2008 ANNUAL MEETING OF STOCKHOLDERS
OF
BIOGEN IDEC INC.
-------------------
PROXY STATEMENT
OF
CARL C. ICAHN
ALEXANDER J. DENNER
ANNE B. YOUNG
RICHARD C. MULLIGAN
VINCENT J. INTRIERI
KEITH A. MEISTER
DAVID S. SCHECHTER
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 2008 Annual Meeting (the "Annual
Meeting") of Stockholders of Biogen which is scheduled to be held at 9:00 A.M.,
local time, on June 19, 2008, at the American Academy of Arts and Sciences, 136
Irving Street, Cambridge, MA 02138, 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 May 16, 2008.
At the Annual Meeting, the Participants (as hereinafter defined) will seek
to elect to the Board of Directors of Biogen - Dr. Alexander J. Denner, Dr. Anne
B. Young and Professor Richard C. Mulligan (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.
In addition, Biogen's Amended and Restated ByLaws (the "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 2009 annual meeting,
the Participants will seek to amend the ByLaws to fix the number of directors at
twelve. For example, if the Stockholders elect Dr. Alexander J. Denner, Dr. Anne
B. Young and Professor Richard C. Mulligan to the Board at the 2008 Annual
Meeting, and in 2009, a Stockholder nominates, and the Stockholders elect, four
director nominees at the 2009 annual meeting, then the Board would include seven
Stockholder nominated directors. If the Bylaw Amendments (as defined below) are
adopted by the Stockholders at the 2008 Annual Meeting and the Board is fixed at
12 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 Bylaw Amendments are not adopted at the 2008 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
would merely constitute a minority of the Board. As such, the Participants will
seek to amend the Bylaws (collectively, the "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 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 twelve (12)."
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 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."
DR. ALEXANDER J. DENNER, DR. ANNE B. YOUNG AND PROFESSOR RICHARD C.
MULLIGAN URGE STOCKHOLDERS TO VOTE FOR EACH OF THEM AS DIRECTORS AND TO VOTE FOR
EACH OF THE BYLAW AMENDMENTS.
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, in the case of Dr. Young and Professor
Mulligan, pursuant to an agreement in which certain affiliates of Carl C. Icahn
have agreed to pay each of Dr. Young and Professor Mulligan $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").
DR. ALEXANDER J. DENNER, DR. ANNE B. YOUNG AND PROFESSOR RICHARD C.
MULLIGAN ARE COMMITTED TO ACTING IN THE BEST INTEREST OF ALL STOCKHOLDERS OF
BIOGEN. WE URGE YOU TO VOTE YOUR GOLD PROXY CARD FOR DR. ALEXANDER J. DENNER,
DR. ANNE B. YOUNG AND PROFESSOR RICHARD C. MULLIGAN AND FOR EACH OF THE BYLAW
AMENDMENTS.
IMPORTANT
According to Biogen's Proxy Statement, the Bylaws and applicable law, the
election of the Nominees requires the affirmative vote of a plurality of the
votes cast by the holders of Biogen's Common Stock at a meeting at which a
quorum is present in person or represented by proxy. The amendment of the Bylaws
requires the affirmative vote of a majority of the Shares issued and outstanding
and entitled to vote. 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 and FOR the Bylaw Amendments.
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. SEE "VOTING
PROCEDURES" AND "PROXY PROCEDURES" BELOW.
If you have any questions or require any assistance in executing your
proxy, please call:
Georgeson Inc.
Stockholders call toll-free: (800) 377-9583
Banks and Brokers call collect: (212) 440-9800
Only holders of record of Biogen's voting securities as of the close of
business on April 21, 2008 (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 291,522,405 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 12,435,904 shares of Common Stock, representing
approximately 4.26 % of the outstanding shares of Common Stock. The Participants
and their affiliates intend to vote such shares FOR the election of the Nominees
and FOR the Bylaw Amendments.
VOTE FOR THE NOMINEES AND FOR THE BYLAW AMENDMENTS 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. Anne B.
Young and Professor Richard C. Mulligan), 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. Vincent J. Intrieri, Mr. Keith A. Meister and Mr. David
S. Schechter.
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.
Intrieri's, Mr. Meister's and Mr. Schechter's business address is c/o Icahn
Associates Corp., 767 Fifth Avenue, 47th Floor, New York, NY 10153. Dr. Young's
business address is Neurology Service, 720 Wang Building, Massachusetts General
Hospital, 55 Fruit Street, Boston, MA 02114. Professor Mulligan's business
address is Harvard Gene Therapy Initiative, Harvard Institutes of Medicine,
Suite 407, 4 Blackfan Circle, Boston, MA 02115.
