
--------------------------------------------------------------------------------
Icahn Master II June 27, 2007 26,772 574,794.84
--------------------------------------------------------------------------------
Icahn Master II June 28, 2007 61,531 1,356,112.47
--------------------------------------------------------------------------------
Icahn Master II June 29, 2007 61,530 1,355,733.56
--------------------------------------------------------------------------------
Icahn Master II July 2, 2007 27,772 608,923.32
--------------------------------------------------------------------------------
Icahn Master II July 9, 2007 16,307 377,040.67
--------------------------------------------------------------------------------
Icahn Master II July 10, 2007 6,860 158,459.83
--------------------------------------------------------------------------------
Icahn Master II July 16, 2007 30,623 733,114.62
--------------------------------------------------------------------------------
Icahn Master II July 17, 2007 53,285 1,260,691.13
--------------------------------------------------------------------------------
ICAHN MASTER III
--------------------------------------------------------------------------------
Icahn Master III May 29, 2007 12,018 209,806.64
--------------------------------------------------------------------------------
Icahn Master III May 31, 2007 20,612 425,903.69
--------------------------------------------------------------------------------
Icahn Master III June 1, 2007 12,422 257,171.42
--------------------------------------------------------------------------------
Icahn Master III June 4, 2007 9,356 192,299.48
--------------------------------------------------------------------------------
Icahn Master III June 8, 2007 18,953 378,190.06
--------------------------------------------------------------------------------
Icahn Master III June 11, 2007 4,686 93,703.13
--------------------------------------------------------------------------------
Icahn Master III June 12, 2007 6,507 127,317.91
--------------------------------------------------------------------------------
Icahn Master III June 13, 2007 12,883 254,995.80
--------------------------------------------------------------------------------
Icahn Master III June 14, 2007 9,372 186,629.32
--------------------------------------------------------------------------------
Icahn Master III June 27, 2007 10,205 219,101.35
--------------------------------------------------------------------------------
Icahn Master III June 28, 2007 23,432 516,429.56
--------------------------------------------------------------------------------
Icahn Master III June 29, 2007 23,432 516,293.66
--------------------------------------------------------------------------------
Icahn Master III July 2, 2007 9,406 206,234.07
--------------------------------------------------------------------------------
Icahn Master III July 9, 2007 6,086 140,716.84
--------------------------------------------------------------------------------
Icahn Master III July 10, 2007 2,604 60,150.06
--------------------------------------------------------------------------------
Icahn Master III July 16, 2007 11,619 278,158.86
--------------------------------------------------------------------------------
Icahn Master III July 17, 2007 20,217 478,322.09
--------------------------------------------------------------------------------
American call options (which are options that may be exercised at any time
before their expiration) purchased by the Icahn Parties were written by Merrill
Lynch International and had a $35.50 strike price, expiration date of November
26, 2008, and provided for physical settlement (unless the party opted for a
cash settlement) are further described in the chart set forth below. On August
24, 2007, the Icahn Parties exercised all of the call options described in the
chart below.
NUMBER OF
SHARES
SUBJECT TO
NAME DATE OPTION PREMIUM
---- ---- ------ -------
HIGH RIVER
--------------------------------------------------------------------------------
High River July 10, 2007 102,929 1,965,665.99
--------------------------------------------------------------------------------
High River July 11, 2007 30,536 582,388.70
--------------------------------------------------------------------------------
High River July 12, 2007 57,192 1,100,545.66
--------------------------------------------------------------------------------
High River July 18, 2007 200,000 3,795,760.00
--------------------------------------------------------------------------------
High River July 19, 2007 159,233 3,082,320.95
--------------------------------------------------------------------------------
High River July 20, 2007 71,580 1,377,929.32
--------------------------------------------------------------------------------
High River July 23, 2007 120,000 2,290,056.00
--------------------------------------------------------------------------------
High River July 31, 2007 94,969 1,978,356.22
--------------------------------------------------------------------------------
High River August 1, 2007 105,031 2,213,633.36
--------------------------------------------------------------------------------
ICAHN PARTNERS
--------------------------------------------------------------------------------
Icahn Partners July 10, 2007 132,074 2,522,256.80
