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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A (Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION

Proxy Statement pursuant to Section 14(a) of the Securities Exchange Act of 1934

FiledbytheRegistrant☒

FiledbyaPartyotherthantheRegistrant o

Checktheappropriatebox: 

o PreliminaryProxyStatement 

o Confidential,forUseoftheCommissionOnly(aspermittedbyRule14a-6(e)(2))

☒ DefinitiveProxyStatement 

o DefinitiveAdditionalMaterials 

o SolicitingMaterialunderRule14a-12

Celgene Corporation (Name of Registrant as Specified in Its Charter)

(NameofPerson(s)FilingProxyStatement,ifotherthantheRegistrant)

PaymentofFilingFee(Checktheappropriatebox):☒ Nofeerequired o FeecomputedontablebelowperExchangeActRules14a-6(i)(1)and0-11 (1) Titleofeachclassofsecuritiestowhichtransactionapplies: (2) Aggregatenumberofsecuritiestowhichtransactionapplies: (3) PerunitpriceorotherunderlyingvalueoftransactioncomputedpursuanttoExchangeActRule0-11(setforththeamount

onwhichthefilingfeeiscalculatedandstatehowitwasdetermined): (4) Proposedmaximumaggregatevalueoftransaction: (5) Totalfeepaid:  o Feepaidpreviouslywithpreliminarymaterials. o CheckboxifanypartofthefeeisoffsetasprovidedbyExchangeActRule0-11(a)(2)andidentifythefilingforwhichthe

offsettingfeewaspaidpreviously.Identifythepreviousfilingbyregistrationstatementnumber,ortheFormorScheduleandthedateofitsfiling.

(1) AmountPreviouslyPaid: (2) Form,ScheduleorRegistrationStatementNo.: (3) FilingParty: (4) DateFiled:

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MERGER PROPOSAL—YOUR VOTE IS VERY IMPORTANTFebruary22,2019

DearBristol-MyersSquibbCompanyStockholdersandCelgeneCorporationStockholders:

OnbehalfoftheboardsofdirectorsofBristol-MyersSquibbCompany(“Bristol-MyersSquibb”)andCelgeneCorporation(“Celgene”),wearepleasedtoenclosethejointproxystatement/prospectusrelatingtothemergerofCelgenewithawholly-ownedsubsidiaryofBristol-MyersSquibb,whichisreferredtointhisnoticeasthemerger,pursuanttothetermsofamergeragreemententeredintobyBristol-MyersSquibbandCelgeneonJanuary2,2019,whichisreferredtointhisnoticeasthemergeragreement.

If the merger is completed, Celgene stockholders immediately prior to the completion of the merger will be entitled to receive$50.00 in cash, one share of Bristol-Myers Squibb common stock and one contingent value right (each, a “CVR”) for each shareof Celgene common stock held by them, as described in more detail in the accompanying joint proxy statement/prospectusunder the heading “The Merger Agreement—Merger Consideration.” BasedontheclosingpriceofashareofBristol-MyersSquibbcommonstockonJanuary31,2019,themostrecenttradingdaypriortothedateoftheaccompanyingjointproxystatement/prospectusforwhichthisinformationwasavailable,thecashandstockcomponentsofthemergerconsiderationrepresentedapproximately$99.37invaluepershareofCelgenecommonstock(withoutconsideringanypotentialCVRpayout).ThevalueoftheconsiderationtobereceivedbyCelgenestockholderswillfluctuatewithchangesinthepriceofthesharesofBristol-MyersSquibbcommonstock.WeurgeyoutoobtaincurrentmarketquotationsforsharesofBristol-MyersSquibbcommonstockandsharesofCelgenecommonstock.SharesofBristol-MyersSquibbcommonstockaretradedontheNewYorkStockExchange(the“NYSE”)underthesymbol“BMY”andsharesofCelgenecommonstockaretradedontheNasdaqGlobalSelectMarket(“Nasdaq”)underthesymbol“CELG.”TheCVRsareanewsecurityforwhichthereiscurrentlynopublictradingmarket.

Inconnectionwiththemerger,Bristol-MyersSquibbstockholdersarecordiallyinvitedtoattendaspecialmeetingofthestockholdersofBristol-MyersSquibbtobeheldonApril12,2019attheofficesofKirkland&EllisLLPlocatedat601LexingtonAvenue,NewYork,NewYork10022,at10:00a.m.,EasternTime,andCelgenestockholdersarecordiallyinvitedtoattendaspecialmeetingofthestockholdersofCelgenetobeheldattheofficesofWachtell,Lipton,Rosen&Katzlocatedat51West52ndStreet,NewYork,NewYork10019onApril12,2019,at10:00a.m.,EasternTime.

Your vote is very important, regardless of the number of shares you own. We cannot complete the merger and the mergerconsideration will not be paid unless (i) Bristol-Myers Squibb stockholders approve the issuance of shares of Bristol-MyersSquibb common stock in the merger and (ii) Celgene stockholders adopt the merger agreement. Approval of the issuance ofshares of Bristol-Myers Squibb common stock in the merger by Bristol-Myers Squibb stockholders requires the affirmativevote of at least a majority of the votes cast by holders of outstanding shares of Bristol-Myers Squibb common stock and Bristol-Myers Squibb preferred stock voting together as one class, which are referred to together in this notice as Bristol-MyersSquibb stock, at a duly called and held meeting of Bristol-Myers Squibb’s stockholders at which a quorum is present. Adoptionof the merger agreement by Celgene stockholders requires the affirmative vote of holders of at least a majority of theoutstanding shares of Celgene common stock entitled to vote thereon.AtthespecialmeetingofthestockholdersofBristol-MyersSquibb,Bristol-MyersSquibbstockholderswillbeaskedtovoteon(i)aproposaltoapprovetheissuanceofsharesofBristol-MyersSquibbcommonstockinthemergerand(ii)aproposaltoapprovetheadjournmentfromtimetotimeoftheBristol-MyersSquibbspecialmeetingifnecessarytosolicitadditionalproxiesiftherearenotsufficientvotesatthetimeoftheBristol-MyersSquibbspecialmeeting,oranyadjournmentorpostponementthereof,toapprovetheissuanceofsharesofBristol-MyersSquibbcommonstockinthemerger.Bristol-Myers Squibb’s board of directors determined that the merger agreement and the transactions contemplated by themerger agreement, including the merger and the issuance of shares of Bristol-Myers Squibb common stock in the merger, areadvisable, fair to and in the best interests of Bristol-Myers Squibb and its stockholders and unanimously recommends thatBristol-Myers Squibb stockholders vote (i) “FOR” the approval of the issuance of shares of Bristol-Myers Squibb commonstock in the merger and (ii) “FOR” the approval of the adjournment from time to time of the Bristol-Myers Squibb specialmeeting if necessary to solicit additional proxies if there are not sufficient votes at the time of the Bristol-Myers Squibb specialmeeting, or any adjournment or postponement thereof, to approve the issuance of shares of Bristol-Myers Squibb commonstock in the merger.AtthespecialmeetingofthestockholdersofCelgene,Celgenestockholderswillbeaskedtovoteon(i)aproposaltoadoptthemergeragreement,(ii)aproposaltoapprovetheadjournmentfromtimetotimeoftheCelgenespecialmeetingifnecessarytosolicitadditionalproxiesiftherearenotsufficientvotestoadoptthemergeragreementatthetimeoftheCelgenespecialmeetingoranyadjournmentorpostponementthereof,and(iii)aproposaltoapprove,onanadvisory(non-binding)basis,thecompensationthatwillormaybepaidorprovidedbyCelgenetoitsnamedexecutiveofficersinconnectionwiththemerger.

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Celgene’s board of directors unanimously determined that the merger agreement and the transactions contemplated by themerger agreement, including the merger, are advisable, fair to and in the best interests of Celgene and its stockholders andunanimously recommends that Celgene stockholders vote (i) “FOR” the adoption of the merger agreement, (ii) “FOR” theapproval of the adjournment from time to time of the Celgene special meeting if necessary to solicit additional proxies if thereare not sufficient votes to adopt the merger agreement at the time of the Celgene special meeting or any adjournment orpostponement thereof, and (iii) “FOR” the proposal to approve, on an advisory (non-binding) basis, the compensation that willor may be paid or provided by Celgene to its named executive officers in connection with the merger.

Bristol-MyersSquibbexpectstoissueuptoapproximately701,024,507sharesofitscommonstockanduptoapproximately701,024,507CVRstoCelgenestockholdersinthemerger.Inaddition,sharesofBristol-MyersSquibbcommonstockandCVRsmaybeissuedfromtimetotimefollowingtheeffectivetimeofthemergertoholdersofCelgeneequityawardsonthetermssetforthinthemergeragreement.See“TheMergerAgreement—TreatmentofCelgeneEquityAwards”beginningonpage175oftheaccompanyingjointproxystatement/prospectusforamoredetailedexplanation.BasedonthenumberofsharesofBristol-MyersSquibbcommonstockoutstandingasofJanuary24,2019,andthenumberofsharesofCelgenecommonstockoutstandingasofJanuary29,2019,immediatelyfollowingcompletionofthemerger,Bristol-MyersSquibbstockholdersimmediatelypriortothecompletionofthemergerareexpectedtoownapproximately69%oftheoutstandingsharesofBristol-MyersSquibbcommonstockandformerCelgenestockholdersareexpectedtoownapproximately31%oftheoutstandingsharesofBristol-MyersSquibbcommonstock.

Theaccompanyingjointproxystatement/prospectusprovidesimportantinformationregardingtheBristol-MyersSquibbandCelgenespecialmeetingsandadetaileddescriptionofthemergeragreement,themerger,theissuanceofsharesofBristol-MyersSquibbcommonstockandCVRsinthemerger,theadjournmentproposalsandtheproposaltoapprove,onanadvisory(non-binding)basis,thecompensationthatwillormaybepaidorprovidedbyCelgenetoitsnamedexecutiveofficersinconnectionwiththemerger.Weurgeyoutoreadcarefullyandinitsentiretytheaccompanyingjointproxystatement/prospectus(includingtheannexesandanydocumentsincorporatedbyreferenceintotheaccompanyingjointproxystatement/prospectus).Please pay particular attention to thesection entitled “Risk Factors” beginning on page 39 of the accompanying joint proxy statement/prospectus. YoucanalsoobtaininformationaboutBristol-MyersSquibbandCelgenefromdocumentsthatBristol-MyersSquibbandCelgenepreviouslyhavefiledwiththeU.S.SecuritiesandExchangeCommission.

ForadiscussionofthematerialU.S.federalincometaxconsequencesofthemerger,see“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—MaterialU.S.FederalIncomeTaxConsequences”beginningonpage165oftheaccompanyingjointproxystatement/prospectus.

Whetherornotyouexpecttoattendyourcompany’sspecialmeeting,thedetailsofwhicharedescribedintheaccompanyingjointproxystatement/prospectus,pleaseimmediatelysubmityourproxybytelephone,bytheInternetorbycompleting,signing,datingandreturningyoursignedproxycard(s)intheenclosedprepaidreturnenvelopesothatyoursharesmayberepresentedattheapplicablespecialmeeting.

IfBristol-MyersSquibbstockholdershaveanyquestionsorrequireassistanceinvotingtheirsharesofBristol-MyersSquibbstock,theyshouldcallMacKenziePartners,Inc.,Bristol-MyersSquibb’sproxysolicitorforitsspecialmeeting,toll-freeat(800)322-2885orcollectat(212)929-5500.

IfCelgenestockholdershaveanyquestionsorrequireassistanceinvotingtheirsharesofCelgenecommonstock,theyshouldcallInnisfreeM&AIncorporated,Celgene’sproxysolicitorforitsspecialmeeting,toll-freeat(877)750-9497or(412)232-3651forinternationalcallers.Banksandbrokersmaycallcollectat(212)750-5833.

Wehopetoseeyouattheapplicablespecialmeetingandlookforwardtothesuccessfulcompletionofthemerger.

OnbehalfoftheboardsofdirectorsofBristol-MyersSquibbandCelgene,thankyouforyourconsiderationandcontinuedsupport.Sincerely, Sincerely,

   

GiovanniCaforio,M.D.ChairmanoftheBoardofDirectorsandChiefExecutiveOfficerofBristol-MyersSquibb

MarkJ.AllesChairmanoftheBoardofDirectorsandChiefExecutiveOfficerofCelgene

Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of thesecurities to be issued under the accompanying joint proxy statement/prospectus or determined that the accompanying jointproxy statement/prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

Theaccompanyingjointproxystatement/prospectusisdatedFebruary22,2019andisfirstbeingmailedtoBristol-MyersSquibbstockholdersandCelgenestockholdersonoraboutFebruary22,2019.

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 430 East 29 th Street, 14 th Floor

New York, New York 10016 (212) 546-4000

NOTICE OF SPECIAL MEETING OF STOCKHOLDERS OF BRISTOL-MYERS SQUIBB COMPANY

TO BE HELD ON F RIDAY , A PRIL 12 , 2019 10:00 A . M . , E ASTERN T IME

TotheStockholdersofBristol-MyersSquibbCompany:

NOTICE IS HEREBY GIVEN that a special meeting of stockholders of Bristol-Myers Squibb Company, a Delawarecorporation, which is referred to in this notice as Bristol-Myers Squibb, will be held at the offices of Kirkland & Ellis LLPlocated at 601 Lexington Avenue, New York, New York 10022 , on Friday , April 1 2 , 2019, at 10:00 a.m. , Eastern Time, forthe following purposes:

1. toconsiderandvoteonaproposaltoapprovetheissuanceofsharesofBristol-MyersSquibbcommonstock,parvalue$0.10pershare,whichisreferredtointhisnoticeasBristol-MyersSquibbcommonstock,inthemergercontemplatedbytheAgreementandPlanofMerger,datedasofJanuary2,2019,asitmaybeamendedfromtimetotime,whichisreferredtointhisnoticeasthemergeragreement,amongBristol-MyersSquibb,BurgundyMergerSub,Inc.,aDelawarecorporationandwholly-ownedsubsidiaryofBristol-MyersSquibb,andCelgeneCorporation,aDelawarecorporation,whichisreferredtointhisnoticeasCelgene,pursuanttowhichBurgundyMergerSub,Inc.willbemergedwithandintoCelgene,whichisreferredtointhisnoticeasthemerger,withCelgenesurvivingthemergerasawholly-ownedsubsidiaryofBristol-MyersSquibb(acopyofthemergeragreementisattachedasAnnexAtotheaccompanyingjointproxystatement/prospectus);and

2. toconsiderandvoteonaproposaltoapprovetheadjournmentfromtimetotimeofthespecialmeetingofstockholdersofBristol-MyersSquibb,whichisreferredtointhisnoticeastheBristol-MyersSquibbspecialmeeting,ifnecessarytosolicitadditionalproxiesiftherearenotsufficientvotesatthetimeoftheBristol-MyersSquibbspecialmeeting,oranyadjournmentorpostponementthereof,toapprovetheissuanceofsharesofBristol-MyersSquibbcommonstockinthemerger.

Bristol-MyersSquibb’sboardofdirectorshasfixedthecloseofbusinessonMarch1,2019astherecorddateforthedeterminationofthestockholdersentitledtovoteattheBristol-MyersSquibbspecialmeetingoranyadjournmentorpostponementthereof.Onlystockholdersofrecordattherecorddateareentitledtonoticeof,andtovoteat,theBristol-MyersSquibbspecialmeetingoranyadjournmentorpostponementthereof.Bristol-MyersSquibbanticipatescommencingitssolicitationofproxiesonoraboutFebruary22,2019.Bristol-MyersSquibbwillcontinuetosolicitproxiesuntilthedateoftheBristol-MyersSquibbspecialmeeting.Allstockholdersofrecordasofthatdatearecordiallyinvitedtoattendthespecialmeetinginperson.IfyouplantoattendtheBristol-MyersSquibbspecialmeeting,admissionwillbebyticketonly.Aformofgovernment-issuedphotographidentificationwillberequiredtoenterthemeeting.Ifyouarearegisteredstockholder(yoursharesareheldinyourname),youshouldbringthetopportionoftheproxycard,whichwillserveasyouradmissionticket.

Ifyouareabeneficialowner(yoursharesareheldinthenameofabank,brokerorotherholderofrecord)andplantoattendthemeeting,youcanobtainanadmissionticketinadvancebywritingtoShareholderServices,430East29thStreet,14thFloor,NewYork,NewYork10016.Pleasebesuretoencloseproofofownership,suchasabankorbrokerageaccountstatement.StockholderswhodonotobtainticketsinadvancemayobtainthemuponverificationofownershipattheRegistrationDeskonthedayofthespecialmeeting.

Your vote is very important, regardless of the number of shares of Bristol-Myers Squibb stock that you own. ApprovaloftheissuanceofsharesofBristol-MyersSquibbcommonstockinthemergerrequirestheaffirmativevoteofatleastamajorityofthevotescastbyholdersofoutstandingsharesofBristol-MyersSquibb

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stockatadulycalledandheldmeetingofBristol-MyersSquibb’sstockholdersatwhichaquorumispresent.ApprovaloftheadjournmentproposalrequirestheaffirmativevoteofamajorityofthevotespresentattheBristol-MyersSquibbspecialmeetingbyholdersofsharesofBristol-MyersSquibbstockentitledtovote(whetherornotaquorumispresent).

Bristol-Myers Squibb’s board of directors determined that the merger agreement and the transactions contemplated by themerger agreement, including the merger and the issuance of shares of Bristol-Myers Squibb common stock in the merger, areadvisable, fair to and in the best interests of Bristol-Myers Squibb and its stockholders and unanimously recommends thatBristol-Myers Squibb stockholders vote (i) “FOR” the approval of the issuance of shares of Bristol-Myers Squibb commonstock in the merger and (ii) “FOR” the approval of the adjournment from time to time of the Bristol-Myers Squibb specialmeeting if necessary to solicit additional proxies if there are not sufficient votes at the time of the Bristol-Myers Squibb specialmeeting, or any adjournment or postponement thereof, to approve the issuance of shares of Bristol-Myers Squibb commonstock in the merger.

ByOrderoftheBoardofDirectors,

 

GiovanniCaforio,M.D.ChairmanoftheBoardofDirectorsandChiefExecutiveOfficerNewYork,NewYorkFebruary22,2019

IMPORTANT INFORMATION IF YOU PLAN TO ATTEND THE BRISTOL-MYERS SQUIBB SPECIAL MEETING IN PERSON:

Aformofgovernment-issuedphotographidentificationwillberequiredtoenterthemeeting.

If you hold your shares of Bristol-Myers Squibb stock through a brokerage account (in “street name”), you will also need anaccount statement or letter from the nominee indicating that you were the beneficial owner of the shares at the record date to beadmitted to the Bristol-Myers Squibb special meeting.

Large bags, backpacks, briefcases, cameras, recording equipment and other electronic devices will not be permitted in the meeting,and attendees will be subject to security inspections. We will provide, upon request, wireless headsets for hearing amplification.

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YOUR VOTE IS IMPORTANT!

WHETHER OR NOT YOU EXPECT TO ATTEND THE BRISTOL-MYERS SQUIBB SPECIAL MEETING IN PERSON,WE URGE YOU TO SUBMIT YOUR PROXY AS PROMPTLY AS POSSIBLE (1) VIA THE INTERNET, (2) BYTELEPHONE OR (3) BY COMPLETING, SIGNING AND DATING THE ENCLOSED BRISTOL-MYERS SQUIBB PROXYCARD AND RETURNING IT IN THE POSTAGE-PAID ENVELOPE PROVIDED. IF YOU ATTEND THE BRISTOL-MYERS SQUIBB SPECIAL MEETING IN PERSON AND WISH TO VOTE YOUR SHARES OF BRISTOL-MYERSSQUIBB STOCK AT THE BRISTOL-MYERS SQUIBB SPECIAL MEETING, YOU MAY DO SO AT ANY TIME PRIORTO THE CLOSING OF THE POLLS AT THE BRISTOL-MYERS SQUIBB SPECIAL MEETING. YoumayrevokeyourproxyorchangeyourvoteforsharesofBristol-MyersSquibbstockyouholddirectlyinyournameby(i)signinganotherproxycardwithalaterdateanddeliveringittoBroadridgebeforethedateoftheBristol-MyersSquibbspecialmeeting(werecommendyoumailyourproxybyApril4,2019toensuretimelyreceiptofyourproxy),(ii)submittingrevisedvotesovertheInternetorbytelephonebefore11:59p.m.,EasternTime,onMonday,April8,2019forsharesinemployeebenefitplansoronThursday,April11,2019forallothershares,or(iii)attendingtheBristol-MyersSquibbspecialmeetinginpersonandvotingyoursharesofBristol-MyersSquibbstockattheBristol-MyersSquibbspecialmeeting.IfyoursharesofBristol-MyersSquibbstockareheldinthenameofabank,brokerorothernomineeholderofrecord,pleasefollowtheinstructionsonthevotinginstructionformfurnishedtoyoubysuchrecordholder.

Theaccompanyingjointproxystatement/prospectuscontainsadetaileddescriptionofthemerger,themergeragreementandtheothermatterstobeconsideredatthemeeting.Weurgeyoutoreadcarefullytheaccompanyingjointproxystatement/prospectus,includingalldocumentsincorporatedbyreferenceintotheaccompanyingjointproxystatement/prospectus,anditsannexes,intheirentirety.Ifyouhaveanyquestionsconcerningthemergeragreement,themerger,theissuanceofsharesofBristol-MyersSquibbcommonstockortheCVRsinthemerger,theadjournmentproposal,theBristol-MyersSquibbspecialmeetingortheaccompanyingjointproxystatement/prospectus(oranyotherinformationcontainedtherein),wouldlikeadditionalcopiesoftheaccompanyingjointproxystatement/prospectusorneedhelpvotingyoursharesofBristol-MyersSquibbstock,pleasecontact:

MacKenziePartners,Inc.1407Broadway,27thFloorNewYork,NewYork10018

Telephone(Toll-Free):(800)322-2885Telephone(Collect):(212)929-5500Email:proxy@mackenziepartners.com

or

Bristol-MyersSquibbCompany430East29thStreet,14thFloorNewYork,NewYork10016Attention:CorporateSecretaryTelephone:(212)546-3309

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 Celgene Corporation

86 Morris Avenue Summit, New Jersey 07901

(908) 673-9000

NOTICE OF SPECIAL MEETING OF STOCKHOLDERS OF CELGENE CORPORATION

TO BE HELD ON F RIDAY , A PRIL 12 , 2019 10:00 A.M. , E ASTERN T IME

TotheStockholdersofCelgeneCorporation:

NOTICE IS HEREBY GIVEN that a special meeting of stockholders of Celgene Corporation, a Delaware corporation, which isreferred to in this notice as Celgene, will be held at the offices of Wachtell, Lipton, Rosen & Katz located at 51 West 52 ndStreet, New York, New York 10019, on Friday , April 12 , 2019, at 10:00 a.m. , Eastern Time, for the following purposes:

1. toconsiderandvoteonaproposaltoadopttheAgreementandPlanofMerger,datedasofJanuary2,2019,asitmaybeamendedfromtimetotime,whichisreferredtointhisnoticeasthemergeragreement,amongBristol-MyersSquibbCompany,aDelawarecorporation,whichisreferredtointhisnoticeasBristol-MyersSquibb,BurgundyMergerSub,Inc.,aDelawarecorporationandwholly-ownedsubsidiaryofBristol-MyersSquibb,andCelgene,pursuanttowhichBurgundyMergerSub,Inc.willbemergedwithandintoCelgene,whichisreferredtointhisnoticeasthemerger,withCelgenesurvivingthemergerasawholly-ownedsubsidiaryofBristol-MyersSquibb(acopyofthemergeragreementisattachedasAnnexAtotheaccompanyingjointproxystatement/prospectus);

2. toconsiderandvoteonaproposaltoapprovetheadjournmentfromtimetotimeofthespecialmeetingofstockholdersofCelgene,whichisreferredtointhisnoticeastheCelgenespecialmeeting,ifnecessarytosolicitadditionalproxiesiftherearenotsufficientvotestoadoptthemergeragreementatthetimeoftheCelgenespecialmeetingoranyadjournmentorpostponementthereof;and

3. toconsiderandvoteonaproposaltoapprove,onanadvisory(non-binding)basis,thecompensationthatwillormaybepaidorprovidedbyCelgenetoitsnamedexecutiveofficersinconnectionwiththemerger.

TheholdersofrecordofsharesofCelgenecommonstock,parvalue$0.01pershare,whicharereferredtointhisnoticeassharesofCelgenecommonstock,atthecloseofbusinessonMarch1,2019areentitledtonoticeofandtovoteattheCelgenespecialmeetingoranyadjournmentorpostponementthereof.CelgeneanticipatescommencingitssolicitationofproxiesonoraboutFebruary22,2019.CelgenewillcontinuetosolicitproxiesuntilthedateoftheCelgenespecialmeeting.

IfyouholdsharesofCelgenecommonstockinyournameattherecorddateandplantoattendtheCelgenespecialmeeting,becauseofsecurityprocedures,youwillneedtoobtainanadmissionticketinadvance.Ticketswillbeavailabletoregisteredandbeneficialowners.Youcanprintyourownticketsandyoumustbringthemtothemeetingtogainaccess.TicketscanbeprintedbyaccessingShareholderMeetingRegistrationatwww.ProxyVote.comandfollowingtheinstructionsprovided(youwillneedthe16digitnumberincludedonyourproxycardorvoterinstructionform).Ifyouareunabletoprintyourtickets,pleasecontactCelgene’sCorporateSecretaryat1-908-673-9000.Requestsforadmissionticketswillbeprocessedintheorderinwhichtheyarereceivedandmustbesubmittednolaterthan11:59p.m.(EasternTime)onApril11,2019.Pleasenotethatseatingislimitedandrequestsforticketswillbeacceptedonafirst-come,first-servedbasis.Ifyoureceivedyourspecialmeetingmaterialselectronicallyandwishtoattendthemeeting,pleasefollowtheinstructionsprovidedforattendance.IfyouareattendingtheCelgenespecialmeetinginperson,youwillberequiredtopresentvalid,government-issuedphotoidentification,suchasadriver’slicenseorpassport,andanadmissiontickettobeadmittedtotheCelgenespecialmeeting.

Adoptionofthemergeragreementrequirestheaffirmativevote,inpersonorbyproxy,oftheholdersofamajorityofthesharesofCelgenecommonstockoutstandingandentitledtovotethereon.Approvalofthe

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adjournmentproposalrequirestheaffirmativevoteofamajorityofthevotespresentattheCelgenespecialmeetingbyholdersofsharesofCelgenecommonstock(whetherornotaquorum,asdefinedunderCelgene’sby-laws,ispresent).Approvaloftheproposaltoapprove,onanadvisory(non-binding)basis,thecompensationthatwillormaybepaidorprovidedbyCelgenetoitsnamedexecutiveofficersinconnectionwiththemergerrequirestheaffirmativevoteofamajorityofthevotescastattheCelgenespecialmeetingbyholdersofsharesofCelgenecommonstock(assumingaquorum,asdefinedunderCelgene’sby-laws,ispresent).

Celgene’s board of directors unanimously determined that the merger agreement and the transactions contemplated by themerger agreement (including the merger) are fair to and in the best interests of Celgene and its stockholders and unanimouslyrecommends that Celgene stockholders vote (i) “FOR” the proposal to adopt the merger agreement, (ii) “FOR” the proposal toapprove the adjournment from time to time of the Celgene special meeting if necessary to solicit additional proxies if there arenot sufficient votes to adopt the merger agreement at the time of the Celgene special meeting or any adjournment orpostponement thereof and (iii) “FOR” the proposal to approve, on an advisory (non-binding) basis, the compensation that willor may be paid or provided by Celgene to its named executive officers in connection with the merger.

ByOrderoftheBoardofDirectors,

 

MarkJ.AllesChairmanoftheBoardofDirectorsandChiefExecutiveOfficerSummit,NewJerseyFebruary22,2019

IMPORTANT INFORMATION IF YOU PLAN TO ATTEND THE CELGENE SPECIAL MEETING IN PERSON:

If you hold your shares of Celgene common stock through a brokerage account (in “street name”), your request for an admissionticket must include proof of beneficial ownership at the record date, such as a copy of a brokerage statement reflecting stockownership as of the record date or a letter from a bank or broker.

Please leave all weapons, cameras, audio and video recording devices and other electronic devices at home. They will not be allowedin the meeting room.

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YOUR VOTE IS IMPORTANT!

WHETHER OR NOT YOU EXPECT TO ATTEND THE CELGENE SPECIAL MEETING IN PERSON, WE URGE YOUTO SUBMIT YOUR PROXY AS PROMPTLY AS POSSIBLE (1) VIA THE INTERNET, (2) BY TELEPHONE OR (3) BYCOMPLETING, SIGNING AND DATING THE ENCLOSED CELGENE PROXY CARD AND RETURNING IT IN THEPOSTAGE-PAID ENVELOPE PROVIDED. IF YOU ATTEND THE CELGENE SPECIAL MEETING IN PERSON ANDWISH TO VOTE YOUR SHARES AT THE CELGENE SPECIAL MEETING, YOU MAY DO SO AT ANY TIME PRIORTO THE CLOSING OF THE POLLS AT THE CELGENE SPECIAL MEETING. YoumayrevokeyourproxyorchangeyourvoteforsharesofCelgenecommonstockyouholddirectlyinyournameby(i)signinganotherproxycardwithalaterdateanddeliveringittoVoteProcessing,c/oBroadridge,51MercedesWay,Edgewood,NewYork11717before(i)thecloseofbusinessonApril9,2019forsharesheldintheCelgene401(k)Planand(ii)theCelgenespecialmeetingforallothershares,(iii)submittingrevisedvotesovertheInternetorbytelephonebefore11:59p.m.,EasternTime,on(A)April9,2019forsharesheldintheCelgene401(k)Planor(B)April11,2019forallothershares,or(iv)attendingtheCelgenespecialmeetinginpersonandvotingyoursharesofCelgenecommonstockattheCelgenespecialmeeting.IfyoursharesofCelgenecommonstockareheldinthenameofabank,brokerorothernomineeholderofrecord,pleasefollowtheinstructionsonthevotinginstructionformfurnishedtoyoubysuchrecordholder.

Celgene cannot complete the merger and the merger consideration will not be paid unless its stockholders adopt the mergeragreement and the other closing conditions specified in the merger agreement are met. Because adoption of the mergeragreement requires the affirmative vote of the holders of at least a majority of shares of Celgene common stock outstandingand entitled to vote thereon, a Celgene stockholder’s abstention from voting, the failure of a Celgene stockholder who holds hisor her shares in “street name” through a broker, bank or other nominee holder of record to give voting instructions to thatbroker, bank or other nominee holder of record or any other failure of a Celgene stockholder to vote will have the same effectas a vote “AGAINST” the proposal to adopt the merger agreement.

Weurgeyoutoreadcarefullytheaccompanyingjointproxystatement/prospectus,includingalldocumentsincorporatedbyreferenceintotheaccompanyingjointproxystatement/prospectus,anditsannexes,intheirentirety.Ifyouhaveanyquestionsconcerningthemergeragreement,themerger,thevoteonthemergeragreement,theadjournmentproposal,theadvisory(non-binding)proposaltoapprovethecompensationthatwillormaybepaidorprovidedbyCelgenetoitsnamedexecutiveofficersinconnectionwiththemerger,theCelgenespecialmeetingortheaccompanyingjointproxystatement/prospectus(oranyotherinformationcontainedtherein),wouldlikeadditionalcopiesoftheaccompanyingjointproxystatement/prospectusorneedhelpvotingyoursharesofCelgenecommonstock,pleasecontact:

 

InnisfreeM&AIncorporated501MadisonAvenue,20thFloorNewYork,NewYork10022

Telephone(Toll-Free):(877)750-9497InternationalCallers:(412)232-3651

Bankersandbrokersmaycallcollect:(212)750-5833or

CelgeneCorporation86MorrisAvenue

Summit,NewJersey07901Attention:CorporateSecretaryTelephone:(908)673-9000

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REFERENCES TO ADDITIONAL INFORMATION

The accompanying document is the proxy statement of Bristol-Myers Squibb for its special meeting of stockholders, the proxystatement of Celgene for its special meeting of stockholders and the prospectus of Bristol-Myers Squibb for the shares of itscommon stock and CVRs to be issued in the merger. The accompanying joint proxy statement/prospectus incorporates byreference important business and financial information about Bristol-Myers Squibb and Celgene from documents that are notincluded in or delivered with the accompanying joint proxy statement/prospectus. You can obtain the documents that areincorporated by reference into the accompanying joint proxy statement/prospectus (other than certain exhibits or schedules tothose documents), without charge, by requesting them in writing or by telephone from Bristol-Myers Squibb or Celgene,respectively, at the following addresses and telephone numbers, or through the U.S. Securities and Exchange Commissionwebsite at www.sec.gov:

Bristol-Myers Squibb Company 430 East 29 th Street, 14 th Floor

New York, New York 10016 Attention: Corporate Secretary

Telephone: (212) 546-3309

Celgene Corporation 86 Morris Avenue

Summit, New Jersey 07901 Attention: Corporate Secretary

Telephone: (908) 673-9000

In addition, if you have questions about the merger or the accompanying joint proxy statement/prospectus, would likeadditional copies of the accompanying joint proxy statement/prospectus, or need to obtain proxy cards or other informationrelated to the proxy solicitation, please contact MacKenzie Partners, Inc., the proxy solicitor for Bristol-Myers Squibb, toll-freeat (800) 322-2885 or collect at (212) 929-5500, if you are a Bristol-Myers Squibb stockholder , or Innisfree M&A Incorporated,the proxy solicitor for Celgene, toll-free at (877) 750-9497 or (412) 232-3651 for international callers, if you are a Celgenestockholder , or banks and brokers may call Innisfree M&A Incorporated collect at (212) 750-5833 . You will not be chargedfor any of these documents that you request.

To obtain timely delivery of the documents, you must request them no later than five business days before the date of theapplicable special meeting. Therefore, if you are a Bristol-Myers Squibb stockholder and would like to request documents fromBristol-Myers Squibb, please contact MacKenzie Partners, Inc. by April 5 , 2019 in order to receive them before the Bristol-Myers Squibb special meeting. If you are a Celgene stockholder and would like to request documents from Celgene, pleasecontact Innisfree M&A Incorporated by April 5 , 2019 in order to receive them before the Celgene special meeting.

See “Where You Can Find More Information” beginning on page 251 of the accompanying joint proxy statement/prospectusfor further information.

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TABLE OF CONTENTS PageQUESTIONSANDANSWERSABOUTTHEMERGERANDTHESPECIALMEETINGS 1SUMMARY 20TheCompanies 20TheMerger 21SpecialMeetingofStockholdersofBristol-MyersSquibb 21SpecialMeetingofStockholdersofCelgene 22WhatCelgeneStockholdersWillReceiveintheMerger 23TreatmentofCelgeneEquityAwards 24RecommendationoftheCelgeneBoardofDirectors 25RecommendationoftheBristol-MyersSquibbBoardofDirectors 25OpinionsofCelgene’sFinancialAdvisors 26OpinionsofBristol-MyersSquibb’sFinancialAdvisors 26OwnershipofBristol-MyersSquibbCommonStockAftertheMerger 28GovernanceMattersFollowingCompletionoftheMerger 28InterestsofCelgene’sDirectorsandExecutiveOfficersintheMerger 28ListingofBristol-MyersSquibbCommonStockandCVRs;DelistingandDeregistrationofSharesofCelgeneCommonStock 28

AppraisalorDissenters’RightsAvailabletoCelgeneStockholders 29CompletionoftheMergerIsSubjecttoCertainConditions 29TheMergerMayNotBeCompletedWithouttheRequiredRegulatoryApprovals 30DescriptionofDebtFinancing 31Bristol-MyersSquibbandCelgeneExpecttheMergertobeCompletedintheThirdQuarterof2019 32NoSolicitationbyCelgeneorBristol-MyersSquibb 33TerminationoftheMergerAgreement 34TerminationFeesandExpenses 35SpecificPerformance;Remedies 36MaterialU.S.FederalIncomeTaxConsequences 37AccountingTreatment 37RightsofCelgeneStockholdersWillChangeasaResultoftheMerger 37LitigationRelatingtotheMerger 37RiskFactors 38

RISKFACTORS 39RisksRelatedtotheMerger 39RisksRelatedtotheCVRs 50RisksRelatedtoBristol-MyersSquibbandCelgene 52

SELECTEDHISTORICALCONSOLIDATEDFINANCIALDATAOFBRISTOL-MYERSSQUIBB 53SELECTEDHISTORICALCONSOLIDATEDFINANCIALDATAOFCELGENE 55COMPARATIVEHISTORICALANDUNAUDITEDPROFORMACOMBINEDPERSHAREDATA 57CERTAINUNAUDITEDPROFORMACONDENSEDCOMBINEDFINANCIALSTATEMENTS 59NOTESTOTHEUNAUDITEDPROFORMACONDENSEDCOMBINEDFINANCIALSTATEMENTS 64COMPARATIVEPERSHAREMARKETPRICEANDDIVIDENDINFORMATION 78MarketPrices 78Dividends 79

CAUTIONARYSTATEMENTREGARDINGFORWARD-LOOKINGSTATEMENTS 80THECOMPANIES 82Bristol-MyersSquibb 82Celgene 82BurgundyMergerSub,Inc. 82

SPECIALMEETINGOFSTOCKHOLDERSOFBRISTOL-MYERSSQUIBB 83

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PageDate,TimeandLocation 83Purpose 83RecommendationoftheBristol-MyersSquibbBoardofDirectors 83Bristol-MyersSquibbRecordDate;OutstandingShares;StockholdersEntitledtoVote 84Quorum 84RequiredVote 84StockOwnershipofandVotingbyBristol-MyersSquibbDirectorsandExecutiveOfficers 85VotingofShares 85RevocabilityofProxies;ChangingYourVote 86SolicitationofProxies;ExpensesofSolicitation 86Householding 86Adjournment 86OtherInformation 87Assistance 87

SPECIALMEETINGOFSTOCKHOLDERSOFCELGENE 88Date,TimeandLocation 88Purpose 88RecommendationoftheCelgeneBoardofDirectors 88CelgeneRecordDate;OutstandingShares;StockholdersEntitledtoVote 89Quorum 89RequiredVote 89StockOwnershipofandVotingbyCelgeneDirectorsandExecutiveOfficers 90VotingofShares 90RevocabilityofProxies;ChangingYourVote 92SolicitationofProxies;ExpensesofSolicitation 92Householding 92Adjournment 93OtherInformation 93Assistance 93

CELGENEPROPOSALI:ADOPTIONOFTHEMERGERAGREEMENTANDBRISTOL-MYERSSQUIBBPROPOSALI:APPROVALOFTHESTOCKISSUANCE 94General 94BackgroundoftheMerger 94CertainRelationshipsbetweenBristol-MyersSquibbandCelgene 106Celgene’sReasonsfortheMerger;RecommendationoftheCelgeneBoardofDirectorsthatCelgeneStockholdersAdopttheMergerAgreement 106

Bristol-MyersSquibb’sReasonsfortheMerger;RecommendationoftheBristol-MyersSquibbBoardofDirectorsthatBristol-MyersSquibbStockholdersApprovetheStockIssuance 110

OpinionsofCelgene’sFinancialAdvisors 115OpinionsofBristol-MyersSquibb’sFinancialAdvisors 133SummaryofFinancialAnalysesbyMorganStanley,DyalCo.andEvercore 143CertainUnauditedProspectiveFinancialInformation 151RegulatoryApprovalsRequiredfortheMerger 159AppraisalorDissenters’RightsforCelgeneStockholders 160MaterialU.S.FederalIncomeTaxConsequences 165AccountingTreatment 169ListingofBristol-MyersSquibbCommonStock;DelistingandDeregistrationofSharesofCelgeneCommonStock 169DescriptionofDebtFinancing 169LitigationRelatingtotheMerger 171

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PageTHEMERGERAGREEMENT 172INTERESTSOFCELGENE’SDIRECTORSANDEXECUTIVEOFFICERSINTHEMERGER 203CELGENEPROPOSALII:ADJOURNMENTOFTHECELGENESPECIALMEETING 209CELGENEPROPOSALIII:ADVISORYVOTEONMERGER-RELATEDEXECUTIVECOMPENSATIONARRANGEMENTS 210

BRISTOL-MYERSSQUIBBPROPOSALII:ADJOURNMENTOFTHEBRISTOL-MYERSSQUIBBSPECIALMEETING 211

DESCRIPTIONOFBRISTOL-MYERSSQUIBBCAPITALSTOCK 212Bristol-MyersSquibbCommonStock 212Bristol-MyersSquibbPreferredStock 212AntitakeoverProvisions 215

DESCRIPTIONOFTHECVRS 217ContingentValueRightsAgreement 217CharacteristicsoftheCVRs 217MilestonePayments 217PaymentDate 218IssuanceofCVRs 218TransferabilityofCVRs;Listing 218Subordination 218ReportingObligations 219DiligentEfforts 219Covenants 220EventsofDefault 220RepurchasebyBristol-MyersSquibbandAffiliates 221AmendmentofCVRAgreementwithoutConsentofCVRHolders 221AmendmentofCVRAgreementwithConsentofCVRHolders 221

STOCKOWNERSHIPOFANDVOTINGBYBRISTOL-MYERSSQUIBBDIRECTORSANDEXECUTIVEOFFICERSANDCERTAINSTOCKHOLDERS 222

STOCKOWNERSHIPOFANDVOTINGBYCELGENEDIRECTORSANDEXECUTIVEOFFICERSANDCERTAINSTOCKHOLDERS 224

COMPARISONOFSTOCKHOLDERRIGHTS 226LEGALMATTERS 247EXPERTS 248FUTURESTOCKHOLDERPROPOSALS 249Bristol-MyersSquibb 249Celgene 249

WHEREYOUCANFINDMOREINFORMATION 251

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PageANNEXES AnnexA—AgreementandPlanofMerger A–1AnnexB—FormofContingentValueRightsAgreement B–1AnnexC—OpinionofJ.P.MorganSecuritiesLLC C–1AnnexD—OpinionofCitigroupGlobalMarketsInc. D–1AnnexE—OpinionofMorganStanley&Co.LLC E–1AnnexF—OpinionofDyalCo.LLC F–1AnnexG—OpinionofEvercoreGroupL.L.C. G–1AnnexH—Section262oftheDelawareGeneralCorporationLaw H–1

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QUESTIONS AND ANSWERS ABOUT THE MERGER AND THE SPECIAL MEETINGS

The following are some questions that you, as a stockholder of Bristol-Myers Squibb Company, which is referred to in this joint proxystatement/prospectus as Bristol-Myers Squibb, or a stockholder of Celgene Corporation, which is referred to in this joint proxystatement/prospectus as Celgene, may have regarding the merger agreement, the merger, the stock issuance, the CVR issuance, theBristol-Myers Squibb adjournment proposal, the Celgene adjournment proposal, the Celgene compensation advisory proposal and thespecial meetings as well as brief answers to those questions. You are urged to read carefully this joint proxy statement/prospectus,including all documents incorporated by reference into this joint proxy statement/prospectus, and its annexes, in their entirety becausethis section may not provide all of the information that is important to you with respect to the merger agreement, the merger, the stockissuance, the Bristol-Myers Squibb adjournment proposal, the Celgene adjournment proposal, the Celgene compensation advisoryproposal and the special meetings. Additional important information is contained in the annexes to, and the documents incorporated byreference into, this joint proxy statement/prospectus. See “Where You Can Find More Information” beginning on page 251 of this jointproxy statement/prospectus.

Q: Why am I receiving this document and why am I being asked to vote on the merger agreement?

A: Bristol-MyersSquibbandCelgenehaveagreedtoamerger,whichisreferredtointhisjointproxystatement/prospectusasthemerger,pursuanttowhichCelgenewillbecomeawholly-ownedsubsidiaryofBristol-MyersSquibbandwillnolongerbeapubliclytradedcorporation.Followingthemerger,CelgenecommonstockwillbedelistedfromtheNasdaqGlobalSelectMarket,whichisreferredtointhisjointproxystatement/prospectusasNasdaq,andderegisteredundertheSecuritiesExchangeActof1934,asamended,whichisreferredtointhisjointproxystatement/prospectusastheExchangeAct,andCelgenewillnolongerberequiredtofileperiodicreportswiththeU.S.SecuritiesandExchangeCommission,whichisreferredtointhisjointproxystatement/prospectusastheSEC,inrespectofCelgenecommonstock.Inordertocompletethemerger,holdersofBristol-MyersSquibbcommonstockandholdersofBristol-MyersSquibbpreferredstock,whomarereferredtointhisjointproxystatement/prospectusasBristol-MyersSquibbstockholders,mustvotetoapprovetheissuanceofsharesofBristol-MyersSquibbcommonstocktoCelgenestockholdersinthemerger,whichissuanceisreferredtointhisjointproxystatement/prospectusasthestockissuance,andCelgenestockholdersmustvotetoadopttheAgreementandPlanofMerger,datedasofJanuary2,2019,amongBristol-MyersSquibb,CelgeneandBurgundyMergerSub,Inc.,awholly-ownedsubsidiaryofBristol-MyersSquibb,whichisreferredtointhisjointproxystatement/prospectusasMergerSub.Themergeragreement,asitmaybeamendedfromtimetotime,isreferredtointhisjointproxystatement/prospectusasthemergeragreement.

Bristol-MyersSquibbisholdingaspecialmeetingofstockholders,whichisreferredtointhisjointproxystatement/prospectusastheBristol-MyersSquibbspecialmeeting,inordertoobtainthestockholderapprovalnecessarytoapprovethestockissuance.Approval of the stock issuance requires the affirmative vote of at least a majority of the votes cast by holders ofoutstanding shares of Bristol-Myers Squibb common stock and Bristol-Myers Squibb preferred stock, which is referred toin this joint proxy statement/prospectus as Bristol-Myers Squibb stock , at a duly called and held meeting of Bristol-MyersSquibb’s stockholders at which a quorum is present. Amajorityofthevotescastmeansthatthenumberofvotescast“FOR”theissuanceofstockmustexceedthenumberofvotescast“AGAINST”andABSTENTIONS.Bristol-MyersSquibbstockholderswillalsobeaskedtoapprovetheadjournmentfromtimetotimeoftheBristol-MyersSquibbspecialmeetingifnecessarytosolicitadditionalproxiesiftherearenotsufficientvotesatthetimeoftheBristol-MyersSquibbspecialmeeting,oranyadjournmentorpostponementthereof,toapprovethestockissuance,whichisreferredtointhisjointproxystatement/prospectusastheBristol-MyersSquibbadjournmentproposal.Approval of the Bristol-Mye rs Sq uibb adjournment proposal requiresthe affirmative vote of a majority of the votes present at the Bristol-Myers Squibb special meeting by holders of shares ofBristol-Myers Squibb stock entitled to vote (whether or not a quorum is present) .Amajorityofthevotespresentmeansthatthenumberofvotescast“FOR”theissuanceofstockmustexceedthenumberofvotescast“AGAINST”andABSTENTIONS.Itis important that Bristol-Myers Squibb’s stockholders vote their shares of Bristol-Myers Squibb stock on each of thesematters, regardless of the number of shares owned.

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Celgeneisholdingaspecialmeetingofstockholders,whichisreferredtointhisjointproxystatement/prospectusastheCelgenespecialmeeting,inordertoobtainthestockholderapprovalnecessarytoadoptthemergeragreement.Adoption of the mergeragreement requires the affirmative vote of holders of at least a majority of the outstanding shares of Celgene commonstock entitled to vote thereon. CelgenestockholderswillalsobeaskedtoapprovetheadjournmentfromtimetotimeoftheCelgenespecialmeetingifnecessarytosolicitadditionalproxiesiftherearenotsufficientvotestoadoptthemergeragreementatthetimeoftheCelgenespecialmeetingoranyadjournmentorpostponementthereof,whichisreferredtointhisjointproxystatement/prospectusastheCelgeneadjournmentproposal,andtoapprove,onanadvisory(non-binding)basis,thecompensationthatwillormaybepaidorprovidedbyCelgenetoitsnamedexecutiveofficers,whomarereferredtointhisjointproxystatement/prospectusasthenamedexecutiveofficers,inconnectionwiththemerger,whichproposalisreferredtointhisjointproxystatement/prospectusastheCelgenecompensationadvisoryproposal.It is important that Celgene’s stockholders votetheir shares of Celgene common stock on each of these matters, regardless of the number of shares owned.

ThisdocumentisbeingdeliveredtoyouasbothajointproxystatementofBristol-MyersSquibbandCelgeneandaprospectusofBristol-MyersSquibbinconnectionwiththemerger,thestockissuanceandtheissuanceofcontingentvaluerights,whichissuanceisreferredtointhisjointproxystatement/prospectusastheCVRissuance.ThisdocumentistheproxystatementbywhichtheBristol-MyersSquibbboardofdirectors,whichisreferredtointhisjointproxystatement/prospectusastheBMSBoard,issolicitingproxiesfromBristol-MyersSquibbstockholderstovoteattheBristol-MyersSquibbspecialmeeting,oratanyadjournmentorpostponementoftheBristol-MyersSquibbspecialmeeting,ontheapprovalofthestockissuanceandtheapprovaloftheBristol-MyersSquibbadjournmentproposal.Inaddition,thisdocumentistheprospectusofBristol-MyersSquibbpursuanttowhichBristol-MyersSquibbwillissuesharesofBristol-MyersSquibbcommonstockandthecontingentvaluerights,whicharereferredtointhisjointproxystatement/prospectusastheCVRs,toCelgenestockholdersaspartofthemergerconsideration,asdescribedunder“TheMergerAgreement—MergerConsideration”beginningonpage173ofthisjointproxystatement/prospectus.ThisdocumentisalsotheproxystatementbywhichtheCelgeneboardofdirectors,whichisreferredtointhisjointproxystatement/prospectusastheCelgeneBoard,issolicitingproxiesfromCelgenestockholderstovoteattheCelgenespecialmeeting,oratanyadjournmentorpostponementoftheCelgenespecialmeeting,ontheadoptionofthemergeragreement,theapprovaloftheCelgeneadjournmentproposalandtheapproval,onanadvisory(non-binding)basis,oftheCelgenecompensationadvisoryproposal.

Q: Is my vote important?

A: Yes,yourvoteisveryimportant.Ifyoudonotsubmitaproxyorvoteinpersonatthemeeting,itwillbemoredifficultforustoobtainthenecessaryquorumtoholdthemeeting.Inaddition,forCelgenestockholders,anabstentionfromvotingorafailuretovotewillhavethesameeffectasavote“AGAINST”theadoptionofthemergeragreement.IfyouholdyoursharesofCelgenecommonstockin“streetname”throughabroker,bankorothernomineeholderofrecordandyoudonotgivevotinginstructionstothatbroker,bankorothernomineeholderofrecord,thatbroker,bankorothernomineeholderofrecordwillnotbeabletovoteyoursharesontheadoptionofthemergeragreement,andyourfailuretogivethoseinstructionswillhavethesameeffectasavote“AGAINST”theadoptionofthemergeragreement.ACelgenestockholder’sabstentionfromvotingontheCelgeneadjournmentproposalwillhavethesameeffectasavote“AGAINST”theapprovaloftheCelgeneadjournmentproposal.ThefailureofaCelgenestockholderwhoholdshisorhersharesin“streetname”throughabroker,bankorothernomineeholderofrecordtogivevotinginstructionstothatbroker,bankorothernomineeholderofrecordoranyotherfailureofaCelgenestockholdertovotewillhavenoeffectontheapprovaloftheCelgeneadjournmentproposalbecausethesefailurestovotearenotconsidered“votespresent.”ABristol-MyersSquibbstockholder’sabstentionfromvotingonthestockissuancewillhavethesameeffectasavote“AGAINST”theapprovaloftheproposal.ThefailureofaBristol-MyersSquibbstockholderwhoholdshisorhersharesin“streetname”throughabroker,bankorothernomineeholderofrecordtogivevotinginstructionstothatbroker,bankorothernomineeholderofrecordoranyotherfailureofaBristol-MyersSquibbstockholdertovotewillhavenoeffectontheapprovalofthestockissuanceproposalbecausethesefailurestovotearenotconsidered“votescast.”ABristol-MyersSquibbstockholder’sabstentionfromvotingontheBristol-MyersSquibbadjournmentproposalwillhavethesameeffectasavote“AGAINST”theapprovaloftheproposal.

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ThefailureofaBristol-MyersSquibbstockholderwhoholdshisorhersharesin“streetname”throughabroker,bankorothernomineeholderofrecordtogivevotinginstructionstothatbroker,bankorothernomineeholderofrecordoranyotherfailureofaBristol-MyersSquibbstockholdertovotewillhavenoeffectontheapprovaloftheBristol-MyersSquibbadjournmentproposalbecausethesefailurestovotearenotconsidered“votespresent.”TheCelgeneBoardunanimouslyrecommendsthatCelgenestockholdersvote“FOR”theadoptionofthemergeragreement,“FOR”theCelgeneadjournmentproposaland“FOR”theCelgenecompensationadvisoryproposal,andtheBMSBoardunanimouslyrecommendsthatBristol-MyersSquibbstockholdersvote“FOR”theapprovalofthestockissuanceand“FOR”theapprovaloftheBristol-MyersSquibbadjournmentproposal.

Q: What will happen in the merger?

A: Inthemerger,MergerSubwillbemergedwithandintoCelgene.Celgenewillbethesurvivingcorporationinthemerger,whichisreferredtointhisjointproxystatement/prospectusasthesurvivingcorporationorCelgene,andwillbeawholly-ownedsubsidiaryofBristol-MyersSquibbfollowingcompletionofthemerger.Celgenewillnolongerbeapubliclytradedcorporation,itsshareswillbedelistedfromNasdaqandderegisteredundertheExchangeAct,andCelgenewillceasetobepubliclytraded.

Q: What will Celgene stockholders receive in the merger?

A: Ifthemergeriscompleted,eachshareofCelgenecommonstock,otherthanexcludedstockanddissentingstock(eachasdefinedbelow),willautomaticallybecancelledandconvertedintotherighttoreceive$50.00incashwithoutinterestthereon,whichisreferredtointhisjointproxystatement/prospectusasthecashconsideration,oneshareofBristol-MyersSquibbcommonstock,whichisreferredtointhisjointproxystatement/prospectusastheshareconsideration,andoneCVR,whichisreferredtointhisjointproxystatement/prospectusastheCVRconsideration.Thecashconsideration,theshareconsiderationandtheCVRconsiderationarecollectivelyreferredtointhisjointproxystatement/prospectusasthemergerconsideration.SharesofCelgenecommonstock(i)heldinthetreasuryofCelgeneorownedbyBristol-MyersSquibborMergerSub(otherthananysuchsharesownedbysuchentitiesinafiduciary,representativeorothercapacityonbehalfofotherpersons,whetherornotheldinaseparateaccount)willeachbecancelledandceasetoexist,andnoconsiderationwillbedeliveredinexchangeforsuchshares,(ii)heldbyanywholly-ownedsubsidiary,otherthanMergerSub,ofeitherCelgeneorBristol-MyersSquibb(otherthananysuchsharesownedbysuchentitiesinafiduciary,representativeorothercapacityonbehalfofotherpersons,whetherornotheldinaseparateaccount)shallbeconvertedintoanumberoffullypaidandnon-assessablesharesofcommonstockofCelgenesuchthatimmediatelyfollowingthecompletionofthemergeritsownershippercentageinCelgeneisthesameasitsownershippercentageinCelgeneimmediatelypriortothecompletionofthemerger(thesharesdescribedin(i)and(ii)arecollectivelyreferredtointhisjointproxystatement/prospectusasexcludedstock)and(iii)heldbyCelgenestockholderswhohaveproperlydemandedappraisalandotherwisecompliedwithapplicableDelawarelawandnoteffectivelywithdrawnanydemandfor,orlosttherightto,appraisalunderDelawarelaw,willbecomeentitledtothepaymentofthefairvalueofsuchsharesdeterminedinaccordancewithDelawarelawasdescribedunder“AppraisalorDissenters’RightsforCelgeneStockholders”beginningonpage160ofthisjointproxystatement/prospectus(thesharesdescribedin(iii)arereferredtointhisjointproxystatement/prospectusasdissentingstock).

Q: What is the value of the merger consideration?

A: Inthemerger,eachCelgenestockholderwillreceive,foreachshareofCelgenecommonstocktheyownasofimmediatelypriortothecompletionofthemerger,otherthanexcludedstockanddissentingstock,(i)thecashconsideration,(ii)theshareconsiderationand(iii)theCVRconsideration,eachasdescribedunder“TheMergerAgreement–MergerConsideration”beginningonpage173ofthisjointproxystatement/prospectus.

BasedontheclosingpriceofsharesofBristol-MyersSquibbcommonstockontheNewYorkStockExchange,whichisreferredtointhisjointproxystatement/prospectusastheNYSE,onJanuary2,2019,thelasttradingdaypriortotheannouncementofthetransaction,theupfrontmergerconsiderationrepresentedapproximately$102.43invalueforeachshareofCelgenecommonstock(withoutconsideringanypotentialCVRpayout).BasedontheclosingpriceofsharesofBristol-MyersSquibbcommonstockon

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theNYSEonJanuary31,2019,themostrecenttradingdaypriortothedateofthisjointproxystatement/prospectusforwhichthisinformationwasavailable,thecashandstockcomponentsofthemergerconsideration,whichisreferredtointhisjointproxystatement/prospectusastheupfrontmergerconsideration,representedapproximately$99.37invalueforeachshareofCelgenecommonstock(withoutconsideringanypotentialCVRpayout).Because Bristol-Myers Squibb will issue one share of Bristol-Myers Squibb common stock in exchange for each share of Celgene common stock, the value of the share considerationwill depend on the market price of shares of Bristol-Myers Squibb common stock at the time the merger is completed. Themarket price of shares of Bristol-Myers Squibb common stock when Celgene stockholders receive those shares after themerger is completed will not be known at the time of the special meetings and could be greater than, less than or the sameas the market price of shares of Bristol-Myers Squibb common stock on January 2, 2019, on the date of this joint proxystatement/prospectus or at the time of the special meetings or any adjournment or postponement thereof. Furthermore,there is uncertainty regarding the fair market value of the CVR and whether any payment will ultimately be realized onthe CVRs. Because the exchange ratio is fixed and the market price of shares of Bristol-Myers Squibb common stock hasfluctuated and will continue to fluctuate, and because of the uncertainty of the fair market value of, and the ultimaterealization on, the CVRs, Celgene stockholders cannot be sure of the value of the merger consideration they will receive inthe merger. See “Risk Factors—Risks Related to the Merger.”

Q: What will be the respective ownership percentages of former Celgene stockholders and Bristol-Myers Squibb stockholders inthe combined company?

A: BasedonthenumberofsharesofCelgenecommonstockoutstandingasofJanuary29,2019,andthenumberofsharesofBristol-MyersSquibbcommonstockoutstandingasofJanuary24,2019,itisanticipatedthat,immediatelyaftercompletionofthemerger,formerCelgenestockholderswillownapproximately31%andexistingBristol-MyersSquibbstockholderswillownapproximately69%ofthecombinedcompany.

Q: What are the CVRs?

A: TheCVRsarecontingentvaluerightstobeissuedbyBristol-MyersSquibbaspartofthemergerconsiderationtoCelgenestockholdersandcertainholdersofCelgeneequityawards.EachCVRrepresentstherighttoreceiveaone-timecashpaymentof$9.00iftheU.S.FoodandDrugAdministration,whichisreferredtointhisjointproxystatement/prospectusastheFDA,approves,bythedatesnotedbelow,Celgene,Bristol-MyersSquibbortheirrespectiveaffiliatestocommerciallymanufacture,marketandsellinUnitedStatesallofthefollowingthreeproductsfortheindicationsnotedbelow:

• byDecember31,2020,theproductknownas“JCAR017”forthetreatmentofrelapsed-refractorydiffuselargeBcelllymphomainhumans;

• byDecember31,2020,theproductknownas“Ozanimod”forthetreatmentofrelapsingmultiplesclerosisinhumans;and

• byMarch31,2021,theproductknownas“bb2121”forthetreatmentofrelapsed/refractorymultiplemyelomainhumans.

ForamoredetaileddescriptionoftheCVRs,seethesectionentitled“DescriptionoftheCVRs”beginningonpage217ofthisjointproxystatement/prospectus.

Q: Is interest payable with respect to the CVRs?

A: Generally,no.ExceptinthelimitedcircumstancewheretheCVRpaymenthasnotbeenpaidwhenduebyBristol-MyersSquibbundertheCVRagreement(inwhichcase,defaultinterestaccruesuntiltheCVRpaymentispaid),nointerestwillaccrueontheCVRs.

Q: Is the CVR payment secured or guaranteed?

A: No.TheCVRpaymentisneithersecurednorguaranteed.TheCVRpayment,ifanybecomesdue,isanunsecuredgeneralobligationofBristol-MyersSquibbandisnotguaranteedbyBristol-MyersSquibboranyofitsaffiliates.

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Q: Can I sell the CVRs?

A: Yes,solongasthereismarketdemandfortheCVRs.TheCVRsaretransferable(subjecttoapplicablerestrictionsundersecuritieslaws)andarebeingregisteredwiththeSECinconnectionwiththemergerpursuanttotheregistrationstatementofwhichthisjointproxystatement/prospectusformsapart.Bristol-MyersSquibbhasagreedtocausetheCVRstobeapprovedforlisting(subjecttonoticeofissuance)ontheNYSEandthereaftertousereasonablebesteffortstocausesuchlistingontheNYSEoranothernationalsecuritiesexchangetobemaintainedforsolongasanyCVRsremainoutstanding.Therecanbenoguarantee,however,thattheCVRswillbelistedontheNYSEoranothernationalsecuritiesexchangeand,iflisted,thereisnoassurancethattheywillcontinuetosatisfythelistingrequirementsoftheNYSEorsuchothernationalsecuritiesexchange.Furthermore,nopredictioncanbemaderegardingtheliquidityofanysuchmarketorthepricesatwhichtheCVRsmaytradeatanypointintime,ifatall.AsaleorexchangeofaCVRwouldbeataxabletransaction.Seethesectionentitled,“MaterialU.S.FederalIncomeTaxConsequences”beginningonpage165ofthisjointproxystatement/prospectusforadditionalinformation.

Q: Will the merger consideration I receive in the merger increase if the results of operations of Celgene improve or if the marketprice of Celgene common stock increases?

A: No.ThemergerconsiderationpayableforeachshareofCelgenecommonstockatclosingisfixedat(i)$50.00incash,withoutinterest,(ii)oneshareofcommonstockofBristol-MyersSquibband(iii)oneCVR,andthepaymentreceivedatclosingwillnotchangeregardlessoftheresultsofoperationsofCelgeneorthepriceofpubliclytradedcommonstockofCelgene.Furthermore,asdescribedabove,thevalueofthemergerconsiderationmaydecreaseifthemarketpriceofBristol-MyersSquibbcommonstockisloweratthetimethemergeriscompletedthanthemarketpriceasofthedateofthisjointproxystatement/prospectus.

Q: What happens if the merger is not completed?

A: IfthemergeragreementisnotadoptedbyCelgenestockholders,thestockissuanceisnotapprovedbyBristol-MyersSquibbstockholdersorifthemergerisnotcompletedforanyotherreason,CelgenestockholderswillnotreceiveanypaymentfortheirsharesofCelgenecommonstockinconnectionwiththemerger.Instead,Celgenewillremainanindependentpubliccompany,sharesofitscommonstockwillcontinuetobelistedandtradedonNasdaqandregisteredundertheExchangeActandCelgenewillcontinuetofileperiodicreportswiththeSEC.Ifthemergeragreementisterminatedunderspecifiedcircumstances,CelgenemayberequiredtopayBristol-MyersSquibbaterminationfeeof$2.2billion,whichisreferredtointhisjointproxystatement/prospectusastheCelgeneterminationfee,andifthemergeragreementisterminatedundercertainothercircumstances,Bristol-MyersSquibbmayberequiredtopayCelgeneaterminationfeeof$2.2billion,whichisreferredtointheirjointproxystatement/prospectusastheBristol-MyersSquibbterminationfee.Inaddition,Bristol-MyersSquibbisrequiredtoreimburseCelgeneforupto$40millionofitsreasonableandout-of-pocketcostsandexpensesincurredinconnectionwiththemergeragreementandthemergerifthemergeragreementisterminatedbyeitherBristol-MyersSquibborCelgeneduetotheBristol-MyersSquibbstockholdersvotingonandfailingtoapprovethestockissuanceattheBristol-MyersSquibbspecialmeeting,whichreimbursementisreferredtointhisjointproxystatement/prospectusastheCelgenefeereimbursement,andCelgeneisrequiredtoreimburseBristol-MyersSquibbforupto$40millionofitsreasonableandout-of-pocketcostsandexpensesincurredinconnectionwiththemergeragreementandthemergerifthemergeragreementisterminatedbyeitherBristol-MyersSquibborCelgeneduetotheCelgenestockholdersvotingonandfailingtoadoptthemergeragreementattheCelgenespecialmeeting,whichreimbursementisreferredtointhisjointproxystatement/prospectusastheBristol-MyersSquibbfeereimbursement.See“TheMergerAgreement—TerminationFeesandExpenses”beginningonpage200ofthisjointproxystatement/prospectusforamoredetaileddiscussionoftheterminationfeesandthefeereimbursement.

Q: What risks should I consider in deciding whether to vote in favor of the merger proposal and/or the share issuance proposal?

A: Youshouldcarefullyreviewtherisksanduncertaintiesdiscussedundertheheading“RiskFactors”andelsewhereinthisjointproxystatement/prospectusandPartI,Item1A,“RiskFactors”ineachcompany’s

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AnnualReportonForm10-KfortheyearendedDecember31,2017,asupdatedbytheirrespectiveQuarterlyReportsonForm10-Q,andfuturefilingswiththeSEC,eachofwhichisonfileorwillbefiledwiththeSEC,whichmaintainsawebsitelocatedathttp://www.sec.govwiththisinformation,andallofwhichareincorporatedbyreferenceintothisjointproxystatement/prospectus,aswellasthesectionofthisjointproxystatement/prospectusentitled“RiskFactors,”whichsetsforthcertainrisksanduncertaintiesrelatedtothemerger,risksanduncertaintiestowhichthecombinedcompany’sbusinesswillbesubject,andrisksanduncertaintiestowhicheachofBristol-MyersSquibbandCelgene,asanindependentcompany,issubject.

Q: What are Celgene stockholders being asked to vote on?

A: Celgenestockholdersarebeingaskedtovoteonthefollowingthreeproposals:

• toadoptthemergeragreement,acopyofwhichisattachedasAnnexAtothisjointproxystatement/prospectus;

• toapprovetheCelgeneadjournmentproposal;and

• toapprove,onanadvisory(non-binding)basis,theCelgenecompensationadvisoryproposal.

TheadoptionofthemergeragreementbyCelgenestockholdersisaconditiontotheobligationsofCelgeneandBristol-MyersSquibbtocompletethemerger.NeithertheapprovaloftheCelgeneadjournmentproposalnortheapprovaloftheCelgenecompensationadvisoryproposalisaconditiontotheobligationsofCelgeneorBristol-MyersSquibbtocompletethemerger.

Q: What are Bristol-Myers Squibb stockholders being asked to vote on?

A: Bristol-MyersSquibbstockholdersarebeingaskedtovoteonthefollowingtwoproposals:

• toapprovethestockissuance;and

• toapprovetheBristol-MyersSquibbadjournmentproposal.

TheapprovalofthestockissuancebyBristol-MyersSquibbstockholdersisaconditiontotheobligationsofCelgeneandBristol-MyersSquibbtocompletethemerger.TheapprovaloftheBristol-MyersSquibbadjournmentproposalisnotaconditiontotheobligationsofCelgeneorBristol-MyersSquibbtocompletethemerger.

Q: Does the Celgene Board recommend that Celgene stockholders adopt the merger agreement?

A: Yes.TheCelgeneBoardunanimouslydeterminedthatthemergeragreementandthetransactionscontemplatedbythemergeragreement(includingthemerger)arefairtoandinthebestinterestsofCelgeneanditsstockholdersandunanimouslyrecommendsthatCelgenestockholdersvote“FOR”theadoptionofthemergeragreementattheCelgenespecialmeeting.See“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—Celgene’sReasonsfortheMerger;RecommendationoftheCelgeneBoardofDirectorsthatCelgeneStockholdersAdopttheMergerAgreement”beginningonpage106ofthisjointproxystatement/prospectus.

Q: Does the Celgene Board recommend that Celgene stockholders approve the Celgene adjournment proposal?

A: Yes.TheCelgeneBoardunanimouslyrecommendsthatCelgenestockholdersvote“FOR”theCelgeneadjournmentproposal.See“CelgeneProposalII:AdjournmentoftheCelgeneSpecialMeeting”beginningonpage209ofthisjointproxystatement/prospectus.

Q: What is the Celgene compensation advisory proposal and why am I being asked to vote on it?

A: TheSEChasadoptedrulesthatrequireCelgenetoseekanadvisory(non-binding)voteoncompensationthatistiedtoorbasedoncompletionofthemergerandthatwillormaybepaidorprovidedbyCelgenetoitsnamedexecutiveofficersinconnectionwiththemerger.

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Q: Does the Celgene Board recommend that Celgene stockholders approve, on an advisory (non-binding) basis, the Celgenecompensation advisory proposal?

A: Yes.TheCelgeneBoardunanimouslyrecommendsthatCelgenestockholdersvote“FOR”theCelgenecompensationadvisoryproposal.See“CelgeneProposalIII:AdvisoryVoteOnMerger-RelatedExecutiveCompensationArrangements”beginningonpage210ofthisjointproxystatement/prospectus.

Q: What happens if the Celgene compensation advisory proposal is not approved?

A: ApprovaloftheCelgenecompensationadvisoryproposalisnotaconditiontotheobligationsofCelgeneorBristol-MyersSquibbtocompletethemerger.ThevoteisanadvisoryvoteandisnotbindingonCelgene,thesurvivingcompanyorBristol-MyersSquibb.Ifthemergeriscompleted,CelgenemaypaytheapplicablecompensationinconnectionwiththemergertoitsnamedexecutiveofficersevenifCelgenestockholdersfailtoapprovetheCelgenecompensationadvisoryproposal.

Q: Does the BMS Board recommend that Bristol-Myers Squibb stockholders approve the stock issuance?

A: Yes.TheBMSBoarddeterminedthatthestockissuancewasadvisable,fairtoandinthebestinterestsofBristol-MyersSquibbanditsstockholdersandunanimouslyrecommendsthatBristol-MyersSquibbstockholdersvote“FOR”theapprovalofthestockissuance.See“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—Bristol-MyersSquibb’sReasonsfortheMerger;RecommendationoftheBristol-MyersSquibbBoardofDirectorsthatBristol-MyersSquibbStockholdersApprovetheStockIssuance”beginningonpage110ofthisjointproxystatement/prospectus.

Q: Does the BMS Board recommend that Bristol-Myers Squibb stockholders approve the Bristol-Myers Squibb adjournmentproposal?

A: Yes.TheBMSBoardunanimouslyrecommendsthatBristol-MyersSquibbstockholdersvote“FOR”theBristol-MyersSquibbadjournmentproposal.See“Bristol-MyersSquibbProposalII:AdjournmentoftheBristol-MyersSquibbSpecialMeeting”beginningonpage211ofthisjointproxystatement/prospectus.

Q: What Celgene stockholder vote is required for the approval of each proposal?

A: ThefollowingarethevoterequirementsfortheproposalsattheCelgenespecialmeeting:

• AdoptionoftheMergerAgreement:TheaffirmativevoteofholdersofatleastamajorityoftheoutstandingsharesofCelgenecommonstockentitledtovoteonthisproposal.Accordingly,aCelgenestockholder’sabstentionfromvoting,thefailureofaCelgenestockholderwhoholdshisorhersharesin“streetname”throughabroker,bankorothernomineeholderofrecordtogivevotinginstructionstothatbroker,bankorothernomineeholderofrecordoranyotherfailureofaCelgenestockholdertovotewillhavethesameeffectasavote“AGAINST”thisproposal.

• ApprovalofCelgeneAdjournmentProposal:TheaffirmativevoteoftheholdersofamajorityofthevotespresentattheCelgenespecialmeeting(whetherornotaquorum,asdefinedunderCelgene’sby-laws,ispresent).ForpurposesoftheCelgeneadjournmentproposal,“votespresent”ontheproposalconsistofvotes“for”or“against”aswellaselectionstoabstainfromvotingontheproposal.Accordingly,aCelgenestockholder’sabstentionfromvotingontheCelgeneadjournmentproposalwillhavethesameeffectasavote“AGAINST”theapprovaloftheproposal.ThefailureofaCelgenestockholderwhoholdshisorhersharesin“streetname”throughabroker,bankorothernomineeholderofrecordtogivevotinginstructionstothatbroker,bankorothernomineeholderofrecordoranyotherfailureofaCelgenestockholdertovotewillhavenoeffectontheapprovalofthisproposalbecausethesefailurestovotearenotconsidered“votespresent.”

• ApprovaloftheCelgeneCompensationAdvisoryProposal:Theaffirmativevoteoftheholdersofamajorityofthevotescast“FOR”or“AGAINST”thisproposalattheCelgenespecialmeeting(assumingaquorum,asdefinedunderCelgene’sby-laws,ispresent).Accordingly,aCelgenestockholder’sabstentionfromvotingwillhavenoeffectontheapprovalofthisproposal.ThefailureofaCelgenestockholderwhoholdshisorhersharesin“streetname”throughabroker,

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bankorothernomineeholderofrecordtogivevotinginstructionstothatbroker,bankorothernomineeholderofrecordoranyotherfailureofaCelgenestockholdertovotewillhavenoeffectontheapprovalofthisproposalexcepttotheextentitresultsintherebeinginsufficientsharespresentattheCelgenespecialmeetingtoestablishaquorum.

Q: What Bristol-Myers Squibb stockholder vote is required for the approval of each proposal at the Bristol-Myers Squibb specialmeeting?

A: ThefollowingarethevoterequirementsfortheproposalsattheBristol-MyersSquibbspecialmeeting:

• ApprovaloftheStockIssuance:TheaffirmativevoteofatleastamajorityofthevotescastbyholdersofoutstandingsharesofBristol-MyersSquibbstockatadulycalledandheldmeetingofBristol-MyersSquibb’sstockholdersatwhichaquorumispresent.UnderthecurrentrulesandinterpretiveguidanceoftheNYSE,“votescast”onthestockissuanceconsistofvotes“for”or“against”aswellaselectionstoabstainfromvotingonthestockissuance.Asaresult,aBristol-MyersSquibbstockholder’sabstentionfromvotingonthestockissuancewillhavethesameeffectasavote“AGAINST”theapprovalofthisproposal.ThefailureofaBristol-MyersSquibbstockholderwhoholdshisorhersharesin“streetname”throughabroker,bankorothernomineeholderofrecordtogivevotinginstructionstothatbroker,bankorothernomineeholderofrecordoranyotherfailureofaBristol-MyersSquibbstockholdertovotewillhavenoeffectontheapprovalofthisproposalbecausethesefailurestovotearenotconsidered“votescast.”However,thesefailurestovotewillmakeitmoredifficulttomeettherequirementunderDelawarelawthattheholdersofamajorityoftheoutstandingsharesofBristol-MyersSquibbstockentitledtovoteattheBristol-MyersSquibbspecialmeetingbepresentinpersonorrepresentedbyproxytoconstituteaquorumattheBristol-MyersSquibbspecialmeeting.

• ApprovaloftheBristol-MyersSquibbAdjournmentProposal(ifnecessary):TheaffirmativevoteofamajorityofthevotespresentattheBristol-MyersSquibbspecialmeetingbyBristol-MyersSquibbstockholdersentitledtovote(whetherornotaquorum,asdefinedunderDelawarelaw,ispresent).ForpurposesoftheBristol-MyersSquibbadjournmentproposal,“votespresent”ontheproposalconsistofvotes“for”or“against”aswellaselectionstoabstainfromvotingontheproposal.Asaresult,aBristol-MyersSquibbstockholder’sabstentionfromvotingontheBristol-MyersSquibbadjournmentproposalwillhavethesameeffectasavote“AGAINST”theapprovaloftheproposal.ThefailureofaBristol-MyersSquibbstockholderwhoholdshisorhersharesin“streetname”throughabroker,bankorothernomineeholderofrecordtogivevotinginstructionstothatbroker,bankorothernomineeholderofrecordoranyotherfailureofaBristol-MyersSquibbstockholdertovotewillhavenoeffectontheapprovalofthisproposalbecausethesefailurestovotearenotconsidered“votespresent.”

Q: What constitutes a quorum for the Celgene special meeting?

A: TheholdersofamajorityoftheoutstandingsharesofCelgenecommonstockentitledtovotebeingpresentinpersonorrepresentedbyproxyconstitutesaquorumfortheCelgenespecialmeeting.SharesofCelgenecommonstockwhoseholderselecttoabstainfromvotingwillbedeemedpresentattheCelgenespecialmeetingforthepurposeofdeterminingthepresenceofaquorum.SharesofCelgenecommonstockheldin“streetname”withrespecttowhichthebeneficialownerfailstogivevotinginstructionstothebroker,bankorothernomineeholderofrecordwillnotbedeemedpresentattheCelgenespecialmeetingforthepurposeofdeterminingthepresenceofaquorum.

Q: What constitutes a quorum for the Bristol-Myers Squibb special meeting?

A: TheholdersofamajorityoftheoutstandingsharesofBristol-MyersSquibbstockentitledtovotebeingpresentinpersonorrepresentedbyproxyconstitutesaquorumfortheBristol-MyersSquibbspecialmeeting.SharesofBristol-MyersSquibbstockwhoseholderselecttoabstainfromvotingwillbedeemedpresentattheBristol-MyersSquibbspecialmeetingforthepurposeofdeterminingthepresenceofaquorum.SharesofBristol-MyersSquibbstockheldin“streetname”withrespecttowhichthebeneficialownerfailstogivevotinginstructionstothebroker,bankorothernomineeholderofrecordwillnotbedeemedpresentattheBristol-MyersSquibbspecialmeetingforthepurposeofdeterminingthepresenceofaquorum.

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Q: Who is entitled to vote at the Celgene special meeting?

A: AllholdersofsharesofCelgenecommonstockwhoheldsharesattherecorddatefortheCelgenespecialmeeting(thecloseofbusinessonMarch1,2019)areentitledtoreceivenoticeof,andtovoteat,theCelgenespecialmeeting.AsofthecloseofbusinessonJanuary29,2019,therewere701,024,507sharesofCelgenecommonstockoutstanding.EachholderofsharesofCelgenecommonstockisentitledtoonevoteforeachshareofCelgenecommonstockownedattherecorddate.

Q: Who is entitled to vote at the Bristol-Myers Squibb special meeting?

A: AllholdersofsharesofBristol-MyersSquibbstockwhoheldsharesattherecorddatefortheBristol-MyersSquibbspecialmeeting(thecloseofbusinessonMarch1,2019)areentitledtoreceivenoticeof,andtovoteat,theBristol-MyersSquibbspecialmeeting.AsofthecloseofbusinessonJanuary24,2019,therewere1,632,468,222.509sharesofBristol-MyersSquibbstockoutstanding.EachholderofsharesofBristol-MyersSquibbstockisentitledtoonevoteforeachshareofBristol-MyersSquibbstockownedattherecorddate.

Q: What if I hold shares in both Celgene and Bristol-Myers Squibb?

A: IfyouarebothaCelgenestockholderandaBristol-MyersSquibbstockholder,youwillreceiveseparatepackagesofproxymaterialsfromeachcompany.AvoteasaCelgenestockholderfortheadoptionofthemergeragreement(oranyotherproposaltobeconsideredattheCelgenespecialmeeting)willnotconstituteavoteasaBristol-MyersSquibbstockholdertoapprovethestockissuance(oranyotherproposaltobeconsideredattheBristol-MyersSquibbspecialmeeting),andviceversa.Therefore,pleasecomplete,signanddateandreturnallproxycardsand/orvotinginstructionsthatyoureceivefromCelgeneorBristol-MyersSquibb,orsubmityourproxyorvotinginstructionsforeachsetofvotingmaterialsovertheInternetorbytelephoneinordertoensurethatallofyoursharesarevoted.

Q: When and where is the Celgene special meeting?

A: TheCelgenespecialmeetingwillbeheldattheofficesofWachtell,Lipton,Rosen&Katzlocatedat51West52ndStreet,NewYork,NewYork10019onFriday,April12,2019,at10:00a.m.,EasternTime.

Q: When and where is the Bristol-Myers Squibb special meeting?

A: TheBristol-MyersSquibbspecialmeetingwillbeheldonFriday,April12,2019,attheofficesofKirkland&EllisLLP,whichisreferredtointhisjointproxystatement/prospectusasKirkland&Ellislocatedat601LexingtonAvenue,NewYork,NewYork10022,at10:00a.m.,EasternTime.

Q: How do I vote my shares at the Celgene special meeting?

A: Via the Internet or by Telephone

IfyouholdsharesofCelgenecommonstockdirectlyinyournameasastockholderofrecord,youmayvoteviatheInternetorbytelephonebyfollowingtheintstructionsontheenclosedproxycard.InordertovoteyoursharesviatheInternetorbytelephone,youwillneedthecontrolnumberonyourproxycard(whichisuniquetoeachCelgenestockholdertoensureallvotinginstructionsaregenuineandtopreventduplicatevoting).VotesmaybesubmittedviatheInternetorbytelephone,24hoursaday,sevendaysaweek,andmustbereceivedby11:59p.m.(EasternTime)on(i)April9,2019forsharesheldintheCelgene401(k)Planor(ii)April11,2019forallothershares.