Icahn Partners, Icahn Master, Icahn Master II, Icahn Master III and High
River (collectively, the "Icahn Parties") are entities controlled by Mr. Icahn.
Messrs. Denner, Meister, Intrieri and Schechter 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.
Messrs. Denner, Intrieri, Meister and Schechter do not own beneficially any
interest in securities of Biogen, and will not receive any special compensation
in connection with such solicitation. In connection with their employment by Mr.
Icahn and his affiliated companies, Messrs. Denner, Meister, Intrieri and
Schechter, among other employees, each 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, each of Messrs. Denner, Meister
and Intrieri also has capital accounts in the Funds. Generally, in the
aggregate: (i) Mr. Meister's profit interests and capital accounts in the Funds
entitle him to less than 2% of the profits generated by the Funds; (ii) Mr.
Intrieri's profit interests and capital accounts in the Funds entitle him to
less than 2% of the profits generated by the Funds; (iii) Mr. Schechter's profit
interests in the Funds entitle him to less than 1% of the profits generated by
the Funds; and (iv) Dr. Denner's profit interests and capital accounts in the
Funds entitle him to less than 2% of the profits generated by the Funds.
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 January 24, 2008 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. Anne B. Young and Professor
Richard C. Mulligan as members of the board of directors of Biogen. The
Nominees, if elected, would serve a three-year term and hold office until the
2011 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.
According to Biogen's Proxy Statement, the Board of Directors of Biogen
(the "Board") intend to nominate four candidates for election as directors at
the Annual Meeting. This proxy statement is soliciting proxies to elect not only
Dr. Denner, Dr. Young and Professor Mulligan, but also the Biogen nominee other
than Mr. Cecil B. Pickett, Ms. Lynn Schenk and Mr. Stelios Papadopoulos. This
gives stockholders who wish to vote for Dr. Denner, Dr. Young and Professor
Mulligan and such other person the ability to do so. Under applicable proxy
rules we are required either to solicit proxies only for Dr. Denner, Dr. Young
and Professor Mulligan, which could result in limiting the ability of
Stockholders to fully exercise their voting rights with respect to Biogen's
nominees, or to solicit for Dr. Denner, Dr. Young and Professor Mulligan and for
fewer than all of Biogen's nominees, which enables a Stockholder who desires to
vote for Dr. Denner, Dr. Young and Professor Mulligan to also vote for the
Biogen nominee for whom we are soliciting proxies. Mr. Icahn notes that, subject
to the Stockholders approval of the Bylaw Amendments, if Dr. Denner, Dr. Young
and Professor Mulligan are elected, and if a majority of the Board members
thereafter determines that it would be desirable that Mr. Cecil B. Pickett, Ms.
Lynn Schenk and Mr. Stelios Papadopoulos serve as Board members, the Board could
permit that result by increasing the size of the Board and adding Mr. Cecil B.
Pickett, Ms. Lynn Schenk and Mr. Stelios Papadopoulos as additional members.
Dr. Anne B. Young and Professor Richard C. Mulligan 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. Young and
Professor Mulligan 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. Young and Professor Mulligan 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, 38, serves as a Managing Director of entities
affiliated with Carl C. Icahn, including Icahn Partners, Icahn Master, Icahn
Master II and Icahn Master III. Dr. Denner has served in this position since
August 2006. Icahn Partners, Icahn Master, Icahn Master II and Icahn Master III
are private investment funds. 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. Since September 2006, Dr. Denner has served as a
director of ImClone Systems Incorporated, a publicly traded biopharmaceutical
company and has served as the chairman of the executive committee of ImClone. In
addition, Dr. Denner has served as a director of Adventrx Pharmaceuticals Inc.,
a publicly traded biopharmaceutical company since October 2006. Dr. Denner
currently serves as a director of HyperMed, Inc., a privately held company
specializing in imaging platforms for medical and surgical applications. 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. ANNE B. YOUNG
Dr. Young, 60, Julieanne Dorn Professor of Neurology at Harvard Medical
School and the Chief, Neurology Service at Massachusetts General Hospital, is a
researcher and clinician whose work has concentrated on neurotransmitter systems
in the basal ganglia and their role in Huntington's, Alzheimer's and Parkinson's
diseases. Dr. Young holds membership in both the Institute of Medicine and the
American Academy of Arts and Sciences. Dr. Young was inducted as a Fellow in the
Royal Academy of Physicians in London in 2005. Dr. Young is a Phi Beta Kappa,
summa cum laude graduate of Vassar College who completed her medical studies at
Johns Hopkins in 1973. She received a Ph.D. in Pharmacology from Johns Hopkins
in 1974, and then completed residency training in neurology at the University of
California, San Francisco. After residency, she joined the neurology faculty at
the University of Michigan where she advanced to Professor in 1985. In 1991, she
was recruited to the Massachusetts General Hospital as Chief of the Neurology
Service and Julieanne Dorn Professor of Neurology at Harvard Medical School.