--------------------------------------------------------------------------------
Icahn Partners July 11, 2007 39,181 747,267.87
--------------------------------------------------------------------------------
Icahn Partners July 12, 2007 73,385 1,412,147.56
--------------------------------------------------------------------------------
Icahn Partners July 18, 2007 256,627 4,870,472.51
--------------------------------------------------------------------------------
Icahn Partners July 19, 2007 204,318 3,955,044.82
--------------------------------------------------------------------------------
Icahn Partners July 20, 2007 91,847 1,768,073.12
--------------------------------------------------------------------------------
Icahn Partners July 23, 2007 153,977 2,938,466.27
--------------------------------------------------------------------------------
Icahn Partners July 31, 2007 121,987 2,541,184.39
--------------------------------------------------------------------------------
Icahn Partners August 1, 2007 141,380 2,979,724.88
--------------------------------------------------------------------------------
ICAHN MASTER
--------------------------------------------------------------------------------
Icahn Master July 10, 2007 192,685 3,679,763.25
--------------------------------------------------------------------------------
Icahn Master July 11, 2007 57,163 1,090,224.17
--------------------------------------------------------------------------------
Icahn Master July 12, 2007 107,064 2,060,232.55
--------------------------------------------------------------------------------
Icahn Master July 18, 2007 374,402 7,105,700.68
--------------------------------------------------------------------------------
Icahn Master July 19, 2007 298,086 5,770,140.13
--------------------------------------------------------------------------------
Icahn Master July 20, 2007 133,999 2,579,507.55
--------------------------------------------------------------------------------
Icahn Master July 23, 2007 224,640 4,286,984.83
--------------------------------------------------------------------------------
Icahn Master July 31, 2007 177,800 3,703,858.48
--------------------------------------------------------------------------------
Icahn Master August 1, 2007 182,136 3,838,698.34
--------------------------------------------------------------------------------
ICAHN MASTER II
--------------------------------------------------------------------------------
Icahn Master II July 10, 2007 63,042 1,203,931.99
--------------------------------------------------------------------------------
Icahn Master II July 11, 2007 18,702 356,688.28
--------------------------------------------------------------------------------
Icahn Master II July 12, 2007 35,029 674,063.05
--------------------------------------------------------------------------------
Icahn Master II July 18, 2007 122,495 2,324,808.11
--------------------------------------------------------------------------------
Icahn Master II July 19, 2007 97,526 1,887,840.04
--------------------------------------------------------------------------------
Icahn Master II July 20, 2007 43,842 843,967.27
--------------------------------------------------------------------------------
Icahn Master II July 23, 2007 73,498 1,402,621.13
--------------------------------------------------------------------------------
Icahn Master II July 31, 2007 58,078 1,209,857.66
--------------------------------------------------------------------------------
Icahn Master II August 1, 2007 71,170 1,499,978.92
--------------------------------------------------------------------------------
ICAHN MASTER III
--------------------------------------------------------------------------------
Icahn Master III July 10, 2007 23,917 456,750.12
--------------------------------------------------------------------------------
Icahn Master III July 11, 2007 7,097 135,355.40
--------------------------------------------------------------------------------
Icahn Master III July 12, 2007 13,290 255,739.47
--------------------------------------------------------------------------------
Icahn Master III July 18, 2007 46,476 882,058.71
--------------------------------------------------------------------------------
Icahn Master III July 19, 2007 37,004 716,297.53
--------------------------------------------------------------------------------
Icahn Master III July 20, 2007 16,632 320,169.33
--------------------------------------------------------------------------------
Icahn Master III July 23, 2007 27,885 532,151.76
--------------------------------------------------------------------------------
Icahn Master III July 31, 2007 22,013 458,566.01
--------------------------------------------------------------------------------
Icahn Master III August 1, 2007 25,436 536,089.14
--------------------------------------------------------------------------------
ATTACHMENT 2 TO ANNEX A
European put options (which are options that may be exercised only at their
expiration) bought by the Icahn Parties were written by UBS AG and had a $31.50
strike price, expiration date of November 26, 2008, and provided for cash
settlement only are further described in the chart set forth below. All of the
put options described below expired on August 24, 2007.