IfyouholdsharesofCelgenecommonstockin“streetname,”meaningthroughabroker,bankorothernomineeholderofrecord,youmaysubmitvotinginstructionsviatheInternetorbytelephoneonlyifInternetortelephonevotingismadeavailablebyyourbroker,bankorothernomineeholderofrecord.Pleasefollowthevotinginstructionsprovidedbyyourbroker,bankorothernomineeholderofrecordwiththesematerials.

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By Mail

IfyouholdsharesofCelgenecommonstockdirectlyinyournameasastockholderofrecord,inordertovotebymail,youmaysubmitaproxycard.Youwillneedtocomplete,signanddateyourproxycardandreturnitusingthepostage-paidreturnenvelopeprovided.

IfyouholdsharesofCelgenecommonstockin“streetname,”meaningthroughabroker,bankorothernomineeholderofrecord,inordertoprovidevotinginstructionsbymailyouwillneedtocomplete,signanddatethevotinginstructionformprovidedbyyourbroker,bankorothernomineeholderofrecordwiththesematerialsandreturnitinthepostage-paidreturnenvelopeprovided.Yourbroker,bankorothernomineeholderofrecordmustreceiveyourvotinginstructionforminsufficienttimetovoteyourshares.

In Person

IfyouholdsharesofCelgenecommonstockdirectlyinyournameasastockholderofrecord,youmayvoteinpersonattheCelgenespecialmeeting.StockholdersofrecordalsomayberepresentedbyanotherpersonattheCelgenespecialmeetingbyexecutingaproperproxydesignatingthatpersonandhavingthatproperproxybepresentedtothejudgeofelectionwiththeapplicableballotattheCelgenespecialmeeting.

IfyouholdsharesofCelgenecommonstockin“streetname,”meaningthroughabroker,bankorothernomineeholderofrecord,youmustobtainawrittenlegalproxyfromthatinstitutionandpresentittothejudgeofelectionwithyourballottobeabletovoteinpersonattheCelgenespecialmeeting.Torequestalegalproxy,pleasecontactyourbroker,bankorothernomineeholderofrecord.

Please carefully consider the information contained in this joint proxy statement/prospectus. Whether or not you plan toattend the Celgene special meeting, Celgene encourages you to vote via the Internet, by telephone or by mail so that yourshares will be voted in accordance with your wishes even if you later decide not to attend the Celgene special meeting.

CelgeneencouragesyoutoregisteryourvoteviatheInternet,bytelephoneorbymail.IfyouattendtheCelgenespecialmeeting,youmayalsovoteinperson,inwhichcaseanyvotesthatyoupreviouslysubmitted—whetherviatheInternet,bytelephoneorbymail—willberevokedandsupersededbythevotethatyoucastattheCelgenespecialmeeting.YourattendanceattheCelgenespecialmeetingalonewillnotrevokeanyproxypreviouslygiven.TovoteinpersonattheCelgenespecialmeeting,beneficialownerswhoholdsharesin“streetname”throughabroker,bankorothernomineeholderofrecordwillneedtocontactthebroker,bankorothernomineeholderofrecordtoobtainawrittenlegalproxytobringtothemeeting.WhetheryourproxyissubmittedviatheInternet,bytelephoneorbymail,ifitisproperlycompletedandsubmitted,andifyoudonotrevokeitpriortoorattheCelgenespecialmeeting,yourshareswillbevotedattheCelgenespecialmeetinginthemannerspecifiedbyyou,exceptasotherwisesetforthinthisjointproxystatement/prospectus.

You may vote via the Internet or by telephone until 11:59 p.m. (Eastern Time) on (i) April 9, 2019 for shares held in theCelgene 401(k) Plan or (ii) April 11 , 2019 for all other shares , or Broadridge must receive your proxy card by mail nolater than the close of business on (i) April 9, 2019 for shares held in the Celgene 401(k) Plan or (ii) April 11 , 2019 for allother shares .

Q: If my shares of Celgene common stock are held in “street name,” will my broker, bank or other nominee holder of recordautomatically vote my shares for me?

A: No.Yourbroker,bankorothernomineeholderofrecordwillonlybepermittedtovoteyoursharesofCelgenecommonstockifyouinstructyourbroker,bankorothernomineeholderofrecordhowtovote.Youshouldfollowtheproceduresprovidedbyyourbroker,bankorothernomineeholderofrecordregardingthevotingofyoursharesofCelgenecommonstock.

Understockexchangerules,brokers,banksandothernomineeholdersofrecordareprecludedfromexercisingtheirvotingdiscretionwithrespecttonon-routineor“significant”matters,suchastheadoptionofthemergeragreement,theapprovaloftheCelgeneadjournmentproposalandtheapprovaloftheCelgenecompensationadvisoryproposal.Asaresult,absentspecificinstructionsfromthebeneficialownerofsharesofCelgenecommonstock,brokers,banksandothernomineesholdersofrecordarenotempoweredtovotesuchshares.

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Brokernon-votesaresharesheldbyabroker,bankorothernomineeholderofrecordwithrespecttowhichthebroker,bankorothernomineeholderofrecordisnotinstructedbythebeneficialownerofsuchsharesonhowtovoteonaparticularproposalandthebroker,bankorothernomineeholderofrecorddoesnothavediscretionaryvotingpoweronsuchproposal.Becausebrokers,banksandothernomineeholdersofrecorddonothavediscretionaryvotingauthoritywithrespecttoanyoftheproposalstobeconsideredattheCelgenespecialmeetingasdescribedinthisjointproxystatement/prospectus,ifabeneficialownerofsharesofCelgenecommonstockheldin“streetname”doesnotgivevotinginstructionstothebroker,bankorothernomineeholderofrecord,thenthoseshareswillnotbepresentinpersonorrepresentedbyproxyattheCelgenespecialmeeting.

Abeneficialowner’sfailuretoinstructthebroker,bankorothernomineeholderofrecordhowtovotesharesofCelgenecommonstockheldin“streetname”willthereforehavethesameeffectasavote“AGAINST”theadoptionofthemergeragreement.Abeneficialowner’sfailuretoinstructthebroker,bankorothernomineeholderofrecordhowtovotesharesofCelgenecommonstockheldin“streetname”willhavenoeffectontheproposaltoapprovetheCelgeneadjournmentproposalortheproposaltoapprove,onanadvisory(non-binding)basis,theCelgenecompensationadvisoryproposal,except,withrespecttotheCelgenecompensationadvisoryproposal,totheextentitresultsintherebeinginsufficientsharespresentattheCelgenespecialmeetingtoestablishaquorum.

Q: If I submit a proxy, how will my shares covered by the proxy be voted at the Celgene special meeting?

A: IfyoucorrectlyregisteryourvoteviatheInternet,bytelephoneorbymail,thedirectorsofCelgenenamedinyourproxycardwillvoteyoursharesinthemanneryourequested.

Q: If I return a blank proxy, how will my shares be voted at the Celgene special meeting?

A: Ifyousignyourproxycardandreturnitwithoutindicatinghowyouwouldliketovoteyourshares,yourproxywillbevotedastheCelgeneBoardunanimouslyrecommends,whichis:

• “FOR”theadoptionofthemergeragreement;

• “FOR”theCelgeneadjournmentproposal;and

• “FOR”theCelgenecompensationadvisoryproposal.

However,ifyouindicatethatyouwishtovoteagainsttheadoptionofthemergeragreementandleavetheotherproposalsblank,yourshareswillnotbevotedinfavoroftheCelgeneadjournmentproposalortheCelgenecompensationadvisoryproposal.

Q: How do I vote my shares at the Bristol-Myers Squibb special meeting?

A: Via the Internet or by Telephone

IfyouholdsharesofBristol-MyersSquibbstockdirectlyinyournameasastockholderofrecord,youmayvoteviatheInternetatwww.proxyvote.comorbytelephonebycalling(800)322-2885toll-free.InordertosubmitaproxytovoteviatheInternetorbytelephone,youwillneedthecontrolnumberonyourproxycard(whichisuniquetoeachBristol-MyersSquibbstockholdertoensureallvotinginstructionsaregenuineandtopreventduplicatevoting).VotesmaybesubmittedviatheInternetorbytelephone24hoursaday,sevendaysaweek,andmustbereceivedby11:59p.m.(EasternTime)eitheronMonday,April8,2019forsharesinemployeebenefitplansoronThursday,April11,2019forallothershares.PleasebeawarethatifyouvotebytelephoneorovertheInternet,youmayincurcostssuchastelephoneandInternetaccesschargesforwhichyouwillberesponsible.

IfyouholdsharesofBristol-MyersSquibbstockin“streetname,”meaningthroughabroker,bankorothernomineeholderofrecord,youmayvoteviatheInternetorbytelephoneonlyifInternetortelephonevotingismadeavailablebyyourbroker,bankorothernomineeholderofrecord.Pleasefollowthevotinginstructionsprovidedbyyourbroker,bankorothernomineeholderofrecordwiththesematerials.

By Mail

IfyouholdsharesofBristol-MyersSquibbstockdirectlyinyournameasastockholderofrecord,youmaysubmitaproxycardtovoteyoursharesbymail.Youwillneedtocomplete,signanddateyourproxycard

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andreturnitusingthepostage-paidreturnenvelopeprovidedorreturnittoBroadridge.InordertoensureBroadridge’stimelyreceiptofyourproxycard,werecommendthatyoumailyourproxycardnolaterthanthecloseofbusinessonApril4,2019.

IfyouholdsharesofBristol-MyersSquibbstockin“streetname,”meaningthroughabroker,bankorothernomineeholderofrecord,inordertoprovidevotinginstructionsbymail,youwillneedtocomplete,signanddatethevotinginstructionformprovidedbyyourbroker,bankorothernomineeholderofrecordwiththesematerialsandreturnitinthepostage-paidreturnenvelopeprovided.Yourbroker,bankorothernomineeholderofrecordmustreceiveyourvotinginstructionforminsufficienttimetovoteyourshares.

In Person

IfyouholdsharesofBristol-MyersSquibbstockdirectlyinyournameasastockholderofrecord,youmayvoteinpersonattheBristol-MyersSquibbspecialmeeting.StockholdersofrecordalsomayberepresentedbyanotherpersonattheBristol-MyersSquibbspecialmeetingbyexecutingaproperproxydesignatingthatpersonandhavingthatproperproxybepresentedtothejudgeofelectionwiththeapplicableballotattheBristol-MyersSquibbspecialmeeting.

IfyouholdsharesofBristol-MyersSquibbstockin“streetname,”meaningthroughabroker,bankorothernomineeholderofrecord,youmustobtainawrittenlegalproxyfromthatinstitutionandpresentittothejudgeofelectionwithyourballottobeabletovoteinpersonattheBristol-MyersSquibbspecialmeeting.Torequestalegalproxy,pleasecontactyourbroker,bankorothernomineeholderofrecord.

Please carefully consider the information contained in this joint proxy statement/prospectus. Whether or not you plan toattend the Bristol-Myers Squibb special meeting, Bristol-Myers Squibb encourages you to vote via the Internet, bytelephone or by mail so that your shares will be voted in accordance with your wishes even if you later decide not to attendthe Bristol-Myers Squibb special meeting.

Bristol-MyersSquibbencouragesyoutoregisteryourvoteviatheInternet,bytelephoneorbymail.IfyouattendtheBristol-MyersSquibbspecialmeeting,youmayalsovoteinperson,inwhichcaseanyvotesthatyoupreviouslysubmitted—whetherviatheInternet,bytelephoneorbymail—willberevokedandsupersededbythevotethatyoucastattheBristol-MyersSquibbspecialmeeting.TovoteinpersonattheBristol-MyersSquibbspecialmeeting,beneficialownerswhoholdsharesin“streetname”throughabroker,bankorothernomineeholderofrecordwillneedtocontactthebroker,bankorothernomineeholderofrecordtoobtainawrittenlegalproxytobringtothemeeting.WhetheryourproxyissubmittedviatheInternet,byphoneorbymail,ifitisproperlycompletedandsubmitted,andifyoudonotrevokeitpriortoorattheBristol-MyersSquibbspecialmeeting,yourshareswillbevotedattheBristol-MyersSquibbspecialmeetinginthemannerspecifiedbyyou,exceptasotherwisesetforthinthisjointproxystatement/prospectus.

Y ou may vote via the Internet or by telephone until 11:59 p.m., Eastern Time, either on Monday, April 8, 2019 for sharesin employee benefit plans or on Thursday, April 11, 2019 for all other shares. We recommend you mail your proxy byApril 4, 2019 to ensure timely receipt of your proxy .

Q: If my shares of Bristol-Myers Squibb stock are held in “street name,” will my broker, bank or other nominee holder of recordautomatically vote my shares for me?

A: No.Ifyouareabeneficialstockholder,youhavetherighttodirectyourbrokerornomineeonhowtovotetheshares.Youshouldcompleteavotinginstructioncardwhichyourbroker,bankorothernomineeisobligatedtoprovideyou.Ifyouwishtovoteinpersonatthemeeting,youmustfirstobtainfromtherecordholderalegalproxyissuedinyourname.Brokers,banksandothernomineeholdersofrecordwhoholdsharesofBristol-MyersSquibbstockin“streetname”typicallyhavetheauthoritytovoteintheirdiscretionon“routine”proposalswhentheyhavenotreceivedinstructionsonhowtovotefromthebeneficialowner.However,brokers,banksandothernomineeholdersofrecordtypicallyarenotallowedtoexercisetheirvotingdiscretiononmattersthatare“non-routine”withoutspecificinstructionsonhowtovotefromthebeneficialowner.UnderthecurrentrulesoftheNYSE,bothproposalstobeconsideredattheBristol-MyersSquibbspecialmeetingasdescribedinthisjointproxystatement/prospectusareconsiderednon-routine.Therefore,brokers,banksandothernomineeholdersofrecorddonothavediscretionaryauthoritytovoteoneitherproposal.

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Brokernon-votesaresharesheldbyabroker,bankorothernomineeholderofrecordthatarepresentinpersonorrepresentedbyproxyattheBristol-MyersSquibbspecialmeeting,butwithrespecttowhichthebroker,bankorothernomineeholderofrecordisnotinstructedbythebeneficialownerofsuchsharesonhowtovoteonaparticularproposalandthebrokerdoesnothavediscretionaryvotingpoweronsuchproposal.Becausebrokers,banksandothernomineeholdersofrecorddonothavediscretionaryvotingauthoritywithrespecttoeitheroftheproposalstobeconsideredattheBristol-MyersSquibbspecialmeetingasdescribedinthisjointproxystatement/prospectus,ifabeneficialownerofsharesofBristol-MyersSquibbstockheldin“streetname”doesnotgivevotinginstructionstothebroker,bankorothernomineeholderofrecord,thenthoseshareswillnotbepresentinpersonorrepresentedbyproxyattheBristol-MyersSquibbspecialmeeting.Asaresult,therewillnotbeanybrokernon-votesinconnectionwitheitheroftheproposalstobeconsideredattheBristol-MyersSquibbspecialmeetingasdescribedinthisjointproxystatement/prospectus.

Q: How will my shares be represented at the Bristol-Myers Squibb special meeting?

A: IfyoucorrectlysubmityourproxyviatheInternet,bytelephoneorbymail,thepersonsnamedinyourproxycardwillvoteyoursharesinthemanneryourequested.Ifyousignyourproxycardandreturnitwithoutindicatinghowyouwouldliketovoteyourshares,yourproxywillbevotedastheBMSBoardunanimouslyrecommends,whichis:

• “FOR”thestockissuance;and

• “FOR”theapprovaloftheBristol-MyersSquibbadjournmentproposal.

However,ifyouindicatethatyouwishtovoteagainsttheapprovalofthestockissuance,yourshareswillonlybevotedinfavoroftheBristol-MyersSquibbadjournmentproposalifyouindicatethatyouwishtovoteinfavorofthatproposal.

Q: Who may attend the Celgene special meeting?

A: CelgenestockholdersattherecorddatefortheCelgenespecialmeeting(thecloseofbusinessonMarch1,2019),ortheirproxyholders,mayattendtheCelgenespecialmeeting.IfyouholdsharesinyournameattherecorddateandplantoattendtheCelgenespecialmeeting,becauseofsecurityprocedures,youwillneedtoobtainanadmissionticketinadvance.Ticketswillbeavailabletoregisteredandbeneficialowners.Youcanprintyourownticketsandyoumustbringthemtothemeetingtogainaccess.TicketscanbeprintedbyaccessingShareholderMeetingRegistrationatwww.ProxyVote.comandfollowingtheinstructionsprovided(youwillneedthe16digitnumberincludedonyourproxycardorvoterinstructionform).Ifyouareunabletoprintyourtickets,pleasecontactCelgene’sCorporateSecretaryat1-908-673-9000.Requestsforadmissionticketswillbeprocessedintheorderinwhichtheyarereceivedandmustbesubmittednolaterthan11:59p.m.(EasternTime)onApril11,2019.Pleasenotethatseatingislimitedandrequestsforticketswillacceptedonafirst-come,firstservedbasis.Ifyoureceivedyourspecialmeetingmaterialselectronicallyandwishtoattendthemeeting,pleasefollowtheinstructionsprovidedforattendance.IfyouareattendingtheCelgenespecialmeetinginperson,youwillberequiredtopresentvalid,government-issuedphotoidentification,suchasadriver’slicenseorpassport,andanadmissiontickettobeadmittedtotheCelgenespecialmeeting.

CelgenestockholdersmaycontactInnisfreeM&AIncorporatedat(877)750-9497(toll-free)or(412)232-3651(forinternationalcallers)toobtaindirectionstothelocationoftheCelgenespecialmeeting.Banksandbrokersmaycallcollectat(212)750-5833.

Q: Who may attend the Bristol-Myers Squibb special meeting?

A: Bristol-MyersSquibbstockholdersattherecorddatefortheBristol-MyersSquibbspecialmeeting(thecloseofbusinessonMarch1,2019),ortheirproxyholders,theirauthorizedrepresentativesandguestsofBristol-MyersSquibbmayattendtheBristol-MyersSquibbspecialmeeting.YoumaynotappointmorethanonepersontoactasyourproxyattheBristol-MyersSquibbspecialmeeting.Admissionwillbebyticketonly.Aformofgovernment-issuedphotographidentificationwillberequiredtoenterthemeeting.Largebags,backpacks,briefcases,cameras,recordingequipmentandotherelectronicdeviceswillnotbepermittedinthemeeting,andattendeeswillbesubjecttosecurityinspections.Ourofficesarewheelchairaccessible.Wewillprovide,uponrequest,wirelessheadsetsforhearingamplification.Ifyouarearegistered

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Bristol-MyersSquibbstockholder(yoursharesareheldinyourname)andplantoattendthemeeting,youshouldbringthetopportionoftheproxycard,whichwillserveasyouradmissionticket.Ifyouareabeneficialowner(yoursharesareheldinthenameofabank,brokerorotherholderofrecord)andplantoattendthemeeting,youcanobtainanadmissionticketinadvancebywritingtoShareholderServices,Bristol-MyersSquibbCompany,430East29thStreet,14thFloor,NewYork,NewYork10016.Pleasebesuretoencloseproofofownership,suchasabankorbrokerageaccountstatement.StockholderswhodonotobtainticketsinadvancemayobtainthemuponverificationofownershipattheRegistrationDeskonthedayofthespecialmeeting.

Q: Can I revoke my proxy or change my voting instructions for Bristol-Myers Squibb stock?

A: Yes.YoumayrevokeyourproxyorchangeyourvoteatanytimebeforetheclosingofthepollsattheBristol-MyersSquibbspecialmeeting.

IfyouareastockholderofrecordattherecorddatefortheBristol-MyersSquibbspecialmeeting(thecloseofbusinessonMarch1,2019),youcanrevokeyourproxyorchangeyourvoteby:

• sendingasignednotice,whichbearsadatelaterthanthedateoftheproxyyouwanttorevokeandwhichisreceivedpriortothedateoftheBristol-MyersSquibbspecialmeeting,statingthatyourevokeyourproxytoBristol-MyersSquibbCompany,c/oBroadridge,51MercedesWay,Edgewood,NY11717;

• submittingavalid,later-datedproxyorvotinginstructionsviatheInternetorbytelephonebefore11:59p.m.(EasternTime)eitheronMonday,April8,2019forsharesinemployeebenefitplansoronThursday,April11,2019forallothershares,orbymailthatisreceivedpriortotheBristol-MyersSquibbspecialmeeting;or

• attendingtheBristol-MyersSquibbspecialmeeting(or,ifthespecialmeetingisadjournedorpostponed,attendingtheapplicableadjournedorpostponedmeeting)andvotinginperson,whichautomaticallywillcancelanyproxypreviouslygiven,orrevokingyourproxyinperson,butyourattendancealonewillnotrevokeanyproxypreviouslygiven.

Ifyouholdyoursharesin“streetname”throughabroker,bankorothernomineeholderofrecord,youmustcontactyourbroker,bankorothernomineeholderofrecordtochangeyourvoteorobtainawrittenlegalproxytovoteyoursharesifyouwishtocastyourvoteinpersonattheBristol-MyersSquibbspecialmeeting.

Q: Can I revoke my proxy or change my voting instructions for Celgene common stock?

A: Yes.YoumayrevokeyourproxyorchangeyourvoteatanytimebeforetheclosingofthepollsattheCelgenespecialmeeting.

IfyouareastockholderofrecordattherecorddatefortheCelgenespecialmeeting(thecloseofbusinessonMarch1,2019),youcanrevokeyourproxyorchangeyourvoteby:

• sendingasignednotice,whichbearsadatelaterthanthedateoftheproxyyouwanttorevokeandwhichisreceivedpriortothecloseofbusinesson(i)April9,2019forsharesheldintheCelgene401(k)Planor(ii)April11,2019forallothershares,statingthatyourevokeyourproxytoCelgeneCorporation,86MorrisAvenue,Summit,NewJersey07901,Attention:CorporateSecretary;

• submittingavalid,later-datedproxyviatheInternetorbytelephonebefore11:59p.m.(EasternTime)on(i)April9,2019forsharesheldintheCelgene401(k)Planand(ii)April11,2019forallothershares,orbymailthatisreceivedpriorto(i)thecloseofbusinessonApril9,2019forsharesheldintheCelgene401(k)Planand(ii)theCelgenespecialmeetingforallothershares;or

• attendingtheCelgenespecialmeeting(or,iftheCelgenespecialmeetingisadjournedorpostponed,attendingtheapplicableadjournedorpostponedmeeting)andvotinginperson,whichautomaticallywillcancelanyproxypreviouslygiven,orrevokingyourproxyinperson,butyourattendancealonewillnotrevokeanyproxypreviouslygiven.

Ifyouholdyoursharesin“streetname”throughabroker,bankorothernomineeholderofrecord,youmustcontactyourbroker,bankorothernomineeholderofrecordtochangeyourvoteorobtainawrittenlegalproxytovoteyoursharesifyouwishtocastyourvoteinpersonattheCelgenespecialmeeting.

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Q: What happens if I sell my shares of Celgene common stock after the record date but before the Celgene special meeting?

A: TherecorddatefortheCelgenespecialmeeting(thecloseofbusinessonMarch1,2019)isearlierthanthedateoftheCelgenespecialmeetingandearlierthanthedatethatthemergerisexpectedtobecompleted.IfyousellorotherwisetransferyoursharesofCelgenecommonstockaftertherecorddatebutbeforethedateoftheCelgenespecialmeeting,youwill,unlessthetransfereeobtainsaproxyfromyou,retainyourrighttovoteattheCelgenespecialmeeting.However,youwillnothavetherighttoreceivethemergerconsiderationtobereceivedbyCelgenestockholdersinthemerger.Inordertoreceivethemergerconsideration,youmustholdyoursharesimmediatelypriortocompletionofthemerger.

Q: What happens if I sell my Bristol-Myers Squibb shares after the record date but before the Bristol-Myers Squibb specialmeeting?

A: TherecorddatefortheBristol-MyersSquibbspecialmeeting(thecloseofbusinessonMarch1,2019)isearlierthanthedateoftheBristol-MyersSquibbspecialmeeting.IfyousellorotherwisetransferyoursharesofBristol-MyersSquibbstockaftertherecorddatebutbeforethedateoftheBristol-MyersSquibbspecialmeeting,youwill,unlessthetransfereeobtainsaproxyfromyou,retainyourrighttovoteattheBristol-MyersSquibbspecialmeeting.

Q: Are Celgene stockholders entitled to appraisal rights?

A: Yes.CelgenestockholdersmayexerciseappraisalrightsinconnectionwiththemergerunderDelawarelaw.Formoreinformation,pleaseseethesectiontitled“AppraisalorDissenters’RightsforCelgeneStockholders”containedinthisjointproxystatement/prospectusandthetextofSection262oftheDelawareGeneralCorporationLaw,whichisreferredtointhisjointproxystatement/prospectusastheDGCL.

Q: Who is the inspector of the election for the Celgene special meeting?

A: ArepresentativeofBroadridgewillserveastheinspectorofelectionfortheCelgenespecialmeeting.

Q: Who is the inspector of the election for the Bristol-Myers Squibb special meeting?

A: ArepresentativeofAmericanElectionServicesLLCwillserveastheinspectorofelectionfortheBristol-MyersSquibbspecialmeeting.

Q: Where can I find the voting results of the Celgene special meeting?

A: ThepreliminaryvotingresultswillbeannouncedattheCelgenespecialmeeting.Inaddition,withinfourbusinessdaysfollowingcertificationofthefinalvotingresults,CelgeneintendstofilethefinalvotingresultswiththeSEConaCurrentReportonForm8-K.

Q: Where can I find the voting results of the Bristol-Myers Squibb special meeting?

A: ThepreliminaryvotingresultswillbeannouncedattheBristol-MyersSquibbspecialmeeting.Inaddition,withinfourbusinessdaysfollowingcertificationofthefinalvotingresults,Bristol-MyersSquibbintendstofilethefinalvotingresultswiththeSEConaCurrentReportonForm8-K.

Q: Is completion of the merger subject to any conditions?

A: Yes.Bristol-MyersSquibbandCelgenearenotrequiredtocompletethemergerunlessanumberofconditionsaresatisfied(or,totheextentpermittedbyapplicablelaw,waivedbythepartyentitledtowaivesuchcondition).TheseconditionsincludetheadoptionofthemergeragreementbyCelgenestockholders,theapprovalofthestockissuancebyBristol-MyersSquibbstockholders,terminationorexpirationofthewaitingperiodundertheHart-Scott-RodinoAntitrustImprovementsActof1976,asamended,whichisreferredtointhisjointproxystatement/prospectusastheHSRAct,andthereceiptofapprovalsundertheantitrustlawsofcertainspecifiedforeignjurisdictions.Foramorecompletesummaryoftheconditionsthatmustbesatisfied(or,totheextentpermittedbyapplicablelaw,waived)priortocompletionofthemerger,see“TheMergerAgreement—ConditionstoCompletionoftheMerger”beginningonpage177ofthisjointproxystatement/prospectus.

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Q: When do you expect to complete the merger?

A: Asofthedateofthisjointproxystatement/prospectus,CelgeneandBristol-MyersSquibbexpecttocompletethemergerinthethirdquarterof2019,subjecttotheadoptionofthemergeragreementbyCelgenestockholders,theapprovalofthestockissuancebyBristol-MyersSquibbstockholders,earlyterminationorexpirationofthewaitingperiodundertheHSRAct,thereceiptofapprovalsundertheantitrustlawsofcertainspecifiedforeignjurisdictionsandthesatisfaction(or,totheextentpermittedbyapplicablelaw,waiver)oftheotherconditionsthatmustbesatisfied(or,totheextentpermittedbyapplicablelaw,waived)priortocompletionofthemerger.However,noassurancecanbegivenastowhen,orif,themergerwillbecompleted.

Q: Is the transaction expected to be taxable to Celgene stockholders?

A: TheexchangeofsharesofCelgenecommonstockforthemergerconsiderationpursuanttothemergerwillbeataxabletransactionforU.S.federalincometaxpurposes.Accordingly,aCelgenestockholderthatisaU.S.holder,asdefinedin“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—MaterialU.S.FederalIncomeTaxConsequences”beginningonpage165ofthisjointproxystatement/prospectus,willrecognizetaxablecapitalgainorlossinanamountequaltothedifference,ifany,between(i)thesumof(A)theamountofcash,includingcashinlieuoffractionalshares,receivedbysuchU.S.holderinthemerger,(B)thefairmarketvalueofthesharesofBristol-MyersSquibbcommonstockreceivedbysuchU.S.holderinthemerger,and(C)thefairmarketvalueoftheCVRsreceivedbysuchU.S.holderinthemerger,eachdeterminedonthedateoftheconsummationofthemergerand(ii)suchU.S.holder’sadjustedtaxbasisinthesharesofCelgenecommonstockexchangedtherefor.WithrespecttoaCelgenestockholderthatisanon-U.S.holder,asdefinedin“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—MaterialU.S.FederalIncomeTaxConsequences”beginningonpage165ofthisjointproxystatement/prospectus,theexchangeofsharesofCelgenecommonstockforthemergerconsiderationpursuanttothemergergenerallywillnotresultintaxtosuchnon-U.S.holderunderU.S.federalincometaxlawsunlesssuchnon-U.S.holderhascertainconnectionswiththeUnitedStates.

EachCelgenestockholderisurgedtoreadthediscussioninthesectionentitled“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—MaterialU.S.FederalIncomeTaxConsequences”beginningonpage165ofthisjointproxystatement/prospectusandtoconsultitstaxadvisortodeterminetheparticularU.S.federal,stateorlocalornon-U.S.incomeorothertaxconsequencestoitofthemerger.

Q: What do I need to do now?

A: Carefullyreadandconsidertheinformationcontainedinandincorporatedbyreferenceintothisjointproxystatement/prospectusinitsentirety,includingitsannexes.Then,pleasepromptlyvoteyoursharesofCelgenecommonstockand/orsharesofBristol-MyersSquibbstock,asapplicable,whichyoumaydoby:

• completing,dating,signingandreturningtheenclosedproxycardfortheapplicablecompanyintheaccompanyingpostage-paidreturnenvelope;

• submittingyourproxyviatheInternetorbytelephonebyfollowingtheinstructionsincludedonyourproxycardforsuchcompany;or

• attendingtheapplicablespecialmeetingandvotingbyballotinperson.

Ifyouholdsharesin“streetname”throughabroker,bankorothernomineeholderofrecord,pleaseinstructyourbroker,bankorothernomineeholderofrecordtovoteyoursharesbyfollowingtheinstructionsthatthebroker,bankorothernomineeholderofrecordprovidestoyouwiththesematerials.

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Q: Should I send in my Celgene share certificates now?

A: No.Celgenestockholdersshouldnotsendintheirsharecertificatesatthistime.Aftercompletionofthemerger,Bristol-MyersSquibb’sexchangeagentwillsendyoualetteroftransmittalandinstructionsforexchangingyoursharesofCelgenecommonstockforthemergerconsideration.ThesharesofBristol-MyersSquibbcommonstockyoureceiveinthemergerwillbeissuedinbook-entryformand,unlessotherwiserequested,physicalcertificateswillnotbeissued.TheCVRsyoureceiveinthemergerwillbeissuedinbook-entryformand,unlessotherwiserequested,physicalcertificateswillnotbeissued.Bristol-MyersSquibbstockholderswillkeeptheirexistingsharecertificates,ifany,andwillnotberequiredtotakeanyactionwithrespecttotheircertificates.See“TheMergerAgreement—ProceduresforSurrenderingCelgeneStockCertificates”beginningonpage174ofthisjointproxystatement/prospectus.

Q: How can I vote the shares of Bristol-Myers Squibb stock I hold through the Bristol-Myers Squibb Savings and InvestmentProgram or the Bristol-Myers Squibb Puerto Rico, Inc. Savings and Investment Program?

A: ParticipantsintheBristol-MyersSquibbSavingsandInvestmentProgramandtheBristol-MyersSquibbPuertoRico,Inc.SavingsandInvestmentProgram,whicharecollectivelyreferredtointhisjointproxystatement/prospectusastheBristol-MyersSquibb401(k)Plans,whoreceivethisjointproxystatement/prospectusintheircapacityasparticipantsineitheroftheBristol-MyersSquibb401(k)Plansareentitledtovoteusingtheenclosedproxycard.TheproxycarddirectsthetrusteeoftheBristol-MyersSquibb401(k)Planstovoteaparticipant’ssharesasindicatedonthecard.SharesofBristol-MyersSquibbcommonstockheldthroughtheBristol-MyersSquibb401(k)PlansforwhichnoinstructionsarereceivedwillbevotedbythetrusteeoftheBristol-MyersSquibb401(k)PlansinthesamepercentageasthesharesofBristol-MyersSquibbcommonstockheldthroughtheBristol-MyersSquibb401(k)Plansforwhichthetrusteereceivesvotinginstructions.ThetrusteeoftheBristol-MyersSquibb401(k)Plansmustreceiveyourvotinginstructionsby11:59p.m.(EasternTime)onApril8,2019.

PleasenotethatyoucannotvotethesharesofBristol-MyersSquibbcommonstockyouholdthrougheitheroftheBristol-MyersSquibb401(k)PlansinpersonattheBristol-MyersSquibbspecialmeeting.

Q: How can I vote the shares of Celgene common stock I hold through the Celgene Corporation 401(k) P lan?

A: ParticipantsintheCelgeneCorporation401(k)Plan,whichisreferredtointhisjointproxystatement/prospectusastheCelgene401(k)Plan,whoreceivethisjointproxystatement/prospectusintheircapacityasparticipantsintheCelgene401(k)Planareentitledtovoteusingtheenclosedproxycard.TheproxycarddirectsthetrusteeoftheCelgene401(k)Plantovoteaparticipant’ssharesasdirectedonthecard.SharesofCelgenecommonstockheldthroughtheCelgene401(k)PlanforwhichthetrusteeoftheCelgene401(k)PlandoesnotreceivevotinginstructionswillbevotedbythetrusteeproratainproportiontothesharesofCelgenecommonstockheldthroughtheCelgene401(k)PlanforwhichthetrusteereceivesvotinginstructionsunlesscontrarytotheEmployeeRetirementIncomeSecurityActof1974,asamended,whichisreferredtointhisjointproxystatement/prospectusasERISA.BroadridgemustreceiveyourvotinginstructionsviaInternetortelephoneby11:59p.m.(EasternTime)onApril9,2019orviamailbythecloseofbusinessonApril9,2019.YoumaynotvotethesharesofCelgenecommonstockyouholdthroughtheCelgene401(k)PlanattheCelgenespecialmeeting.

Q: Who will solicit and pay the cost of soliciting proxies for the Celgene special meeting?

A: Celgenewillbearallcostsandexpensesinconnectionwiththesolicitationofproxies,includingthecostsofpreparing,printingandmailingthisjointproxystatement/prospectusfortheCelgenespecialmeeting.CelgenehasengagedInnisfreeM&AIncorporatedandMorrowSodali,LLCtoassistinthesolicitationofproxiesfortheCelgenespecialmeetingandwillpayInnisfreeM&AIncorporatedandMorrowSodali,LLCaninitialfeeofapproximately$75,000and$35,000,respectively,plusadditionalfeestobedeterminedattheconclusionofthesolicitationandreimbursementofreasonableout-of-pocketexpenses.

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Inadditiontosolicitationbymail,directors,officersandemployeesofCelgeneoritssubsidiariesmaysolicitproxiesfromstockholdersbytelephone,telegram,email,personalintervieworothermeans.Celgenecurrentlyexpectsnottoincuranycostsbeyondthosecustomarilyexpendedforasolicitationofproxiesinconnectionwiththeadoptionofamergeragreement.Directors,officersandemployeesofCelgenewillnotreceiveadditionalcompensationfortheirsolicitationactivities,butmaybereimbursedforreasonableout-of-pocketexpensesincurredbytheminconnectionwiththesolicitation.Brokers,dealers,commercialbanks,trustcompanies,fiduciaries,custodiansandothernomineeshavebeenrequestedtoforwardproxysolicitationmaterialstotheircustomers,andsuchnomineeswillbereimbursedfortheirreasonableout-of-pocketexpenses.CelgenewillpaythecostsassociatedwiththeCelgenespecialmeetingandsolicitationofproxies,includingthecostsofmailingtheproxymaterials.

Q: What do I do if I receive more than one set of Celgene voting materials?

A: YoumayreceivemorethanonesetofvotingmaterialsfortheCelgenespecialmeeting,includingmultiplecopiesofthisjointproxystatement/prospectus,proxycardsand/orvotinginstructionforms.Thiscanoccurifyoursharesareheldthroughmorethanoneaccount(e.g. ,throughdifferentbrokersornominees),ifyouholdsharesdirectlyasarecordholderandalsoin“streetname,”orotherwisethroughanominee,andincertainothercircumstances.EachproxycardorvotinginstructionformonlycoversthosesharesofCelgenecommonstockheldintheapplicableaccount.Ifyoureceivemorethanonesetofvotingmaterials,eachshouldbevotedand/orreturnedseparatelyinordertoensurethatallofyoursharesarevoted.

Q: What do I need to do now?

A: Evenifyouplantoattendthespecialmeetinginperson,aftercarefullyreadingandconsideringtheinformationcontainedinthisjointproxystatement/prospectus,includingtheannexesattachedheretoandotherinformationincorporatedhereinbyreference,pleasevotepromptlytoensurethatyoursharesarerepresentedatthespecialmeeting.EachCelgenestockholderasoftherecorddatemayvotehis,heroritssharesofCelgenecommonstockasdescribedaboveundertheheading“HowdoIvotemysharesattheCelgenespecialmeeting?”

Q: If I am a Celgene stockholder, whom should I call with questions?

A: Ifyouhaveanyquestionsaboutthemergeragreement,themerger,theproposaltoadoptthemergeragreement,theCelgeneadjournmentproposal,theCelgenecompensationadvisoryproposalortheCelgenespecialmeeting,orthisjointproxystatement/prospectus,desireadditionalcopiesofthisjointproxystatement/prospectus,proxycardsorvotinginstructionformsorneedhelpvotingyoursharesofCelgenecommonstock,youshouldcontact:

 

InnisfreeM&AIncorporated501MadisonAvenue,20thFloorNewYork,NewYork10022

Telephone(Toll-Free):(877)750-9497InternationalCallers:(412)232-3651

Banksandbrokersmaycallcollect:(212)750-5833

or

CelgeneCorporation86MorrisAvenue

Summit,NewJersey07901Attention:CorporateSecretaryTelephone:(908)673-9000

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Q: If I am a Bristol-Myers Squibb stockholder, whom should I call with questions?

A: Ifyouhaveanyquestionsaboutthemergeragreement,themerger,thestockissuance,theproposaltoapprovethestockissuance,theBristol-MyersSquibbadjournmentproposalortheBristol-MyersSquibbspecialmeetingorthisjointproxystatement/prospectus,desireadditionalcopiesofthisjointproxystatement/prospectus,proxycardsorvotinginstructionformsorneedhelpvotingyoursharesofBristol-MyersSquibbstock,youshouldcontact:

MacKenziePartners,Inc.1407Broadway,27thFloorNewYork,NewYork10018

Telephone(Toll-Free):(800)322-2885Telephone(Collect):(212)929-5500Email:proxy@mackenziepartners.com

or

Bristol-MyersSquibbCompany430East29thStreet,14thFloorNewYork,NewYork10016Attention:CorporateSecretaryTelephone:(212)546-3309

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SUMMARY

This summary highlights selected information from this joint proxy statement/prospectus. It may not contain all of the informationthat is important to you. You are urged to read carefully the entire joint proxy statement/prospectus and the other documentsattached to or referred to in this joint proxy statement/prospectus in order to fully understand the merger agreement, the proposedmerger and the other transactions contemplated by the merger agreement. See “Where You Can Find More Information” beginningon page 251 of this joint proxy statement/prospectus. Each item in this summary refers to the page of this joint proxystatement/prospectus on which the more detailed discussion of that subject begins.

The Companies

Bristol-Myers Squibb

Bristol-MyersSquibbwasincorporatedunderthelawsoftheStateofDelawareinAugust1933underthenameBristol-MyersCompany,assuccessortoaNewYorkbusinessstartedin1887.In1989,Bristol-MyersCompanychangeditsnametoBristol-MyersSquibbCompanyasaresultofamerger.Bristol-MyersSquibbisengagedinthediscovery,development,licensing,manufacturing,marketing,distributionandsaleofbiopharmaceuticalproductsonaglobalbasis.

TheprincipaltradingmarketforsharesofBristol-MyersSquibbcommonstock(NYSE:BMY)istheNYSE.TheprincipalexecutiveofficesofBristol-MyersSquibbarelocatedat430East29thStreet,14thFloor,NewYork,NewYork10016;itstelephonenumberis(212)546-4000;anditswebsiteiswww.bms.com .InformationonBristol-MyersSquibb’sInternetwebsiteisnotincorporatedbyreferenceintoorotherwisepartofthisjointproxystatement/prospectus.

Thisjointproxystatement/prospectusincorporatesimportantbusinessandfinancialinformationaboutBristol-MyersSquibbfromotherdocumentsthatarenotincludedinordeliveredwiththisjointproxystatement/prospectus.Foralistofthedocumentsthatareincorporatedbyreference,see“WhereYouCanFindMoreInformation”beginningonpage251ofthisjointproxystatement/prospectus.

Celgene

CelgenewasincorporatedintheStateofDelawarein1986.Celgeneisanintegratedglobalbiopharmaceuticalcompanyengagedprimarilyinthediscovery,developmentandcommercializationofinnovativetherapiesforthetreatmentofcancerandinflammatorydiseasesthroughnext-generationsolutionsinproteinhomeostasis,immuno-oncology,epigenetics,immunologyandneuro-inflammation.ItsprimarycommercialstageproductsincludeREVLIMID®,POMALYST®/IMNOVID®,OTEZLA®,ABRAXANE®,andVIDAZA®.

Celgenecontinuestomakesignificantinvestmentsinresearchanddevelopmentinsupportofmultipleongoingproprietaryclinicaldevelopmentprograms,whichsupportitsexistingproductsandpipelineofnewproductcandidates.Celgene’skeylate-stageproductcandidates,whichareexpectedtolaunchin2019and2020,areozanimod,fedratinib,luspatercept,bb2121,andJCAR017.Beyonditslate-stageproductcandidates,Celgenehasaccesstoagrowingearly-to-mid-stagepipelineofnovelpotentialtherapiestoaddresssignificantunmetmedicalneedsthatconsistsofnewproductcandidatesandcelltherapiesdevelopedin-house,licensedfromothercompaniesorabletobeoptionedfromcollaborationpartners.

TheprincipaltradingmarketforsharesofCelgenecommonstock,parvalue$0.01pershare,(NASD:CELG)isNasdaq.TheprincipalexecutiveofficesofCelgenearelocatedat86MorrisAvenue,Summit,NewJersey07901;itstelephonenumberis(908)673-9000;anditswebsiteiswww.celgene.com .InformationonCelgene’sInternetwebsiteisnotincorporatedbyreferenceintoorotherwisepartofthisjointproxystatement/prospectus.

Thisjointproxystatement/prospectusincorporatesimportantbusinessandfinancialinformationaboutCelgenefromotherdocumentsthatarenotincludedinordeliveredwiththisjointproxystatement/prospectus.Foralistofthedocumentsthatareincorporatedbyreference,see“WhereYouCanFindMoreInformation”beginningonpage251ofthisjointproxystatement/prospectus.

Burgundy Merger Sub, Inc.

MergerSubwasincorporatedunderthelawsoftheStateofDelawareonDecember31,2018,andisawholly-ownedsubsidiaryofBristol-MyersSquibb.MergerSubwasformedsolelyforthepurposeofcompleting

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themerger.MergerSubhasnotcarriedonanyactivitiesoroperationstodate,exceptforactivitiesincidentaltoitsformationandactivitiesundertakeninconnectionwiththemerger.Byoperationofthemerger,MergerSubwillbemergedwithandintoCelgene,withCelgenesurvivingthemergerasawholly-ownedsubsidiaryofBristol-MyersSquibb.

TheprincipalexecutiveofficesofMergerSubarelocatedat430East29thStreet,14thFloor,NewYork,NewYork10016;anditstelephonenumberis(212)546-4000.

The Merger (see page 172 )

Bristol-MyersSquibb,MergerSubandCelgenehaveenteredintothemergeragreement.Subjecttothetermsandconditionsofthemergeragreementandinaccordancewithapplicablelaw,inthemerger,MergerSubwillbemergedwithandintoCelgene,withCelgenecontinuingasthesurvivingcorporationandawholly-ownedsubsidiaryofBristol-MyersSquibb.Uponcompletionofthemerger,sharesofCelgenecommonstockwillnolongerbepubliclytraded,willbedelistedfromNasdaqandderegisteredundertheExchangeAct.

AcopyofthemergeragreementisattachedasAnnexAtothisjointproxystatement/prospectus.You should read the mergeragreement carefully and in its entirety because it is the legal document that governs the merger.

Special Meeting of Stockholders of Bristol-Myers Squibb (see page 83 )

Meeting. TheBristol-MyersSquibbspecialmeetingwillbeheldonApril12,2019,attheofficesofKirkland&EllisLLPlocatedat601LexingtonAvenue,NewYork,NewYork10022,at10:00a.m.,EasternTime.AttheBristol-MyersSquibbspecialmeeting,Bristol-MyersSquibbstockholderswillbeaskedtoconsiderandvoteonthefollowingproposals:

• toapprovethestockissuance;and

• toapprovetheBristol-MyersSquibbadjournmentproposal.

Record Date. TheBMSBoardhasfixedthecloseofbusinessonMarch1,2019,astherecorddateforthedeterminationofthestockholdersentitledtonoticeofandtovoteattheBristol-MyersSquibbspecialmeetingoranyadjournmentorpostponementoftheBristol-MyersSquibbspecialmeeting.OnlyBristol-MyersSquibbstockholdersofrecordattherecorddateareentitledtoreceivenoticeof,andtovoteat,theBristol-MyersSquibbspecialmeetingoranyadjournmentorpostponementoftheBristol-MyersSquibbspecialmeeting.AsofthecloseofbusinessonJanuary24,2019,therewere(i)1,632,650,807.509sharesofBristol-MyersSquibb,$0.10parvaluepershare,commonstockoutstandingandentitledtovoteattheBristol-MyersSquibbspecialmeeting,heldbyapproximately39,427holdersofrecord,and(ii)3,586sharesofBristol-MyersSquibb$2.00convertiblepreferredstockoutstandingandentitledtovoteattheBristol-MyersSquibbspecialmeeting,heldbyapproximately141holdersofrecord.

Quorum. ThepresenceattheBristol-MyersSquibbspecialmeeting,inpersonorbyproxy,oftheholdersofamajorityoftheoutstandingsharesofBristol-MyersSquibbstockattherecorddate(thecloseofbusinessonMarch1,2019)entitledtovotewillconstituteaquorum.ElectionstoabstainfromvotingwillbedeemedpresentattheBristol-MyersSquibbspecialmeetingforthepurposeofdeterminingthepresenceofaquorum.SharesofBristol-MyersSquibbstockheldin“streetname”withrespecttowhichthebeneficialownerfailstogivevotinginstructionstothebroker,bankorothernomineeholderofrecord,andsharesofBristol-MyersSquibbstockwithrespecttowhichthebeneficialownerotherwisefailstovote,willnotbedeemedpresentattheBristol-MyersSquibbspecialmeetingforthepurposeofdeterminingthepresenceofaquorum.TheremustbeaquorumforthevoteonthestockissuancetobetakenattheBristol-MyersSquibbspecialmeeting.FailureofaquorumtobepresentattheBristol-MyersSquibbspecialmeetingwillnecessitateanadjournmentofthemeetingandwillsubjectBristol-MyersSquibbtoadditionalexpense.

Required Vote. TheaffirmativevoteofatleastamajorityofthevotescastbyholdersofoutstandingsharesofBristol-MyersSquibbstockatadulycalledandheldmeetingofBristol-MyersSquibb’sstockholdersatwhichaquorumispresentisrequiredtoapprovetheissuanceofsharesofBristol-MyersSquibbstockinconnectionwiththemerger.Bristol-Myers Squibb cannot complete themerger unless its stockholders approve the stock issuance .UnderthecurrentrulesandinterpretiveguidanceoftheNYSE,“votescast”onthestockissuanceconsistofvotes“for”or“against,”aswellaselectionstoabstainfromvotingonthestockissuance.Asaresult,

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aBristol-MyersSquibbstockholder’sabstentionfromvotingonthestockissuancewillhavethesameeffectasavote“AGAINST”theproposal.Assumingaquorumispresent,thefailureofaBristol-MyersSquibbstockholderwhoholdshisorhersharesin“streetname”throughabroker,bankorothernomineeholderofrecordtogivevotinginstructionstothatbroker,bankorothernomineeholderofrecordoranyotherfailureofaBristol-MyersSquibbstockholdertovotewillhavenoeffectontheoutcomeofanyvotetoapprovethestockissuancebecausethesefailurestovotearenotconsidered“votescast.”

ApprovaloftheBristol-MyersSquibbadjournmentproposal,whetherornotaquorum,asdefinedunderDelawarelaw,ispresent,requirestheaffirmativevoteofamajorityofthevotespresentattheBristol-MyersSquibbspecialmeetingbyBristol-MyersSquibbstockholdersentitledtovote.ForpurposesoftheBristol-MyersSquibbadjournmentproposal,“votespresent”ontheproposalconsistofvotes“for”or“against”aswellaselectionstoabstainfromvotingontheproposal.Asaresult,aBristol-MyersSquibbstockholder’sabstentionfromvotingontheBristol-MyersSquibbadjournmentproposalwillhavethesameeffectasavote“AGAINST”theapprovaloftheproposal.ThefailureofaBristol-MyersSquibbstockholderwhoholdshisorhersharesin“streetname”throughabroker,bankorothernomineeholderofrecordtogivevotinginstructionstothatbroker,bankorothernomineeholderofrecordoranyotherfailureofaBristol-MyersSquibbstockholdertovotewillhavenoeffectontheapprovalofthisproposalbecausethesefailurestovotearenotconsidered“votespresent.”

Stock Ownership of and Voting by Bristol-Myers Squibb Directors and Executive Officers (see page 222 ) . AsofJanuary24,2019,Bristol-MyersSquibb’sdirectorsandexecutiveofficersandtheiraffiliatesbeneficiallyownedandhadtherighttovoteintheaggregate1,810,875sharesofBristol-MyersSquibbstockattheBristol-MyersSquibbspecialmeeting,whichrepresentsapproximatelylessthan1%ofthesharesofBristol-MyersSquibbstockentitledtovoteattheBristol-MyersSquibbspecialmeeting.ApprovalofthestockissuancerequirestheaffirmativevoteofatleastamajorityofthevotescastbyholdersofoutstandingsharesofBristol-MyersSquibbstockatadulycalledandheldmeetingofBristol-MyersSquibb’sstockholdersatwhichaquorumispresent.

EachofBristol-MyersSquibb’sdirectorsandexecutiveofficersisexpected,asofthedateofthisjointproxystatement/prospectus,tovotehisorhersharesofBristol-MyersSquibbstock“FOR”thestockissuanceand“FOR”theBristol-MyersSquibbadjournmentproposal,althoughnoneofBristol-MyersSquibb’sdirectorsandexecutiveofficershasenteredintoanyagreementrequiringthemtodoso.

Special Meeting of Stockholders of Celgene (see page 88 )

Meeting. TheCelgenespecialmeetingwillbeheldattheofficesofWachtell,Lipton,Rosen&Katzlocatedat51West52ndStreet,NewYork,NewYork10019onFriday,April12,2019,at10:00a.m.,EasternTime.AttheCelgenespecialmeeting,Celgenestockholderswillbeaskedtoconsiderandvoteonthefollowingproposals:

• toadoptthemergeragreement;

• toapprovetheCelgeneadjournmentproposal;and

• toapprove,onanadvisory(non-binding)basistheCelgenecompensationadvisoryproposal.

Record Date. AcommitteeoftheCelgeneBoardhasfixedthecloseofbusinessonMarch1,2019,astherecorddateforthedeterminationoftheCelgenestockholdersentitledtonoticeofandtovoteattheCelgenespecialmeetingoranyadjournmentorpostponementoftheCelgenespecialmeeting.OnlyCelgenestockholdersofrecordattherecorddateareentitledtoreceivenoticeof,andtovoteat,theCelgenespecialmeetingoranyadjournmentorpostponementoftheCelgenespecialmeeting.AsofthecloseofbusinessonJanuary29,2019,therewere701,024,507sharesofCelgenecommonstockoutstandingandentitledtovoteattheCelgenespecialmeeting,heldbyapproximately363holdersofrecord.EachholderofsharesofCelgenecommonstockisentitledtoonevoteforeachshareofCelgenecommonstockownedattherecorddate.

Quorum. ThepresenceattheCelgenespecialmeeting,inpersonorbyproxy,oftheholdersofamajorityoftheoutstandingsharesofCelgenecommonstockattherecorddate(thecloseofbusinessonMarch1,2019)andentitledtovotewillconstituteaquorum.SharesofCelgenecommonstockwhoseholderselecttoabstainfromvotingwillbedeemedpresentattheCelgenespecialmeetingforthepurposeofdeterminingthepresenceofaquorum.SharesofCelgenecommonstockheldin“streetname”withrespecttowhichthebeneficialownerfailstogivevotinginstructionstothebroker,bankorothernomineeholderofrecord,andsharesofCelgenecommonstockwithrespect

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towhichthebeneficialownerotherwisefailstovote,willnotbedeemedpresentattheCelgenespecialmeetingforthepurposeofdeterminingthepresenceofaquorum.TheremustbeaquorumforthevoteontheadoptionofthemergeragreementandthevoteontheCelgenecompensationadvisory(non-binding)proposaltobetakenattheCelgenespecialmeeting.FailureofaquorumtobepresentattheCelgenespecialmeetingwillnecessitateanadjournmentofthemeetingandwillsubjectCelgenetoadditionalexpense.

Required Vote. PursuanttoDelawarelaw,toadoptthemergeragreement,theaffirmativevoteoftheholdersofamajorityofsharesofCelgenecommonstockoutstandingandentitledtovotethereonisrequired.Celgene cannot complete the merger and themerger consideration will not be paid unless its stockholders adopt the merger agreement and the other closing conditionsspecified in the merger agreement are met. Because adoption of the merger agreement requires the affirmative vote of theholders of at least a majority of shares of Celgene common stock outstanding and entitled to vote thereon, a Celgenestockholder’s abstention from voting, the failure of a Celgene stockholder who holds his or her shares in “street name”through a broker, bank or other nominee holder of record to give voting instructions to that broker, bank or other nomineeholder of record or any other failure of a Celgene stockholder to vote will have the same effect as a vote “AGAINST” theproposal to adopt the merger agreement.

ToapprovetheCelgeneadjournmentproposal(whetherornotaquorum,asdefinedunderCelgene’sby-laws,ispresent),theaffirmativevoteofamajorityofthevotespresentattheCelgenespecialmeetingbyholdersofsharesofCelgenecommonstockisrequired.ForpurposesoftheCelgeneadjournmentproposal,“votespresent”consistofvotes“for”or“against”aswellaselectionstoabstainfromvotingontheproposal.Asaresult,aCelgenestockholder’sabstentionfromvotingontheCelgeneadjournmentproposalwillhavethesameeffectasavote“AGAINST”theapprovaloftheproposal.ThefailureofaCelgenestockholderwhoholdshisorhersharesin“streetname”throughabroker,bankorothernomineeholderofrecordtogivevotinginstructionstothatbroker,bankorothernomineeholderofrecordoranyotherfailureofaCelgenestockholdertovotewillhavenoeffectontheapprovalofthisproposalbecausethesefailurestovotearenotconsidered“votespresent.”

Toapprove,onanadvisory(non-binding)basis,theCelgenecompensationadvisoryproposal(assumingaquorum,asdefinedunderCelgene’sby-laws,ispresent),theaffirmativevoteofamajorityofthevotescastattheCelgenespecialmeetingbyholdersofsharesofCelgenecommonstockisrequired.ForpurposesoftheCelgenecompensationadvisoryproposal,“votescast”meansvotes“for”or“against”theproposal.Asaresult,aCelgenestockholder’sabstentionfromvotingwillhavenoeffectontheoutcomeofanyvotetoapprove,onanadvisory(non-binding)basis,theCelgenecompensationadvisoryproposal.ThefailureofaCelgenestockholderwhoholdshisorhersharesin“streetname”throughabroker,bankorothernomineeholderofrecordtogivevotinginstructionstothatbroker,bankorothernomineeholderofrecordoranyotherfailureofaCelgenestockholdertovotewillhavenoeffectontheoutcomeofanyvotetoapprove,onanadvisory(non-binding)basis,theCelgenecompensationadvisoryproposal,excepttotheextentitresultsintherebeinginsufficientsharespresentattheCelgenespecialmeetingtoestablishaquorum.

Stock Ownership of and Voting by Celgene Directors and Executive Officers (see page 90 ) .AsofthecloseofbusinessonJanuary29,2019),Celgene’sdirectorsandexecutiveofficersandtheiraffiliatesbeneficiallyownedandhadtherighttovoteintheaggregate595,296sharesofCelgenecommonstockattheCelgenespecialmeeting,whichrepresentsapproximatelylessthan1%ofthesharesofCelgenecommonstockentitledtovoteattheCelgenespecialmeeting.

EachofCelgene’sdirectorsandexecutiveofficersisexpected,asofthedateofthisjointproxystatement/prospectus,tovotehisorhersharesofCelgenecommonstock“FOR”theproposaltoadoptthemergeragreement,“FOR”theCelgeneadjournmentproposaland“FOR”theCelgenecompensationadvisoryproposal,althoughnoneofCelgene’sdirectorsorexecutiveofficershasenteredintoanyagreementrequiringthemtodoso.

What Celgene Stockholders Will Receive in the Merger (see page 106 )

Ifthemergeriscompleted,Celgenestockholders,otherthanholdersofexcludedstockanddissentingstock,willbeentitledtoreceive,inexchangeforeachshareofCelgenecommonstockthattheyownimmediatelypriortothecompletionofthemerger,$50.00incashwithoutinterestthereon,oneshareofBristol-MyersSquibbcommonstockandoneCVR.

Theexchangeratioisfixed,whichmeansthatitwillnotchangebetweennowandthedateofthemerger,regardlessofwhetherthemarketpriceofeithersharesofBristol-MyersSquibbcommonstockorsharesof

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Celgenecommonstockchanges.Therefore,thevalueoftheshareconsiderationwilldependonthemarketpriceofsharesofBristol-MyersSquibbcommonstockatthetimeCelgenestockholdersreceivesharesofBristol-MyersSquibbcommonstockinthemerger.BasedontheclosingpriceofashareofBristol-MyersSquibbcommonstockontheNYSEonJanuary2,2019,thelasttradingdaypriortoannouncementofthetransactionbetweenBristol-MyersSquibbandCelgene,theupfrontmergerconsiderationrepresentedapproximately$102.43invalueforeachshareofCelgenecommonstock(withoutconsideringanypotentialCVRpayout).BasedontheclosingpriceofashareofBristol-MyersSquibbcommonstockontheNYSEonJanuary31,2019,themostrecenttradingdaypriortothedateofthisjointproxystatement/prospectusforwhichthisinformationwasavailable,theupfrontmergerconsiderationrepresentedapproximately$99.37invalueforeachshareofCelgenecommonstock(withoutconsideringanypotentialCVRpayout).The market price of shares of Bristol-Myers Squibb common stock has fluctuated since the date of theannouncement of the merger agreement and will continue to fluctuate from the date of this joint proxy statement/prospectusto the date of the Celgene special meeting and the date the merger is completed and thereafter. The market price of shares ofBristol-Myers Squibb common stock when received by Celgene stockholders after the merger is completed could be greaterthan, less than or the same as the market price of shares of Bristol-Myers Squibb common stock on the date of this jointproxy statement/prospectus or at the time of the Celgene special meeting or any adjournment or postponement thereof .

Treatment of Celgene Equity Awards (see page 175 )

Attheeffectivetimeofthemerger,eachCelgeneStockOption,whetherornotvestedwillbetreatedasdescribedbelow.

IfsuchCelgeneStockOptionisanIn-the-MoneyOptionitwillbeassumedbyBristol-MyersSquibbandconvertedinto(a)anAssumedIn-the-MoneyOptiontopurchase,onthesametermsandconditionsasappliedtoeachsuchCelgeneStockOptionimmediatelypriortotheeffectivetimeofthemerger,sharesofBristol-MyersSquibbcommonstock,exceptthatthenumberofsharesofBristol-MyersSquibbcommonstock,subjecttosuchAssumedIn-the-MoneyOptionsshallequaltheproductof(i)thenumberofsharesofCelgenecommonstockthatweresubjecttosuchCelgeneStockOptionimmediatelypriortothecompletionofthemerger,multipliedby(ii)theEquityAwardExchangeRatio(roundeddowntothenearestnumberofwholesharesofBristol-MyersSquibbcommonstock)andtheper-shareexercisepricewillequalthequotientof(x)theexercisepricepershareofCelgenecommonstockatwhichsuchCelgeneStockOptionwasexercisable,dividedby(y)theEquityAwardExchangeRatio(roundeduptothenearestwholecent),and(b)therighttoreceive(i)ifsuchIn-the-MoneyOptionwasvestedpriortotheeffectivetimeofthemerger,oneCVRforeachshareofCelgenecommonstockunderlyingsuchIn-the-MoneyOptionor(ii)ifsuchIn-the-MoneyOptionwasnotvestedimmediatelypriortothecompletionofthemerger,immediatelyupon,andsubjectto,thevestingoftheAssumedIn-theMoneyOption,theUnvestedEquityAwardCVRConsideration.EachAssumedIn-the-MoneyOptionwillcontinuetohavethesametermsandconditionsasappliedtothecorrespondingCelgeneStockOptionimmediatelypriortotheeffectivetimeofthemerger.

IfsuchCelgeneStockOptionisanOut-of-the-MoneyOption,itwillbeassumedbyBristol-MyersSquibbandconvertedintoanAssumedOut-of-the-MoneyStockOptiontopurchase,onthesametermsandconditionsasappliedtoeachsuchCelgeneStockOptionimmediatelypriortotheeffectivetimeofthemerger,sharesofBristol-MyersSquibbcommonstock,exceptthatthenumberofsharesofBristol-MyersSquibbcommonstock,subjecttosuchAssumedOut-of-the-MoneyStockOptionwillequaltheproductof(i)thenumberofsharesofCelgenecommonstockthatweresubjecttosuchCelgeneStockOptionimmediatelypriortotheeffectivetimeofthemerger,multipliedby(ii)theOut-of-the-MoneyOptionExchangeRatio(roundeddowntothenearestnumberofwholesharesofBristol-MyersSquibbcommonstock),andtheper-shareexercisepricewillequalthequotientof(A)theexercisepricepershareofCelgenecommonstockatwhichsuchCelgeneStockOptionwasexercisable,dividedby(B)theOut-of-the-MoneyOptionExchangeRatio(roundeduptothenearestwholecent).EachAssumedOut-of-the-MoneyStockOptionwillcontinuetohavethesametermsandconditionsasappliedtothecorrespondingCelgeneStockOptionimmediatelypriortotheeffectivetimeofthemerger.

Attheeffectivetimeofthemerger,eachCelgeneRSUAwardwillbeassumedbyBristol-MyersSquibbandconvertedinto(i)anAssumedRestrictedUnitAwardthatsettlesinanumberofsharesofBristol-MyersSquibbcommonstockequaltothenumberofsharesofCelgenecommonstockunderlyingtheCelgeneRSUAwardimmediatelypriortotheeffectivetimeofthemergermultipliedbytheEquityAwardExchangeRatio(roundeduptothenearestwholenumberofshares)and(ii)therighttoreceive,subjecttothevestingoftheAssumed

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RestrictedUnitAward,theUnvestedEquityAwardCVRConsideration.EachAssumedRestrictedUnitAwardwillcontinuetohavethesametermsandconditionsasappliedtothecorrespondingCelgeneRSUAwardimmediatelypriortotheeffectivetimeofthemerger.

Attheeffectivetimeofthemerger,eachCelgenePSUAwardwillbeassumedbyBristol-MyersSquibbandconvertedinto(i)anAssumedPerformanceUnitAwardthatsettlesinanumberofsharesofBristol-MyersSquibbcommonstockequaltotheproductofthenumberofsharesofCelgenecommonstockunderlyingtheCelgenePSUAwardimmediatelypriortotheeffectivetimeofthemerger(determinedbydeemingtheapplicableperformancegoalstobeachievedatthegreaterofthetargetlevelandtheactuallevelofachievementthroughtheendofthecalendarquarterimmediatelyprecedingthemergereffectivetime)multipliedbytheEquityAwardExchangeRatio(roundeduptothenearestwholenumberofshares),and(ii)therighttoreceive,subjecttothevestingoftheAssumedPerformanceUnitAward,theUnvestedEquityAwardCVRConsideration.EachAssumedPerformanceUnitAwardwillcontinuetohavethesametermsandconditionsasappliedtothecorrespondingCelgenePSUAward(otherthanperformance-basedvestingconditions)immediatelypriortotheeffectivetimeofthemerger.

Attheeffectivetimeofthemerger,eachCelgeneRSAwillbeassumedbyBristol-MyersSquibbandconvertedinto(i)anAssumedRestrictedStockAwardthatsettlesinanumberofsharesofBristol-MyersSquibbcommonstockequaltothenumberofsharesofCelgenecommonstockunderlyingtheCelgeneRSAimmediatelypriortotheeffectivetimeofthemergermultipliedbytheEquityAwardExchangeRatio(roundeduptothenearestwholenumberofshares),and(ii)therighttoreceive,subjecttothevestingoftheAssumedRestrictedStockAward,theUnvestedEquityAwardCVRConsideration.EachAssumedRestrictedStockAwardwillcontinuetohavethesametermsandconditionsasappliedtothecorrespondingCelgeneRSAimmediatelypriortotheeffectivetimeofthemerger.

Thecapitalizedtermsusedwithinthissectionaresubsequentlydefinedin“TheMergerAgreement—TreatmentofCelgeneEquityAwards”beginningonpage175ofthisjointproxystatement/prospectus.

Recommendation of the Celgene Board of Directors (see page 106 )

TheCelgeneBoardunanimouslydeterminedthatthemergeragreementandthetransactionscontemplatedbythemergeragreement(includingthemerger)arefairtoandinthebestinterestsofCelgeneanditsstockholders.The Celgene Board unanimouslyrecommends that Celgene stockholders vote “FOR” the proposal to adopt the merger agreement. ForthefactorsconsideredbytheCelgeneBoardinreachingthisdecision,see“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—Celgene’sReasonsfortheMerger;RecommendationoftheCelgeneBoardofDirectorsthatCelgeneStockholdersAdopttheMergerAgreement”beginningonpage106ofthisjointproxystatement/prospectus.

The Celgene Board unanimously recommends that Celgene stockholders vote “FOR” the Celgene adjournment proposal.See“CelgeneProposalII:AdjournmentoftheCelgeneSpecialMeeting”beginningonpage209ofthisjointproxystatement/prospectus.

In addition, the Celgene Board unanimously recommends that Celgene stockholders vote “FOR” the Celgene compensationadvisory proposal. See“CelgeneProposalIII:AdvisoryVoteOnMerger-RelatedExecutiveCompensationArrangements”beginningonpage210ofthisjointproxystatement/prospectus.

Recommendation of the Bristol-Myers Squibb Board of Directors (see page 110 )

TheBMSBoarddeterminedthatthemergeragreementandthetransactionscontemplatedbythemergeragreement,includingthemergerandthestockissuance,areadvisable,fairtoandinthebestinterestsofBristol-MyersSquibbanditsstockholders.The BMSBoard unanimously recommends that Bristol-Myers Squibb stockholders vote “FOR” the stock issuance .ForthefactorsconsideredbytheBMSBoardinreachingthisdecision,see“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—Bristol-MyersSquibb’sReasonsfortheMerger;RecommendationoftheBristol-MyersSquibbBoardofDirectorsthatBristol-MyersSquibbStockholdersApprovetheStockIssuance”beginningonpage110ofthisjointproxystatement/prospectus.

The BMS Board unanimously recommends that Bristol-Myers Squibb stockholders vote “FOR” the Bristol-Myers Squibbadjournment proposal. See“Bristol-MyersSquibbProposalII:AdjournmentoftheBristol-MyersSquibbSpecialMeeting”beginningonpage211ofthisjointproxystatement/prospectus.

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Opinions of Celgene’s Financial Advisors (see page 115 )

Opinion of J.P. Morgan Securities LLC

CelgenehasengagedJ.P.MorganSecuritiesLLC,whichisreferredtointhisjointproxystatement/prospectusasJ.P.Morgan,asafinancialadvisorinconnectionwiththemerger.OnJanuary2,2019,J.P.MorgandeliveredtotheCelgeneBoarditsoralopinion,confirmedbydeliveryofawrittenopinion,datedJanuary2,2019,totheeffectthat,asofsuchdateandbasedonandsubjecttotheassumptionsmade,proceduresfollowed,mattersconsideredandlimitationsandqualificationssetforthinitswrittenopinion,themergerconsiderationtobepaidtotheholdersofCelgenecommonstockinthemergerwasfair,fromafinancialpointofview,tosuchholders.See“OpinionofJ.P.MorganSecuritiesLLC”beginningonpage115ofthisjointproxystatement/prospectus.

ThefulltextofJ.P.Morgan’swrittenopinion,datedJanuary2,2019,whichsetsforth,amongotherthings,theassumptionsmade,proceduresfollowed,mattersconsideredandlimitationsandqualificationsonthereviewundertakenbyJ.P.Morganinrenderingitsopinion,isattachedtothisjointproxystatement/prospectusasAnnexCandisincorporatedintothisjointproxystatement/prospectusbyreferenceinitsentirety.

J.P. Morgan’s written opinion was addressed to the Celgene Board (in its capacity as such) in connection with and for thepurposes of its evaluation of the merger, was directed only to the merger consideration to be paid to the holders of Celgenecommon stock in the merger and did not address any other aspect of the merger. The issuance of J.P. Morgan’s opinion wasapproved by a fairness committee of J.P. Morgan. The summary of the opinion of J.P. Morgan set forth in this joint proxystatement/prospectus is qualified in its entirety by reference to the full text of such opinion. The opinion does not constitute arecommendation to any stockholder of Celgene as to how such stockholder should vote with respect to the merger or anyother matter.

Opinion of Citigroup Global Markets Inc.

CelgenealsohasengagedCitigroupGlobalMarketsInc.,whichisreferredtointhisjointproxystatement/prospectusasCitigroup,asafinancialadvisorinconnectionwiththemerger.OnJanuary2,2019,CitigroupdeliveredtotheCelgeneBoarditsoralopinion,confirmedbydeliveryofawrittenopiniondated,January2,2019,totheeffectthat,asofsuchdateandbasedonandsubjecttotheassumptionsmade,proceduresfollowed,mattersconsideredandlimitationsandqualificationssetforthinitswrittenopinion,themergerconsiderationtobereceivedbytheholdersofoutstandingsharesofCelgenecommonstockinthemergerwasfair,fromafinancialpointofview,tosuchholders.See“OpinionofCitigroupGlobalMarketsInc.”beginningonpage124ofthisjointproxystatement/prospectus.

ThefulltextofCitigroup’swrittenopinion,datedJanuary2,2019,whichsetsforth,amongotherthings,theassumptionsmade,proceduresfollowed,mattersconsideredandlimitationsandqualificationsonthereviewundertakenbyCitigroupinrenderingitsopinion,isattachedtothisjointproxystatement/prospectusasAnnexDandisincorporatedintothisjointproxystatement/prospectusbyreferenceinitsentirety.

Citigroup’s opinion, the issuance of which was authorized by Citigroup’s fairness opinion committee, was provided to theCelgene Board (in its capacity as such) in connection with its evaluation of the merger and was limited to the fairness, from afinancial point of view, as of the date of the opinion, to the holders of outstanding shares of Celgene common stock of themerger consideration to be received by such holders in the merger. Citigroup’s opinion does not address any other aspects orimplications of the merger and does not constitute a recommendation to any stockholder as to how such stockholder shouldvote or act on any matters relating to the merger or otherwise. Citigroup’s opinion does not address the underlying businessdecision of Celgene to effect the merger, the relative merits of the merger as compared to any alternative business strategiesthat might exist for Celgene or the effect of any other transaction in which Celgene might engage.

Opinions of Bristol-Myers Squibb’s Financial Advisors (see page 133 )

Opinion of Morgan Stanley

OnJanuary2,2019,MorganStanley&Co.LLC,whichisreferredtointhisjointproxystatement/prospectusasMorganStanley,rendereditsoralopinion,whichwassubsequentlyconfirmedbydeliveryofawrittenopinion,totheBMSBoardtotheeffectthatasofsuchdate,andbaseduponandsubjecttothevariousassumptionsmade,

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proceduresfollowed,mattersconsidered,andqualificationsandlimitationsonthescopeofthereviewundertakenbyMorganStanleyassetforthinitswrittenopinion,themergerconsiderationtobepaidbyBristol-MyersSquibbpursuanttothemergeragreementwasfairfromafinancialpointofviewtoBristol-MyersSquibb.

The full text of Morgan Stanley’s written opinion to the BMS Board , dated January 2, 2019, is attached to this joint proxystatement/prospectus as Annex E, and is incorporated by reference in this joint proxy statement/prospectus in its entirety.Bristol-Myers Squibb stockholders should read the opinion in its entirety for a discussion of the various assumptions made,procedures followed, matters considered, and qualifications and limitations on the scope of review undertaken by MorganStanley in rendering its opinion. This summary is qualified in its entirety by reference to the full text of such opinion.Morgan Stanley’s opinion was directed to the BMS Board and addressed only the fairness from a financial point of view toBristol-Myers Squibb, as of the date of the opinion, of the merger consideration to be paid by Bristol-Myers Squibb pursuantto the merger agreement. Morgan Stanley’s opinion did not address any other aspects of the merger and did not and doesnot constitute a recommendation as to how stockholders of Bristol-Myers Squibb or Celgene should vote at the stockholders’meetings to be held in connection with the merger.

Opinion of Dyal Co.

OnJanuary2,2019,DyalCo.LLC,whichisreferredtointhisjointproxystatement/prospectusasDyalCo.,rendereditsoralopinion,whichwassubsequentlyconfirmedbydeliveryofawrittenopinion,totheBMSBoardtotheeffectthatasofsuchdate,andbaseduponandsubjecttothevariousassumptionsmade,proceduresfollowed,mattersconsidered,andqualificationsandlimitationsonthescopeofthereviewundertakenbyDyalCo.assetforthinitswrittenopinion,themergerconsiderationtobepaidbyBristol-MyersSquibbpursuanttothemergeragreementwasfairfromafinancialpointofviewtoBristol-MyersSquibb.

The full text of Dyal Co.’s written opinion to the BMS Board , dated January 2, 2019, is attached to this joint proxystatement/prospectus as Annex F, and is incorporated by reference in this joint proxy statement/prospectus in its entirety.Bristol-Myers Squibb stockholders should read the opinion in its entirety for a discussion of the various assumptions made,procedures followed, matters considered, and qualifications and limitations on the scope of review undertaken by Dyal Co. inrendering its opinion. This summary is qualified in its entirety by reference to the full text of such opinion. Dyal Co.’sopinion was directed to the BMS Board and addressed only the fairness from a financial point of view to Bristol-MyersSquibb, as of the date of the opinion, of the merger consideration to be paid by Bristol-Myers Squibb pursuant to the mergeragreement. Dyal Co.’s opinion did not address any other aspects of the merger and did not and does not constitute arecommendation as to how stockholders of Bristol-Myers Squibb or Celgene should vote at the stockholders’ meetings to beheld in connection with the merger.

Opinion of Evercore

OnJanuary2,2019,EvercoreGroupL.L.C.,whichisreferredtointhisjointproxystatement/prospectusasEvercore,rendereditsoralopinion,whichwassubsequentlyconfirmedbydeliveryofawrittenopinion,totheBMSBoardtotheeffectthatasofsuchdate,andbaseduponandsubjecttothevariousassumptionsmade,proceduresfollowed,mattersconsidered,andqualificationsandlimitationsonthescopeofthereviewundertakenbyEvercoreassetforthinitswrittenopinion,themergerconsiderationtobepaidbyBristol-MyersSquibbpursuanttothemergeragreementwasfairfromafinancialpointofviewtoBristol-MyersSquibb.

The full text of Evercore’s written opinion to the BMS Board , dated January 2, 2019, is attached to this joint proxystatement/prospectus as Annex G, and is incorporated by reference in this joint proxy statement/prospectus in its entirety.Bristol-Myers Squibb stockholders should read the opinion in its entirety for a discussion of the various assumptions made,procedures followed, matters considered, and qualifications and limitations on the scope of review undertaken by Evercorein rendering its opinion. This summary is qualified in its entirety by reference to the full text of such opinion. Evercore’sopinion was directed to the BMS Board and addressed only the fairness from a financial point of view to Bristol-MyersSquibb, as of the date of the opinion, of the merger consideration to be paid by

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Bristol-Myers Squibb pursuant to the merger agreement. Evercore’s opinion did not address any other aspects of the mergerand did not and does not constitute a recommendation as to how stockholders of Bristol-Myers Squibb or Celgene shouldvote at the stockholders’ meetings to be held in connection with the merger.

Ownership of Bristol-Myers Squibb Common Stock After the Merger (see page 94 )

BasedonthenumberofsharesofCelgenecommonstockoutstandingasofJanuary29,2019,Bristol-MyersSquibbexpectstoissueapproximately701,024,507sharesofBristol-MyersSquibbcommonstocktoCelgenestockholderspursuanttothemerger.TheactualnumberofsharesofBristol-MyersSquibbcommonstocktobeissuedpursuanttothemergerwillbedeterminedatcompletionofthemergerbasedonthenumberofsharesofCelgenecommonstockoutstandingatsuchtime.Inaddition,sharesofBristol-MyersSquibbcommonstockmaybeissuedfromtimetotimefollowingtheeffectivetimeofthemergertoholdersofCelgeneequityawardsonthetermssetforthinthemergeragreement.See“TheMergerAgreement—TreatmentofCelgeneEquityAwards”beginningonpage175ofthisjointproxystatement/prospectusforamoredetailedexplanation.BasedonthenumberofsharesofCelgenecommonstockoutstandingasofJanuary29,2019,andthenumberofsharesofBristol-MyersSquibbcommonstockoutstandingasofJanuary24,2019,itisexpectedthat,immediatelyaftercompletionofthemerger,formerCelgenestockholderswillownapproximately31%oftheoustandingsharesofBristol-MyersSquibbcommonstock.

Governance Matters Following Completion of the Merger (see page 177 )

Uponcompletionofthemerger,itisexpectedthattheBMSBoardwillbecomposedof13members.InadditiontotheindividualsservingontheBMSBoardattheeffectivetimeofthemerger,Bristol-MyersSquibbisrequiredtotakeallnecessarycorporateactionsothat,effectiveatthecompletionofthemerger,thenumberofmembersoftheBMSBoardwillbeexpandedtoincludetwoadditionalmembers,jointlydesignatedbyCelgeneandBristol-MyersSquibb,whoareservingasdirectorsofCelgeneimmediatelypriortothecompletionofthemerger.Asofthedateofthisjointproxystatement/prospectus,nodeterminationhasbeenmadeastotheidentityofthetwoCelgenedesigneeswhowillbeappointedtotheBMSBoard.See“TheMergerAgreement—GovernanceMattersFollowingCompletionoftheMerger”beginningonpage177forfurtherinformation.

Interests of Celgene’s Directors and Executive Officers in the Merger (see page 203 )

InconsideringtherecommendationoftheCelgeneBoardtoadoptthemergeragreement,CelgenestockholdersshouldbeawarethatCelgene’sdirectorsandexecutiveofficershaveinterestsinthemergerthatmaybedifferentfrom,orinadditionto,theinterestsofCelgenestockholdersgenerally,includingpotentialseverancebenefits,treatmentofoutstandingCelgeneequityawardspursuanttothemergeragreementandpotentialvestingofsuchawardsinconnectionwithaqualifyingterminationofemploymentonorfollowingthemerger(or,incertaincircumstances,aterminationofemploymentthatotherwiseoccursinconnectionwiththemerger),andrightstoongoingindemnificationandinsurancecoverage.TheCelgeneBoardwasawareoftheseinterestsandconsideredthem,amongothermatters,inevaluatingandnegotiatingthemergeragreement,inreachingitsdecisiontoapprovethemergeragreementandthetransactionscontemplatedbythemergeragreement(includingthemerger),andinrecommendingtoCelgenestockholdersthatthemergeragreementbeadopted.

Theseinterestsaredescribedinfurtherdetailunder“InterestsofCelgene’sDirectorsandExecutiveOfficersintheMerger”and“TheMergerAgreement—IndemnificationandInsurance”beginningonpages203and196,respectively,ofthisjointproxystatement/prospectus.

