Pete Nicholas Offer Quotations

Our $80 per share offer for Guidant is compelling. We are providing Guidant shareholders with certainty of completion, significant upside potential and substantially more value today than the Johnson & Johnson transaction. By any objective measure, our offer is clearly superior to Johnson & Johnson's.

We are providing the shareholders of Guidant with certainty of completion, significant upside potential and substantially more value today than the Johnson & Johnson transaction. By any objective measure, our offer is clearly superior to Johnson & Johnson's.

Our amended offer addresses all of the outstanding issues raised by Guidant's Board. We strongly encourage the Guidant Board to act in the best interests of Guidant shareholders by declaring our $73 per share offer superior to the revised $67.92 per share transaction with Johnson & Johnson.

By any objective measure, our offer is clearly superior to Johnson & Johnson's.