NUMBER OF
SHARES
SUBJECT TO
NAME DATE OPTION PREMIUM
---- ---- ------ -------
--------------------------------------------------------------------------------
HIGH RIVER
--------------------------------------------------------------------------------
High River May 29, 2007 50,000 500.00
--------------------------------------------------------------------------------
High River May 31, 2007 85,760 857.60
--------------------------------------------------------------------------------
High River June 1, 2007 74,000 740.00
--------------------------------------------------------------------------------
High River June 4, 2007 40,000 400.00
--------------------------------------------------------------------------------
High River June 8, 2007 81,151 811.51
--------------------------------------------------------------------------------
High River June 11, 2007 20,000 200.00
--------------------------------------------------------------------------------
High River June 12, 2007 27,765 277.65
--------------------------------------------------------------------------------
High River June 13, 2007 54,976 549.76
--------------------------------------------------------------------------------
High River June 14, 2007 40,000 400.00
--------------------------------------------------------------------------------
High River June 27, 2007 43,600 436.00
--------------------------------------------------------------------------------
High River June 28, 2007 100,000 1,000.00
--------------------------------------------------------------------------------
High River June 29, 2007 100,000 1,000.00
--------------------------------------------------------------------------------
High River July 2, 2007 53,100 531.00
--------------------------------------------------------------------------------
High River July 9, 2007 25,400 254.00
--------------------------------------------------------------------------------
High River July 10, 2007 11,200 112.00
--------------------------------------------------------------------------------
High River July 16, 2007 50,000 500.00
--------------------------------------------------------------------------------
High River July 17, 2007 87,000 870.00
--------------------------------------------------------------------------------
ICAHN PARTNERS
--------------------------------------------------------------------------------
Icahn Partners May 29, 2007 63,614 636.14
--------------------------------------------------------------------------------
Icahn Partners May 31, 2007 109,109 1,091.09
--------------------------------------------------------------------------------
Icahn Partners June 1, 2007 97,229 972.29
--------------------------------------------------------------------------------
Icahn Partners June 4, 2007 50,954 509.54
--------------------------------------------------------------------------------
Icahn Partners June 8, 2007 103,652 1,036.52
--------------------------------------------------------------------------------
Icahn Partners June 11, 2007 25,514 255.14
--------------------------------------------------------------------------------
Icahn Partners June 12, 2007 35,420 354.20
--------------------------------------------------------------------------------
Icahn Partners June 13, 2007 70,134 701.34
--------------------------------------------------------------------------------
Icahn Partners June 14, 2007 51,030 510.30
--------------------------------------------------------------------------------
Icahn Partners June 27, 2007 55,631 556.31
--------------------------------------------------------------------------------
Icahn Partners June 28, 2007 127,574 1,275.74
--------------------------------------------------------------------------------
Icahn Partners June 29, 2007 127,574 1,275.74
--------------------------------------------------------------------------------
Icahn Partners July 2, 2007 64,783 647.83
--------------------------------------------------------------------------------
Icahn Partners July 9, 2007 46,401 464.01
--------------------------------------------------------------------------------
Icahn Partners July 10, 2007 14,370 143.70
--------------------------------------------------------------------------------
Icahn Partners July 16, 2007 64,157 641.57
--------------------------------------------------------------------------------
Icahn Partners July 17, 2007 111,634 1,116.34
--------------------------------------------------------------------------------
ICAHN MASTER
--------------------------------------------------------------------------------
Icahn Master May 29, 2007 92,903 929.03
--------------------------------------------------------------------------------
Icahn Master May 31, 2007 159,347 1,593.47
--------------------------------------------------------------------------------
Icahn Master June 1, 2007 152,205 1,522.05
--------------------------------------------------------------------------------
Icahn Master June 4, 2007 75,113 751.13
--------------------------------------------------------------------------------
Icahn Master June 8, 2007 152,235 1,522.35
--------------------------------------------------------------------------------
Icahn Master June 11, 2007 37,492 374.92
--------------------------------------------------------------------------------
Icahn Master June 12, 2007 52,047 520.47
--------------------------------------------------------------------------------
Icahn Master June 13, 2007 103,056 1,030.56
--------------------------------------------------------------------------------
Icahn Master June 14, 2007 74,984 749.84
--------------------------------------------------------------------------------
Icahn Master June 27, 2007 81,792 817.92
--------------------------------------------------------------------------------
Icahn Master June 28, 2007 187,463 1,874.63
--------------------------------------------------------------------------------
Icahn Master June 29, 2007 187,464 1,874.64
--------------------------------------------------------------------------------
Icahn Master July 2, 2007 110,439 1,104.39
--------------------------------------------------------------------------------
Icahn Master July 9, 2007 32,806 328.06
--------------------------------------------------------------------------------