Listing of Bristol-Myers Squibb Common Stock and CVRs; Delisting and Deregistration of Shares of Celgene CommonStock (see page 177 )

ThemergeragreementobligatesBristol-MyersSquibbtouseitsreasonablebesteffortstocausetheBristol-MyersSquibbcommonstockandtheCVRstobeissuedinthemergertobelistedontheNYSE,subjecttoofficialnoticeofissuance,priortothecompletionofthemerger.See“TheMergerAgreement—ListingofBristol-MyersSquibbCommonStockandtheCVRs”beginningonpage177forfurtherinformation.ApprovalforlistingontheNYSEoftheBristol-MyersSquibbcommonstockandtheCVRs,subjecttoofficialnoticeofissuance,isaconditiontotheobligationsofCelgeneandBristol-MyersSquibbtocompletethemergeras

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describedunder“TheMergerAgreement—ConditionstoCompletionoftheMerger”beginningonpage177ofthisjointproxystatement/prospectus.Ifthemergeriscompleted,sharesofCelgenecommonstockwillnolongerbelistedonNasdaqandwillbederegisteredundertheExchangeAct.

Appraisal or Dissenters’ Rights Available to Celgene Stockholders (see page 160 )

Ifthemergeriscompleted,CelgenestockholderswhodonotvoteinfavoroftheadoptionofthemergeragreementandwhootherwisecomplywiththeapplicableprovisionsofSection262oftheDGCLwillbeentitledtoexerciseappraisalrightsthereunderandobtainpaymentincashforthefairvalueoftheirsharesofCelgene,subjecttocertainlimitationsundertheDGCL.AnysharesofCelgenecommonstockheldbyaCelgenestockholderonthedateofmakinganappraisaldemand,whocontinuestoownsuchsharesthroughtheeffectivedateofthemerger,whohasnotvotedinfavoroftheadoptionofthemergeragreementandwhohasdemandedappraisalforsuchsharesinaccordancewiththeDGCLwillhavetherighttoobtainpaymentincashforthefairvalueoftheirsharesofCelgeneinlieuofthemergerconsideration,unlesssuchCelgenestockholderfailstoperfect,effectivelywithdraws,waivesorotherwiselosessuchstockholder’sappraisalrightsundertheDGCL.If,afterthecompletionofthemerger,suchholderofCelgenecommonstockfailstoperfect,effectivelywithdraws,waivesorotherwiseloseshis,heroritsappraisalrights,eachsuchsharewillbetreatedasifithadbeenconvertedasofthecompletionofthemergerintoarighttoreceivethemergerconsideration.

Duetothecomplexityoftheproceduresforexercisingyourappraisalrights,Celgenestockholderswhoareconsideringexercisingsuchrightsareencouragedtoseektheadviceoflegalcounsel.Failuretostrictlycomplywiththeseprovisionswillresultinthelossofappraisalrights.Seethesectiontitled“AppraisalorDissenters’RightsforCelgeneStockholders”containedinthisjointproxystatement/prospectusforadditionalinformationandthetextofSection262oftheDGCL,whichyouareencouragedtoreadcarefullyandintheirentirety.

Completion of the Merger Is Subject to Certain Conditions (see page 177 )

Asmorefullydescribedinthisjointproxystatement/prospectusandinthemergeragreement,theobligationofeachofBristol-MyersSquibbandMergerSub,ontheonehand,andCelgene,ontheotherhand,tocompletethemergerissubjecttothesatisfaction(or,totheextentpermittedbyapplicablelaw,waiver)ofanumberofconditions.

Mutual Conditions to Completion .TheobligationofeachofCelgene,Bristol-MyersSquibbandMergerSubtocompletethemergerissubjecttothesatisfaction(or,totheextentpermittedbyapplicablelaw,waiver)ofthefollowingconditions:

• adoptionofthemergeragreementbytheaffirmativevoteoftheholdersofatleastamajorityoftheoutstandingsharesofCelgenecommonstock;

• affirmativevoteofatleastamajorityofthevotescastbyholdersofoutstandingsharesofBristol-MyersSquibbstockatadulycalledandheldmeetingofBristol-MyersSquibb’sstockholdersatwhichaquorumispresentapprovingthestockissuance;

• theabsenceofanyinjunctionororderissuedbyanycourtorothergovernmentalauthorityofcompetentjurisdictionthatenjoins,preventsorprohibitscompletionofthemerger;

• effectivenessoftheregistrationstatementfortheBristol-MyersSquibbcommonstockandCVRstobeissuedinthemerger(ofwhichthisjointproxystatement/prospectusformsapart)andtheabsenceofanystopordersuspendingthateffectivenessoranyproceedingsforthatpurposependingbeforetheSEC;

• approvalforlistingontheNYSEofboththeBristol-MyersSquibbcommonstockandtheCVRstobeissuedinthemerger,subjecttoofficialnoticeofissuance;and

• anyapplicablewaitingperiodundertheHSRActshallhaveexpiredorbeenterminatedandthereceiptofapprovalsundertheantitrustlawsofcertainspecifiedforeignjurisdictionsshallhavebeenobtained.

Additional Conditions to Completion for the Benefit of Bristol-Myers Squibb and Merger Sub. Inaddition,theobligationofBristol-MyersSquibbandMergerSubtocompletethemergerissubjecttothesatisfaction(or,totheextentpermittedbyapplicablelaw,waiver)ofthefollowingconditions:

• performanceinallmaterialrespectsbyCelgeneofthecovenantsandagreementsrequiredtobeperformedbyitatorpriortocompletionofthemerger;

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• theaccuracyoftherepresentationsandwarrantiesofCelgeneinthemergeragreementasofthedateofthemergeragreementandasofthecompletionofthemerger(or,inthecaseoftherepresentationsandwarrantiesgivenasofanotherspecifieddate,asofthatdate),subjecttotheapplicablematerialitystandardssetforthinthemergeragreementandmorefullydescribedin“TheMergerAgreement—ConditionstoCompletionoftheMerger”beginningonpage177ofthisjointproxystatement/prospectus;and

• receiptofacertificatefromanexecutiveofficerofCelgeneconfirmingthesatisfactionoftheconditionsdescribedintheprecedingtwobullets.

Additional Conditions to Completion for the Benefit of Celgene. Inaddition,theobligationofCelgenetocompletethemergerissubjecttothesatisfaction(or,totheextentpermittedbyapplicablelaw,waiver)ofthefollowingconditions:

• performanceinallmaterialrespectsbyeachofBristol-MyersSquibbandMergerSubofthecovenantsandagreementsrequiredtobeperformedbyitatorpriortocompletionofthemerger;

• theaccuracyoftherepresentationsandwarrantiesofBristol-MyersSquibbandMergerSubinthemergeragreementasofthedateofthemergeragreementandasofthecompletionofthemerger(or,inthecaseoftherepresentationsandwarrantiesgivenasofanotherspecifieddate,asofthatdate),subjecttotheapplicablematerialitystandardssetforthinthemergeragreementandmorefullydescribedin“TheMergerAgreement—ConditionstoCompletionoftheMerger”beginningonpage177ofthisjointproxystatement/prospectus;and

• receiptofacertificatefromanexecutiveofficerofBristol-MyersSquibbconfirmingthesatisfactionoftheconditionsdescribedintheprecedingtwobullets.

NeitherBristol-MyersSquibbnorCelgenecanbecertainwhen,orif,theconditionstothemergerwillbesatisfiedorwaived,orthatthemergerwillbecompleted.

The Merger May Not Be Completed Without the Required Regulatory Approvals (see page 30 )

CompletionofthemergerisconditionedupontheexpirationorearlyterminationofthewaitingperiodrelatingtothemergerundertheHSRActandthereceiptofapprovalsundertheantitrustlawsofcertainspecifiedforeignjurisdictions.

UndertheHSRAct,certaintransactions,includingthemerger,maynotbecompletedunlesscertainwaitingperiodrequirementshaveexpiredorbeenterminated.TheHSRActprovidesthateachpartymustfileapre-mergernotificationwiththeFederalTradeCommission,whichisreferredtointhisjointproxystatement/prospectusastheFTC,andtheAntitrustDivisionoftheU.S.DepartmentofJustice,whichisreferredtointhisjointproxystatement/prospectusastheDOJ.AtransactionnotifiableundertheHSRActmaynotbecompleteduntiltheexpirationofa30-calendar-daywaitingperiodfollowingtheparties’filingsoftheirrespectiveHSRActnotificationformsortheearlyterminationofthatwaitingperiod.Thepartiesmayalsochoosetovoluntarilyre-starttheinitial30-calendar-daywaitingperiodbyfollowingcertainprescribedprocedures.Aftertheexpirationoftheinitialwaitingperiod(orthere-startedinitialwaitingperiod),theDOJortheFTCmayissueaRequestforAdditionalInformationandDocumentaryMaterial,whichisreferredtointhisjointproxystatement/prospectusasaSecondRequest.IfaSecondRequestisissued,thepartiesmaynotcompletethemergeruntiltheysubstantiallycomplywiththeSecondRequestandobserveasecond30-calendar-daywaitingperiod,unlessthewaitingperiodisterminatedearlier.

EachofBristol-MyersSquibbandCelgenefileditsrespectiveHSRActnotificationandreportwithrespecttothemergeronJanuary16,2019.InordertofacilitatecontinueddialoguewiththeFTC,Bristol-MyersSquibbvoluntarilywithdrewitsHSRActnotificationandreportwithrespecttothemergerandexpectstorefileitsHSRActnotificationandreportwithrespecttothemergeronFebruary20,2019,whichwillre-startthe30-calendar-daywaitingperiodfortheFTC'sinitialreviewofthemerger.

Inaddition,theEuropeanCommissionandcertainothernon-U.S.governmentalauthoritiesmustapprove,orbenotifiedof,themerger,andBristol-MyersSquibband/orCelgeneand/ortheirrespectivesubsidiarieswillfileallsuchstatements,noticesorapplications,asarerequiredbythelawsofapplicablenon-U.S.governmentalauthorities.

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NeitherBristol-MyersSquibbnorCelgeneisawareofanymaterialgovernmentalapprovalsoractionsthatarerequiredforcompletionofthemergerotherthanthosedescribedabove.Itispresentlycontemplatedthatifanysuchadditionalmaterialgovernmentalapprovalsoractionsarerequired,thoseapprovalsoractionswillbesought.

Bristol-MyersSquibbandCelgenehaveagreedtousetheirrespectivereasonablebesteffortstotake,orcausetobetaken,allactionsandtodo,orcausetobedone,allthingsnecessary,properoradvisabletoconsummatethemerger,including(i)preparingandfilingaspromptlyaspracticableallnecessaryregulatoryfilings,(ii)supplyinginformationthatmayberequestedbyregulatoryauthoritiespursuanttoapplicablelaws,and(iii)cooperatingwiththeotherparties,totheextentreasonable,intheireffortstocomplywiththeirobligationsunderthemergeragreement.Bristol-MyersSquibbandCelgenearealsorequiredtousetheirreasonablebesteffortstocontestanygovernmentalactionchallengingthelegalityofthemergeroranyorderprohibitingthepartiesfromcompletingthemerger.

Bristol-MyersSquibb’sobligationtousereasonablebestefforts(asdescribedintheprecedingparagraph)alsoincludestakingandagreeingtotakeallactionsanddoingoragreeingtodoallthingsnecessary,properoradvisableundertherelevantlaw(includingdivestitures,holdseparatearrangements,thetermination,assignment,novationormodificationofcontractsorotherbusinessrelationships,theacceptanceofrestrictionsonbusinessoperationsandtheentryintoothercommitmentsandlimitations).However,Bristol-MyersSquibbisnotrequiredtotakeanyactionoragreetoanytermorconditionifdoingsowouldhaveorwouldreasonablybeexpectedtohave,individuallyorintheaggregate,amaterialadverseeffectonthefinancialcondition,businessorresultsofoperationsofBristol-MyersSquibb,Celgeneandtheirrespectivesubsidiaries,takenasawhole,aftergivingeffecttothecompletionofthemerger.Inaddition,inconnectionwithobtainingtheregulatoryapprovalsrequiredtocompletethemerger,(i)neitherBristol-MyersSquibbnorCelgeneisrequiredtotakeanyactionoragreetoanytermorconditionthatisnotconditioneduponcompletionofthemergerand(ii)CelgeneisnotpermittedtotakeanyactionoragreetoanytermorconditionwithoutBristol-MyersSquibb’sconsent,butifrequestedbyBristol-MyersSquibb,Celgeneisrequiredtotakeanysuchactiontoobtainregulatoryapprovalsrequiredtocompletethemergersubjecttotheimmediatelyprecedingclause(i).See“TheMergerAgreement—ConditionstoCompletionoftheMerger”beginningonpage177.

Description of Debt Financing (see page 169 )

Bristol-MyersSquibb’sobligationtocompletethetransactionisnotcontingentonthereceiptbyBristol-MyersSquibbofanyfinancing.Bristol-MyersSquibbestimatesthatitwillneedapproximately$36billioninordertopayCelgenestockholdersthecashamountsduetothemasmergerconsiderationunderthemergeragreementandtopayrelatedfeesandtransactioncostsinconnectionwiththetransaction.Bristol-MyersSquibbanticipatesthatthefundsneededtopaytheforegoingamountwillbederivedfrom(i)cashonhand,(ii)borrowingsunderitsexistingandnewcreditfacilitiesdescribedbelow,(iii)theproceedsfromthesaleofdebtsecuritiesor(iv)anycombinationoftheforegoing.Inaddition,eitherpriortooraftertheclosingofthetransaction,Bristol-MyersSquibbmayconductoneormoreexchangeoffers,offerstopurchaseand/orconsentsolicitationswithrespecttoCelgene’soutstandingdebtsecurities.Thetermsandtimingofanysuchdebtofferings,exchangeoffers,offerstopurchaseand/orconsentsolicitationshasnotbeendeterminedasofthedateofthisjointproxystatement/prospectus.Thisjointproxystatement/prospectusdoesnotconstituteanoffertosellorthesolicitationofanoffertobuyanydebtsecuritiesofBristol-MyersSquibborCelgene.Itdoesnotconstituteaprospectusorprospectusequivalentdocumentforanysuchsecurities.NoofferingofanydebtsecuritiesofBristol-MyersSquibbshallbemadeexceptbymeansofaprospectusmeetingtherequirementsofSection10oftheSecuritiesActoranexemptiontherefrom.

Inconnectionwithentryintothemergeragreement,onJanuary2,2019,Bristol-MyersSquibbenteredintoabridgefacilitycommitmentletter,whichisreferredtointhisjointproxystatement/prospectusasthebridgefacilitycommitmentletter,andthecreditfacility(ifany)establishedinaccordancewiththetermsthereofisreferredtointhisjointproxystatement/prospectusasthebridgefacility,withMorganStanleySeniorFunding,Inc.andMUFGBank,Ltd.,whicharereferredtointhisjointproxystatement/prospectusasMSSFandMUFG,respectively,tofinanceupto$33.5billionofthe(i)cashconsiderationinconnectionwiththemerger,(ii)repaymentofcertainexistingindebtednessofCelgene(ifapplicable)and(iii)feesandexpensesinconnectionwiththeforegoing,totheextentthatBristol-MyersSquibbhasnotreceived$33.5billionofnetcashproceedsfromacombinationof(A)cashonthebalancesheet,(B)theissuancebyBristol-MyersSquibbofunsecureddebtsecurities,equitysecuritiesand/orequity-linkedsecuritiesinpublicorprivateofferingsthe

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proceedsofwhicharetobeusedtofinancethemerger,and(C)theincurrencebyBristol-MyersSquibbofunsecuredtermloanfacilities,ineachcase,atorpriortocompletionofthemerger.MSSFandMUFGeachprovidedacommitmenttofundloansunderthebridgefacilityandarecollectivelyreferredtointhisjointproxystatement/prospectusastheinitialbridgecommitmentparties.OnJanuary18,2019,Bristol-MyersSquibbandtheinitialbridgecommitmentpartiesenteredintoajoinderagreementtothebridgefacilitycommitmentletter,whichisreferredtointhisjointproxystatement/prospectusasthebridgejoinderagreement,withcertainadditionalcommitmentparties,whicharecollectivelyreferredtointhisjointproxystatement/prospectusastheadditionalbridgecommitmentparties.Thebridgejoinderagreementamendsthebridgefacilitycommitmentletterandreallocatesthecommitmentsoftheinitialbridgecommitmentpartiestofundloansunderthebridgefacilityamongtheinitialbridgecommitmentpartiesandtheadditionalbridgecommitmentparties.Theinitialbridgecommitmentpartiestogetherwiththeadditionalbridgecommitmentpartiesarecollectivelyreferredtointhisjointproxystatement/prospectusasthebridgecommitmentparties.Thebridgecommitmentparties’obligationtofundthebridgefacilityissubjecttoseverallimitedconditionsassetforthinthebridgefacilitycommitmentletter,including,amongothers,completionofthemerger,thenon-occurrenceofamaterialadverseeffect(asdefinedinthebridgefacilitycommitmentletter)onCelgene,theaccuracyinallmaterialrespectsofcertainrepresentationsandwarrantiesrelatedtoBristol-MyersSquibb(includingtheabsenceofcertaineventsofdefaultbyBristol-MyersSquibb),thedeliveryofcertainfinancialstatementsofBristol-MyersSquibbandCelgeneandothercustomaryconditionstocompletion.

Inconnectionwiththemerger,onJanuary18,2019,Bristol-MyersSquibbenteredintoatermloanagreement,whichisreferredtointhisjointproxystatement/prospectusasthetermloanagreement,withagroupofbanksandotherfinancialinstitutionsnamedtherein,whicharecollectivelyreferredtointhisjointproxystatement/prospectusasthetermlenders,consistingofa$1billion364-daytranche,a$4billionthree-yeartrancheanda$3billionfive-yeartranche,whichisreferredtointhisjointproxystatement/prospectusasthetermloanfacilityandtheloansthereunderarereferredtoasthetermloans,tofinance$8billionof(i)cashconsiderationinconnectionwiththemerger,(ii)therepaymentofcertainexistingindebtednessofCelgene(ifapplicable)and(iii)feesandexpensesinconnectionwiththeforegoing.TheoccurrenceoftheeffectivedateunderthetermloanagreementonJanuary18,2019hadtheeffectofreducingthecommitmentsunderthebridgefacilitybyaprincipalamountof$8billionto$25.5billion.Thetermlenders’obligationtofundthetermloanfacilityissubjecttoseverallimitedconditionsassetforthinthetermloanagreement,including,amongothers,completionofthemerger,thenon-occurrenceofamaterialadverseeffect(asdefinedinthetermloanagreement)onCelgene,theaccuracyinallmaterialrespectsofcertainrepresentationsandwarrantiesrelatedtoBristol-MyersSquibb(includingtheabsenceofcertaineventsofdefaultbyBristol-MyersSquibb),thedeliveryofcertainfinancialstatementsofBristol-MyersSquibbandCelgeneandothercustomaryconditionstocompletion.

OnJanuary25,2019,Bristol-MyersSquibbenteredintoa364-dayrevolvingloanagreement,whichisreferredtointhisjointproxystatement/prospectusasthe364-dayrevolvingloanagreement,withagroupofbanksandotherfinancialinstitutionsnamedtherein,whicharecollectivelyreferredtointhisjointproxystatement/prospectusasthe364-dayrevolvinglenders,consistingofa$2billion364-daytranche.The364-dayrevolvingloanagreementreplacesinfullBristol-MyersSquibb’sexisting364-dayrevolvingfacilityandshallbeusedforgeneralcorporatepurposes,whichisreferredtointhisjointproxystatement/prospectusasthe364-dayrevolvingloanfacilityandtheloansthereunderarereferredtoasthe364-dayrevolvingloans.The364-dayrevolvingloanfacilityisavailabletobedrawninfull,subjecttocustomaryconditionstoborrowing.

OnJanuary25,2019,Bristol-MyersSquibbalsoenteredintoathree-yearrevolvingloanagreement,whichisreferredtointhisjointproxystatement/prospectusasthethree-yearrevolvingloanagreement,withagroupofbanksandotherfinancialinstitutionsnamedtherein,whicharecollectivelyreferredtointhisjointproxystatement/prospectusasthethree-yearrevolvinglenders,consistingofa$1billionthree-yeartranchethatshallbeusedforgeneralcorporatepurposes,whichisreferredtointhisjointproxystatement/prospectusasthethree-yearrevolvingloanfacilityandtheloansthereunderarereferredtoasthethree-yearrevolvingloans.Thethree-yearrevolvingloanfacilityisavailabletobedrawninfull,subjecttocustomaryconditionstoborrowing.

Bristol-Myers Squibb and Celgene Expect the Merger to be Completed in the Third Quarter of 2019 (see page 32 )

Themergerisrequiredtobecompletedthreebusinessdaysaftertheconditionstoitscompletionhavebeensatisfiedor,totheextentpermittedbyapplicablelaw,waived,unlessotherwisemutuallyagreedbytheparties.

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Asofthedateofthisjointproxystatement/prospectus,Bristol-MyersSquibbandCelgeneexpectthemergertobecompletedinthethirdquarterof2019.However,therecanbenoassuranceastowhen,orif,themergerwillbecompleted.

No Solicitation by Celgene or Bristol-Myers Squibb (see page 186 )

Asmorefullydescribedinthisjointproxystatement/prospectusandinthemergeragreement,andsubjecttothetermsandconditionssetforthinthemergeragreement,eachofCelgeneandBristol-MyersSquibbhasagreednotto,andtocauseitssubsidiariesanditssubsidiaries’directorsandofficersnotto,andtouseitsreasonablebesteffortstocauseitsanditssubsidiaries’otheremployeesandagents,investmentbankers,attorneys,accountants,consultants,advisorsandrepresentatives,whicharecollectivelyreferredtointhisjointproxystatement/prospectusasrepresentatives,notto,directlyorindirectly,(i)solicit,initiateortakeanyactiontoknowinglyfacilitateorknowinglyencourage(includingbywayoffurnishinginformation)thesubmissionofanyacquisitionproposal(asdefinedin“TheMergerAgreement—NoSolicitation,”beginningonpage186ofthisjointproxystatement/prospectus),(ii)enterintoorparticipateinanydiscussionsornegotiationswith,furnishanyinformationrelatingtothatpartyoranyofitssubsidiariesoraffordaccesstothebusiness,properties,assets,booksorrecordsofthatpartyoranyofitssubsidiariesto,otherwisecooperateinanywaywith,orknowinglyassist,participatein,knowinglyfacilitateorknowinglyencourageanyeffortby,anythirdpartythatsuchpartyknowsisseekingtomake,orhasmade,anacquisitionproposal,(iii)(A)withdraworqualify,amendormodifyinanymanneradversetotheotherparty(orfailtoincludeinthisjointproxystatement/prospectus)therecommendationofthatparty’sboardofdirectorsthatsuchparty’sstockholdersvoteinfavoroftheadoptionofthemergeragreementorsuchparty’sstockholdersvoteinfavoroftheapprovalofthestockissuance,asapplicable,or(B)recommend,adoptorapproveorpubliclyproposetorecommend,adoptorapproveanyacquisitionproposal(anyoftheactionsdescribedinthisclause(iii)arereferredtointhisjointproxystatement/prospectusasanadverserecommendationchange)or(iv)takeanyactiontomakeany“moratorium,”“controlshareacquisition,”“fairprice,”“supermajority,”“affiliatetransactions”or“businesscombinationstatuteorregulation”orothersimilarantitakeoverlawsandregulationsoftheStateofDelaware,includingSection203oftheDGCL,inapplicabletoanythirdpartyoranyacquisitionproposal.

However,ifatanytimepriortotheadoptionofthemergeragreementbyCelgenestockholders,inthecaseofCelgene,oratanytimepriortotheapprovalofthestockissuancebyBristol-MyersSquibbstockholders,inthecaseofBristol-MyersSquibb,CelgeneorBristol-MyersSquibb,asapplicable,receivesabona fide writtenacquisitionproposalmadeafterthedateofthemergeragreementwhichhasnotresultedfromaviolationofthesolicitationrestrictionsdescribedin“TheMergerAgreement—NoSolicitation,”beginningonpage186ofthisjointproxystatement/prospectus,theboardofdirectorsofthatpartyispermittedto,directlyorindirectlythroughitsrepresentatives,andsubjecttocertainexceptionsandqualificationsdescribedinthemergeragreement:

• contactthethirdpartythathasmadesuchacquisitionproposalinordertoascertainfactsorclarifytermsforthesolepurposeoftheCelgeneBoardortheBMSBoard,asapplicable,informingitselfaboutsuchacquisitionproposalandsuchthirdparty;and

• (i)engageinnegotiationsordiscussionswithanythirdpartythat,subjecttoCelgene’sorBristol-MyersSquibb’scompliance,asapplicable,withthesolicitationrestrictionsdescribedin“TheMergerAgreement—NoSolicitation,”beginningonpage186ofthisjointproxystatement/prospectus,hasmadeafterthedateofthemergeragreementasuperiorproposal,whichisdefinedin“TheMergerAgreement—NoSolicitation”beginningonpage186ofthisjointproxystatement/prospectus,oranunsolicitedbona fide writtenacquisitionproposalthattheCelgeneBoardortheBMSBoard,asapplicable,determinesingoodfaith,afterconsultationwithitsfinancialadvisorandoutsidelegalcounsel,isorcouldreasonablybeexpectedtoleadtoasuperiorproposal,(ii)furnishtosuchthirdpartyanditsrepresentativesandfinancingsourcesnonpublicinformationrelatingtoCelgeneorBristol-MyersSquibb,asapplicable,oranyofitssubsidiariespursuanttoaconfidentialityagreementwithconfidentialityanduseprovisionsnolessfavorableandotherprovisionsnolessfavorableintheaggregate,ineachcase,toCelgeneorBristol-MyersSquibb,asapplicable,thanthosecontainedintheconfidentialityagreementinplacebetweenCelgeneandBristol-MyersSquibbasofthedateofthemergeragreement,solongasallsuchnonpublicinformation(totheextentnotpreviouslyprovidedormadeavailabletotheotherparty)isprovidedormadeavailabletotheotherpartysubstantiallyconcurrentlywiththetimeitisprovidedormadeavailabletosuchthirdpartyand(iii)followingreceiptofasuperiorproposalafterthedateofthemergeragreement,makeanadverserecommendation

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changeand/orterminatethemergeragreementtoenterintoadefinitiveagreementprovidingforsuchsuperiorproposal,butinthecaseofthisclause(iii)onlyiftheCelgeneBoardortheBMSBoard,asapplicable,determinesingoodfaith,afterconsultationwithitsfinancialadvisorandoutsidelegalcounsel,thatthefailuretotakesuchactionwouldbereasonablylikelytobeinconsistentwithitsfiduciarydutiesunderapplicablelaw.

FormoreinformationonthesolicitationrestrictionsbindingonCelgeneandBristol-MyersSquibb,see“TheMergerAgreement—NoSolicitation”beginningonpage186ofthisjointproxystatement/prospectus.

Termination of the Merger Agreement (see page 198 )

Asmorefullydescribedinthisjointproxystatement/prospectusandinthemergeragreement,andsubjecttothetermsandconditionssetforthinthemergeragreement,themergeragreementmaybeterminatedatanytimebeforecompletionofthemergerinanyofthefollowingways:

• bymutualwrittenagreementofBristol-MyersSquibbandCelgene;

• byeitherBristol-MyersSquibborCelgene,if:

• themergerhasnotbeencompletedbytheenddateofJanuary2,2020,whichisreferredtointhisjointproxystatement/prospectusastheenddate,subjecttoCelgene’sandBristol-MyersSquibb’srespectiverighttounilaterallyextendtheenddatefortwoadditional60-dayperiodsuponwrittennoticetotheotherparty,ifatthetimeofeachsuchextensionallclosingconditions(otherthantheclosingconditionswithrespecttoreceiptofHSRActclearanceandapprovalsundertheantitrustlawsofcertainspecifiedjurisdictionsortherebeingnoinjunctionororderenjoining,preventingorprohibitingtheconsummationofthemerger,ifsuchinjunctionororderrelatestothereceiptofHSRclearanceorapprovalsundertheantitrustlawsofcertainspecifiedjurisdictions)havebeensatisfiedorwaived.However,therighttoterminatethemergeragreementaftertheenddate(asmaybeextended)ortoextendtheenddatewillnotbeavailabletoCelgeneorBristol-MyersSquibb,asapplicable,ifthatparty’sbreachofanyprovisionofthemergeragreementistheproximatecauseofthefailureofthemergertobecompletedbytheenddate(asmaybeextended);

• agovernmentalauthorityofcompetentjurisdictionissuedaninjunctionororderthatpermanentlyenjoins,preventsorprohibitsthecompletionofthemergerandsuchinjunctionororderhasbecomefinalandnonappealable;

• CelgenestockholdersfailtoadoptthemergeragreementuponavotetakenonaproposaltoadoptthemergeragreementattheCelgenespecialmeeting;

• Bristol-MyersSquibbstockholdersfailtoapprovethestockissuanceuponavotetakenonaproposaltoapprovethestockissuanceattheBristol-MyersSquibbspecialmeeting;or

• therehasbeenabreachofanyrepresentationorwarrantyorfailuretoperformanycovenantoragreementonthepartoftheotherpartythatwouldcausetheotherpartytofailtosatisfyanyconditiontocompletionofthemergerrelatedtotheaccuracyofitsrepresentationsandwarrantiesortheperformanceofitscovenantsandagreements,andsuchbreachorfailuretoperformeither(i)isincapableofbeingcuredbytheenddate(asmaybeextended)or(ii)hasnotbeencuredupontheearlierof(A)30daysfollowingnoticefromthenon-breachingpartyofsuchbreachorfailuretoperformand(B)theenddate(asmaybeextended).However,therighttoterminatethemergeragreementinrespectofaninaccuracyofanyrepresentationorwarrantyorthefailuretoperformanycovenantoragreementwillnotbeavailabletoapartyifsuchpartyistheninbreachofitsrepresentations,warranties,covenantsoragreementsthatwouldcausetheapplicableconditiontocompletionofthemergerrelatedtoaccuracyofitsrepresentationsandwarrantiesorperformanceofitscovenantsandagreementsnottobesatisfied.

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• byBristol-MyersSquibb,if:

• priortotheadoptionofthemergeragreementbyCelgenestockholders,theCelgeneBoard(i)makesanadverserecommendationchangeor(ii)failstopubliclyconfirmitsrecommendationtoCelgenestockholdersinfavorofadoptingthemergeragreementwithintenbusinessdaysafterawrittenrequestbyBristol-MyersSquibbtodosofollowingthepublicdisclosureofanacquisitionproposalforCelgene(butBristol-MyersSquibbmaynotmakesucharequestmorethanonceforeachacquisitionproposalormaterialmodificationtoanacquisitionproposal);or

• priortoobtainingtheapprovalofthestockissuancebyBristol-MyersSquibbstockholders,Bristol-MyersSquibbterminatesthemergeragreementinordertoenterintoadefinitiveagreementprovidingforasuperiorproposal.

• byCelgene,if:

• priortotheapprovalofthestockissuancebyBristol-MyersSquibbstockholders,theBMSBoard(i)makesanadverserecommendationchangeor(ii)failstopubliclyconfirmitsrecommendationtoBristol-MyersSquibbstockholdersinfavorofthestockissuancewithintenbusinessdaysafterawrittenrequesttodosofromCelgenefollowingthepublicdisclosureofanacquisitionproposalforBristol-MyersSquibb(butCelgenemaynotmakesucharequestmorethanonceforeachacquisitionproposalormaterialmodificationtoanacquisitionproposal);or

• priortotheadoptionofthemergeragreementbyCelgenestockholders,Celgeneterminatesthemergeragreementinordertoenterintoadefinitiveagreementprovidingforasuperiorproposal.

Termination Fees and Expenses (see page 200 )

Asmorefullydescribedinthisjointproxystatement/prospectusandinthemergeragreement,andsubjecttothetermsandconditionssetforthinthemergeragreement,CelgenehasagreedtopaytheCelgeneterminationfee,ifthemergeragreementisterminatedunderanyofthefollowingcircumstances:

• byBristol-MyersSquibb,priortotheadoptionofthemergeragreementbyCelgenestockholders,asaresultoftheCelgeneBoard(i)makinganadverserecommendationchangeor(ii)failingtopubliclyconfirmitsrecommendationthatCelgene’sstockholdersadoptthemergeragreementwithintenbusinessdaysafterawrittenrequesttodosofromBristol-MyersSquibbfollowingthepublicdisclosureofanacquisitionproposalforCelgene;

• byBristol-MyersSquibb,priortotheadoptionofthemergeragreementbyCelgenestockholders,asaresultofamaterialbreachbyCelgeneofanyofitsobligationsdescribedunder“TheMergerAgreement—NoSolicitation”beginningonpage186ofthisjointproxystatement/prospectusoranyofitsobligationtocallandholdameetingofitsstockholdersforpurposesofadoptingthemergeragreementdescribedunder“TheMergerAgreement—ObligationstoCallStockholders’Meetings”beginningonpage194ofthisjointproxystatement/prospectus,and,atorpriortothedateofsuchtermination,anacquisitionproposalforCelgenehasbeenmadeandnotpubliclyandirrevocablywithdrawnatleastfourdayspriortotheCelgenespecialmeeting,andonorpriortothefirstanniversaryofsuchtermination,Celgeneentersintoadefinitiveagreement,orcompletesatransaction,relatingtoanacquisitionproposalforCelgene.However,inthisinstance,anyreferencesinthedefinitionofacquisitionproposalto20%willbereplacedby50%;

• byCelgene,priortotheadoptionofthemergeragreementbyCelgenestockholders,inordertoenterintoadefinitiveagreementprovidingforasuperiorproposal;or

• byBristol-MyersSquibborCelgene,asaresultofCelgenestockholdersfailingtoadoptthemergeragreementuponavotetakenonaproposaltoadoptthemergeragreementattheCelgenespecialmeetingand,atorpriortotheCelgenespecialmeeting,anacquisitionproposalforCelgenehasbeenpubliclydisclosedorannouncedandnotpubliclyandirrevocablywithdrawnatleastfourdayspriortotheCelgenespecialmeeting,andonorpriortothefirstanniversaryofsuchtermination,Celgeneentersintoadefinitiveagreement,orcompletesatransaction,relatingtoanacquisitionproposalforCelgene.However,inthisinstance,anyreferencesinthedefinitionofacquisitionproposalto20%willbereplacedby50%.

IfthemergeragreementisterminatedbyeitherBristol-MyersSquibborCelgeneasaresultoftheCelgenestockholdersvotingonandfailingtoadoptthemergeragreementattheCelgenespecialmeetingoratany

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adjournmentorpostponementthereof,thenCelgenewillpayBristol-MyersSquibbtheBristol-MyersSquibbfeereimbursement.IftheCelgeneterminationfeeispayablebyCelgeneafterthetimeCelgenepaystheBristol-MyersSquibbfeereimbursement,theamountoftheCelgeneterminationfeewillbereducedbytheBristol-MyersSquibbfeereimbursement.

Asmorefullydescribedinthisjointproxystatement/prospectusandinthemergeragreement,andsubjecttothetermsandconditionssetforthinthemergeragreement,Bristol-MyersSquibbhasagreedtopaytheBristol-MyersSquibbterminationfee,ifthemergeragreementisterminatedunderanyofthefollowingcircumstances:

• byCelgene,priortotheapprovalofthestockissuancebyBristol-MyersSquibbstockholders,asaresultoftheBMSBoard,(i)makinganadverserecommendationchangeor(ii)failingtopubliclyconfirmitsrecommendationthatBristol-MyersSquibb’sstockholdersapprovethestockissuancewithintenbusinessdaysafterawrittenrequesttodosofromCelgenefollowingthepublicdisclosureofanacquisitionproposalforBristol-MyersSquibb;

• byCelgene,priortotheapprovalofthestockissuancebyBristol-MyersSquibbstockholders,asaresultofamaterialbreachbyBristol-MyersSquibbofanyofitsobligationsdescribedunder“TheMergerAgreement—NoSolicitation”beginningonpage186ofthisjointproxystatement/prospectusoranyofitsobligationstocallandholdameetingofitsstockholdersforpurposesofapprovingthestockissuancedescribedunder“TheMergerAgreement—ObligationstoCallStockholders’Meetings”beginningonpage194ofthisjointproxystatement/prospectusand,atorpriortothedateofsuchtermination,anacquisitionproposalforBristol-MyersSquibbhasbeenpubliclydisclosedorannounced,andonorpriortothefirstanniversaryofsuchtermination,Bristol-MyersSquibbentersintoadefinitiveagreement,orcompletesatransaction,relatingtoanacquisitionproposalforBristol-MyersSquibb.However,inthisinstance,anyreferencesinthedefinitionofacquisitionproposalto20%willbereplacedby50%;

• byBristol-MyersSquibb,priortoobtainingtheapprovalofthestockissuancebyBristol-MyersSquibbstockholders,inordertoenterintoadefinitiveagreementprovidingforasuperiorproposal;or

• byCelgeneorBristol-MyersSquibb,asaresultofBristol-MyersSquibbstockholdersfailingtoapprovethestockissuanceuponavotetakenonaproposaltoapprovethestockissuanceattheBristol-MyersSquibbspecialmeetingand,atorpriortotheBristol-MyersSquibbspecialmeeting,anacquisitionproposalforBristol-MyersSquibbhasbeenpubliclydisclosedorannouncedandnotpubliclyandirrevocablywithdrawnatleastfourdayspriortotheBristol-MyersSquibbspecialmeeting,andonorpriortothefirstanniversaryofsuchtermination,Bristol-MyersSquibbentersintoadefinitiveagreement,orcompletesatransaction,relatingtoanacquisitionproposalforBristol-MyersSquibb.However,inthisinstance,anyreferencesinthedefinitionofacquisitionproposalto20%willbereplacedby50%.

IfthemergeragreementisterminatedbyeitherBristol-MyersSquibborCelgeneasaresultoftheBristol-MyersSquibbstockholdersvotingonandfailingtoapprovethestockissuanceattheBristol-MyersSquibbspecialmeetingoratanyadjournmentorpostponementthereof,thenBristol-MyersSquibbwillpayCelgenetheCelgenefeereimbursement.IftheBristol-MyersSquibbterminationfeeispayablebyBristol-MyersSquibbafterthetimeBristol-MyersSquibbpaystheCelgenefeereimbursement,theamountoftheBristol-MyersSquibbterminationfeewillbereducedbytheCelgenefeereimbursement.

Exceptinthecaseoffraudorwillfulbreachofanycovenantoragreementinthemergeragreement,ifeitherpartyreceivestheapplicableterminationfeeinaccordancewiththeprovisionsofthemergeragreement,thereceiptofsuchterminationfeewillbethereceivingparty’ssoleandexclusiveremedyagainstthepayingparty.

See“TheMergerAgreement—TerminationFeesandExpenses”beginningonpage200ofthisjointproxystatement/prospectusforamorecompletedescriptionofthecircumstancesunderwhichCelgeneorBristol-MyersSquibbwillberequiredtopayaterminationfeeorexpensereimbursement.

Specific Performance; Remedies (see page 202 )

Underthemergeragreement,eachofBristol-MyersSquibbandCelgeneisentitledtoaninjunctionorinjunctionstopreventbreachesorthreatenedbreachesofthemergeragreementandtospecificallyenforcethetermsandprovisionsofthemergeragreement.

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Material U.S. Federal Income Tax Consequences (see page 165 )

TheexchangeofsharesofCelgenecommonstockforthemergerconsiderationpursuanttothemergerwillbeataxabletransactionforU.S.federalincometaxpurposes.Accordingly,aCelgenestockholderthatisaU.S.holder(asdefinedin“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—MaterialU.S.FederalIncomeTaxConsequences”)willrecognizetaxablecapitalgainorlossinanamountequaltothedifference,ifany,between(i)thesumof(A)theamountofcash,includingcashinlieuoffractionalshares,receivedbysuchU.S.holderinthemerger,(B)thefairmarketvalueofthesharesofBristol-MyersSquibbcommonstockreceivedbysuchU.S.holderinthemerger,and(C)thefairmarketvalueoftheCVRsreceivedbysuchU.S.holderinthemerger,eachdeterminedonthedateofthecompletionofthemergerand(ii)suchU.S.holder’sadjustedtaxbasisinthesharesofCelgenecommonstockexchangedtherefor.WithrespecttoaCelgenestockholderthatisanon-U.S.holder(asdefinedin“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—MaterialU.S.FederalIncomeTaxConsequences”),theexchangeofsharesofCelgenecommonstockforthemergerconsiderationpursuanttothemergergenerallywillnotresultintaxtosuchnon-U.S.holderunderU.S.federalincometaxlawsunlesssuchnon-U.S.holderhascertainconnectionswiththeUnitedStates.

EachCelgenestockholderisurgedtoreadthediscussioninthesectionentitled“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—MaterialU.S.FederalIncomeTaxConsequences”beginningonpage165ofthisjointproxystatement/prospectusandtoconsultitstaxadvisortodeterminetheparticularU.S.federal,stateorlocalornon-U.S.incomeorothertaxconsequencestoitofthemerger.

Accounting Treatment (see page 169 )

Themergerwillbeaccountedforasanacquisitionofabusiness.Bristol-MyersSquibbwillrecordassetsacquiredandliabilitiesassumedfromCelgeneprimarilyattheirrespectivefairvaluesatthedateofcompletionofthemerger.Anyexcessofthepurchaseprice(asdescribedunderNote5.EstimateofconsiderationexpectedtobetransferredintheCelgenemergerandpreliminarypurchasepriceallocationunder“CertainUnauditedProFormaCondensedCombinedFinancialStatements”beginningonpage59ofthisjointproxystatement/prospectus)overthenetfairvalueofsuchassetsandliabilitieswillberecordedasgoodwill.

Rights of Celgene Stockholders Will Change as a Result of the Merger (see page 226 )

CelgenestockholderswillhavedifferentrightsoncetheybecomeBristol-MyersSquibbstockholdersduetodifferencesbetweentheorganizationaldocumentsofBristol-MyersSquibbandCelgene.Thesedifferencesaredescribedinmoredetailunder“ComparisonofStockholderRights”beginningonpage226ofthisjointproxystatement/prospectus.

Litigation Relating to the Merger (see page 171 )

AsofFebruary18,2019,sevencomplaintshavebeenfiledbyCelgenestockholdersseekingtoenjointhemerger.Sam B. Gerold v.Celgene Corporation, et al. ,No.1:19-cv-00233,Karen Sbriglio v. Celgene Corporation, et al. ,No.1:19-cv-00277andBetteGrayson v. Celgene Corporation, et al. ,No.1:19-cv-00332werefiledintheUnitedStatesDistrictCourtfortheDistrictofDelaware.Robert Lowinger v. Celgene Corporation, et al. ,No.2:19-cv-04752,Michael A. Bernstein v. Celgene Corporation, et al.,No.2:19-cv-04804andElaine Wang v. Celgene Corporation, et al. ,2:19-cv-04865werefiledintheUnitedStatesDistrictCourtfortheDistrictofNewJersey.Kristen Rogers v. Celgene Corporation, et al. ,No.1:19-cv-01275wasfiledintheUnitedStatesDistrictCourtfortheSouthernDistrictofNewYork.

ThesevenfederalcomplaintsnameasdefendantsCelgeneandthemembersofitsboardofdirectorsandseektostateclaimsunderthefederalsecuritieslawsinconnectionwiththejointproxystatement/prospectusasfiledonFebruary1,2019,allegingthatitcontainsmateriallyincompleteandmisleadinginformation.TheplaintiffsinSam B. Gerold, Karen Sbriglio ,andBette GraysonhavenamedBristol-MyersSquibbandBurgundyMergerSubasdefendantsaswell.TwoofthelawsuitsagainstBristol-MyersSquibbandBurgundyMergerSub,Sam B. Gerold andBette Grayson ,arestyledasputativeclassactions.

Aneighthcomplaint,Elizabeth Landers, et al. v. Giovanni Caforio, et al. ,No.2019-0125,wasfiledintheCourtofChanceryoftheStateofDelaware.Elizabeth Landers isstyledasaputativeclassactiononbehalfofBristol-MyersSquibbstockholdersandnamesmembersoftheBristol-MyersSquibbboardofdirectorsasdefendants,allegingthattheybreachedtheirfiduciarydutiesbyfailingtodisclosematerialinformationaboutthemerger.

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Bristol-MyersSquibb,BurgundyMergerSubandCelgeneintendtodefendthemselvesvigorouslyintheselawsuits.

Risk Factors (see page 39 )

Youshouldalsocarefullyconsidertherisksthataredescribedinthesectionentitled“RiskFactors”beginningonpage39ofthisjointproxystatement/prospectus.

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RISK FACTORS

In addition to the other information contained or incorporated by reference into this joint proxy statement/prospectus, including thematters addressed in “Cautionary Statement Regarding Forward-Looking Statements” beginning on page 80 of this joint proxystatement/prospectus, you should carefully consider the following risk factors in determining whether to vote for the adoption of themerger agreement or approval of the stock issuance. You also should read and consider the risk factors associated with each of thebusinesses of Bristol-Myers Squibb and Celgene because these risk factors may affect the operations and financial results of thecombined company. These risk factors may be found under Part I, Item 1A, “Risk Factors” in each company’s Annual Report on Form10-K for the year ended December 31, 2017, as updated by their respective Quarterly Reports on Form 10-Q, and future filings withthe SEC, each of which is on file or will be filed with the SEC and all of which are incorporated by reference into this joint proxystatement/prospectus.

Risks Related to the Merger

Because the exchange ratio is fixed and the market price of shares of Bristol-Myers Squibb common stock has fluctuated andwill continue to fluctuate, and because of the uncertainty of the fair market value of, and the ultimate realization on, the CVRs,Celgene stockholders cannot be sure of the value of the merger consideration they will receive in the merger.

Uponcompletionofthemerger,eachshareofCelgenecommonstockoutstandingimmediatelypriortothecompletionofthemerger(otherthanexcludedstockanddissentingstock)willbeconvertedintotherighttoreceive$50.00incashwithoutinterestthereon,oneshareofBristol-MyersSquibbcommonstockandoneCVR.BecausetheexchangeratioofoneshareofBristol-MyersSquibbcommonstockisfixed,thevalueoftheshareconsiderationwilldependonthemarketpriceofsharesofBristol-MyersSquibbcommonstockatthetimethemergeriscompleted.ThemarketpriceofsharesofBristol-MyersSquibbcommonstockhasfluctuatedsincethedateoftheannouncementofthemergeragreementandwillcontinuetofluctuatefromthedateofthisjointproxystatement/prospectustothedateoftheCelgenespecialmeetingandthedatethemergeriscompleted,whichcouldoccuraconsiderableamountoftimeafterthedateoftheCelgenespecialmeeting,andthereafter.ThereisalsouncertaintyregardingthefairmarketvalueoftheCVRsandwhetheranypaymentwillultimatelyberealizedontheCVRs.Accordingly,atthetimeoftheCelgenespecialmeeting,Celgenestockholderswillnotknoworbeabletodeterminethemarketvalueofthemergerconsiderationtheywouldbeentitledtoreceiveuponcompletionofthemerger.Stockpricechangesmayresultfromavarietyoffactors,including,amongothers,generalmarketandeconomicconditions,changesinBristol-MyersSquibb’sandCelgene’srespectivebusinesses,operationsandprospects,risksinherentintheirrespectivebusinesses,changesinmarketassessmentsofthelikelihoodthatthemergerwillbecompletedand/orthevaluethatmaybegeneratedbythemerger,andchangeswithrespecttoexpectationsregardingthetimingofthemergerandregulatoryconsiderations.ManyofthesefactorsarebeyondBristol-MyersSquibb’sandCelgene’scontrol.Bristol-MyersSquibbstockholdersandCelgenestockholdersareurgedtoobtaincurrentmarketquotationsforsharesofBristol-MyersSquibbcommonstockindecidingwhethertovoteforthestockissuanceortheadoptionofthemergeragreement,asapplicable.

The market price of shares of Bristol-Myers Squibb common stock after the merger will continue to fluctuate and may beaffected by factors different from those that are currently affecting or historically have affected the market price of shares ofCelgene common stock or Bristol-Myers Squibb common stock.

Uponcompletionofthemerger,holdersofsharesofCelgenecommonstockwillbecomeholdersofsharesofBristol-MyersSquibbcommonstock.ThemarketpriceofBristol-MyersSquibbcommonstockmayfluctuatesignificantlyfollowingcompletionofthemerger,andholdersofsharesofCelgenecommonstockcouldlosethevalueoftheirinvestmentinBristol-MyersSquibbcommonstockif,amongotherthings,thecombinedcompanyisunabletoachievetheexpectedgrowthinearnings,oriftheoperationalcostsavingsestimatesinconnectionwiththeintegrationoftheCelgeneandBristol-MyersSquibbbusinessarenotrealized,orifthetransactioncostsrelatingtothemergeraregreaterthanexpected,orifthefinancingrelatedtothemergerisonunfavorableterms.Themarketpricealsomaydeclineifthecombinedcompanydoesnotachievetheperceivedbenefitsofthemergerasrapidlyortotheextentanticipatedbyfinancialorindustryanalystsoriftheeffectofthemergeronthecombinedcompany’sfinancialposition,resultsofoperationsorcashflowsisnotconsistentwiththeexpectationsoffinancialorindustryanalysts.TheissuanceofsharesofBristol-MyersSquibbcommonstockinthemergercouldonitsownhavetheeffectofdepressingthemarketpriceforBristol-MyersSquibbcommonstock.Inaddition,manyCelgenestockholdersmaydecidenottoholdthesharesofBristol-MyersSquibb

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commonstocktheyreceiveasaresultofthemerger.OtherCelgenestockholders,suchasfundswithlimitationsontheirpermittedholdingsofstockinindividualissuers,mayberequiredtosellthesharesofBristol-MyersSquibbcommonstocktheyreceiveasaresultofthemerger.AnysuchsalesofBristol-MyersSquibbcommonstockcouldhavetheeffectofdepressingthemarketpriceforBristol-MyersSquibbcommonstock.

Inaddition,inthefutureBristol-MyersSquibbmayissueadditionalsecuritiestoraisecapital.Bristol-MyersSquibbmayalsoacquireinterestsinothercompaniesbyissuingBristol-MyersSquibbcommonstocktofinancetheacquisition,inwholeorinpart.Bristol-MyersSquibbmayalsoissuesecuritiesconvertibleintoBristol-MyersSquibbcommonstock.

Moreover,generalfluctuationsinstockmarketscouldhaveamaterialadverseeffectonthemarketfor,orliquidityof,theBristol-MyersSquibbcommonstock,regardlessofBristol-MyersSquibb’sactualoperatingperformance.

ThebusinessesofBristol-MyersSquibbdifferfromthoseofCelgeneinimportantrespectsand,accordingly,theresultsofoperationsofthecombinedcompanyafterthemerger,aswellasthemarketpriceofsharesofBristol-MyersSquibbcommonstock,maybeaffectedbyfactorsdifferentfromthosethatarecurrentlyaffecting,historicallyhaveaffectedorwouldinthefutureaffecttheresultsofoperationsofCelgeneandBristol-MyersSquibbasstand-alonepubliccompanies,aswellasthemarketpriceofsharesofCelgenecommonstockandBristol-MyersSquibbcommonstockpriortocompletionofthemerger.ForfurtherinformationontherespectivebusinessesofBristol-MyersSquibbandCelgeneandcertainfactorstoconsiderinconnectionwiththosebusinesses,seethedocumentsincorporatedbyreferenceintothisjointproxystatement/prospectusandreferredtounder“WhereYouCanFindMoreInformation”beginningonpage251ofthisjointproxystatement/prospectus.

Bristol-Myers Squibb and Celgene may have difficulty attracting, motivating and retaining executives and other key employeesin light of the merger.

Bristol-MyersSquibb’ssuccessafterthetransactionwilldependinpartontheabilityofBristol-MyersSquibbtoretainkeyexecutivesandotheremployeesofCelgene.UncertaintyabouttheeffectofthemergeronBristol-MyersSquibbandCelgeneemployeesmayhaveanadverseeffectoneachofBristol-MyersSquibbandCelgeneseparatelyandconsequentlythecombinedbusiness.ThisuncertaintymayimpairBristol-MyersSquibb’sand/orCelgene’sabilitytoattract,retainandmotivatekeypersonnel.Employeeretentionmaybeparticularlychallengingduringthependencyofthemerger,asemployeesofBristol-MyersSquibbandCelgenemayexperienceuncertaintyabouttheirfuturerolesinthecombinedbusiness.

Additionally,Celgene’sofficersandemployeesmayholdsharesofCelgenecommonstock,and,ifthemergeriscompleted,theseofficersandemployeesmaybeentitledtothemergerconsiderationinrespectofsuchsharesofCelgenecommonstock.OfficersandemployeesmayholdCelgeneStockOptions,CelgeneRSUsandCelgenePSUsthataresubjecttoacceleratedvestinguponaterminationwithoutcauseand,insomecases,aresignationfor“goodreason”onorfollowing,completionofthemerger.PursuanttoseveranceplansmaintainedbyCelgene,certainkeyemployeesofCelgenearealsoentitledtoreceiveseverancepaymentsuponaterminationwithoutcauseand/oraresignationfor“goodreason”onorfollowingcompletionofthemerger.Undertheseplans,certainkeyemployeesofCelgenepotentiallycouldresignfromhisorheremploymentfollowingspecifiedcircumstancessetforthintheapplicableplan,includinganadversechangeinhisorhertitle,authorityorresponsibilities,compensationandbenefitsorprimaryofficelocationthatwouldresultinthepaymentsunderthearrangements.Thesepayments,individuallyorintheaggregate,couldmakeretentionofCelgeneofficersandemployeesmoredifficult.

Furthermore,ifkeyemployeesofBristol-MyersSquibborCelgenedepartorareatriskofdeparting,includingbecauseofissuesrelatingtotheuncertaintyanddifficultyofintegration,financialsecurityoradesirenottobecomeemployeesofthecombinedbusiness,Bristol-MyersSquibbmayhavetoincursignificantcostsinretainingsuchindividualsorinidentifying,hiringandretainingreplacementsfordepartingemployeesandmaylosesignificantexpertiseandtalent,andthecombinedcompany’sabilitytorealizetheanticipatedbenefitsofthemergermaybemateriallyandadverselyaffected.NoassurancecanbegiventhatthecombinedcompanywillbeabletoattractorretainkeyemployeestothesameextentthatCelgenehasbeenabletoattractorretainemployeesinthepast.

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In order to complete the merger, Bristol-Myers Squibb and Celgene must obtain certain governmental approvals, and if suchapprovals are not granted or are granted with conditions that become applicable to the parties, completion of the merger maybe jeopardized or prevented or the anticipated benefits of the merger could be reduced.

CompletionofthemergerisconditionedupontheexpirationorearlyterminationofthewaitingperiodrelatingtothemergerundertheHSRActandthereceiptofapprovalsundertheantitrustlawsofcertainspecifiedforeignjurisdictions.AlthoughBristol-MyersSquibbandCelgenehaveagreedinthemergeragreementtousetheirreasonablebestefforts,subjecttocertainlimitations,tomakecertaingovernmentalfilingsandobtaintherequiredgovernmentalapprovals,asthecasemaybe,therecanbenoassurancethattherelevantwaitingperiodswillexpireorterminateortherequiredapprovalswillbeobtainedandnoassurancethatthemergerwillbecompleted.

Inaddition,thegovernmentalauthoritiesfromwhichtheseapprovalsarerequiredhavebroaddiscretioninadministeringthegoverninglawsandregulations,andmaytakeintoaccountvariousfactsandcircumstancesintheirconsiderationofthemerger,includingotherpotentialtransactionsinthebiopharmaceuticalindustryorotherindustries.Thesegovernmentalauthoritiesmaybeaffectedbygovernmentshutdowns,whichcouldresultindelaysregardinganypotentialapprovalsorotheractions.Thesegovernmentalauthoritiesmayinitiateproceedingsseekingtoprevent,orotherwiseseektoprevent,themerger.Asaconditiontotheapprovalofthemergerorrelatedtransactions,thesegovernmentalauthoritiesalsomayimposerequirements,limitationsorcosts,requiredivestituresorplacerestrictionsontheconductofBristol-MyersSquibb’sbusinessorCelgene’sbusinessaftercompletionofthemerger.Underthetermsofthemergeragreement,Bristol-MyersSquibbisobligatedtouseitsreasonablebesteffortstocompletethemerger,butisnotrequiredtotakeanyactionsoragreetoanytermsorconditionsinconnectionwithobtaininganyregulatoryapprovalsforcompletingthemergerthatwouldhave,orwouldreasonablybeexpectedtohave,individuallyorintheaggregate,amaterialadverseeffectonthefinancialcondition,businessorresultsofoperationsofBristol-MyersSquibb,Celgeneandtheirrespectivesubsidiaries,takenasawhole,aftergivingeffecttothecompletionofthemerger.Celgenehasalsoagreed,ifrequestedinwritingbyBristol-MyersSquibb,totakeanysuchactionstoobtainanygovernmentalapprovalthatisaconditionforcompletingthemerger,see“TheMergerAgreement—ReasonableBestEffortsCovenant”beginningonpage189ofthisjointproxystatement/prospectusforadditionalinformationrelatedtotheseprovisions.

However,notwithstandingtheprovisionsofthemergeragreement,eitherBristol-MyersSquibborCelgenecouldbecomesubjecttotermsorconditionsinconnectionwiththeexpirationorterminationofsuchwaitingperiodsorthereceiptofotherrequiredapprovalstheimpositionofwhichcouldadverselyaffectBristol-MyersSquibb’sabilitytointegrateCelgene’soperationswithBristol-MyersSquibb’soperations,reducetheanticipatedbenefitsofthemergerorotherwisemateriallyandadverselyaffectthecombinedcompany’sbusinessandresultsofoperationsaftercompletionofthemerger.See“TheMergerAgreement—ConditionstoCompletionoftheMerger”and“TheMergerAgreement—ReasonableBestEffortsCovenant”beginningonpages177and189,respectively,ofthisjointproxystatement/prospectus.

In addition to receipt of certain governmental approvals, completion of the merger is subject to a number of other conditions,and if these conditions are not satisfied or waived, the merger will not be completed.

TheobligationsofBristol-MyersSquibbandCelgenetocompletethemergeraresubjecttosatisfactionorwaiverofanumberofconditionsinadditiontoreceiptofcertainspecifiedgovernmentalapprovals,including,amongotherconditions:(i)adoptionofthemergeragreementbyCelgenestockholdersattheCelgenespecialmeeting;(ii)approvalofthestockissuancebyBristol-MyersSquibbstockholdersattheBristol-MyersSquibbspecialmeeting;(iii)approvalforthelistingontheNYSEofthesharesofBristol-MyersSquibbcommonstockandCVRstobeissuedinthemerger;(iv)absenceofanyinjunctionororderthatprohibitscompletionofthetransaction;(v)accuracyoftherepresentationsandwarrantiesmadeinthemergeragreementbytheotherparty,subjecttotheapplicablematerialitystandardssetforthinthemergeragreement;(vi)performanceinallmaterialrespectsbytheotherpartyofthecovenantsandagreementsrequiredtobeperformedbysuchpartyatorpriortocompletionofthemerger;and(vii)theeffectivenessoftheregistrationstatementonFormS-4relatingtothemergerandnostopordersuspendingtheeffectivenessoftheregistrationstatementandnoproceedingsforsuchpurposearependingbeforetheSEC.Foramorecompletesummaryoftheconditionsthatmustbesatisfiedor

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waivedpriortocompletionofthemerger,see“TheMergerAgreement—ConditionstoCompletionoftheMerger”beginningonpage177ofthisjointproxystatement/prospectus.Therecanbenoassurancethattheconditionstocompletionofthemergerwillbesatisfiedorwaivedorthatthemergerwillbecompletedwithintheexpectedtimeframe,oratall.

Inaddition,theBristol-MyersSquibbspecialmeetingandtheCelgenespecialmeetingmaytakeplacebeforecertaingovernmentalapprovalshavebeenobtainedand,therefore,beforethetermsonwhichsuchgovernmentalapprovalsmaybeobtained,ortheconditionstoobtainingsuchgovernmentalapprovalsthatmaybeimposed,areknown.Asaresult,ifBristol-MyersSquibbstockholdersapprovethestockissuanceattheBristol-MyersSquibbspecialmeeting,orCelgenestockholdersadoptthemergeragreementattheCelgenespecialmeeting,Bristol-MyersSquibbandCelgenemaymakedecisionsaftertherespectivemeetingstowaiveaconditionastothereceiptofcertainspecifiedgovernmentalapprovalsortotakecertainactionsrequiredtoobtainsuchgovernmentalapprovalswithoutseekingfurtherstockholderapproval,andsuchactionscouldhaveanadverseeffectonthecombinedcompany.

Failure to complete the merger could negatively impact the stock price and the future business and financial results of Bristol-Myers Squibb and Celgene.

Ifthemergerisnotcompletedforanyreason,includingasaresultofCelgenestockholdersfailingtoadoptthemergeragreementorBristol-MyersSquibbstockholdersfailingtoapprovethestockissuance,theongoingbusinessesofBristol-MyersSquibbandCelgenemaybemateriallyandadverselyaffectedand,withoutrealizinganyofthebenefitsofhavingcompletedthemerger,Bristol-MyersSquibbandCelgenewouldbesubjecttoanumberofrisks,includingthefollowing:

• Bristol-MyersSquibbandCelgenemayexperiencenegativereactionsfromthefinancialmarkets,includingnegativeimpactsontradingpricesofBristol-MyersSquibbcommonstock,sharesofCelgenecommonstockandbothcompanies’othersecurities,andfromtheirrespectivecustomers,vendors,regulatorsandemployees;

• CelgenemayberequiredtopayBristol-MyersSquibbaterminationfeeof$2.2billionifthemergeragreementisterminatedundercertaincircumstances,andBristol-MyersSquibbmayberequiredtopayCelgeneaterminationfeeof$2.2billionifthemergeragreementisterminatedundercertainothercircumstances(see“TheMergerAgreement—TerminationFeesandExpenses”beginningonpage200ofthisjointproxystatement/prospectus);

• Bristol-MyersSquibbandCelgenewillberequiredtopaycertaintransactionexpensesandothercostsincurredinconnectionwiththemerger,whetherornotthemergeriscompleted,including,incertaincircumstances,certainfeesandexpensesoftheotherpartyinconnectionwiththeCelgenefeereimbursementortheBristol-MyersSquibbfeereimbursement,asapplicable(see“TheMergerAgreement—TerminationFeesandExpenses”beginningonpage200ofthisjointproxystatement/prospectus);

• themergeragreementplacescertainrestrictionsontheconductofeachofCelgene’sandBristol-MyersSquibb’srespectivebusinessespriortocompletionofthemerger,andsuchrestrictions,thewaiverofwhichissubjecttotheconsentoftheotherparty,maypreventCelgeneorBristol-MyersSquibb,asapplicable,frommakingcertainacquisitions,takingcertainotherspecifiedactionsorotherwisepursuingbusinessopportunitiesduringthependencyofthemergerthatCelgeneorBristol-MyersSquibbwouldhavemade,takenorpursuediftheserestrictionswerenotinplace(see“TheMergerAgreement—ConductofBusinessPendingtheMerger”beginningonpage181ofthisjointproxystatement/prospectusforadescriptionoftherestrictivecovenantsapplicabletoCelgeneandBristol-MyersSquibb);and

• mattersrelatingtothemerger(includingarrangingpermanentfinancingandintegrationplanning)willrequiresubstantialcommitmentsoftimeandresourcesbyBristol-MyersSquibbandCelgenemanagementandtheexpenditureofsignificantfundsintheformoffeesandexpenses,whichwouldotherwisehavebeendevotedtoday-to-dayoperationsandotheropportunitiesthatmayhavebeenbeneficialtoeitherBristol-MyersSquibborCelgeneasanindependentcompany.

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Inaddition,eachofBristol-MyersSquibbandCelgenecouldbesubjecttolitigationrelatedtoanyfailuretocompletethemergerorrelatedtoanyproceedingtospecificallyenforceBristol-MyersSquibb’sorCelgene’sobligationtoperformtheirrespectiveobligationsunderthemergeragreement.

Ifanyoftheserisksmaterialize,theymaymateriallyandadverselyaffectBristol-MyersSquibb’sand/orCelgene’sbusinesses,financialcondition,financialresults,ratings,stockpricesand/orbondprices.

If the merger is completed, Bristol-Myers Squibb may fail to realize the anticipated benefits and cost savings of the merger,which could adversely affect the value of shares of Bristol-Myers Squibb common stock.

Thesuccessofthemergerwilldepend,inpart,onBristol-MyersSquibb’sabilitytorealizetheanticipatedbenefitsandcostsavingsfromcombiningthebusinessesofBristol-MyersSquibbandCelgene.Bristol-MyersSquibb’sabilitytorealizetheseanticipatedbenefitsandcostsavingsissubjecttocertainrisks,including,amongothers:

• Bristol-MyersSquibb’sabilitytosuccessfullycombinethebusinessesofBristol-MyersSquibbandCelgene;

• theriskthatthecombinedbusinesseswillnotperformasexpected;

• theextenttowhichBristol-MyersSquibbwillbeabletorealizetheexpectedsynergies,whichincludepotentialsavingsfromre-assessingpriorityassetsandaligninginvestments,eliminatingduplicationandredundancy,adoptinganoptimizedoperatingmodelbetweenbothcompaniesandleveragingscale,andvaluecreationresultingfromthecombinationofthebusinessesofBristol-MyersSquibbandCelgene;

• thepossibilitythatBristol-MyersSquibbpaidmoreforCelgenethanthevalueitwillderivefromthemerger;

• thepossibilitythatBristol-MyersSquibbwillnotachievethefreecashflowthatithasprojected;

• thereductionofBristol-MyersSquibb’scashavailableforoperationsandotherusesandtheincurrenceofindebtednesstofinancethemerger;

• theassumptionofknownandunknownliabilitiesofCelgene;

• thepossibilityofadeclineofthecreditratingsofthecombinedcompanyfollowingthecompletionofthemerger;and

• thepossibilityofcostlylitigationchallengingthemerger.

IfBristol-MyersSquibbisnotabletosuccessfullycombinethebusinessesofBristol-MyersSquibbandCelgenewithintheanticipatedtimeframe,oratall,theanticipatedcostsavingsandotherbenefitsofthemergermaynotberealizedfullyormaytakelongertorealizethanexpected,thecombinedbusinessesmaynotperformasexpectedandthevalueofthesharesofBristol-MyersSquibbcommonstockmaybeadverselyaffected.

Bristol-MyersSquibbandCelgenehaveoperatedand,untilcompletionofthemergerwillcontinuetooperate,independently,andtherecanbenoassurancesthattheirbusinessescanbeintegratedsuccessfully.ItispossiblethattheintegrationprocesscouldresultinthelossofkeyBristol-MyersSquibborCelgeneemployees,thedisruptionofeithercompany’sorbothcompanies’ongoingbusinessesorinunexpectedintegrationissues,higherthanexpectedintegrationcostsandanoverallpost-completionintegrationprocessthattakeslongerthanoriginallyanticipated.Specifically,issuesthatmustbeaddressedinintegratingtheoperationsofCelgeneandBristol-MyersSquibbinordertorealizetheanticipatedbenefitsofthemergersothecombinedbusinessperformsasexpectedinclude,amongothers:

• combiningthecompanies’separateoperational,financial,reportingandcorporatefunctions;

• integratingthecompanies’technologies,productsandservices;

• identifyingandeliminatingredundantandunderperformingoperationsandassets;

• harmonizingthecompanies’operatingpractices,employeedevelopment,compensationandbenefitprograms,internalcontrolsandotherpolicies,proceduresandprocesses;

• addressingpossibledifferencesincorporateculturesandmanagementphilosophies;

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• maintainingemployeemoraleandretainingkeymanagementandotheremployees;

• attractingandrecruitingprospectiveemployees;

• consolidatingthecompanies’corporate,administrativeandinformationtechnologyinfrastructure;

• coordinatingsales,distributionandmarketingefforts;

• managingthemovementofcertainbusinessesandpositionstodifferentlocations;

• maintainingexistingagreementswithcustomersandvendorsandavoidingdelaysinenteringintonewagreementswithprospectivecustomersandvendors;

• coordinatinggeographicallydispersedorganizations;

• consolidatingfacilitiesofCelgeneandBristol-MyersSquibbthatarecurrentlyinornearthesamelocation;and

• effectingpotentialactionsthatmayberequiredinconnectionwithobtainingregulatoryapprovals.

Inaddition,attimes,theattentionofcertainmembersofeachcompany’smanagementandeachcompany’sresourcesmaybefocusedoncompletionofthemergerandtheintegrationofthebusinessesofthetwocompaniesanddivertedfromday-to-daybusinessoperations,whichmaydisrupteachcompany’songoingbusinessandthebusinessofthecombinedcompany.

Celgene’s executive officers and directors have interests in the merger that may be different from your interests as astockholder of Celgene.

WhenconsideringtherecommendationoftheCelgeneBoardthatCelgenestockholdersvoteinfavoroftheadoptionofthemergeragreement,CelgenestockholdersshouldbeawarethatCelgene’sdirectorsandexecutiveofficershaveinterestsinthemergerthatmaybedifferentfrom,orinadditionto,theinterestsofCelgenestockholdersgenerally,includingpotentialseverancebenefits,treatmentofoutstandingCelgeneequityawardspursuanttothemergeragreementandpotentialvestingofsuchawardsinconnectionwithaqualifyingterminationofemploymentonorfollowingthemerger(or,incertaincircumstances,aterminationofemploymentthatotherwiseoccursinconnectionwiththemerger),andrightstoongoingindemnificationandinsurancecoverage.See“InterestsofCelgene’sDirectorsandExecutiveOfficersintheMerger”beginningonpage203ofthisjointproxystatement/prospectusforamoredetaileddescriptionoftheseinterests.TheCelgeneBoardandtheBMSBoardwereawareoftheseinterestsandconsideredthem,inadditiontoothermatters,inevaluatingandnegotiatingthemergeragreementandinrecommendingthatCelgenestockholdersadoptthemergeragreementandthattheBristol-MyersSquibbstockholdersapprovethestockissuance,respectively.

The merger agreement contains provisions that make it more difficult for Bristol-Myers Squibb and Celgene to pursuealternatives to the merger and may discourage other companies from trying to acquire Celgene for greater consideration thanwhat Bristol-Myers Squibb has agreed to pay.

ThemergeragreementcontainsprovisionsthatmakeitmoredifficultforCelgenetosellitsbusinesstoapartyotherthanBristol-MyersSquibb,orforBristol-MyersSquibbtosellitsbusiness.Theseprovisionsincludeageneralprohibitiononeachpartysolicitinganyacquisitionproposal.Further,thereareonlylimitedexceptionstoeachparty’sagreementthatitsboardofdirectorswillnotwithdrawormodifyinamanneradversetotheotherpartytherecommendationofitsboardofdirectorsinfavoroftheadoptionofthemergeragreement,inthecaseofCelgene,ortheapprovalofthestockissuance,inthecaseofBristol-MyersSquibb,andtheotherpartygenerallyhasarighttomatchanyacquisitionproposalthatmaybemade.However,atanytimepriortotheadoptionofthemergeragreementbyCelgenestockholders,inthecaseofCelgene,ortheapprovalofthestockissuancebyBristol-MyersSquibbstockholders,inthecaseofBristol-MyersSquibb,suchparty’sboardofdirectorsispermittedtomakeanadverserecommendationchangeifitdeterminesingoodfaiththatthefailuretotakesuchactionwouldbereasonablylikelytobeinconsistentwithitsfiduciarydutiesunderapplicablelaw.IntheeventthateithertheCelgeneBoardortheBMSBoardmakeanadverserecommendationchange,thensuchpartymayberequiredtopaya$2.2billionterminationfee.Bristol-MyersSquibbandCelgenealsowillberequiredtopaycertaintransactionexpensesandothercostsincurredinconnectionwiththemerger,whetherornotthemergeriscompleted,includingcertainfeesandexpensesoftheotherpartyinconnectionwiththeCelgenefeereimbursementortheBristol-MyersSquibbfeereimbursement,asapplicable.See“TheMerger

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Agreement—NoSolicitation”and“TheMergerAgreement—TerminationFeesandExpenses”beginningonpages186and200,respectively,ofthisjointproxystatement/prospectus.

Thepartiesbelievetheseprovisionsarereasonableandnotpreclusiveofotheroffers,buttheserestrictionsmightdiscourageathirdpartythathasaninterestinacquiringallorasignificantpartofeitherCelgeneorBristol-MyersSquibbfromconsideringorproposinganacquisitionproposal,evenifthatpartywerepreparedtopayconsiderationwithahigherper-sharevaluethanthecurrentlyproposedmergerconsideration,inthecaseofCelgene,orthatpartywerepreparedtoenterintoanagreementthatmaybefavorabletoBristol-MyersSquibboritsstockholders,inthecaseofBristol-MyersSquibb.Furthermore,theterminationfeesdescribedabovemayresultinapotentialcompetingacquirerproposingtopayalowerper-sharepricetoacquiretheapplicablepartythanitmightotherwisehaveproposedtopaybecauseoftheaddedexpenseoftheterminationfeethatmaybecomepayablebysuchpartyincertaincircumstances.

The shares of Bristol-Myers Squibb common stock to be received by Celgene stockholders upon completion of the merger willhave different rights from shares of Celgene common stock.

Uponcompletionofthemerger,CelgenestockholderswillnolongerbestockholdersofCelgene,butwillinsteadbecomestockholdersofBristol-MyersSquibb,andtheirrightsasBristol-MyersSquibbstockholderswillbegovernedbythetermsofBristol-MyersSquibb’samendedandrestatedcertificateofincorporation,asitmaybeamendedfromtimetotime,whichisreferredtointhisjointproxystatement/prospectusasBristol-MyersSquibb’scertificateofincorporation,andBristol-MyersSquibb’samendedandrestatedby-laws,astheymaybeamendedfromtimetotime,whicharereferredtointhisjointproxystatement/prospectusasBristol-MyersSquibb’sby-laws.ThetermsofBristol-MyersSquibb’scertificateofincorporationandBristol-MyersSquibb’sby-lawsareinsomerespectsmateriallydifferentthanthetermsofCelgene’scertificateofincorporation,astheymaybeamendedfromtimetotime,whichisreferredtointhisjointproxystatement/prospectusasCelgene’scertificateofincorporation,andCelgene’samendedandrestatedby-laws,astheymaybeamendedfromtimetotime,whicharereferredtointhisjointproxystatement/prospectusasCelgene’sby-laws,whichcurrentlygoverntherightsofCelgenestockholders.See“ComparisonofStockholderRights”beginningonpage226ofthisjointproxystatement/prospectusforadiscussionofthedifferentrightsassociatedwithsharesofCelgenecommonstockandsharesofBristol-MyersSquibbcommonstock.

Current Bristol-Myers Squibb stockholders and Celgene stockholders will have a reduced ownership and voting interest afterthe merger and will exercise less influence over the management of the combined company.

Uponcompletionofthemerger,Bristol-MyersSquibbexpectstoissueapproximately701,024,507sharesofBristol-MyersSquibbcommonstocktoCelgenestockholdersinconnectionwiththetransactionscontemplatedbythemergeragreement.Asaresult,itisexpectedthat,immediatelyaftercompletionofthemerger,formerCelgenestockholderswillownapproximately31%oftheoutstandingsharesofBristol-MyersSquibbcommonstock.Inaddition,sharesofBristol-MyersSquibbcommonstockmaybeissuedfromtimetotimefollowingtheeffectivetimeofthemergertoholdersofCelgeneequityawardsonthetermssetforthinthemergeragreement.See“TheMergerAgreement—TreatmentofCelgeneEquityAwards”beginningonpage175ofthisjointproxystatement/prospectusforamoredetailedexplanation.Consequently,currentBristol-MyersSquibbstockholdersintheaggregatewillhavelessinfluenceoverthemanagementandpoliciesofBristol-MyersSquibbthantheycurrentlyhaveoverthemanagementandpoliciesofBristol-MyersSquibb,andCelgenestockholdersintheaggregatewillhavesignificantlylessinfluenceoverthemanagementandpoliciesofBristol-MyersSquibbthantheycurrentlyhaveoverthemanagementandpoliciesofCelgene.

T ransaction-related lawsuits have been filed against Bristol-Myers Squibb, Celgene and the members of Bristol-MyersSquibb’s and Celgene’s board of directors and other transaction-related lawsuits may be filed against Bristol-Myers Squibband Celgene which could result in substantial costs and may delay or prevent the merger from being completed. If the mergeris completed, Bristol-Myers Squibb will also assume Celgene’s risks arising from various legal proceedings.

Securitiesclassactionlawsuitsandderivativelawsuitsareoftenbroughtagainstpubliccompaniesthathaveenteredintomergeragreements.Evenifthelawsuitsarewithoutmerit,defendingagainsttheseclaimscanresultinsubstantialcostsanddivertmanagementtimeandresources.Anadversejudgmentcouldresultinmonetarydamages,whichcouldhaveanegativeimpactonBristol-MyersSquibb’sandCelgene’srespectiveliquidityand

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financialcondition.Additionally,ifaplaintiffissuccessfulinobtaininganinjunctionprohibitingcompletionofthemerger,thenthatinjunctionmaydelayorpreventthemergerfrombeingcompleted,whichmayadverselyaffectBristol-MyersSquibb’sandCelgene’srespectivebusiness,financialpositionandresultsofoperation.AsofFebruary18,2019,atotalofsevencomplaintshavebeenfiledbyCelgenestockholdersseekingtoenjointhemergerandonecomplainthasbeenfiledbyBristol-MyersSquibbstockholders.See“LitigationRelatingtotheMerger”beginningonpage171ofthisjointproxystatement/prospectusformoreinformationaboutlitigationrelatedtothemergerthathasbeencommencedpriortothedateofthisjointproxystatement/prospectus.Therecanbenoassurancethatadditionalcomplaintswillnotbefiledwithrespecttothemerger.

Oneoftheconditionstocompletionofthemergeristheabsenceofanyinjunctionororderbeingineffectthatprohibitscompletionofthemerger.Accordingly,ifaplaintiffissuccessfulinobtaininganyinjunctionororderprohibitingthecompletionofthemerger,thensuchinjunctionorordermaypreventthemergerfrombeingcompleted,orfrombeingcompletedwithintheexpectedtimeframe.

Inaddition,ifBristol-MyersSquibbcompletesthemerger,itwillassumeCelgene’srisksarisingfromlegalproceedings.Likeallpharmaceuticalcompanies,Celgeneisinvolvedinvariouspatent,productliability,consumer,commercial,securities,environmentalandtaxlitigationsandclaims,governmentinvestigationsandotherlegalproceedingsthatarisefromtimetotimeintheordinarycourseofitsbusiness.Bristol-MyersSquibbcannotpredictwithcertaintytheeventualoutcomeofCelgene’spendingorfuturelegalproceedingsandtheultimateoutcomeofsuchmatterscouldbematerialtothecombinedcompany’sresultsofoperations,cashflowsandfinancialcondition.

The indebtedness of the combined company following completion of the merger will be substantially greater than Bristol-MyersSquibb’s indebtedness on a stand-alone basis and greater than the combined indebtedness of Bristol-Myers Squibb and Celgeneexisting prior to the announcement of the merger agreement. This increased level of indebtedness could adversely affect thecombined company’s business flexibility, and increase its borrowing costs. Any resulting downgrades in Bristol-Myers Squibb’sand/or Celgene’s credit ratings could adversely affect Bristol-Myers Squibb’s, Celgene’s and/or the combined company’srespective businesses, cash flows, financial condition and operating results.

Bristol-MyersSquibbexpectstoincuracquisition-relateddebtfinancingofapproximately$33.5billionandassumeCelgene’sexistingindebtednessofapproximately$19.9billion(asofSeptember30,2018).Inaddition,CelgenestockholderswillreceiveonetradeableCVRforeachshareofCelgenerepresentingtherighttoreceive$9.00incash,whichwillentitletheholdertoreceiveapaymentuponthepotentialachievementoffutureU.S.regulatorymilestones.Bristol-MyersSquibbalsointendstoenterintoanacceleratedsharerepurchaseagreementtorepurchaseupto$5billionofitscommonstockfollowingcompletionofthemerger.Bristol-MyersSquibb’ssubstantiallyincreasedindebtedness,anypotentialpaymentsundertheCVRandhigherdebt-to-equityratiofollowingcompletionofthemergerincomparisontothatofBristol-MyersSquibbpriortothemergerwillhavetheeffect,amongotherthings,ofreducingBristol-MyersSquibb’sflexibilitytorespondtochangingbusinessandeconomicconditions,willincreaseBristol-MyersSquibb’sborrowingcostsand,totheextentthatBristol-MyersSquibb’snewdebtissubjecttofloatinginterestrates,mayincreaseBristol-MyersSquibb’svulnerabilitytofluctuationsinmarketinterestrates.Inaddition,theamountofcashrequiredtoserviceBristol-MyersSquibb’sincreasedindebtednesslevelsandthusthedemandsonBristol-MyersSquibb’scashresourceswillbegreaterthantheamountofcashflowsrequiredtoservicetheindebtednessofBristol-MyersSquibborCelgeneindividuallypriortothemerger.TheincreasedlevelsofindebtednesscouldalsoreducefundsavailabletofundBristol-MyersSquibb’seffortstocombineitsbusinesswithCelgeneandrealizeexpectedbenefitsofthemergerand/orengageininvestmentsinproductdevelopment,capitalexpenditures,dividendpayments,sharerepurchasesandotheractivitiesandmaycreatecompetitivedisadvantagesforBristol-MyersSquibbrelativetoothercompanieswithlowerdebtlevels.Bristol-MyersSquibbmayberequiredtoraiseadditionalfinancingforworkingcapital,capitalexpenditures,acquisitionsorothergeneralcorporatepurposes.Bristol-MyersSquibb’sabilitytoarrangeadditionalfinancingorrefinancingwilldependon,amongotherfactors,Bristol-MyersSquibb’sfinancialpositionandperformance,aswellasprevailingmarketconditionsandotherfactorsbeyondBristol-MyersSquibb’scontrol.Bristol-MyersSquibbcannotassureyouthatitwillbeabletoobtainadditionalfinancingorrefinancingontermsacceptabletoBristol-MyersSquibboratall.