Dr. Young provided some of the first evidence that glutamic acid is a
neurotransmitter. Subsequently, she and her colleagues identified glutamate as a
transmitter of corticostriatal and corticospinal tracts. Her laboratory first
described techniques to measure subtypes of glutamate receptors
autoradiographically and went on to demonstrate receptor alterations in
Huntington's and Alzheimer's disease. Dr. Young's current research work includes
elucidating cellular and systems mechanisms underlying the pathophysiology of
neurodegenerative diseases such as Huntington's disease, Alzheimer's disease and
Parkinson's disease. In an effort to help develop therapeutic targets for human
disorders of movement, she is conducting studies on the vulnerability of neurons
to excitotoxic injury and the selective expression of glutamate receptors in
these neurons. Recently, she has discovered that transgenic animals expressing
exon 1 of the huntingtin protein (Huntington's disease is caused by a mutation
of the gene encoding this protein) have markedly altered receptors that may play
a central role in the neuronal degeneration of Huntington's disease. Her studies
suggest that mutant huntingtin may alter receptor expression selectively when it
accumulates in the nucleus. Altered receptor expression occurs early and may
contribute to selective cell death.
Dr. Young serves on the editorial board of numerous biomedical journals and
she has been the recipient of many awards and honors for her work. She is a
member of the Scientific Advisory Boards of several voluntary organizations. She
is the past President of the American Neurological Association and the Society
for Neuroscience.
PROFESSOR RICHARD C. MULLIGAN
Professor Mulligan, 53, 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 has been a Director and member of the Executive
Committee since September 2006. 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.
WE STRONGLY URGE YOU TO VOTE FOR THE ELECTION OF DR. ALEXANDER J. DENNER,
DR. ANNE B. YOUNG AND PROFESSOR RICHARD C. MULLIGAN 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. ANNE B. YOUNG, PROFESSOR RICHARD C. MULLIGAN AND THE BIOGEN NOMINEE OTHER
THAN MR. CECIL B. PICKETT, MS. LYNN SCHENK AND MR. STELIO PAPADOPOULOS.
PROPOSAL 2 -- 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 2009 annual meeting, the Participants will seek to amend
the ByLaws to fix the number of directors at twelve. For example, if the
Stockholders elect Dr. Alexander J. Denner, Dr. Anne B. Young and Professor
Richard C. Mulligan to the Board at the 2008 Annual Meeting, and in 2009, a
Stockholder nominates, and the Stockholders elect, four director nominees at the
2009 annual meeting, then the Board would include seven Stockholder nominated
directors. If the Bylaw Amendments are adopted by the Stockholders at the 2008
Annual Meeting and the Board is fixed at 12 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 Bylaw Amendments are not
adopted at the 2008 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 would merely constitute 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 twelve (12)."
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 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."
WE STRONGLY URGE YOU TO VOTE FOR THE 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 BYLAW AMENDMENTS.
OTHER MATTERS TO BE CONSIDERED AT THE ANNUAL MEETING
According to Biogen's Proxy Statement, Biogen is soliciting proxies with
respect to three proposals other than the election of directors and the Bylaw
Amendments. 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 (I) FOR PROPOSAL 3
BELOW, AND (II) AGAINST PROPOSALS 4 AND 5 BELOW.
PROPOSAL 3 -- 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 4 -- APPROVAL OF BIOGEN'S 2008 OMNIBUS EQUITY PLAN
At the Annual Meeting, the Stockholders will be asked to vote to approve
Biogen's 2008 Omnibus Equity Plan that will provide stock-based compensation to
Biogen's employees. Biogen's Board of Directors recommended a vote for this
proposal. The Participants intend to vote, and recommend that you vote, against
this proposal.