Icahn Master July 10, 2007 20,966 209.66
--------------------------------------------------------------------------------
Icahn Master July 16, 2007 93,601 936.01
--------------------------------------------------------------------------------
Icahn Master July 17, 2007 162,864 1,628.64
--------------------------------------------------------------------------------
ICAHN MASTER II
--------------------------------------------------------------------------------
Icahn Master II May 29, 2007 31,465 314.65
--------------------------------------------------------------------------------
Icahn Master II May 31, 2007 53,972 539.72
--------------------------------------------------------------------------------
Icahn Master II June 1, 2007 34,144 341.44
--------------------------------------------------------------------------------
Icahn Master II June 4, 2007 24,577 245.77
--------------------------------------------------------------------------------
Icahn Master II June 8, 2007 49,762 497.62
--------------------------------------------------------------------------------
Icahn Master II June 11, 2007 12,308 123.08
--------------------------------------------------------------------------------
Icahn Master II June 12, 2007 17,085 170.85
--------------------------------------------------------------------------------
Icahn Master II June 13, 2007 33,830 338.30
--------------------------------------------------------------------------------
Icahn Master II June 14, 2007 24,614 246.14
--------------------------------------------------------------------------------
Icahn Master II June 27, 2007 26,772 267.72
--------------------------------------------------------------------------------
Icahn Master II June 28, 2007 61,531 615.31
--------------------------------------------------------------------------------
Icahn Master II June 29, 2007 61,530 615.30
--------------------------------------------------------------------------------
Icahn Master II July 2, 2007 27,772 277.72
--------------------------------------------------------------------------------
Icahn Master II July 9, 2007 16,307 163.07
--------------------------------------------------------------------------------
Icahn Master II July 10, 2007 6,860 68.60
--------------------------------------------------------------------------------
Icahn Master II July 16, 2007 30,623 306.23
--------------------------------------------------------------------------------
Icahn Master II July 17, 2007 53,285 532.85
--------------------------------------------------------------------------------
ICAHN MASTER III
--------------------------------------------------------------------------------
Icahn Master III May 29, 2007 12,018 120.18
--------------------------------------------------------------------------------
Icahn Master III May 31, 2007 20,612 206.12
--------------------------------------------------------------------------------
Icahn Master III June 1, 2007 12,422 124.22
--------------------------------------------------------------------------------
Icahn Master III June 4, 2007 9,356 93.56
--------------------------------------------------------------------------------
Icahn Master III June 8, 2007 18,953 189.53
--------------------------------------------------------------------------------
Icahn Master III June 11, 2007 4,686 46.86
--------------------------------------------------------------------------------
Icahn Master III June 12, 2007 6,507 65.07
--------------------------------------------------------------------------------
Icahn Master III June 13, 2007 12,883 128.83
----------------------------------------- --------------------- ----------------
Icahn Master III June 14, 2007 9,372 93.72
--------------------------------------------------------------------------------
Icahn Master III June 27, 2007 10,205 102.05
--------------------------------------------------------------------------------
Icahn Master III June 28, 2007 23,432 234.32
--------------------------------------------------------------------------------
Icahn Master III June 29, 2007 23,432 234.32
--------------------------------------------------------------------------------
Icahn Master III July 2, 2007 9,406 94.06
--------------------------------------------------------------------------------
Icahn Master III July 9, 2007 6,086 60.86
--------------------------------------------------------------------------------
Icahn Master III July 10, 2007 2,604 26.04
--------------------------------------------------------------------------------
Icahn Master III July 16, 2007 11,619 116.19
--------------------------------------------------------------------------------
Icahn Master III July 17, 2007 20,217 202.17
--------------------------------------------------------------------------------
European put options (which are options that may be exercised only at their
expiration) bought by the Icahn Parties were written by Merrill Lynch
International and had a $35.50 strike price, expiration date of November 26,
2008, and provided for cash settlement only are further described in the chart
set forth below. All of the put options described below expired on August 24,
2007.
NUMBER OF
SHARES
SUBJECT TO
NAME DATE OPTION PREMIUM
---- ---- ------ -------
HIGH RIVER
--------------------------------------------------------------------------------
High River July 10, 2007 102,929 1,029.29
--------------------------------------------------------------------------------
High River July 11, 2007 30,536 305.36
--------------------------------------------------------------------------------
High River July 12, 2007 57,192 571.92
--------------------------------------------------------------------------------
High River July 18, 2007 200,000 2,000.00
--------------------------------------------------------------------------------
High River July 19, 2007 159,233 1,592.33
--------------------------------------------------------------------------------
High River July 20, 2007 71,580 715.80
--------------------------------------------------------------------------------
High River July 23, 2007 120,000 1,200.00
--------------------------------------------------------------------------------
High River July 31, 2007 94,969 949.69