Inaddition,Bristol-MyersSquibb’screditratingsimpactthecostandavailabilityoffutureborrowings,and,asaresult,Bristol-MyersSquibb’scostofcapital.Bristol-MyersSquibb’sratingsreflecteachratingorganization’sopinionofBristol-MyersSquibb’sfinancialstrength,operatingperformanceandabilitytomeetBristol-Myers

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Squibb’sdebtobligationsor,followingcompletionofthemerger,obligationstothecombinedcompany’sinsureds.EachoftheratingsorganizationsreviewsBristol-MyersSquibb’sandCelgene’sratingsperiodically,andtherecanbenoassurancethatBristol-MyersSquibb’sorCelgene’scurrentratingswillbemaintainedinthefuture.Followingtheannouncementofthemergeragreement,Moody’splacedcertainofBristol-MyersSquibb’sdebtandothercreditratingsunderreviewforapossibledowngradeandS&PGlobalRatingsplacedtheratingsofBristol-MyersSquibboncreditwatchwithnegativeimplications.DowngradesinBristol-MyersSquibb’sand/orCelgene’screditratingscouldadverselyaffectBristol-MyersSquibb’s,Celgene’sand/orthecombinedcompany’sbusinesses,cashflows,financialconditionandoperatingresults.Inaddition,ifthemergeriscompletedand,incertaincircumstances,Celgene’sdebtsecuritiesaredowngradedandratedbelowinvestmentgrade,thismayconstituteachangeofcontroltriggeringeventundertheindenturesgoverningsuchdebt.Upontheoccurrenceofachangeofcontroltriggeringevent,Celgene,asthesurvivingcorporationofthemerger,wouldberequiredtooffertorepurchasemostofitsoutstandingnotesat101%oftheprincipalamountthereofplusaccruedandunpaidinterestifany,to,butnotincluding,thedateofrepurchase.However,itispossiblethatCelgene(orBristol-MyersSquibb)wouldnothavesufficientfundsatthetimeofthechangeofcontroltriggeringeventtomaketherequiredrepurchaseofnotesorthatrestrictionsinotherdebtinstrumentswouldnotallowsuchrepurchases.Bristol-MyersSquibbandCelgenecannotprovideanyassurancethattherewillbesufficientfundsavailableforCelgene(orBristol-MyersSquibb)tomakeanyrequiredrepurchasesofthenotesuponachangeofcontroltriggeringevent.

Bristol-Myers Squibb may not be able to service all of the combined company’s indebtedness and may be forced to take otheractions to satisfy Bristol-Myers Squibb’s obligations under Bristol-Myers Squibb’s indebtedness, which may not be successful.Bristol-Myers Squibb’s failure to meet its debt service obligations could have a material adverse effect on the combinedcompany’s business, financial condition and results of operations.

Bristol-MyersSquibbdependsoncashonhandandcashflowsfromoperationstomakescheduleddebtpayments.Bristol-MyersSquibbexpectstobeabletomeettheestimatedcashinterestpaymentsonthecombinedcompany’sdebtfollowingthemergerthroughacombinationoftheexpectedcashflowsfromoperationsofthecombinedcompany.However,Bristol-MyersSquibb’sabilitytogeneratesufficientcashflowfromoperationsofthecombinedcompanyandtoutilizeothermethodstomakescheduledpaymentswilldependonarangeofeconomic,competitiveandbusinessfactors,manyofwhichareoutsideofBristol-MyersSquibb’scontrol.Therecanbenoassurancethatthesesourceswillbeadequate.IfBristol-MyersSquibbisunabletoserviceBristol-MyersSquibb’sindebtednessandfundBristol-MyersSquibb’soperations,Bristol-MyersSquibbwillbeforcedtoreduceordelaycapitalexpenditures,seekadditionalcapital,sellassetsorrefinanceBristol-MyersSquibb’sindebtedness.AnysuchactionmaynotbesuccessfulandBristol-MyersSquibbmaybeunabletoserviceBristol-MyersSquibb’sindebtednessandfundBristol-MyersSquibb’soperations,whichcouldhaveamaterialadverseeffectonthecombinedcompany’sbusiness,financialconditionorresultsofoperations.

Bristol-Myers Squibb will incur significant transaction and integration-related costs in connection with the merger. In addition,the merger may not be accretive, and may be dilutive, to Bristol-Myers Squibb’s earnings per share, which may negativelyaffect the market price of shares of Bristol-Myers Squibb’s common stock.

Bristol-MyersSquibbexpectstoincuranumberofnon-recurringcostsassociatedwiththemergerandcombiningtheoperationsofthetwocompanies.Bristol-MyersSquibbwillincursignificanttransactioncostsrelatedtothemerger,includingwithrespecttothefinancingforthecashconsiderationtobepaidtoCelgenestockholders.Bristol-MyersSquibbalsowillincursignificantintegration-relatedfeesandcostsrelatedtoformulatingandimplementingintegrationplans,includingfacilitiesandsystemsconsolidationcostsandemployment-relatedcosts.Bristol-MyersSquibbcontinuestoassessthemagnitudeofthesecosts,andadditionalunanticipatedcostsmaybeincurredinthemergerandtheintegrationofthetwocompanies’businesses.WhileBristol-MyersSquibbhasassumedthatacertainleveloftransactionexpenseswillbeincurred,factorsbeyondBristol-MyersSquibb’scontrol,suchascertainofCelgene’sexpenses,couldaffectthetotalamountorthetimingoftheseexpensesAlthoughBristol-MyersSquibbexpectsthattheeliminationofduplicativecosts,aswellastherealizationofotherefficienciesrelatedtotheintegrationofthebusinesses,shouldallowBristol-MyersSquibbtooffsetintegration-relatedcostsovertime,thisnetbenefitmaynotbeachievedinthenearterm,oratall.

Inaddition,futureeventsandconditionscoulddecreaseordelaytheaccretionthatiscurrentlyprojectedorcouldresultindilution,includingadversechangesinmarketconditions,additionaltransactionandintegration-related

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costsandotherfactorssuchasthefailuretorealizesomeoralloftheanticipatedbenefitsofthemerger.Bristol-MyersSquibbplanstoenterintoanacceleratedsharerepurchaseprogramtorepurchaseupto$5billionofitscommonstockafterthecompletionofthemerger.IntheeventBristol-MyersSquibbdoesnotconsummatesuchacceleratedsharerepurchaseprogram,stockholdersmaynotrealizetheincrementalaccretivebenefitsassociatedwithsuchacceleratedsharerepurchaseprogram.Anydilutionof,decreaseinordelayofanyaccretionto,Bristol-MyersSquibb’searningspersharecouldcausethepriceofsharesofBristol-MyersSquibbcommonstocktodeclineorgrowatareducedrate.

Followingtheclosingofthemerger,asignificantamountofthecombinedcompany’stotalassetswillberelatedtoacquiredintangibleassetsandgoodwill,whicharesubjecttoannualimpairmentreviews,ormorefrequentreviewsifeventsorcircumstancesindicatethatthecarryingvaluemaynotberecoverable.Becauseofthesignificanceoftheseassets,anychargesforimpairmentaswellasamortizationofintangibleassetscouldhaveamaterialadverseeffectonthecombinedcompany’sresultsofoperationsandfinancialcondition.

The combined company will be subject to the risks that Celgene faces, in addition to the risks faced by Bristol-Myers Squibb. Inparticular, the success of the combined company will depend on its ability to obtain, commercialize and protect intellectualproperty and market exclusivity rights.

Celgenehasadiverseearly-andlate-stagepipelinethatincludesfivenear-termproductlaunchopportunities.Thetesting,manufacturingandmarketingoftheseproductsrequiresregulatoryapprovals,includingapprovalfromtheFDAandsimilarbodiesinothercountries.ThefuturegrowthofthecombinedcompanywouldbenegativelyaffectedifBristol-MyersSquibb,Celgeneorthecombinedcompanyfailstoobtainrequisiteregulatoryapprovalswithintheexpectedtimeframes,oratall,intheUnitedStatesandinternationallyforproductsindevelopmentandapprovalsforBristol-MyersSquibb’sexistingproductsforadditionalindications.

Inaddition,manyofCelgene’sandBristol-MyersSquibb’sdrugcandidatesareintheearlyormid-stagesofresearchanddevelopmentandwillrequirethecommitmentofsubstantialfinancialresources,extensiveresearch,development,preclinicaltesting,clinicaltrials,manufacturingscale-upandregulatoryapprovalpriortobeingreadyforsale.Thisprocesstakesmanyyearsofeffortwithoutanyassuranceofultimatesuccess.Ifthecombinedcompanydoesnotsuccessfullydevelopandcommercializeitspipelinecandidates,thecombinedcompany’sfinancialpositionandresultsofoperationscouldbeadverselyaffected.

Celgene’sprimarycommercialstageproductsincludeREVLIMID®,POMALYST®/IMNOVID®,OTEZLA®,ABRAXANE®,VIDAZA®,azacitidineforinjection(genericversionofVIDAZA®),THALOMID®(soldasTHALOMID®orThalidomideCelgene®outsideoftheUnitedStates)andIDHIFA.Upontheexpirationorlossofpatentprotectionforanyoftheseproducts,oruponthe“at-risk”launch(despitependingpatentinfringementlitigationagainstthegenericproduct)byamanufacturerofagenericversionofoneoftheseproducts,thecombinedcompanymayquicklyloseasignificantportionofitssalesofthatproduct.AnysuchexpirationorlossofpatentprotectionwithrespecttoREVLIMID®thatoccurssoonerthananticipatedwouldbeharmfultothecombinedcompanyandcouldhaveamaterialadverseeffectonitsbusiness,financialconditionorresultsofoperations.

The unaudited pro forma combined financial information and prospective financial information included in this joint proxystatement/prospectus are presented for illustrative purposes only and do not represent the actual financial position or results ofoperations of the combined company following completion of the merger or reflect the effect of any divestitures that may berequired in connection with the merger.

Theunauditedproformacombinedfinancialinformationandprospectivefinancialinformationcontainedinthisjointproxystatement/prospectusispresentedforillustrativepurposesonly,containsavarietyofadjustments,assumptionsandpreliminaryestimatesanddoesnotrepresenttheactualfinancialpositionorresultsofoperationsofBristol-MyersSquibbandCelgenepriortothemergerorthatofthecombinedcompanyfollowingthemergerforseveralreasons.Amongotherthings,theunauditedproformacombinedfinancialinformationdoesnotreflecttheeffectofanypotentialdivestituresthatmayoccurpriortoorsubsequenttocompletionofthemerger,theprojectedrealizationofcostsavingsfollowingcompletionofthemergeroranychangesinapplicablelaw(includingapplicabletaxlaw)afterSeptember30,2018.Seethesectionsentitled“CertainUnauditedProFormaCondensedCombinedFinancialStatements,”“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—CertainUnauditedProspectiveFinancialInformation”and“ComparativeHistoricalandUnauditedProFormaCombinedPerShareData”beginningonpages59,94and57,respectively,ofthisjointproxystatement/prospectus.Theactualfinancialpositionsand

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resultsofoperationsofCelgeneandBristol-MyersSquibbpriortothemergerandthatofthecombinedcompanyfollowingthemergermaynotbeconsistentwith,orevidentfrom,theunauditedproformacombinedfinancialinformationorprospectivefinancialinformationincludedinthisjointproxystatement/prospectus.Inaddition,theassumptionsusedinpreparingtheunauditedproformacombinedfinancialinformationand/ortheprospectivefinancialinformationincludedinthisjointproxystatement/prospectusmaynotberealizedandmaybeaffectedbyotherfactors,whichcouldleadtomaterialchangestothecombinedcompany’sbusinessthatarenotreflectedintheunauditedproformacombinedfinancialinformation.AnysignificantchangesinthemarketpriceofsharesofBristol-MyersSquibbcommonstockmaycauseasignificantchangeinthepurchasepriceusedforBristol-MyersSquibb’saccountingpurposesandtheproformacombinedfinancialinformationcontainedinthisjointproxystatement/prospectus.

The opinions of Celgene’s and Bristol-Myers Squibb’s respective financial advisors do not reflect changes in circumstances thatmay have occurred or that may occur between the signing of the merger agreement and the completion of the merger.

NeithertheCelgeneBoard,northeBMSBoard,hasobtainedupdatedopinionsfromtheirrespectivefinancialadvisorsasofthedateofthisjointproxystatement/prospectus,nordoanyofthemexpecttoreceiveupdated,revisedorreaffirmedopinionspriortothecompletionofthemerger.ChangesintheoperationsandprospectsofCelgeneorBristol-MyersSquibb,generalmarketandeconomicconditionsandotherfactorsthatmaybebeyondthecontrolofCelgeneorBristol-MyersSquibb,andonwhichCelgene’sandBristol-MyersSquibb’sfinancialadvisors’opinionswerebased,maysignificantlyalterthevalueofCelgeneorBristol-MyersSquibborthesharepricesofCelgenecommonstockorBristol-MyersSquibbcommonstockbythetimethemergeriscompleted.Theopinionsdonotspeakasofthetimethemergerwillbecompletedorasofanydateotherthanthedateofsuchopinions.BecauseCelgene’sandBristol-MyersSquibb’sfinancialadvisorswillnotbeupdatingtheiropinions,theopinionswillnotaddressthefairnessofthemergerconsiderationfromafinancialpointofviewatthetimethemergeriscompleted.TheCelgeneBoard’srecommendationthatCelgenestockholdersapprovethemergerproposalandtheBMSBoard’srecommendationthatBristol-MyersSquibbstockholdersapprovetheshareissuanceproposal,however,aremadeasofthedateofthisjointproxystatement/prospectus.ForadescriptionoftheopinionsthattheCelgeneBoardandtheBMSBoardreceivedfromtheirrespectivefinancialadvisors,see“TheMergerAgreement—OpinionsofCelgene’sFinancialAdvisors”and“TheMergerAgreement—OpinionsofBristol-MyersSquibb’sFinancialAdvisors”beginningonpages115and133,respectively,ofthisjointproxystatement/prospectus.

Certain Celgene agreements may contain change of control provisions that may have been triggered by the merger that, ifacted upon or not waived, could cause the combined company to lose the benefit of such agreement and incur liabilities orreplacement costs, which could have a material adverse effect on the combined company.

Celgeneispartyto,ormaybecomepartytoafterthedatehereof,variousagreementswiththirdparties,including,amongotheragreements,certainlicenseagreements,collaborationagreements,businessdevelopment-relatedagreements,productionanddistributionrelatedagreements,financingfacilities,hedgingarrangements,contractsfortheperformanceofservicesmaterialtotheoperationsofCelgeneand/oritsaffiliatesandemploymentagreementsthatmaycontainchangeofcontrolprovisionsthatmaybetriggereduponthecompletionofthemerger.Agreementswithchangeofcontrolprovisionstypicallyprovidefororpermittheterminationoftheagreementupontheoccurrenceofachangeofcontrolofoneofthepartieswhichcanbewaivedbytherelevantcounterparties.Intheeventthatthereissuchacontractorarrangementrequiringaconsentorwaiverinrelationtothemergerorthemergeragreement,forwhichsuchconsentorwaiverwasnotobtained,thecombinedcompanycouldlosethebenefitoftheunderlyingagreementandincurliabilitiesorreplacementcosts,whichcouldhaveanadverseeffectontheoperationsofthecombinedcompany.

The future results of the combined company may be adversely impacted if the combined company does not effectively manageits expanded operations following completion of the merger.

Followingcompletionofthemerger,thesizeofthecombinedcompany’sbusinesswillbesignificantlylargerthanthecurrentsizeofeitherBristol-MyersSquibb’sorCelgene’srespectivebusinesses.Thecombinedcompany’sabilitytosuccessfullymanagethisexpandedbusinesswilldepend,inpart,uponmanagement’sabilitytoimplementaneffectiveintegrationofthetwocompaniesanditsabilitytomanageacombinedbusinesswith

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significantlylargersizeandscopewiththeassociatedincreasedcostsandcomplexity.Therecanbenoassurancesthatthemanagementofthecombinedcompanywillbesuccessfulorthatthecombinedcompanywillrealizetheexpectedoperatingefficiencies,costsavingsandotherbenefitscurrentlyanticipatedfromthemerger.

Risks Related to the CVRs

You may not receive any payment on the CVRs.

YourrighttoreceiveanyfuturepaymentontheCVRswillbecontingentupontheachievementofcertainagreeduponU.S.regulatorymilestoneswithinthetimeperiodsspecifiedintheCVRagreement.IftheCVRmilestone,asdefinedinthesectiontitled“DescriptionsoftheCVRs—MilestonePayment”startingonpage217ofthisjointproxystatement/prospectusisnotachievedforanyreasonwithinthetimeperiodsspecifiedintheCVRagreement,nopaymentwillbemadeundertheCVRs,andtheCVRswillexpirevalueless.Accordingly,thevalue,ifany,oftheCVRsisspeculative,andtheCVRsmayultimatelyhavenovalue.See“DescriptionoftheCVRs”beginningonpage217ofthisjointproxystatement/prospectus.

The U.S. federal income tax treatment of the CVRs is unclear.

PursuanttotheCVRagreement,thepartiestotheCVRagreementhaveagreedorwillagree,asapplicable,totreatandreportthereceiptoftheCVRconsiderationforalltaxpurposesasadditionalconsiderationforthesaleofCelgenecommonstockinthemerger,exceptasrequiredbyapplicablelaw.Assumingthistreatmentiscorrect,alaterpaymentwithrespecttoaCVRwouldlikelybetreatedasanon-taxablereturnofaU.S.holder’sadjustedtaxbasisintheCVRtotheextentthereof.Apaymentinexcessofsuchamountmaybetreatedas(i)apaymentwithrespecttoasaleofacapitalassetor(ii)incometaxedatordinaryrates.Additionally,aportionofapaymentwithrespecttoaCVRmayconstituteimputedinterestunderSection483oftheInternalRevenueCodeof1986,asamended,whichisreferredtointhisjointproxystatement/prospectusastheCode.InaccordancewiththeCVRagreement,Bristol-MyersSquibbhasagreedtoreportimputedinterestontheCVRspursuanttoSection483oftheCode,exceptasotherwiserequiredbyapplicablelaw.However,theU.S.federalincometaxtreatmentoftheCVRsisunclear.ThereisnolegalauthoritydirectlyaddressingtheU.S.federalincometaxtreatmentofthereceiptof,andpaymentson,theCVRs,andtherecanbenoassurancethattheInternalRevenueService,whichisreferredtointhisjointproxystatement/prospectusastheIRS,wouldnotassert,orthatacourtwouldnotsustainacontrarypositionthatcouldresultinmateriallyworseU.S.federalincometaxconsequencestoholders.See“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—MaterialU.S.FederalIncomeTaxConsequences”beginningonpage165ofthisjointproxystatement/prospectus.

Any payments in respect of the CVRs are subordinated to the right of payment of Bristol-Myers Squibb’s other indebtedness.

TheCVRsareunsecuredobligationsofBristol-MyersSquibbandtheCVRpaymentsandallotherobligationsundertheCVRagreement,togetherwiththeCVRsandanyrightsorclaimsrelatingthereto,aresubordinatedinrightofpaymenttothepriorpaymentinfullofallseniorobligationsofBristol-MyersSquibb.SeniorobligationsofBristol-MyersSquibbincludeanyexistingorfutureobligationsofBristol-MyersSquibb,includingtheprincipalof,premium(ifany),intereston,andallotheramountsowingthereonwithrespecttoborrowedmoney;evidencedbynotes,debentures,bondsorothersimilardebtinstruments;withrespecttothenetobligationsowedunderinterestrateswapsorsimilaragreementsorcurrencyexchangetransactions;asaresultofreimbursementobligationsinrespectoflettersofcreditandsimilarobligations;inrespectofcapitalleases;orasaresultofguaranteesinrespectofobligationsreferredtoabove;unless,inanycase,theinstrumentcreatingorevidencingtheforegoingorpursuanttowhichtheforegoingisoutstandingprovidesthatsuchobligationsareparipassutoorsubordinateinrightofpaymenttotheCVRs.

Bristol-MyersSquibb’sseniorobligationsdonotincludeCVRs;tradedebtincurredintheordinarycourseofbusiness;anyintercompanyindebtednessbetweenBristol-MyersSquibbandanyofitssubsidiariesoraffiliates;indebtednessofBristol-MyersSquibbthatissubordinatedinrightofpaymenttoBristol-MyersSquibb’sseniorobligations;indebtednessorotherobligationsofBristol-MyersSquibbthatbyitstermsranksequalorjuniorinrightofpaymenttotheCVRpaymentsandallotherobligationsundertheCVRagreement;indebtednessofBristol-MyersSquibbthat,byoperationofapplicablelaw,issubordinatetoanygeneralunsecuredobligationsofBristol-MyersSquibb;andindebtednessevidencedbyanyguaranteeofindebtednessrankingequalorjuniorinrightofpaymenttotheCVRpayments.

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UponanydistributiontocreditorsofBristol-MyersSquibbinliquidation,dissolution,bankruptcy,reorganization,insolvency,receivershiporsimilarproceedingsofBristol-MyersSquibb,holdersofseniorobligationsofBristol-MyersSquibb(asdescribedabove)willbeentitledtopaymentinfullincashofallsuchobligationspriortoanypaymentbeingmadeontheCVRs.Inaddition,Bristol-MyersSquibbmaynotmakeanypaymentordistributiontoanyCVRholderoftheCVRpaymentsorotherobligationundertheCVRagreementoracquirefromanyCVRholderforcashanyCVR,orproposetheforegoing:

• ifanydefaultonanyseniorobligationsexceeding$25millioninaggregateprincipalamountwouldoccurasaresultofsuchpayment,distributionoracquisition;

• duringthecontinuanceofanypaymentdefaultinrespectofanyseniorobligations(afterexpirationofanyapplicablegraceperiod)exceeding$25millioninaggregateprincipalamount;

• ifthematurityofanyseniorobligationsrepresentingmorethan$25millioninaggregateprincipalamountisacceleratedinaccordancewithitstermsandsuchaccelerationhasnotbeenrescinded;or

• followingtheoccurrenceofanydefault(otherthanapaymentdefault,andaftertheexpirationofanyapplicablegraceperiod)withrespecttoanyseniorobligationswithanaggregateprincipalamountofmorethan$25million,theeffectofwhichistopermittheholdersofsuchseniorobligations(oratrusteeoragentactingontheirbehalf)tocause,withthegivingofnoticeifrequired,thematurityofsuchseniorobligationstobeaccelerated,foraperiodcommencinguponthereceiptbythetrustee(withacopytoCelgene)ofawrittennoticeofsuchdefaultfromtherepresentativeoftheholdersofsuchseniorobligationsandendingwhensuchseniorobligationsarepaidinfullincashorcashequivalentsor,ifearlier,whensuchdefaultiscuredorwaived.

An active public market for the CVRs may not develop or the CVRs may trade at low volumes, both of which could have anadverse effect on the resale price, if any, of the CVRs.

TheCVRsareanewsecurityforwhichthereiscurrentlynopublictradingmarket.Anactivepublictradingmarketforthesecuritiesmaynotdeveloporbesustained.Bristol-MyersSquibbhasagreedtousereasonablebesteffortstocausetheCVRstobeapprovedforlistingatthecompletionofthemergerontheNYSEorothernationalsecuritiesexchangeandmaintainsuchlistingforaslongastheCVRsremainoutstanding.Notwithstandingitsefforts,Bristol-MyersSquibbmaybeunabletocausetheCVRstobelistedfortrading.

Evenifanactivepublictradingmarketdevelops,theremaybelittleornomarketdemandfortheCVRs,makingitdifficultorimpossibletoreselltheCVRs,whichwouldhaveanadverseeffectontheresaleprice,ifany,oftheCVRs.Immediatelyfollowingthecompletionofthemerger,theprincipalstockholderswillholdamajorityoftheCVRs.Inaddition,holdersofCVRsmayincurbrokeragechargesinconnectionwiththeresaleoftheCVRs,whichinsomecasescouldexceedtheproceedsrealizedbytheholderfromtheresaleofitsCVRs.NeitherBristol-MyersSquibbnorCelgenecanpredicttheprice,ifany,atwhichtheCVRswilltradefollowingthecompletionofthemerger.

Because there has not been any public market for the CVRs, the market price and trading volume of the CVRs may be volatile.

NeitherCelgenenorBristol-MyersSquibbcanpredicttheextenttowhichinvestorinterestwillleadtoaliquidtradingmarketintheCVRsorwhetherthemarketpriceoftheCVRswillbevolatilefollowingthemerger.ThemarketpriceoftheCVRscouldfluctuatesignificantlyformanyreasons,including,withoutlimitation:

• asaresultoftheriskfactorslistedinthisjointproxystatement/prospectus;

• intheabilityofBristol-MyersSquibbtoobtainFDAapprovalofbb2121,JCAR017andOzanimodinamannerthatwillrequirethemilestonepaymenttobemade;

• forreasonsunrelatedtooperatingperformance,suchasreportsbyindustryanalysts,investorperceptions,ornegativeannouncementsbyourcustomersorcompetitorsregardingtheirownperformance;

• regulatorychangesthatcouldhaveanimpactonCelgene’sorBristol-MyersSquibb’sbusiness;and

• generaleconomic,securitiesmarketsandindustryconditions.

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Bristol-Myers Squibb’s obligation to achieve the CVR milestone is based on “diligent efforts,” which allows for consideration ofa variety of factors to determine the efforts Bristol-Myers Squibb is required to take; accordingly, under certain circumstancesBristol-Myers Squibb may not be required to take certain actions to achieve the CVR milestone , or may allocate resources toother projects, which would have an adverse effect on the value, if any, of the CVRs.

Bristol-MyersSquibbhasagreedtouse“diligentefforts,”untiltheCVRagreementisterminated,toachievetheCVRmilestone.However,theCVRagreementdefinitionof“diligentefforts”allowsfortheconsiderationofavarietyoffactorsindeterminingtheeffortsBristol-MyersSquibbisrequiredtousetoobtaintheCVRmilestone,anditdoesnotrequireBristol-MyersSquibbtotakeallpossibleactionstoachievethosegoals.

TheCVRagreementdefines“diligentefforts”as,withrespecttoanyproduct,effortsofapersontocarryoutitsobligationsinadiligentmannerusingsucheffortandemployingsuchresourcesnormallyusedbysuchpersonintheexerciseofitsreasonablebusinessdiscretionrelatingtotheresearch,developmentorcommercializationofaproduct,thatisofsimilarmarketpotentialatasimilarstageinitsdevelopmentorproductlife,takingintoaccountissuesofmarketexclusivity(includingpatentcoverage,regulatoryandotherexclusivity),safetyandefficacy,productprofile(includingtolerabilityandconvenience),thecompetitivenessofalternateproductsinthemarketplaceorunderdevelopment,thelaunchorsalesofoneormoregenericorbiosimilarproducts,actualorlikelypricing/reimbursementfortheproduct,thelikelytimingoftheproduct’sentryintothemarket,thelikelihoodofregulatoryapprovaloftheproductandapplicablelabeling,andtheprofitabilityoftheapplicableproduct,andotherrelevantfactors,includingtechnical,commercial,legal,scientific,and/ormedicalfactors,basedonconditionsthenprevailing.

Risks R elat ed to Bristol-Myers Squibb and Celgene

Bristol-MyersSquibbandCelgeneare,andfollowingcompletionofthemergerBristol-MyersSquibbwillcontinuetobe,subjecttotherisksdescribedinPartI,Item1AinBristol-MyersSquibb’sAnnualReportonForm10-KfortheyearendedDecember31,2017,filedwiththeSEConFebruary13,2018,andPartI,Item1AinCelgene’sAnnualReportonForm10-KfortheyearendedDecember31,2017,filedwiththeSEConFebruary7,2018,asupdatedbytheirrespectiveQuarterlyReportsonForm10-QandfuturefilingswiththeSEC,ineachcase,incorporatedbyreferenceintothisjointproxystatement/prospectus.See“WhereYouCanFindMoreInformation”beginningonpage251ofthisjointproxystatement/prospectus.

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SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA OF BRISTOL-MYERS SQUIBB

ThefollowingtablepresentsselectedhistoricalconsolidatedfinancialdataofBristol-MyersSquibb.TheselectedhistoricalconsolidatedfinancialdataofBristol-MyersSquibbforthefiscalyearsendedDecember31,2017,2016and2015andasofDecember31,2017and2016arederivedfromBristol-MyersSquibb’sauditedconsolidatedfinancialstatementsandrelatednotescontainedinitsAnnualReportonForm10-KforthefiscalyearendedDecember31,2017,whichisincorporatedbyreferenceintothisjointproxystatement/prospectus.TheselectedhistoricalconsolidatedfinancialdataofBristol-MyersSquibbforeachofthefiscalyearsendedDecember31,2014and2013,andasofDecember31,2015,2014and2013,havebeenderivedfromBristol-MyersSquibb’sauditedconsolidatedfinancialstatementsforsuchyears,whichhavenotbeenincorporatedbyreferenceintothisjointproxystatement/prospectus.TheselectedhistoricalconsolidatedfinancialdataofBristol-MyersSquibbasofandfortheninemonthsendedSeptember30,2018andfortheninemonthsendedSeptember30,2017,arederivedfromBristol-MyersSquibb’sunauditedconsolidatedfinancialstatementsandrelatednotescontainedinitsQuarterlyReportonForm10-QforthequarterlyperiodendedSeptember30,2018,whichisincorporatedbyreferenceintothisjointproxystatement/prospectus.TheselectedhistoricalconsolidatedfinancialdataofBristol-MyersSquibbasofSeptember30,2017arederivedfromBristol-MyersSquibb’sunauditedconsolidatedfinancialstatementsandrelatednotescontainedinitsQuarterlyReportonForm10-QforthequarterlyperiodendedSeptember30,2017,whichhasnotbeenincorporatedbyreferenceintothisjointproxystatement/prospectus.Bristol-MyersSquibb’smanagementbelievesthatBristol-MyersSquibb’sunauditedconsolidatedfinancialstatementshavebeenpreparedonabasisconsistentwithitsauditedfinancialstatementsandincludeallnormalandrecurringadjustmentsnecessaryforafairpresentationoftheresultsforeachinterimperiod.

ThefollowingselectedhistoricalconsolidatedfinancialdataofBristol-MyersSquibbsetforthbelowisonlyasummaryandisnotnecessarilyindicativeoffutureresults.YoushouldreadthefollowinginformationinconjunctionwithBristol-MyersSquibb’sauditedconsolidatedfinancialstatementscontainedinitsAnnualReportonForm10-KfortheyearendedDecember31,2017andunauditedconsolidatedfinancialstatementsandrelatednotescontainedinitsQuarterlyReportonForm10-QforthequarterlyperiodendedSeptember30,2018,including“Management’sDiscussionandAnalysisofResultsofOperationsandFinancialCondition”andthenotestoBristol-MyersSquibb’sconsolidatedfinancialstatementsforsignificanteventsaffectingthecomparabilityofresultsaswellasmaterialuncertaintiesregardingBristol-MyersSquibb’sfuturefinancialconditionandresultsofoperationsinitsentirety.Seethesectionentitled“WhereYouCanFindMoreInformation”beginningonpage251ofthisjointproxystatement/prospectus.

Nine Months Ended

September 30, Years Ended December 31, 2018 2017 2017 2016 2015 2014 2013 ( Amounts in m illions, except per share data )Income Statement Data: TotalRevenues $ 16,588 $ 15,327 $ 20,776 $ 19,427 $ 16,560 $ 15,879 $16,385NetEarnings 3,789 3,304 975 4,507 1,631 2,029 2,580NetEarnings/(Loss)Attributableto: NoncontrollingInterest 29 (31) (32) 50 66 25 17BMS 3,760 3,335 1,007 4,457 1,565 2,004 2,563NetEarningsperCommonShareAttributabletoBMS: Basic $ 2.30 $ 2.02 $ 0.61 $ 2.67 $ 0.94 $ 1.21 $ 1.56Diluted $ 2.30 $ 2.02 $ 0.61 $ 2.65 $ 0.93 $ 1.20 $ 1.54

Averagecommonsharesoutstanding: Basic 1,633 1,648 1,645 1,671 1,667 1,657 1,644Diluted 1,637 1,655 1,652 1,680 1,679 1,670 1,662

CashdividendspaidonBristol-MyersSquibbcommonandpreferredstock $ 1,960 $ 1,938 $ 2,577 $ 2,547 $ 2,477 $ 2,398 $ 2,309

Cashdividendsdeclaredpercommonshare $ 1.20 $ 1.17 $ 1.57 $ 1.53 $ 1.49 $ 1.45 $ 1.41

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As of

September 30, As of December 31, 2018 2017 2017 2016 2015 2014 2013 (Amounts in millions, except per share data)Financial Position Data : Cashandcashequivalents $ 5,408 $ 4,644 $ 5,421 $ 4,237 $ 2,385 $ 5,571 $ 3,586Marketablesecurities(1) 3,439 5,004 3,871 4,832 6,545 6,272 4,686TotalAssets 33,734 33,977 33,551 33,707 31,748 33,749 38,592Long-termdebt(1) 6,934 6,982 6,975 6,465 6,550 7,242 7,981Equity 13,750 14,914 11,847 16,347 14,424 14,983 15,236

(1) Includescurrentandnon-currentportion.

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SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA OF CELGENE

ThefollowingtablepresentsselectedhistoricalconsolidatedfinancialdataofCelgene.TheselectedhistoricalconsolidatedfinancialdataofCelgeneforeachoftheyearsendedDecember31,2017,2016and2015,andasofDecember31,2017and2016,arederivedfromCelgene’sauditedconsolidatedfinancialstatementsandrelatednotescontainedinitsAnnualReportonForm10-KfortheyearendedDecember31,2017,whichisincorporatedbyreferenceintothisjointproxystatement/prospectus.TheselectedhistoricalconsolidatedfinancialdataofCelgeneforeachoftheyearsendedDecember31,2014and2013,andasofDecember31,2015,2014and2013,arederivedfromCelgene’sauditedconsolidatedfinancialstatementsforsuchyears,whichhavenotbeenincorporatedbyreferenceintothisjointproxystatement/prospectus.

TheselectedhistoricalconsolidatedfinancialdataofCelgeneasof,andfortheninemonthsendedSeptember30,2018andfortheninemonthsendedSeptember30,2017,arederivedfromCelgene’sunauditedconsolidatedfinancialstatementsandrelatednotescontainedinitsQuarterlyReportonForm10-QforthequarterlyperiodendedSeptember30,2018,whichisincorporatedbyreferenceintothisjointproxystatement/prospectus.TheselectedhistoricalconsolidatedfinancialdataofCelgeneasofSeptember30,2017arederivedfromCelgene’sunauditedconsolidatedfinancialstatementsandrelatednotescontainedinitsQuarterlyReportonForm10-QforthequarterlyperiodendedSeptember30,2017,whichhasnotbeenincorporatedbyreferenceintothisjointproxystatement/prospectus.

ThefollowingselectedhistoricalconsolidatedfinancialdataofCelgenesetforthbelowisonlyasummaryandisnotnecessarilyindicativeoffutureresults.YoushouldreadthefollowinginformationinconjunctionwithCelgene’sauditedconsolidatedfinancialstatementscontainedinitsAnnualReportonForm10-KfortheyearendedDecember31,2017andunauditedconsolidatedfinancialstatementsandrelatednotescontainedinitsQuarterlyReportonForm10-QforthequarterlyperiodendedSeptember30,2018,including“Management’sDiscussionandAnalysisofResultsofOperationsandFinancialCondition”andthenotestoCelgene’sconsolidatedfinancialstatementsforsignificanteventsaffectingthecomparabilityofresultsaswellasmaterialuncertaintiesregardingCelgene’sfuturefinancialconditionandresultsofoperations.Seethesectionentitled“WhereYouCanFindMoreInformation”beginningonpage251ofthisjointproxystatement/prospectus.

Nine Months Ended

September 30, Years Ended December 31, 2018 (1) 2017 2017 ( 2 ) 2016 2015 2014 2013 ( 3 )

(Dollars in millions, except per share amounts)Consolidated Statements of Income: Totalrevenue $ 11,244 $ 9,520 $ 13,003 $ 11,229 $ 9,256 $ 7,670 $ 6,494Costsandoperatingexpenses 7,860 6,011 8,296 8,063 7,001 5,151 4,685Operatingincome 3,384 3,509 4,707 3,166 2,255 2,519 1,809Interestandinvestmentincome,net 30 72 105 30 31 28 22Interest(expense) (551) (380) (522) (500) (311) (176) (92)Otherincome(expense),net 852 (18) 24 (324) 48 (44) (74)Incomebeforeincometaxes 3,715 3,183 4,314 2,372 2,023 2,327 1,665Incometaxprovision 742 162 1,374 373 421 327 215Netincome $ 2,973 $ 3,021 $ 2,940 $ 1,999 $ 1,602 $ 2,000 $ 1,450Netincomepershare: Basic $ 4.12 $ 3.87 $ 3.77 $ 2.57 $ 2.02 $ 2.49 $ 1.75Diluted $ 4.02 $ 3.72 $ 3.64 $ 2.49 $ 1.94 $ 2.39 $ 1.68

Weightedaverageshares: Basic 722.0 781.2 779.2 777.2 792.2 802.7 827.7Diluted 740.4 812.6 808.7 803.3 824.9 836.0 860.6

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As of

September 30, As of December 31, 2018 2017 2017 2016 2015 2014 2013 (Dollars in millions, except per share amounts)Consolidated Balance Sheets Data: Cash,cashequivalentsandmarketablesecurities $ 4,378 $ 11,759 $ 12,042 $ 7,970 $ 6,552 $ 7,547 $ 5,687Totalassets(4) 34,215 31,736 30,141 28,086 26,964 17,291 13,344Short-termborrowingsandcurrentportionoflong-termdebt 502 1,400 — 501 — 606 545

Long-termdebt,netofdiscount(4) 19,742 12,874 15,838 13,789 14,161 6,217 4,162Retainedearnings 16,486 13,142 13,061 10,074 8,075 6,473 4,473Totalstockholders’equity 4,860 9,850 6,921 6,600 5,919 6,525 5,590

(1) AccountingStandardsUpdateNo.2016-01,“FinancialInstruments-Overall:RecognitionandMeasurementofFinancialAssetsandFinancialLiabilities”waseffectiveforusonJanuary1,2018.ASU2016-01requireschangesinthefairvalueofequityinvestmentswithreadilydeterminablefairvaluesandchangesinobservablepricesofequityinvestmentswithoutreadilydeterminablefairvaluestoberecordedinnetincome.FortheninemonthsendedSeptember30,2018,anetgainof$830millionwasrecordedinOtherincome(expense),net.CertainprioryearConsolidatedBalanceSheetamountshavebeenreclassifiedtoconformtothecurrentyearpresentation.

(2) TheIncometaxprovisionforfiscal2017includesincometaxexpenseofapproximately$1,269millionasaresultofUnitedStatestaxreformlegislation,formallyknownastheTaxCutsandJobsAct(2017TaxAct),whichwasenactedonDecember22,2017.Inaddition,theIncometaxprovisionalsoincludes$290millionofexcesstaxbenefitsarisingfromshare-basedcompensationawardsthatvestedorwereexercisedduring2017,andarerecordedintheincometaxprovisionfollowingtheadoptionofASU2016-09,“Compensation-StockCompensation.”

(3) Adjustedtoreflectthetwo-for-onecommonstockspliteffectedinJune2014.

(4) TotalassetsandLong-termdebt,netofdiscounthavebeenrestatedasofDecember31,2015,2014and2013toreflecttheretroactivereclassificationofdebtissuancecostsinaccordancewithASU2015-03,“SimplifyingthePresentationofDebtIssuanceCosts.”

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COMPARATIVE HISTORICAL AND UNAUDITED PRO FORMA COMBINED PER SHARE DATA

ThefollowingtablesetsforthselectedhistoricalandunauditedproformacombinedpershareinformationforBristol-MyersSquibbandCelgene.

Historical Per Share of Common Stock Information of Bristol-Myers Squibb and Celgene. ThehistoricalpershareofcommonstockinformationofeachofBristol-MyersSquibbandCelgenebelowisderivedfromtheauditedconsolidatedfinancialstatementsofeachofBristol-MyersSquibbandCelgeneasofandfortheyearendedDecember31,2017,andtheunauditedconsolidatedfinancialstatementsofeachofBristol-MyersSquibbandCelgeneasofandfortheninemonthsendedSeptember30,2018.

Unaudited Pro Forma Combined Per Bristol-Myers Squibb Share of Common Stock Data. TheBristol-MyersSquibbunauditedproformacombinedpershareofcommonstockdatasetforthbelowgiveseffecttothemergerundertheacquisitionmethodofaccounting,asifthemergerhadbeeneffectiveonJanuary1,2017,thefirstdayofBristol-MyersSquibb’sfiscalyearendedDecember31,2017,inthecaseofincomefromcontinuingoperationspershare.TheunauditedproformacombinedbookvaluepershareofBristol-MyersSquibbcommonstockdatasetforthbelowgiveseffecttothemergerundertheacquisitionmethodofaccounting,asifthemergerhadbeeneffectiveSeptember30,2018,assumingthateachoutstandingshareofCelgenecommonstockhadbeenconvertedintosharesofBristol-MyersSquibbcommonstockbasedontheexchangeratio.

TheacquisitionmethodofaccountingisbasedonFinancialAccountingStandardsBoard,AccountingStandardsCodification,whichisreferredtointhisjointproxystatement/prospectusasASC805,BusinessCombinations,whichisreferredtointhisjointproxystatement/prospectusasASC805,andusesthefairvalueconceptsdefinedinASC820,FairValueMeasurements,whichisreferredtointhisjointproxystatement/prospectusasASC820,whichBristol-MyersSquibbhasadoptedasrequired.Acquisitionaccountingrequires,amongotherthings,thatmostassetsacquiredandliabilitiesassumedberecognizedattheirfairvaluesasoftheacquisitiondate.FairvaluemeasurementsrecordedinacquisitionaccountingaredependentuponcertainvaluationstudiesofCelgene’sassetsandliabilitiesandotherstudiesthathaveyettocommenceorprogresstoastagewherethereissufficientinformationforadefinitivemeasurement.Accordingly,theproformaadjustmentsreflecttheassetsandliabilitiesofCelgeneattheirpreliminaryestimatedfairvalues.Differencesbetweenthesepreliminaryestimatesandthefinalvaluesinacquisitionaccountingwilloccur,andthesedifferencescouldhaveamaterialimpactontheunauditedproformacombinedpershareinformationsetforthinthefollowingtable.

TheunauditedproformacombinedpershareofBristol-MyersSquibbcommonstockdataispresentedforillustrativepurposesonlyanddoesnotpurporttorepresenttheactualfinancialpositionorresultsofoperationsthatBristol-MyersSquibbwouldhaveachievedhadthecompaniesbeencombinedduringtheseperiodsortoprojectthefuturefinancialpositionorresultsofoperationsthatBristol-MyersSquibbmayachieveaftercompletionofthemerger.

Unaudited Pro Forma Combined Per Celgene Equivalent Share Data. TheCelgeneunauditedproformacombinedperequivalentsharedatasetforthbelowshowstheeffectofthemergerfromtheperspectiveofanownerofsharesofCelgenecommonstock.TheinformationwascalculatedbymultiplyingtheunauditedproformacombinedpershareofBristol-MyersSquibbcommonstockamountsbytheexchangeratio.

Generally. Youshouldreadthebelowinformationinconjunctionwiththeselectedhistoricalconsolidatedfinancialdataincludedelsewhereinthisjointproxystatement/prospectusandthehistoricalconsolidatedfinancialstatementsofBristol-MyersSquibbandCelgeneandrelatednotesthathavebeenfiledwiththeSEC,certainofwhichareincorporatedbyreferenceintothisjointproxystatement/prospectus.See“SelectedHistoricalConsolidatedFinancialDataofBristol-MyersSquibb,”“SelectedHistoricalConsolidatedFinancialDataofCelgene”and“WhereYouCanFindMoreInformation”beginningonpages53,55and251,respectively,ofthisjointproxystatement/prospectus.TheunauditedproformacombinedpershareofBristol-MyersSquibbcommonstockdataandtheunauditedproformacombinedperCelgeneequivalentsharedataisderivedfrom,andshouldbereadinconjunctionwith,theBristol-MyersSquibbandCelgeneunauditedproformacondensedcombinedfinancialstatementsandrelatednotesincludedinthisjointproxystatement/prospectus.See“CertainUnauditedProFormaCondensedCombinedFinancialStatements”beginningonpage59ofthisjointproxystatement/prospectus.

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As of/For the Nine Months Ended September 30,

2018

As of/For the Year Ended

December 31, 2017

Bristol-MyersSquibbHistoricalperCommonShareData: NetEarnings/(Loss)–basic $ 2.30 $ 0.61NetEarnings/(Loss)–diluted 2.30 0.61Cashdividendsdeclared 1.20 1.57BookValue(1) 8.36 7.19

CelgeneHistoricalperCommonShareData: NetEarnings–basic $ 4.12 $ 3.77NetEarnings–diluted 4.02 3.64Cashdividendsdeclared — —BookValue(1) 6.95 9.11

UnauditedProFormaCombinedperBristol-MyersSquibbCommonShareData: NetEarnings/(Loss)–basic $ 0.46 $ (1.17)NetEarnings/(Loss)–diluted 0.45 (1.17)Cashdividendsdeclared(2) N/A N/ABookValue(1) 21.16 N/A

UnauditedProFormaCombinedperCelgeneEquivalentShareData: NetEarnings/(Loss)–basic(3) $ 0.46 $ (1.17)NetEarnings/(Loss)–diluted(3) 0.45 (1.17)Cashdividendsdeclared(2) N/A N/ABookValue(3) 21.16 N/A

(1) Amountscalculatedbydividingtheapplicabletotalstockholders’equitybytheapplicablesharesofcommonstockoutstanding.ProformacombinedbookvaluepershareasofDecember31,2017isnotapplicableastheestimatedproformaadjustmentswerecalculatedasofSeptember30,2018.

(2) ProformacombineddividendspersharedataisnotprovidedduetothefactthatthedividendpolicyforthecombinedcompanywillbedeterminedbytheBMSBoardfollowingcompletionofthemerger.

(3) Amountscalculatedbymultiplyingunauditedproformacombinedpershareamountsbytheexchangeratio.

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CERTAIN UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

Thefollowingunauditedproformacondensedcombinedfinancialinformationispresentedtoillustratetheestimatedeffectsof:

• theproposedmergerofBristol-MyersSquibbandCelgenecontemplatedbythemergeragreement,whichisreferredtointhissectionastheCelgenemerger,andrelatedfinancing,whichisreferredtointhissectionastheCelgenemergerfinancing;and

• theacquisitionofJunoTherapeutics,Inc.,whichisreferredtointhisjointproxystatement/prospectusasJuno,byCelgeneonMarch6,2018,whichisreferredtointhissectionastheJunoacquisition,andrelatedfinancing,whichisreferredtointhissectionastheJunoacquisitionfinancing.Eachasfullydescribedin“Note1.DescriptionoftheCelgenemergerandJunoacquisition.”

TheunauditedproformacondensedcombinedstatementsofearningsfortheyearendedDecember31,2017andfortheninemonthsendedSeptember30,2018combinethehistoricalconsolidatedstatementsofearningsofBristol-MyersSquibb,CelgeneandJuno,givingeffectto(1)theCelgenemerger,(2)theCelgenemergerfinancing,(3)theJunoacquisitionand(4)theJunoacquisitionfinancing,asifeachoccurredonJanuary1,2017.TheunauditedproformacondensedcombinedbalancesheetasofSeptember30,2018combinesthehistoricalconsolidatedbalancesheetsofBristol-MyersSquibbandCelgene,givingeffecttotheCelgenemergerandCelgenemergerfinancingasifeachhadoccurredonSeptember30,2018.TheJunohistoricalbalancesheetisnotincludedasitisalreadyincludedintheCelgenehistoricalconsolidatedbalancesheetasofSeptember30,2018.Thehistoricalconsolidatedfinancialinformationhasbeenadjustedintheunauditedproformacondensedcombinedfinancialstatementstogiveeffecttoproformaeventsthatare(1)directlyattributabletotheCelgenemergerandtheJunoacquisition,(2)factuallysupportableand(3)withrespecttotheunauditedproformacondensedcombinedstatementsofearnings,expectedtohaveacontinuingimpactonthecombinedresults.

Theunauditedproformacondensedcombinedfinancialinformationshouldbereadinconjunctionwiththeaccompanyingnotestotheunauditedproformacondensedcombinedfinancialstatements.Inaddition,theunauditedproformacondensedcombinedfinancialinformationhasbeenderivedfromandshouldbereadinconjunctionwiththefollowinghistoricalconsolidatedfinancialstatementsandnotesincorporatedbyreferenceintothisjointproxystatement/prospectus:(a)theauditedhistoricalconsolidatedfinancialstatementsofBristol-MyersSquibbcontainedinitsAnnualReportonForm10-KfortheyearendedDecember31,2017;(b)theauditedconsolidatedfinancialstatementsofCelgenecontainedinitsAnnualReportonForm10-KfortheyearendedDecember31,2017;(c)theconsolidatedfinancialstatementsofJunoTherapeutics,Inc.asofDecember31,2017and2016,andforeachofthethreeyearsintheperiodendedDecember31,2017includedinAmendmentNo.1totheCurrentReportonForm8-K/AofCelgeneCorporationfiledwiththeSEConMay18,2018;(d)theunauditedconsolidatedfinancialstatementsofBristol-MyersSquibbcontainedinitsQuarterlyReportonForm10-QforthequarterlyperiodendedSeptember30,2018;and(e)theunauditedconsolidatedfinancialstatementsofCelgenecontainedinitsQuarterlyReportonForm10-QforthequarterlyperiodendedSeptember30,2018.Refertothesectionofthisjointproxystatement/prospectustitled“WhereYouCanFindMoreInformation”forinstructionsonhowtoobtainthesedocuments.

TheunauditedproformacondensedcombinedfinancialstatementshavebeenpreparedbymanagementinaccordancewithArticle11,ProFormaFinancialInformation,underRegulationS-XoftheExchangeAct,andisforillustrativeandinformationalpurposesonly.Theunauditedproformacondensedcombinedfinancialinformationisnotnecessarilyindicativeofwhatthecombinedcompany’sfinancialpositionorresultsofoperationsactuallywouldhavebeenhadtheCelgenemerger,Celgenemergerfinancing,JunoacquisitionandJunoacquisitionfinancingbeenconsummatedasofthedatesindicated.Inaddition,theunauditedproformacondensedcombinedfinancialstatementsdonotpurporttoprojectthefuturefinancialpositionoroperatingresultsofthecombinedcompany.TherewerenomaterialtransactionsbetweenBristol-MyersSquibbandCelgeneorbetweenBristol-MyersSquibbandJunoduringtheperiodspresentedintheunauditedproformacondensedcombinedfinancialstatementsthatwouldneedtobeeliminated.TherewerecertaintransactionsbetweenCelgeneandJunoduringtheperiodspresentedintheunauditedproformacondensedcombinedfinancialstatementsthatwereeliminated.

TheunauditedproformacondensedcombinedfinancialinformationhasbeenpreparedusingtheacquisitionmethodofaccountingunderU.S.generallyacceptedaccountingprinciples,whichisreferredtointhisjoint

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proxystatement/prospectusasGAAP,withBristol-MyersSquibbbeingtheaccountingacquirerintheproposedmergerofBristol-MyersSquibbandCelgene,andCelgenebeingtheaccountingacquirerinCelgene’sacquisitionofJuno.Asofthedateofthisjointproxystatement/prospectus,Bristol-MyersSquibbhasnotcompletedthedetailedvaluationstudiesnecessarytoarriveatthefinalestimatesofthefairmarketvalueoftheCelgeneassetstobeacquiredandtheliabilitiestobeassumedandtherelatedallocationsofpurchaseprice,norhasitidentifiedanyadjustmentsnecessarytoconformCelgenetoBristol-MyersSquibb’saccountingpoliciesexceptfortheonesdescribedintheaccompanyingnotes.Theacquisitionmethodofaccountingisdependentuponcertainvaluationsthatareprovisionalandsubjecttochange.Accordingly,theproformaadjustmentsintheunauditedproformacondensedcombinedfinancialinformationarepreliminary,baseduponavailableinformationandmadesolelyforthepurposeofprovidingtheseunauditedproformacondensedcombinedfinancialstatements.ActualresultswilldifferfromtheunauditedproformacondensedcombinedfinancialinformationoncethefinalacquisitionaccountingbyBristol-MyersSquibbhasbeencompletedandBristol-MyersSquibbhasdeterminedthefinalpurchasepriceforCelgeneandhascompletedthevaluationstudiesnecessarytofinalizetherequiredpurchasepriceallocationsandifBristol-MyersSquibbidentifiesanyadditionalnecessaryconformingaccountingpolicychangesoutsideoftheonesprovidedintheaccompanyingnotes.Therecanbenoassurancethatsuchfinalizationwillnotresultinmaterialchanges.

Theunauditedproformacondensedcombinedfinancialinformationdoesnotreflectanyexpectedcostsavings,operatingsynergiesorrevenueenhancementsthatthecombinedcompanymayachieveasaresultoftheCelgenemerger,anytermination,restructuringorothercoststointegratetheoperationsofBristol-MyersSquibbandCelgeneorthecostsnecessarytoachieveanysuchcostsavings,operatingsynergiesorrevenueenhancements.

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UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET AS OF SEPTEMBER 30, 2018

(dollars in millions) Historical

Bristol- Myers Squibb

Celgene after

reclassification (Note 4)

Celgene merger

adjustments (Note 6) Notes

Celgene merger

financing adjustments

(Note 6) Notes

Pro forma

combined company

ASSETS CurrentAssets: Cashandcashequivalents $ 5,408 $ 2,480 $ (35,415) (a),(i),(j) $ 32,632 (l),(m) $ 5,105Marketablesecurities 1,422 1,898 — — 3,320Receivables 5,871 2,120 — — 7,991Inventories 1,282 510 2,950 (f) — 4,742Prepaidexpensesandother 886 819 — — 1,705TotalCurrentAssets 14,869 7,827 (32,465) 32,632 22,862

Property,plantandequipment 5,092 1,313 — — 6,405Goodwill 6,686 8,004 15,774 — 30,464Otherintangibleassets 1,107 16,342 65,638 (e) — 83,087Deferredincometaxes 1,627 — 530 (h),(i),(j) 129 (m) 2,287Marketablesecurities 2,017 — — — 2,017Otherassets 2,336 729 (4) (g) — 3,061TotalAssets $ 33,734 $ 34,215 $ 49,473 $ 32,761 $ 150,183

LIABILITIES CurrentLiabilities: Short–termdebtobligations $ 1,620 $ 502 $ (4) (g) $ 26,216 (l),(m) $ 28,334Accountspayable 1,773 292 — — 2,065Accruedliabilities 5,853 2,705 — — 8,558Deferredincome 93 79 — — 172Incometaxespayable 355 105 — — 460TotalCurrentLiabilities 9,694 3,683 (4) 26,216 39,589

Deferredincome 486 74 — — 560Incometaxespayable 3,112 2,451 — — 5,563Deferredincometaxes — 2,811 15,879 (h) — 18,690Pensionandotherliabilities 1,005 594 2,757 (c) — 4,356Long-termdebt 5,687 19,742 (424) (g) 6,990 (l),(m) 31,995TotalLiabilities $ 19,984 $ 29,355 $ 18,209 $ 33,206 $ 100,753

EQUITY Shareholders’Equity: Preferredstock — — — — —Commonstock 221 10 60 (b),(k) — 291Capitalinexcessofparvalueofstock 2,029 14,756 21,511 (b),(d),(k) — 38,296

Accumulatedothercomprehensiveloss (2,326) (77) 77 (k) — (2,326)

Retainedearnings 33,292 16,486 (16,698) (i),(j),(k) (445) (m) 32,635Lesscostoftreasurystock (19,576) (26,315) 26,315 (k) — (19,576)TotalShareholders’Equity 13,640 4,860 31,264 (445) 49,319

Noncontrollinginterest 110 — — — 110TotalEquity 13,750 4,860 31,264 (445) 49,429

TotalLiabilitiesandEquity $ 33,734 $ 34,215 $ 49,473 $ 32,761 $ 150,183

Theaccompanyingnotesareanintegralpartoftheseunauditedproformacondensedcombinedfinancialstatements.Amountsmaynotaddduetorounding.

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UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF EARNINGS/(LOSS) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018

(dollars in millions, except share and per share amounts) Historical

Bristol- Myers Squibb

Celgene after reclassification

(Note 4)

Juno after reclassification

(Note 8 )

Juno acquisition

and financing

adjustments (Note 10) Notes

Pro forma

Celgene and Juno

Celgene merger

adjustments (Note 7) Notes

Celgene merger

financing adjustments

(Note 7) Notes

Pro forma

combinedcompany

Netproductsales $15,866 $ 11,258 $ — $ — $11,258 $ — $ — $ 27,124 Allianceandotherrevenues 722 15 28 (18) (a) 25 — — 747

TotalRevenues 16,588 11,273 28 (18) 11,283 — — 27,871 Costofproductssold 4,857 685 — — 685 6,113 (b) — 11,655 Marketing,sellingandadministrative 3,215 2,400 29 (196) (c) 2,233 — — 5,448

Researchanddevelopment 4,965 4,638 79 (290) (a),(b),(c) 4,427 (115) (b) — 9,277 Other(income)/expense,net (912) (165) 82 304

(c),(d),(e),(f) 221 66 (c),(d),(e) 1,197 (h) 572

TotalExpenses 12,125 7,558 190 (182) 7,566 6,064 1,197 26,952 Earnings/(Loss)BeforeIncomeTaxes 4,463 3,715 (162) 164 3,717 (6,064) (1,197) 919

Provisionforincometaxes 674 742 — 28 (g) 770 (1,364) (f) (269) (i) (190) NetEarnings/(Loss) 3,789 2,973 (162) 136 2,947 (4,700) (928) 1,109 NoncontrollingInterest 29 — — — — — — 29 NetEarnings/(Loss)AttributabletoControllingInterests $ 3,760 $ 2,973 $ (162) $ 136 $ 2,947 $ (4,700) $ (928) $ 1,080

EarningsperCommonShare:

Basic $ 2.30 $ 4.12 $ 0.46 (g)Diluted $ 2.30 $ 4.02 $ 0.45 (g)

WeightedAverageShares:

Basic 1,633 722 2,332 (g)Diluted 1,637 740 2,373 (g)

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Theaccompanyingnotesareanintegralpartoftheseunauditedproformacondensedcombinedfinancialstatements.Amountsmaynotaddduetorounding.

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UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF EARNINGS/(LOSS) FOR THE YEAR ENDED DECEMBER 31, 2017

(dollars in millions, except share and per share amounts) Historical

Bristol- Myers Squibb

Celgene after reclassification

(Note 4)

Juno after reclassification

(Note 8)

Juno acquisition

and financing

adjustments (Note 10) Notes

Pro forma

Celgene and Juno

Celgene merger

adjustments (Note 7) Notes

Celgene merger

financing adjustments

(Note 7) Notes

Pro forma

combinedcompany

Netproductsales $19,258 $ 12,792 $ — $ — $12,792 $ — $ — $ 32,050 Allianceandotherrevenues 1,518 30 112 (86) (a) 56 — — 1,574

TotalRevenues 20,776 12,822 112 (86) 12,848 — — 33,624 Costofproductssold 6,066 526 — — 526 8,336 (a),(b) — 14,928 Marketing,sellingandadministrative 4,687 2,941 108 — 3,049 — — 7,736

Researchanddevelopment 6,411 5,998 383 32 (a),(b) 6,413 (160) (b) — 12,664 Other(income)/expense,net (1,519) (957) 64 178 (d),(e) (715) 67

(c),(d),(e) 1,500 (h) (666)

TotalExpenses 15,645 8,508 555 210 9,273 8,243 1,500 34,662 Earnings/(Loss)BeforeIncomeTaxes 5,131 4,314 (443) (296) 3,575 (8,243) (1,500) (1,038)

Provisionforincometaxes 4,156 1,374 (6) (281) (g) 1,087 (2,967) (f) (548) (i) 1,729 NetEarnings/(Loss) 975 2,940 (437) (15) 2,488 (5,276) (953) (2,766) NoncontrollingInterest (32) — — — — — — (32) NetEarnings/(Loss)AttributabletoControllingInterests $ 1,007 $ 2,940 $ (437) $ (15) $ 2,488 $ (5,276) $ (953) $ (2,734)

EarningsperCommonShare:

Basic $ 0.61 $ 3.77 $ (1.17) (g)Diluted $ 0.61 $ 3.64 $ (1.17) (g)

WeightedAverageShares:

Basic 1,645 779 2,344 (g)Diluted 1,652 809 2,344 (g)

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Theaccompanyingnotesareanintegralpartoftheseunauditedproformacondensedcombinedfinancialstatements.Amountsmaynotaddduetorounding.

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NOTES TO THE UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

(dollars in millions, except share and per share amounts)

1. Description of the Celgene merger and Juno acquisition

Proposed merger with Celgene

OnJanuary2,2019,Bristol-MyersSquibbenteredintoadefinitivemergeragreementunderwhichBristol-MyersSquibbwillacquireCelgene.Underthetermsofthemergeragreement,Celgenestockholders,otherthanholdersofexcludedstockanddissentingstock,willreceiveoneshareofBristol-MyersSquibbcommonstockand$50.00incashinexchangeforeachshareofCelgenecommonstockexchangedinthetransaction,aswellasoneCVR,whichwillentitletheholdertoreceiveaone-timepotentialpaymentof$9.00incashuponFDAapprovalofallthreeof(1)Ozanimod(byDecember31,2020),(2)JCAR017(byDecember31,2020)and(3)bb2121(byMarch31,2021),ineachcaseforaspecifiedindication.

BasedontheclosingpriceofBristol-MyersSquibbcommonstockof$52.43onJanuary2,2019,thelasttradingdaybeforethepublicannouncementoftheproposedCelgenemerger,theupfrontconsiderationrepresentedapproximately$102.43invalueforeachshareofCelgenecommonstock(withoutconsideringanypotentialCVRpayout).

ThetransactionissubjecttoapprovalbyBristol-MyersSquibbandCelgenestockholdersandthesatisfactionofcustomaryclosingconditionsandregulatoryapprovals.Bristol-MyersSquibbandCelgeneexpecttocompletethetransactioninthethirdquarterof2019.

Juno acquisition

OnMarch6,2018,CelgeneacquiredalloftheoutstandingsharesofJuno,resultinginJunobecomingCelgene’swholly-ownedsubsidiary.Totalconsiderationfortheacquisitionwasapproximately$10.4billion,consistingof$9.1billionforcommonstockoutstanding,$966millionforthefairvalueofCelgene’spre-existinginvestmentinJunoand$367millionfortheportionofequitycompensationattributabletothepre-combinationserviceperiod.

2. Basis of presentation

TheunauditedproformacondensedcombinedfinancialinformationwaspreparedusingtheacquisitionmethodofaccountingandwasbasedonthehistoricalfinancialstatementsofBristol-MyersSquibb,CelgeneandJuno.CertainreclassificationshavebeenmadetothehistoricalfinancialstatementsofCelgeneandJunotoconformtoBristol-MyersSquibb’spresentation,whicharediscussedinmoredetailin“Note4.HistoricalCelgene”and“Note8.HistoricalJuno.”

TheacquisitionmethodofaccountingisbasedonASC805,BusinessCombinations,andusesthefairvalueconceptsasdefinedinASC820,FairValueMeasurement.

ASC805requires,amongotherthings,thatmostassetsacquiredandliabilitiesassumedberecognizedattheirfairvaluesasoftheacquisitiondateandthatthefairvalueofin-processresearchanddevelopment,whichisreferredtointhisjointproxystatement/prospectusasIPR&D,berecordedonthebalancesheetregardlessofthelikelihoodofsuccessasoftheacquisitiondate.Inaddition,ASC805establishesthattheconsiderationtransferredbemeasuredattheclosingdateoftheacquisitionatthethen-currentmarketprice;thisparticularrequirementwilllikelyresultinapershareequitycomponentthatisdifferentfromtheamountassumedintheseunauditedproformacondensedcombinedfinancialstatements,andthatdifferencemaybematerial.

ASC820definestheterm“fairvalue”andsetsforththevaluationrequirementsforanyassetorliabilitymeasuredatfairvalue.FairvalueisdefinedinASC820as“thepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthemeasurementdate.”Thisisanexitpriceconceptforthevaluationoftheassetorliability.Inaddition,marketparticipantsareassumedtobebuyersandsellersintheprincipal(orthemostadvantageous)marketfortheassetorliability.Fairvaluemeasurementsforanassetassumethehighestandbestusebythesemarketparticipants.Asaresultofthesestandards,Bristol-MyersSquibbmayberequiredtorecordassetswhicharenotintendedtobeusedorsoldand/ortovalueassetsatfairvaluemeasuresthatdonotreflectBristol-MyersSquibb’sintendeduseofthose

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assets.Manyofthesefairvaluemeasurementscanbehighlysubjectiveanditisalsopossiblethatotherprofessionals,applyingreasonablejudgmenttothesamefactsandcircumstances,coulddevelopandsupportarangeofalternativeestimatedamounts.

UnderASC805,acquisition-relatedtransactioncostsarenotincludedasacomponentofconsiderationtransferredbutareaccountedforasexpensesintheperiodinwhichthecostsareincurred.Totalcombinationrelatedtransactioncosts(excludingfinancingfees)inconnectionwiththeCelgenemergerareestimatedtobeapproximately$425million.Asthereisnocontinuingimpact,theimpactofthesecostsisnotincludedintheunauditedproformacondensedcombinedstatementsofearnings.Theseanticipatedcombinationrelatedtransactioncostsarereflectedintheunauditedproformacondensedcombinedbalancesheetasareductiontocashand(a)retainedearningsfortransactioncostsexpectedtobeincurredbyBristol-MyersSquibband(b)acorrespondingreductionofthehistoricalbookvalueofnetassetsfortransactioncostsexpectedtobeincurredbyCelgene.NocombinationrelatedtransactioncostsinconnectionwiththeCelgenemergerwereincurredbyeitherBristol-MyersSquibborCelgeneduringtheperiodspresentedintheunauditedproformacondensedcombinedfinancialstatements.

3. Accounting policies

Theunauditedproformacondensedcombinedfinancialstatementsdonotassumeanydifferencesinaccountingpolicies,exceptasdescribedbelow,asBristol-MyersSquibbisnotawareofanydifferencesthatwouldhaveamaterialimpactontheunauditedproformacondensedcombinedfinancialstatements.FurtherreviewofCelgene’sdetailedaccountingpoliciesfollowingtheconsummationofthecombinationmayidentifyadditionaldifferencesbetweentheaccountingpoliciesofthetwocompaniesthat,whenconformed,couldhaveamaterialimpactonthefinancialstatementsofthecombinedcompany.CertainreclassificationshavebeenmadetothehistoricalfinancialstatementsofCelgeneandJunotoconformtoBristol-MyersSquibb’spresentation,whicharediscussedinmoredetailin“Note4.HistoricalCelgene”and“Note8.HistoricalJuno.”

CelgeneadoptedAccountingStandardsUpdateNo.2017-12–DerivativesandHedging(Topic815):TargetedImprovementstoAccountingforHedgingActivitieseffectiveJanuary1,2017,andBristol-MyersSquibbadoptedthisguidanceeffectiveJanuary1,2018.Theimpactofadoptionresultedinanincreaseof$115milliontoCelgene’spre-taxandnetincomefortheyearendedDecember31,2017.TheunauditedproformacondensedcombinedstatementofearningsreflectsanadjustmenttoremovetheimpactoftheadoptionfortheyearendedDecember31,2017inordertoconformwithBristol-MyersSquibb’sadoptioneffectiveJanuary1,2018.Referto“Note7.ProformaadjustmentstotheunauditedproformacondensedcombinedstatementsofearningsinconnectionwiththeCelgenemerger”formoreinformation.

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4. Historical Celgene

CertainreclassificationshavebeenmadetothehistoricalfinancialstatementsofCelgenetoconformtoBristol-MyersSquibb’spresentationasfollows:

Unaudited pro forma condensed combined balance sheet as of September 30, 2018

Celgene before reclassification Reclassification Notes

Celgene after reclassification

ASSETS CurrentAssets: Cashandcashequivalents $ 2,480 $ — $ 2,480Debtsecuritiesavailable-for-sale 66 (66) (1) —Equityinvestmentswithreadilydeterminablefairvalues 1,832 (1,832) (1) —Marketablesecurities — 1,898 (1) 1,898Receivables 2,120 — 2,120Inventories 510 — 510Prepaidexpensesandother 819 — 819TotalCurrentAssets 7,827 — 7,827

Property,plantandequipment 1,313 — 1,313Goodwill 8,004 — 8,004Otherintangibleassets 16,342 — 16,342Deferredincometaxes — — —Marketablesecurities — — —Otherassets 729 — 729TotalAssets $ 34,215 $ — $ 34,215

LIABILITIES CurrentLiabilities: Short-termdebtobligations $ 502 $ — $ 502Accountspayable 292 — 292Accruedliabilities 2,705 — 2,705Deferredincome 79 — 79Incometaxespayable 105 — 105TotalCurrentLiabilities 3,683 — 3,683

Deferredincome 74 — 74Incometaxespayable 2,451 — 2,451Deferredincometaxes 2,811 — 2,811Pensionandotherliabilities 594 — 594Long-termdebt 19,742 — 19,742TotalLiabilities $ 29,355 $ — $ 29,355

EQUITY Shareholders’Equity: Preferredstock — — —Commonstock 10 — 10Capitalinexcessofparvalueofstock 14,756 — 14,756Accumulatedothercomprehensiveloss (77) — (77)Retainedearnings 16,486 — 16,486Lesscostoftreasurystock (26,315) — (26,315)TotalShareholders’Equity 4,860 — 4,860

Noncontrollinginterest — — —TotalEquity 4,860 — 4,860

TotalLiabilitiesandEquity $ 34,215 $ — $ 34,215

(1) Reclassificationof“Debtsecuritiesavailable-for-sale”($66million)and“Equityinvestmentswithreadilydeterminablefairvalues”($1,832million)to“Marketablesecurities.”

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Unaudited pro forma condensed combined statement of earnings for the nine-month period ended September 30, 2018

Celgene before reclassification Reclassification Notes

Celgene after reclassification

Netproductsales $ 11,229 $ 29 (1) $ 11,258Allianceandotherrevenues 15 — 15TotalRevenues 11,244 29 11,273

Costofproductssold 418 267 (1),(2) 685Marketing,sellingandadministrative 2,400 — 2,400Researchanddevelopment 4,535 103 (2) 4,638Amortizationofacquiredintangibleassets 341 (341) (2) —Acquisitionrelatedchargesandrestructuring,net 166 (166) (3) —Interestandinvestmentincome,net (30) 30 (3) —Interestexpense 551 (551) (3) —Other(income)/expense,net (852) 687 (3) (165)TotalExpenses 7,529 29 7,558

Earnings/(Loss)BeforeIncomeTaxes 3,715 — 3,715Provisionforincometaxes 742 — 742NetEarnings/(Loss) 2,973 — 2,973NoncontrollingInterest — — —NetEarnings/(Loss)AttributabletoControllingInterests $ 2,973 $ — $ 2,973

(1) Reclassificationoflossonforeigncurrencycashflowhedges($29million)from“Netproductsales”to“Costofproductssold.”

(2) Reclassificationof“Amortizationofacquiredintangibleassets”to“Costofproductssold”($238million)andto“Researchanddevelopment”($103million).

(3) Reclassificationof“Acquisitionrelatedchargesandrestructuring,net”($166million),“Interestandinvestmentincome,net”($30million),and“Interestexpense”($551million)to“Other(income)/expense,net.”

Unaudited pro forma condensed combined statement of earnings for the year ended December 31, 2017

Celgene before reclassification Reclassification Notes

Celgene after reclassification

Netproductsales $ 12,973 $ (181) (1) $ 12,792Allianceandotherrevenues 30 — 30TotalRevenues 13,003 (181) 12,822

Costofproductssold 461 65 (1),(2) 526Marketing,sellingandadministrative 2,941 — 2,941Researchanddevelopment 5,915 83 (2) 5,998Amortizationofacquiredintangibleassets 329 (329) (2) —Acquisitionrelatedchargesandrestructuring,net (1,350) 1,350 (3) —Interestandinvestmentincome,net (105) 105 (3) —Interestexpense 522 (522) (3) —Other(income)/expense,net (24) (933) (3) (957)TotalExpenses 8,689 (181) 8,508

Earnings/(Loss)BeforeIncomeTaxes 4,314 — 4,314Provisionforincometaxes 1,374 — 1,374NetEarnings/(Loss) 2,940 — 2,940NoncontrollingInterest — — —NetEarnings/(Loss)AttributabletoControllingInterests $ 2,940 $ — $ 2,940

(1) Reclassificationofgainonforeigncurrencycashflowhedges($181million)from“Netproductsales”to“Costofproductssold.”

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(2) Reclassificationof“Amortizationofacquiredintangibleassets”to“Costofproductssold”($246million)andto“Researchanddevelopment”($83million).

(3) Reclassificationof“Acquisitionrelatedchargesandrestructuring,net”($1,350million),“Interestandinvestmentincome,net”($105million),and“Interestexpense”($522million)to“Other(income)/expense,net.”

5. Estimate of consideration expected to be transferred in the Celgene merger and preliminary purchase price allocation

ThefollowingisapreliminaryestimateoftheconsiderationexpectedtobetransferredtoeffecttheproposedmergerwithCelgene:CelgenesharesoutstandingatSeptember30,2018(millions) 698.9Cashpershare $ 50.00Cashconsiderationforoutstandingshares $ 34,945 CelgenesharesoutstandingatSeptember30,2018(millions) 698.9Exchangeratio 1.00EquivalentBristol-MyersSquibbshares(millions) 698.9ClosingpriceofBristol-MyersSquibbcommonstockonJanuary24,2019 $ 49.02Estimatedfairvalueofshareconsideration $ 34,260 CelgenesharesoutstandingatSeptember30,2018(millions) 698.9Exchangeratio 1.00EquivalentCVRs(millions) 698.9EstimatedCVRfairvaluepershare $ 3.75EstimatedfairvalueofCVRs $ 2,621Estimatedfairvalueofreplacementoptions $ 1,644Estimatedfairvalueofreplacementrestrictedshareawards $ 432EstimatedfairvalueofCVRsissuedtooptionandshareawardholders $ 136Estimatedfairvalueofshare-basedcompensationawardsattributabletopre-combinationservice $ 2,212 Estimatedfairvalueoftotalconsiderationtobetransferred $ 74,038

ThepreliminaryestimateofconsiderationexpectedtobetransferredreflectedintheseunauditedproformacondensedcombinedfinancialstatementsdoesnotpurporttorepresentwhattheactualconsiderationtransferredwillbewhentheCelgenemergeriscompleted.Forpurposesoftheseunauditedproformacondensedcombinedfinancialstatements,themarketpricepershareofBristol-MyersSquibbcommonstockonJanuary24,2019andtheCelgenesharesofcommonstockandshare-basedcompensationawardsoutstandingasofSeptember30,2018wereusedtocalculatetheestimateofconsiderationexpectedtobetransferred.However,thefairvalueofequitysecuritiesissuedastheconsiderationtransferredwillbemeasuredusingthemarketpricepershareofBristol-MyersSquibbcommonstockontheclosingdate.Assuminga10%changeintheclosingpricepershareoftheBristol-MyersSquibbcommonstock,theestimatedfairvalueofshareconsiderationtransferredwouldincreaseordecreasebyapproximately$3.4billion,whichwouldbereflectedintheseunauditedproformacondensedcombinedfinancialstatementsasanincreaseordecreasetogoodwill.

ThepreliminaryestimateofthefairvalueoftheCVRswasdeterminedbyapplyingaprobabilityweightingtothepotential$9.00persharepaymentreflectingtheprobabilityofachievingallthreenecessaryapprovals.Theprobability-weightedvaluewasthendiscountedtopresentvalueusingacreditrisk-adjusteddiscountrate.

Thepreliminaryestimateofthefairvalueofshare-basedcompensationawardsrelatestocertainoptionstopurchasesharesofCelgenecommonstockthatwillbeconvertedintoBristol-MyersSquibboptionstopurchasesharesofBristol-MyersSquibbcommonstockandCelgenerestrictedshareawardsandperformance-basedrestrictedshareawards,collectivelyreferredtointhisjointproxystatement/prospectusastheshareawards,thatwillbeconvertedintoBristol-MyersSquibbrestrictedshareawards.Celgeneperformance-basedrestrictedshare

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awardswithrespecttosharesofCelgenecommonstockwillbeconvertedintoBristol-MyersSquibbrestrictedshareawardsbasedonaprorataperformancemeasuretotarget.Additionally,holdersofcertainCelgeneoptionstopurchaseCelgenecommonstockandshareawardswithrespecttosharesofCelgenecommonstockwillalsoreceiveCVRsbasedontermsspecifiedinthemergeragreement.ThefairvalueoftheBristol-MyersSquibboptions,restrictedshareawardsandCVRsattributabletopre-combinationservicewillberecognizedaspartofthepurchaseconsiderationtransferred.

ThenumberofBristol-MyersSquibbsharesissuedtoholdersofCelgenecommonstockandreplacementshare-basedcompensationawardsisdependentonthenumberofCelgenesharesofcommonstock,optionstopurchasesharesofCelgenecommonstockandshareawardswithrespecttosharesofCelgenecommonstockoutstandingontheclosingdateofthemerger.

ThefollowingisapreliminaryestimateoftheassetstobeacquiredandliabilitiestobeassumedbyBristol-MyersSquibbintheCelgenemerger,reconciledtotheestimateofconsiderationexpectedtobetransferred:Cashandcashequivalents $ 2,255Marketablesecurities 1,898Receivables 2,120Inventories (a) 3,460Prepaidexpensesandother 819Property,plantandequipment (b) 1,313Otherintangibleassets (c) 81,980Otherassets 725Accountspayableandaccruedliabilities (3,076)Incometaxes (2,556)Deferredincometaxes (d) (18,194)Otherliabilities (668)Debt (e) (19,816)Goodwill (f) 23,778Estimateofconsiderationexpectedtobetransferred $ 74,038

(a) Apreliminaryfairvalueestimateof$3,460millionhasbeenassignedtoinventoriestobeacquired.TheproformafairvalueadjustmenttoinventoriesisbasedonthebookvalueofCelgene’sinventoriesasofSeptember30,2018,adjustedasfollows:

• Finishedgoodsarevaluedattheestimatedsellingpriceslessthesumofthecostsofdisposalandareasonableprofitmarginforthesellingeffort;

• Workinprocessisvaluedattheestimatedsellingpricesuponcompletionlessthesumofcoststocompletethemanufacturingoftherelevantproduct,costsofdisposalandareasonableprofitmarginforthecompletionandsellingeffort;and

• Rawmaterialsarevaluedatestimatedcurrentreplacementcosts.Assumptionsastotheestimatedsellingprices,themarginstobeachieved,thelevelofremainingcompletionandsellingeffortandtheprofitsassociatedwiththecompletionandsellingeffortshavebeenmadebyBristol-MyersSquibbindeterminingthefairvalueestimateofCelgene’sinventoriesforpurposesoftheseunauditedproformacondensedcombinedfinancialstatements.

(b) Apreliminaryfairvalueestimateof$1,313million,equivalenttothecurrentnetbookvalue,hasbeenassignedtoproperty,plantandequipmenttobeacquired,primarilyconsistingofbuildings,machineryandequipment,computersoftwareandequipmentandconstructioninprogress.Atthedateofconsummationofthecombination,property,plantandequipmentisrequiredtobemeasuredatfairvalue,unlessthoseassetsareclassifiedasheld-for-saleontheclosingdateofthecombination.Bristol-MyersSquibbhasonlylimitedinformationatthistimeastothespecificnature,age,conditionorlocationofthebuildings,machineryandequipment,computersoftwareandequipmentandconstruction-in-progress.Allofthesefactorscancausedifferencesbetweenthefairvalueandcurrentnetbookvalue,andsuchdifferencescouldbematerial.

(c) Apreliminaryfairvalueestimateof$81,980millionhasbeenassignedtoidentifiableintangibleassetsacquired,consistingofcurrentlymarketedproductrightsandIPR&D.Thefairvalueofidentifiableintangibleassetsisdeterminedusinganincome-basedmethodreferredtoasthemulti-periodexcessearningsmethod.Themoresignificantassumptionsinherentintheapplicationofthismethodinclude:theamountandtimingofprojectedfuturecashflows(includingrevenue,costofsales,researchanddevelopmentcosts,salesandmarketingexpenses,andincometaxes),thelevelofandreturnforotherassetsthatcontributetothesubjectassets’abilitytogeneratecashflows,andthediscountrateselectedtomeasuretherisksinherentinthefuturecashflows.

