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H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating
both the potential return and risk associated with owning common equity shares of rated firms. The expected return
of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is
calculated to estimate the potential movements in price that a given equity could reach provided certain targets are
met over a defined time horizon. Price objectives are subject to external factors including industry events and market
volatility.
Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting
or placement of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related
services to a company or one of its affiliates or subsidiaries within the past 12 months.
I, Michael G. King, Jr. , certify that 1) all of the views expressed in this report accurately reflect my personal views about
any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or
indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor
any members of my household is an officer, director or advisory board member of these companies.
None of the research analysts or the research analyst’s household has a financial interest in the securities of Exelixis,
Inc. (including, without limitation, any option, right, warrant, future, long or short position).
As of December 31, 2021 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity
securities of Exelixis, Inc..
Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the
time of publication of this research report.
The research analyst principally responsible for preparation of the report does not receive compensation that is based
upon any specific investment banking services or transaction but is compensated based on factors including total
revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.
The firm or its affiliates received compensation from Exelixis, Inc. for non-investment banking services in the previous
12 months.
The Firm or its affiliates did not receive compensation from Exelixis, Inc. for investment banking services within twelve
months before, but will seek compensation from the companies mentioned in this report for investment banking services
within three months following publication of the research report.
The Firm does not make a market in Exelixis, Inc. as of the date of this research report.