--------------------------------------------------------------------------------
High River August 1, 2007 105,031 1,050.31
--------------------------------------------------------------------------------
ICAHN PARTNERS
--------------------------------------------------------------------------------
Icahn Partners July 10, 2007 132,074 1,320.74
--------------------------------------------------------------------------------
Icahn Partners July 11, 2007 39,181 391.81
--------------------------------------------------------------------------------
Icahn Partners July 12, 2007 73,385 733.85
--------------------------------------------------------------------------------
Icahn Partners July 18, 2007 256,627 2,566.27
--------------------------------------------------------------------------------
Icahn Partners July 19, 2007 204,318 2,043.18
--------------------------------------------------------------------------------
Icahn Partners July 20, 2007 91,847 918.47
--------------------------------------------------------------------------------
Icahn Partners July 23, 2007 153,977 1,539.77
--------------------------------------------------------------------------------
Icahn Partners July 31, 2007 121,987 1,219.87
--------------------------------------------------------------------------------
Icahn Partners August 1, 2007 141,380 1,413.80
--------------------------------------------------------------------------------
ICAHN MASTER
--------------------------------------------------------------------------------
Icahn Master July 10, 2007 192,685 1,926.85
--------------------------------------------------------------------------------
Icahn Master July 11, 2007 57,163 571.63
--------------------------------------------------------------------------------
Icahn Master July 12, 2007 107,064 1,070.64
--------------------------------------------------------------------------------
Icahn Master July 18, 2007 374,402 3,744.02
--------------------------------------------------------------------------------
Icahn Master July 19, 2007 298,086 2,980.86
--------------------------------------------------------------------------------
Icahn Master July 20, 2007 133,999 1,339.99
--------------------------------------------------------------------------------
Icahn Master July 23, 2007 224,640 2,246.40
--------------------------------------------------------------------------------
Icahn Master July 31, 2007 177,800 1,778.00
--------------------------------------------------------------------------------
Icahn Master August 1, 2007 182,136 1,821.36
--------------------------------------------------------------------------------
ICAHN MASTER II
--------------------------------------------------------------------------------
Icahn Master II July 10, 2007 63,042 630.42
--------------------------------------------------------------------------------
Icahn Master II July 11, 2007 18,702 187.02
--------------------------------------------------------------------------------
Icahn Master II July 12, 2007 35,029 350.29
--------------------------------------------------------------------------------
Icahn Master II July 18, 2007 122,495 1,224.95
--------------------------------------------------------------------------------
Icahn Master II July 19, 2007 97,526 975.26
--------------------------------------------------------------------------------
Icahn Master II July 20, 2007 43,842 438.42
--------------------------------------------------------------------------------
Icahn Master II July 23, 2007 73,498 734.98
--------------------------------------------------------------------------------
Icahn Master II July 31, 2007 58,078 580.78
--------------------------------------------------------------------------------
Icahn Master II August 1, 2007 71,170 711.70
--------------------------------------------------------------------------------
ICAHN MASTER III
--------------------------------------------------------------------------------
Icahn Master III July 10, 2007 23,917 239.17
--------------------------------------------------------------------------------
Icahn Master III July 11, 2007 7,097 70.97
--------------------------------------------------------------------------------
Icahn Master III July 12, 2007 13,290 132.90
--------------------------------------------------------------------------------
Icahn Master III July 18, 2007 46,476 464.76
--------------------------------------------------------------------------------
Icahn Master III July 19, 2007 37,004 370.04
--------------------------------------------------------------------------------
Icahn Master III July 20, 2007 16,632 166.32
--------------------------------------------------------------------------------
Icahn Master III July 23, 2007 27,885 278.85
--------------------------------------------------------------------------------
Icahn Master III July 31, 2007 22,013 220.13
--------------------------------------------------------------------------------
Icahn Master III August 1, 2007 25,436 254.36
--------------------------------------------------------------------------------
ANNEX B
FORM OF NOMINEE AGREEMENT
ICAHN PARTNERS LP
ICAHN PARTNERS MASTER FUND LP
ICAHN PARTNERS MASTER FUND II LP
ICAHN PARTNERS MASTER FUND III LP
HIGH RIVER LIMITED PARTNERSHIP
January 24, 2008
[NAME OF NOMINEE]
Dear ___________:
This will confirm our understanding as follows:
You agree that you are willing, should we so elect, to become a member of a
slate of nominees (the "Slate") to stand for election as directors of Biogen
Idec Inc.. ("Biogen") in connection with a proxy contest with management of
Biogen in respect of the election of directors of Biogen at the 2008 Annual
Meeting of Stockholders of Biogen (the "Annual Meeting"), expected to be held in
the Spring of 2008, or a special meeting of stockholders of Biogen called for a
similar purpose (the "Proxy Contest").
Icahn Partners LP, Icahn Partners Master Fund LP, Icahn Partners Master
Fund II LP, Icahn Partners Master Fund III LP and High River Limited Partnership
(collectively, "Icahn"), agree to pay the costs of the Proxy Contest.
In addition, upon our filing of a preliminary proxy statement with the SEC,
which indicates that Icahn intends to nominate you for election at the Annual
Meeting, you will be paid $25,000 by Icahn.