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Theestimatedfairvalueoftheidentifiableintangibleassetsandapreliminaryestimateoftheirweightedaverageusefullivesareasfollows:

Estimated fair value

Weighted average

estimated useful life

Currentlymarketedproductrights $ 52,600 6.3IPR&D* 29,380 N/ATotal $ 81,980

* AcquiredIPR&Dassetsareinitiallyrecognizedatfairvalueandareclassifiedasindefinite-livedassetsuntilthesuccessfulcompletionorabandonmentoftheassociatedresearchanddevelopmentefforts.Accordingly,duringtheresearchanddevelopmentperiodaftertheclosingdateofthecombination,theseassetswillnotbeamortizedintoearnings;insteadtheseassetswillbesubjecttoperiodicimpairmenttesting.UponsuccessfulcompletionofthedevelopmentprocessforanacquiredIPR&Dproject,determinationastotheusefullifeoftheassetwillbemade;atthatpointintime,theassetwouldthenbeconsideredafinite-livedintangibleassetandBristol-MyersSquibbwouldbegintoamortizetheassetintoearnings.

(d) Representsthepreliminaryestimateofdeferredincometaxesprimarilyresultingfromthefairvalueadjustmentsforinventory,identifiableintangibleassets,anddebtaswellasthereplacementoptionsandshareawardsissued.Thisestimatewasdeterminedbasedonthefairvalueadjustmentsatanestimated22.5%U.S.federalandstatestatutorytaxrate.ThisestimateofdeferredincometaxesispreliminaryandissubjecttochangebaseduponBristol-MyersSquibb’sfinaldeterminationofthefairvaluesofassetsacquiredandliabilitiesassumedandthestatutorytaxratesinthejurisdictionswheretheassetsandliabilitiesdrivingtaxableincomearegenerated.

(e) Thepreliminaryfairvalueestimateof$19,816millionhasbeenassignedtoCelgene’soutstandingindebtednesstobeassumedaspartoftheCelgenemerger,derivedfromclosingpricesforsuchindebtednessasofSeptember30,2018.

(f) Thepreliminaryestimateofgoodwillarisingfromthecombinationis$23,778million.Goodwilliscalculatedasthedifferencebetweenthefairvalueoftheconsiderationexpectedtobetransferredandthefairvaluesassignedtotheassetsacquiredandliabilitiesassumed.Goodwillrepresentsthegoing-concernvalueassociatedwithfutureproductdiscoverybeyondtheexistingpipelineandplatformsandthevalueofsynergiesexpectedtobenefitBristol-MyersSquibboutsideofthecontextoftheidentifiableassetsaswellasthedeferredtaxconsequencesofthefairvalueadjustmentsrecordedforfinancialstatementpurposes.

Theacquisitionmethodofaccountingisdependentuponcertainvaluationsthatareprovisionalandsubjecttochange.Accordingly,theproformaadjustmentsarepreliminaryandmadesolelyforthepurposeofprovidingtheseunauditedproformacondensedcombinedfinancialstatements.Differencesbetweenthesepreliminaryestimatesandthefinalacquisitionaccountingwilloccurandthesedifferencescouldhaveamaterialimpactontheaccompanyingunauditedproformacondensedcombinedfinancialstatementsandthefutureresultsofoperationsandfinancialpositionofthecombinedcompany.

6. Pro forma adjustments to the unaudited pro forma condensed combined balance sheet in connection with the Celgenemerger

TheunauditedproformacondensedcombinedbalancesheetreflectstheproposedcombinationofBristol-MyersSquibbandCelgeneusingtheacquisitionmethodofaccountingasofSeptember30,2018.Thisnoteshouldbereadinconjunctionwith“Note1.DescriptionoftheCelgenemergerandJunoacquisition,”“Note2.Basisofpresentation”and“Note5.EstimateofconsiderationexpectedtobetransferredintheCelgenemergerandpreliminarypurchasepriceallocation.”

Celgene merger adjustments

Adjustmentsincludedinthecolumnundertheheading“Celgenemergeradjustments”representthefollowing:

(a) Estimatedcashconsiderationexpectedtobetransferred

Representstheadjustmenttorecordthecashportionofthemergerconsideration,estimatedtobe$34,945million.

(b) Estimatedfairvalueofshareconsiderationexpectedtobetransferred

Representstheadjustmenttorecordtheequityportionofthemergerconsideration,estimatedtobe$34,260million($70millionincreasetocommonstockand$34,190millionincreasetocapitalinexcessofparvalueofstock).

(c) EstimatedfairvalueofCVRs

RepresentstheadjustmenttorecordthefairvalueoftheCVRstransferredaspartofthemergerconsideration,estimatedtobe$2,757million($2,621millionissuedtoCelgenestockholdersand$136millionissuedtocertainoptionandshareawardholders).

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(d) Estimatedfairvalueofshare-basedcompensationawards

Representstheadjustmenttorecordthefairvalueofthereplacementshare-basedcompensationawardstransferredaspartofthemergerconsideration,estimatedtobe$2,076million($1,644millionforoptionsand$432millionforrestrictedshareawards).

(e) Intangibleassets

RepresentstheadjustmenttorecordCelgene’sintangibleassetsattheirestimatedfairvalueof$81,980millionandtoeliminatethebookvalueofCelgene’shistoricalintangibleassets($16,342million).

(f) Inventories

RepresentstheadjustmentrequiredtorecordCelgene’sinventoryatitsestimatedfairvalueof$3,460million.Bristol-MyersSquibbwillreflecttheincreasedvalueofinventoryincostofproductssoldastheacquiredinventoryissoldwhich,forpurposesoftheseunauditedproformacondensedcombinedfinancialstatements,isassumedtooccurwithinthefirst12monthsfollowingthecompletionofthecombination.Asthereisnocontinuingimpactoftheinventorystep-uponBristol-MyersSquibb’sresults,theimpactoncostofproductssoldoftherecognitionofthestep-upinvalueofacquiredinventoryisnotincludedintheunauditedproformacondensedcombinedstatementsofearnings.

(g) Short-termandLong-termdebt

RepresentstheadjustmenttorecordCelgene’sassumedshort-termandlong-termdebtattheirestimatedfairvaluesof$498millionand$19,318million,respectively,andtoeliminateCelgene’shistoricaldeferredfinancingcosts.

(h) Deferredtaxes

Representsthepreliminaryestimateofdeferredincometaxesprimarilyresultingfromthefairvalueadjustmentsforinventory,identifiableintangibleassets,anddebtaswellasthereplacementoptionsandshareawardsissued.Thisestimatewasdeterminedbasedonthefairvalueadjustmentsatanestimated22.5%U.S.federalandstatestatutorytaxrate.ProformaadjustmentstotheCelgenedeferredtaxes,primarilyresultingfromthefairvalueadjustmentsforinventory,identifiableintangibleassetsanddebt,arereflectedwithindeferredincometaxliabilitiesandproformaadjustmentstotheBristol-MyersSquibbdeferredtaxes,primarilyresultingfromthereplacementoptionsandshareawardsissued,arereflectedwithindeferredincometaxassetswithintheunauditedproformacondensedcombinedbalancesheet.ThisestimateofdeferredincometaxesispreliminaryandissubjecttochangebaseduponBristol-MyersSquibb’sfinaldeterminationofthefairvaluesofassetsacquiredandliabilitiesassumedandthestatutorytaxratesinthejurisdictionswheretheassetsandliabilitiesdrivingtaxableincomearegenerated.

(i) Transactioncosts

Representsestimatedtransactioncosts(excludingcostsassociatedwithacquisitionfinancing)relatedtothecombinationof$425millionthatwerenotpreviouslyrecordedinthehistoricalcombinedfinancialstatements.Asthereisnocontinuingimpact,theimpactofthesecostsisnotincludedintheunauditedproformacondensedcombinedstatementsofearnings.

• CostsexpectedtobeincurredbyBristol-MyersSquibb($200million),netofrelatedtaxes($23million)arereflectedasareductionofretainedearningsintheunauditedproformacondensedcombinedbalancesheet.

• CostsexpectedtobeincurredbyCelgene($225million),netofrelatedtaxes($25million)arereflectedasareductionofthehistoricalbookvalueofCelgene’snetassetsintheunauditedproformacondensedcombinedbalancesheet.

(j) Celgeneretentionpayments

RepresentstheadjustmenttorecognizecertainCelgeneretentionpaymentswhicharetriggeredbyachangeofcontrol($45million)netofestimatedrelatedtaxes($10million).Asthereisnocontinuingimpact,theimpactofthesecostsisnotincludedintheunauditedproformacondensedcombinedstatementsofearnings.Theadjustmentisreflectedasareductionofretainedearningsintheunauditedproformacondensedbalancesheet.Severanceandotherintegrationrelatedrestructuringcostshavenotbeenreflectedintheseunauditedproformacondensedcombinedfinancialstatementsgiventhepreliminarynatureoftheseanticipatedactions.

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(k) Shareholders’equity

RepresentstheadjustmenttoeliminateCelgene’shistoricalstockholders’equity.

Celgene merger financing adjustments

Adjustmentsincludedinthecolumnundertheheading“Celgenemergerfinancingadjustments”reflectthebridgefacilityandtermloanagreement,eachasdescribedbelow.

Bridge Facility

OnJanuary2,2019,Bristol-MyersSquibbenteredintoabridgefacilityprovidingforupto$33.5billionofcommittedfinancinginconnectionwiththeCelgenemerger.BorrowingsunderthebridgefacilityareexpectedtoinitiallybearinterestattherateofLIBORplus87.5basispoints,subjecttoadjustmentbasedonthepublicratingsofBristol-MyersSquibb’snon-creditenhancedseniorunsecuredlong-termdebtandsubjecttoincreasesof25basispointsforeach90-dayperiodthebridgefacilityisoutstanding,uptooneyear.Inaddition,inordertosecurecommitmentsunderthebridgefacility,Bristol-MyersSquibbagreedtopaycertainstructuringandfundingfees,whichareamortizedovertheperiodspresentedintheunauditedproformacondensedcombinedstatementsofearnings.Otherone-timefeesarenotincludedintheunauditedproformacondensedcombinedstatementsofearningsasthereisnocontinuingimpact.Theseone-timefeeshavebeenreflectedasareductiontoretainedearningsintheunauditedproformacondensedcombinedbalancesheet.ThebridgefacilityexpiresnolaterthanoneyearfromtheclosingdateoftheCelgenemerger.

Thefinancingcommitmentsinrespectofthebridgefacilitywerereducedto$25.5billionwhenthetermloanfacility(asdefinedbelow)wasexecutedandmaybefurtherautomaticallyreduced,subjecttocertainexceptionsandlimitations,onadollar-for-dollarbasisbythenetcashproceedsofanyissuanceofnotesthatmaybecompletedbyBristol-MyersSquibb.Thefinancingcommitmentsofthebridgefacilitycommitmentpartiesarecurrentlyundrawnandaresubjecttovariousconditionssetforthinthebridgecommitmentletter.

Term Loan Agreement

OnJanuary18,2019,Bristol-MyersSquibbenteredintoatermloanagreementconsistingofseniorunsecuredtermloancommitmentsinanaggregateprincipalamountof$8.0billionthatreducesthe$33.5billionbridgefacilitydescribedabovebythesameamount.Bristol-MyersSquibbintendstoutilizethetermloanfacilitytofund$8.0billionofthecashconsiderationfortheCelgenemerger.Thetermloanfacilityincludesa$1.0billion364-daytranche,$4.0billionthree-yeartranche,and$3.0billionfive-yeartranche.

Theproformaadjustmentsrelatedtothebridgefacilityandtermloanfacilityrepresentthefollowing:

(l) Financing

Representsthedrawdownof$25.5billionofborrowingsunderthebridgefacilityand$8.0billionofborrowingsunderthetermloanfacilitytofundaportionofthecashconsiderationandrelatedtransactioncosts.Theunauditedproformacondensedcombinedbalancesheetpresentstheborrowingsunderthebridgefacility($25.5billion)andthe364-daytrancheofthetermloanfacility($1.0billion)asshort-termborrowingsandtheborrowingsunderthethree-yearandfive-yeartranchesofthetermloanfacility($4.0billionand$3.0billion,respectively)aslong-termdebt.

Bristol-MyersSquibbultimatelydoesnotexpecttoutilizethebridgefacility,andexpectstobeabletoobtainmorecost-effective,permanentdebtfinancingatalaterdate.However,therearenoassurancesatthistimethatBristol-MyersSquibbwillbeabletodoso,asanysuchfuturefinancingswillbesubjecttoprevailingmarketconditions.Accordingly,theaccompanyingunauditedproformacondensedcombinedfinancialinformationreflectsthehighercostofborrowingsunderthebridgefacility.

(m) Financingcosts

Representsone-timefinancing-relatedtransactionfeesassociatedwiththebridgefacility(estimatedat$574million)netofestimatedrelatedtaxes($129million).Asthereisnocontinuingimpact,theimpactofthesecostsisnotincludedintheunauditedproformacondensedcombinedstatementsofearnings.Theadjustmentisreflectedasareductionofretainedearningsintheunauditedproformacondensedcombinedbalancesheet.

Amortizablefinancing-relatedtransactionfeesassociatedwiththebridgefacility(estimatedat$283million)andthetermloanfacility(estimatedat$11million)arereflectedasareductiontothecarryingvalueoftherelatedloans($284millionwithinshort-termborrowingsand$10millionwithinlong-termdebt).

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7. Pro forma adjustments to the unaudited pro forma condensed combined statements of earnings in connection with theCelgene merger

TheunauditedproformacondensedcombinedstatementsofearningsreflecttheproposedcombinationofBristol-MyersSquibbandCelgeneusingtheacquisitionmethodofaccountingasofJanuary1,2017.Thisnoteshouldbereadinconjunctionwith“Note1.DescriptionoftheCelgenemergerandJunoacquisition,”“Note2.Basisofpresentation”and“Note5.EstimateofconsiderationexpectedtobetransferredintheCelgenemergerandpreliminarypurchasepriceallocation.”

Celgene merger adjustments

Adjustmentsincludedinthecolumnundertheheading“Celgenemergeradjustments”representthefollowing:

(a) Conformityoftheadoptiondateofnewhedgeaccountingstandard

CelgeneadoptedAccountingStandardsUpdateNo.2017-12–DerivativesandHedging(Topic815):TargetedImprovementstoAccountingforHedgingActivitieseffectiveJanuary1,2017,andBristol-MyersSquibbadoptedthisstandardeffectiveJanuary1,2018.Theimpactofadoptionresultedinanincreaseof$115milliontoCelgene’spre-taxandnetincomefortheyearendedDecember31,2017.Theunauditedproformacondensedcombinedstatementofearningsreflectsa$115millionincreaseto“Costofproductssold”toremovetheimpactoftheadoptionfortheyearendedDecember31,2017inordertoconformwithBristol-MyersSquibb’sadoptioneffectiveJanuary1,2018.

(b) Amortizationofintangibles

Reflectstheadjustmenttoamortizationexpenseto:

(i) includeanestimateofintangibleassetamortizationbasedonthestraight-linemethodandanestimatedweightedaverageusefullifeof6.3yearsforacquireddefinite-livedintangibleassetsof$6,355millionforthenine-monthperiodendedSeptember30,2018and$8,474millionfortheyearendedDecember31,2017within“Costofproductssold”;

(ii) eliminateCelgene’shistoricalintangibleassetamortizationexpenseof$345millionforthenine-monthperiodendedSeptember30,2018($242millionwithin“Costofproductssold”and$103millionwithin“Researchanddevelopment”)and$336millionfortheyearendedDecember31,2017($253millionwithin“Costofproductssold”and$83millionwithin“Researchanddevelopment”);and

(iii) eliminateCelgene’sproformaadjustmenttointangibleassetamortizationforJuno’sacquireddefinite-livedintangibleassetsof$12millionfortheperiodfromJanuary1,2018throughMarch5,2018and$77millionfortheyearendedDecember31,2017within“Researchanddevelopment.”Referto“Note10.ProformaadjustmentstotheunauditedproformacondensedcombinedstatementsofearningsinconnectionwiththeJunoacquisitionandfinancing”formoreinformation.

Foreach$1billionincreaseordecreaseinthefairvalueofdefinite-livedintangibleassetsassumingaweighted-averageusefullifeof6.3years,annualamortizationexpensewouldincreaseordecreasebyapproximately$160million.

(c) Amortizationoffairvalueofdebt

Reflectsestimatedamortizationof$41millionforthenine-monthperiodendedSeptember30,2018and$58millionfortheyearendedDecember31,2017associatedwiththedecreaseinCelgene’sdebttofairvaluewhichisamortizedovertheweighted-averageremaininglifeoftheobligations.

(d) Eliminationofamortizationofdeferringfinancingcosts

ReflectstheadjustmentfortheeliminationofhistoricalCelgeneamortizationofdeferredfinancingcostsof$9millionforthenine-monthperiodendedSeptember30,2018and$11millionfortheyearendedDecember31,2017.

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(e) Interestincome

Reflectsanestimateofforegoneinterestincomeonavailablecash,cashequivalentsandmarketablesecuritiesbasedontheuseasasourceofliquiditytofundtheacquisitionof$33millionforthenine-monthperiodendedSeptember30,2018and$20millionfortheyearendedDecember31,2017.Theestimatewascalculatedusingaweighted-averageinterestrateof1.6%forthenine-monthperiodendedSeptember30,2018and0.7%fortheyearendedDecember31,2017,derivedfromactualinterestratesrealizedbyBristol-MyersSquibbintherespectiveperiod.

(f) Incometaxprovision

Reflectstheincometaximpactoftheproformaadjustments,primarilyrelatedtotheamortizationofintangibleassetsandthefairvalueofdebt.AnestimatedU.S.federalandstatestatutorytaxrateof22.5%forthenine-monthperiodendedSeptember30,2018and36.5%fortheyearendedDecember31,2017wereappliedtotheapplicableproformaadjustments.Theeffectivetaxrateofthecombinedcompanycouldbesignificantlydifferentthanthestatutorytaxrateassumedforpurposesofpreparingtheunauditedproformacondensedcombinedfinancialstatementsforavarietyoffactorssuchasthemixofpost-acquisitionincomeandotheractivities.

(g) WeightedaveragenumberofsharesandEarningspershare

Theunauditedproformacombinedbasicearningspersharefortheperiodspresentedhavebeenadjustedbythe698.9millionBristol-MyersSquibbcommonsharesexpectedtobeissuedinconnectionwiththeproposedcombinationwithCelgene,whichareassumedoutstandingforthenine-monthperiodendedSeptember30,2018andtheyearendedDecember31,2017forproformapurposes.Theunauditedproformadilutedearningspershareforthenine-monthperiodendedSeptember30,2018hasalsobeenadjustedbythedilutiveCelgeneshare-basedawardsbasedontheexchangeratio.TheunauditedproformadilutedearningspersharefortheyearendedDecember31,2017isequaltotheunauditedproformabasicearningspershareduetotheproformanetlossforthecombinedcompany,whichwouldcausetheimpactofshare-basedawardstobeanti-dilutive.

Celgene merger financing adjustments

Adjustmentsincludedinthecolumnunderthe“Celgenemergerfinancingadjustments”representthefollowing:

(h) Interestexpense

Interestexpenseforthenine-monthperiodendedSeptember30,2018consistsof(i)contractualinterestexpense($845million)forthebridgefacilityusingaweightedaverageinterestrateof4.42%,(ii)contractualinterestexpense($228million)forthetermloanfacilityusingaweightedaverageinterestrateof3.79%,(iii)amortizationoffinancingcosts($121million)forthebridgefacilityand(iv)amortizationoffinancingcosts($3million)forthetermloanfacility.

InterestexpensefortheyearendedDecember31,2017consistsof(i)contractualinterestexpense($1,031million)forthebridgefacilityusingaweightedaverageinterestrateof4.04%,(ii)contractualinterestexpense($303million)forthetermloanfacilityusingaweightedaverageinterestrateof3.79%,(iii)amortizationoffinancingcosts($162million)forthebridgefacilityand(iv)amortizationoffinancingcosts($4million)forthetermloanfacility.

Interestexpenserelatedtothe364-daybridgefacilityisincludedinthenine-monthperiodendedSeptember30,2018andtheyearendedDecember31,2017asthebridgefacilityisexpectedtobereplacedbypermanentfinancing.Aone-eighthpercentchangeintheinterestratewouldresultinanincreaseoradecreaseintheproformainterestexpenseby$31millionforthenine-monthperiodendedSeptember30,2018and$42millionfortheyearendedDecember31,2017.

(i) Incometaxprovision

Reflectstheincometaximpactoftheproformafinancingadjustments.AnestimatedU.S.federalandstatestatutorytaxrateof22.5%forthenine-monthperiodendedSeptember30,2018and36.5%fortheyearendedDecember31,2017wereappliedtotheapplicableproformaadjustments.Theeffectivetaxrateofthecombinedcompanycouldbesignificantlydifferentthanthestatutorytaxrateassumedforpurposesofpreparingtheunauditedproformacondensedcombinedfinancialstatementsforavarietyoffactorssuchasthemixofpost-acquisitionincomeandotheractivities.

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8. Historical Juno

CertainreclassificationshavebeenmadetothehistoricalstatementsofearningsofJunofortheperiodfromJanuary1,2018throughMarch5,2018andtheyearendedDecember31,2017toconformtoBristol-MyersSquibb’spresentationasfollows:

Unaudited pro forma condensed combined statement of earnings for the nine-month period ended September 30, 2018

Juno before

reclassification Reclassification NotesJuno after

reclassificationNetproductsales $ — $ — $ —Allianceandotherrevenues 28 — 28TotalRevenues 28 — 28

Costofproductssold — — —Marketing,sellingandadministrative 99 (70) (1) 29Researchanddevelopment 94 (15) (1) 79Interestincome,net (2) 2 (2) —Interestexpense — — —Other(income)/expense,net (1) 83 (1),(2) 82TotalExpenses 190 — 190

Earnings/(Loss)BeforeIncomeTaxes (162) — (162)Provisionforincometaxes — — —NetEarnings/(Loss) (162) — (162)NoncontrollingInterest — — —NetEarnings/(Loss)AttributabletoControllingInterests $ (162) $ — $ (162)

(1) Reclassificationoftransactioncostsfrom“Marketing,sellingandadministrative”($70million)and“Researchanddevelopment”($15million)to“Other(income)/expense,net.”

(2) Reclassificationof“Interestincome,net”($2million)to“Other(income)/expense,net.”

Unaudited pro forma condensed combined statement of earnings for the year ended December 31, 2017

Juno before

reclassification Reclassification NotesJuno after

reclassificationNetproductsales $ — $ — $ —Allianceandotherrevenues 112 — 112TotalRevenues 112 — 112

Costofproductssold — — —Marketing,sellingandadministrative 108 — 108Researchanddevelopment 452 (69) (1) 383Interestincome,net (8) 8 (2) —Interestexpense — — —Other(income)/expense,net 3 61 (1),(2) 64TotalExpenses 555 — 555

Earnings/(Loss)BeforeIncomeTaxes (443) — (443)Provisionforincometaxes (6) — (6)NetEarnings/(Loss) (437) — (437)NoncontrollingInterest — — —NetEarnings/(Loss)AttributabletoControllingInterests $ (437) $ — $ (437)

(1) Reclassificationofsuccesspayments($69million)from“Researchanddevelopment”to“Other(income)/expense,net.”

(2) Reclassificationof“Interestincome,net”($8million)to“Other(income)/expense,net.”

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9. Fair value of consideration transferred in the Juno acquisition and preliminary purchase price allocation

ThetotalconsiderationfortheacquisitionofJunowas$10.4billion,whichconsistedofthefollowing:Cashpaidforoutstandingcommonstockat$87.00pershare $ 9,101FairvalueofCelgene’sinvestmentinJuno 966FairvalueofJuno’sequityawardsattributabletopre-combinationservice 367Estimatedpurchasepriceconsideration $ 10,434

ThefollowingisapreliminaryestimateoftheassetsacquiredandliabilitiesassumedbyCelgeneintheJunoacquisition,reconciledtothefairvalueofconsiderationtransferred:Workingcapital(a) $ 437In-processresearchanddevelopment(IPR&D) 6,980Definite-livedintangibleasset 1,260Property,plantandequipment,net 144Othernon-currentassets 46Deferredtaxliabilities,net (1,530)Othernon-currentliabilities (41)Goodwill 3,138Totalallocatedestimatedpurchasepriceconsideration $ 10,434

(a) Includescashandcashequivalents,debtsecuritiesavailable-for-sale,accountsreceivable,netofallowances,othercurrentassets,accountspayable,accruedexpensesandothercurrentliabilities(includingaccruedlitigation).

10. Pro forma adjustments to the unaudited pro forma condensed combined statements of earnings in connection with theJuno acquisition and financing

TheunauditedproformacondensedcombinedstatementsofearningsreflectCelgene’sacquisitionofJunousingtheacquisitionmethodofaccountingasofJanuary1,2017.Thisnoteshouldbereadinconjunctionwith“Note1.DescriptionoftheCelgenemergerandJunoacquisition,”“Note2.Basisofpresentation”and“Note9.FairvalueofconsiderationtransferredintheJunoacquisitionandpreliminarypurchasepriceallocation.”

(a) EliminationoftransactionsbetweenCelgeneandJuno

ReflectstheeliminationofamountsreflectedinthehistoricalconsolidatedstatementsofearningsfromtransactionsbetweenCelgeneandJuno,comprisedof(i)$18millionfortheperiodfromJanuary1,2018throughMarch5,2018and$86millionfortheyearendedDecember31,2017within“Allianceandotherrevenues”and(ii)$11millionfortheperiodfromJanuary1,2018throughMarch5,2018and$45millionfortheyearendedDecember31,2017within“Researchanddevelopment.”

(b) Amortizationofintangibles

Toadjustamortizationexpensewithin“Researchanddevelopment”to(i)includeanestimateofintangibleassetamortizationforacquireddefinite-livedintangibleassetsof$14millionfortheperiodfromJanuary1,2018throughMarch5,2018and$84millionfortheyearendedDecember31,2017and(ii)toeliminateJuno’shistoricalintangibleassetamortizationexpenseof$2millionfromJanuary1,2018throughMarch5,2018and$7millionfortheyearendedDecember31,2017.

(c) Transactioncosts

ReflectstheeliminationofJunoacceleratedequitycompensationexpenseassociatedwiththepost-combinationserviceperiod($196millionwithin“Marketing,sellingandadministrative”and$291millionwithin“Researchanddevelopment”),theeliminationofCelgene’stransactioncosts($92millionwithin“Other(income)/expense,net”)andtheeliminationofJuno’stransactioncosts($85millionwithin“Other(income)/expense,net”).Theunauditedproformacondensedcombinedfinancialinformationassumesthatacquisitionrelatedtransactionfeesandcosts,includingacceleratedone-timepostcombinationshare-basedcompensationrelatedtotheacquisition,arenotexpectedtohaveacontinuingimpactandareexcludedfromtheunauditedproformacondensedcombinedstatementofearningsthroughaproformaadjustment.

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(d) Interestincome

Reflectsanestimateofforegoneinterestincomeoncash,cashequivalentsandmarketablesecuritiesbasedonthesaleofmarketablesecuritiesavailable-for-saleasanassumedsourceofliquiditytofundtheacquisitionof$8millionfortheperiodfromJanuary1,2018throughMarch5,2018and$60millionfortheyearendedDecember31,2017.

(e) Interestexpense

Celgenefundedtheacquisitionthroughacombinationofexistingcash,cashequivalents,marketablesecuritiesandaportionoftheFebruary2018issuanceof$4.5billionofseniornotes.Theadjustmenttointerestexpenseconsistsofinterestexpense,amortizationofdebtissuancecostsandotherrecurringfinancingcostsassociatedwiththe$3.0billionofdebtincurredtofundtheacquisitionfromJanuary1,2017throughthedebtissuancedateofFebruary20,2018.Theadjustmenttointerestexpensewas$15millionfortheperiodfromJanuary1,2018throughFebruary20,2018and$118millionfortheyearendedDecember31,2017.

(f) Other(income)/expense,net

Eliminationofincreaseof$458millioninthefairvalueofCelgene’sinvestmentinJunopriortotheacquisitiononMarch6,2018toafairvalueof$966million,whichisbasedontheofferpriceof$87.00pershare.Celgene’sinvestmentinJunowaseliminatedinthepreliminarypurchasepriceallocation.

(g) Incometaxprovision

Statutorytaxrateswereapplied,asappropriate,toeachproformaadjustmentbasedonthejurisdictioninwhichtheadjustmentisexpectedtooccur.AnestimatedU.S.federalstatutorytaxrateof21%forthenine-monthperiodendedSeptember30,2018and35%fortheyearendedDecember31,2017wereappliedtotheapplicableproformaadjustments.Thetotaleffectivetaxrateofthecombinedcompanycouldbesignificantlydifferentdependingonthepost-acquisitiongeographicalmixofincomeandotherfactors.

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COMPARATIVE PER SHARE MARKET PRICE AND DIVIDEND INFORMATION

Market Prices

ThesharesofBristol-MyersSquibbcommonstockaretradedontheNYSEunderthesymbol“BMY”andthesharesofCelgenecommonstockaretradedonNasdaqunderthesymbol“CELG.”Thefollowingtablesetsforth,forthecalendarperiodsindicated,theclosinghighandlowsalespricespershareofBristol-MyersSquibbcommonstockasreportedontheNYSEandtheintra-dayhighandlowsalespricespershareofCelgenecommonstockasreportedonNasdaq.

Shares of Bristol-Myers Squibb Common Stock

Shares of Celgene Common Stock

High Low High Low2016 : FirstCalendarQuarter $ 68.35 $ 58.87 $ 119.59 $ 93.05SecondCalendarQuarter 74.29 64.91 111.90 94.42ThirdCalendarQuarter 76.77 53.87 117.90 98.25FourthCalendarQuarter 59.61 49.23 127.00 96.932017: FirstCalendarQuarter $ 60.13 $ 46.82 $ 127.64 $ 111.06SecondCalendarQuarter 57.33 51.66 135.18 113.63ThirdCalendarQuarter 63.74 54.24 146.13 126.86FourthCalendarQuarter 65.35 59.94 147.17 94.552018: FirstCalendarQuarter $ 68.98 $ 59.92 $ 109.98 $ 84.95SecondCalendarQuarter 62.98 50.53 92.96 74.13ThirdCalendarQuarter 62.25 55.19 95.30 78.15FourthCalendarQuarter 63.23 48.76 92.68 58.592019: FirstCalendarQuarter(throughJanuary31,2019) $ 52.43 $ 45.12 $ 88.80 $ 63.19

ThefollowingtablesetsforththeclosingsalepricepershareofBristol-MyersSquibbcommonstockasreportedontheNYSEandpricepershareofCelgenecommonstockasreportedonNasdaqonJanuary2,2019,thelasttradingdaypriortothepublicannouncementofthetransaction,andonJanuary31,2019,themostrecenttradingdaypriortothedateofthisjointproxystatement/prospectusforwhichthisinformationwasavailable.ThetablealsoshowstheimpliedupfrontvalueofthemergerconsiderationforeachshareofCelgenecommonstock(withoutconsideringanypotentialCVRpayout)asofthesametwodates.ThisimpliedvaluewascalculatedbymultiplyingtheclosingsalepriceofashareofBristol-MyersSquibbcommonstockontherelevantdatebytheexchangeratioandadding$50.00,thecashcomponentofthemergerconsideration.

Shares of Bristol-Myers

Squibb Common Stock

Shares of Celgene Common Stock

Implied Per Share Value of Merger Consideration (Without CVR)

January2,2019 $ 52.43 $ 66.64 $ 102.43January31,2019 $ 49.37 $ 88.46 $ 99.37

ThemarketpricesofsharesofBristol-MyersSquibbcommonstockandsharesofCelgenecommonstockhavefluctuatedsincethedateoftheannouncementofthemergeragreementandwillcontinuetofluctuatefromthedateofthisjointproxystatement/prospectustothedatesoftheBristol-MyersSquibbspecialmeetingandtheCelgenespecialmeetingandthedatethemergeriscompleted.NoassurancecanbegivenconcerningthemarketpricesofsharesofBristol-MyersSquibbcommonstockorsharesofCelgenecommonstockbeforecompletionofthemergerorsharesofBristol-MyersSquibbcommonstockaftercompletionofthemerger.Theexchangeratioisfixedinthemergeragreement,butthemarketpriceofsharesofBristol-MyersSquibbcommonstock(andthereforethevalueofthemergerconsideration)whenreceivedbyCelgenestockholdersafterthemergeriscompletedcouldbegreaterthan,lessthanorthesameasshowninthetableabove.Accordingly,CelgenestockholdersareadvisedtoobtaincurrentmarketquotationsforsharesofBristol-MyersSquibbcommonstockandsharesofCelgenecommonstockindecidingwhethertovoteforadoptionofthemergeragreement.

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ThisinformationshouldbereadtogetherwiththeconsolidatedfinancialstatementsandrelatednotesofBristol-MyersSquibbandCelgenethatareincorporatedbyreferenceinthisdocumentandwiththeunauditedproformacombinedfinancialdataincludedunderthesectiontitled“CertainUnauditedProFormaCondensedCombinedFinancialStatements”beginningonpage59ofthisjointproxystatement/prospectus.

Dividends

Bristol-MyersSquibbcurrentlypaysaquarterlydividendonsharesofBristol-MyersSquibbcommonstockandlastpaidadividendonFebruary1,2019of$0.41pershare.OnDecember6,2018,theBMSBoardauthorizedadividendof$0.50pershareontheBristol-MyersSquibb$2.00convertiblepreferredstock,tobepaidMarch1,2019toBristol-MyersSquibb$2.00convertiblepreferredstockholdersofrecordasofFebruary5,2019.Underthetermsofthemergeragreement,duringtheperiodbeforecompletionofthemerger,Bristol-MyersSquibbisnotpermittedtodeclare,setasideorpayanydividendorotherdistributionotherthanitsregularcashdividendintheordinarycourseofbusinessconsistentwithpastpracticeinanamountnottoexceed$0.41pershareperquarter.

CelgenehasneverdeclaredorpaidanycashdividendsonsharesofCelgenecommonstock.Underthetermsofthemergeragreement,duringtheperiodbeforecompletionofthemerger,Celgeneisnotpermittedtodeclare,setasideorpayanydividendorotherdistribution,subjecttoexceptions.

Aftercompletionofthemerger,eachformerCelgenestockholderwhoholdssharesofBristol-MyersSquibbcommonstockintowhichsharesofCelgenecommonstockhavebeenconvertedinconnectionwiththemergerwillreceivealldividendsorotherdistributionsdeclaredandpaidonsharesofBristol-MyersSquibbcommonstockwitharecorddateonorafterthecompletionofthemerger.However,nodividendorotherdistributionhavingarecorddateaftercompletionofthemergerwillactuallybepaidwithrespecttoanysharesofBristol-MyersSquibbcommonstockintowhichsharesofCelgenecommonstockhavebeenconvertedinconnectionwiththemergeruntilthecertificatesformerlyrepresentingsharesofCelgenecommonstockhavebeensurrenderedorthebook-entrysharesformerlyrepresentingsharesofCelgenecommonstockhavebeentransferredtotheexchangeagentinaccordancewiththemergeragreement,atwhichtimeanysuchaccrueddividendsandotherdistributionsonthosesharesofBristol-MyersSquibbcommonstockwillbepaidwithoutinterest.Subjecttothelimitationssetforthinthemergeragreementdescribedabove,anyfuturedividendsbyBristol-MyersSquibbwillbemadeatthediscretionoftheBMSBoard.Subjecttothelimitationssetforthinthemergeragreementdescribedabove,anyfuturedividendsbyCelgenewillbemadeatthediscretionoftheCelgeneBoard.TherecanbenoassurancethatanyfuturedividendswillbedeclaredorpaidbyBristol-MyersSquibborCelgeneorastotheamountortimingofthosedividends,ifany.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Thisjointproxystatement/prospectus(includinginformationincludedorincorporatedbyreferenceherein)containscertainforward-lookingstatementswithinthemeaningofSection27AoftheSecuritiesActof1933,asamended,andSection21EoftheSecuritiesExchangeActof1934,asamended.Youcangenerallyidentifyforward-lookingstatementsbytheuseofforward-lookingterminologysuchas“anticipate,”“believe,”“continue,”“could,”“estimate,”“expect,”“explore,”“evaluate,”“intend,”“may,”“might,”“plan,”“potential,”“predict,”“project,”“seek,”“should,”or“will,”orthenegativethereoforothervariationsthereonorcomparableterminology.Theseforward-lookingstatementsareonlypredictionsandinvolveknownandunknownrisksanduncertainties,manyofwhicharebeyondBristol-MyersSquibb’sandCelgene’scontrol.StatementsinthiscommunicationregardingBristol-MyersSquibb,Celgeneandthecombinedcompanythatareforward-looking,includingprojectionsastotheanticipatedbenefitsoftheproposedtransaction,theimpactoftheproposedtransactiononBristol-MyersSquibb’sandCelgene’sbusinessandfuturefinancialandoperatingresults,theamountandtimingofsynergiesfromtheproposedtransaction,thetermsandscopeoftheexpectedfinancingfortheproposedtransaction,theaggregateamountofindebtednessofthecombinedcompanyfollowingtheclosingoftheproposedtransaction,expectationsregardingcashflowgeneration,accretiontocashearningspershare,capitalstructure,debtrepayment,andcreditratingsfollowingtheclosingoftheproposedtransaction,Bristol-MyersSquibb’sabilityandintenttoconductasharerepurchaseprogramanddeclarefuturedividendpayments,thecombinedcompany’spipeline,intellectualpropertyprotectionandR&Dspend,thetimingandprobabilityofapaymentpursuanttothecontingentvaluerightconsideration,andtheclosingdatefortheproposedtransaction,arebasedonmanagement’sestimates,assumptionsandprojections,andaresubjecttosignificantuncertaintiesandotherfactors,manyofwhicharebeyondBristol-MyersSquibb’sandCelgene’scontrol.Thesefactorsinclude,amongotherthings,effectsofthecontinuingimplementationofgovernmentallawsandregulationsrelatedtoMedicare,Medicaid,MedicaidmanagedcareorganizationsandentitiesunderthePublicHealthService340Bprogram,pharmaceuticalrebatesandreimbursement,marketfactors,competitiveproductdevelopmentandapprovals,pricingcontrolsandpressures(includingchangesinrulesandpracticesofmanagedcaregroupsandinstitutionalandgovernmentalpurchasers),economicconditionssuchasinterestrateandcurrencyexchangeratefluctuations,judicialdecisions,claimsandconcernsthatmayariseregardingthesafetyandefficacyofin-lineproductsandproductcandidates,changestowholesalerinventorylevels,variabilityindataprovidedbythirdparties,changesin,andinterpretationof,governmentalregulationsandlegislationaffectingdomesticorforeignoperations,includingtaxobligations,changestobusinessortaxplanningstrategies,difficultiesanddelaysinproductdevelopment,manufacturingorsalesincludinganypotentialfuturerecalls,patentpositionsandtheultimateoutcomeofanylitigationmatter.Thesefactorsalsoincludethecombinedcompany’sabilitytoexecutesuccessfullyitsstrategicplans,includingitsbusinessdevelopmentstrategy,theexpirationofpatentsordataprotectiononcertainproducts,includingassumptionsaboutthecombinedcompany’sabilitytoretainpatentexclusivityofcertainproducts,theimpactandresultofgovernmentalinvestigations,thecombinedcompany’sabilitytoobtainnecessaryregulatoryapprovalsorobtainingthesewithoutdelay,theriskthatthecombinedcompany’sproductsprovetobecommerciallysuccessfulorthatcontractualmilestoneswillbeachieved.Similarly,thereareuncertaintiesrelatingtoanumberofotherimportantfactors,including:resultsofclinicaltrialsandpreclinicalstudies,includingsubsequentanalysisofexistingdataandnewdatareceivedfromongoingandfuturestudies;thecontentandtimingofdecisionsmadebytheFDAandotherregulatoryauthorities,investigationalreviewboardsatclinicaltrialsitesandpublicationreviewbodies;theabilitytoenrollpatientsinplannedclinicaltrials;unplannedcashrequirementsandexpenditures;competitivefactors;theabilitytoobtain,maintainandenforcepatentandotherintellectualpropertyprotectionforanyproductcandidates;theabilitytomaintainkeycollaborations;andgeneraleconomicandmarketconditions.Additionalinformationconcerningtheserisks,uncertaintiesandassumptionscanbefoundinBristol-MyersSquibb’sandCelgene’srespectivefilingswiththeSEC,includingtheriskfactorsdiscussedinBristol-MyersSquibb’sandCelgene’smostrecentAnnualReportsonForm10-K,asupdatedbytheirQuarterlyReportsonForm10-QandfuturefilingswiththeSEC.ItshouldalsobenotedthatprojectedfinancialinformationforthecombinedbusinessesofBristol-MyersSquibbandCelgeneisbasedonmanagement’sestimates,assumptionsandprojectionsandhasnotbeenpreparedinconformancewiththeapplicableaccountingrequirementsofRegulationS-XoftheExchangeActrelatingtoproformafinancialinformation,andtherequiredproformaadjustmentshavenotbeenappliedandarenotreflectedtherein.Noneofthisinformationshouldbeconsideredinisolationfrom,orasasubstitutefor,thehistoricalfinancialstatementsofBristol-MyersSquibborCelgene.Importantriskfactorscouldcauseactualfutureresultsandotherfutureeventstodiffermateriallyfromthosecurrentlyestimatedbymanagement,including,butnotlimitedto,therisksthat:aconditiontotheclosingtheproposedacquisitionmaynotbe

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satisfied;aregulatoryapprovalthatmayberequiredfortheproposedacquisitionisdelayed,isnotobtainedorisobtainedsubjecttoconditionsthatarenotanticipated;Bristol-MyersSquibbisunabletoachievethesynergiesandvaluecreationcontemplatedbytheproposedacquisition;Bristol-MyersSquibbisunabletopromptlyandeffectivelyintegrateCelgene’sbusinesses;management’stimeandattentionisdivertedontransactionrelatedissues;disruptionfromthetransactionmakesitmoredifficulttomaintainbusiness,contractualandoperationalrelationships;thecreditratingsofthecombinedcompanydeclinesfollowingtheproposedacquisition;legalproceedingsareinstitutedagainstBristol-MyersSquibb,Celgeneorthecombinedcompany;Bristol-MyersSquibb,Celgeneorthecombinedcompanyisunabletoretainkeypersonnel;andtheannouncementortheconsummationoftheproposedacquisitionhasanegativeeffectonthemarketpriceofthecapitalstockofBristol-MyersSquibbandCelgeneoronBristol-MyersSquibb’sandCelgene’soperatingresults.Noassurancescanbegiventhatanyoftheeventsanticipatedbytheforward-lookingstatementswilltranspireoroccur,orifanyofthemdooccur,whatimpacttheywillhaveontheresultsofoperations,financialconditionorcashflowsofBristol-MyersSquibborCelgene.Shouldanyrisksanduncertaintiesdevelopintoactualevents,thesedevelopmentscouldhaveamaterialadverseeffectontheproposedtransactionand/orBristol-MyersSquibborCelgene,Bristol-MyersSquibb’sabilitytosuccessfullycompletetheproposedtransactionand/orrealizetheexpectedbenefitsfromtheproposedtransaction.

Theforegoinglistsetsforthsome,butnotall,ofthefactorsthatcouldhaveanimpactuponBristol-MyersSquibb’sandCelgene’sabilitytoachieveresultsdescribedinanyforward-lookingstatements.Afurtherlistanddescriptionoftheseandotherfactorscanbefoundinthesectionentitled“RiskFactors”beginningonpage39ofthisjointproxystatement/prospectusandelsewhereinthisjointproxystatement/prospectus.Inaddition,alloftheforward-lookingstatementsBristol-MyersSquibborCelgenemakeinthisdocumentarequalifiedbytheinformationincorporatedbyreferenceintothisjointproxystatement/prospectus,including,butnotlimitedto(i)theinformationcontainedunderthisheadingand(ii)theinformationdiscussedunderthesectionsentitled“RiskFactors”inBristol-MyersSquibb’sAnnualReportonForm10-KforthefiscalyearendedDecember31,2017andBristol-MyersSquibb’sQuarterlyReportonForm10-QforthequarterlyperiodendedSeptember30,2018andinCelgene’sAnnualReportonForm10-KforthefiscalyearendedDecember31,2017andCelgene’sQuarterlyReportonForm10-QforthequarterlyperiodendedSeptember30,2018.Seethesectionentitled“WhereYouCanFindMoreInformation”beginningonpage251ofthisjointproxystatement/prospectus.

Personsreadingthisannouncementarecautionednottoplaceunduerelianceontheseforward-lookingstatements.Theseforward-lookingstatementsareandwillbebaseduponmanagement’sthen-currentviewsandassumptionsregardingfutureeventsandoperatingperformance,andareapplicableonlyasofthedatesofsuchstatements.Youalsoshouldunderstandthatitisnotpossibletopredictoridentifyallsuchfactorsandthatthislistshouldnotbeconsideredacompletestatementofallpotentialrisksanduncertainties.Investorsalsoshouldrealizethatifunderlyingassumptionsproveinaccurateorifunknownrisksoruncertaintiesmaterialize,actualresultscouldvarymateriallyfromBristol-MyersSquibb’sorCelgene’sprojections.Exceptasotherwiserequiredbylaw,neitherBristol-MyersSquibbnorCelgeneisunderanyobligation,andeachexpresslydisclaimanyobligation,toupdate,alter,orotherwisereviseanyforward-lookingstatementsincludedinthisjointproxystatement/prospectusorelsewhere,whetherwrittenororal,thatmaybemadefromtimetotimerelatingtoanyofthemattersdiscussedinthisjointproxystatement/prospectus,whetherasaresultofnewinformation,futureeventsorotherwise,asofanyfuturedate.

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THE COMPANIES

Bristol-Myers Squibb

Bristol-MyersSquibbwasincorporatedunderthelawsoftheStateofDelawareinAugust1933underthenameBristol-MyersCompany,assuccessortoaNewYorkbusinessstartedin1887.In1989,Bristol-MyersCompanychangeditsnametoBristol-MyersSquibbCompanyasaresultofamerger.Bristol-MyersSquibbisengagedinthediscovery,development,licensing,manufacturing,marketing,distributionandsaleofbiopharmaceuticalproductsonaglobalbasis.

TheprincipaltradingmarketforsharesofBristol-MyersSquibbcommonstock(NYSE:BMY)istheNYSE.TheprincipalexecutiveofficesofBristol-MyersSquibbarelocatedat430East29thStreet,14thFloor,NewYork,NewYork10016;itstelephonenumberis(212)546-4000;anditswebsiteiswww.bms.com .InformationonBristol-MyersSquibb’sInternetwebsiteisnotincorporatedbyreferenceintoorotherwisepartofthisjointproxystatement/prospectus.

Thisjointproxystatement/prospectusincorporatesimportantbusinessandfinancialinformationaboutBristol-MyersSquibbfromotherdocumentsthatarenotincludedinordeliveredwiththisjointproxystatement/prospectus.Foralistofthedocumentsthatareincorporatedbyreference,see“WhereYouCanFindMoreInformation”beginningonpage251ofthisjointproxystatement/prospectus.

Celgene

CelgenewasincorporatedintheStateofDelawarein1986.Celgeneisanintegratedglobalbiopharmaceuticalcompanyengagedprimarilyinthediscovery,developmentandcommercializationofinnovativetherapiesforthetreatmentofcancerandinflammatorydiseasesthroughnext-generationsolutionsinproteinhomeostasis,immuno-oncology,epigenetics,immunologyandneuro-inflammation.ItsprimarycommercialstageproductsincludeREVLIMID®,POMALYST®/IMNOVID®,OTEZLA®,ABRAXANE®andVIDAZA®.

Celgenecontinuestomakesignificantinvestmentsinresearchanddevelopmentinsupportofmultipleongoingproprietaryclinicaldevelopmentprograms,whichsupportitsexistingproductsandpipelineofnewproductcandidates.Celgene’skeylate-stageproductcandidates,whichareexpectedtolaunchin2019and2020,areozanimod,fedratinib,luspatercept,bb2121,andJCAR017.Beyonditslate-stageproductcandidates,Celgenehasaccesstoagrowingearly-to-mid-stagepipelineofnovelpotentialtherapiestoaddresssignificantunmetmedicalneedsthatconsistsofnewproductcandidatesandcelltherapiesdevelopedin-house,licensedfromothercompaniesorabletobeoptionedfromcollaborationpartners.

TheprincipaltradingmarketforsharesofCelgenecommonstock(NASD:CELG)isNasdaq.TheprincipalexecutiveofficesofCelgenearelocatedat86MorrisAvenue,Summit,NewJersey07901;itstelephonenumberis(908)673-9000;anditswebsiteiswww.celgene.com .InformationonCelgene’sInternetwebsiteisnotincorporatedbyreferenceintoorotherwisepartofthisjointproxystatement/prospectus.

Thisjointproxystatement/prospectusincorporatesimportantbusinessandfinancialinformationaboutCelgenefromotherdocumentsthatarenotincludedinordeliveredwiththisjointproxystatement/prospectus.Foralistofthedocumentsthatareincorporatedbyreference,see“WhereYouCanFindMoreInformation”beginningonpage251ofthisjointproxystatement/prospectus.

Burgundy Merger Sub, Inc.

MergerSubwasincorporatedunderthelawsoftheStateofDelawareonDecember31,2018,andisawholly-ownedsubsidiaryofBristol-MyersSquibb.MergerSubwasformedsolelyforthepurposeofcompletingthemerger.MergerSubhasnotcarriedonanyactivitiesoroperationstodate,exceptforactivitiesincidentaltoitsformationandactivitiesundertakeninconnectionwiththemerger.Byoperationofthemerger,MergerSubwillbemergedwithandintoCelgene,withCelgenesurvivingthemergerasawholly-ownedsubsidiaryofBristol-MyersSquibb.

TheprincipalexecutiveofficesofMergerSubarelocatedat430East29thStreet,14thFloor,NewYork,NewYork10016;itstelephonenumberis(212)546-4000.

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SPECIAL MEETING OF STOCKHOLDERS OF BRISTOL-MYERS SQUIBB

Bristol-Myers Squibb is providing this joint proxy statement/prospectus to its stockholders in connection with the solicitation ofproxies to be voted at the Bristol-Myers Squibb special meeting of stockholders (or any adjournment or postponement thereof)that Bristol-Myers Squibb has called to consider and vote on a proposal to approve the stock issuance and a proposal toapprove the adjournment from time to time of the Bristol-Myers Squibb special meeting if necessary to solicit additionalproxies if there are not sufficient votes at the time of the Bristol-Myers Squibb special meeting, or any adjournment orpostponement thereof, to approve the stock issuance.

Date, Time and Location

Togetherwiththisjointproxystatement/prospectus,Bristol-MyersSquibbisalsosendingBristol-MyersSquibbstockholdersanoticeoftheBristol-MyersSquibbspecialmeetingandaformofproxycardthatissolicitedbytheBMSBoardforuseattheBristol-MyersSquibbspecialmeetingtobeheldonApril12,2019,attheofficesofKirkland&EllisLLP,locatedat601LexingtonAvenue,NewYork,NewYork10022,at10:00a.m.,EasternTime,andanyadjournmentsorpostponementsoftheBristol-MyersSquibbspecialmeeting.

OnlystockholdersofBristol-MyersSquibbasoftherecorddate,March1,2019,theirauthorizedrepresentativesandguestsofBristol-MyersSquibbmayattendthespecialmeeting.Admissionwillbebyticketonly.Aformofgovernment-issuedphotographidentificationwillberequiredtoenterthemeeting.Largebags,backpacks,briefcases,cameras,recordingequipmentandotherelectronicdeviceswillnotbepermittedinthemeeting,andattendeeswillbesubjecttosecurityinspections.Ourofficesarewheelchairaccessible.Bristol-MyersSquibbwillprovide,uponrequest,wirelessheadsetsforhearingamplification.

Ifyouarearegisteredstockholder(yoursharesareheldinyourname)andplantoattendthemeeting,youshouldbringthetopportionoftheproxycard,bothofwhichwillserveasyouradmissionticket.

Ifyouareabeneficialowner(yoursharesareheldinthenameofabank,brokerorotherholderofrecord)andplantoattendthemeeting,youcanobtainanadmissionticketinadvancebywritingtoShareholderServices,430East29thStreet,14thFloor,NewYork,NewYork10016.Pleasebesuretoencloseproofofownership,suchasabankorbrokerageaccountstatement.StockholderswhodonotobtainticketsinadvancemayobtainthemuponverificationofownershipattheRegistrationDeskonthedayofthespecialmeeting.

Purpose

AttheBristol-MyersSquibbspecialmeeting,Bristol-MyersSquibbstockholderswillbeaskedtoconsiderandvoteonthefollowingproposals:

• toapprovethestockissuance;and

• toapprovetheBristol-MyersSquibbadjournmentproposal.

UnderBristol-MyersSquibb’sby-laws,thebusinesstobeconductedattheBristol-MyersSquibbspecialmeetingwillbelimitedtotheproposalssetforthinthenoticetoBristol-MyersSquibbstockholdersprovidedwiththisjointproxystatement/prospectus.

Recommendation of the Bristol-Myers Squibb Board of Directors

Forthereasonssetforthinthisjointproxystatement/prospectus,theBMSBoarddeterminedthatthemergeragreementandthetransactionscontemplatedbythemergeragreement,includingthemergerandthestockissuance,areadvisable,fairtoandinthebestinterestsofBristol-MyersSquibbanditsstockholders.TheBMSBoardunanimouslyrecommendsthatBristol-MyersSquibbstockholdersvote“FOR”thestockissuance.TheBMSBoardfurtherunanimouslyrecommendsthatBristol-MyersSquibbstockholdersvote“FOR”theBristol-MyersSquibbadjournmentproposal.See“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—Bristol-MyersSquibb’sReasonsfortheMerger;RecommendationoftheBristol-MyersSquibbBoardofDirectorsthatBristol-MyersSquibbStockholdersApprovetheStockIssuance”beginningonpage110ofthisjointproxystatement/prospectusforamoredetaileddiscussionoftherecommendationoftheBMSBoardthatBristol-MyersSquibbstockholdersapprovethestockissuance.

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Bristol-Myers Squibb Record Date; Outstanding Shares; Stockholders Entitled to Vote

TheBMSBoardhasfixedthecloseofbusinessonMarch1,2019,astherecorddateforthedeterminationoftheBristol-MyersSquibbstockholdersentitledtovoteattheBristol-MyersSquibbspecialmeetingoranyadjournmentorpostponementoftheBristol-MyersSquibbspecialmeeting.OnlyBristol-MyersSquibbstockholdersofrecordattherecorddateareentitledtoreceivenoticeof,andtovoteat,theBristol-MyersSquibbspecialmeetingoranyadjournmentorpostponementthereof.AsofthecloseofbusinessonJanuary24,2019,therewere(i)1,632,650,807.509sharesofBristol-MyersSquibb$0.10parvaluecommonstockoutstandingandentitledtovoteattheBristol-MyersSquibbspecialmeeting,heldbyapproximately39,427holdersofrecord,and(ii)3,586sharesofBristol-MyersSquibb$2.00convertiblepreferredstockoutstandingandentitledtovoteattheBristol-MyersSquibbspecialmeeting,heldbyapproximately141holdersofrecord.

Quorum

ThepresenceattheBristol-MyersSquibbspecialmeeting,inpersonorbyproxy,oftheholdersofamajorityoftheoutstandingsharesofBristol-MyersSquibbstockattherecorddate(thecloseofbusinessonMarch1,2019)andentitledtovotewillconstituteaquorum.ElectionstoabstainfromvotingwillbedeemedpresentattheBristol-MyersSquibbspecialmeetingforthepurposeofdeterminingthepresenceofaquorum.SharesofBristol-MyersSquibbstockheldin“streetname”withrespecttowhichthebeneficialownerfailstogivevotinginstructionstothebroker,bankorothernomineeholderofrecord,andsharesofBristol-MyersSquibbstockwithrespecttowhichthebeneficialownerotherwisefailstovote,willnotbedeemedpresentattheBristol-MyersSquibbspecialmeetingforthepurposeofdeterminingthepresenceofaquorum.TheremustbeaquorumforthevoteonthestockissuancetobetakenattheBristol-MyersSquibbspecialmeeting.FailureofaquorumtobepresentattheBristol-MyersSquibbspecialmeetingwillnecessitateanadjournmentofthemeetingandwillsubjectBristol-MyersSquibbtoadditionalexpense.

Required Vote

TheaffirmativevoteofatleastamajorityofthevotescastbyholdersofoutstandingsharesofBristol-MyersSquibbstockatadulycalledandheldmeetingofBristol-MyersSquibb’sstockholdersatwhichaquorumispresentapprovingtheissuanceofsharesofBristol-MyersSquibbstockinconnectionwiththemerger.Bristol-Myers Squibb cannot complete the merger unless itsstockholders approve the stock issuance. UnderthecurrentrulesandinterpretiveguidanceoftheNYSE,“votescast”onthestockissuanceconsistofvotes“for”or“against”aswellaselectionstoabstainfromvoting.Asaresult,aBristol-MyersSquibbstockholder’sabstentionfromvotingonthestockissuancewillhavethesameeffectasavote“AGAINST”theproposal.Assumingaquorumispresent,thefailureofaBristol-MyersSquibbstockholderwhoholdshisorhersharesin“streetname”throughabroker,bankorothernomineeholderofrecordtogivevotinginstructionstothatbroker,bankorothernomineeholderofrecordoranyotherfailureofaBristol-MyersSquibbstockholdertovotewillhavenoeffectontheoutcomeofanyvotetoapprovethestockissuancebecausethesefailurestovotearenotconsidered“votescast.”

ApprovaloftheBristol-MyersSquibbadjournmentproposal,whetherornotaquorumispresent,requirestheaffirmativevoteofamajorityofthevotespresentattheBristol-MyersSquibbspecialmeetingbyBristol-MyersSquibbstockholdersentitledtovote.ForpurposesoftheBristol-MyersSquibbadjournmentproposal,“votespresent”ontheproposalconsistofvotes“for”or“against”aswellaselectionstoabstainfromvotingontheproposal.Asaresult,aBristol-MyersSquibbstockholder’sabstentionfromvotingontheBristol-MyersSquibbadjournmentproposalwillhavethesameeffectasavote“AGAINST”theapprovalofthisproposal.ThefailureofaBristol-MyersSquibbstockholderwhoholdshisorhersharesin“streetname”throughabroker,bankorothernomineeholderofrecordtogivevotinginstructionstothatbroker,bankorothernomineeholderofrecordoranyotherfailureofaBristol-MyersSquibbstockholdertovotewillhavenoeffectontheapprovalofthisproposalbecausethesefailurestovotearenotconsidered“votespresent.”

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Stock Ownership of and Voting by Bristol-Myers Squibb Directors and Executive Officers

AsofJanuary24,2019,Bristol-MyersSquibb’sdirectorsandexecutiveofficersandtheiraffiliatesbeneficiallyownedandhadtherighttovoteintheaggregate1,810,875sharesofBristol-MyersSquibbstockattheBristol-MyersSquibbspecialmeeting,whichrepresentsapproximatelylessthan1%ofthesharesofBristol-MyersSquibbstockentitledtovoteattheBristol-MyersSquibbspecialmeeting.EachofBristol-MyersSquibb’sdirectorsandexecutiveofficersisexpected,asofthedateofthisjointproxystatement/prospectus,tovotehisorhersharesofBristol-MyersSquibbstock“FOR”thestockissuanceand“FOR”theBristol-MyersSquibbadjournmentproposal,althoughnoneofBristol-MyersSquibb’sdirectorsorexecutiveofficershasenteredintoanyagreementrequiringthemtodoso.

Voting of Shares

ProxiesaresolicitedtogiveallholdersofrecordofBristol-MyersSquibbstockwhoareentitledtovoteonthemattersthatcomebeforethemeetingtheopportunitytodosowhetherornottheyattendthemeetinginperson.Ifyouarearegisteredholder,youcanvoteyoursharesbyproxyinoneofthefollowingmanners:

(i) viaInternetatwww.proxyvote.com;

(ii) bytelephoneat(800)690-6903;

(iii) bymail,ifyoureceivedapapercopyoftheproxymaterials;or

(iv) inpersonatthespecialmeeting.

ChoosingtovoteviaInternetorcallingthetoll-freenumberlistedabovewillsaveBristol-MyersSquibbexpense.Inordertovoteonlineorviatelephone,havethevotingforminhandandeithercallthenumberorgotothewebsiteandfollowtheinstructions.IfyouvoteviatheInternetorbytelephone,pleasedonotreturnasignedproxycard.

Ifyoureceivedapapercopyofthejointproxystatement/prospectusandchoosetovotebymail,specifyhowyouwantyoursharesvotedoneachproposalbymarkingtheappropriateboxesontheproxycardenclosedwiththejointproxystatement/prospectus,dateandsignit,andmailitinthepostage-paidenvelope.

Ifyouwishtovoteinperson,youcanvoteyoursharesatthespecialmeeting.

Generally

Ifyouareabeneficialstockholder,youhavetherighttodirectyourbrokerornomineeonhowtovotetheshares.Youshouldcompleteavotinginstructioncardwhichyourbrokerornomineeisobligatedtoprovideyou.Ifyouwishtovoteinpersonatthemeeting,youmustfirstobtainfromtherecordholderalegalproxyissuedinyourname.

UndertherulesoftheNYSE,brokersthathavenotreceivedvotinginstructionsfromtheircustomerstendayspriortothemeetingdatemayvotetheircustomers’sharesinthebrokers’discretionontheproposalsregardingroutinematters.

UnderNYSErules,bothproposalstobeconsideredattheBristol-MyersSquibbspecialmeetingasdescribedinthisjointproxystatement/prospectusareconsidered“non-routine,”whichmeansthatyourbrokercannotvoteyoursharesontheseproposals.

Your vote is very important, regardless of the number of shares you own. Whether or not you expect to attend the Bristol-Myers Squibb special meeting in person, please vote or otherwise submit a proxy to vote your shares as promptly as possible sothat your shares may be represented and voted at the Bristol-Myers Squibb special meeting. If your shares are held in the nameof a bank, broker or other nominee holder of record, please follow the instructions on the voting instruction form furnished toyou by such record holder.

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Revocability of Proxies; Changing Your Vote

Ifyouareastockholderofrecord,youcanrevokeyourproxyatanytimebeforeitisvotedatthemeetingbytakingoneofthefollowingthreeactions:

• bygivingtimelywrittennoticeoftherevocationtotheBristol-MyersSquibbCompany,c/oBroadridge,51MercedesWay,Edgewood,NY11717;

• bycastinganewvotebytelephoneorbytheInternet;or

• byvotinginpersonatthespecialmeeting.

Ifyouareabeneficialownerofshares,youmaysubmitnewvotinginstructionsbycontactingyourbank,brokerorotherholderofrecord.Youmayalsovoteinpersonatthespecialmeetingifyouobtainalegalproxy.

Allsharesthathavebeenproperlyvotedandnotrevokedwillbevotedatthespecialmeeting.

Solicitation of Proxies; Expenses of Solicitation

Thisjointproxystatement/prospectusisbeingprovidedtoholdersofsharesofBristol-MyersSquibbstockinconnectionwiththesolicitationofproxiesbytheBMSBoardtobevotedattheBristol-MyersSquibbspecialmeetingandatanyadjournmentsorpostponementsoftheBristol-MyersSquibbspecialmeeting.Bristol-MyersSquibbwillbearallcostsandexpensesinconnectionwiththesolicitationofproxies,includingthecostsoffiling,printingandmailingthisjointproxystatement/prospectusfortheBristol-MyersSquibbspecialmeeting.Bristol-MyersSquibbhasengagedMacKenziePartners,Inc.toassistinthesolicitationofproxiesfortheBristol-MyersSquibbspecialmeetingandwillpayaminimumfeeof$75,000.

Inadditiontosolicitationbymail,directors,officersandemployeesofBristol-MyersSquibboritssubsidiariesmaysolicitproxiesfromstockholdersbytelephone,telegram,email,personalintervieworothermeans.Bristol-MyersSquibbcurrentlyexpectsnottoincuranycostsbeyondthosecustomarilyexpendedforasolicitationofproxiesinconnectionwithapprovalofanyissuanceofsharesofBristol-MyersSquibbcommonstock.Directors,officersandemployeesofBristol-MyersSquibbwillnotreceiveadditionalcompensationfortheirsolicitationactivities,butmaybereimbursedforreasonableout-of-pocketexpensesincurredbytheminconnectionwiththesolicitation.Brokers,dealers,commercialbanks,trustcompanies,fiduciaries,custodiansandothernomineeshavebeenrequestedtoforwardproxysolicitationmaterialstotheircustomers,andsuchnomineeswillbereimbursedfortheirreasonableout-of-pocketexpenses.

Householding

“Householding”isaprocedureBristol-MyersSquibbadoptedwherebystockholdersofrecordwhohavethesamelastnameandaddressandwhoreceivetheproxymaterialsbymailwillreceiveonlyonecopyoftheproxymaterialsunlessBristol-MyersSquibbhavereceivedcontraryinstructionsfromoneormoreofthestockholders.Thisprocedurereducesprintingandmailingcosts.Ifyouwishtoreceiveaseparatecopyoftheproxymaterials,noworinthefuture,atthesameaddress,orifyouarecurrentlyreceivingmultiplecopiesoftheproxymaterialsatthesameaddressandwishtoreceiveasinglecopy,youmaycontactBristol-MyersSquibbCompany,430East29thStreet,14thFloor,NewYork,NewYork10016,orbycallingBristol-MyersSquibbat(212)546-3309.Ifyouareabeneficialowner(yoursharesareheldinthenameofabank,brokerorotherholderofrecord),thebank,brokerorotherholderofrecordmaydeliveronlyonecopyofthejointproxystatement/prospectustostockholderswhohavethesameaddressunlessthebank,brokerorotherholderofrecordhasreceivedcontraryinstructionsfromoneormoreofthestockholders.Ifyouwishtoreceiveaseparatecopyofthejointproxystatement/prospectusnoworinthefuture,youmaycontactBristol-MyersSquibbattheaddressorphonenumberaboveandBristol-MyersSquibbwillpromptlydeliveraseparatecopy.Beneficialownerssharinganaddresswhoarecurrentlyreceivingmultiplecopiesofthejointproxystatement/prospectusandwishtoreceiveasinglecopyinthefuture,shouldcontacttheirbank,brokerorotherholderofrecordtorequestthatonlyasinglecopybedeliveredtoallstockholdersatthesharedaddressinthefuture.

Adjournment

Bristol-MyersSquibbstockholdersarebeingaskedtoapproveaproposalthatwillgivetheBMSBoardauthoritytoadjournfromtimetotimetheBristol-MyersSquibbspecialmeetingforthepurposeofsolicitingadditionalproxiesinfavoroftheapprovalofthestockissuanceiftherearenotsufficientvotesatthetimeofthe

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Bristol-MyersSquibbspecialmeeting,oranyadjournmentorpostponementthereof,toapprovethestockissuance.IftheBristol-MyersSquibbadjournmentproposalisapproved,theBristol-MyersSquibbspecialmeetingcouldbeadjournedtoanydate.Inaddition,theBMSBoard,withorwithoutstockholderapproval,couldpostponetheBristol-MyersSquibbspecialmeetingbeforeitcommences,whetherforthepurposeofsolicitingadditionalproxiesorforotherreasons.IftheBristol-MyersSquibbspecialmeetingisadjournedforthepurposeofsolicitingadditionalproxies,stockholderswhohavealreadysubmittedtheirproxieswillbeabletorevokethematanytimepriortotheiruse.Ifyousignandreturnaproxyanddonotindicatehowyouwishtovoteonanyproposal,orifyouindicatethatyouwishtovoteinfavoroftheapprovalofthestockissuancebutdonotindicateachoiceontheBristol-MyersSquibbadjournmentproposal,yourshareswillbevotedinfavoroftheBristol-MyersSquibbadjournmentproposal.Butifyouindicatethatyouwishtovoteagainsttheapprovalofthestockissuance,yourshareswillonlybevotedinfavoroftheBristol-MyersSquibbadjournmentproposalifyouindicatethatyouwishtovoteinfavorofthatproposal.

Other Information

ThematterstobeconsideredattheBristol-MyersSquibbspecialmeetingareofgreatimportancetothestockholdersofBristol-MyersSquibb.Accordingly,youareurgedtoreadandcarefullyconsidertheinformationcontainedinorincorporatedbyreferenceintothisjointproxystatement/prospectusandsubmityourproxyviatheInternetorbytelephoneorcomplete,date,signandpromptlyreturntheenclosedproxycardintheenclosedpostage-paidenvelope.If you submit your proxy via the Internet or by telephone, you do notneed to return the enclosed proxy card.

Assistance

If you need assistance in completing your proxy card or have questions regarding the Bristol-Myers Squibb special meeting,please contact:

MacKenziePartners,Inc.1407Broadway,27thFloorNewYork,NewYork10018

Telephone(Toll-Free):(800)322-2885Telephone(Collect):(212)929-5500Email:proxy@mackenziepartners.com

or

Bristol-MyersSquibbCompany430East29thStreet,14thFloorNewYork,NewYork10016Attention:CorporateSecretaryTelephone:(212)546-3309

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SPECIAL MEETING OF STOCKHOLDERS OF CELGENE

Celgene is providing this joint proxy statement/prospectus to its stockholders in connection with the solicitation of proxies to bevoted at the Celgene special meeting of stockholders (or any adjournment or postponement thereof) that Celgene has called toconsider and vote on (i) a proposal to adopt the merger agreement, (ii) a proposal to approve the adjournment from time totime of the Celgene special meeting if necessary to solicit additional proxies if there are not sufficient votes to adopt the mergeragreement at the time of the Celgene special meeting or any adjournment or postponement thereof and (iii) a proposal toapprove, on an advisory (non-binding) basis, the compensation that will or may be paid or provided by Celgene to its namedexecutive officers in connection with the merger.

Date, Time and Location

Togetherwiththisjointproxystatement/prospectus,CelgeneisalsosendingCelgenestockholdersanoticeoftheCelgenespecialmeetingandaformofproxycardthatissolicitedbytheCelgeneBoardforuseattheCelgenespecialmeetingtobeheldattheofficesofWachtell,Lipton,Rosen&Katzlocatedat51West52ndStreet,NewYork,NewYork10019onFriday,April12,2019,at10:00a.m.,EasternTime,andanyadjournmentsorpostponementsoftheCelgenespecialmeeting.

OnlystockholdersortheirproxyholdersmayattendtheCelgenespecialmeeting.IfyouholdsharesinyournameattherecorddateandplantoattendtheCelgenespecialmeeting,becauseofsecurityprocedures,youwillneedtoobtainanadmissionticketinadvance.Ticketswillbeavailabletoregisteredandbeneficialowners.Youcanprintyourownticketsandyoumustbringthemtothemeetingtogainaccess.TicketscanbeprintedbyaccessingShareholderMeetingRegistrationatwww.ProxyVote.comandfollowingtheinstructionsprovided(youwillneedthe16digitnumberincludedonyourproxycardorvoterinstructionform).Ifyouareunabletoprintyourtickets,pleasecontactCelgene’sCorporateSecretaryat1-908-673-9000.Requestsforadmissionticketswillbeprocessedintheorderinwhichtheyarereceivedandmustbesubmittednolaterthan11:59p.m.(EasternTime)onApril11,2019.Pleasenotethatseatingislimitedandrequestsforticketswillbeacceptedonafirst-come,first-servedbasis.Ifyoureceivedyourspecialmeetingmaterialselectronicallyandwishtoattendthemeeting,pleasefollowtheinstructionsprovidedforattendance.IfyouareattendingtheCelgenespecialmeetinginperson,youwillberequiredtopresentvalid,government-issuedphotoidentification,suchasadriver’slicenseorpassport,andanadmissiontickettobeadmittedtotheCelgenespecialmeeting.

Purpose

AttheCelgenespecialmeeting,Celgenestockholderswillbeaskedtoconsiderandvoteonthefollowingproposals:

• toadoptthemergeragreement;

• toapprovetheCelgeneadjournmentproposal;and

• toapprove,onanadvisory(non-binding)basis,theCelgenecompensationadvisoryproposal.

Recommendation of the Celgene Board of Directors

TheCelgeneBoardunanimouslydeterminedthatthemergeragreementandthetransactionscontemplatedbythemergeragreement(includingthemerger)arefairtoandinthebestinterestsofCelgeneanditsstockholders.The Celgene Board unanimouslyrecommends that Celgene stockholders vote “FOR” the proposal to adopt the merger agreement .ForthefactorsconsideredbytheCelgeneBoardinreachingthisdecision,see“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—Celgene’sReasonsfortheMerger;RecommendationoftheCelgeneBoardofDirectorsthatCelgeneStockholdersAdopttheMergerAgreement”beginningonpage106ofthisjointproxystatement/prospectus.

TheCelgeneBoardunanimouslyrecommendsthatCelgenestockholdersvote“FOR”theCelgeneadjournmentproposal.See“CelgeneProposalII:AdjournmentoftheCelgeneSpecialMeeting”beginningonpage209ofthisjointproxystatement/prospectus.

Inaddition,theCelgeneBoardunanimouslyrecommendsthatCelgenestockholdersvote“FOR”theCelgenecompensationadvisoryproposal.See“CelgeneProposalIII:AdvisoryVoteOnMerger-RelatedExecutiveCompensationArrangements”beginningonpage210ofthisjointproxystatement/prospectus.

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Celgene Record Date; Outstanding Shares; Stockholders Entitled to Vote

AcommitteeoftheCelgeneBoardhasfixedthecloseofbusinessonMarch1,2019,astherecorddateforthedeterminationoftheCelgenestockholdersentitledtonoticeofandtovoteattheCelgenespecialmeetingoranyadjournmentorpostponementoftheCelgenespecialmeeting.OnlyCelgenestockholdersofrecordattherecorddateareentitledtoreceivenoticeof,andtovoteat,theCelgenespecialmeetingoranyadjournmentorpostponementoftheCelgenespecialmeeting.AsofthecloseofbusinessonJanuary29,2019,therewere701,024,507sharesofCelgenecommonstockoutstandingandentitledtovoteattheCelgenespecialmeeting,heldbyapproximately363holdersofrecord.EachholderofsharesofCelgenecommonstockisentitledtoonevoteforeachshareofCelgenecommonstockownedattherecorddate.

Quorum

ThepresenceattheCelgenespecialmeeting,inpersonorbyproxy,oftheholdersofamajorityoftheoutstandingsharesofCelgenecommonstockattherecorddate(thecloseofbusinessonMarch1,2019)andentitledtovotewillconstituteaquorum.SharesofCelgenecommonstockwhoseholderselecttoabstainfromvotingwillbedeemedpresentattheCelgenespecialmeetingforthepurposeofdeterminingthepresenceofaquorum.SharesofCelgenecommonstockheldin“streetname”withrespecttowhichthebeneficialownerfailstogivevotinginstructionstothebroker,bankorothernomineeholderofrecord,andsharesofCelgenecommonstockwithrespecttowhichthebeneficialownerotherwisefailstovote,willnotbedeemedpresentattheCelgenespecialmeetingforthepurposeofdeterminingthepresenceofaquorum.TheremustbeaquorumforthevoteontheadoptionofthemergeragreementandthevoteontheCelgenecompensationadvisory(non-binding)proposaltobetakenattheCelgenespecialmeeting.FailureofaquorumtobepresentattheCelgenespecialmeetingwillnecessitateanadjournmentofthemeetingandwillsubjectCelgenetoadditionalexpense.

Required Vote

PursuanttoDelawarelaw,toadoptthemergeragreement,theaffirmativevoteoftheholdersofamajorityofsharesofCelgenecommonstockoutstandingandentitledtovotethereonisrequired.Celgene cannot complete the merger and the mergerconsideration will not be paid unless its stockholders adopt the merger agreement and the other closing conditions specified inthe merger agreement are met. Because adoption of the merger agreement requires the affirmative vote of the holders of atleast a majority of shares of Celgene common stock outstanding and entitled to vote thereon, a Celgene stockholder’s abstentionfrom voting, the failure of a Celgene stockholder who holds his or her shares in “street name” through a broker, bank or othernominee holder of record to give voting instructions to that broker, bank or other nominee holder of record or any other failureof a Celgene stockholder to vote will have the same effect as a vote “AGAINST” the proposal to adopt the merger agreement.

ToapprovetheCelgeneadjournmentproposal(whetherornotaquorum,asdefinedunderCelgene’sby-laws,ispresent),theaffirmativevoteofamajorityofthevotespresentattheCelgenespecialmeetingbyholdersofsharesofCelgenecommonstockisrequired.ForpurposesoftheCelgeneadjournmentproposal,“votespresent”consistofvotes“for”or“against”aswellaselectionstoabstainfromvotingontheproposal.Asaresult,aCelgenestockholder’sabstentionfromvotingontheCelgeneadjournmentproposalwillhavethesameeffectasavote“AGAINST”theapprovaloftheproposal.ThefailureofaCelgenestockholderwhoholdshisorhersharesin“streetname”throughabroker,bankorothernomineeholderofrecordtogivevotinginstructionstothatbroker,bankorothernomineeholderofrecordoranyotherfailureofaCelgenestockholdertovotewillhavenoeffectontheapprovalofthisproposalbecausethesefailurestovotearenotconsidered“votespresent.”

Toapprove,onanadvisory(non-binding)basis,theCelgenecompensationadvisoryproposal(assumingaquorum,asdefinedunderCelgene’sby-laws,ispresent),theaffirmativevoteofamajorityofthevotescastattheCelgenespecialmeetingbyholdersofsharesofCelgenecommonstockisrequired.ForpurposesoftheCelgenecompensationadvisoryproposal,“votescast”meansvotes“for”or“against”theproposal.Asaresult,aCelgenestockholder’sabstentionfromvotingwillhavenoeffectontheoutcomeofanyvotetoapprove,onanadvisory(non-binding)basis,theCelgenecompensationadvisoryproposal.ThefailureofaCelgenestockholderwhoholdshisorhersharesin“streetname”throughabroker,bankorothernomineeholderofrecordtogivevotinginstructionstothatbroker,bankorothernomineeholderofrecordoranyotherfailureofaCelgenestockholdertovotewillhavenoeffectontheoutcomeofanyvotetoapprove,onanadvisory(non-binding)

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basis,theCelgenecompensationadvisoryproposal,excepttotheextentitresultsintherebeinginsufficientsharespresentattheCelgenespecialmeetingtoestablishaquorum.

Stock Ownership of and Voting by Celgene Directors and Executive Officers

AtthecloseofbusinessonJanuary29,2019,Celgene’sdirectorsandexecutiveofficersandtheiraffiliatesbeneficiallyownedandhadtherighttovoteintheaggregate595,296sharesofCelgenecommonstockattheCelgenespecialmeeting,whichrepresentsapproximatelylessthan1%ofthesharesofCelgenecommonstockentitledtovoteattheCelgenespecialmeeting.

EachofCelgene’sdirectorsandexecutiveofficersisexpected,asofthedateofthisjointproxystatement/prospectus,tovotehisorhersharesofCelgenecommonstock“FOR”theproposaltoadoptthemergeragreement,“FOR”theCelgeneadjournmentproposaland“FOR”theCelgenecompensationadvisoryproposal,althoughnoneofCelgene’sdirectorsorexecutiveofficershasenteredintoanyagreementrequiringthemtodoso.

Voting of Shares

Via the Internet or by Telephone

IfyouholdsharesofCelgenecommonstockdirectlyinyournameasastockholderofrecord,youmayvoteviatheInternetorbytelephonebyfollowingtheinstructionsontheenclosedproxycard.InordertovoteyoursharesviatheInternetorbytelephone,youwillneedthecontrolnumberonyourproxycard(whichisuniquetoeachCelgenestockholdertoensureallvotinginstructionsaregenuineandtopreventduplicatevoting).

IfyouholdsharesofCelgenecommonstockin“streetname”throughabroker,bankorothernomineeholderofrecord,youmayprovidevotinginstructionsviatheInternetorbytelephoneonlyifInternetortelephonevotingismadeavailablebyyourbroker,bankorothernomineeholderofrecord.Pleasefollowthevotinginstructionsprovidedbyyourbroker,bankorothernomineeholderofrecordwiththesematerials.

By Mail

IfyouholdsharesofCelgenecommonstockdirectlyinyournameasastockholderofrecord,inordertovotebymail,youmaysubmitaproxycard.Youwillneedtocomplete,signanddateyourproxycardandreturnitusingthepostage-paidreturnenvelopeprovided.

IfyouholdsharesofCelgenecommonstockin“streetname”throughabroker,bankorothernomineeholderofrecord,inordertoprovidevotinginstructionsbymailyouwillneedtocomplete,signanddatethevotinginstructionformprovidedbyyourbroker,bankorothernomineeholderofrecordwiththesematerialsandreturnitinthepostage-paidreturnenvelopeprovided.Yourbroker,bankorothernomineeholderofrecordmustreceiveyourvotinginstructionforminsufficienttimetovoteyourshares.

In Person

IfyouholdsharesofCelgenecommonstockdirectlyinyournameasastockholderofrecord,youmayvoteinpersonattheCelgenespecialmeeting.StockholdersofrecordalsomayberepresentedbyanotherpersonattheCelgenespecialmeetingbyexecutingaproperproxydesignatingthatpersonandhavingthatproperproxybepresentedtothejudgeofelectionwiththeapplicableballotattheCelgenespecialmeeting.

IfyouholdsharesofCelgenecommonstockin“streetname,”meaningthroughabroker,bankorothernomineeholderofrecord,youmustobtainawrittenlegalproxyfromthatinstitutionandpresentittothejudgeofelectionwithyourballottobeabletovoteinpersonattheCelgenespecialmeeting.Torequestalegalproxy,pleasecontactyourbroker,bankorothernomineeholderofrecord.