PROPOSAL 5 -- APPROVAL OF BIOGEN'S 2008 PERFORMANCE-BASED MANAGEMENT INCENTIVE
PLAN
At the Annual Meeting, the Stockholders will be asked to vote to approve
Biogen's 2008 Performance-Based Management Incentive Plan that will provide a
cash incentive program for certain members of management. Biogen's Board of
Directors recommended a vote for this proposal. The Participants intend to vote,
and recommend that you vote, against 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 Bylaw Amendments.
Consequently, any shares not voted (whether by abstention, broker nonvoter or
otherwise) would have the effect of a vote AGAINST the Bylaw Amendments. As of
the Record Date, there were 291,522,405 Shares issued and outstanding. As a
result, in order to amend the Bylaws, at least 145,761,203 Shares must be
affirmatively voted in FAVOR of the 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 (i)
ratify the selection of the independent registered accounting firm, (ii) approve
Biogen's 2008 Omnibus Equity Plan and (iii) approve Biogen's 2008
Performance-Based Management Incentive Plan.
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. If you submit your vote by Internet, you may
incur costs associated with electronic access, such as usage charges
from Internet access providers and telephone companies;
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. ANNE B. YOUNG FOR DIRECTOR; (III) FOR
PROFESSOR RICHARD C. MULLIGAN FOR DIRECTOR; (IV) FOR THE PERSON WHO HAS BEEN
NOMINATED BY BIOGEN TO SERVE AS DIRECTOR, OTHER THAN MR. CECIL B. PICKETT, MS.
LYNN SCHENK AND MR. STELIOS PAPADOPOULOS; (V) FOR THE BYLAW AMENDMENTS; (VI) FOR
THE RATIFICATION OF SELECTION OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM; (VII) AGAINST BIOGEN'S 2008 OMNIBUS EQUITY PLAN; (VIII) AGAINST BIOGEN'S
2008 PERFORMANCE-BASED MANAGEMENT INCENTIVE PLAN; 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:
Georgeson Inc.
Stockholders call toll-free: (800) 377-9583
Banks and Brokers call collect: (212) 440-9800
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.
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 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;
o instructing the Icahn Parties 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 Georgeson Inc., 199 Water Street, 26th Floor, New York, New York
10038, 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 Georgeson Inc., 199 Water Street, 26th Floor, New York,
New York 10038, 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 BY (1) MARKING, SIGNING, DATING AND RETURNING THE GOLD PROXY
CARD, (2) INSTRUCTING US BY TELEPHONE OR VIA THE INTERNET AS TO HOW YOU WOULD
LIKE YOUR SHARES VOTED WITH RESPECT TO 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 shall be made by Messrs. Icahn, Denner, Meister,
Intrieri and Schechter.
The Icahn Parties have retained Georgeson Inc. ("Georgeson") to conduct the
solicitation, for which Georgeson is to receive a fee not to exceed $350,000,
plus reimbursement for its reasonable out-of-pocket expenses. The Icahn Parties
have agreed to indemnify Georgeson 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 Georgeson 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 Georgeson will employ
approximately 60 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 $75,000 to date, and is estimated
to be $1.3 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 security holders.
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: May 16, 2008
CARL C. ICAHN
ALEXANDER J. DENNER
ANNE B. YOUNG
RICHARD C. MULLIGAN
VINCENT J. INTRIERI
KEITH A. MEISTER
DAVID S. SCHECHTER
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 MAY
16, 2008:
(1) TITLE OF (2) NAME OF (3) BENEFICIAL (4) PERCENT OF
CLASS (1) BENEFICIAL OWNERSHIP CLASS (3)
OWNER(2)
--------------------------------------------------------------------------------
Common Stock, High River 2,487,181 0.85%
par value $0.0005
per share
--------------------------------------------------------------------------------
Common Stock, Icahn Partners 3,736,220 1.28%
par value $0.0005
per share
--------------------------------------------------------------------------------
Common Stock, Icahn Master 4,323,051 1.48%
par value $0.0005
per share
--------------------------------------------------------------------------------
Common Stock, Icahn Master II 1,370,107 0.47%
par value $0.0005
per share
--------------------------------------------------------------------------------
Common Stock, Icahn Master III 519,345 0.18%
par value $0.0005
per share
--------------------------------------------------------------------------------
TOTAL 12,435,904 4.26%
____________________
(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 May 16, 2008, 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
April 21, 2008, as reported in Biogen's Proxy Statement filed on May 8,
2008.