You understand that it may be difficult, if not impossible, to replace
nominees who, such as yourself, have agreed to serve on the Slate and later
change their minds and determine not to seek election. Accordingly, the Slate is
relying upon your agreement to seek election. In that connection, you are being
supplied with a questionnaire in which you will provide Icahn with information
necessary for Icahn to make appropriate disclosure both to Biogen and for use in
creating the proxy material to be sent to stockholders of Biogen and to be filed
with the Securities and Exchange Commission. You have agreed that (i) you will
immediately complete and sign the questionnaire and return it to Andrew Langham,
Counsel, Icahn Enterprises LP, 767 Fifth Avenue, Suite 4700, New York, NY 10153,
Tel: (212) 702-4382, Fax: (212) 688-1158, Email: alangham@sfire.com, and (ii)
your responses to the questions contained therein will be true and correct in
all respects. In addition, you have agreed that, concurrently with your
execution of this letter, you will execute the attached instrument directed to
Biogen informing Biogen that you consent to being nominated by Icahn for
election as a director of Biogen and, if elected, consent to serving as a
director of Biogen. Upon being notified that we have chosen you, we may forward
that consent and your completed questionnaire (or summaries thereof) to Biogen.
Icahn hereby agrees that, so long as you actually serve on the Slate, Icahn
will defend, indemnify and hold you harmless from and against any and all
losses, damages, penalties, judgments, awards, liabilities, costs, expenses and
disbursements (including, without limitation, reasonable attorneys' fees, costs,
expenses and disbursements) incurred by you in the event that (i) you become a
party, or are threatened to be made a party, to any civil, criminal,
administrative or arbitrative action, suit or proceeding, and any appeal thereof
relating solely to your role as a nominee for director of Biogen on the Slate (a
"Proceeding") or (ii) you are called to testify or give a deposition in any
Proceeding (whether or not you are a party or are threatened to be made a party
to such Proceeding), including, in each case, the advancement to you of all
reasonable attorneys' costs and expenses incurred by you in connection with any
Proceeding. Your right of indemnification hereunder shall continue (i) in the
event that Icahn determines to withdraw the Slate or remove you from the Slate
and (ii) after the election has taken place but only for events which occur
prior to such election and subsequent to the date hereof. Anything to the
contrary herein notwithstanding, Icahn is not indemnifying you for any action
taken by you or on your behalf which occurs prior to the date hereof or
subsequent to the Annual Meeting or such earlier time as you are no longer a
nominee of the Slate for election to Biogen's Board of Directors or for any
actions taken by you as a director of Biogen, if you are elected. Nothing herein
shall be construed to provide you an indemnity: (i) in the event you are found
to have engaged in a violation of any provision of state or federal law in
connection with the Proxy Contest unless you demonstrate that your action was
taken in good faith and in a manner you reasonably believed to be in or not
opposed to the best interests of electing the Slate; or (ii) if you acted in a
manner which constitutes gross negligence or willful misconduct. In the event
that you shall make any claim for indemnification hereunder, you shall promptly
notify Icahn in the event of any third-party claims actually made against you or
known by you to be threatened. In addition, with respect to any such claim,
Icahn shall be entitled to control your defense with counsel chosen by Icahn.
Icahn shall not be responsible for any settlement of any claim against you
covered by this indemnity without its prior written consent. However, Icahn may
not enter into any settlement of any such claim without your consent unless such
settlement includes a release of you from any and all liability in respect of
such claim.
Each of us recognizes that should you be elected to the Board of Directors
of Biogen all of your activities and decisions as a director will be governed by
applicable law and subject to your fiduciary duty to the stockholders of Biogen
and, as a result, that there is, and can be, no agreement between you and Icahn
which governs the decisions which you will make as a director of Biogen.
Should the foregoing agree with your understanding, please so indicate in
the space provided below, whereupon this letter will become a binding agreement
between us. Very truly yours,
ICAHN PARTNERS LP
By: __________________________
Name: Keith Meister
Title: Authorized Signatory
ICAHN PARTNERS MASTER FUND LP
By: __________________________
Name: Keith Meister
Title: Authorized Signatory
ICAHN PARTNERS MASTER FUND II LP
By: __________________________
Name: Keith Meister
Title: Authorized Signatory
ICAHN PARTNERS MASTER FUND III LP
By: __________________________
Name: Keith Meister
Title: Authorized Signatory
HIGH RIVER LIMITED PARTNERSHIP
By: Hopper Investments LLC, its general partner
By: Barberry Corp., its sole member
By: __________________________
Name: Keith Cozza
Title: Treasurer and Secretary
Agreed to and Accepted as of
the date first above written:
--------------------------
Name:
IMPORTANT
---------
1. If your shares are held in your own name, please mark, date and mail the
enclosed GOLD proxy card to our Proxy Solicitor, D.F. King & Co., Inc., in the
postage-paid envelope provided.