WhenastockholderofrecordsubmitsaproxyviatheInternetorbytelephone,hisorherproxyisrecordedimmediately.YouareencouragedtoregisteryourvoteviatheInternetortelephonewheneverpossible.IfyousubmitaproxyviatheInternetorbytelephone,pleasedonotreturnyourproxycardbymail.IfyouattendtheCelgenespecialmeeting,youmayalsovoteinperson,inwhichcaseanyvotesthatyoupreviouslysubmitted—whetherviatheInternet,bytelephoneorbymail—willberevokedandsupersededbyanyvotethatyoucastattheCelgenespecialmeeting.YourattendanceattheCelgenespecialmeetingalonewillnotrevokeanyproxypreviouslygiven.

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By Participants in the Celgene 401(k) Plan

ParticipantsintheCelgeneCorporation401(k)Plan,whichisreferredtointhisjointproxystatement/prospectusastheCelgene401(k)Plan,whoreceivethisjointproxystatement/prospectusintheircapacityasparticipantsintheCelgene401(k)Planareentitledtovoteusingtheenclosedproxycard.TheproxycarddirectsthetrusteeoftheCelgene401(k)Plantovoteaparticipant’ssharesasdirectedonthecard.SharesofCelgenecommonstockheldthroughtheCelgene401(k)PlanforwhichthetrusteeoftheCelgene401(k)PlandoesnotreceivevotinginstructionswillbevotedbythetrusteeproratainproportiontothesharesofCelgenecommonstockheldthroughtheCelgene401(k)PlanforwhichthetrusteereceivesvotinginstructionsunlesscontrarytoERISA.BroadridgemustreceiveyourvotinginstructionsviaInternetortelephoneby11:59p.m.(EasternTime)onApril9,2019orviamailbythecloseofbusinessonApril9,2019.YoumaynotvotethesharesofCelgenecommonstockyouholdthroughtheCelgene401(k)PlanattheCelgenespecialmeeting.

Generally

IfyouholdsharesofCelgenecommonstockin“streetname”throughabroker,bankorothernomineeholderofrecord,youmustobtainawrittenlegalproxyfromthatinstitutionandpresentittothejudgeofelectionwithyourballottobeabletovoteinpersonattheCelgenespecialmeeting.Torequestalegalproxy,pleasecontactyourbroker,bankorothernomineeholderofrecord.

IfyoursharesofCelgenecommonstockareheldinanaccountatabroker,bankorothernomineeholderofrecord(i.e.,in“streetname”),youmustinstructthebroker,bankorothernomineeholderofrecordonhowtovoteyourshares.Yourbroker,bankorothernomineeholderofrecordwillvoteyoursharesonlyifyouprovideinstructionsonhowtovotebyfillingoutthevotinginstructionformsenttoyoubyyourbroker,bankorothernomineeholderofrecordwiththisjointproxystatement/prospectus.Understockexchangerules,brokers,banksandothernomineeholdersofrecordareprecludedfromexercisingtheirvotingdiscretionwithrespecttonon-routineor“significant”matters,suchastheadoptionofthemergeragreement,theapprovaloftheCelgeneadjournmentproposalandtheapprovaloftheCelgenecompensatoryadvisoryproposal.Asaresult,absentspecificinstructionsfromthebeneficialownerofsharesofCelgenecommonstock,broker,banksandothernomineesholdersofrecordarenotempoweredtovotesuchshares.

Brokernon-votesaresharesheldbyabroker,bankorothernomineeholderofrecordwithrespecttowhichthebroker,bankorothernomineeholderofrecordisnotinstructedbythebeneficialownerofsuchsharesonhowtovoteonaparticularproposalandthebroker,bankorothernomineeholderofrecorddoesnothavediscretionaryvotingpoweronsuchproposal.Becausebrokers,banksandothernomineeholdersofrecorddonothavediscretionaryvotingauthoritywithrespecttoanyoftheproposalstobeconsideredattheCelgenespecialmeetingasdescribedinthisjointproxystatement/prospectus,ifabeneficialownerofsharesofCelgenecommonstockheldin“streetname”doesnotgivevotinginstructionstothebroker,bankorothernomineeholderofrecord,thenthoseshareswillnotbepresentinpersonorrepresentedbyproxyattheCelgenespecialmeeting.

Abeneficialowner’sfailuretoinstructthebroker,bankorothernomineeholderofrecordhowtovotesharesofCelgenecommonstockheldin“streetname”willthereforehavethesameeffectasavote“AGAINST”theadoptionofthemergeragreement.Abeneficialowner’sfailuretoinstructthebroker,bankorothernomineeholderofrecordhowtovotesharesofCelgenecommonstockheldin“streetname”willhavenoeffectontheproposaltoapprovetheCelgeneadjournmentproposalortheproposaltoapprove,onanadvisory(non-binding)basis,theCelgenecompensationadvisoryproposal,except,withrespecttotheCelgenecompensationadvisoryproposal,totheextentitresultsintherebeinginsufficientsharespresentattheCelgenespecialmeetingtoestablishaquorum.

AllsharesrepresentedbyeachproperlycompletedandvalidproxyreceivedbeforeorattheCelgenespecialmeetingwillbevotedinaccordancewiththeinstructionsgivenintheproxy.IfaCelgenestockholdersignsaproxycardandreturnsitwithoutgivinginstructionsforvotingonanyproposal,thesharesofCelgenecommonstockrepresentedbythatproxycardwillbevoted“FOR”theproposaltoadoptthemergeragreement,“FOR”theCelgeneadjournmentproposaland“FOR”theCelgenecompensationadvisoryproposal.

Your vote is very important, regardless of the number of shares you own. Whether or not you expect to attend the Celgenespecial meeting in person, please vote or otherwise submit a proxy to vote your shares as promptly as possible so that yourshares may be represented and voted at the Celgene special meeting. If your shares of Celgene common stock are held in thename of a bank, broker or other nominee holder of record, please follow the instructions on the voting instruction formfurnished to you by such record holder.

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Revocability of Proxies; Changing Your Vote

YoumayrevokeyourproxyorchangeyourvoteatanytimebeforetheclosingofthepollsattheCelgenespecialmeeting.IfyouareaCelgenestockholderofrecordattherecorddate(thecloseofbusinessonMarch1,2019),youcanrevokeyourproxyorchangeyourvoteby:

• sendingasignednoticestatingthatyourevokeyourproxytoCelgeneCorporation,86MorrisAvenue,Summit,NewJersey07901,Attention:CorporateSecretarythatbearsadatelaterthanthedateoftheproxyyouwanttorevokeandisreceivedpriortothecloseofbusinesson(i)April9,2019forsharesheldintheCelgene401(k)Planor(ii)April11,2019forallothershares;

• submittingavalid,later-datedproxyviatheInternetortelephonebefore11:59p.m.(EasternTime)on(i)April9,2019forsharesheldintheCelgene401(k)Planor(ii)April11,2019forallothershares,orbymailthatisreceivedpriorto(i)thecloseofbusinessonApril9,2019forsharesheldintheCelgene401(k)Planand(ii)theCelgenespecialmeetingforallothershares;or

• attendingtheCelgenespecialmeeting(or,iftheCelgenespecialmeetingisadjournedorpostponed,attendingtheadjournedorpostponedmeeting)andvotinginperson,whichautomaticallywillcancelanyproxypreviouslygiven,orrevokingyourproxyinperson,butyourattendanceattheCelgenespecialmeetingalonewillnotrevokeanyproxypreviouslygiven.

Ifyouholdyoursharesin“streetname”throughabroker,bankorothernomineeholderofrecord,youmustcontactyourbroker,bankorothernomineeholderofrecordtochangeyourvoteorobtainawrittenlegalproxytovoteyoursharesifyouwishtocastyourvoteinpersonattheCelgenespecialmeeting.

Solicitation of Proxies; Expenses of Solicitation

Thisjointproxystatement/prospectusisbeingprovidedtoholdersofsharesofCelgenecommonstockinconnectionwiththesolicitationofproxiesbytheCelgeneBoardtobevotedattheCelgenespecialmeetingandatanyadjournmentsorpostponementsthereof.Celgenewillbearallcostsandexpensesinconnectionwiththesolicitationofproxies,includingthecostsoffiling,printingandmailingthisjointproxystatement/prospectusfortheCelgenespecialmeeting.CelgenehasengagedInnisfreeM&AIncorporatedandMorrowSodali,LLCtoassistinthesolicitationofproxiesfortheCelgenespecialmeetingandwillpayInnisfreeM&AIncorporatedandMorrowSodali,LLCaninitialfeeofapproximately$75,000and$35,000,respectively,plusadditionalfeestobedeterminedattheconclusionofthesolicitationandreimbursementofreasonableout-of-pocketexpenses.

Inadditiontosolicitationbymail,directors,officersandemployeesofCelgeneoritssubsidiariesmaysolicitproxiesfromstockholdersbytelephone,telegram,email,personalintervieworothermeans.Celgenecurrentlyexpectsnottoincuranycostsbeyondthosecustomarilyexpendedforasolicitationofproxiesinconnectionwiththeadoptionofamergeragreement.Directors,officersandemployeesofCelgenewillnotreceiveadditionalcompensationfortheirsolicitationactivities,butmaybereimbursedforreasonableout-of-pocketexpensesincurredbytheminconnectionwiththesolicitation.Brokers,dealers,commercialbanks,trustcompanies,fiduciaries,custodiansandothernomineeshavebeenrequestedtoforwardproxysolicitationmaterialstotheircustomers,andsuchnomineeswillbereimbursedfortheirreasonableout-of-pocketexpenses.CelgenewillpaythecostsassociatedwiththeCelgenespecialmeetingandsolicitationofproxies,includingthecostsofmailingtheproxymaterials.

Householding

TheSEChasadoptedaruleconcerningthedeliveryofannualreportsandproxystatements.ItpermitsCelgene,withyourpermission,tosendasinglenoticeofmeetingand,totheextentrequested,asinglecopyofthisjointproxystatement/prospectustoanyhouseholdatwhichtwoormorestockholdersresideiftheyappeartobemembersofthesamefamily.Thisruleiscalled“householding,”anditspurposeistohelpreduceprintingandmailingcostsofproxymaterials.Ifyouarearegisteredstockholder,pleasechecktheappropriateboxonyourproxycardorselectthehouseholdingoptionwhenyouvotebyInternetorphoneifyouwouldliketoparticipateinCelgene’shouseholdingprogram.Stockholderswhoparticipateinhouseholdingwillcontinuetoreceiveseparateproxycards,andhouseholdingwillnotaffectthemailingofaccountstatementsorspecialnoticesinanyway.

Anumberofbrokeragefirmshaveinstitutedhouseholdingforsharesheldin“streetname.”IfyouandmembersofyourhouseholdhavemultipleaccountsholdingsharesofCelgenecommonstock,youmayhavereceiveda

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householdingnotificationfromyourbroker.Pleasecontactyourbrokerdirectlyifyouhavequestions,requireadditionalcopiesofthisjointproxystatement/prospectusorwishtorevokeyourdecisiontohousehold.Theseoptionsareavailabletoyouatanytime.

Adjournment

CelgenestockholdersarebeingaskedtoapproveaproposalthatwillgivetheCelgeneBoardauthoritytoadjourntheCelgenespecialmeetingoneormoretimesforthepurposeofsolicitingadditionalproxiesinfavoroftheadoptionofthemergeragreementiftherearenotsufficientvotestoadoptthemergeragreementatthetimeoftheCelgenespecialmeetingoranyadjournmentorpostponementthereof.IftheCelgeneadjournmentproposalisapproved,theCelgenespecialmeetingcouldbeadjournedtoanydate.Inaddition,theCelgeneBoard,withorwithoutstockholderapproval,couldpostponetheCelgenespecialmeetingbeforeitcommences,whetherforthepurposeofsolicitingadditionalproxiesorforotherreasons.IftheCelgenespecialmeetingisadjournedforthepurposeofsolicitingadditionalproxies,stockholderswhohavealreadysubmittedtheirproxieswillbeabletorevokethematanytimepriortotheiruse.Ifyousignandreturnaproxyanddonotindicatehowyouwishtovoteonanyproposal,orifyouindicatethatyouwishtovoteinfavoroftheadoptionofthemergeragreementbutdonotindicateachoiceontheCelgeneadjournmentproposalortheCelgenecompensationadvisoryproposal,yourshareswillbevotedinfavoroftheCelgeneadjournmentproposalandtheCelgenecompensationadvisoryproposal.Butifyouindicatethatyouwishtovoteagainsttheadoptionofthemergeragreement,yourshareswillonlybevotedinfavoroftheCelgeneadjournmentproposalortheCelgenecompensationadvisoryproposalifyouindicatethatyouwishtovoteinfavorofthatproposal.

Other Information

ThematterstobeconsideredattheCelgenespecialmeetingareofgreatimportancetothestockholdersofCelgene.Accordingly,youareurgedtoreadandcarefullyconsidertheinformationcontainedinorincorporatedbyreferenceintothisjointproxystatement/prospectusandsubmityourproxyviatheInternetorbytelephoneorcomplete,date,signandpromptlyreturntheenclosedproxycardintheenclosedpostage-paidenvelope.If you submit your proxy via the Internet or by telephone, you do not need toreturn the enclosed proxy card.

Assistance

If you need assistance in completing your proxy card or have questions regarding the Celgene special meeting, please contact:

 

InnisfreeM&AIncorporated501MadisonAvenue,20thFloorNewYork,NewYork10022

Telephone(Toll-Free):(877)750-9497InternationalCallers:(412)232-3651

Banksandbrokersmaycallcollect:(212)750-5833

or

CelgeneCorporation86MorrisAvenue

Summit,NewJersey07901Attention:CorporateSecretaryTelephone:(908)673-9000

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CELGENE PROPOSAL I: ADOPTION OF THE MERGER AGREEMENT AND BRISTOL-MYERS SQUIBB PROPOSAL I: APPROVAL OF THE STOCK ISSUANCE

General

Thisjointproxystatement/prospectusisbeingprovidedtoholdersofsharesofCelgenecommonstockinconnectionwiththesolicitationofproxiesbytheCelgeneBoardtobevotedattheCelgenespecialmeetingandatanyadjournmentsorpostponementsoftheCelgenespecialmeeting.AttheCelgenespecialmeeting,Celgenewillaskitsstockholderstovoteon(i)aproposaltoadoptthemergeragreement,(ii)theCelgeneadjournmentproposaland(iii)theCelgenecompensationadvisoryproposal.

Thisjointproxystatement/prospectusisbeingprovidedtoholdersofsharesofBristol-MyersSquibbstockinconnectionwiththesolicitationofproxiesbytheBMSBoardtobevotedattheBristol-MyersSquibbspecialmeetingandatanyadjournmentsorpostponementsoftheBristol-MyersSquibbspecialmeeting.AttheBristol-MyersSquibbspecialmeeting,Bristol-MyersSquibbwillaskitsstockholderstovoteon(i)aproposaltoapprovethestockissuanceand(ii)theBristol-MyersSquibbadjournmentproposal.

ThemergeragreementprovidesforthemergerofMergerSubwithandintoCelgene,withCelgenecontinuingasthesurvivingcorporationandawholly-ownedsubsidiaryofBristol-MyersSquibb.The merger will not be completed and the mergerconsideration will not be paid unless Celgene stockholders adopt the merger agreement and Bristol-Myers Squibb stockholdersapprove the stock issuance and the other closing conditions specified in the merger agreement are met. AcopyofthemergeragreementisattachedasAnnexAtothisjointproxystatement/prospectus.Youareurgedtoreadthemergeragreementinitsentiretybecauseitisthelegaldocumentthatgovernsthemerger.Foradditionalinformationaboutthemerger,see“TheMergerAgreement—StructureoftheMerger”and“TheMergerAgreement—MergerConsideration”beginningonpages172and173,respectively,ofthisjointproxystatement/prospectus.

Uponcompletionofthemerger,eachshareofCelgenecommonstockwillbeconvertedintotherighttoreceive$50.00incashwithoutinterestthereon,oneshareofBristol-MyersSquibbcommonstockandoneCVR.BasedonthenumberofsharesofCelgenecommonstockoutstandingasofJanuary29,2019,Bristol-MyersSquibbexpectstoissueapproximately701,024,507sharesofBristol-MyersSquibbcommonstocktoCelgenestockholderspursuanttothemerger.TheactualnumberofsharesofBristol-MyersSquibbcommonstocktobeissuedpursuanttothemergerwillbedeterminedatcompletionofthemergerbasedonthenumberofsharesofCelgenecommonstockoutstandingatsuchtime.Inaddition,sharesofBristol-MyersSquibbcommonstockmaybeissuedfromtimetotimefollowingtheeffectivetimeofthemergertoholdersofCelgeneequityawardsonthetermssetforthinthemergeragreement.See“TheMergerAgreement—TreatmentofCelgeneEquityAwards”beginningonpage175ofthisjointproxystatement/prospectusforamoredetailedexplanation.BasedonthenumberofsharesofCelgenecommonstockoutstandingasofJanuary29,2019,andthenumberofsharesofBristol-MyersSquibbcommonstockoutstandingasofJanuary24,2019,itisexpectedthat,immediatelyaftercompletionofthemerger,formerCelgenestockholderswillownapproximately31%oftheoutstandingsharesofBristol-MyersSquibbcommonstock.

Background of the Merger

MembersofmanagementandtheboardofdirectorsofeachofCelgeneandBristol-MyersSquibbregularlyreviewandassesstheirrespectivecompany’sperformanceandoperations,financialcondition,andindustryandregulatorydevelopmentsinthecontextofeachcompany’slong-termstrategicgoalsandplans.Thesereviewshaveincludedconsideration,fromtimetotime,ofpotentialopportunitiestoenhancestockholdervalue,includingpotentialstrategicacquisitionsanddivestitures,collaborations,investmentsandotherstrategictransactionsandopportunities.InthecaseofBristol-MyersSquibb,potentialstrategicconsiderations,includingtransactionswithCelgene,werereviewedfromtimetotimewithitsfinancialadvisors,includingMorganStanleyandMoelis&Company.Thesereviewsalsohaveincludedconsiderationofwhethersuchpotentialopportunitiestoenhancestockholdervaluewouldfurthereachcompany’sstrategicobjectivesanditsabilitytoservepatients,aswellasthepotentialbenefitsandrisksofthosetransactionsinlightof,amongotherthings,eachcompany’scompetitivepositionandthebusinessandregulatoryenvironmentfacedbyeachcompany(includingdevelopmentsinthebiopharmaceuticalindustry).

Inearly2017,membersofCelgenemanagementandmembersofBristol-MyersSquibbmanagementengagedinpreliminarydiscussionsregardingapossiblestockforstockmergerofequalsbetweenthetwocompanies.In

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connectionwiththesediscussions,Bristol-MyersSquibbandCelgeneenteredintoamutualconfidentialityagreementonApril4,2017toenablethesharingoflimited,initialdiligencematerialsbetweenthecompanies.However,followingtheseexploratoryconversationsandpriortocommencingfullduediligence,inJune2017thepartiesdecidedtoendfurtherconsiderationofthepotentialtransaction,andaccordinglyceaseddiscussionsrelatingthereto.

OnJune14,2018,theBMSBoardheldaregularlyscheduledmeeting,withmembersofBristol-MyersSquibbmanagementinattendance.Atthismeeting,membersoftheBMSBoardandmanagementdiscussedpotentialstrategicbusinessdevelopmentplansandopportunities,includingpotentialstrategictransactions.Attheconclusionofthemeeting,theBMSBoarddeterminedtorevisittheevaluationofstrategicbusinessdevelopmentplansandopportunitiesanddiscussataregularlyscheduledmeetingoftheBMSBoardinSeptemberpotentialnextstepsanddirectedmembersofBristol-MyersSquibbmanagementto,inconjunctionwithappropriateexternaladvisors,continuetheevaluationofpotentialstrategicbusinessdevelopmentplansandopportunities,includingpotentialstrategictransactions.

OnSeptember11and12,2018,theBMSBoardheldaregularlyscheduledmeeting,withmembersofBristol-MyersSquibbmanagementinattendanceonbothdaysandrepresentativesofMorganStanley,oneofBristol-MyersSquibb’sfinancialadvisorsinconnectionwiththepotentialtransaction,inattendanceonSeptember12,2018.Atthesemeetings,membersofBristol-MyersSquibbmanagementandrepresentativesofMorganStanleyprovidedtotheBMSBoardanupdateontheongoingevaluationofpotentialstrategicbusinessdevelopmentplansandopportunities,whichincludedapotentialstrategictransactioninvolvingtheacquisitionofCelgene.Aspartofthisdiscussion,theBMSBoarddiscussedthestrategicrationaleofapotentialacquisitionofCelgene,andmembersofBristol-MyersSquibbmanagementandMorganStanleydiscussedwiththeBMSBoardpreliminaryfinancialanalysesrelatedtoapotentialacquisitionofCelgenebasedonpubliclyavailableinformation.TheBMSBoarddiscussedthepotentialofmakinganacquisitionproposaltoCelgeneandtherangeofaggregatevaluesofsuchaproposal.Afterdiscussion,theBMSBoarddeterminedthatitwasadvisabletocontinuetoexploreapotentialacquisitionofCelgeneand,inconnectiontherewith,authorizedanddirectedGiovanniCaforio,M.D.,ChairmanandChiefExecutiveOfficerofBristol-MyersSquibb,toapproachMr.MarkAlles,ChairmanandChiefExecutiveOfficerofCelgene,toproposeapotentialtransactioninwhichBristol-MyersSquibbwouldacquireCelgeneandCelgenestockholderswouldreceivecashandBristol-MyersSquibbcommonstock.TheBMSBoardgrantedDr.Caforiothediscretiontodeterminethespecificaggregatevaluepershareforpurposesoftheinitialacquisitionproposal,aswellasthemixofcashandBristol-MyersSquibbcommonstockcomprisingtheaggregatevaluepershare.

FollowingthediscussionwiththeBMSBoardonSeptember11and12,2018,andcontinuingthroughthenextregularlyscheduledmeetingoftheBMSBoardonDecember5,2018,membersofBristol-MyersSquibbmanagement,withtheassistanceofitsadvisors,conductedathoroughduediligencereviewofCelgeneonthebasisofpubliclyavailableinformation.Thisassessmentfocusedonkeyvaluedrivers,includingtechnical,regulatory,intellectualpropertyandcommercialmattersforindividualassets,functionalandoperationalcapabilities,organizationalstructure,andtheevolvinglandscapeineachofCelgene’stherapeuticareas,aswellasidentifiedkeyareasforfurtherfocusifCelgeneweretoagreetoaconfidentialduediligenceprocess.

OnSeptember13,2018,Dr.CaforiocontactedMr.AllestorequestameetingwhichwassubsequentlyscheduledforSeptember21,2018.

OnSeptember14,2018,theBMSBoardheldaspecialmeetingduringwhich,amongotherthings,Dr.CaforioprovidedanupdateondiscussionswithCelgeneandMr.Allestodate.

OnSeptember21,2018,Mr.AllesmetwithDr.Caforiofordinner,duringwhichDr.CaforioproposedandprovidedawrittenpresentationoutliningapotentialtransactioninwhichBristol-MyersSquibbwouldacquireCelgeneandCelgenestockholderswouldreceivecashandBristol-MyersSquibbcommonstockwithanaggregatevalueof$110pershare.Dr.CaforioalsoindicatedtoMr.AllesthattheproposalwassubjecttoreviewandcompletionofduediligenceonCelgeneandnegotiationofmutuallyacceptabledefinitiveagreements.Dr.CaforiodidnotconveytoMr.Allesduringthemeetingaspecificproposedsplitbetweencashandstock,orthemannerinwhichthestockconsiderationwouldbeconvertedintoanexchangeratio,butDr.CaforionotedthatBristol-MyersSquibbwascontemplatingthatthestockportionoftheconsiderationwouldprovideCelgenestockholderswithownershipinthecombinedcompanyinthemid-30percentrange.BasedontheclosingpriceofBristol-MyersSquibbcommonstockof$61.75andCelgenecommonstockof$88.30onSeptember20,2018,

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thedaypriortothereceiptoftheproposal,andassumingthattheexchangeratiowouldprovideCelgenestockholderswithapproximately35%ownershipofthecombinedcompany,thecashportionoftheconsiderationintheproposalwasimpliedtobeapproximately$35pershare.The$110aggregatevaluepersharerepresentedapremiumofapproximately25%whencomparedtothe$88.30pershareclosingpriceofCelgenecommonstockonSeptember20,2018,thedaypriortothereceiptoftheproposal.

OnSeptember25,2018,Mr.AllesmetwiththeExecutiveCommitteeoftheCelgeneBoardtodiscusstheproposalreceivedfromBristol-MyersSquibb.TheExecutiveCommitteeagreedthattheproposalwouldbediscussedinmoredetailatthenextregularlyscheduledmeetingoftheCelgeneBoardonOctober16and17,2018.

OnOctober1,2018,Mr.AllescontactedDr.CaforiotoinformhimthattheCelgeneBoardwoulddiscusstheSeptember21proposalatitsupcomingmeetinglaterthatmonth.Thefollowingday,afterprovidingtheBMSBoardonOctober1,2018withanupdateofhisdiscussionwithMr.Alles,Dr.Caforiosentane-mailtoMr.Allesreaffirmingtheproposalandrequestingaccesstoduediligence.

OnOctober8,2018,theCelgeneBoardheldaspecialmeeting,withmembersofCelgenemanagementinattendance.Mr.AllesupdatedtheCelgeneBoardregardingtheproposalfromBristol-MyersSquibb,andtoldtheCelgeneBoardthattheproposal,aswellasCelgene’slong-rangestrategicplan,wouldbediscussedinmoredetailthefollowingweekduringtheregularlyscheduledmeetingoftheCelgeneBoardonOctober16and17,2018.

OnOctober14,2018,Dr.Caforiosentane-mailtoMr.AllesinadvanceoftheplannedCelgeneBoardmeetingreaffirmingthat,notwithstandingtherecentvolatilityinthemarketpricesofCelgenecommonstockandBristol-MyersSquibbcommonstock,Bristol-MyersSquibbremainedinterestedinpursuingapotentialtransactiononthetermspreviouslyproposed.ThepriceofbothCelgenecommonstockandofBristol-MyersSquibbcommonstockhaddeclinedsinceSeptember21,2018,withtheclosingpriceofCelgenecommonstockonOctober12,2018(thelasttradingdaypriortothee-mail)being$82.58pershare,andtheclosingpriceofBristol-MyersSquibbcommonstockonthatdaybeing$57.51pershare.

OnOctober16,2018,theCelgeneBoardmetandreviewedanddiscussedCelgene’slong-rangestrategicplanandoutlookpresentedbymembersofCelgenemanagement.TheCelgeneBoardmeetingcontinuedthefollowingday,withrepresentativesofJ.P.MorganSecuritiesLLC(whichisreferredtointhisjointproxystatement/prospectusasJ.P.Morgan),financialadvisortoCelgene,andWachtell,Lipton,Rosen&Katz,whichisreferredtointhisjointproxystatement/prospectusasWachtellLipton,Celgene’slegalcounsel,inattendance.MembersofCelgenemanagementandrepresentativesofJ.P.MorganprovidedanoverviewofthetermsoftheBristol-MyersSquibbproposal,aswellaspreliminaryanalysesrelatingtovaluation,includingthosebasedonthefinancialinformationpreparedbymembersofCelgenemanagementinconnectionwithCelgene’slong-rangestrategicplan.MembersofCelgenemanagementalsonotedcertainnear-termeventsthattheyexpectedwouldbepositivedevelopmentsforthecompany,includingtheannouncementlaterthatmonthofCelgene’searningsresultsforthethirdquarterof2018andCelgene’sexpectedpresentationsfortheAnnualMeetingoftheAmericanSocietyofHematology,whichisreferredtointhisjointproxystatement/prospectusasASH,inDecember2018.RepresentativesofWachtellLiptonadvisedtheCelgeneBoardregardingthedirectors’fiduciaryduties.Followingdiscussion,theCelgeneBoardunanimouslydeterminedthat,notwithstandingthepotentialstrategicmeritofacombinationbetweenBristol-MyersSquibbandCelgene,thetermsoutlinedbyBristol-MyersSquibbdidnotatthattimeprovidetheCelgenestockholderswithsufficientvalueand,therefore,didnotprovideforabasistoproceedtoduediligencewithBristol-MyersSquibb.TheCelgeneBoardfurtheragreedthattheExecutiveCommitteeoftheCelgeneBoardshouldmonitorandinstructmembersofCelgenemanagementonbehalfoftheCelgeneBoardregardingsubsequentinteractionswithBristol-MyersSquibb,andthatthefullCelgeneBoardwouldbeconvenedasappropriate.

OnOctober18,2018,Mr.AllescalledDr.CaforiotoconveytheCelgeneBoard’sdetermination.Dr.CaforioaskediftheCelgeneBoardhadconcernsregardingthestrategicfitbetweenthetwocompanies,thepotentialmixofcashandstock,thestructureoftheproposedtransaction,socialissuesoranyotherfactorbeyondvalue.Mr.AllesreportedthatCelgene’sresponsesubstantiallyreflectedtheCelgeneBoard’sbeliefthatthetermsoutlinedbyBristol-MyersSquibbdidnotprovidesufficientvalueatthattimetoCelgenestockholders,butacknowledgedthestrategicmeritandlogicofapotentialtransactionbetweenthecompanies.

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OnOctober31,2018,atDr.Caforio’srequest,Dr.CaforioandMr.Allesmet,duringwhichthetwodiscussedrecenteventsforbothcompaniesandinthebiopharmaceuticalindustrygenerally,includingtherecentdeclineinthestockpricesofbiopharmaceuticalcompanies,includingbothBristol-MyersSquibbandCelgene.Dr.CaforioandMr.Allesdiscussedtheimpactoftheseeventsonapotentialtransactionbetweenthecompanies,aswellascertainupcomingeventsforCelgene.Dr.CaforiosuggestedthathewouldcontactMr.AllesregardingthepotentialtransactioninearlyDecember2018followingCelgene’spresentationofclinicaldataatASH.

BetweenOctober31,2018andDecember5,2018,membersofBristol-MyersSquibbandBristol-MyersSquibb’sexternaladvisors,incoordinationwiththeBMSBoard,continuedtoanalyzethepotentialtransactionwithCelgeneandthepossibletermsofarevisedproposal,whichincludedthepreparationofanupdatetothelong-termfinancialplanforBristol-MyersSquibb.Duringthisperiodoftimeandafterward,membersofCelgenemanagement,withtheassistanceofitsadvisors,conductedathoroughduediligencereviewofBristol-MyersSquibbonthebasisofpubliclyavailableinformation.Thisassessmentfocusedonkeyvaluedrivers,includingtechnical,regulatory,intellectualpropertyandcommercialmattersforindividualassets,functionalandoperationalcapabilities,organizationalstructureandtherapeuticareas,aswellasidentifiedkeyareasforfurtherfocusifthepartiesweretoengageinaconfidentialduediligenceprocess.

OnNovember15,2018,Dr.CaforiocalledMr.AllesandinformedhimthatBristol-MyersSquibbwaspreparingarevisedproposalfortheacquisitionofCelgene,andthathehopedtobeinapositiontopresentthisproposaltoMr.AllesonDecember5,2018,followingthenextregularlyscheduledmeetingoftheBMSBoard.Duringthisconversation,Dr.Caforiorequestedtheabilitytoconduct,priortotheupcomingBMSBoardmeetingonDecember5,2018,limitedduediligencerelatingtocertainCelgeneintellectualpropertytohelpinformBristol-MyersSquibb’srevisedproposal.

OnNovember16,2018,theExecutiveCommitteeoftheCelgeneBoardmetwithMr.AllestodiscussBristol-MyersSquibb’srequestforlimitedduediligencerelatingtocertainCelgeneintellectualpropertyanddeterminedthatitwouldbeappropriatetoallowBristol-MyersSquibbtoconductthislimitedduediligence,butthatCelgenealsoshouldrequesttheabilitytoconductlimitedreverseduediligenceoncertainBristol-MyersSquibbintellectualpropertybecausetheseassetscouldaffectthevalueofapotentialtransactionforCelgene’sstockholders.

OnNovember19,2018,Mr.AllescalledDr.CaforiotoconveytheExecutiveCommittee’sdeterminationand,onNovember20,2018,Dr.CaforiocontactedMr.AllestoinformMr.AllesthatBristol-MyersSquibbwaswillingtoproceedonthatbasiswithmutuallimitedduediligence.

OnNovember23,2018,CelgeneandBristol-MyersSquibbenteredintoamutualconfidentialityagreement,whichincludedmutualstandstillprovisionsthatwouldterminatewithrespecttoeitherpartyifsuchpartyweretoenterintoadefinitiveagreementwithathirdpartyprovidingforachange-of-controltransaction.

InlateNovember2018,Bristol-MyersSquibbbeganworkingwithMorganStanleyregardingthedebtfinancingthatitintendedtoobtaininconnectionwiththepotentialtransaction.Duringtheperiodfromthattimethroughsigningofthemergeragreement,Bristol-MyersSquibbengagedinongoingdiscussionswithMorganStanleyandnegotiatedthetermsofacommitmentletterwithMorganStanleySeniorFunding,Inc.,whichisreferredtointhisjointproxystatement/prospectusasMSSF,andMUFGBank,Ltd.,whichisreferredtointhisjointproxystatement/prospectusasMUFG,forabridgeloanfacilitytofinancethecashportionoftheconsiderationpayableintheproposedtransaction.

DuringameetingonNovember28,2018andinsubsequentteleconferences,membersofmanagementofeachofBristol-MyersSquibbandCelgenereviewedintellectualpropertymatterswithrespecttotheothercompany.

OnDecember5,2018,theBMSBoardheldaregularlyscheduledmeeting,withmembersofBristol-MyersSquibbmanagementandrepresentativesofKirkland&Ellis,outsidelegaladvisortoBristol-MyersSquibb,MorganStanley,Evercore,DyalCo.andJoeleFrank,publicrelationsadvisortoBristol-MyersSquibb,inattendance.Atthismeeting,Dr.CaforioprovidedtheBMSBoardwithanupdateondiscussionswithCelgenetodate,aswellasthestrategicbenefitsofapotentialtransactionwithCelgene,includingascomparedtootherstrategicalternativesavailabletoBristol-MyersSquibb,andanupdateoncertainstrategicinitiativesofBristol-MyersSquibb.RepresentativesofKirkland&EllisthenadvisedtheBMSBoardregardingdirectors’fiduciaryduties,whichincludedanoverviewofdirectors’fiduciarydutieswhenconsideringapotentialtransactionwithCelgene.RepresentativesofKirkland&EllisalsoreviewedwiththeBMSBoardpreliminary

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disclosurethathadbeenprovidedbyeachofMorganStanley,EvercoreandDyalCo.priortothemeetingwithrespecttoanymaterialrelationshipswitheitherBristol-MyersSquibborCelgene.TheBMSBoarddeterminedthatsuchrelationshipsorengagementswouldnotinterferewiththerespectivefinancialadvisors’abilitiestoprovidefinancialadvisoryservicestoBristol-MyersSquibb.MembersofBristol-MyersSquibbmanagementthenprovidedanoverviewofpreliminaryduediligencefindingsbasedontheintellectualpropertyinformationprovidedtodatebyCelgene,includinghowthesefindingsrelatetocertainkeyCelgeneproductsandpipelineproducts.MembersofBristol-MyersSquibbmanagementalsopresentedtheirfindingsfromtheirassessmentofCelgene’spipelineassetsbasedonpubliclyavailableinformation.RepresentativesofMorganStanley,EvercoreandDyalCo.,togetherwithmembersofBristol-MyersSquibbmanagement,discussedwiththeBMSBoardcertainpreliminaryfinancialanalysesandotherconsiderationsrelatedtothepotentialtransaction,includingthosebasedontheupdatedlong-termfinancialplanthatwasreviewedwiththeBMSBoardbymembersofBristol-MyersSquibbmanagement.Inconnectionwiththeirreviewoftheupdatedlong-termfinancialplan,Bristol-MyersSquibb’smanagementandtheBMSBoarddiscussedpotentialupsidevariablesthatwerenotreflectedintheprojections.TheBMSBoard,togetherwithmembersofBristol-MyersSquibbmanagementandcertainexternaladvisorsinattendance,thendiscussedpotentialframeworksforarevisedproposalandrelatedanalyses.RepresentativesofKirkland&EllisthenreviewedwiththeBMSBoardkeytermsofadraftmergeragreementrelatedtothetransaction.Followingfurtherdiscussionofthesematters,theBMSBoarddeterminedthatitwasadvisabletocontinuetheexplorationandpursuitofapossibleacquisitionofCelgeneandinconnectiontherewithauthorizedanddirectedDr.CaforiotomakeaproposaltoMr.Allesofupto$110pershareofCelgenecommonstock(includingasignificantincreasetothecashportionoftheproposedmergerconsideration).TheBMSBoardfurtherdeterminedthataproposalcouldconsistofarangeofcashandstockconsiderationamountingtoanaggregatevalueofupto$110pershare,includingahighercashcomponentthanhadbeenpreviouslyproposed,andauthorizedanddirectedDr.Caforiotoproposeamixofcashandstockconsiderationwithinthisrangethatequatedtoanaggregatevalueofupto$110pershareofCelgenecommonstock.

OnDecember5,2018,followingthemeetingoftheBMSBoard,Dr.CaforiosentalettertoMr.AllesproposingatransactioninwhichBristol-MyersSquibbwouldacquireCelgenefor$55.00incashand0.930ofashareofBristol-MyersSquibbcommonstock,foreachshareofCelgenecommonstock.Theletterindicatedthattheproposalwassubjecttocompletionofduediligenceandnegotiationofmutuallyacceptabledefinitiveagreements.Theletteralsonotedthattherevisedproposalrepresentedanincreaseinaggregatevalue,aswellasanincreaseinthecashcomponent.Theletterrequestedimmediateprogressiontofullduediligence,andindicatedastrongdesiretoannounceatransactionbyJanuary2,2019giventhesignificantriskstobothcompanies,aswellastheriskofnotbeingabletoreachagreementonamutuallybeneficialtransaction,iftherewerealeakrelatingtodiscussionsbetweentheparties.TheletteralsoproposedthattwocurrentmembersoftheCelgeneBoardwouldbeaddedtotheBMSBoardupontheclosingofthetransaction.AssumingthateachshareofBristol-MyersSquibbcommonstockhadavalueof$52.03,whichwastheclosingpriceofBristol-MyersSquibbcommonstockonDecember4,2018(thelasttradingdaypriortothedateoftheletter),theproposalrepresentedanaggregatevalueof$103.39pershareofCelgenecommonstock,whereastheSeptember21proposalrepresentedanaggregatevalueofapproximately$98pershareofCelgenecommonstock(basedontheassumptionsdescribedaboveinregardtotheSeptember21proposal).TheclosingpriceofCelgenecommonstockonDecember4,2018was$72.47pershare,resultinginapremiumofapproximately43%fortherevisedproposalandapremiumofapproximately35%fortheSeptember21proposal.

OnDecember6,2018,theCelgeneBoardheldameeting,withmembersofCelgenemanagementandrepresentativesofWachtellLiptoninattendance.MembersofCelgenemanagementprovidedanoverviewoftherevisedproposalfromBristol-MyersSquibb,includingtherequestforimmediateprogressiontofullduediligenceanddesiretoannounceatransactionbyJanuary2,2019.Duringthediscussion,membersofCelgenemanagementalsonotedcertainmarketandindustrydevelopmentsthathadoccurredsincethepriormeetingoftheCelgeneBoard,includingthedeclineinthestockpricesofbothBristol-MyersSquibbcommonstockandCelgenecommonstock,thegeneraldeclineinthestockpricesofbiopharmapeersandothermacroeconomicdynamicsfacedbytheindustrygenerally.MembersofCelgenemanagementthenpresentedcertainfinancialanalysesofthetransactiontermsproposedbyBristol-MyersSquibb,includingthosebasedonthefinancialinformationunderlyingCelgene’slong-rangestrategicplan.MembersofCelgenemanagementalsooutlinedcertainfinancialaspectsoftherevisedproposal,includingascomparedtoBristol-MyersSquibb’spreviousproposal,considerationsrelatedtotherelativemixofcashandBristol-MyersSquibbstockreflectedinthe

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proposal,thevalueoftheproposalandpremiumrepresentedbytheproposalrelativetocurrentandhistoricalCelgeneandBristol-MyersSquibbstockprices,andthepotentialvaluecreationofthecombinedcompany.MembersofCelgenemanagementandtheCelgeneBoarddiscussedthat,forpurposesofcomparingtherevisedproposaltoBristol-MyersSquibb’soriginalproposal,ifeachBristol-MyersSquibbsharehadavalueequaltotheBristol-MyersSquibbclosingpriceonSeptember20,2018(thedaybeforetheoriginalproposal),therevisedproposalof$55.00incashand0.930ofashareofBristol-MyersSquibbcommonstockwouldrepresentanaggregatevalueof$112.43pershare,ascomparedtotheoriginalproposalof$110.00pershare.RepresentativesofWachtellLiptonadvisedtheCelgeneBoardregardingthedirectors’fiduciaryduties.Followingdiscussion,theCelgeneBoardunanimouslydeterminedthat,althoughtheremaybestrategicmerittoacombinationbetweenCelgeneandBristol-MyersSquibb,therevisedproposalwasnotsufficientlyattractivefromtheperspectiveofCelgene’sstockholdersanddidnotprovideabasisforthecompaniestoreachanagreement.TheCelgeneBoardalsoinstructedMr.AllestocommunicatethedeterminationoftheCelgeneBoardtoDr.CaforioandagreedthatMr.AllescouldcommunicatewiththeExecutiveCommitteeoftheCelgeneBoardregardinganysubsequentdiscussionswithBristol-MyersSquibb.

OnDecember8,2018,Mr.AllescontactedDr.CaforiotocommunicatethattheCelgeneBoarddeterminedtherevisedproposalcontinuedtoundervalueCelgene.Dr.CaforioandMr.AllesthenagreedtomeetonDecember10,2018tofurtherdiscussapotentialtransactionbetweenthecompanies.

OnDecember10,2018,Dr.CaforioandMr.Allesmetanddiscussedtermsofapotentialtransaction.Duringthecourseofthesediscussions,Dr.CaforiomadeaverbalproposaltoacquireCelgeneforanaggregatevalueof$108pershare,withtheconsiderationtobecomposedofoneshareofBristol-MyersSquibbcommonstock(upfromthe0.930exchangeratiopreviouslyproposedbyBristol-MyersSquibb)and$55incash.Dr.CaforioindicatedtoMr.AllesthatsuchproposalwassubjecttocompletionofduediligenceofCelgeneandnegotiationofmutuallyacceptabledefinitiveagreements.Mr.AllesconveyedtoDr.Caforiothat,basedonfeedbackatthepriorCelgeneBoardmeeting,hedidnotbelievethattheCelgeneBoardwouldaccepttheproposal,remindingDr.CaforiothattheCelgeneBoardhadpreviouslyrejectedaproposalinOctoberwithaheadlinevalueof$110atthattimeandnotingthatreachingadefinitiveagreementbyJanuary2,2019wouldbedifficult.Dr.CaforiothenmadeafurtherrevisedverbalproposaltoMr.AllestoacquireCelgeneforoneshareofBristol-MyersSquibbcommonstockand$57incashforeachshareofCelgenecommonstock.Dr.CaforioindicatedthatthisproposalwassubjecttotheapprovaloftheBMSBoardand,liketheotherproposalsdiscussed,completionofduediligenceofCelgeneandnegotiationofmutuallyacceptabledefinitiveagreements.AssumingthateachshareofBristol-MyersSquibbcommonstockhadavalueof$53.08,whichwastheclosingpriceofBristol-MyersSquibbcommonstockonDecember7,2018(thelasttradingdaypriortotheproposal),theproposalrepresentedanaggregatevalueof$110.08perCelgeneshare.TheclosingpriceofCelgenecommonstockonDecember7,2018was$70.08pershare.Therefore,theaggregatevalueof$110.08persharerepresentedapremiumofapproximately57%whencomparedtothisclosingprice.Dr.CaforioalsoreiteratedtheimportanceofsigninganagreementbyJanuary2,2019andcommencingfullmutualduediligence.Mr.AllesconveyedthathewouldcommunicatetherevisedproposaltotheCelgeneBoard.

LaterinthedayonDecember10,2018,theBMSBoardheldaspecialmeeting,withmembersofBristol-MyersSquibbmanagementinattendance.Atthismeeting,Dr.CaforioprovidedanupdatetotheBMSBoardonthepotentialtransactionwithCelgene,includingtherevisedproposalDr.CaforioprovidedtoMr.Allesearlierthatday(whichwassubjecttoreviewandapprovalbytheBMSBoard).TheBMSBoardindicateditssupportfortheproposalmadebyDr.CaforiotoMr.Allesearlierintheday.

Followingthemeeting,onDecember10,2018,Dr.CaforiosentMr.AllesaletterconfirmingBristol-MyersSquibb’srevisedproposalinwhichCelgenestockholderswouldreceiveoneshareofBristol-MyersSquibbcommonstockand$57incashforeachshareofCelgenecommonstock.

OnDecember10,2018,theExecutiveCommitteeoftheCelgeneBoardmettodiscusstherevisedproposal.TheExecutiveCommitteedeterminedthattheproposalwarrantedfurtherconsiderationbythefullCelgeneBoardandauthorizedmembersofCelgenemanagementtoengagewiththeircounterpartsatBristol-MyersSquibbonamutualduediligenceexercise.

Overthenextseveraldays,membersofmanagementofthetwocompaniesmadearrangementstobeginamutualduediligenceprocess.OnDecember13,2018,membersofmanagementofthetwocompaniesheldmutualduediligencesessionsinNewYorkCity,whichwerealsoattendedbycertainadvisorsofBristol-MyersSquibband

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Celgene.Bristol-MyersSquibbandCelgeneeachmadeavailabletotheother,andeachother’srepresentatives,duediligenceinformationregardingitselfanditsbusiness,includingviauploadofdocumentationtoadataroom,whichwasopenedonDecember16,2018.FromDecember13,2018untilJanuary2,2019,eachcompanyanditsrepresentativescontinuedtheirrespectiveduediligenceinvestigationoftheothercompanyanditsbusiness.Theduediligenceactivitiesincludeddataroomreviews,in-personmeetings,conferencecallsandotherinteractionsbetweenBristol-MyersSquibbandCelgenemanagementteamsbyfunction,coveringtechnical,regulatory,commercial,manufacturing,intellectualproperty,legal,organizational,humanresources,andfinancialmatters.Duediligencefindings,includingrisksandupsideopportunities,werereviewedbymembersofmanagementofeachofBristol-MyersSquibbandCelgenewiththeirrespectiveboardsofdirectorstohelpinformthestrategicmeritsandfinancialanalysesofthepotentialtransaction.

OnDecember13and14,2018,membersofBristol-MyersSquibbmanagementmetwithrepresentativesfromtwocreditratingsagenciestodiscussthepotentialtransaction.

OnDecember14,2018,theCelgeneBoardheldaspecialmeetingtodiscusstherevisedproposalfromBristol-MyersSquibb,withmembersofCelgenemanagementandrepresentativesofJ.P.Morgan,CitigroupGlobalMarketsInc.,whichisreferredtointhisjointproxystatement/prospectusasCitigroup,alsoafinancialadvisortoCelgene,andWachtellLiptoninattendance.MembersofCelgenemanagementprovidedanoverviewoftherevisedproposal,includingBristol-MyersSquibb’sfocusonannouncingatransactionbyJanuary2,2019,andanupdateonfullmutualduediligence.MembersofCelgenemanagementdiscussedwiththeCelgeneBoardthestrategicrationaleofthepotentialtransaction,notingthestrategicandindustrialfitbetweenthetwocompanies.MembersofCelgenemanagementalsooutlinedcertainfinancialaspectsoftherevisedproposal,initialfindingsfromduediligenceandthepotentialvaluecreationofthecombinedcompany.MembersofCelgenemanagementalsodiscussedotherdevelopments,includingthedeclineinthepricesofbothBristol-MyersSquibbcommonstockandCelgenecommonstockandthegeneraldeclineinthestockpricesofbiopharmapeers.TheydiscussedhowthesedynamicscouldaffectpossibleoutcomesandriskswithrespecttoCelgene’smostsignificantpipelineproductsandCelgene’slong-rangestrategicplan.MembersofCelgenemanagementandtheCelgeneBoardalsodiscussedhowtherevisedproposalcomparedtothepriorBristol-MyersSquibbproposals.Theydiscussedthattherevisedproposal,whencomparedtoBristol-MyersSquibb’spriorproposalonDecember5,includedbothanincreaseinthestockportionoftheconsideration(from0.930ofashareofBristol-MyersSquibbcommonstocktooneshareofBristol-MyersSquibbcommonstock)andanincreaseinthecashportionoftheconsideration(from$55incashto$57incash).Inaddition,theydiscussedthat,forpurposesofcomparingtherevisedproposaltoBristol-MyersSquibb’soriginalproposal,therevisedproposalof$57.00incashandoneshareofBristol-MyersSquibbcommonstock—ifeachBristol-MyersSquibbsharehadavalueequaltotheBristol-MyersSquibbclosingpriceonSeptember20,2018(thedaybeforetheoriginalproposal)—wouldhaveanaggregatevalueof$118.75pershare,ascomparedtotheoriginalproposalof$110.00pershare.

RepresentativesofWachtellLiptonprovidedanoverviewofthedirectors’fiduciarydutieswhenreviewingstrategicalternatives.MembersofCelgenemanagement,togetherwithCelgene’sfinancialandlegaladvisors,thendiscussedwiththeCelgeneBoardpotentialresponsestotherevisedproposal,includingconsiderationsrelatingtopossibleoutreachtootherpotentiallyinterestedpartiesbasedon,amongotherthings,theindustryandmarketknowledgeandexperienceofmanagement,thedirectorsandCelgene’sfinancialadvisors.Followingdiscussion,theCelgeneBoarddeterminedthatmembersofCelgenemanagementshouldcontinuediscussionswithBristol-MyersSquibbregardingapotentialtransactiononthebasisofBristol-MyersSquibb’srevisedproposal.TheCelgeneBoardalsodeterminedthatoutreachtomultiplepartiescouldpresentmeaningfulrisksand,accordingly,concludedthattheExecutiveCommitteeoftheCelgeneBoard,withadvicefrommembersofCelgenemanagementandCelgene’sfinancialadvisors,shoulddeterminewhethertomakeanymarketoutreachand,ifso,towhom,takingintoconsiderationtheserisksandtheverylimitednumberofpartiesthatthedirectorsbelievedhadthescaleandsimilarstrategicfocustoenablethemtopresentaproposalthatcouldbecompetitivewithBristol-MyersSquibb’srevisedproposal.

LaterinthedayonDecember14,2018,Dr.CaforioandMr.Allesspokebytelephone.Duringthisconversation,Mr.AllesadvisedDr.CaforiothatmembersofCelgenemanagementanditsexternaladvisorshadbeenauthorizedbytheCelgeneBoardtocontinuediscussionswithBristol-MyersSquibbonthebasisoftherevised

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proposalandthattheywerealignedwiththegoaloftryingtoreachadefinitiveagreementbyJanuary2,2019.Duringthisconversation,Dr.CaforiocommunicatedtoMr.Allesthatthecurrentproposal,whichwouldprovideCelgenestockholderswithoneshareofBristol-MyersSquibbcommonstockand$57incashperCelgeneshare,representedBristol-MyersSquibb’sbestandfinaloffer.

Laterthatday,onbehalfofBristol-MyersSquibb,Kirkland&EllisprovidedaninitialdraftmergeragreementtoWachtellLipton,onbehalfofCelgene.Thedraftmergeragreementincluded,amongotherthings,aprovisionthateithercompany’sboardofdirectorswouldbepermittedtochangeitsrecommendationtostockholdersinfavorofthetransactioninresponsetoasuperiorproposalbutwouldnotbeabletounilaterallyterminatethemergeragreementinthesecircumstances.Italsoprovidedthateachpartywouldberequiredtopaytheotherpartyaterminationfeeequalto3.75%ofthetransactionequityvalueifthemergeragreementwereterminatedinspecifiedcircumstances,includinginconnectionwithachangeofrecommendationbyaparty’sboardofdirectors.ThedraftmergeragreementincludedacovenantrequiringBristol-MyersSquibbtodivestassetsortakesimilaractionsifnecessarytoobtainregulatoryapprovalssolongasdoingsowouldnothaveamaterialadverseeffectoneitherparty.Thedraftmergeragreementincludeda“materialadverseeffect”provisionthatwouldallowapartytonotclosethetransactioniftheotherpartyexperienceda“materialadverseeffect,”andthedefinitionof“materialadverseeffect”hadcertainexclusionsfor,amongotherthings,macroeconomicandindustryevents.Inaddition,thedraftagreementprovidedthattwoofCelgene’sdirectors,tobemutuallyagreedbetweenCelgeneandBristol-MyersSquibb,wouldbeaddedupontheclosingofthetransactiontotheBMSBoard.

OnDecember16,2018,theExecutiveCommitteeoftheCelgeneBoardmettodiscusspotentialoutreachtootherpartiesthatcouldpotentiallybeinterestedinastrategictransactionwithCelgene.TheExecutiveCommitteeconsideredvariousfactors,includingtherisksposedbyoutreachtomultipleparties,currentmarketdynamics,potentialforstrategicfit,andabilitytoconsummate,andlikelyinterestin,atransactionwithCelgeneontermsthatwouldbecompetitivewithBristol-MyersSquibb’scurrentproposal.Followingdiscussion,theExecutiveCommitteedeterminedthataninquiryshouldbemadetoPartyA,alargepubliclytradedpharmaceuticalcompany,which,intheviewoftheExecutiveCommitteeoftheCelgeneBoard,wastheonlycompanythatpotentiallywouldhaveastrategicfitwithCelgenethatwasasstrongasthatbetweenCelgeneandBristol-MyersSquibb,aswellasthescaletoenableittopresentaproposalthatcouldbecompetitivewithBristol-MyersSquibb’srevisedproposal,ifdesired.

OnDecember17,2018,atthedirectionofandonbehalfofCelgene,arepresentativeofJ.P.MorgancontactedthechiefexecutiveofficerofPartyA,explainedthatCelgenewasconsideringachange-of-controltransactionandaskedifPartyAwouldbeinterestedinpresentingaproposal.

OnDecember18,2018,thechiefexecutiveofficerofPartyAcontactedtherepresentativeofJ.P.MorganandindicatedthatPartyAhaddeterminednottomakeaproposalforapotentialstrategictransactionwithCelgene.

Laterthatday,onDecember18,2018,Mr.AllesinformedtheExecutiveCommitteeoftheCelgeneBoardofPartyA’sresponse.InlightoftheExecutiveCommittee’sviewthatnocompanywaslikelytohavebothastrategicfitwithCelgenethatwasasstrongasthatbetweenCelgeneandBristol-MyersSquibb,aswellasthescaletomatchorexceedtheconsiderationofferedbyBristol-MyersSquibb,theExecutiveCommitteedeterminedthatoutreachtoadditionalpartiespresentedasignificantunfavorableriskofaleakthatwouldbedamagingtoCelgeneandtheprospectsofatransactionwithBristol-MyersSquibb,andthereforewouldnotbeadvisable.

OnDecember19,2018,WachtellLipton,onbehalfofCelgene,sentareviseddraftofthemergeragreementtoKirkland&Ellis,onbehalfofBristol-MyersSquibb.Thereviseddraftprovided,amongotherthings,thateachcompany’sboardofdirectorswouldbepermittedtoterminatethemergeragreementinordertoenterintoatransactionprovidingforasuperiorproposal.ItalsoreducedtheterminationfeethatCelgenewouldberequiredtopaytoBristol-MyersSquibbifthemergeragreementwereterminatedinspecifiedcircumstancesfrom3.75%oftheequitytransactionvalueto2.0%oftheequitytransactionvalue.ThedraftmergeragreementincludedacovenantrequiringBristol-MyersSquibbtodivestassetsortakesimilaractionsifnecessarytoobtainregulatoryapprovalssolongasdoingsowouldnothaveamaterialadverseeffectonthecombinedcompanyaftergivingeffecttotheCelgeneacquisition.Furthermore,thedraftrevisedthe“materialadverseeffect”

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definitionapplicabletoCelgenetoexcludeanyadversedevelopmentoreventswithrespecttoanyofCelgene’sexistingorpipelineproducts.Thereviseddraftagreementfurtherprovidedthatthree(insteadoftwo)ofCelgene’sdirectorswouldbeaddedupontheclosingofthetransactiontotheBMSBoard.

OnDecember21,2018,theCelgeneBoardheldaspecialmeeting,withmembersofCelgenemanagementandrepresentativesofJ.P.Morgan,CitigroupandWachtellLiptoninattendance.Mr.Alles,togetherwithrepresentativesofJ.P.MorganandCitigroup,updatedtheCelgeneBoardwithrespecttotheExecutiveCommittee’sconsiderationofconductingoutreachtopotentiallyinterestedpartiesandtheinquiryto,andresponsefrom,PartyA,andontheduediligenceprocess.RepresentativesofWachtellLiptonprovidedanoverviewofthedirectors’fiduciarydutieswhenreviewingstrategicalternatives.Followingdiscussion,theCelgeneBoarddeterminedthatinlightof,amongotherthings,theresponsefromPartyA,thelimiteduniverseofadditionalpotentialcounterpartieswithsimilarstrategicfitasBristol-MyersSquibborthesizeandstrategicinteresttocompleteatransactiononattractiveterms,andtheriskthatadditionaloutreachcouldcausealeakorotherwisejeopardizethepotentialtransactionwithBristol-MyersSquibb,furtheroutreachtoothercompaniesshouldnotbemadeatthattime.TheCelgeneBoardalsodeterminedthatmembersofCelgenemanagementshouldcontinuediscussionswithBristol-MyersSquibb.

OnDecember24,2018,Kirkland&Ellis,onbehalfofBristol-MyersSquibb,sentareviseddraftofthemergeragreementtoWachtellLipton,onbehalfofCelgene.ThereviseddraftrevertedtoBristol-MyersSquibb’spositiononseveraloftheopenitems,includingprovidingthateithercompany’sboardofdirectorswouldbepermittedtochangeitsrecommendationtostockholdersinfavorofthetransactioninresponsetoasuperiorproposalbutwouldnotbeabletounilaterallyterminatethemergeragreementinthesecircumstances;the“materialadverseeffect”provisionwouldnotexcludeanyadversedevelopmentoreventswithrespecttoCelgene’sexistingorpipelineproducts;andonlytwooftheCelgenedirectorswouldjointheboardofdirectorsofthecombinedcompany.Inaddition,thedraftagreementprovidedthateachpartywouldberequiredtopaytheotherpartyaterminationfeeequalto3.25%oftheequitytransactionvalueifthemergeragreementwereterminatedinspecifiedcircumstances,includinginconnectionwithachangeinrecommendationbyaparty’sboardofdirectors.

OnDecember27,2018,WachtellLipton,onbehalfofCelgene,sentareviseddraftofthemergeragreementtoKirkland&Ellis,onbehalfofBristol-MyersSquibb.Thereviseddraftprovided,amongotherthings,thateachcompany’sboardofdirectorswouldbepermittedtoterminatethemergeragreementinordertoenterintoatransactionprovidingforasuperiorproposal.ItalsoprovidedthattheterminationfeethatCelgenewouldberequiredtopaytoBristol-MyersSquibbifthemergeragreementwereterminatedinspecifiedcircumstanceswouldbeequalto2.5%oftheequitytransactionvalue,andtheterminationfeethatBristol-MyersSquibbwouldberequiredtopaytoCelgeneifthemergeragreementwereterminatedinspecifiedcircumstanceswouldbeequalto3.0%oftheequitytransactionvalue.Furthermore,the“materialadverseeffect”definitionapplicabletoeachpartyexcludedanyadverseregulatoryorclinicaldevelopmentoreventswithrespecttoeachparty’spipelineproducts.

OnDecember27,2018,membersofBristol-MyersSquibbmanagementheldaboardteleconferenceformembersoftheBMSBoard.Atthisboardteleconference,theBMSBoardreceivedanupdatefrommembersofBristol-MyersSquibbmanagementonthepotentialtransactionwithCelgene,includingtheongoingdiscussionswithCelgene.MembersofBristol-MyersSquibbmanagementreviewedwiththeBMSBoardtheresultsofduediligenceconductedtodatebyBristol-MyersSquibb,inconjunctionwithitsexternaladvisors,aswellasrecentmarketdevelopmentsandconditionssincethepriorproposal,includingstockpricedeclinesofCelgenecommonstockascomparedtoBristol-MyersSquibbcommonstock.Followingthediscussion,theBMSBoardandmembersofBristol-MyersSquibbmanagementdiscussedthepotentialofmakingarevisedproposalandthepotentialtermsandrangeofaggregatevaluesofsuchaproposal.ThisdiscussionofarevisedproposalincludedadiscussioninvolvingtheintroductionofaCVRcomponenttothemergerconsiderationforpurposesofbridgingareductionintheupfrontaggregatevaluepershare.Followingfurtherdiscussionsonthesematters,theBMSBoardindicateditssupportforDr.CaforiotoconveytoMr.AllesthatBristol-MyersSquibbwasunwillingtoproceedonthetermsoftheDecember10,2018proposal,butBristol-MyersSquibbwaswillingtoproceedwitharevisedproposalconsistingof$50incash,oneshareofBristol-MyersSquibbcommonstockandaCVRcomponentthatwouldpayupto$8pershareofCelgenecommonstockintheeventthatcertainmilestoneswereachievedfollowingtheclosing.

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OnDecember27,2018,Dr.CaforioandMr.AllesmetattherequestofDr.Caforio.Dr.CaforioexplainedthatBristol-MyersSquibbwasnolongerwillingtoagreetomergerconsiderationconsistingof$57incashandoneshareofBristol-MyersSquibbcommonstock.Dr.CaforiofurthercommunicatedthatBristol-MyersSquibbwouldbewillingtoproceedwitharevisedproposalconsistingof$50incashandoneshareofBristol-MyersSquibbcommonstock,subjecttothecompletionofCelgeneduediligenceandfinalizationofmutuallyacceptabledefinitiveagreements.BasedontheclosingpriceofBristol-MyersSquibbcommonstockonDecember27,2018of$50.41(theclosingpriceofBristol-MyersSquibbcommonstockonthatday),theproposalrepresentedanaggregatevalueof$100.41perCelgeneshare.TheclosingpriceofCelgenecommonstockonDecember27,2018was$62.81pershare.Therefore,theaggregatevalueof$100.41persharerepresentedapremiumofapproximately60%whencomparedtothisclosingprice.Dr.CaforioalsoexplainedthatBristol-MyersSquibbwaswillingtoincludesomeformofCVRcomponenttothemergerconsiderationthatwouldpayupto$8incashintheeventthatcertainmilestoneswereachievedfollowingtheclosing.Mr.AllesexplainedthathewouldneedtodiscusstherevisedproposalwiththeCelgeneBoard.

OnDecember28,2018,membersofCelgeneandBristol-MyersSquibbmanagementdiscussedandnegotiatedthetermsofapossibleCVR,includingtheamountthatcouldbepayableundertheCVRandthemilestonesthatneededtobeachievedpriortothemakingofsuchpayments.MembersofCelgenemanagementproposedtomembersofBristol-MyersSquibbmanagementthattheCVRcouldpayupto$10,with$2payableuponFDAapprovalofeachofCelgene’sfivenear-term,late-stagepipelineassets.

OnDecember28,2018,theCelgeneBoardheldaspecialmeetingwithmembersofCelgenemanagementandrepresentativesofJ.P.Morgan,CitigroupandWachtellLiptoninattendance.MembersofCelgenemanagementpresentedandreviewedBristol-MyersSquibb’srevisedproposalandupdatedtheCelgeneBoardonthestatusofnegotiationsbetweenthecompaniesregardingtheCVR.RepresentativesofWachtellLiptonalsoreviewedwiththeCelgeneBoarddisclosurethathadbeenprovidedbyeachofJ.P.MorganandCitigrouppriortothemeetingwithrespecttoanymaterialrelationshipswitheitherBristol-MyersSquibborCelgene.MembersofCelgenemanagementandtheCelgeneBoardalsodiscussedthat,forpurposesofcomparingtherevisedproposaltoBristol-MyersSquibb’soriginalproposal,therevisedproposalof$50.00incash,oneshareofBristol-MyersSquibbcommonstockandoneCVR—ifeachBristol-MyersSquibbsharehadavalueequaltotheBristol-MyersSquibbclosingpriceonSeptember20,2018(thedaybeforetheoriginalproposal)andifeachCVRpaid$8incash—wouldhaveanaggregatevalueof$119.75pershare,ascomparedtotheoriginalproposalof$110.00pershare.Afterdiscussion,theCelgeneBoarddeterminedthatmembersofCelgenemanagementshouldcontinuetoengagewithBristol-MyersSquibbbutnotedthatthetermsoftheCVRshouldbeclear,tiedtonear-termevents,andalignedwiththestrategyofthecombinedcompany.

OnDecember29,2018,thecompaniescontinuedtonegotiatethetermsoftheCVR.Duringthosenegotiations,Bristol-MyersSquibbstatedthatitwasnotwillingtopayanyamountundertheCVRunlessmultiplemilestoneswereachievedbeforethespecifiedmilestonedates.Inaddition,Bristol-MyersSquibbstatedthatitwouldonlyagreefortheCVRtopayupto$9,not$10asrequestedbyCelgene.Finally,underBristol-MyersSquibb’sproposal,theCVRwouldpay$9onlyiftheFDAapprovesonorbeforeDecember31,2020thecommercialmanufacturing,marketingandsaleofallofOzanimod,JCAR017andbb2121withcertainadditionalrequirementsrelatedtotheregulatoryapprovals.

OnDecember30,2018,theBMSBoardheldaspecialmeeting,withmembersofBristol-MyersSquibbmanagementandrepresentativesofKirkland&Ellis,MorganStanley,Evercore,andDyalCo.inattendance.Atthismeeting,theBMSBoardreceivedanupdatefrommembersofBristol-MyersSquibbmanagementonthepotentialtransactionwithCelgene,includinganupdateonduediligenceandtheongoingdiscussionswithCelgene.RepresentativesofeachofMorganStanley,Evercore,andDyalCo.,togetherwithmembersofBristol-MyersSquibbmanagement,thendiscussedwiththeBMSBoardcertainfinancialandtransactionconsiderationsrelatedtothepotentialtransaction,includinganupdatedfinancialanalysis.MembersofBristol-MyersSquibbmanagementandrepresentativesoftheexternaladvisorsinattendancealsoprovidedanoverviewoftheproposedCVRcomponenttothemergerconsiderationundervariousformulations.TheBMSBoard,togetherwithmembersofBristol-MyersSquibbmanagementandrepresentativesofitsexternaladvisorsinattendance,thendiscussedthepotentialofmakingarevisedproposaltoCelgeneandtherangeof,andmixofconsiderationcomprising,theaggregatevaluesofsuchaproposal.Followingfurtherdiscussiononthesematters,theBMSBoardauthorizedanddirectedDr.CaforiotomakearevisedproposalthatprovidedflexibilityforCelgenetoreceiveupfrontconsiderationconsistingof$50cashandoneshareofBristol-MyersSquibbcommon

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stockor,ifCelgenepreferred,cashofupto$57pershare,withanappropriatereductionintheexchangeratiotoreflectanaggregatevaluepershareconsistentwiththe$50cashandoneshareofBristol-MyersSquibbcommonstockproposal,and,ineithercase,aCVRthatwouldpay$9iftheFDAapprovesonorbeforeDecember31,2020thecommercialmanufacturing,marketingandsaleofallofOzanimod,JCAR017andbb2121withcertainadditionalrequirementsrelatedtotheregulatoryapprovals.

OnDecember30,2018,Dr.CaforiosentalettertoMr.AllesconfirmingtheproposaldiscussedonDecember29,2018.TheletterstatedthatBristol-MyersSquibb’sbestandfinalofferwasapriceperCelgenecommonshareof$50incashandoneshareofBristol-MyersSquibbcommonstock.Inaddition,eachshareofCelgenecommonstockwouldreceiveoneCVRthatwouldpay$9iftheFDAweretoapproveonorbeforeDecember31,2020thecommercialmanufacturing,marketingandsaleofallofOzanimod,JCAR017andbb2121withcertainadditionalrequirementsrelatedtotheregulatoryapprovals.TheletteralsostatedthatBristol-MyersSquibbwouldbewillingtoincreasethecashcomponentoftheconsiderationtoupto$57pershare,withacorrespondingreductionintheexchangeratiotomaintainoverallvalue.Furthermore,Bristol-Myersindicatedthatitwouldannounceanintentiontoexecuteapost-closingsharebuy-backofapproximately$5billion,whichitbelievedwouldprovidesupportforthetradingpriceoftheBristol-MyersSquibbcommonstockreceivedbytheCelgenestockholdersandallowforadditionalvalue-creationupsideforthestockholdersofthecombinedcompany.Theletterindicatedthattheproposalwassubjecttothecompletionoflimitedremainingduediligenceandfinalizationofmutuallyacceptabledefinitiveagreements,andwouldexpireifadefinitiveagreementwerenotsignedby5:00p.m.onJanuary5,2019.

FromDecember31,2018toJanuary2,2019,Celgene,Bristol-MyersSquibbandtheirrespectiveadvisorscontinuedtodiscussandnegotiatetheopenissuesinthemergeragreementandtheCVRagreement.Followingthesediscussionsandnegotiations,thecompaniesagreedthatthemergeragreementwouldprovidethateachcompany’sboardofdirectorswouldbepermittedtoterminatethemergeragreementinordertoenterintoatransactionprovidingforasuperiorproposal.Theyalsoagreedthattheterminationfeethateachpartywouldberequiredtopaytotheotherpartyifthemergeragreementwereterminatedinspecifiedcircumstanceswouldbeequalto$2.2billion,whichwasequaltoapproximately2.95%oftheequitytransactionvalue(excludingtheCVR)andapproximately2.71%oftheequitytransactionvalue(includingthefullnominalvalueoftheCVR),basedontheclosingpriceofBristol-MyersSquibbcommonstockasofthedatepriortoannouncementofthemergeragreement.Furthermore,thecompaniesagreedthatthe“materialadverseeffect”definitionapplicabletoeachpartywouldexcludeanyadversedevelopmentoreventswithrespecttoeitherparty’spipelineproducts.WithrespecttotheCVR,thecompaniesalsoagreedtoextendtoMarch31,2021thespecifiedmilestonedatefortherequiredFDAapprovalforbb2121andtoeliminateanyadditionalrequirementsrelatedtotheregulatoryapprovalsforOzanimod,JCAR017andbb2121.

OnJanuary2,2019,theScienceandTechnologyCommitteeoftheBMSBoardconvenedtodiscussindetailtheresultsoftheduediligenceconductedwithrespecttoCelgene,including,inparticular,duediligencefindingswithrespecttoCelgene’sproductsandproductpipelineopportunities.

ImmediatelyfollowingthemeetingoftheScienceandTechnologyCommitteeoftheBMSBoard,theBMSBoardheldaspecialmeeting,withmembersofBristol-MyersSquibbmanagementandrepresentativesofKirkland&Ellis,MorganStanley,EvercoreandDyalCo.inattendance.AllmembersoftheBMSBoardwerepresentatthisspecialmeetingotherthanMr.MatthewW.Emmens,whowasunabletoattend.Atthismeeting,Bristol-MyersSquibbmanagementandtheexternaladvisorsinattendancereviewedthetermsofthepotentialtransactionwiththeBMSBoard.RepresentativesfromKirkland&Ellisreviewedthefiduciarydutiesofthedirectorsandthetermsofthedrafttransactionagreements.MembersofBristol-MyersSquibbmanagementthenprovidedanupdatetotheBMSBoardontheresultsofduediligenceconductedwithrespecttoCelgene.RepresentativesfromMorganStanley,Evercore,andDyalCo.reviewedwiththeBMSBoardtheirfinancialanalysesofthemergerconsiderationproposedinthemerger,andeachofMorganStanley,EvercoreandDyalCo.thenrendereditsrespectiveoralopinion,whichwassubsequentlyconfirmedinwriting,totheBMSBoardthat,asofthatdateandsubjecttothevariousassumptionsmade,proceduresfollowed,mattersconsideredandqualificationsandlimitationsonthescopeofthereviewundertakenassetforthintheirrespectiveopinions,themergerconsiderationtobepaidbyBristol-MyersSquibbinthemergerpursuanttothemergeragreementwasfair,fromafinancialpointofview,toBristol-MyersSquibb.See“—OpinionsofBristol-MyersSquibb’sFinancialAdvisors”beginningonpage133ofthisjointproxystatement/prospectus.Inadvanceofthemeeting,theBMSBoardwasprovidedwithupdatedcustomarydisclosureofanymaterialrelationshipswitheither

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Bristol-MyersSquibborCelgenebyeachofMorganStanley,DyalCo.andEvercore,andtheBMSBoarddeterminedsuchrelationshipswouldnotinterferewithMorganStanley’s,DyalCo.’sorEvercore’sabilitytocontinuetoprovidefinancialadvisoryservicestoBristol-MyersSquibb.ManagementofBristol-MyersSquibbalsoprovidedanoverviewandupdateonthefinancingtobearrangedforpurposesofthetransaction.MembersofBristol-MyersSquibbmanagementandtheBMSBoarddiscussedanumberoffactors,includingthoseoutlinedunder“—Bristol-MyersSquibb’sReasonsfortheMerger;RecommendationoftheBristol-MyersSquibbBoardofDirectorsthatBristol-MyersSquibbStockholdersApprovetheStockIssuance”beginningonpage110ofthisjointproxystatement/prospectus.Followingdiscussion,theBMSBoarddetermined,byunanimousvoteofallofthedirectorspresentatthemeeting,thatthemergeragreementandthetransactionscontemplatedtherebywerefairto,andinthebestinterestsof,Bristol-MyersSquibbanditsstockholders,approvedanddeclaredadvisablethemergeragreement,themergerandtheothertransactionscontemplatedbythemergeragreement,andresolvedtorecommendadoptionofthestockissuancebyBristol-MyersSquibbstockholders.Mr.Emmensreceivedandreviewedthematerialspriortothisspecialmeetingandexpressedhissupportforthetransaction,andfollowingthemeetingoftheBMSBoardagainconfirmedhissupportforthetransaction.

Laterthatday,onJanuary2,2019,theCelgeneBoardheldaspecialmeeting,withmembersofCelgenemanagementandrepresentativesofJ.P.Morgan,CitigroupandWachtellLiptoninattendance,duringwhichmembersofCelgenemanagementupdatedtheCelgeneBoardonthestatusofnegotiationsbetweenthecompanies,includingthetermsoutlinedinBristol-MyersSquibb’sDecember30,2018lettertoCelgeneandthediscussionsbetweenthecompaniesfollowingreceiptoftheletter.TheCelgeneBoardalsodiscussedBristol-MyersSquibb’soffertoincreasethecashcomponentoftheconsiderationto$57pershare,withacorrespondingreductionintheexchangeratiotomaintainoverallvalue.TheCelgeneBoard,followingdiscussionwithmembersofCelgenemanagement,determinedthatitwouldprefertokeepthemixofconsiderationof$50pershareincashandoneshareofBristol-MyersSquibbcommonstock,inlightofitsviewthatthestockownershipinthecombinedcompanywouldallowCelgenestockholderstoparticipateintheanticipatedearningsandgrowthofastrongercombinedcompany,aswellasanysynergiesresultingfromthemerger.MembersofCelgenemanagementandtheCelgeneBoardalsodiscussedthat,forpurposesofcomparingtherevisedproposaltoBristol-MyersSquibb’soriginalproposal,therevisedproposalof$50.00incash,oneshareofBristol-MyersSquibbcommonstockandoneCVR—ifeachBristol-MyersSquibbsharehadavalueequaltotheBristol-MyersSquibbclosingpriceonSeptember20,2018(thedaybeforetheoriginalproposal)andifeachCVRpaid$9incash—wouldhaveanaggregatevalueof$120.75pershare,ascomparedtotheoriginalproposalof$110.00pershare.RepresentativesofWachtellLiptonreviewedthefiduciarydutiesofthedirectorsandthetermsofthedrafttransactionagreements.TheCelgeneBoardthenreviewedagainthedisclosurethathadbeenprovidedbyeachofJ.P.MorganandCitigrouppriortothemeetingoftheCelgeneBoardonDecember28,2018withrespecttoanymaterialrelationshipswitheitherBristol-MyersSquibborCelgeneanddeterminedsuchrelationshipswouldnotinterferewithJ.P.Morgan’sorCitigroup’sabilitytocontinuetoprovidefinancialadvisoryservicestoCelgene.RepresentativesofJ.P.MorganandCitigroupreviewedwiththeCelgeneBoardtheirrespectivefinancialanalysesrelatingtothefairnesstotheholdersofCelgenecommonstockoftheconsiderationproposedtobepaidinthemerger,andJ.P.MorganandCitigroupeachthenrendereditsoralopinion,whichwassubsequentlyconfirmedinwriting,totheCelgeneBoardtotheeffectthat,asofJanuary2,2019andbasedonandsubjecttotheassumptionsmade,proceduresfollowed,mattersconsideredandotherlimitationsandqualificationssetforthineachrespectivewrittenopinion,themergerconsiderationtobepaidtotheholdersofCelgenecommonstockinthemergerwasfair,fromafinancialpointofview,tosuchholders.See“—OpinionsofCelgene’sFinancialAdvisors”beginningonpage115ofthisjointproxystatement/prospectus.MembersofCelgenemanagementandtheCelgeneBoarddiscussedanumberoffactors,includingthoseoutlinedunder“—Celgene’sReasonsfortheMerger;RecommendationoftheCelgeneBoardofDirectorsthatCelgeneStockholdersAdopttheMergerAgreement”beginningonpage106ofthisjointproxystatement/prospectus.Followingdiscussion,theCelgeneBoardunanimouslydeterminedthatthemergerwasfairto,andinthebestinterestsof,Celgeneanditsstockholders,approvedanddeclaredadvisablethemergeragreement,themergerandtheothertransactionscontemplatedbythemergeragreement,andresolvedtorecommendadoptionofthemergeragreementtoholdersofsharesofCelgene’scommonstock.

FollowingtheapprovalofthemergeragreementandthemergerbyeachoftheBMSBoardandtheCelgeneBoard,Bristol-MyersSquibbandCelgeneexecutedthemergeragreementearlyduringthemorningofJanuary3,

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2019.Concurrentlywithenteringintothemergeragreement,Bristol-MyersSquibbenteredintoabridgefacilitycommitmentletterwithMSSFandMUFG.Thatsamemorning,priortotheopeningoftradingontheNYSE,thetwocompaniesissuedajointpressreleaseannouncingentryintothemergeragreement.

StarboardValuesentBristol-MyersSquibbanoticeofnominationinconnectionwithBristol-MyersSquibb’s2019AnnualMeetingofStockholders,whichBristol-MyersSquibbinformedStarboardValueitwouldreview.ThenoticeproposedJohnM.Leonard,StevenJ.Shulman,JeffreyC.Smith,JamesL.TyreeandJanetS.VergisforelectiontotheBMSBoard.Inconnectionwithitsdeliveryofthenotice,StarboardValuerequestedtomeetwithmanagementofBristol-MyersSquibbandthat,pendingthesediscussions,thenoticebekeptconfidential.Bristol-MyersSquibbmanagementhassubsequentlymetwithStarboardValueonmultipleoccasions.Asofthedateofthisjointproxystatement/prospectus,therehasnotbeenadatesetfortheBristol-MyersSquibb2019AnnualMeetingofStockholdersandsuchmeetingwillbeheldsubsequenttotheBristol-MyersSquibbspecialmeeting.

StarboardValueadvisedBristol-MyersSquibbinthenoticethatithadacquired1millionsharesofBristol-MyersSquibbcommonstock,ofwhich999,000shareswereacquiredonJanuary31,2019.OnFebruary5,2019,StarboardValuefiledanHSRActnotificationandreporttoallowittoacquiresharesofBristol-MyersSquibbcommonstock.

Certain Relationships between Bristol-Myers Squibb and Celgene

Bristol-MyersSquibb,Celgeneandtheirrespectiveaffiliatesengageintransactionsandenterintoagreementswitheachotherintheordinarycourseofbusiness.Bristol-MyersSquibbbelievesthatnosuchtransactionoccurringinthefiscalyearendedDecember31,2018,orthefourpriorfiscalyearshadanaggregatevalueinexcessof1%ofBristol-MyersSquibb’sconsolidatedrevenuesforthefiscalyearinwhichthetransactionoccurred.Exceptasdescribedinthisjointproxystatement/prospectus,thereareandhavebeennopast,presentorproposedmaterialcontracts,arrangements,understandings,relationships,negotiationsortransactionsduringthefiveimmediatelyprecedingcalendaryearsbetweenBristol-MyersSquibboritsaffiliates,ontheonehand,andCelgeneoritsaffiliates,ontheotherhand,concerningamerger,consolidationoracquisition,atenderofferfororotheracquisitionofsecurities,theelectionofdirectors,orthesaleorothertransferofamaterialamountofassets.

