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Letter From Carl Icahn to Amylin Pharmaceutical, Inc.
Date:4/15/2009

NEW YORK, April 15 /PRNewswire/ -- Carl Icahn announced today that he had sent the following letter to Joseph C. Cook, Jr., Chairman of the Board of Amylin Pharmaceutical, Inc. (Nasdaq: AMLN) concerning the election of directors to take place at the forthcoming annual meeting of Amylin's stockholders:

                                                           April 15, 2009

    Mr. Joseph C. Cook, Jr.
    Chairman of the Board
    Amylin Pharmaceuticals, Inc.
    9360 Towne Centre Drive
    San Diego, CA  92121

Dear Mr. Cook:

Amylin is a prime example of what is wrong with the corporate governance of most American public companies.

We agree with you that the board of Amylin should change. However, three major stockholders of Amylin, namely Eastbourne, ourselves and, significantly, Ted Greene -- Amylin's co-founder, all agree that the obvious choice for the first director to leave Amylin's board is you. You have been the Chairman and/or CEO during the time that an enormous amount of stockholder value has been destroyed and for reasons, described below, a flawed strategy has existed for far too long. Removing Ted Green (Amylin's co-founder) and Ginger Graham (former CEO) rather than you seems like a manifestation of what we believe is the "cult of personality" which has adversely affected Amylin.

Like an "imperial" chairman you have taken steps to entrench yourself that we believe to be unconscionable. You not only have the poison pill but your 2007 indenture has a poison put and your 2007 credit agreement has an even worse poison put. In addition, as a direct result of your poison pill, large stockholders of Amylin, such as my entities, may not have meaningful conversations with other large stockholders such as Eastbourne. Even in dictatorships'/>"/>

SOURCE Carl Icahn
Copyright©2009 PR Newswire.
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