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Roche Makes Offer to Acquire All Outstanding Shares of Genentech for US$89.00 Per Share in Cash
Date:7/20/2008

Genentech stock.

The merger would be subject to the negotiation of mutually acceptable documentation and the approval of a majority of the non-Roche shareholders of Genentech. We anticipate consummating the transaction promptly after Genentech shareholder approval has been obtained.

We understand your role as independent directors and your responsibility and intention to act in the best interests of the Genentech shareholders in reviewing and making a decision with respect to our offer. Accordingly, we expect and encourage you to retain counsel and financial advisors who are experienced in these matters and independent of Roche and Genentech. After you have had a chance to consider our offer with your advisors, we would welcome the opportunity to discuss our proposal with you and your advisors. Roche's investment banking advisor is Greenhill & Co., and our attorneys are Davis Polk & Wardwell. They and we will be available to discuss matters with you and your advisors at your convenience.

Because we wish to be sure that all Genentech and Roche shareholders are fully informed about the proposal we are making, we have decided to release this letter to the public. (Attached is a copy of the press release that is being issued on July 21 at 6:30 a.m. CET.)

I look forward to speaking to you soon and to working together expeditiously to bring this transaction to a prompt and successful conclusion.

Very truly yours,

Franz B. Humer

cc: Arthur Levinson, Ph.D.

About Genentech

Genentech is a leading biotechnology company that develops, manufactures and commercializes pharmaceutical products for a variety of medical conditions. Based in South San Francisco, CA, Genentech has been a biotech pioneer for over 30 years. The Company has a leading franchise in Oncology and also focuses on Immunology, Tissue Growth and Repair and Neuroscience. Genentech has one of the most diverse and robust portfolios in biotech. Roc
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SOURCE Roche
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