2. If your shares are held in the name of a brokerage firm, bank nominee or
other institution, only it can vote such shares and only upon receipt of your
specific instructions. Accordingly, you should contact the person responsible
for your account and give instructions for a GOLD proxy card to be signed
representing your shares.
3. If you have already submitted a white proxy card to Biogen for the
Annual Meeting, you may change your vote to a vote FOR the election of the
Nominee by marking, signing, dating and returning the enclosed GOLD proxy card
for the Annual Meeting, which must be dated after any proxy you may have
submitted to Biogen. You may also submit your later-dated proxy by using the
enclosed GOLD proxy card to vote by telephone or by Internet. ONLY YOUR LATEST
DATED PROXY FOR THE ANNUAL MEETING WILL COUNT AT THE ANNUAL MEETING.
If you have any questions or require any assistance in executing your
proxy, please call:
D.F. King & Co., Inc.
Stockholders call toll-free: (800) 769-4414
Banks and Brokers call collect: (212)269-5550
PRELIMINARY COPY
YOUR VOTE IS IMPORTANT
PLEASE COMPLETE, DATE, SIGN AND MAIL
YOUR PROXY CARD
IN THE ENVELOPE PROVIDED AS SOON AS POSSIBLE.
TO VOTE BY MAIL, PLEASE DETACH PROXY CARD HERE
BIOGEN IDEC, INC.
2009 ANNUAL MEETING OF STOCKHOLDERS
THIS PROXY IS SOLICITED BY CARL C. ICAHN, ALEXANDER J. DENNER,
RICHARD C. MULLIGAN, THOMAS F. DEUEL, DAVID SIDRANSKY,
MAYU SRIS, ERIC ENDE, JEFFREY MECKLER, ICAHN PARTNERS LP,
ICAHN PARTNERS MASTER FUND LP, ICAHN PARTNERS MASTER FUND II LP,
ICAHN PARTNERS MASTER FUND III LP, HIGH RIVER LIMITED PARTNERSHIP,
BARBERRY CORP., HOPPER INVESTMENTS LLC, ICAHN OFFSHORE LP, ICAHN ONSHORE LP,
ICAHN CAPITAL LP, IPH GP LLC, ICAHN ENTERPRISES HOLDINGS L.P., BECKTON CORP.
AND ICAHN ENTERPRISES G.P. INC. (COLLECTIVELY, THE "PARTICIPANTS")
The undersigned hereby appoints and constitutes each of Carl C. Icahn, Dr.
Alexander J. Denner and Mayu Sris, (acting alone or together) as proxies, with
full power of substitution in each, to represent the undersigned at the Annual
Meeting of Stockholders of Biogen Idec, Inc. ("Biogen") to be held on [ ], 2009
at 9:00 a.m. local time, at [ ], and at any adjournment or postponement thereof,
hereby revoking any proxies previously given, to vote all shares of Common Stock
of Biogen held or owned by the undersigned as directed below, and in their
discretion upon such other matters as may come before the meeting. IF NO
DIRECTION IS MADE WITH RESPECT TO A PROPOSAL, THIS PROXY WILL BE VOTED AS
FOLLOWS WITH RESPECT TO ANY SUCH PROPOSAL: (I) FOR DR. ALEXANDER J. DENNER FOR
DIRECTOR; (II) FOR DR. RICHARD C. MULLIGAN FOR DIRECTOR; (III) FOR DR. THOMAS F.
DEUEL FOR DIRECTOR; (IV) FOR DR. DAVID SIDRANSKY FOR DIRECTOR; (V) FOR THE ICAHN
BYLAW AMENDMENTS; (VI) FOR THE NORTH DAKOTA REINCORPORATION RESOLUTION; (VII)
FOR THE RATIFICATION OF SELECTION OF THE INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM; (VIII) FOR THE BIOGEN BYLAW AMENDMENTS; AND (IX) IN THE PROXY
HOLDERS' DISCRETION AS TO OTHER MATTERS THAT MAY PROPERLY COME BEFORE THE ANNUAL
MEETING.
The Proxy Statement, as well as other proxy materials distributed by the
Participants, is available free of charge online at http://dfking.com/BIIB.
YOUR VOTE IS VERY IMPORTANT--PLEASE VOTE YOUR PROXY TODAY.
(CONTINUED AND TO BE SIGNED AND DATED ON THE REVERSE SIDE.)
