Exelixis clarifies on Shelton Shipping

Further to the announcement dated January 17, 2007 regarding the acquisition of 95% of the share capital of Shelton Shipping & Trading Corporation against the amount of EUR 4,2 mln in cash, the Board of Directors of Exelixis Investment Public Ltd clarifies that board members with a stake in Shelton did not participate in the process.
The Board of Directors of Shelton is made up of (as at the date of acquisition), Messrs Nicolaos S. Papageorgiou (Chairman) and Polihronis Ladonicolas (Vice-Chairman) who are also board members of Exelixis. It is noted that for purposes of corporate governance, Messrs Nicolaos S. Papageorgiou and Polihronis Ladonicolas did not participate in the voting for the acquisition of the 95% of the share capital of Shelton.
The shareholders of the 5% of the share capital of Shelton, which does not belong to Exelixis, are Tricontinental Transport Corporation (2,2%), Georgios N. Papageorgjiou (1,4%) and Moordock Trading Ltd (1,4%). The companies Tricontinental Transport Corporation and Moordock Trading Ltd belong to the Papageorgiou family.
The Audit Committee of Exelixis introduced after the decision of its Board of Directors on January 29, 2007 and is as follows: Messrs Polihronis Ladonicola (Executive board member), Stelios Panagides (Independent non-executive board member) and Pagkratis Liveras (Independent non-executive board member).
The purchase price of the ship m.v. Proteus from the company Romylia Shipping Company Ltd on October 2006, was for USD 40,5 mln. The Boards of Directors of Shelton and Romylia Shipping Company Ltd estimate the current value of m.v. Proteus to USD 45,0 million. The valuation is based on buying and selling of similar ships.