Celgene’s Reasons for the Merger; Recommendation of the Celgene Board of Directors that Celgene Stockholders Adopt theMerger Agreement

Inreachingitsdecisiontoapprove,anddeclareadvisable,themergeragreementandtorecommendthatCelgene’sstockholdersadoptthemergeragreement,theCelgeneBoard,asdescribedaboveinthesectionentitled“—BackgroundoftheMerger”beginningonpage94ofthisjointproxystatement/prospectus,heldanumberofmeetings,consultedwithCelgene’smanagementanditslegalandfinancialadvisorsandconsideredanumberoffactors,includingitsknowledgeofthebusiness,assetsandliabilities,resultsofoperations,financialperformance,strategicdirectionandprospectsofeachofCelgene,Bristol-MyersSquibbandthecombinedcompanyfollowingthemerger(takingintoaccounttheresultsofCelgene’sduediligenceofBristol-MyersSquibb),aswellastherisksinachievingthoseprospectsandtheanticipatedeffectsofthemerger.TheCelgeneBoardconsideredavarietyoffactorsthatweighedpositivelyinfavorofthemergeragreement,themergerandtheothertransactionscontemplatedbythemergeragreement.Thesefactorsincludedthefollowing,whicharenotnecessarilyinorderofimportance:

Value of Merger Consideration

• thevalueoftheupfrontmergerconsideration(i.e.,thecashandstockcomponentsofthemergerconsideration),basedontheclosingpriceoftheBristol-MyersSquibbcommonstockasofJanuary2,2019,thelasttradingdaypriortotheannouncementofthemergeragreement,representedapremiumofapproximately53.7%totheclosingpriceoftheCelgenecommonstockonJanuary2,2019;apremiumofapproximately51.3%tothe30-dayvolumeweighedaverageclosingpriceoftheCelgenecommonstockasofJanuary2,2019;andapremiumofapproximately35.2%tothe90-dayvolumeweightedaverageclosingpriceoftheCelgenecommonstockasofJanuary2,2019;

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• inadditiontotheupfrontmergerconsideration,eachshareofCelgenecommonstockwillreceiveonetransferableandtradeableCVR,whichmayprovideCelgenestockholderswithanopportunitytoreceiveanadditional$9.00incashforeachCVRifcertainregulatoryapprovalsareachievedwithinspecifiedtimeperiods;

• thestockcomponentofthemergerconsiderationwillprovideCelgenestockholderswithownershipofapproximately31%ofthecombinedcompanyandthereforeallowCelgene’sstockholderstoparticipateintheanticipatedearningsandgrowthofthecombinedcompany,aswellasanysynergiesresultingfromthemerger,whilethecashportionofthemergerconsiderationwillprovideliquidityandcertaintyofvalueuponconsummationofthemerger;

• theamountofcash,thenumberofsharesofBristol-MyersSquibbcommonstockandthenumberofCVRstobereceivedforeachoutstandingshareofCelgenecommonstockarefixedandwillnotbereducedifthesharepriceofCelgenecommonstockdeclinespriortotheeffectivetimeofthemergerorifthesharepriceofBristol-MyersSquibbcommonstockincreasespriortotheeffectivetime,andthetermsofthemergeragreementdonotincludeterminationrightsbasedonanincreaseinthemarketpriceofBristol-MyersSquibbcommonstockrelativetothemarketpriceofCelgenecommonstock;

• themergerconsiderationwastheresultofaseriesofarm’slengthnegotiationsbetweentheparties;and

• eachofJ.P.MorganandCitigrouprenderedanopiniontotheCelgeneBoardonJanuary2,2019(eachsubsequentlyconfirmedinwriting)totheeffectthat,asofsuchdateandbasedonandsubjecttotheassumptionsmade,proceduresfollowed,mattersconsideredandotherlimitationsandqualificationssetforthineachrespectivewrittenopinion,themergerconsiderationtobepaidtotheholdersofCelgenecommonstockinthemergerwasfair,fromafinancialpointofview,tosuchholders,asmorefullydescribedinthesectionentitled“—OpinionsofCelgene’sFinancialAdvisors”beginningonpage115ofthisjointproxystatement/prospectus.

Strategic Benefits of Transaction

• themergerwillcreatealeadingspecialtybiopharmacompany,wellpositionedforsustainedinnovationandlong-termgrowthandtoaddresstheneedsofpatientswithcancer,inflammatoryandimmunologicdiseaseandcardiovasculardisease,and,withcomplementaryareasoffocus,thecombinedcompanywilloperatewithglobalreachandscale,whilemaintainingthespeedandagilitythatiscoretoeachcompany’sstrategicapproach;

• themergerwillcreatealeadingoncologyfranchiseinbothsolidtumorsandhematologicmalignancies,ledbyOPDIVO®,YERVOY®,REVLIMID®andPOMALYST®,andaleadingimmunologyandinflammationfranchiseledbyORENCIA®andOTEZLA®;

• thecombinedcompanywillhavenear-termlaunchopportunitiesthatareexpectedtorepresentmorethan$15billioninrevenuepotential,withtwoexpectednear-termproductlaunchesinimmunologyandinflammationandfournear-termproductlaunchesinhematology,andthecommercialcapabilitiesofthecombinedcompanycouldfacilitatethelaunchoftheseproducts;

• thecombinedcompanywillhaveadeepanddiverseearly-stagepipelineacrosssolidtumorsandhematologicmalignancies,immunologyandinflammation,cardiovasculardiseaseandfibroticdiseaseandwillbewellpositionedforlong-termgrowthandsignificantvaluecreation;and

• thecombinedcompanywillhaveamorediverseproductportfoliothaneithercompanyonastandalonebasis,withnineproductswithmorethan$1billioninannualsales;

• thecombinedcompanyisexpectedtohavegreaterfinancialresourcesandflexibilitytorealizethefullpotentialofitspipeline,toengageinresearchanddevelopment,andtoinvestinotherdevelopmentopportunities,includingthroughthecombinedcompany’sestablishedcollaborationnetwork,forsustainablelong-termgrowth;

• thecombinedcompanyisexpectedtobeinabetterpositiontooperateinthecurrentandexpectedfuturepharmaceutical/biotechlandscape,includingoperatinginandrespondingtothecurrentandexpectedfutureregulatoryandcompetitivechallengesfacingindustryparticipants;and

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• twomembersoftheCelgeneBoardwilljointheboardofthecombinedcompany,whichcouldenhancethelikelihoodofobtainingthestrategicbenefitsexpectedfromthemergerandthebenefitsandtalentsthatCelgenecouldbringtothecombinedcompany.

Likelihood of Completion

• therearelimitedoverlapsbetweenthebusinessesofCelgeneandBristol-MyersSquibbrelativetothosethatcouldbepresentintransactionswithcertainotherindustryparticipants;

• Bristol-MyersSquibbhascommittedinthemergeragreementtouseitsreasonablebesteffortstocompletethemerger,includingitscommitmenttomakedivestituresortakeotheractionsinordertoobtainregulatoryapprovalsforthetransaction,subjecttoalimitonmakingdivestituresortakingotheractionsthatwouldreasonablybeexpectedtohaveamaterialadverseeffectonthefinancialcondition,businessorresultsofoperationsofthecombinedcompany(seethesectionentitled“TheMergerAgreement—ReasonableBestEffortsCovenant”);

• Bristol-MyersSquibb’sobligationspursuanttothemergeragreementarenotsubjecttoanyfinancingconditionorsimilarcontingencybasedonBristol-MyersSquibb’sabilitytoobtainfinancing;and

• Bristol-MyersSquibbhasreceivedfinancingcommitmentstoprovide$33.5billionaggregateprincipalamountofbridgeloans,whichissufficient,togetherwithBristol-MyersSquibb’sothersourcesofavailablecash,tofundthecashportionofthemergerconsideration.

Terms of Merger Agreement

• themergerissubjecttotheapprovaloftheCelgenestockholders,whichwillbefreetoapproveorrejectthemerger;

• themergeragreementpermitsCelgene,subjecttocertainconditions,torespondtoandnegotiateunsolicitedacquisitionproposalspriortothetimethatCelgene’sstockholdersapprovethemergerandtoterminatethemergeragreementtoacceptanunsolicitedacquisitionproposalthattheCelgeneBoarddeterminesissuperiortothemerger;

• themergeragreementpermitstheCelgeneBoard,subjecttocertainconditions,tomakeanadverserecommendationchangetoCelgenestockholders,inresponsetoasuperiorproposaloraninterveningevent,thattheyadoptthemergeragreementifitwouldbereasonablylikelytobeinconsistentwiththeCelgeneBoard’sfiduciarydutiestofailtodoso;

• Bristol-MyersSquibbisprohibitedfromsolicitingacquisitionproposals,subjecttocertainexceptionsdescribedin“TheMergerAgreement—NoSolicitation”beginningonpage186ofthisjointproxystatement/prospectus;and

• undercertaincircumstancesunderthemergeragreement,Bristol-MyersSquibbmayberequiredtopayCelgene(i)theBristol-MyersSquibbterminationfeeor(ii)theCelgenefeereimbursement,asmorefullydescribedinthesectionentitled“TheMergerAgreement—TerminationFeesandExpenses.”

TheCelgeneBoardalsoconsideredavarietyofrisksandotherpotentiallynegativefactorsconcerningthemerger.Thesefactorsincludedthefollowing,whicharenotnecessarilylistedinorderofimportance:

• thestockissuanceissubjecttotheapprovaloftheBristol-MyersSquibbstockholders,whichwillbefreetoapproveorrejectthestockissuance,subjecttocertainexceptionsdescribedin“TheMergerAgreement—TerminationoftheMergerAgreement”beginningonpage198ofthisjointproxystatement/prospectus;

• themergeragreementpermitsBristol-MyersSquibb,subjecttocertainconditions,torespondtoandnegotiateunsolicitedacquisitionproposalspriortothetimethatBristol-MyersSquibb’sstockholdersapprovethestockissuanceandtoterminatethemergeragreementtoacceptanunsolicitedacquisitionproposalthattheBMSBoarddeterminesissuperiortothemerger;

• themergeragreementpermitstheBMSBoard,subjecttocertainconditions,tomakeanadverserecommendationchangetoBristol-MyersSquibbstockholders,inresponsetoasuperiorproposaloraninterveningevent,thattheyadoptthemergeragreementifitwouldbereasonablylikelytobeinconsistentwiththeBMSBoard’sfiduciarydutiestofailtodoso;

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• therewouldberisksandcoststoCelgeneduringthependencyofthemergerandifthemergerisnotcompleted,includinguncertaintyabouttheeffectoftheproposedmergeronCelgene’semployees,customers,potentialcustomers,distributors,suppliersandotherparties,whichmayimpairCelgene’sabilitytoattract,retainandmotivatekeypersonnelandcouldcausecustomers,potentialcustomers,suppliers,distributorsandotherstoseektochangeornotenterintobusinessrelationshipswithCelgene,andtheriskthatthetradingpriceoftheCelgenecommonstockcouldbemateriallyadverselyaffectedifthemergerisnotcompleted;

• thenumberofsharesofBristol-MyersSquibbcommonstocktobereceivedforeachoutstandingshareofCelgenecommonstockisfixedandwillnotbeincreasedtocompensateCelgenestockholdersintheeventofadeclineinthesharepriceofBristol-MyersSquibbcommonstockoranincreaseinthesharepriceofCelgenecommonstockpriortotheeffectivetimeofthemerger,andthatthetermsofthemergeragreementdonotincludeterminationrightsforCelgenetriggeredintheeventofanincreaseinthevalueofCelgenerelativetothevalueofBristol-MyersSquibb;

• ifthetransactionisnotcompletedasaresultofregulatoryimpedimentsorotherreasons,Bristol-MyersSquibbwillnotbeobligatedtopayany“reverseterminationfee”;

• themergeragreementcontainsprovisionsthatrestricttheconductofCelgene’sbusinesspriortothecompletionofthemerger,generallyrequiringCelgenenottotakecertainactionswithrespecttotheconductofitsbusinesswithoutthepriorconsentofBristol-MyersSquibb;

• themergeragreementcontainsprovisionsthatcouldhavetheeffectofdiscouragingthirdpartyoffersforCelgene,includingtherestrictiononCelgene’sabilitytosolicitthird-partyproposalsforalternativetransactions;

• undercertaincircumstancesunderthemergeragreement,CelgenemayberequiredtopaytoBristol-MyersSquibb(i)theCelgeneterminationfeeor(ii)theBristol-MyersSquibbfeereimbursement,asmorefullydescribedinthesectionentitled“TheMergerAgreement—TerminationFeesandExpenses”;

• Celgenecouldincursubstantialexpensesrelatedtothemerger,includinginconnectionwithanylitigationthatmayresultfromtheannouncementorpendencyofthemerger;

• thepartiesfaceriskswithachievinganticipatedcostsynergiesandsavingsandsuccessfullyintegratingtheirbusinesses,operationsandworkforces;

• thereisariskthatmanagementfocusoncompletionofthemergercoulddivertattentionandresourcesfromtheoperationofCelgene’sbusiness;and

• thereareothervariousrisksassociatedwiththemergerandthebusinessofCelgene,Bristol-MyersSquibbandthecombinedcompany,asdescribedinthesectionentitled“RiskFactors.”

Inadditiontoconsideringthefactorsdescribedabove,theCelgeneBoardwasawareofandconsideredthefollowingadditionalfactors:

• someofCelgene’sdirectorsandexecutiveofficershaveotherinterestsinthemergerthatareinadditiontotheirinterestsasCelgenestockholders,asmorefullydescribedinthesectionentitled“InterestsofCelgene’sDirectorsandExecutiveOfficersintheMerger”;

• CelgeneconsideredtheprospectsforamergerorsaletransactionwithacompanyotherthanBristol-MyersSquibb,including(i)theCelgeneBoard’sbelief,afterconsultationwithCelgenemanagementanditsfinancialadvisorsandafteraninquiryto,andresponsefrom,acompanythat,intheboard’sview,wastheonlycompanythatpotentiallycouldhaveastrategicfitwithCelgenethatwasasstrongasthatbetweenCelgeneandBristol-MyersSquibb,thattherewerenotlikelymanyotherpotentialbuyersforCelgeneandthat,evenifanotherpotentialbuyermadeanoffer,Bristol-MyersSquibb’sproposalwaslikelytobethehighestofferwiththegreatesttransactioncertainty;(ii)therisksassociatedwithanauctionprocess,including,amongotherthings,theriskofsignificantharmtoCelgene’sbusinessifitbecameknowntoCelgene’scustomers,distributorsoremployeesthatCelgenewasseekingtobesold(withoutassurancethatafinanciallysuperiorproposalwouldbemadeorconsummated);(iii)theriskoflosingtheBristol-MyersSquibbproposalorthatBristol-MyersSquibb

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wouldloweritsproposedconsiderationifCelgeneelectedtosolicitotheroffersandlittleornocompetitivebiddingemerged;(iv)theriskofbreachesofconfidentialitybyprospectiveparticipantsinanauctionprocessandtheiradvisors;and(v)thesubstantialmanagementtimeandresourcesthatwouldberequired,potentiallycausingsignificantmanagementdistractionfromoperatingCelgene’sbusiness;

• theFDAapprovalsnecessarytotriggerthepotentialpaymentundertheCVRsmaynotbeachievedbyBristol-MyersSquibbandCelgene,potentiallyaffectingthevalueandmarketabilityoftheCVRs;and

• thereceiptofthemergerconsiderationinexchangeforsharesofCelgenecommonstockpursuanttothemergerwillgenerallybeataxabletransactionforU.S.federalincometaxpurposes.

TheforegoingdiscussionoftheinformationandfactorsconsideredbytheCelgeneBoardisnotmeanttobeexhaustivebutincludesthematerialfactorsconsideredbytheCelgeneBoard.Inviewofthevarietyoffactorsconsideredinconnectionwithitsevaluationofthemerger,theCelgeneBoarddidnotfinditpracticableto,anddidnot,quantifyorotherwiseassignrelativeweightstothespecificfactorsconsideredinreachingitsdeterminationandrecommendation.Inaddition,individualdirectorsmayhavegivendifferentweightstodifferentfactors.TheCelgeneBoardrecommendedthemergeragreementandthemergerbaseduponthetotalityoftheinformationitconsidered.

TheforegoingdescriptionoftheCelgeneBoard’sconsiderationofthefactorssupportingthemergeragreement,themergerandtheothertransactionscontemplatedbythemergeragreementisforward-lookinginnature.Thisinformationshouldbereadinlightofthefactorsdiscussedinthesectionentitled“CautionaryStatementRegardingForward-LookingStatements”beginningonpage80ofthisjointproxystatement/prospectus.

THE CELGENE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT CELGENE STOCKHOLDERSVOTE “FOR” THE ADOPTION OF THE MERGER AGREEMENT, “FOR” THE CELGENE ADJOURNMENTPROPOSAL AND “FOR” THE CELGENE COMPENSATION ADVISORY PROPOSAL.

Bristol-Myers Squibb’s Reasons for the Merger; Recommendation of the Bristol-Myers Squibb Board of Directors t hatBristol-Myers Squibb Stockholders Approve the Stock Issuance

Inreachingitsdecisiontoapprove,anddeclareadvisable,themergeragreementandtheotherstransactionscontemplatedbythemergeragreement,includingthestockissuance,theBMSBoard,asdescribedabovein“—BackgroundoftheMerger”beginningonpage94ofthisjointproxystatement/prospectus,heldanumberofmeetings,consultedwithBristol-MyersSquibb’smanagementanditslegalandfinancialadvisorsandconsideredanumberoffactors,includingitsknowledgeofthebusiness,assetsandliabilities,resultsofoperations,financialperformance,strategicdirectionandprospectsofeachofBristol-MyersSquibb,Celgene,andthecombinedcompanyfollowingthemerger(takingintoaccounttheresultsofBristol-MyersSquibb’sdiligenceofCelgene),aswellastherisksinachievingthoseprospects.TheBMSBoardconsideredavarietyoffactorsthatweighedpositivelyinfavorofthemergeragreement,themergerandtheothertransactionscontemplatedbythemergeragreement.Thesefactorsincludedthefollowing,whicharenotnecessarilyinorderofimportance:

Strategic Benefits of the Transaction

• themergerwillcreatealeadingbiopharmaceuticalcompany,wellpositionedforsustainedinnovationandlong-termgrowthandtoaddresstheneedsofpatientswithcancer,inflammatoryandimmunologicdiseaseandcardiovasculardiseasethroughhigh-valueinnovativemedicinesandleadingscientificcapabilitiesand,withcomplementaryareasoffocus,thecombinedcompanywilloperatewithglobalreachandscale,whilemaintainingthespeedandagilitythatiscoretoeachcompany’sstrategicapproach;

• themergerwillcreatealeadingoncologyfranchiseinbothsolidtumorsandhematologicmalignancies,ledbyOPDIVO®,YERVOY®,REVLIMID®andPOMALYST®,andaleadingimmunologyandinflammationfranchiseledbyORENCIA®andOTEZLA®;

• thecombinedcompanywillhaveadeepanddiverseearly-stagepipelineacrosssolidtumorsandhematologicmalignancies,immunologyandinflammation,cardiovasculardiseaseandfibroticdisease;

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• thecombinedcompanywillhavenear-termlaunchopportunitiesthatareexpectedtorepresentgreaterthan$15billioninrevenuepotential,withtenPhase3assetsandsixexpectednear-termpotentialproductlaunches,andthecommercialcapabilitiesofthecombinedcompanycouldfacilitatethelaunchoftheseproducts;

• thecombinedcompanywillhaveamorediverseproductportfoliothaneithercompanyonastandalonebasis,withnineproductsexpectedtohavemorethan$1billioninannualsales;

• thecombinedcompanywillhaveastrongbalancesheetandcashflowgenerationtoenablesignificantinvestmentininnovation,withmorethan$45billionofexpectedfreecashflowgenerationbythethirdfullyearfollowingthecompletionofthemerger;

• thecombinedcompanyisexpectedtohavegreaterfinancialresourcesandflexibility,evenaftertakingintoaccounttransaction-relatedindebtedness,torealizethefullpotentialofitspipeline,toengageinresearchanddevelopment,toinvestinotherdevelopmentopportunitiesforsustainablelong-termgrowth,includingthroughthecombinedcompany’sestablishedcollaborationnetwork,andtomaintainaninvestmentgradecreditrating;

• thecombinedcompanyisexpectedtobeinabetterpositiontooperateinthecurrentandexpectedfuturepharmaceuticallandscape,includingoperatinginandrespondingtothecurrentandexpectedfutureregulatoryandcompetitivechallengesfacingindustryparticipants;

• theexpectationthatthecombinedcompanywillenterintoanacceleratedsharerepurchaseagreementtorepurchase$5billionofitscommonstockfollowingcompletionofthemerger,whichwillleadtomeaningfulcapitalreturns;

• theexpectationthatthetransactionwillresultinmeaningfulcostsynergies,withanticipatedrun-ratecostsynergiesofapproximately$2.5billionby2022;

• thebeliefthatthecomplementaryculturesofthetwocompanieswillallowfor,andthattheBristol-MyersSquibbmanagementteamwillbeabletoworktogetherwithmembersofCelgenemanagementtoenable,asuccessfulintegrationofBristol-MyersSquibbandCelgenefollowingtheconsummationofthemerger;and

• theexpectationthatthecomplementarynatureofthebusinessesandproductsofBristol-MyersSquibbandCelgenewillallowforasuccessfulintegrationofthetwocompanies,andenhancethecombinedcompany’sfutureopportunityandflexibilityindeterminingwhethertoelecttoengageinapotentialseparationorotherstrategictransactioninvolvingoneorbothofitsbusinesses.

Transaction Terms

• theexpectationthatthemergerwillbesignificantlyaccretivetotheDCFimpliedvaluespershareofBristol-MyersSquibbcommonstockaswellastoBristol-MyersSquibb’sestimatedcashEPSforeachofthecalendaryears2020through2023.See“—OpinionsofBristol-MyersSquibb’sFinancialAdvisors”beginningonpage133ofthisjointproxystatement/prospectus;

• theopinionsofeachofMorganStanley,EvercoreandDyalCo.renderedorallyonJanuary2,2019andsubsequentlyconfirmedinwriting,totheBMSBoardthat,asofsuchdate,andbaseduponandsubjecttothevariousassumptionsmade,proceduresfollowed,mattersconsideredandqualificationsandlimitationsonthescopeofthereviewundertakensetforthineachsuchadvisor’swrittenopinion,themergerconsiderationtobepaidbyBristol-MyersSquibbpursuanttothemergeragreementwasfair,fromafinancialpointofview,toBristol-MyersSquibb.See“—OpinionsofBristol-MyersSquibb’sFinancialAdvisors”beginningonpage133ofthisjointproxystatement/prospectus;

• thefactthat,becauseholdersofoutstandingBristol-MyersSquibbcommonstockasofimmediatelypriortocompletionofthemergerareexpectedtoholdapproximately69%oftheoutstandingBristol-MyersSquibbcommonstockimmediatelyaftercompletionofthemerger,Bristol-MyersSquibbstockholderswillhavetheopportunitytoparticipateinthefutureperformanceofthecombinedcompany,includingsynergies;

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• thefactthatbecausetheexchangeratiounderthemergeragreementisfixed(andwillnotbeadjustedforfluctuationsinthemarketpriceofBristol-MyersSquibbcommonstockorCelgenecommonstockduringtheperiodpriortothecompletionofthemerger),Bristol-MyersSquibbhasgreatercertaintyastothenumberofsharesofBristol-MyersSquibbcommonstocktobeissuedinthemerger;

• thefactthat11membersofthe13-memberboardofdirectorsofthecombinedcompanywillbecomprisedofcurrentmembersoftheBMSBoard,includingthatDr.CaforiowillcontinueastheChairmanandChiefExecutiveOfficerofBristol-MyersSquibbfollowingthemerger;

• thetermsandconditionsofthemergeragreement,includingtheregulatoryandothercommitmentsbybothBristol-MyersSquibbandCelgenetocompletethemergerandtheabsenceofafinancingconditiontoBristol-MyersSquibb’sobligationtoclosethemerger;

• theBMSBoard’sbeliefthat,whiletheconsummationofthemergerissubjecttovariousregulatoryapprovalsandthesatisfactionofcertainotherconditions,suchapprovalsarelikelytobeobtainedandsuchotherconditionsarelikelytobesatisfied,ineachcase,withoutamaterialadverseimpactontherespectivebusinessesofBristol-MyersSquibb,Celgeneorthecombinedcompany;

• thefactthat,whileBristol-MyersSquibbisobligatedtouseitsreasonablebesteffortstocompletethemerger,sucheffortsstandarddoesnotobligateBristol-MyersSquibbtotakeanyactionsoragreetoanyterms,conditionsorlimitationsasaconditionto,orinconnectionwith,obtaininganyregulatoryapprovalsrequiredtocompletethemergerthatwouldhaveorwouldreasonablybeexpectedtohave,individuallyorintheaggregate,amaterialadverseeffectonthecombinedcompanyaftergivingeffecttothemerger;

• therearelimitedoverlapsbetweenthebusinessesofCelgeneandBristol-MyersSquibbrelativetothosethatcouldbepresentintransactionswithcertainotherindustryparticipants;

• themergeragreementpermitsBristol-MyersSquibb,subjecttocertainconditions,torespondtoandnegotiateunsolicitedacquisitionproposalsforBristol-MyersSquibbpriortothetimetheBristol-MyersSquibbstockholdersapprovethestockissuance;

• theabilityoftheBMSBoard,subjecttocertainconditionsandincertaincircumstancesthepaymentoftheBristol-Myersterminationfee,to(i)makeanadverserecommendationchangeinresponsetoasuperiorproposaloraninterveningeventifnotdoingsowouldbereasonablylikelytobeinconsistentwithitsfiduciarydutiesand/or(ii)terminatethemergeragreementinordertoacceptasuperiorproposal,asmorefullydescribedinthesectiontitled,“TheMergerAgreement—TerminationoftheMergerAgreement”beginningonpage198ofthisjointproxystatement/prospectus;

• thefactthattheBMSBoarddidnotbelievethattheterminationfeethatBristol-MyersSquibbwouldberequiredtopayinconnectionwiththeentrancebyBristol-MyersSquibbintoanalternativetransactionthatconstitutesasuperiorproposalwouldprecludeathirdpartyfrommakinganacquisitionproposalfororpursuingatransactionwithBristol-MyersSquibb;

• thefactthatCelgeneisrequiredtopaytheCelgeneterminationfeeifthemergeragreementisterminatedundercertaincircumstancesdescribedunder“TheMergerAgreement—TerminationFeesandExpenses”beginningonpage200ofthisjointproxystatement/prospectus;

• thefactthatCelgeneisrequiredtopaytoBristol-MyersSquibbtheBristol-MyersSquibbfeereimbursementiftheCelgenestockholdersvoteonandfailtoadoptthemergeragreementattheCelgenespecialmeeting,asmorefullydescribedinthesectiontitled,“TheMergerAgreement—TerminationFeesandExpenses”beginningonpage200ofthisjointproxystatement/prospectus;

• thetermsofthebridgefacilitycommitmentletter,particularlyinlightofthethen-currentmarketforsuchcommitmentsandfacilities;

• theBMSBoard’sbeliefastothelikelihoodthatBristol-MyersSquibbwillbeabletoobtainthenecessaryfinancingandthatthefullproceedsofthefinancingwillbeavailabletoBristol-MyersSquibb;

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• theanticipatedabilityofBristol-MyersSquibbtoserviceandpaydowntheindebtednessincurredinconnectionwiththemerger;

• themergerisconditionedupontheapprovalbytheBristol-MyersSquibbstockholdersofthestockissuance,whichwillbefreetoapproveorrejectthestockissuance;and

• themergerconsiderationwastheresultofaseriesofarm’slengthnegotiationsbetweentheparties.

Other Factors

• therespectivebusinesses,operations,management,financialcondition,earningsandprospectsofBristol-MyersSquibbandCelgene;

• theresultsofBristol-MyersSquibb’smanagement’sduediligenceinvestigationofCelgene,includingtheresultsofthebusiness,financial,accountingandlegalduediligenceinvestigationsofCelgeneandthereputation,businesspracticesandexperienceofCelgeneanditsmanagement;

• thereviewbytheBMSBoardwithitslegalandfinancialadvisorsofthestructureofthemergerandthefinancialandothertermsofthemergeragreementandthemerger;and

• trendsandcompetitivedevelopmentsinthebiopharmaceuticalindustry.

TheBMSBoardalsoconsideredavarietyofrisksandotherpotentiallynegativefactorsconcerningthemerger.Thesefactorsincludedthefollowing,whicharenotnecessarilylistedintheorderofimportance:

• theexpecteddilutionassociatedwiththestockissuanceandtheassumptionofoutstandingCelgeneequityawards;

• theriskthatthepotentialbenefitsofthemergermaynotbefullyrealized,includingthepossibilitythattransactionsynergiesmaynotberealizedtotheextentoronthetimelineexpected,oratall,andthatBristol-MyersSquibbpaidmoreforCelgenethanthevalueitwillderivefromthemerger;

• theriskofdivertingBristol-MyersSquibbmanagementfocusandresourcesfromotherstrategicopportunitiesandfromoperationalmatters,andpotentialdisruptionofBristol-MyersSquibbmanagementassociatedwiththemergerandintegratingthecompanies;

• theriskthatthemergermaynotbecompleteddespitetheparties’effortsorthatcompletionofthemergermaybedelayed,eveniftherequisiteapprovalsareobtainedfromBristol-MyersSquibbstockholdersandCelgenestockholders,includingthepossibilitythatconditionstotheparties’obligationstocompletethemergermaynotbesatisfied,andthepotentialresultingdisruptionstoBristol-MyersSquibb’sbusiness(andthedisruptionsofthecombinedcompanyifthemergerisultimatelycompleted);

• therisksandcoststoBristol-MyersSquibbduringthependencyofthemergerandifthemergerisnotcompletedofthemergeronBristol-MyersSquibb’sbusinesses(or,followingthecompletionofthemerger,onthecombinedcompany’sbusinesses),includinguncertaintyabouttheeffectoftheproposedmergeronBristol-MyersSquibb’semployees,customers,potentialcustomers,distributors,suppliersandotherparties,whichmayimpairBristol-MyersSquibb’sabilitytoattract,retainandmotivatekeypersonnelandcouldcausecustomers,potentialcustomers,suppliers,distributorsandotherstoseektochangeornotenterintobusinessrelationshipswithBristol-MyersSquibb,andtheriskthatthetradingpriceoftheBristol-MyersSquibbcommonstockcouldbemateriallyadverselyaffectedifthemergerisnotcompleted;

• themergerissubjecttotheapprovaloftheCelgenestockholders,whichwillbefreetoapproveorrejectthemerger,subjecttocertainexceptionsdescribedin“TheMergerAgreement—TerminationoftheMergerAgreement”beginningonpage198ofthisjointproxystatement/prospectus;

• theriskthatthesharesofBristol-MyerscommonstockandCVRstobeissuedinthemergerarenotapprovedforlistingontheNYSE,bothofwhichareconditionstocompletionofthemerger;

• thepotentiallengthoftimebeforetheclosingconditionscanbesatisfied,includingasaresultoftheregulatoryapprovalprovisionsandthefactthatthepartiesmaythereforenotbeabletoclosethemergerforanextendedperiodoftime,duringwhichBristol-MyersSquibbwouldbesubjecttothemergeragreementandboundbythevariouscovenantsandrestrictionssetforththerein;

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• thepossibilitythatgovernmentalauthoritiesmightseektorequirecertainactionsofBristol-MyersSquibborCelgeneorimposecertainterms,conditionsorlimitationsonBristol-MyersSquibb’sorCelgene’sbusinessesinconnectionwithgrantingapprovalofthemergerormightotherwiseseektopreventordelaythemerger,includingtheriskthatgovernmentalauthoritiesmightseekaninjunctionororderincourt;

• thefactthatBristol-MyersSquibbhasincurredandwillcontinuetoincursignificantcostsandexpensesinconnectionwiththecontemplatedtransaction,regardlessofwhetheritiscompleted,andwillabsorbthecostsandexpensesofCelgeneifthemergeriscompleted;

• thefactthatBristol-MyersSquibb,underthetermsofthemergeragreement,isrequiredtotakeandagreetosubstantialactionsandremediesifnecessaryinordertosatisfytheantitrustclosingconditions,whichmayinclude,amongotherthings,divestituresofassets,restrictionsonbusinessoperationsandterminationofbusinessrelationshipsasdescribedunder“TheMergerAgreement—ReasonableBestEffortsCovenant”beginningonpage189ofthisjointproxystatement/prospectus;

• themergeragreementpermitsCelgene,subjecttocertainconditions,torespondtoandnegotiateunsolicitedacquisitionproposalspriortothetimethatCelgenestockholdersapprovethemerger;

• Celgene’sability,subjecttocertainconditionsandincertaincircumstancesthepaymentoftheCelgeneterminationfee,to(i)makeanadverserecommendationchangeinresponsetoasuperiorproposaloraninterveningifnotdoingsowouldbereasonablylikelytobeinconsistentwithitsfiduciarydutiesand/or(ii)terminatethemergeragreementinordertoacceptasuperiorproposal,asmorefullydescribedinthesectiontitled,“TheMergerAgreement—TerminationoftheMergerAgreement,”beginningonpage189ofthisjointproxystatement/prospectus;

• undercertaincircumstancesunderthemergeragreement,Bristol-MyersSquibbmayberequiredto(i)paytheBristol-MyersSquibbterminationfeeor(ii)topaytoCelgenetheCelgenefeereimbursement,whichisdescribedinsectiontitled“TheMergerAgreement—TerminationFeesandExpenses”beginningonpage200ofthisjointproxystatement/prospectus;

• themergeragreementpermitstheCelgeneBoard,subjecttocertainconditions,tomakeanadverserecommendationchangetotheCelgenestockholdersthattheyapprovethemergeragreementifitwouldbereasonablylikelytobeinconsistentwiththeCelgeneBoard’sfiduciarydutiestofailtodoso;

• thefactthatBristol-MyersSquibbwillbesubjecttocertainrestrictionsontheconductofitsbusinessesduringtheperiodbetweensigningthemergeragreementandcompletionofthemerger,whichcouldpreventBristol-MyersSquibbfromtakingcertainactionsorotherwisepursuingcertainbusinessopportunitiesduringthependencyofthemerger;

• Celgene’sabilitytospecificallyenforceallofBristol-MyersSquibb’sobligations,inallevents,underthemergeragreement;

• theriskthattheadditionaldebtincurredinconnectionwiththemergercouldhaveanegativeimpactoncombinedcompany’screditratingsandoperationalflexibility;

• theriskoflitigationrelatedtothetransaction;and

• variousotherrisksassociatedwiththemergerandthebusinessesofBristol-MyersSquibb,Celgeneandthecombinedcompanydescribedunder“RiskFactors,”beginningonpage39ofthisjointproxystatement/prospectus.

Duringitsconsiderationofthemerger,theBMSBoardwasalsoawarethatcertainofCelgene’sdirectorsandexecutiveofficersmayhaveinterestsinthemergerthataredifferentfromorinadditiontothoseofCelgenestockholdersgenerally,asdescribedinthesectionentitled“InterestsofCelgene’sDirectorsandExecutiveOfficersintheMerger”beginningonpage203ofthisjointproxystatement/prospectus.

TheBMSBoarddeterminedthat,takenasawhole,thesepotentialrisksanduncertaintieswereoutweighedbythebenefitsthattheBMSBoardexpectstoachieveforitsstockholdersasaresultofthemerger.TheBMSBoardrealizedthattherecanbenoassuranceaboutfutureresults,includingresultsconsideredorexpectedasdisclosedintheabovereasons.TheabovediscussionofthematerialfactorsconsideredbytheBMSBoardinitsconsiderationofthemergerandtheothertransactionscontemplatedbythemergeragreementisnotintendedto

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beexhaustive,butdoessetforthsomeoftheprincipalfactorsconsideredbytheBMSBoard.Inlightofthenumberandwidevarietyoffactorsconsideredinconnectionwiththeevaluationofthemergerandtheothertransactions,theBMSBoarddidnotconsideritpracticableto,anddidnotattemptto,quantifyorotherwiseassignrelativeweightstothespecificfactorsitconsideredinreachingitsfinaldecision.TheBMSBoardvieweditspositionasbeingbasedonalloftheinformationavailabletoitandthefactorspresentedtoandconsideredbyit.However,somedirectorsmaythemselveshavegivendifferentweighttodifferentfactors.Thefactors,potentialrisksanduncertaintiescontainedinthisexplanationofBristol-MyersSquibb’sreasonsforthemergerandotherinformationpresentedinthissectioncontaininformationthatisforward-lookinginnatureand,therefore,shouldbereadinlightofthefactorsdiscussedin“CautionaryStatementRegardingForward-LookingStatements”beginningonpage80ofthisjointproxystatement/prospectus.

THE BMS BOARD UNANIMOUSLY RECOMMENDS THAT BRISTOL-MYERS SQUIBB STOCKHOLDERS VOTE“FOR” THE STOCK ISSUANCE AND “FOR” THE BRISTOL-MYERS SQUIBB ADJOURNMENT PROPOSAL.

Opinions of Celgene’s Financial Advisors

Opinion of J.P. Morgan Securities LLC

AtthemeetingoftheCelgeneBoardonJanuary2,2019,J.P.MorganrendereditsoralopiniontotheCelgeneBoardthat,asofsuchdateandbaseduponandsubjecttothefactorsandassumptionssetforthinitsopinion,themergerconsiderationtobepaidtotheholdersofCelgenecommonstockinthemergerwasfair,fromafinancialpointofview,tosuchholders.J.P.MorganhasconfirmeditsJanuary2,2019oralopinionbydeliveringitswrittenopiniontotheCelgeneBoard,datedJanuary2,2019,that,asofsuchdate,themergerconsiderationtobepaidtotheholdersofCelgenecommonstockinthemergerwasfair,fromafinancialpointofview,tosuchholders.ThefulltextofthewrittenopinionofJ.P.MorgandatedJanuary2,2019,whichsetsforththeassumptionsmade,mattersconsideredandlimitsonthereviewundertaken,isattachedasAnnexCtothisjointproxystatement/prospectusandisincorporatedhereinbyreference.ThesummaryoftheopinionofJ.P.Morgansetforthinthisjointproxystatement/prospectusisqualifiedinitsentiretybyreferencetothefulltextofsuchopinion.Celgenestockholdersareurgedtoreadtheopinioninitsentirety.J.P.Morgan’swrittenopinionwasaddressedtotheCelgeneBoard(initscapacityassuch)inconnectionwithandforthepurposesofitsevaluationofthemerger,wasdirectedonlytothemergerconsiderationtobepaidtotheholdersofCelgenecommonstockinthemergeranddidnotaddressanyotheraspectofthemerger.TheissuanceofJ.P.Morgan’sopinionwasapprovedbyafairnesscommitteeofJ.P.Morgan.ThesummaryoftheopinionofJ.P.Morgansetforthinthisjointproxystatement/prospectusisqualifiedinitsentiretybyreferencetothefulltextofsuchopinion.TheopiniondoesnotconstitutearecommendationtoanystockholderofCelgeneastohowsuchstockholdershouldvotewithrespecttothemergeroranyothermatter.

Inarrivingatitsopinions,J.P.Morgan,amongotherthings:

• reviewedthemergeragreement,includingtheformCVRagreementattachedasExhibitAthereto;

• reviewedcertainpubliclyavailablebusinessandfinancialinformationconcerningCelgeneandBristol-MyersSquibbandtheindustriesinwhichtheyoperate;

• comparedtheproposedfinancialtermsofthemergerwiththepubliclyavailablefinancialtermsofcertaintransactionsinvolvingcompaniesJ.P.Morgandeemedrelevantandtheconsiderationpaidforsuchcompanies;

• comparedthefinancialandoperatingperformanceofCelgeneandBristol-MyersSquibbwithpubliclyavailableinformationconcerningcertainothercompaniesJ.P.MorgandeemedrelevantandreviewedthecurrentandhistoricalmarketpricesofCelgenecommonstockandBristol-MyersSquibbcommonstockandcertainpubliclytradedsecuritiesofsuchothercompanies;

• reviewedcertaininternalfinancialanalysesandforecastspreparedbyoratthedirectionofthemanagementofCelgenerelatingtotherespectivebusinessesofCelgeneandBristol-MyersSquibb,includinginthecaseofCelgene,theforecastsandassessmentsofthemanagementofCelgenerelatingtotheprobabilityofachievementoftheCVRmilestone,aswellastheestimatedamountandtimingofthecostsavingsandrelatedexpensesandprojectedsynergiesexpectedbythemanagementofCelgenetoresultfromthemerger;and

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• performedsuchotherfinancialstudiesandanalysesandconsideredsuchotherinformationasJ.P.Morgandeemedappropriateforthepurposesofitsopinion.

Inaddition,J.P.MorganhelddiscussionswithcertainmembersofthemanagementofCelgeneandBristol-MyersSquibbwithrespecttocertainaspectsofthemerger,andthepastandcurrentbusinessoperationsofCelgeneandBristol-MyersSquibb,thefinancialconditionandfutureprospectsandoperationsofCelgeneandBristol-MyersSquibb,theeffectsofthemergeronthefinancialconditionandfutureprospectsofCelgeneandBristol-MyersSquibb,andcertainothermattersJ.P.Morganbelievednecessaryorappropriatetoitsinquiry.

Ingivingitsopinion,J.P.MorganrelieduponandassumedtheaccuracyandcompletenessofallinformationthatwaspubliclyavailableorwasfurnishedtoordiscussedwithJ.P.MorganbyCelgeneandBristol-MyersSquibborotherwisereviewedbyorforJ.P.Morgan.J.P.MorgandidnotindependentlyverifyanysuchinformationoritsaccuracyorcompletenessandJ.P.Morgandidnotassumeanyobligationtoundertakeanysuchindependentverification.J.P.Morgandidnotconductandwasnotprovidedwithanyvaluationorappraisalofanyassetsorliabilities,nordidJ.P.MorganevaluatethesolvencyofCelgeneorBristol-MyersSquibbunderanystateorfederallawsrelatingtobankruptcy,insolvencyorsimilarmatters.InrelyingonfinancialanalysesandforecastsprovidedtoJ.P.Morganorderivedtherefrom,includingtheCelgeneprojectedsynergies,J.P.MorganassumedthattheywerereasonablypreparedbasedonassumptionsreflectingthebestcurrentlyavailableestimatesandjudgmentsbymanagementastotheexpectedfutureresultsofoperationsandfinancialconditionofCelgeneandBristol-MyersSquibbtowhichsuchanalysesorforecastsrelate.J.P.Morganexpressednoviewastosuchanalysesorforecasts(includingtheCelgeneprojectedsynergies)ortheassumptionsonwhichtheywerebased.Inconnectionwithitsfinancialanalyses,J.P.MorganappliedtheCVRprobabilitiestoderiveavaluefortheCVRs,whichvaluewasreviewedandapprovedbymanagementofCelgeneforpurposesofperformingJ.P.Morgan’sfinancialanalysesinconnectionwithrenderingitsopinion.Inaddition,withrespecttotheCelgenefinancialprojections,asdefinedandsummarizedinthesectiontitled“—CertainUnauditedProspectiveFinancialInformation”beginningonpage151ofthisjointproxystatement/prospectus,J.P.MorganassignedprobabilityweightingsprovidedbyCelgenetoeachofCelgenemanagementcase1,Celgenemanagementcase2andCelgenemanagementcase3,eachasdefinedandsummarizedinthesectiontitled“—CertainUnauditedProspectiveFinancialInformation—CelgeneFinancialProjections”beginningonpage151ofthisjointproxystatement/prospectus,asdirectedbyCelgene,andtheresultingCelgeneblendedmanagementcase,asdefinedandsummarizedinthesectiontitled“—CertainUnauditedProspectiveFinancialInformation—CelgeneFinancialProjections”beginningonpage151ofthisjointproxystatement/prospectus,calculatedbasedonsuchprobabilityweightingwasreviewedandapprovedbymanagementofCelgeneforpurposesofperformingJ.P.Morgan’sfinancialanalysesinconnectionwithrenderingitsopinion,andJ.P.MorganexpressednoopinionwithrespecttoanyotherfinancialprojectionsrelatingtoCelgeneprovidedtoJ.P.MorganbyCelgene.Further,J.P.MorganwasadvisedbymanagementofCelgene,andJ.P.MorganassumedwithCelgene’sconsent,thatsuchprobabilityweightingsreflectthebestcurrentlyavailableestimatesandjudgmentsbymanagementastotheexpectedfutureresultsofoperationsandfinancialconditionofCelgene.

J.P.Morganalsoassumedthatthemergerandtheothertransactionscontemplatedbythemergeragreementwillhavethetaxconsequencesdescribedindiscussionswith,andmaterialsfurnishedtoJ.P.Morganby,representativesofCelgene,andwillbeconsummatedasdescribedinthemergeragreement,andthatthedefinitiveCVRagreementwillnotdifferinanymaterialrespectsfromtheformthereoffurnishedtoJ.P.Morgan.J.P.MorganalsoassumedthattherepresentationsandwarrantiesmadebyCelgeneandBristol-MyersSquibbinthemergeragreementandtherelatedagreementswereandwillbetrueandcorrectinallrespectsmaterialtoitsanalysis.J.P.Morganisnotalegal,regulatoryortaxexpertandJ.P.MorganreliedontheassessmentsmadebyadvisorstoCelgenewithrespecttosuchissues.J.P.Morganfurtherassumedthatallmaterialgovernmental,regulatoryorotherconsentsandapprovalsnecessaryfortheconsummationofthemergerwillbeobtainedwithoutanyadverseeffectonCelgeneorBristol-MyersSquibboronthecontemplatedbenefitsofthemergerinanyrespectmaterialtoJ.P.Morgan’sanalysis.

J.P.Morgan’sopinionwasnecessarilybasedoneconomic,marketandotherconditionsasineffecton,andtheinformationmadeavailabletoJ.P.Morganasof,thedateofsuchopinion.J.P.Morgan’sopinionnotedthatsubsequentdevelopmentsmayaffectJ.P.Morgan’sopinion,andthatJ.P.Morgandoesnothaveanyobligationtoupdate,revise,orreaffirmsuchopinion.J.P.Morgan’sopinionislimitedtothefairness,fromafinancialpointofview,ofthemergerconsiderationtobepaidtotheholdersofCelgenecommonstockinthemerger,andJ.P.Morganhasexpressednoopinionastothefairnessofanyconsiderationtobepaidinconnectionwiththe

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merger,includingthemergerconsideration,totheholdersofanyotherclassofsecurities,creditorsorotherconstituenciesofCelgeneorastotheunderlyingdecisionbyCelgenetoengageinthemerger.Furthermore,J.P.Morganexpressednoopinionwithrespecttotheamountornatureofanycompensationtoanyofficers,directors,oremployeesofanypartytothemerger,oranyclassofsuchpersonsrelativetothemergerconsiderationtobepaidtotheholdersofCelgenecommonstockinthemergerorwithrespecttothefairnessofanysuchcompensation.J.P.MorganexpressednoopinionastothepriceatwhichtheCelgenecommonstock,theBristol-MyersSquibbcommonstockortheCVRswilltradeatanyfuturetime.

Thetermsofthemergeragreement,includingthemergerconsideration,weredeterminedthrougharm’slengthnegotiationsbetweenCelgeneandBristol-MyersSquibb,andthedecisiontoenterintothemergeragreementwassolelythatoftheCelgeneBoardandtheBMSBoard.J.P.Morgan’sopinionandfinancialanalyseswereonlyoneofthemanyfactorsconsideredbytheCelgeneBoardinitsevaluationofthemergerandshouldnotbeviewedasdeterminativeoftheviewsoftheCelgeneBoardorthemanagementofCelgenewithrespecttothemergerorthemergerconsideration.

Inaccordancewithcustomaryinvestmentbankingpractice,J.P.MorganemployedgenerallyacceptedvaluationmethodologyinrenderingitsopiniontotheCelgeneBoardonJanuary2,2019,andcontainedinthejointpresentationdeliveredtotheCelgeneBoardonsuchdatebyJ.P.MorganandCitigroupinconnectionwiththerenderingofJ.P.Morgan’s(aswellasCitigroup’srespective)opinionandthesummariesofthefinancialanalysessetforthbelowdonotpurporttobecompletedescriptionsoftheanalysesordatapresentedbyJ.P.Morgan.Someofthesummariesofthefinancialanalysesincludeinformationpresentedintabularformat.Thetablesarenotintendedtostandalone,andinordertomorefullyunderstandthefinancialanalysesusedbyJ.P.Morgan,thetablesmustbereadtogetherwiththefulltextofeachsummary.Consideringthedatasetforthbelowwithoutconsideringthefullnarrativedescriptionofthefinancialanalyses,includingthemethodologiesandassumptionsunderlyingtheanalyses,couldcreateamisleadingorincompleteviewofJ.P.Morgan’sanalyses.

CelgeneFinancialAnalyses

Selected Public Trading Multiples Analysis

Usingpubliclyavailableinformation,J.P.MorgancomparedselectedfinancialdataofCelgenewithsimilardataforcompaniesselectedbyJ.P.Morgan,amongotherreasons,becausetheyarepubliclytradedcompanieswithoperationsandbusinessesthat,forpurposesofJ.P.Morgan’sanalysisandbasedonitsexperienceandprofessionaljudgment,maybeconsideredsimilarincertainrespectstothoseofCelgenebasedonbusinesssectorparticipation,financialmetricsandformofoperations.TheanalysisnecessarilyinvolvescomplexconsiderationsandjudgmentsconcerningdifferencesinfinancialandoperationalcharacteristicsofthecompaniesinvolvedandotherfactorsthatcouldaffectthecompaniesdifferentlythanwouldaffectCelgene.ThecompaniesselectedbyJ.P.Morganwere:

• AlexionPharmaceuticals,Inc.;

• AmgenInc.;

• BiogenInc.;

• GileadSciences,Inc.;and

• RegeneronPharmaceuticals,Inc.

Usingpubliclyavailableinformation,J.P.Morgancalculatedandcompared,foreachselectedcompanylistedaboveandforCelgene,(i)firmvalue,calculatedasthemarketvalueoftherelevantcompany’scommonstockonafullydilutedbasisasofDecember31,2018,plusdebt,minorityinterestandpreferredequity,lesscashandcashequivalents,eachasofSeptember30,2018,andadjusted,asdeemedappropriatebyJ.P.Morganbasedonitsexperienceandprofessionaljudgment,fortheexpectedfinancialimpactofsignificantpubliclydisclosedstrategictransactionsinvolvingsuchcompanyandenteredintoafterSeptember30,2018,whichisreferredtointhissectionentitled“—OpinionofJ.P.MorganSecuritiesLLC”ofthisjointproxystatement/prospectusasthefirmvalueorFV,asamultipleofestimatedearningsbeforeinterest,taxes,depreciationandamortizationbutaftertakingintoaccountstock-basedcompensationexpense,whichisreferredtointhisjointproxystatement/prospectusasAdjustedEBITDA,forthecalendaryearendingDecember31,2019,whichmultipleisreferredtointhissectionentitled“—OpinionofJ.P.MorganSecuritiesLLC”ofthisjointproxystatement/prospectusas2019EFV/EBITDA,and(ii)themultiplerepresentedby(A)therelevantcompany’s

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closingsharepriceasofDecember31,2018ascomparedto(B)suchcompany’sestimatedearningspershare,adjustedtoexcludeamortizationexpenseandincludestock-basedcompensationexpense,whichisreferredtointhissectionentitled“—OpinionofJ.P.MorganSecuritiesLLC”ofthisjointproxystatement/prospectusasEPS,forthecalendaryearendingDecember31,2019,whichmultipleisreferredtointhissectionentitled“—OpinionofJ.P.MorganSecuritiesLLC”ofthisjointproxystatement/prospectusas2019EP/E,ineachcase(otherthaninthecaseofCelgene),basedonpublicfilingswiththeSEC,equityanalystresearchreportsandFactSetdataasofDecember31,2018.WithrespecttoCelgene,J.P.Morgancalculatedandcomparedboththe2019EFV/EBITDAand2019EP/Emultiplesbasedon(i)equityanalystresearchreportsand(ii)theCelgeneblendedmanagementcase,whichwasreviewedandapprovedbymanagementofCelgeneforusebyJ.P.Morganinperformingitsfinancialanalysesandinrenderingitsfairnessopinion.

Thisanalysisindicatedthefollowing2019EFV/EBITDAand2019P/Emultiples:

2019E FV/ EBITDA 2019 P/E

AlexionPharmaceuticals,Inc. 9.5x 12.5xAmgenInc. 10.0x 13.4xBiogenInc. 7.9x 10.7xGileadSciences,Inc. 6.8x 10.0xRegeneronPharmaceuticals,Inc. 14.6x 19.5xCelgene(1) 7.4x 7.1xCelgene(2) 6.6x 6.5x

(1) Basedonequityanalystresearchreports.

(2) BasedontheCelgeneblendedmanagementcase.

BasedontheresultsofthisanalysisandJ.P.Morgan’sexperienceandprofessionaljudgment,J.P.Morganselectedamultiplereferencerangeof7.0xto10.0xfor2019EFV/EBITDAandamultiplereferencerangeof7.0xto13.5xfor2019EP/E.

AfterapplyingtheserangestoCelgene’sestimatedadjustedEBITDAandEPS(basedontheCelgeneblendedmanagementcase)forthecalendaryearendingDecember31,2019,theanalysisindicatedthefollowingrangesofimpliedequityvaluepersharefortheCelgenecommonstockonafullydilutedbasisusingthetreasurystockmethod,roundedtothenearest$0.25:

Implied Equity Value Per Share of

Celgene common stock Low High2019EFV/EBITDA $ 69.50 $ 107.502019EP/E $ 68.50 $ 132.25

Therangesofimpliedequityvaluepersharewerecomparedto(i)theclosingpricepershareofCelgenecommonstockof$64.09asofDecember31,2018and(ii)theimpliedpershareequityvalueofthemergerconsiderationof$107.13pershareofCelgenecommonstock,calculatedasofDecember31,2018.Theimpliedpershareequityvalueofthemergerconsiderationof$107.13asusedthroughoutthissummarywascalculatedbasedonthesumof(A)thecashportionofthemergerconsiderationequalto$50.00pershare,(B)thestockportionofthemergerconsiderationequaltooneshareofBristol-MyersSquibbcommonstockvaluedattheclosingpricepershareofBristol-MyersSquibbcommonstockof$51.98onDecember31,2018,and(C)theestimatedpresentvalueoftheCVRof$5.15pershare,calculatedbasedonthe$9.00persharenominalvalueoftheCVRandtheCVRprobabilitiesandapplyinga9.0%discountrate,whichisreferredtointhisjointproxystatement/prospectusastheestimatedCVRpresentvalue.

Selected Transaction Multiples Analysis

Usingpubliclyavailableinformation,J.P.Morganreviewedselectedtransactionsinvolvingbusinessesthat,forpurposesofJ.P.Morgan’sanalysisandbasedonitsexperienceandprofessionaljudgment,wereconsideredsimilartoCelgene’sbusiness.Specifically,J.P.Morganreviewedthetransactionssetforthinthebelowtable.

Usingpubliclyavailableinformation,J.P.Morgancalculated,foreachselectedtransactioninthefollowingtable,themultipleofthetargetcompany’sfirmvalueimpliedbytheconsiderationpaidinsuchtransactiontothetarget

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company’sestimatedEBITDAfor(i)inthecaseoftransactionsannouncedpriortoJune30,thecalendaryearinwhichthetransactionwasannouncedand(ii)inthecaseoftransactionsannouncedafterJune30,thecalendaryearfollowingthecalendaryearinwhichthetransactionwasannounced,whichisreferredtointhisjointproxystatement/prospectusasForwardEBITDA(CY1).Thefollowingtablerepresentstheresultsofthisanalysisforeachoftheselectedtransactions:

Target AcquirorMonth/Year Announced

Forward EBITDA (CY1)

Shireplc TakedaPharmaceuticalCompanyLimited May2018 12.0xActelionLtd Johnson&Johnson January2017 30.8x(1)BaxaltaIncorporated Shireplc January2016 16.1xAllergan,Inc. Actavisplc November2014 17.7xForestLaboratories,Inc. Actavisplc February2014 14.8xGenzymeCorporation Sanofi-AventisS.A. February2011 12.3xSchering-PloughCorporation Merck&Co.,Inc. March2009 10.7xWyeth PfizerInc. January2009 8.3x

(1) Forreferenceonly.

BasedontheresultsofthisanalysisandotherfactorswhichJ.P.Morganconsideredappropriatebasedonitsexperienceandprofessionaljudgment,J.P.Morganselectedamultiplereferencerangeof8.5xto18.0xforForwardEBITDA(CY1).AfterapplyingthisrangetoCelgene’sestimatedEBITDA(basedontheCelgeneblendedmanagementcase)forthetwelvemonthsendingDecember31,2019,thisanalysisindicatedarangeofimpliedequityvaluespershareofCelgenecommonstockonafullydilutedbasisusingthetreasurystockmethod,roundedtothenearest$0.25,of$88.75to$204.25,whichwascomparedto(i)theclosingpricepershareofCelgenecommonstockof$64.09asofDecember31,2018and(ii)theimpliedpershareequityvalueofthemergerconsiderationof$107.13pershareofCelgenecommonstock.

Discounted Cash Flow Analysis

J.P.Morganconductedadiscountedcashflowanalysis,whichisreferredtointhisjointproxystatement/prospectusasaDCFanalysis,forthepurposeofdetermininganimpliedequityvaluepershareonafullydilutedbasisusingthetreasurystockmethodfortheCelgenecommonstock.ADCFanalysisisamethodofevaluatinganassetusingestimatesofthefutureunleveredfreecashflowsgeneratedbytheassetandtakingintoconsiderationthetimevalueofmoneywithrespecttothosefuturecashflowsbycalculatingtheir“presentvalue.”The“unleveredfreecashflows,”forpurposesoftheDCFanalysis,referstoacalculationofthefuturecashflowsgeneratedbyanassetwithoutincludinginsuchcalculationanydebtservicingcosts.“Presentvalue”referstothecurrentvalueofthefuturecashflowsgeneratedbytheasset,andisobtainedbydiscountingthosecashflowsbacktothepresentusingadiscountratethattakesintoaccountmacro-economicassumptionsandestimatesofrisk,thecostofcapitalandotherappropriatefactors.“Terminalvalue”referstothepresentvalueofallfuturecashflowsgeneratedbytheassetforperiodsbeyondtheprojectedperiod.

J.P.MorgancalculatedthepresentvalueofthefuturestandaloneunleveredfreecashflowsthatCelgenewasforecastedtogeneratefromcalendaryear2019throughcalendaryear2028basedupontheCelgeneblendedmanagementcase.J.P.MorganalsocalculatedarangeofterminalvaluesforCelgeneattheendoftheten-yearperiodended2028byapplyingaterminalgrowthraterangingfrom1.50%to3.00%(whichrangewasdevelopedwith,andreviewedandapprovedby,themanagementofCelgene)totheunleveredfreecashflowsofCelgeneduringthefinalyearoftheprojections.TheunleveredfreecashflowsandtherangeofterminalvalueswerethendiscountedtopresentvaluesasofDecember31,2018usingarangeofdiscountratesfrom8.50%to9.50%.ThediscountraterangewasselectedbyJ.P.MorganbasedonJ.P.Morgan’sanalysisoftheweightedaveragecostofcapitalforCelgene,takingintoaccounttargetcapitalstructures,yieldsforU.S.Treasurynotes,leveredandunleveredbetasforCelgeneandtheselectedpubliclytradedcompaniesidentifiedabove,marketriskpremium,taxratesandotherappropriatefactors.ThepresentvalueswerethenadjustedtotakeintoaccountCelgene’sestimatednetdebtasofDecember31,2018toderiveimpliedequityvaluespershareforCelgeneonafullydilutedbasisusingthetreasurystockmethod.

Basedontheforegoing,thisanalysisindicatedarangeofimpliedequityvaluespershareofCelgenecommonstock,roundedtothenearest$0.25,of$90.75to$117.25,whichwascomparedto(i)theclosingpricepershare

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ofCelgenecommonstockof$64.09asofDecember31,2018and(ii)theimpliedvalueofthemergerconsiderationof$107.13pershareofCelgenecommonstock.

52-Week Historical Trading Range

Forreferenceonlyandnotasacomponentofitsfairnessanalysis,J.P.MorganreviewedthetradingrangefortheCelgenecommonstockforthe52-weekperiodendedDecember31,2018,whichwas$58.59pershareto$109.98pershare,andcomparedthatrangeto(i)theclosingpricepershareofCelgenecommonstockof$64.09asofDecember31,2018and(ii)theimpliedvalueofthemergerconsiderationof$107.13pershareofCelgenecommonstock.

Analyst Price Target

Forreferenceonlyandnotasacomponentofitsfairnessanalysis,J.P.MorganreviewedcertainpubliclyavailableequityresearchanalystpricetargetsfortheCelgenecommonstockavailableasofDecember31,2018,andnotedthattherangeofsuchpricetargetswas$71.00pershareto$163.00pershareandcomparedthatrangeto(i)theclosingpricepershareofCelgenecommonstockof$64.09asofDecember31,2018and(ii)theimpliedvalueofthemergerconsiderationof$107.13pershareofCelgenecommonstock.

Bristol-MyersSquibbFinancialAnalyses

Selected Public Trading Multiples Analysis

Usingpubliclyavailableinformation,J.P.MorgancomparedselectedfinancialdataofBristol-MyersSquibbwithsimilardataforcompaniesselectedbyJ.P.Morgan,amongotherreasons,becausetheyarepubliclytradedcompanieswithoperationsandbusinessesthat,forpurposesofJ.P.Morgan’sanalysis,maybeconsideredsimilarincertainrespectstothoseofBristol-MyersSquibbbasedonbusinesssectorparticipation,financialmetricsandformofoperations.TheanalysisnecessarilyinvolvescomplexconsiderationsandjudgmentsconcerningdifferencesinfinancialandoperationalcharacteristicsofthecompaniesinvolvedandotherfactorsthatcouldaffectthecompaniesdifferentlythanwouldaffectBristol-MyersSquibb.ThecompaniesselectedbyJ.P.Morganwere:

• AbbVieInc.;

• AstraZenecaplc;

• EliLillyandCompany;

• GlaxoSmithKlineplc;

• Johnson&Johnson;

• Merck&Co.,Inc.;

• NovartisInternationalAG;

• PfizerInc.;

• RocheHoldingAG;and

• SanofiS.A.

Thesecompanieswereselected,amongotherreasons,becausetheyarepubliclytradedcompanieswithoperationsandbusinessesthat,forpurposesofJ.P.Morgan’sanalysisandbasedonitsexperienceandprofessionaljudgment,maybeconsideredsimilarincertainrespectstothoseofBristol-MyersSquibbbasedonbusinesssectorparticipation,financialmetricsandformofoperations.TheanalysisnecessarilyinvolvescomplexconsiderationsandjudgmentsconcerningdifferencesinfinancialandoperationalcharacteristicsofthecompaniesinvolvedandotherfactorsthatcouldaffectthecompaniesdifferentlythanwouldaffectBristol-MyersSquibb.

Usingpubliclyavailableinformation,J.P.Morgancalculatedandcompared,foreachselectedcompanylistedaboveandforBristol-MyersSquibb,(i)2019EFV/EBITDA,and(ii)2019EP/E,ineachcase(otherthaninthecaseofBristol-MyersSquibb),basedonpublicfilingswiththeSEC,equityanalystresearchreportsandFactSetdataasofDecember31,2018.WithrespecttoBristol-MyersSquibb,J.P.Morgancalculatedandcomparedboththe2019EFV/EBITDAand2019EP/Emultiples,ineachcasetakingintoaccountthepotentialimpact,asdirectedbythemanagementofCelgene,oftheplanneddivestitureofBristol-MyersSquibb’sFrenchconsumer

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healthcarebusiness,UPSA,whichdivestitureisreferredtointhisjointproxystatement/prospectusastheUPSAdivestiture,and,inthecaseof2019EP/E,adjustedtoincludeamortizationexpense,andbasedon(i)equityanalystresearchreportsand(ii)theCelgeneadjustedBristol-MyersSquibbfinancialprojections,asdefinedandsummarizedinthesectiontitled“—CertainUnauditedProspectiveFinancialInformation”beginningonpage151ofthisjointproxystatement/prospectus,whichwerereviewedandapprovedbymanagementofCelgeneforusebyJ.P.Morganinperformingitsfinancialanalysesandinrenderingitsfairnessopinion.

Thisanalysisindicatedthefollowing2019EFV/EBITDAand2019P/Emultiples:

2019E FV/ EBITDA 2019 P/E

AbbVie,Inc. 10.1x 10.5xAstraZenecaplc 14.4x 20.0xEliLillyandCompany 15.1x 19.5xGlaxoSmithKlineplc 10.4x 14.3xJohnson&Johnson 11.6x 15.0xMerck&Co.,Inc. 12.1x 16.1xNovartisInternationalAG 12.6x 15.6xPfizerInc. 12.3x 14.2xRocheHoldingAG 9.9x 13.5xSanofiS.A. 9.6x 12.8xBristol-MyersSquibb(1) 11.2x 12.8xBristol-MyersSquibb(2) 10.6x 12.2x

(1) Basedonequityanalystresearchreports.

(2) BasedontheCelgeneadjustedBristol-MyersSquibbfinancialprojections.

BasedontheresultsofthisanalysisandJ.P.Morgan’sexperienceandprofessionaljudgment,J.P.Morganselectedamultiplereferencerangeof9.5xto14.5xfor2019EFV/EBITDAandamultiplereferencerangeof10.5xto20.0xfor2019EP/E.

AfterapplyingtheserangestoBristol-MyersSquibb’sestimatedEBITDAandEPS,basedontheCelgeneadjustedBristol-MyersSquibbfinancialprojectionsforthecalendaryearendingDecember31,2019,theanalysisindicatedthefollowingrangesofimpliedequityvaluepershareforBristol-MyersSquibbcommonstockonafullydilutedbasisusingthetreasurystockmethod,roundedtothenearest$0.25:

Implied Equity Value Per Share of

Bristol-Myers Squibb common stock

Low High2019EFV/EBITDA $ 47.00 $ 70.502019EP/E $ 44.75 $ 85.00

TherangesofimpliedequityvaluepersharewerecomparedtotheclosingpricepershareofBristol-MyersSquibbcommonstockof$51.98asofDecember31,2018.

Discounted Cash Flow Analysis

J.P.MorganconductedaDCFanalysisforthepurposeofdetermininganimpliedfullydilutedequityvaluepershareusingthetreasurystockmethodforBristol-MyersSquibbcommonstock.

J.P.MorgancalculatedthepresentvalueofthefuturestandaloneunleveredfreecashflowsthatBristol-MyersSquibbwasforecastedtogeneratefromcalendaryear2019throughcalendaryear2023basedontheCelgeneadjustedBristol-MyersSquibbfinancialprojections.J.P.MorganalsocalculatedarangeofterminalvaluesforBristol-MyersSquibbattheendofthefive-yearperiodended2023byapplyingaterminalgrowthraterangingfrom0.50%to1.50%(whichrangewasdevelopedwith,andreviewedandapprovedby,themanagementofCelgene)totheunleveredfreecashflowsofBristol-MyersSquibbduringthefinalyearoftheprojections.TheunleveredfreecashflowsandtherangeofterminalvalueswerethendiscountedtopresentvaluesasofDecember31,2018usingarangeofdiscountratesfrom7.25%to8.25%.ThediscountraterangewasselectedbyJ.P.MorganbasedonJ.P.Morgan’sanalysisoftheweightedaveragecostofcapitalforBristol-MyersSquibb,

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takingintoaccounttargetcapitalstructures,yieldsforU.S.Treasurynotes,leveredandunleveredbetasforBristol-MyersSquibbandtheselectedpubliclytradedcompaniesidentifiedabove,marketriskpremium,taxratesandotherappropriatefactors.ThepresentvalueswerethenadjustedtotakeintoaccountBristol-MyersSquibb’sestimatednetdebtandminorityinterestasofDecember31,2018andthepotentialimpact,asprovidedbyCelgene’smanagement,oftheUPSAdivestituretoderiveimpliedequityvaluespershareforBristol-MyersSquibbonafullydilutedbasisusingthetreasurystockmethod.

Basedontheforegoing,thisanalysisindicatedarangeofimpliedequityvaluespershareofBristol-MyersSquibbcommonstock,roundedtothenearest$0.25,of$58.00to$74.25,whichwascomparedtotheclosingpricepershareofBristol-MyersSquibbcommonstockof$51.98asofDecember31,2018.

52-Week Historical Trading Range

Forreferenceonlyandnotasacomponentofitsfairnessanalysis,J.P.MorganreviewedthetradingrangeforBristol-MyersSquibbcommonstockforthe52-weekperiodendedDecember31,2018,whichwas$46.94pershareto$70.05pershare,andcomparedthatrangetotheclosingpricepershareofBristol-MyersSquibbcommonstockof$51.98asofDecember31,2018.

Analyst Price Target

Forreferenceonlyandnotasacomponentofitsfairnessanalysis,J.P.MorganreviewedcertainpubliclyavailableequityresearchanalystpricetargetsforBristol-MyersSquibbcommonstockavailableasofDecember31,2018,andnotedthattherangeofsuchpricetargetswas$47.00pershareto$70.00pershareandcomparedthatrangetotheclosingpricepershareofBristol-MyersSquibbcommonstockof$51.98asofDecember31,2018.

OtherAnalyses

Relative Implied Exchange Ratio Analysis

J.P.MorgancomparedtheresultsforCelgenetotheresultsforBristol-MyersSquibbwithrespecttotheanalysesreferencedinthetablebelow,afteradjustingfor(i)$50.00pershareofcashconsiderationand(ii)theestimatedCVRpresentvalueof$5.15pershare.Foreachcomparison,J.P.MorgancomparedthehighestequityvaluepershareforCelgenetothelowestequityvaluepershareforBristol-MyersSquibbtoderivetherangeofexchangeratiosimpliedbyeachpairofestimates.J.P.MorganalsocomparedthelowestequityvaluepershareforCelgenetothehighestequityvaluepershareforBristol-MyersSquibbtoderivetherangeofexchangeratiosimpliedbyeachpairofestimates.Theimpliedexchangeratiosresultingfromthisanalysiswere: Implied Exchange Ratio Low High52-WeekHistoricalTradingRange(1) 0.0492x 1.1682xAnalystPriceTargets(1) 0.2265x 2.2947xTradingMultiples–2019EFV/EBITDA 0.2043x 1.1162xTradingMultiples–2019EP/E 0.1580x 1.7278xDiscountedCashFlow(2) 0.4785x 1.0708x

(1) Referenceonly.

(2) BasedontheCelgeneblendedmanagementcase.

TheimpliedexchangeratiosforCelgeneandBristol-MyersSquibbwerecomparedto(i)theexchangeratioof0.1721xofashareofBristol-MyersSquibbcommonstockforashareofCelgenecommonstock,basedontherespectiveclosingpricespershareonDecember31,2018,afteradjustingfor(A)$50.00pershareofcashconsiderationand(B)theestimatedCVRpresentvalueof$5.15pershare,and(ii)theexchangeratioof1.0000xsharesofBristol-MyersSquibbcommonstockforashareofCelgenecommonstockinthemerger.However,J.P.Morgannotedthattherelativeimpliedexchangeratioanalysesbasedonthe52-weekhistoricaltradingrangeandbasedontheanalystpricetargetsarenotvaluationmethodologiesandthatsuchanalyseswerepresentedforreferencepurposesonlyandnotasacomponentofitsfairnessanalysis.

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Intrinsic Value Creation Analysis

J.P.Morganconductedanillustrativeimpliedintrinsicvaluecreationanalysis,basedontheCelgeneblendedmanagementcaseandtheCelgeneadjustedBristol-MyersSquibbfinancialprojections,thatcomparedtheimpliedequityvalueofCelgenecommonstockderivedfromaDCFvaluationonastandalonebasistotheimpliedequityvalueattributabletotheexistingholdersofCelgenecommonstockintheproformacombinedcompany.

J.P.MorgandeterminedtheimpliedtotalequityvalueattributabletotheexistingholdersofCelgenecommonstockintheproformacombinedcompany,whichisreferredtointhissectionentitled“—IntrinsicValueCreationAnalysis”astheimpliedvaluetoholdersofCelgenecommonstock,bycalculatingthesumof(i)(A)(1)thesumoftheimpliedequityvaluesoftheCelgenecommonstockandtheBristol-MyersSquibbcommonstockusingthemidpointvaluesdeterminedpursuanttoJ.P.Morgan’sDCFanalysesdescribedabove,plus(2)theestimatedpresentvalueoftheCelgeneprojectedsynergies,netofcoststoachievetheCelgeneprojectedsynergies,whichwerediscountedtopresentvalueusinga9.0%discountrateanda0.0%terminalgrowthrate,andnetofestimatedafter-taxtransactionexpenses,minus(3)theaggregateamountofcashconsiderationtobepaidtoholdersofCelgenecommonstockbasedon$50.00pershareofcashconsideration,minus(4)theaggregateestimatedCVRpresentvaluebasedonapershareestimatedCVRpresentvalueof$5.15pershare,multipliedby(B)theequityownershippercentageoftheproformacombinedcompanyattributabletotheexistingholdersofCelgenecommonstockpursuanttothemerger,and(ii)(A)theaggregateamountofcashconsiderationtobepaidtoholdersofCelgenecommonstockbasedon$50.00pershareofcashconsiderationplus(B)theaggregateestimatedCVRpresentvaluebasedonapershareestimatedCVRpresentvalueof$5.15pershare.Theanalysisindicatedthat,onanillustrativebasis,themergercreatedhypotheticalincrementalimpliedvalueof20.9%toholdersofCelgenecommonstock.

Miscellaneous

TheforegoingsummaryofcertainmaterialfinancialanalysesdoesnotpurporttobeacompletedescriptionoftheanalysesordatapresentedbyJ.P.Morgan.Thepreparationofafairnessopinionisacomplexprocessandisnotnecessarilysusceptibletopartialanalysisorsummarydescription.J.P.Morganbelievesthattheforegoingsummaryanditsanalysesmustbeconsideredasawholeandthatselectingportionsoftheforegoingsummaryandtheseanalyses,withoutconsideringallofitsanalysesasawhole,couldcreateanincompleteviewoftheprocessesunderlyingtheanalysesanditsopinion.Asaresult,therangesofvaluationsresultingfromanyparticularanalysisorcombinationofanalysesdescribedaboveweremerelyutilizedtocreatepointsofreferenceforanalyticalpurposesandshouldnotbetakentobetheviewofJ.P.MorganwithrespecttotheactualvalueofCelgeneorBristol-MyersSquibb.TheorderofanalysesdescribeddoesnotrepresenttherelativeimportanceorweightgiventothoseanalysesbyJ.P.Morgan.Inarrivingatitsopinion,J.P.Morgandidnotattributeanyparticularweighttoanyanalysesorfactorsconsideredbyitanddidnotformanopinionastowhetheranyindividualanalysisorfactor(positiveornegative),consideredinisolation,supportedorfailedtosupportitsopinion.Rather,J.P.Morganconsideredthetotalityofthefactorsandanalysesperformedindeterminingitsopinion.

Analysesbaseduponforecastsoffutureresultsareinherentlyuncertain,astheyaresubjecttonumerousfactorsoreventsbeyondthecontrolofthepartiesandtheiradvisors.Accordingly,forecastsandanalysesusedormadebyJ.P.Morganarenotnecessarilyindicativeofactualfutureresults,whichmaybesignificantlymoreorlessfavorablethansuggestedbythoseanalyses.Moreover,J.P.Morgan’sanalysesarenotanddonotpurporttobeappraisalsorotherwisereflectiveofthepricesatwhichbusinessesactuallycouldbeacquiredorsold.NoneoftheselectedcompaniesreviewedasdescribedintheabovesummaryisidenticaltoCelgeneorBristol-MyersSquibb,andnoneoftheselectedtransactionsreviewedwasidenticaltothemerger.However,thecompaniesselectedwerechosenbecausetheyarepubliclytradedcompanieswithoperationsandbusinessesthat,forpurposesofJ.P.Morgan’sanalysisandbasedonitsexperienceandprofessionaljudgment,maybeconsideredsimilartothoseofCelgeneandBristol-MyersSquibb.Thetransactionsselectedweresimilarlychosenbecausetheirparticipants,sizeandotherfactors,forpurposesofJ.P.Morgan’sanalysisandbasedonitsexperienceandprofessionaljudgment,maybeconsideredsimilartothemerger.TheanalysesnecessarilyinvolvecomplexconsiderationsandjudgmentsconcerningdifferencesinfinancialandoperationalcharacteristicsofthecompaniesinvolvedandotherfactorsthatcouldaffectthecompaniescomparedtoCelgeneandBristol-MyersSquibbandthetransactionscomparedtothemerger.

Asapartofitsinvestmentbankingbusiness,J.P.Morgananditsaffiliatesarecontinuallyengagedinthevaluationofbusinessesandtheirsecuritiesinconnectionwithmergersandacquisitions,investmentsforpassive

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andcontrolpurposes,negotiatedunderwritings,secondarydistributionsoflistedandunlistedsecurities,privateplacements,andvaluationsforcorporateandotherpurposes.J.P.MorganwasselectedtoadviseCelgenewithrespecttothemergeronthebasisof,amongotherthings,suchexperienceanditsqualificationsandreputationinconnectionwithsuchmattersanditsfamiliaritywithCelgene,Bristol-MyersSquibbandtheindustriesinwhichtheyoperate.

PursuanttothetermsofJ.P.Morgan’sengagementletterwithCelgene,forservicesrenderedinconnectionwiththemerger,CelgenehasagreedtopayJ.P.Morganatransactionfeeof$100million,ofwhich$15millionispayablebyCelgenetoJ.P.MorganinconnectionwithJ.P.Morgan’sdeliveryofitsopinion,andthebalanceofwhichbecomespayableupontheclosingofthemerger.Inaddition,CelgenehasagreedtoreimburseJ.P.Morganforitsexpensesincurredinconnectionwithitsservices,includingthefeesanddisbursementsofcounsel,andwillindemnifyJ.P.MorganagainstcertainliabilitiesarisingoutofJ.P.Morgan’sengagement.DuringthetwoyearsprecedingthedateofJ.P.Morgan’sopinion,J.P.MorgananditsaffiliateshavehadcommercialorinvestmentbankingrelationshipswithCelgeneandBristol-MyersSquibbforwhichJ.P.Morganandsuchaffiliateshavereceivedcustomarycompensation.SuchservicesduringsuchperiodhaveincludedactingasjointleadbookrunneronCelgene’sbondofferingwhichclosedinOctober2017,asfinancialadvisoronanacquisitionmadebyCelgeneinMarch2018,asjointleadarrangerandbookrunneronCelgene’srevolvingcreditfacilitywhichclosedinApril2018andasjointleadarrangerandbookrunneronBristol-MyersSquibb’srevolvingcreditfacilitywhichclosedinJune2018.Inaddition,J.P.Morgan’scommercialbankingaffiliateisanagentbankandalenderunderoutstandingcreditfacilitiesofBristol-MyersSquibb,forwhichitreceivescustomarycompensationorotherfinancialbenefits.Inaddition,J.P.Morgananditsaffiliateshold,onaproprietarybasis,lessthan1%oftheoutstandingcommonstockofeachofCelgeneandBristol-MyersSquibb.DuringthetwoyearperiodprecedingdeliveryofitsopinionendedonJanuary2,2019,theaggregatefeesrecognizedbyJ.P.MorganfromCelgenewereapproximately$49,000,000andfromBristol-MyersSquibbwere$1,900,000.Intheordinarycourseoftheirbusinesses,J.P.Morgananditsaffiliatesmayactivelytradethedebtandequitysecuritiesorfinancialinstruments(includingderivatives,bankloansorotherobligations)ofCelgeneorBristol-MyersSquibbfortheirownaccountsorfortheaccountsofcustomersand,accordingly,theymayatanytimeholdlongorshortpositionsinsuchsecuritiesorotherfinancialinstruments.

Opinion of Citigroup Global Markets Inc.

OnJanuary2,2019,Citigroup,deliveredtotheCelgeneBoarditsoralopinion,confirmedbydeliveryofawrittenopiniondatedJanuary2,2019,totheeffectthat,asofsuchdateandbasedonandsubjecttotheassumptionsmade,proceduresfollowed,mattersconsideredandlimitationsandqualificationssetforthinitswrittenopinion,themergerconsiderationtobereceivedbytheholdersofoutstandingsharesofCelgenecommonstockinthemergerwasfair,fromafinancialpointofview,tosuchholders.

ThefulltextofCitigroup’swrittenopinion,datedJanuary2,2019,whichsetsforth,amongotherthings,theassumptionsmade,proceduresfollowed,mattersconsideredandlimitationsandqualificationsonthereviewundertakenbyCitigroupinrenderingitsopinion,isattachedtothisjointproxystatement/prospectusasAnnexDandisincorporatedintothisjointproxystatement/prospectusbyreferenceinitsentirety.The summary of Citigroup’s opinion set forth below is qualified in its entirety by reference to the fulltext of the opinion. We urge you to read the opinion carefully and in its entirety. Citigroup’s opinion, the issuance of which wasauthorized by Citigroup’s fairness opinion committee, was provided to the Celgene Board (in its capacity as such) in connectionwith its evaluation of the merger and was limited to the fairness, from a financial point of view, as of the date of the opinion, tothe holders of outstanding shares of Celgene common stock of the merger consideration to be received by such holders in themerger. Citigroup’s opinion does not address any other aspects or implications of the merger and does not constitute arecommendation to any stockholder as to how such stockholder should vote or act on any matters relating to the merger orotherwise. Citigroup’s opinion does not address the underlying business decision of Celgene to effect the merger, the relativemerits of the merger as compared to any alternative business strategies that might exist for Celgene or the effect of any othertransaction in which Celgene might engage. The following is a summary of Citigroup’s opinion.