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, 72, 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. In
September 2006, Mr. Icahn became a director of ImClone Systems Incorporated, a
biopharmaceutical company, and since October 2006 has been the chairman of the
board of ImClone Systems. 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. In April, 2008, Mr.
Icahn became a director of Motricity, Inc., a company that provides mobile
content services and solutions. 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, 12,435,904 Shares, representing approximately 4.26% of Biogen's
outstanding Shares (based upon the 291,522,405 Shares stated to be outstanding
as of April 21, 2008 by Biogen in Biogen's Proxy Statement.)
High River has sole voting power and sole dispositive power with regard to
2,487,181 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 3,736,220 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 4,323,051 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 1,370,107 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
519,345 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.
NAME DATE SHARES PURCHASED/SOLD
AND CALL 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
--------------------------------------------------------------------------------
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 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 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 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
--------------------------------------------------------------------------------
____________________
(4) Sales of Shares in this column are indicated by the use of a parenthetical.
* These amounts 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 amounts 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.
Part of the purchase price of Shares purchased by High River was obtained
through margin borrowing. Shares purchased by High River are maintained in a
margin account that includes positions in securities in addition to the Shares.
The indebtedness of the margin account as of May 15, 2008 was approximately $1.1
billion.
ATTACHMENT 1 TO ANNEX A
Call options purchased by the Icahn Parties, which were written by UBS AG and
have a $31.50 strike price, expiration date of November 26, 2008, and are
further described in the chart set forth below. On August 24, 2007, the Icahn
Parties exercised all of the call options described in the chart below and
thereby acquired the Shares covered by such options.
NAME DATE NUMBER OF OPTION
SHARES SUBJECT PREMIUM
TO OPTION ($)
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
Call options purchased by the Icahn Parties, which were written by Merrill Lynch
International and have a $35.50 strike price, expiration date of November 26,
2008, and are further described in the chart set forth below. On August 24,
2007, the Icahn Parties exercised all of the call options described in the chart
below and thereby acquired the Shares covered by such options.
NAME DATE NUMBER OF OPTION
SHARES SUBJECT PREMIUM
TO OPTION ($)
--------------------------------------------------------------------------------
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
Put options purchased by the Icahn Parties, which were written by UBS AG and had
a $31.50 strike price, expiration date of November 26, 2008, and provided for
cash settlement only and for exercise only at expiration are further described
in the chart set forth below. All of the put options described below terminated
on August 24, 2007.
NAME DATE NUMBER OF OPTION
SHARES SUBJECT PREMIUM
TO OPTION ($)
--------------------------------------------------------------------------------
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 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
--------------------------------------------------------------------------------
Put options purchased by the Icahn Parties, which were written by Merrill Lynch
International and had a $35.50 strike price, expiration date of November 26,
2008, and provided for cash settlement only and for exercise only at expiration
are further described in the chart set forth below. All of the put options
described below terminated on August 24, 2007.
NAME DATE NUMBER OF OPTION
SHARES SUBJECT PREMIUM
TO OPTION ($)
--------------------------------------------------------------------------------
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 L.P., 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, Georgeson 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:
Georgeson Inc.
Stockholders call toll-free: (800) 377-9583
Banks and Brokers call collect: (212) 440-9800
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.
2008 ANNUAL MEETING OF STOCKHOLDERS
THIS PROXY IS SOLICITED BY
CARL C. ICAHN, ALEXANDER J. DENNER, ANNE B. YOUNG,
RICHARD C. MULLIGAN, VINCENT J. INTRIERI, KEITH A. MEISTER, DAVID SCHECHTER,
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., AND BECKTON CORP.
The undersigned hereby appoints and constitutes each of Carl C. Icahn, Dr.
Alexander J. Denner and Keith A. Meister, (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
June 19, 2008 at 9:00 a.m. local time, at the America Academy of Arts &
Sciences, 136 Irving Street, Cambridge, MA 02138, 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. ANNE B. YOUNG FOR DIRECTOR; (III) FOR
PROFESSOR RICHARD C. MULLIGAN FOR DIRECTOR; (IV) FOR THE PERSON WHO HAS BEEN
NOMINATED BY BIOGEN TO SERVE AS DIRECTOR, OTHER THAN MR. CECIL B. PICKETT, MS.