THERE ARE THREE WAYS TO AUTHORIZE THE PROXIES TO CAST YOUR VOTES
YOUR TELEPHONE OR INTERNET VOTE AUTHORIZES THE NAMED PROXIES TO VOTE YOUR
SHARES IN THE SAME MANNER AS IF YOU HAD RETURNED YOUR PROXY CARD. WE
ENCOURAGE YOU TO USE THESE COST EFFECTIVE AND CONVENIENT WAYS OF
VOTING, 24 HOURS A DAY, 7 DAYS A WEEK.
TELEPHONE VOTING INTERNET VOTING VOTING BY MAIL
The method of voting is Visit the Internet voting Simply sign and date
available for residents Web site at http://www.tab- your proxy card and
of the U.S. and Canada. ulationsplus.com/biib. Have return it in the
On a touch tone telephone, this proxy card ready and postage-paid envelope
call TOLL FREE 1(866)368- follow the instructions on to D.F. King & Co.,
4703, 24 hours a day, 7 your screen. You will incur Inc., c/o Independent
days a week. Have this only your usual Internet Tabulator, P.O. Box
proxy card ready, then charges. Available 24 hours 1977, New York, NY
follow the prerecorded a day, 7 days a week until 10117-0024. If you
instructions. Your vote 5:00 p.m. Eastern Daylight are voting by tele-
will be confirmed and cast Time on [ ], 2009. phone or the Internet,
as you have directed. please do not mail
Available 24 hours a day, your proxy card.
7 days a week until 5:00
p.m. Eastern Daylight
Time on [ ], 2009.
DETACH BELOW AND RETURN USING THE ENVELOPE PROVIDED ONLY IF YOU ARE VOTING BY
MAIL
PLEASE MARK
[X] VOTES AS IN
THIS EXAMPLE.
THE PARTICIPANTS RECOMMEND A VOTE "FOR" THE ELECTION OF ITS NOMINEES AND "FOR"
PROPOSALS FOUR AND FIVE.
WITHHOLD
AUTHORITY FOR ALL
FOR ALL TO VOTE FOR NOMINEES
PROPOSAL 1: To elect NOMINEES ALL NOMINEES EXCEPT
(01) Dr. Alexander J. Denner, as director [ ] [ ] [ ]
(02) Dr. Richard Mulligan, as director [ ] [ ] [ ]
(03) Dr. Thomas F. Deuel, as director [ ] [ ] [ ]
(04) Dr. David Sidransky, as director [ ] [ ] [ ]
The Icahn Parties intend to use this proxy to vote (i) FOR Dr. Alexander J.
Denner for Director, (ii) FOR Dr. Richard C. Mulligan for Director, (iii) FOR
Dr. Thomas F. Deuel for Director, (iv) FOR Dr. David Sidransky for Director; (v)
FOR the Icahn Bylaw Amendments; (vi) FOR the North Dakota Reincorporation
Resolution; (vii) FOR the ratification of selection of the independent
registered public accounting firm; (viii) FOR the Biogen Bylaw Amendments; and
(ix) in the proxy holder's discretion as to other matters that may properly come
before the annual meeting. The Icahn Parties are NOT seeking authority to vote
for and WILL NOT exercise any authority to vote for Mr. Lawrence C. Best, Mr.
Alan B. Glassberg, Mr. Robert W. Pangia or Mr. William D. Young. There is no
assurance that any of the Biogen nominees will serve as directors if any or all
of the Icahn Parties' nominees are elected to the Board. You should refer to the
proxy statement and form of proxy distributed by Biogen for the names,
background, qualifications and other information concerning the Biogen nominees.
NOTE: IF YOU DO NOT WISH FOR YOUR SHARES TO BE VOTED "FOR" A PARTICULAR ICAHN
PARTIES' NOMINEE, MARK THE "FOR ALL NOMINEES EXCEPT" BOX AND WRITE THE NAME(S)
OF THE NOMINEE(S) YOU DO NOT SUPPORT ON THE LINE BELOW:
--------------------------------------------------------------------------------
PROPOSAL 2: Approval of the FOR AGAINST ABSTAIN
Icahn Bylaw Amendments [ ] [ ] [ ]
PROPOSAL 3: Approval of the North [ ] [ ] [ ]
Dakota Reincorporation
Resolution
PROPOSAL 4: Ratification of [ ] [ ] [ ]
Independent Registered
Public Accounting Firm
PROPOSAL 5: Approval of the Biogen [ ] [ ] [ ]
Bylaw Amendments
Dated: _______________, 2009
----------------------------
Signature(s)
----------------------------
Signature (if held jointly)
----------------------------
Title(s), if any
Please sign exactly as your name(s) appear(s) hereon. If shares are issued in
the name of two or more persons, all such persons should sign the proxy. A proxy
executed by a corporation or other company should be signed in its name by its
authorized officers. Executors, administrators, trustees and partners should
indicate their positions when signing.