LYNN SCHENK AND MR. STELIOS PAPADOPOULOS; (V) FOR THE BYLAW AMENDMENTS; (VI) FOR
THE RATIFICATION OF SELECTION OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM; (VII) AGAINST BIOGEN'S 2008 OMNIBUS EQUITY PLAN; (VIII) AGAINST BIOGEN'S
2008 PERFORMANCE-BASED MANAGEMENT INCENTIVE PLAN; AND (IX) IN THE PROXY HOLDERS'
DISCRETION AS TO OTHER MATTERS THAT MAY PROPERLY COME BEFORE THE ANNUAL MEETING.
If any nominee for director is unable or declines to serve as director, this
proxy will be voted for any nominee that any of Icahn Partners LP, Icahn
Partners Master Fund LP, Icahn Partners Master Fund II LP, Icahn Partners Master
Fund III LP or High River Limited Partnership (collectively, the "Icahn
Parties") designates.
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
This method of voting is available for Visit the Internet voting Web site at Simply sign and date your proxy card and
residents of the U.S. and Canada. On a http://proxy.georgeson.com. Have this return it in the postage-paid envelope to
touch tone telephone, call TOLL FREE 1- proxy card ready and follow the instruc- Georgeson Inc., Wall Street Station, P.O.
866-219-9799, 24 hours a day, 7 days a tions on your screen. You will incur Box 1100, New York, NY 10269-0646. If you
week. Have this proxy card ready, then only your usual Internet charges. are voting by telephone or the Internet,
follow the prerecorded instructions. Available 24 hours a day, 7 days a please do not mail your proxy card.
You vote will be confirmed and cast as week until 5:00 p.m. Eastern Daylight
you have directed. Available 24 hours Time on June 18, 2008.
a day, 7 days a week until 5:00 p.m.
Eastern Daylight Time on June 18, 2008.
DETACH BELOW AND RETURN USING THE ENVELOPE PROVIDED ONLY IF YOU ARE VOTING BY MAIL
PLEASE MARK
[X] VOTES AS IN
THIS EXAMPLE.
THE ICAHN PARTIES RECOMMEND A VOTE "FOR" THE ELECTION OF ITS NOMINEES AND "FOR" PROPOSALS 2 AND 3, AND "AGAINST" PROPOSALS 4 AND 5.
PROPOSAL 1: To elect: WITHHOLD
AUTHORITY FOR ALL
(01) Dr. Alexander J. Denner, as director FOR ALL TO VOTE FOR Nominees
Nominees All Nominees EXCEPT
(02) Dr. Anne B. Young, as director and
[ ] [ ] [ ]
(03) Professor Richard C. Mulligan, as director
The Icahn Parties intend to use this proxy to vote (i) FOR Dr. Alexander J. Denner, (ii) FOR Dr. Anne B. Young, (iii) FOR
Professor Richard C. Mulligan, (iv) FOR the person who has been nominated by Biogen to serve as director, other than Mr. Cecil B.
Pickett, Ms. Lynn Schenk, and Mr. Stelios Papadopoulos, (v) FOR the Bylaw Amendments, (vi) FOR the ratification of selection of
the Independent Registered Public Accounting Firm, (vii) AGAINST Biogen's 2008 Omnibus Equity Plan, (viii) AGAINST Biogen's 2008
Performance-Based Management Incentive Plan, 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. Cecil B. Pickett, Ms. Lynn Schenk, and Mr. Stelios Papadopoulos. 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. YOU MAY ALSO WITHHOLD AUTHORITY TO VOTE FOR THE
PERSON WHO HAS BEEN NOMINATED BY BIOGEN TO SERVE AS DIRECTOR OTHER THAN MR. CECIL B. PICKETT, MS. LYNN SCHENK, AND MR. STELIOS
PAPADOPOULOS BY WRITING THE NAME OF THE NOMINEE BELOW:
_________________________________________________________
------------------------------------------------------------------------------------------------------------------------------------
PROPOSAL 2: Approval of the Bylaw Amendments FOR AGAINST ABSTAIN
[ ] [ ] [ ]
PROPOSAL 3: Ratification of Independent Registered Public Accounting Firm
[ ] [ ] [ ]
PROPOSAL 4: Approval of 2008 Omnibus Equity Plan
[ ] [ ] [ ]
PROPOSAL 5: Approval of 2008 Performance-Based Management Incentive Plan
[ ] [ ] [ ]
Dated: _______________, 2008
____________________________
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.