Inarrivingatitsopinion,Citigroup,amongotherthings:

• reviewedthemergeragreement,includingtheformCVRagreementattachedasExhibitAthereto;

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• helddiscussionswithcertainseniorofficers,directorsandotherrepresentativesandadvisorsofCelgeneandcertainseniorofficersandotherrepresentativesandadvisorsofBristol-MyersSquibbconcerningthebusinesses,operationsandprospectsofCelgeneandBristol-MyersSquibb;

• examinedcertainpubliclyavailablebusinessandfinancialinformationrelatingtoCelgeneandBristol-MyersSquibb;

• reviewedcertainfinancialforecastsandotherinformationanddatarelatingtoCelgeneandBristol-MyersSquibbwhichwereprovidedtousbymanagementofCelgeneanddiscussedwithusbytherespectivemanagementsofCelgeneandBristol-MyersSquibb,includinginformationrelatingtothepotentialstrategicimplicationsandoperationalbenefits(includingtheamount,timingandachievabilitythereof)anticipatedbythemanagementofCelgenetoresultfromthemerger,includinginthecaseofCelgene,theforecastsandassessmentsofthemanagementofCelgenerelatingtotheprobabilitiesofachievingtheCVRmilestone;

• reviewedthefinancialtermsofthemergerassetforthinthemergeragreementinrelationto,amongotherthings:currentandhistoricalmarketpricesandtradingvolumesofCelgenecommonstockandBristol-MyersSquibbcommonstock,thehistoricalandprojectedearningsandotheroperatingdataofCelgeneandBristol-MyersSquibb,andthecapitalizationandfinancialconditionofCelgeneandBristol-MyersSquibb;

• considered,totheextentpubliclyavailable,thefinancialtermsofcertainothertransactionswhichweconsideredrelevantinevaluatingthemergerandanalyzedcertainfinancial,stockmarketandotherpubliclyavailableinformationrelatingtothebusinessesofothercompanieswhoseoperationsCitigroupconsideredrelevantinevaluatingthoseofCelgeneandBristol-MyersSquibb;

• evaluatedcertainpotentialproformafinancialeffectsofthemergeronBristol-MyersSquibb;and

• conductedsuchotheranalysesandexaminationsandconsideredsuchotherinformationandfinancial,economicandmarketcriteriaasCitigroupdeemedappropriateinarrivingatitsopinion.

Inrenderingitsopinion,Citigroupassumedandrelied,withoutindependentverification,upontheaccuracyandcompletenessofallfinancialandotherinformationanddatapubliclyavailableorprovidedtoorotherwisereviewedbyordiscussedwithCitigroupandupontheassurancesoftherespectivemanagementsofCelgeneandBristol-MyersSquibbthattheyarenotawareofanyrelevantinformationthathasbeenomittedorthatremainsundisclosedtoCitigroup.InconnectionwithCitigroup’sfinancialanalyses,CitigroupappliedtheCVRprobabilitiestoderiveavaluationrangefortheCVRs,whichvaluationrangewasreviewedandapprovedbymanagementofCelgeneforpurposesofCitigroup’sfinancialanalysesinconnectionwithrenderingitsopinion,andwhichisreferredtointhisjointproxystatement/prospectusastheCVRprobabilityweightedvaluationrange.Inaddition,withrespecttotheCelgenefinancialprojections,asdefinedandsummarizedinthesectiontitled“—CertainUnauditedProspectiveFinancialInformation”beginningonpage151ofthisjointproxystatement/prospectus,CitigroupassignedprobabilityweightingsprovidedbyCelgenetoeachofCelgenemanagementcase1,Celgenemanagementcase2andCelgenemanagementcase3,eachasdefinedandsummarizedinthesectiontitled“—CertainUnauditedProspectiveFinancialInformation—CelgeneFinancialProjections”beginningonpage151ofthisjointproxystatement/prospectus,asdirectedbyCelgene,andtheresultingCelgeneblendedmanagementcase,asdefinedandsummarizedinthesectiontitled“—CertainUnauditedProspectiveFinancialInformation—CelgeneFinancialProjections”beginningonpage151ofthisjointproxystatement/prospectus,calculatedbasedonsuchprobabilityweightingwasreviewedandapprovedbymanagementofCelgeneforpurposesofperformingCitigroup’sfinancialanalysesinconnectionwithrenderingitsopinion.Further,CitigroupwasadvisedbyCelgene,andassumedwithCelgene’sconsent,thatsuchprobabilityweightingsreflectthebestcurrentlyavailableestimatesandjudgmentsbymanagementastotheexpectedfutureresultsofoperationsandfinancialconditionofCelgene.WithrespecttofinancialforecastsandotherinformationanddatarelatingtoCelgeneandBristol-MyersSquibbprovidedtoorotherwisereviewedbyordiscussedwithCitigroup(includingtheCVRprobabilities),CitigroupwasadvisedbytherespectivemanagementsofCelgeneandBristol-MyersSquibb,asapplicable,thatsuchforecastsandotherinformationanddatawerereasonablypreparedonbasesreflectingthebestcurrentlyavailableestimatesandjudgmentsofthemanagementsofCelgeneandBristol-MyersSquibb,asapplicable,astothefuturefinancialperformanceofCelgeneandBristol-MyersSquibb,thepotentialstrategicimplicationsandoperationalbenefits(includingtheamount,timingandachievabilitythereof)anticipatedtoresultfromthemergerandtheothermatterscovered

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thereby,andCitigroupassumed,withCelgene’sconsent,thatthefinancialresults(includingthepotentialstrategicimplicationsandoperationalbenefitsanticipatedtoresultfromthemergerandtheCVRprobabilities)reflectedinsuchforecastsandotherinformationanddatawillberealizedintheamountsandatthetimesprojected.

Citigroupalsoassumed,withCelgene’sconsent,thatthemergerwillbeconsummatedinaccordancewithitsterms,withoutwaiver,modificationoramendmentofanymaterialterm,conditionoragreementandthat,inthecourseofobtainingthenecessaryregulatoryorthirdpartyapprovals,consentsandreleasesforthemerger,nodelay,limitation,restrictionorconditionwillbeimposedthatwouldhaveanadverseeffectonCelgene,Bristol-MyersSquibborthecontemplatedbenefitsofthemergerinanyrespectmaterialtoitsanalyses.RepresentativesofCelgeneadvisedCitigroup,andCitigroupfurtherassumed,thatthefinaltermsoftheCVRagreementwillnotvarymateriallyfromthosesetforthintheformreviewedbyCitigroup.CitigroupdidnotexpressanyopinionastowhatthevalueoftheBristol-MyersSquibbcommonstockactuallywillbewhenissuedpursuanttothemergerorwhatthevalueoftheCVRactuallywillbeupontheissuancethereof,orthepriceatwhichtheBristol-MyersSquibbcommonstockortheCVRswilltradeatanytime.

Citigroupdidnotmakeanditwasnotprovidedwithanindependentevaluationorappraisaloftheassetsorliabilities(contingentorotherwise)ofCelgeneorBristol-MyersSquibb,andCitigroupdidnotmakeanyphysicalinspectionofthepropertiesorassetsofCelgeneorBristol-MyersSquibb.Citigroupalsoexpressednoviewasto,andCitigroup’sopiniondidnotaddress,thefairness(financialorotherwise)oftheamountornatureoranyotheraspectofanycompensationtoanyofficers,directorsoremployeesofanypartiestothemerger,oranyclassofsuchpersons,relativetothemergerconsideration.Citigroup’sopinionwasnecessarilybaseduponinformationavailabletoit,andfinancial,stockmarketandotherconditionsandcircumstancesexistingasofJanuary2,2019,exceptasotherwisenoted.

ThefollowingisasummaryofthematerialfinancialanalysesperformedbyCitigroupinconnectionwithrenderingitsopiniontotheCelgeneBoarddescribedaboveandcontainedinthejointpresentationdeliveredtotheCelgeneBoardonJanuary2,2019byCitigroupandJ.P.MorganinconnectionwiththerenderingofCitigroup’s(aswellasJ.P.Morgan’srespective)opinion.Thefollowingsummary,however,doesnotpurporttobeacompletedescriptionofthefinancialanalysesperformedbyCitigroup,nordoestheorderofanalysesdescribedrepresentrelativeimportanceorweightgiventothoseanalysesbyCitigroup.Someofthesummariesofthefinancialanalysesincludeinformationpresentedintabularformat.ThetablesmustbereadtogetherwiththefulltextofeachsummaryandarealonenotacompletedescriptionofCitigroup’sfinancialanalyses.Exceptasotherwisenoted,thefollowingquantitativeinformation,totheextentthatitisbasedonmarketdata,isbasedonmarketdataasitexistedonorbeforeDecember31,2018andisnotnecessarilyindicativeofcurrentmarketconditions.

Thepreparationoffinancialopinionsisacomplexprocessinvolvingvariousdeterminationsastothemostappropriateandrelevantmethodsoffinancialanalysisandtheapplicationofthosemethodstotheparticularcircumstances,and,therefore,financialopinionsarenotreadilysusceptibletopartialanalysisorsummarydescription.Selectingportionsoftheanalysesorofthesummarysetforthbelow,withoutconsideringtheanalysesasawhole,couldcreateanincompleteviewoftheprocessesunderlyingCitigroup’sopinion.Inarrivingatitsfairnessdetermination,Citigroupconsideredtheresultsofallofitsanalysesanddidnotattributeanyparticularweighttoanyfactororanalysisconsideredbyit.Rather,Citigroupmadeitsdeterminationastofairnessonthebasisofitsexperienceandprofessionaljudgmentafterconsideringtheresultsofallofitsanalyses.NocompanyortransactionusedintheanalysesasacomparisonisdirectlycomparabletoCelgene,Bristol-MyersSquibborthemerger.

CitigrouppreparedtheseanalysesforpurposesofprovidingitsopiniontotheCelgeneBoardastothefairness,fromafinancialpointofview,totheholdersofoutstandingsharesofCelgenecommonstock,asofthedateoftheopinion,ofthemergerconsiderationtobepaidtosuchholderspursuanttothemergeragreement.Theseanalysesdonotpurporttobeappraisalsnordotheynecessarilyreflectthepricesatwhichbusinessesorsecuritiesactuallymaybesold.Analysesbaseduponforecastsoffutureresultsarenotnecessarilyindicativeofactualfutureresults,whichmaybesignificantlymoreorlessfavorablethansuggestedbytheseanalyses.Becausetheseanalysesareinherentlysubjecttouncertainty,beingbaseduponnumerousfactorsoreventsbeyondthecontrolofthepartiesortheirrespectiveadvisors,noneofCelgene,Bristol-MyersSquibb,Citigrouporanyotherpersonassumesresponsibilityiffutureresultsaremateriallydifferentfromthoseforecast.

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Themergerconsiderationwasdeterminedthrougharm’s-lengthnegotiationsbetweenCelgeneandBristol-MyersSquibbandwasapprovedbytheCelgeneBoard.CitigroupprovidedadvicetoCelgeneduringthesenegotiations.Citigroupdidnot,however,recommendanyspecificamountofconsiderationtoCelgeneortheCelgeneBoardorthatanyspecificamountofconsiderationconstitutedtheonlyappropriateconsiderationinthetransaction.

CelgeneFinancialAnalyses

Selected Public Companies Analysis

CitigroupreviewedandcomparedcertainfinancialinformationforCelgenetocorrespondingfinancialinformation,ratiosandpublicmarketmultiplesforthefollowingpubliclytradedcorporationsinthepharmaceuticalindustry:

• AlexionPharmaceuticals,Inc.;

• AmgenInc.;

• BiogenInc.;

• GileadSciences,Inc.;and

• RegeneronPharmaceuticals,Inc.(forreferenceonly)

AlthoughnoneoftheselectedcompanieslistedaboveisdirectlycomparabletoCelgene,thecompaniesincludedwerechosenbecausetheyhaveoperationsthat,forpurposesofCitigroup’sanalysisandbasedonitsexperienceandprofessionaljudgment,maybeconsideredsimilartocertainoperationsofCelgenebasedonbusinesssectorparticipation,operationalcharacteristicsandfinancialmetrics.Thequantitativeinformationusedinthisanalysis,totheextentthatitisbasedonmarketdata,wasbasedonmarketdataasofDecember31,2018.Thefollowingtablepresentstheresultsofthisanalysis:

FV / FY2019E

EBITDAPrice / FY2019E

EarningsAlexion 9.5x 12.5xAmgen 10.0x 13.4xBiogen 7.9x 10.7xGileadSciences 6.8x 10.0xRegeneronPharmaceuticals(forreferenceonly) 14.6x 19.5x

CitigroupalsocalculatedandcomparedvariousfinancialmultiplesandratiosusinginformationitobtainedfrompublicfilingswiththeSEC,WallStreetresearchandFactSetdataasofDecember31,2018.Withrespecttotheselectedcompanieslistedabove,Citigroupcalculated(i)thefirmvalue,calculatedasthemarketvalueoftherelevantcompany’scommonstockonafullydilutedbasisasofDecember31,2018,plusdebt,minorityinterestandpreferredequity,lesscashandcashequivalentsandinvestmentsinunconsolidatedaffiliates,asofSeptember30,2018,adjusted,asdeemedappropriatebyCitigroupbasedonitsexperienceandprofessionaljudgment,fortheexpectedfinancialimpactofsignificantpubliclydisclosedstrategictransactionsinvolvingsuchcompanyandenteredintoafterSeptember30,2018,whichisreferredtointhissectionentitled“—OpinionofCitigroupGlobalMarketsInc.”ofthisjointproxystatement/prospectusasFV,asamultipleofprojectedadjustedEBITDA,andsuchmultipleisreferredtointhissectionentitled“—OpinionofCitigroupGlobalMarketsInc.”ofthisjointproxystatement/prospectusastheFV/CY2019EEBITDAMultiple,forthecalendaryear2019,and(ii)theratioofthepriceofashareofcommonstockoftheselectedcompanieslistedabove(usingtheapplicableclosingmarketpricepershareasofDecember31,2018)toestimatedearningspershare,afterstock-basedcompensationexpenseandafteraddingbacktax-effectedamortizationexpense,whichmultipleisreferredtointhissectionentitled“—OpinionofCitigroupGlobalMarketsInc.”ofthisjointproxystatement/prospectusasthePrice/CY2019EEarningsMultiple,forthecalendaryear2019.

CitigroupidentifiedanillustrativerangeforFV/CY2019EEBITDAMultiplesof6.7xto10.7x.Citigroupderivedthisrangebasedontheresultsofitsanalysis,whichyieldedFV/CY2019EEBITDAMultiplesfortheselectedcompanieslistedabove(excludingRegeneronPharmaceuticals)withameanof8.6xandamedianof8.7x.BasedonCitigroup’sexperienceandprofessionaljudgment,Citigroupthenappliedarangeof2.0xbelowand2.0xabovethemedianof8.7xtoderiveanillustrativerangeofFV/CY2019EEBITDAMultiplesof6.7xto10.7x.

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CitigroupthenmultipliedtheestimatedEBITDAforCelgeneforcalendaryear2019(basedontheCelgeneblendedmanagementcase)bythe6.7xto10.7xillustrativerangeofFV/CY2019EEBITDAMultiplesforcalendaryear2019,whichresultedinanillustrativerangeofimpliedvaluesof$65.75to$116.00pershareofCelgenecommonstockonafullydilutedbasisusingthetreasurystockmethod(roundedtothenearest$0.25).Citigroupcomparedthisrangeto(i)theclosingpricepershareofCelgenecommonstockof$64.09asofDecember31,2018,and(ii)arangeofimpliedpershareequityvaluesofthemergerconsiderationof$105.77to$109.86pershareofCelgenecommonstock.Therangeofimpliedpershareequityvalueofthemergerconsiderationof$105.77to$109.86asusedthroughoutthissummarywascalculatedbasedonthesumof(A)thecashportionoftheconsiderationequalto$50.00pershareincash,(B)thestockportionoftheconsiderationequaltooneshareofBristol-MyersSquibbcommonstockvaluedattheclosingpricepershareofBristol-MyersSquibbcommonstockof$51.98onDecember31,2018,and(C)arangeofestimatedpresentvaluesoftheCVRof$3.79(calculatedbasedonCelgenemanagementcase1andtheCVRprobabilitiesusinga9.5%discountrate)to$7.88pershare(calculatedbasedonCelgenemanagementcase3andtheCVRprobabilitiesusingan8.3%discountrate).

CitigroupidentifiedanillustrativerangeforPrice/CY2019EEarningsMultiplesof7.6xto15.6x.Citigroupderivedthisrangebasedontheresultsofitsanalysis,whichyieldedPrice/CY2019EEarningsMultiplesfortheselectedcompanieslistedabove(excludingRegeneronPharmaceuticals)withameanof11.7xandamedianof11.6x.BasedonCitigroup’sexperienceandprofessionaljudgment,Citigroupthenappliedarangeof4.0xbelowand4.0xabovethemedianof11.6xtoderiveanillustrativerangeofPrice/CY2019EEarningsMultiplesof7.6xto15.6x.CitigroupthenmultipliedtheestimatedearningspershareofCelgenecommonstockforcalendaryear2019(basedontheCelgeneblendedmanagementcase)bythe7.6xto15.6xillustrativerangeofPrice/CY2019EEarningsMultipleforcalendaryear2019,whichresultedinanillustrativerangeofimpliedvaluesof$74.75to$153.00pershareofCelgenecommonstockonafullydilutedbasisusingthetreasurystockmethod(roundedtothenearest$0.25).Citigroupcomparedthisrangeto(i)theclosingpricepershareofCelgenecommonstockof$64.09asofDecember31,2018and(ii)arangeofimpliedpershareequityvalueofthemergerconsiderationof$105.77to$109.86pershareofCelgenecommonstock.

Selected Precedent Transactions Analysis

CitigroupanalyzedcertainpubliclyavailableinformationrelatingtothefollowingselectedtransactionsinthepharmaceuticalindustrysinceJanuary2009:Month/Year Announced Acquiror Target/Seller

FV/NTM EBITDA

May2018 TakedaPharmaceuticalCompanyLimited Shireplc 11.8xJanuary2016 Shireplc BaxaltaIncorporated 15.6xNovember2014 Actavisplc Allergan,Inc. 18.1xFebruary2014 Actavisplc ForestLaboratories,Inc. 14.8xFebruary2011 Sanofi-AventisS.A. GenzymeCorporation 12.1xMarch2009 Merck&Co.,Inc. Schering-PloughCorporation 10.5xJanuary2009 PfizerInc. Wyeth 8.3x

Foreachoftheselectedtransactions,CitigroupcalculatedandcomparedFVasamultipleofthetarget’sEBITDAforthenext12months,whichisreferredtointhisjointproxystatement/prospectusasNTM,asmostrecentlydisclosedatthetimeoftheannouncementofthetransaction,whichisreferredtointhisjointproxystatement/prospectusastheFV/NTMEBITDAMultiple.WhilenoneofthecompaniesthatparticipatedintheselectedtransactionsaredirectlycomparabletoCelgene,thesetransactionswereselected,amongotherreasonsandbasedonCitigroup’sexperienceandprofessionaljudgment,becausethebusinessesinvolvedinthesetransactionssharesimilarbusinesscharacteristicstoCelgenebasedonbusinesssectorparticipation,operationalcharacteristicsandfinancialmetrics.CitigroupidentifiedanillustrativerangeforFV/NTMEBITDAMultiplesof9.1xto15.1x.Citigroupderivedthisrangebasedontheresultsofitsanalysis,whichyieldedFV/NTMEBITDAMultiplesfortheselectedtransactionslistedabovewithameanof13.0xandamedianof12.1x.BasedonCitigroup’sexperienceandprofessionaljudgment,Citigroupthenappliedarangeof3.0xbelowand3.0xabovethemedianof12.1xtoderiveanillustrativerangeofFV/CY2019EEBITDAMultiplesof9.1xto15.1x.CitigroupthenmultipliedthisillustrativerangeofFV/NTMEBITDAMultiplesbyCelgene’sestimatedEBITDA(basedontheCelgeneblendedmanagementcase)forthe12monthsendedDecember31,2019,whichresulted

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inanillustrativerangeofimpliedvaluesof$96.75to$169.75pershareofCelgenecommonstockonafullydilutedbasisusingthetreasurystockmethod(roundedtothenearest$0.25).Citigroupcomparedthisrangeto(i)theclosingpricepershareofCelgenecommonstockof$64.09asofDecember31,2018and(ii)arangeofimpliedpershareequityvalueofthemergerconsiderationof$105.77to$109.86pershareofCelgenecommonstock.

Discounted Cash Flow Analysis

CitigroupconductedaDCFanalysisforthepurposeofdetermininganimpliedfullydilutedequityvaluepershareforCelgenecommonstockusingthetreasurystockmethod.CitigroupcalculatedtheunleveredfreecashflowsthatCelgeneisexpectedtogenerateduringcalendaryears2019through2028baseduponCelgenemanagementcase1,Celgenemanagementcase2,Celgenemanagementcase3,andtheCelgeneblendedmanagementcase.CitigroupalsocalculatedarangeofterminalvaluesforCelgeneattheendoftheprojectionperiodbyapplyingterminalgrowthrates,basedondirectionfromCelgenemanagement,rangingfrom1.50%to3.00%totheterminalyearestimateofunleveredfreecashflow.Theunleveredfreecashflowsandtherangeofterminalvalueswerethendiscountedtopresentvaluesusingdiscountratesrangingfrom8.3%to9.5%,whichrangewaschosenbyCitigroupbaseduponananalysisoftheweightedaveragecostofcapitalofCelgene,takingintoaccountmacro-economicassumptions,estimatesofrisk,Celgene’scapitalstructureandotherappropriatefactors.ThepresentvaluesoftheunleveredfreecashflowsandtherangeofterminalvalueswerethenadjustedforCelgene’sestimatednetdebtatDecember31,2018anddividedbythefullydilutedsharesoutstandingofCelgeneasprovidedbyCelgenemanagement.

TheDCFanalysisindicatedthefollowingimpliedpershareequityvaluerangesforCelgenecommonstock(roundedtothenearest$0.25). Range Low HighCelgeneblendedmanagementcase $ 90.25 $ 121.25Celgenemanagementcase1 $ 71.75 $ 95.75Celgenemanagementcase2 $ 98.50 $ 132.50Celgenemanagementcase3 $ 109.75 $ 147.25

Citigroupcomparedtheserangesto(i)theclosingpricepershareofCelgenecommonstockof$64.09asofDecember31,2018and(ii)arangeofimpliedpershareequityvalueofthemergerconsiderationof$105.77to$109.86pershareofCelgenecommonstock.

Other Information

Citigroupnotedthatthehistoricalstocktrading,equityresearchanalystpricetargetsandimpliedpremiaanalysesbelowwithrespecttoCelgenearenotvaluationmethodologiesandwerepresentedforreferenceonly.

Historical Stock Trading

Citigroupreviewedthehistoricalintra-daysharepricesofCelgenecommonstockforthe52-weekperiodendedDecember31,2018.Citigroupnotedthatthelowandhighclosingsharepricesduringthisperiodwere$58.59and$109.98pershareofCelgenecommonstock,respectively.

Equity Research Analyst Price Targets

Citigroupreviewedthemostrecentpubliclyavailableresearchanalysts’one-yearforwardpricetargetsforCelgenecommonstockpreparedandpublishedbyselectedresearchanalysts.CitigroupnotedthattherangeofsuchpricetargetsasofDecember31,2018was$71.00to$163.00pershareofCelgenecommonstock.Citigroupalsonotedthattherangeofsuchpricetargets,discountedoneyearata10.3%costofequity,was$64.25to$147.75,roundedtothenearest$0.25.

Implied Premia Paid

Citigroupcalculated,usingpubliclyavailableinformation,the25thto75thpercentileone-dayunaffectedstockpricepremiapaidforselectedacquisitiontransactionsoccurringbetween2009and2018thatCitigroupdeemedappropriateinitsprofessionaljudgment.Theanalysisindicatedarelevantrangeofone-dayunaffectedstockpremiaof32%to56%.Citigroupthencalculated,basedonthisrangeofpremia,anillustrativerangeofpricespershareofCelgenecommonstockof$84.25to$99.75(ineachcase,roundedtothenearest$0.25).

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Bristol-MyersSquibbFinancialAnalyses

Selected Public Companies Analysis

CitigroupreviewedandcomparedcertainfinancialinformationforBristol-MyersSquibbtocorrespondingfinancialinformation,ratiosandpublicmarketmultiplesforthefollowingpubliclytradedcorporationsinthepharmaceuticalindustry:

• AbbVieInc.;

• AstraZenecaplc;

• EliLillyandCompany;

• GlaxoSmithKlineplc;

• Johnson&Johnson;

• Merck&Co.,Inc.;

• NovartisInternationalAG;

• PfizerInc.;

• RocheHoldingAG;and

• SanofiS.A.

AlthoughnoneoftheselectedcompanieslistedaboveisdirectlycomparabletoBristol-MyersSquibb,thecompaniesincludedwerechosenbecausetheyhaveoperationsthat,forpurposesofCitigroup’sanalysisandbasedonitsexperienceandprofessionaljudgment,maybeconsideredsimilartocertainoperationsofBristol-MyersSquibbbasedonbusinesssectorparticipation,operationalcharacteristicsandfinancialmetrics.Thequantitativeinformationusedinthisanalysis,totheextentthatitisbasedonmarketdata,wasbasedonmarketdataasofDecember31,2018.

CitigroupalsocalculatedandcomparedvariousfinancialmultiplesandratiosusinginformationitobtainedfrompublicfilingswiththeSEC,WallStreetresearchandFactSetdataasofDecember31,2018.Withrespecttotheselectedcompanieslistedabove,Citigroupcalculated(i)theFV/CY2019EEBITDAMultipleand(ii)thePrice/CY2019EEarningsMultiple.Thefollowingtablepresentstheresultsofthisanalysis:

FV / FY2019E

EBITDAPrice / FY2019E

EarningsAbbVie,Inc. 10.1x 10.5xAstraZenecaplc 14.4x 20.0xEliLillyandCompany 15.1x 19.5xGlaxoSmithKlineplc 10.4x 14.3xJohnson&Johnson 11.6x 15.0xMerck&Co.,Inc. 12.1x 16.1xNovartisInternationalAG 12.6x 15.6xPfizerInc. 12.3x 14.2xRocheHoldingAG 9.9x 13.5xSanofiS.A. 9.6x 12.8x

CitigroupidentifiedanillustrativerangeforFV/CY2019EEBITDAMultiplesof9.8xto13.8x.Citigroupderivedthisrangebasedontheresultsofitsanalysis,whichyieldedFV/CY2019EEBITDAMultiplesfortheselectedcompanieslistedabovewithameanof11.8xandamedianof11.8x.BasedonCitigroup’sexperienceandprofessionaljudgment,Citigroupthenappliedarangeof2.0xbelowand2.0xabovethemedianof11.8xtoderiveanillustrativerangeofFV/CY2019EEBITDAMultiplesof9.8xto13.8x.CitigroupthenmultipliedtheestimatedEBITDAforBristol-MyersSquibbforcalendaryear2019,basedontheCelgeneadjustedBristol-MyersSquibbfinancialprojections,asdefinedandsummarizedinthesectiontitled“—CertainUnauditedProspectiveFinancialInformation”beginningonpage151ofthisjointproxystatement/prospectus,bythe9.8x

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to13.8xillustrativerangeofFV/CY2019EEBITDAMultiplesforcalendaryear2019,whichresultedinanillustrativerangeofimpliedvaluesof$48.50to$67.50pershareofBristol-MyersSquibbcommonstockonafullydilutedbasisusingthetreasurystockmethod(roundedtothenearest$0.25).

CitigroupcomparedthisrangetotheclosingpricepershareofBristol-MyersSquibbcommonstockof$51.98asofDecember31,2018.

CitigroupidentifiedanillustrativerangeforPrice/CY2019EEarningsMultiplesof10.7xto18.7x.Citigroupderivedthisrangebasedontheresultsofitsanalysis,whichyieldedPrice/CY2019EEarningsMultiplesfortheselectedcompanieslistedabovewithameanof15.2xandamedianof14.7x.BasedonCitigroup’sexperienceandprofessionaljudgment,Citigroupthenappliedarangeof4.0xbelowand4.0xabovethemedianof14.7xtoderiveanillustrativerangeofPrice/CY2019EEarningsMultiplesof10.7xto18.7x.CitigroupthenmultipliedtheestimatedearningspershareofBristol-MyersSquibbcommonstockforcalendaryear2019,basedontheCelgeneadjustedBristol-MyersSquibbfinancialprojections,bythe10.7xto18.7xillustrativerangeofPrice/CY2019EEarningsMultipleforcalendaryear2019,whichresultedinanillustrativerangeofimpliedvaluesof$45.25to$79.25pershareofBristol-MyersSquibbcommonstockonafullydilutedbasisusingthetreasurystockmethod(roundedtothenearest$0.25).CitigroupcomparedthisrangetotheclosingpricepershareofBristol-MyersSquibbcommonstockof$51.98asofDecember31,2018.

Discounted Cash Flow Analysis

CitigroupconductedaDCFanalysisforthepurposeofdetermininganimpliedfullydilutedequityvaluepershareforBristol-MyersSquibbcommonstockusingthetreasurystockmethod.CitigroupcalculatedtheunleveredfreecashflowsthatBristol-MyersSquibbisexpectedtogenerateduringcalendaryears2019through2023basedupontheCelgeneadjustedBristol-MyersSquibbfinancialprojections.

CitigroupalsocalculatedarangeofterminalvaluesforBristol-MyersSquibbattheendoftheprojectionperiodbyapplyingterminalgrowthrates,basedondirectionfromBristol-MyersSquibbmanagement,rangingfrom0.50%to1.50%totheterminalyearestimateofunleveredfreecashflow.Theunleveredfreecashflowsandtherangeofterminalvalueswerethendiscountedtopresentvaluesusingdiscountratesrangingfrom7.9%to9.2%,whichrangewaschosenbyCitigroupbaseduponananalysisoftheweightedaveragecostofcapitalofBristol-MyersSquibb,takingintoaccountmacro-economicassumptions,estimatesofrisk,Bristol-MyersSquibb’scapitalstructureandotherappropriatefactors.ThepresentvaluesoftheunleveredfreecashflowsandtherangeofterminalvalueswerethenadjustedforBristol-MyersSquibb’sestimatednetdebtandminorityinterestatDecember31,2018,aswellasthepotentialimpact,asdirectedbyCelgenemanagement,oftheplanneddivestitureofBristol-MyersSquibb’sFrenchconsumerhealthcarebusiness,UPSA,anddividedbythefullydilutedsharesoutstandingofBristol-MyersSquibb,asprovidedbyCelgenemanagement.TheDCFanalysisindicatedanimpliedpershareequityvaluerangeforBristol-MyersSquibbcommonstockof$52.25to$66.75(roundedtothenearest$0.25).CitigroupcomparedthisrangetotheclosingpricepershareofBristol-MyersSquibbcommonstockof$51.98asofDecember31,2018.

Other Information

CitigroupnotedthatthehistoricalstocktradingandequityresearchanalystpricetargetsanalysesbelowwithrespecttoBristol-MyersSquibbarenotvaluationmethodologiesandwerepresentedforreferenceonly.

Historical Stock Trading

Citigroupreviewedthehistoricalintra-daysharepricesofBristol-MyersSquibbcommonstockforthe52-weekperiodendedDecember31,2018.Citigroupnotedthatthelowandhighclosingsharepricesduringthisperiodwere$46.94and$70.05pershareofBristol-MyersSquibbcommonstock,respectively.

Equity Research Analyst Price Targets

Citigroupreviewedthemostrecentpubliclyavailableresearchanalysts’one-yearforwardpricetargetsforBristol-MyersSquibbcommonstockpreparedandpublishedbyselectedresearchanalysts.CitigroupnotedthattherangeofsuchpricetargetsasofDecember31,2018was$47.00to$75.00pershareofBristol-MyersSquibbcommonstock.Citigroupalsonotedthattherangeofsuchpricetargets,discountedoneyearatan8.9%costofequity,was$43.25to$68.75,roundedtothenearest$0.25.

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OtherAnalyses

Relative Implied Exchange Ratio Analysis

CitigroupcomparedtheresultsforCelgenetotheresultsforBristol-MyersSquibbwithrespecttotheanalysesreferencedinthetablebelow,afteradjustingfor(i)$50.00pershareofcashconsiderationand(ii)theestimatedpresentvalueoftheCVRof$5.15pershare,calculatedbasedontheCelgeneblendedmanagementcaseandtheCVRprobabilities,andapplyinga8.9%discountrate,themidpointoftheweightedaveragecostofcapitalforCelgenebaseduponCitigroup’sanalysis.Foreachcomparison,CitigroupcomparedthehighestequityvaluepershareforCelgenetothelowestequityvaluepershareforBristol-MyersSquibbtoderivethehighestexchangeratioimpliedbyeachpairofestimates.CitigroupalsocomparedthelowestequityvaluepershareforCelgenetothehighestequityvaluepershareforBristol-MyersSquibbtoderivethelowestexchangeratioimpliedbyeachpairofestimates.Theimpliedexchangeratiosresultingfromthisanalysiswere: Implied Exchange Ratio Low High52-WeekHistoricalTradingRange(1) 0.05x 1.17xAnalystPriceTargets(1) 0.13x 2.15xTradingMultiples–FV/CY2019EEBITDA 0.16x 1.26xTradingMultiples–Price/CY2019EEarnings 0.25x 2.16xDiscountedCashFlow–Celgeneblendedmanagementcase 0.53x 1.27xDiscountedCashFlow–Celgenemanagementcase1 0.25x 0.78xDiscountedCashFlow–Celgenemanagementcase2 0.65x 1.48xDiscountedCashFlow–Celgenemanagementcase3 0.82x 1.77x

(1) Referenceonly

TheimpliedexchangeratiosforCelgeneandBristol-MyersSquibbwerecomparedtotheexchangeratioof1.0000xsharesofBristol-MyersSquibbcommonstockforashareofCelgenecommonstockinthemerger,afteradjustingfor(i)$50.00pershareofcashconsiderationand(ii)theestimatedCVRpresentvalue.Citigroupnotedthattherelativeimpliedexchangeratioanalysesbasedonthe52-weekhistoricaltradingrangeandbasedontheanalystpricetargetsarenotvaluationmethodologiesandthatsuchanalyseswerepresentedforreferencepurposesonly.

Intrinsic Value Creation Analysis

Citigroupconductedanillustrativeimpliedintrinsicvaluecreationanalysis,basedontheCelgeneblendedmanagementcaseandtheCelgeneadjustedBristol-MyersSquibbfinancialprojections,thatcomparedtheimpliedequityvalueofCelgenecommonstockderivedfromaDCFvaluationonastandalonebasistotheimpliedequityvalueattributabletotheexistingholdersofCelgenecommonstockintheproformacombinedcompany.

CitigroupdeterminedtheimpliedtotalequityvalueattributabletotheexistingholdersofCelgenecommonstockintheproformacombinedcompany,whichisreferredtointhissectionentitled“—IntrinsicValueCreationAnalysis”astheimpliedvaluetoholdersofCelgenecommonstock,bycalculatingthesumof(i)(A)(1)thesumoftheimpliedequityvaluesdeterminedpursuanttoaDCFanalysisof(x)theCelgenecommonstockusinga9.0%discountrateanda2.25%terminalgrowthrateand(y)theBristol-MyersSquibbcommonstockusinga7.75%discountrateanda1.0%terminalgrowthrate,plus(2)theestimatedpresentvalueoftheCelgeneprojectedsynergies,netofcoststoachievetheCelgeneprojectedsynergies,whichwerediscountedtopresentvalueusinga9.0%discountrateanda0.0%terminalgrowthrate,andnetofestimatedafter-taxtransactionexpenses,minus(3)theaggregateamountofcashconsiderationtobepaidtoholdersofCelgenecommonstockbasedon$50.00pershareofcashconsideration,minus(4)theaggregateestimatedCVRpresentvaluebasedonapershareestimatedCVRpresentvalueof$5.15pershare,multipliedby(B)theequityownershippercentageoftheproformacombinedcompanyattributabletotheexistingholdersofCelgenecommonstockpursuanttothemerger,and(ii)(A)theaggregateamountofcashconsiderationtobepaidtoholdersofCelgenecommonstockbasedon$50.00pershareofcashconsiderationplus(B)theaggregateestimatedCVRpresentvaluebasedonapershareestimatedCVRpresentvalueof$5.15pershare.Theanalysisindicatedthat,onanillustrativebasis,themergercreatedhypotheticalincrementalimpliedvalueor20.9%toholdersofCelgenecommonstock.

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Asdescribedabove,Citigroup’sopiniontotheCelgeneBoardwasoneofmanyfactorstakenintoconsiderationbytheCelgeneBoardinmakingitsdeterminationtoapprovethemergeragreement.TheforegoingsummarydoesnotpurporttobeacompletedescriptionoftheanalysesperformedbyCitigroupinconnectionwithitsfairnessopinionandisqualifiedinitsentiretybyreferencetothewrittenopinionattachedasAnnexD.

Miscellaneous

UnderthetermsofCitigroup’sengagement,CelgenehasagreedtopayCitigroup,foritsfinancialadvisoryservicesinconnectionwiththemerger,anaggregatefeeof$67million,$10millionofwhichbecamepayableuponthedeliverybyCitigroupofitsopinionandthebalanceofwhichispayableuponcompletionofthemerger.Subjecttocertainlimitations,CelgenealsohasagreedtoreimburseCitigroup,subjecttocertainconditions,fortravelandotherdeal-relatedexpensesincurredbyCitigroupinperformingitsservices,includingreasonablefeesandexpensesofitslegalcounsel,andtoindemnifyCitigroupandrelatedpersonsagainstcertainliabilitiesarisingoutofitsengagement.

Citigroupanditsaffiliatesinthepasthaveprovided,andcurrentlyprovide,servicestoCelgeneunrelatedtothemerger,forwhichservicesCitigroupandsuchaffiliateshavereceivedandexpecttoreceivecompensation,including,withoutlimitation,duringthetwoyearperiodpriortothedatehereof,havingacted(i)asfinancialadvisortoCelgeneinconnectionwithaconfidentialpotentialacquisitionopportunityin2018,(ii)asjointleadarrangerinconnectionwiththerefinancingofa$2billionrevolvingcreditfacilityinApril2018,(iii)asjointbookrunnerona$4.5billionseniornotesofferinginFebruary2018and(iv)asadministrativeagentandjointleadarrangerinconnectionwitha$2billionrevolvingcreditfacilityinApril2017.Inaddition,Citigroupanditsaffiliatesinthepasthaveprovided,andcurrentlyprovide,servicestoBristol-MyersSquibbunrelatedtotheproposedmerger,forwhichservicesCitigroupandsuchaffiliateshavereceivedandexpecttoreceivecompensation,including,withoutlimitation,duringthetwoyearperiodpriortothedatehereof,havingacted(A)asjointleadarrangerinconnectionwitha$1.5billionrevolvingcreditfacilityanda364-dayrevolvingcreditfacilityinJune2017,and(B)asjointbookrunnerona$1.5billionseniornotesofferinginFebruary2017.Intheordinarycourseofitsbusiness,CitigroupanditsaffiliatesmayactivelytradeorholdthesecuritiesofCelgeneandBristol-MyersSquibbfortheirownaccountorfortheaccountoftheircustomersand,accordingly,mayatanytimeholdalongorshortpositioninsuchsecurities.AsofJanuary2,2019,Citigroupanditsaffiliatesheld,onaproprietarybasis,lessthan1%oftheoutstandingcommonstockofeachofCelgeneandBristol-MyersSquibb.Inaddition,Citigroupanditsaffiliates(includingCitigroupInc.anditsaffiliates)maymaintainrelationshipswithCelgene,Bristol-MyersSquibbandtheirrespectiveaffiliates.Duringthetwo-yearperiodendedJanuary2,2019,Citigroupanditsaffiliateshavereceivedcompensationofapproximately$5.3millionfromCelgeneanditsaffiliatesandapproximately$0.7millionfromBristol-MyersSquibbanditsaffiliates.

TheCelgeneBoardselectedCitigrouptoactasoneofitsfinancialadvisorsinconnectionwiththemergerbasedonCitigroup’sreputationandexperience.Citigroupisaninternationallyrecognizedinvestmentbankingfirmwhichregularlyengagesinthevaluationofbusinessesandtheirsecuritiesinconnectionwithmergersandacquisitions,negotiatedunderwritings,competitivebids,secondarydistributionsoflistedandunlistedsecurities,privateplacementsandvaluationsforcorporateandotherpurposes.

Opinions of Bristol-Myers Squibb’s Financial Advisors

Opinion of Morgan Stanley & Co. LLC

MorganStanleywasretainedbyBristol-MyersSquibbtoactasitsfinancialadvisorandtorenderafinancialopinioninconnectionwiththeproposedmerger.Bristol-MyersSquibbselectedMorganStanleytoactasitsfinancialadvisorbasedonMorganStanley’squalifications,expertiseandreputation,itsknowledgeofandexperienceinrecenttransactionsinBristol-MyersSquibb’sindustryanditsknowledgeofBristol-MyersSquibb’sbusinessandaffairs.OnJanuary2,2019,MorganStanleyrendereditsoralopinion,whichwassubsequentlyconfirmedinwriting,totheBMSBoardtotheeffectthat,asofsuchdateandbaseduponandsubjecttothevariousassumptionsmade,proceduresfollowed,mattersconsidered,andqualificationsandlimitationsonthescopeofthereviewundertakenbyMorganStanleyassetforthinitswrittenopinion,themergerconsiderationtobepaidbyBristol-MyersSquibbpursuanttothemergeragreementwasfairfromafinancialpointofviewtoBristol-MyersSquibb.

The full text of Morgan Stanley’s written opinion to the BMS Board dated January 2, 2019, is attached to this joint proxystatement/prospectus as Annex E , and is incorporated by reference in this joint proxy

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statement/prospectus in its entirety. Bristol-Myers Squibb stockholders should read the opinion in its entirety for a discussionof the various assumptions made, procedures followed, matters considered, and qualifications and limitations on the scope ofreview undertaken by Morgan Stanley in rendering its opinion. This summary is qualified in its entirety by reference to the fulltext of such opinion. Morgan Stanley’s opinion was directed to the BMS Board and addressed only the fairness from a financialpoint of view to Bristol-Myers Squibb, as of the date of the opinion, of the merger consideration to be paid by Bristol-MyersSquibb pursuant to the merger agreement. Morgan Stanley’s opinion did not address any other aspects of the merger and didnot and does not constitute a recommendation as to how stockholders of Bristol-Myers Squibb or Celgene should vote at thestockholders’ meetings to be held in connection with the merger.

Inarrivingatitsopinion,MorganStanley:

(1) ReviewedcertainpubliclyavailablefinancialstatementsandotherbusinessandfinancialinformationofCelgeneandBristol-MyersSquibb,respectively;

(2) ReviewedcertaininternalfinancialstatementsandotherfinancialandoperatingdataconcerningCelgeneandBristol-MyersSquibb,respectively;

(3) ReviewedtheBristol-MyersSquibbadjustedCelgenefinancialprojections,asmorefullydescribedinthesectionentitled“—CertainUnauditedProspectiveFinancialInformation—Bristol-MyersSquibbAdjustedCelgeneFinancialProjections”beginningonpage155ofthisjointproxystatement/prospectus;

(4) ReviewedtheBristol-MyersSquibbfinancialprojectionsandtheBristol-MyersSquibbcombinedcompanyprojections,asmorefullydescribedinthesectionentitled“—CertainUnauditedProspectiveFinancialInformation—Bristol-MyersSquibbFinancialProjections”and“—Bristol-MyersSquibbCombinedCompanyProjections”beginningonpages154and156,respectively,ofthisjointproxystatement/prospectus;

(5) ReviewedtheBristol-MyersSquibbprojectedsynergies,asmorefullydescribedinthesectionentitled“—CertainUnauditedProspectiveFinancialInformation—Bristol-MyersSquibbProjectedSynergies”beginningonpage157ofthisjointproxystatement/prospectus;

(6) DiscussedthepastandcurrentoperationsandfinancialconditionandtheprospectsofCelgeneandBristol-MyersSquibb,includinginformationrelatingtotheBristol-MyersSquibbprojectedsynergies,withseniorexecutivesofBristol-MyersSquibb;

(7) ReviewedtheproformaimpactofthemergeronBristol-MyersSquibb’searningspershareandcashflow;

(8) ReviewedthereportedpricesandtradingactivityfortheCelgenecommonstockandtheBristol-MyersSquibbcommonstock;

(9) ComparedthefinancialperformanceofCelgeneandBristol-MyersSquibbandthepricesandtradingactivityoftheCelgenecommonstockandtheBristol-MyersSquibbcommonstockwiththatofcertainotherpublicly-tradedcompaniescomparablewithCelgeneandBristol-MyersSquibb,respectively,andtheirsecurities;

(10) Reviewedthefinancialterms,totheextentpubliclyavailable,ofcertaincomparableacquisitiontransactions;

(11) ParticipatedincertaindiscussionsandnegotiationsamongrepresentativesofCelgeneandBristol-MyersSquibbandtheirfinancialandlegaladvisors;

(12) Reviewedthemergeragreement,theCVRagreementandcertainrelateddocuments;and

(13) Performedsuchotheranalyses,reviewedsuchotherinformationandconsideredsuchotherfactorsasMorganStanleydeemedappropriate.

Inarrivingatitsopinion,MorganStanleyassumedandreliedupon,withoutindependentverification,theaccuracyandcompletenessoftheinformationthatwaspubliclyavailableorsuppliedorotherwisemadeavailabletoMorganStanleybyCelgeneandBristol-MyersSquibb,andformedasubstantialbasisforthis

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opinion.AtthedirectionoftheBMSBoard,MorganStanley’sanalysesrelatingtothebusinessandfinancialprospectsofCelgeneandBristol-MyersSquibbforpurposesofMorganStanley’sopinionweremadeonthebasesoftheBristol-MyersSquibbprojections,asdefinedinthesectiontitled“—CertainUnauditedProspectiveFinancialInformation”beginningonpage151ofthisjointproxystatement/prospectus,andtheBristol-MyersSquibbprojectedsynergies.WithrespecttotheBristol-MyersSquibbprojectionsandtheBristol-MyersSquibbprojectedsynergies,MorganStanleyassumed,withtheconsentoftheBMSBoard,thattheywerereasonablypreparedonbasesreflectingthebestcurrentlyavailableestimatesandjudgmentsofthemanagementofBristol-MyersSquibbofthefuturefinancialperformanceofCelgeneandBristol-MyersSquibb,respectively.MorganStanleyexpressednoviewastotheBristol-MyersSquibbprojectionsortheBristol-MyersSquibbprojectedsynergies,northeassumptionsuponwhichtheywerebased.MorganStanleyreviewedthepotentialvalueoftheCVRunderdifferentpossiblescenariosregardingthereceiptoftheregulatoryapprovalsuponwhichthecontingentconsiderationthatistobepaidpursuanttotheCVRisconditioned,and,forpurposesofMorganStanley’sanalysisandopinion,atthedirectionoftheBMSBoard,MorganStanleyutilizedanestimatedprobability-adjustednetpresentvalueoftheCVRbasedontheestimatedprobabilitiesandtimingoffutureregulatorymilestonesprovidedbythemanagementofBristol-MyersSquibb.MorganStanleyexpressednoviewastothelikelihoodofwhetheranyoftheregulatoryapprovalsuponwhichthecontingentconsiderationthatistobepaidpursuanttotheCVRwillbeobtainedorwhetherthecontingentconsiderationthatistobepaidpursuanttotheCVRwillbecomepayable.Inaddition,MorganStanleyassumed,withtheconsentoftheBMSBoard,thatthemergerwillbeconsummatedinaccordancewithallapplicablelawsandregulationsandinaccordancewiththetermssetforthinthemergeragreementwithoutanywaiver,amendmentordelayofanytermsorconditions,andthatthedefinitivemergeragreementwouldnotdifferinanymaterialrespectfromthedraftthereoffurnishedtoMorganStanley.MorganStanleyassumed,withBristol-MyersSquibb’sconsent,thatinconnectionwiththereceiptofanygovernmental,regulatoryorotherapprovals,consentsoragreementsrequiredinconnectionwiththemerger,nodelays,limitations,conditionsorrestrictionswillbeimposedthatwouldhaveamaterialadverseeffectonCelgene,Bristol-MyersSquibb,MergerSuborthecontemplatedbenefitsexpectedtobederivedinthemerger.MorganStanleynotedthatitisnotalegal,taxorregulatoryadvisor.MorganStanleyisafinancialadvisoronlyandreliedupon,withoutindependentverification,theassessmentofBristol-MyersSquibbanditslegal,taxorregulatoryadvisorswithrespecttolegal,taxorregulatorymatters.

MorganStanleyexpressednoopinionwithrespecttothefairnessoftheamountornatureofanycompensationtobepaidtoanyofCelgene’sofficers,directorsoremployees,oranyclassofsuchpersons,relativetothemergerconsiderationtobepaidtotheholdersofsharesoftheCelgenecommonstock(otherthanexcludedstockanddissentingstock)inthemerger.MorganStanleyexpressednoopinionastotherelativeproportionofBristol-MyersSquibbcommonstockandcashincludedinthemergerconsideration.MorganStanleynotedthatitwasnotrequestedtomake,anddidnotmake,anyindependentvaluationorappraisaloftheassetsorliabilities(contingentorotherwise)ofCelgeneorBristol-MyersSquibb,norwasMorganStanleyfurnishedwithanysuchvaluationsorappraisals.MorganStanley’sopinionwasnecessarilybasedonfinancial,economic,marketandotherconditionsasineffecton,andtheinformationmadeavailabletoitasof,January2,2019.EventsoccurringaftersuchdatemayaffectMorganStanley’sopinionandtheassumptionsusedinpreparingit,andMorganStanleydidnotassumeanyobligationtoupdate,reviseorreaffirmitsopinion.

MorganStanley’sopinionwaslimitedtothefairness,fromafinancialpointofviewtoBristol-MyersSquibb,ofthemergerconsiderationtobepaidbyBristol-MyersSquibbpursuanttothemergeragreement.MorganStanleywasnotrequestedtoopineasto,anditsopiniondidnotinanymanneraddress,Bristol-MyersSquibb’sunderlyingbusinessdecisiontoproceedwithoreffectthetransactionscontemplatedbythemergeragreement,orthelikelihoodthatthemergerisconsummated.MorganStanley’sopiniondidnotaddresstherelativemeritsofthemergerascomparedtoanyotheralternativebusinesstransaction,orotheralternatives,orwhetherornotsuchalternativescouldbeachievedorareavailable.

InconnectionwiththereviewofthemergerbytheBMSBoard,MorganStanleyperformedavarietyoffinancialandcomparativeanalysesforpurposesofrenderingitsopinion.Thepreparationofafinancialopinionisacomplexprocessandisnotnecessarilysusceptibletoapartialanalysisorsummarydescription.Inarrivingatitsopinion,MorganStanleyconsideredtheresultsofallofitsanalysesasawholeanddidnotattributeanyparticularweighttoanyanalysisorfactoritconsidered.MorganStanleybelievesthatselectinganyportionofitsanalyses,withoutconsideringallanalysesasawhole,wouldcreateanincompleteviewoftheprocessunderlyingitsanalysesandopinion.Inaddition,MorganStanleymayhavegivenvariousanalysesandfactorsmoreorlessweightthanotheranalysesandfactorsandmayhavedeemedvariousassumptionsmoreorlessprobablethan

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otherassumptions.Asaresult,therangesofvaluationsresultingfromanyparticularanalysisdescribedbelowshouldnotbetakentobeMorganStanley’sviewoftheactualvalueofCelgeneorBristol-MyersSquibb.Inperformingitsanalyses,MorganStanleymadenumerousassumptionswithrespecttoindustryperformance,generalbusiness,economic,marketandfinancialconditionsandothermatters,manyofwhicharebeyondthecontrolofCelgeneorBristol-MyersSquibb.AnyestimatescontainedinMorganStanley’sanalysesarenotnecessarilyindicativeoffutureresultsoractualvalues,whichmaybesignificantlymoreorlessfavorablethanthosesuggestedbysuchestimates.

MorganStanleyconductedtheanalysesdescribedbelowsolelyaspartofitsanalysisofthefairnessfromafinancialpointofviewtoBristol-MyersSquibbofthemergerconsiderationtobepaidbyBristol-MyersSquibbpursuanttothemergeragreementandinconnectionwiththedeliveryofitsopinion,datedJanuary2,2019,totheBMSBoard.TheseanalysesdonotpurporttobeappraisalsortoreflectthepricesatwhichsharesofBristol-MyersSquibbcommonstockmightactuallytrade.

ThemergerconsiderationtobepaidbyBristol-MyersSquibbpursuanttothemergeragreementwasdeterminedthrougharm’s-lengthnegotiationsbetweenCelgeneandBristol-MyersSquibbandwasapprovedbytheBMSBoard.MorganStanleyprovidedadvicetotheBMSBoardduringthesenegotiationsbutdidnot,however,recommendanyspecificconsiderationtoBristol-MyersSquibbortheBMSBoardorthatanyspecificconsiderationconstitutedtheonlyappropriateconsiderationforthemerger.

MorganStanley’sopinionanditspresentationtotheBMSBoardwasoneofmanyfactorstakenintoconsiderationbytheBMSBoardindecidingtoapprove,adoptandauthorizethemergeragreementandthetransactionscontemplatedthereby.Consequently,theanalysesdescribedbelowshouldnotbeviewedasdeterminativeoftheopinionoftheBMSBoardwithrespecttothemergerconsiderationpursuanttothemergeragreementorofwhethertheBMSBoardwouldhavebeenwillingtoagreetodifferentconsideration.MorganStanley’sopinionwasapprovedbyacommitteeofMorganStanleyinvestmentbankingandotherprofessionalsinaccordancewithMorganStanley’scustomarypractice.

TheBMSBoardretainedMorganStanleybaseduponMorganStanley’squalifications,experienceandexpertise.MorganStanleyisaglobalfinancialservicesfirmengagedinthesecurities,investmentmanagementandindividualwealthmanagementbusinesses.Bristol-MyersSquibbselectedMorganStanleyasco-financialadvisorforthetransactionduetothesizeandscopeofthepotentialtransactionandnotbecauseofanyconflictsofinterestorotherconcernsabouteitherMorganStanley’s,Evercore’sorDyalCo.’sabilitytoactasthefinancialadvisortoBristol-MyersSquibb.MorganStanley’ssecuritiesbusinessisengagedinsecuritiesunderwriting,tradingandbrokerageactivities,foreignexchange,commoditiesandderivativestrading,primebrokerage,aswellasprovidinginvestmentbanking,financingandfinancialadvisoryservices.MorganStanley,itsaffiliates,directorsandofficersmayatanytimeinvestonaprincipalbasisormanagefundsthatinvest,holdlongorshortpositions,financepositions,andmaytradeorotherwisestructureandeffecttransactions,fortheirownaccountortheaccountsoftheircustomers,indebtorequitysecuritiesorloansofCelgene,Bristol-MyersSquibb,oranyothercompany,oranycurrencyorcommodity,thatmaybeinvolvedinthemerger,oranyrelatedderivativeinstrument.

Underthetermsofitsengagementletter,MorganStanleyprovidedtheBMSBoardwithfinancialadvisoryservicesandafairnessopinion,describedinthissectionandattachedtothisjointproxystatement/prospectusasAnnexE,inconnectionwiththemerger,andBristol-MyersSquibbhasagreedtopayMorganStanleyafeeforitsservices,$15millionofwhichwaspayableasofthetimeoftheannouncementofthemergerand$67millionofwhichispayableifthemergerisconsummated.Bristol-MyersSquibbhasalsoagreedtoreimburseMorganStanleyforcertainofitsexpenses.Inaddition,Bristol-MyersSquibbhasagreedtoindemnifyMorganStanleyanditsaffiliates,theirrespectiveofficers,directors,employeesandagents,andeachotherperson,ifany,controllingMorganStanleyoranyofitsaffiliatesagainstcertainlosses,claims,damagesandliabilities,includingliabilitiesunderthefederalsecuritieslaws,relatedtoorarisingoutofMorganStanley’sengagement.MorganStanleyoroneormoreofitsaffiliatesisalsoprovidingtoBristol-MyersSquibbaportionofthefinancingandliabilitymanagementservicesrequiredinconnectionwiththemerger.Bristol-MyersSquibbhasagreedtopayMorganStanleyapproximately$100millionintheaggregateforsuchfinancingandliabilitymanagementservices.MorganStanleyoroneofitsaffiliatesisalsoactingasacounterpartytoBristol-MyersSquibbforcertainderivativestransactionsinconnectionwiththemerger,andfortheacceleratedsharerepurchaseprogrampreviouslyannouncedbyBristol-MyersSquibb,whichmaybeimplementedfollowingconsummationofthemerger,subjecttomarketconditionsandboardapproval.

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Inthetwoyearspriortothedateofitsopinion,MorganStanleyanditsaffiliateshaveprovidedfinancingservicestoCelgeneandhavereceivedaggregatefeesofapproximately$1to5millioninconnectionwithsuchservices.Inthetwoyearspriortothedateofitsopinion,MorganStanleyanditsaffiliateshaveprovidedfinancialadvisoryandfinancingservicestoBristol-MyersSquibbandhavereceivedaggregatefeesofapproximately$5to10millioninconnectionwithsuchservices.MorganStanleyanditsaffiliatesmayinthefuturealsoseektoprovideotherfinancialadvisoryandfinancingservicestoBristol-MyersSquibb,Celgeneandtheirrespectiveaffiliates,andwouldexpecttoreceivefeesfortherenderingoftheseservices.

Opinion of Dyal Co. LLC

DyalCo.wasretainedbyBristol-MyersSquibbtoactasitsfinancialadvisorandtorenderafinancialopinioninconnectionwiththeproposedmerger.Bristol-MyersSquibbselectedDyalCo.toactasitsfinancialadvisorbasedon,amongotherthings,DyalCo.’squalifications,expertiseandreputation,itsknowledgeofandexperienceinrecenttransactionsinBristol-MyersSquibb’sindustryanditsknowledgeofBristol-MyersSquibb’sbusinessandaffairs.OnJanuary2,2019,DyalCo.rendereditsoralopinion,whichwassubsequentlyconfirmedinwriting,totheBMSBoardtotheeffectthat,asofsuchdateandbaseduponandsubjecttothevariousassumptionsmade,proceduresfollowed,mattersconsidered,andqualificationsandlimitationsonthescopeofthereviewundertakenbyDyalCo.assetforthinitswrittenopinion,themergerconsiderationtobepaidbyBristol-MyersSquibbpursuanttothemergeragreementwasfairfromafinancialpointofviewtoBristol-MyersSquibb.

The full text of Dyal Co.’s written opinion to the BMS Board dated January 2, 2019, is attached to this joint proxystatement/prospectus as Annex F, and is incorporated by reference in this joint proxy statement/prospectus in its entirety.Bristol-Myers Squibb stockholders should read the opinion in its entirety for a discussion of the various assumptions made,procedures followed, matters considered, and qualifications and limitations on the scope of review undertaken by Dyal Co. inrendering its opinion. This summary is qualified in its entirety by reference to the full text of such opinion. Dyal Co.’s opinionwas directed to the BMS Board and addressed only the fairness from a financial point of view to Bristol-Myers Squibb, as ofthe date of the opinion, of the merger consideration to be paid by Bristol-Myers Squibb pursuant to the merger agreement.Dyal Co.’s opinion did not address any other aspects of the merger and did not and does not constitute a recommendation as tohow stockholders of Bristol-Myers Squibb or Celgene should vote at the stockholders’ meetings to be held in connection withthe merger.

Inconnectionwiththisopinion,DyalCo.,amongotherthings:

(1) reviewedadraftofthemergeragreementdatedJanuary2,2019,andcertainrelateddocuments,includingtheCVRagreement;

(2) reviewedpubliclyavailablefinancialstatementsandotherinformationofeachofBristol-MyersSquibbandCelgene;

(3) reviewedcertaininternalfinancialstatementsandotherfinancialandoperatinginformationofeachofBristol-MyersSquibbandCelgene,respectively;

(4) reviewedtheBristol-MyersSquibbprojections,describedinthesectionsentitled“—CertainUnauditedProspectiveFinancialInformation—Bristol-MyersSquibbFinancialProjections,”“—Bristol-MyersSquibbAdjustedCelgeneFinancialProjections”and“—Bristol-MyersSquibbCombinedCompanyProjections”beginningonpages154,155and156ofthisjointproxystatement/prospectus,respectively;

(5) reviewedtheBristol-MyersSquibbprojectedsynergies,asdescribedinthesectionentitled“—CertainUnauditedProspectiveFinancialInformation—Bristol-MyersSquibbProjectedSynergies”beginningonpage157ofthisjointproxystatement/prospectus;

(6) discussedthepastandcurrentoperationsandfinancialconditionandtheprospectsofCelgeneandofBristol-MyersSquibbwithseniorexecutivesofBristol-MyersSquibb;

(7) comparedthefinancialtermsofthemergerwiththepubliclyavailablefinancialtermsofcertaintransactionswhichDyalCo.believedtobegenerallyrelevant;

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(8) reviewedthehistoricaltradingpricesandtradingactivityfortheCelgenecommonstockandBristol-MyersSquibbcommonstockandcomparedsuchpricesandtradingactivitywiththatofsecuritiesofcertainpublicly-tradedcompanieswhichDyalCo.believedtobegenerallyrelevant;

(9) comparedcertainfinancialinformationforCelgeneandBristol-MyersSquibbwithsimilarfinancialinformationforcertainothercompanieswithpubliclytradedsecurities;and

(10) performedsuchotherstudiesandanalyses,reviewedsuchotherinformationandconsideredsuchotherfactorsasDyalCo.deemedappropriate.

Forpurposesofrenderingitsopinion,DyalCo.,withtheconsentoftheBMSBoard,relieduponandassumedtheaccuracyandcompletenessofallofthefinancial,legal,regulatory,tax,accountingandotherinformation(includingwithrespecttoforecasts,synergiesandvaluationestimates)providedto,discussedwithorreviewedby,DyalCo.(includinginformationthatwasavailablefromgenerallyrecognizedpublicsources),withoutassuminganyresponsibilityforindependentverificationthereof.Inthatregard,DyalCo.assumed,withtheconsentoftheBMSBoard,thattheBristol-MyersSquibbprojectionsandtheBristol-MyersSquibbprojectedsynergieswerereasonablypreparedonabasisreflectingthebestcurrentlyavailableestimatesandjudgmentsofthemanagementofBristol-MyersSquibb.AtthedirectionoftheBMSBoard,DyalCo.’sanalysesrelatingtothebusinessandfinancialprospectsofCelgeneandBristol-MyersSquibbforpurposesofitsopinionweremadeonthebasesoftheBristol-MyersSquibbprojectionsandtheBristol-MyersSquibbprojectedsynergies.DyalCo.reviewedthepotentialvalueoftheCVRunderdifferentpossiblescenariosregardingthereceiptoftheregulatoryapprovalsuponwhichthecontingentconsiderationthatistobepaidpursuanttotheCVRisconditioned,and,forpurposesofDyalCo.’sanalysisandopinion,atthedirectionoftheBMSBoard,DyalCo.utilizedanestimatedprobability-adjustednetpresentvalueoftheCVRbasedontheestimatedprobabilitiesandtimingoffutureregulatorymilestonesprovidedbythemanagementofBristol-MyersSquibb.DyalCo.expressednoviewastothelikelihoodofwhetheranyoftheregulatoryapprovalsuponwhichthecontingentconsiderationthatistobepaidpursuanttotheCVRwillbeobtainedorwhetherthecontingentconsiderationthatistobepaidpursuanttotheCVRwillbecomepayable.DyalCo.didnotmakeanindependentevaluationorappraisaloftheassetsandliabilities(includinganycontingent,derivativeorotheroff-balance-sheetassetsandliabilities)ofCelgene,Bristol-MyersSquibboranyofitssubsidiariesandDyalCo.wasnotfurnishedwithanysuchevaluationorappraisal.DyalCo.assumedthatthefinalmergeragreementwouldnotdifferfromthedraftdatedJanuary2,2019inanywaywhichwouldbemeaningfultoitsanalysis.DyalCo.assumedthatallgovernmental,regulatoryandotherconsentsandapprovalsnecessaryfortheconsummationofthemergerwillbeobtainedwithoutanyadverseeffectonBristol-MyersSquibborCelgeneorontheexpectedbenefitsofthemergerinanywaymeaningfultoitsanalysis.DyalCo.alsoassumedthatthemergerwillbeconsummatedonthetermssetforthinthemergeragreement,withoutthewaiverormodificationofanytermorconditiontheeffectofwhichwouldbeinanywaymeaningfultoitsanalysis.

DyalCo.’sopiniondidnotaddresstheunderlyingbusinessdecisionofBristol-MyersSquibbtoengageinthemerger,ortherelativemeritsofthemergerascomparedtoanystrategicalternativesthatmaybeavailabletoBristol-MyersSquibb;nordiditaddressanylegal,regulatory,taxoraccountingmatters.DyalCo.’sopinionaddressedonlythefairnessfromafinancialpointofviewtoBristol-MyersSquibb,asofthedateoftheopinion,ofthemergerconsiderationtobepaidbyBristol-MyersSquibbpursuanttothemergeragreement.DyalCo.didnotexpressanyviewon,anditsopiniondidnotaddress,anyothertermoraspectofthemergeragreement,themerger,Celgeneoranytermoraspectofanyotheragreementorinstrumentcontemplatedbythemergeragreementorenteredintooramendedinconnectionwiththemerger,includingthefairnessoftheamountornatureofanycompensationtobereceivedbyanyofficers,directorsoremployeesofanypartiestothemerger,oranyclassofsuchpersonsinconnectionwiththemerger,whetherrelativetothemergerconsiderationtobepaidbyBristol-MyersSquibbforCelgeneCommonStockpursuanttothemergeragreementorotherwise.DyalCo.didnotexpressanyopinionastothepricesatwhichanysecuritiesofBristol-MyersSquibbwouldtradeatanytimeorastotheimpactofthemergeronthesolvencyorviabilityofBristol-MyersSquibborCelgeneortheabilityofBristol-MyersSquibborCelgenetopaytheirrespectiveobligationswhentheycomedue.DyalCo.’sopinionisnecessarilybasedoneconomic,monetary,marketandotherconditionsasineffecton,andtheinformationmadeavailabletoDyalCo.asof,thedateoftheopinionandDyalCo.assumesnoresponsibilityforupdating,revisingorreaffirmingitsopinionbasedoncircumstances,developmentsoreventsoccurringafterthedateoftheopinion.

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Thepreparationofafairnessopinionisacomplexprocessandisnotnecessarilysusceptibletopartialanalysisorsummarydescription.Selectingportionsoftheanalysesorofthesummarysetforthbelow,withoutconsideringtheanalysesasawhole,couldcreateanincompleteviewoftheprocessesunderlyingDyalCo.’sopinion.Inarrivingatitsfairnessdetermination,DyalCo.consideredtheresultsofallofitsanalysesanddidnotattributeanyparticularweighttoanyfactororanalysisconsideredbyit.Rather,DyalCo.madeitsdeterminationastofairnessonthebasisofitsexperienceandprofessionaljudgmentafterconsideringtheresultsofallofitsanalyses.NocompanyortransactionusedinthebelowanalysesasacomparisonisdirectlycomparabletoBristol-MyersSquibborCelgeneorthemerger.

DyalCo.preparedtheseanalysesforpurposesofDyalCo.providingitsopiniontotheBMSBoardastothefairnessfromafinancialpointofviewtoBristol-MyersSquibb,asofthedateoftheopinion,ofthemergerconsiderationtobepaidbyBristol-MyersSquibbpursuanttothemergeragreement.Theseanalysesdonotpurporttobeappraisalsnordotheynecessarilyreflectthepricesatwhichbusinessesorsecuritiesactuallymaybesold.Analysesbaseduponforecastsoffutureresultsarenotnecessarilyindicativeofactualfutureresults,whichmaybesignificantlymoreorlessfavorablethansuggestedbytheseanalyses.Becausetheseanalysesareinherentlysubjecttouncertainty,beingbaseduponnumerousfactorsoreventsbeyondthecontrolofthepartiesortheirrespectiveadvisors,noneofBristol-MyersSquibb,Celgene,DyalCo.oranyotherpersonassumesresponsibilityiffutureresultsaremateriallydifferentfromthoseforecast.

Themergerconsiderationwasdeterminedthrougharm’s-lengthnegotiationsbetweenBristol-MyersSquibbandCelgeneandwasapprovedbytheBMSBoard.DyalCo.providedadvicetoBristol-MyersSquibbduringthesenegotiations.DyalCo.didnot,however,recommendanyspecificamountofconsiderationtoBristol-MyersSquibbortheBMSBoardorthatanyspecificamountofconsiderationconstitutedtheonlyappropriateconsiderationforthemerger.

Asdescribedabove,DyalCo.’sopiniontotheBMSBoardwasoneofmanyfactorstakenintoconsiderationbytheBMSBoardinmakingitsdeterminationtoapprovethemergeragreement.TheforegoingsummarydoesnotpurporttobeacompletedescriptionoftheanalysesperformedbyDyalCo.inconnectionwiththefairnessopinionandisqualifiedinitsentiretybyreferencetothewrittenopinionofDyalCo.includedasAnnexFtothisjointproxystatement/prospectus.

TheissuanceofthefairnessopinionwasapprovedbyanOpinionCommitteeofDyalCo.

Bristol-MyersSquibbengagedDyalCo.toactasafinancialadvisortoBristol-MyersSquibbandtheBMSBoardbasedonitsqualifications,experienceandreputation,aswellasfamiliaritywiththebusinessofBristol-MyersSquibb.Bristol-MyersSquibbselectedDyalCo.asco-financialadvisorforthetransactiontoprovideadditionalperspectiveduetothesizeandscopeofthepotentialtransactionandnotbecauseofanyconflictsofinterestorotherconcernsabouteitherMorganStanley’s,Evercore’sorDyalCo.’sabilitytoactasthefinancialadvisortoBristol-MyersSquibb.InreachingitsdecisiontoengageDyalCo.,theBMSBoardalsoconsideredthatDyalCo.wouldnotbeprovidingdebtfinancingtoBristol-MyersSquibbinconnectionwiththemerger.DyalCo.isaninternationallyrecognizedinvestmentbankingfirmandisregularlyengagedinthevaluationofbusinessesinconnectionwithmergersandacquisitionsandvaluationsforcorporateandotherpurposes.

UnderthetermsofDyalCo.’sengagementletter,Bristol-MyersSquibbhasagreedtopayDyalCo.afeeof$25millionforDyalCo.’sservicesrenderedinconnectionwiththemerger,$15millionofwhichispayablecontingentuponconsummationofthemerger,andBristol-MyersSquibbhasagreedtoreimbursecertainofDyalCo.’sexpensesarising,andindemnifyDyalCo.againstcertainliabilitiesthatmayarise,outofDyalCo.’sengagement.

Duringthetwo-yearperiodpriortothedateoftheopinion,DyalCo.anditsaffiliatesprovidedcertainadvisoryservicestoBristol-MyersSquibbanditsaffiliatesinconnectionwithvariousstrategicandotherspecialprojects,forwhichDyalCo.anditsaffiliatesdidnotreceivecompensation.Duringthetwo-yearperiodpriortothedateoftheopinion,nomaterialrelationshipexistedbetweenDyalCo.anditsaffiliatesandCelgenepursuanttowhichcompensationwasreceivedbyDyalCo.oritsaffiliates.DyalCo.anditsaffiliatesmayalsointhefutureprovidefinancialadvisoryservicestoBristol-MyersSquibb,CelgeneandtheirrespectiveaffiliatesforwhichDyalCo.anditsaffiliatesmayreceivecompensation.

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Opinion of Evercore Group L.L.C.

EvercorewasretainedbyBristol-MyersSquibbtoactasitsfinancialadvisorandtorenderafinancialopinioninconnectionwiththeproposedmerger.Bristol-MyersSquibbselectedEvercoretoactasitsfinancialadvisorbasedon,amongotherthings,itsqualifications,experienceandreputation,aswellasfamiliaritywiththebusinessofBristol-MyersSquibb.OnJanuary2,2019,Evercorerendereditsoralopinion,whichwassubsequentlyconfirmedinwriting,totheBMSBoardtotheeffectthat,asofsuchdateandbaseduponandsubjecttothevariousassumptionsmade,proceduresfollowed,mattersconsidered,andqualificationsandlimitationsonthescopeofthereviewundertakenbyEvercoreassetforthinitswrittenopinion,themergerconsiderationtobepaidbyBristol-MyersSquibbpursuanttothemergeragreementwasfairfromafinancialpointofviewtoBristol-MyersSquibb.

The full text of Evercore’s written opinion to the BMS Board dated January 2, 2019, is attached to this joint proxystatement/prospectus as Annex G, and is incorporated by reference in this joint proxy statement/prospectus in its entirety.Bristol-Myers Squibb stockholders should read the opinion in its entirety for a discussion of the various assumptions made,procedures followed, matters considered, and qualifications and limitations on the scope of review undertaken by Evercore inrendering its opinion. This summary is qualified in its entirety by reference to the full text of such opinion. Evercore’s opinionwas directed to the BMS Board and addressed only the fairness from a financial point of view to Bristol-Myers Squibb, as ofthe date of the opinion, of the merger consideration to be paid by Bristol-Myers Squibb pursuant to the merger agreement.Evercore’s opinion did not address any other aspects of the merger and did not and does not constitute a recommendation as tohow stockholders of Bristol-Myers Squibb or Celgene should vote at the stockholders’ meetings to be held in connection withthe merger.

Inconnectionwithrenderingitsopinion,Evercore,amongotherthings:

(1) reviewedcertainpubliclyavailablebusinessandfinancialinformationrelatingtoCelgeneandBristol-MyersSquibbthatEvercoredeemedtoberelevant,includingpubliclyavailableresearchanalysts’estimates;

(2) reviewedtheBristol-MyersSquibbprojections,describedinthesectionsentitled“—CertainUnauditedProspectiveFinancialInformation—Bristol-MyersSquibbFinancialProjections,”“—CertainUnauditedProspectiveFinancialInformation—Bristol-MyersSquibbAdjustedCelgeneFinancialProjections”and“—CertainUnauditedProspectiveFinancialInformation—Bristol-MyersSquibbCombinedCompanyProjections”beginningonpages154,155and156ofthisjointproxystatement/prospectus,respectively;

(3) reviewedcertainnon-publicprojectedoperatingdatarelatingtoCelgeneandtoBristol-MyersSquibbpreparedandfurnishedtoEvercorebymanagementofBristol-MyersSquibb;

(4) discussedthepastandcurrentoperations,financialprojectionsandcurrentfinancialconditionofCelgeneandofBristol-MyersSquibbwithmanagementofBristol-MyersSquibb(includingtheirviewsontherisksanduncertaintiesofachievingsuchprojections)andreviewedtheBristol-MyersSquibbprojectedsynergies,asdescribedinthesectionentitled“—CertainUnauditedProspectiveFinancialInformation—Bristol-MyersSquibbProjectedSynergies”beginningonpage157ofthisjointproxystatement/prospectus;

(5) reviewedthereportedpricesandthehistoricaltradingactivityoftheCelgenecommonstockandBristol-MyersSquibbcommonstock;

(6) comparedthefinancialperformanceofCelgeneandofBristol-MyersSquibbandtheirrespectivestockmarkettradingmultipleswiththoseofcertainotherpubliclytradedcompaniesthatEvercoredeemedrelevant;

(7) comparedthefinancialperformanceofCelgeneandthevaluationmultiplesrelatingtothemergerwiththoseofcertainothertransactionsthatEvercoredeemedrelevant;

(8) reviewedadraftofthemergeragreementdatedasofJanuary2,2019,andcertainrelateddocuments,includingtheCVRagreement;and

(9) performedsuchotheranalysesandexaminationsandconsideredsuchotherfactorsthatEvercoredeemedappropriate.

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Forpurposesofitsanalysisandopinion,Evercoreassumedandreliedupon,withoutundertakinganyindependentverificationof,theaccuracyandcompletenessofalloftheinformationpubliclyavailable,andalloftheinformationsuppliedorotherwisemadeavailableto,discussedwith,orreviewedbyEvercore,andEvercoreassumednoliabilitytherefor.WithrespecttotheprojectedfinancialdatarelatingtoCelgeneandBristol-MyersSquibbreferredtoabove,includingtheBristol-MyersSquibbprojectionsandtheBristol-MyersSquibbprojectedsynergies,EvercoreassumedthattheywerereasonablypreparedonbasesreflectingthebestthencurrentlyavailableestimatesandgoodfaithjudgmentsofmanagementofBristol-MyersSquibbastothefuturefinancialperformanceofeachofCelgeneandBristol-MyersSquibbundertheassumptionsreflectedtherein.AtthedirectionoftheBMSBoard,Evercore’sanalysesrelatingtothebusinessandfinancialprospectsofCelgeneandBristol-MyersSquibbforpurposesofEvercore’sopinionweremadeonthebasesoftheBristol-MyersSquibbprojectionsandtheBristol-MyersSquibbprojectedsynergies.EvercoreexpressednoviewastoanyprojectedfinancialdatarelatingtoCelgeneandBristol-MyersSquibbortheBristol-MyersSquibbprojectedsynergiesortheassumptionsonwhichtheyarebased.EvercorereviewedthepotentialvalueoftheCVRunderdifferentpossiblescenariosregardingthereceiptoftheregulatoryapprovalsuponwhichthecontingentconsiderationthatistobepaidpursuanttotheCVRisconditioned,and,forpurposesofEvercore’sanalysisandopinion,Evercoreutilizedanestimatedprobability-adjustednetpresentvalueoftheCVRbasedontheestimatedprobabilitiesandtimingoffutureregulatorymilestonesprovidedbythemanagementofBristol-MyersSquibb,asapprovedforEvercore’susebytheBMSBoard.EvercoreexpressednoviewastothelikelihoodofwhetheranyoftheregulatoryapprovalsuponwhichthecontingentconsiderationthatistobepaidpursuanttotheCVRwillbeobtainedorwhetherthecontingentconsiderationthatistobepaidpursuanttotheCVRwillbecomepayable.

Forpurposesofrenderingitsopinion,Evercoreassumed,inallrespectsmaterialtoitsanalysis,thatthefinalexecutedmergeragreementwouldnotdifferfromthedraftmergeragreementreviewedbyEvercore,thattherepresentationsandwarrantiesofeachpartycontainedinthemergeragreementweretrueandcorrect,thateachpartywouldperformallofthecovenantsandagreementsrequiredtobeperformedbyitunderthemergeragreementandthatallconditionstotheconsummationofthemergerwouldbesatisfiedwithoutmaterialwaiverormodificationthereof.Evercorefurtherassumedthatallgovernmental,regulatoryorotherconsents,approvalsorreleasesnecessaryfortheconsummationofthemergerwouldbeobtainedwithoutanymaterialdelay,limitation,restrictionorconditionthatwouldhaveanadverseeffectonBristol-MyersSquibb,CelgeneortheconsummationofthemergerormateriallyreducethebenefitstotheholdersofBristol-MyersSquibbcommonstockofthemerger.

EvercoredidnotmakenorassumeanyresponsibilityformakinganyindependentvaluationorappraisaloftheassetsorliabilitiesofBristol-MyersSquibborCelgene,norwasEvercorefurnishedwithanysuchappraisals,nordidEvercoreevaluatethesolvencyorfairvalueofBristol-MyersSquibborCelgeneunderanystateorfederallawsrelatingtobankruptcy,insolvencyorsimilarmatters.Evercore’sopinionisnecessarilybaseduponinformationmadeavailabletoitasofthedateofitsopinionandfinancial,economic,marketandotherconditionsastheyexistedandcouldbeevaluatedonthedateofitsopinion.ItisunderstoodthatsubsequentdevelopmentsmayaffectEvercore’sopinionandthatEvercoredoesnothaveanyobligationtoupdate,reviseorreaffirmitsopinion.

Evercorewasnotaskedtopassupon,andexpressednoopinionwithrespectto,anymatterotherthanthefairnesstoBristol-MyersSquibb,fromafinancialpointofview,ofthemergerconsideration.Evercoredidnotexpressanyviewon,anditsopiniondidnotaddress,thefairnessoftheproposedmergerto,oranyconsiderationreceivedinconnectiontherewithby,theholdersofanyothersecurities,creditorsorotherconstituenciesofBristol-MyersSquibborCelgene,norastothefairnessoftheamountornatureofanycompensationtobepaidorpayabletoanyoftheofficers,directorsoremployeesofBristol-MyersSquibborCelgene,oranyclassofsuchpersons,whetherrelativetothemergerconsiderationorotherwise.

Evercoreassumedthatanymodificationtothestructureofthetransactionwouldnotvaryinanyrespectmaterialtoitsanalysis.Evercore’sopiniondidnotaddresstherelativemeritsofthemergerascomparedtootherbusinessorfinancialstrategiesthatmightbeavailabletoBristol-MyersSquibb,nordiditaddresstheunderlyingbusinessdecisionofBristol-MyersSquibbtoengageinthemerger.EvercoreexpressednoopinionastothepriceatwhichsharesofBristol-MyersSquibborCelgenewouldtradeatanytime.Evercorenotedthatitisnotalegal,regulatory,accountingortaxexpertandEvercoreassumedtheaccuracyandcompletenessofassessmentsbyBristol-MyersSquibbanditsadvisorswithrespecttolegal,regulatory,accountingandtaxmatters.

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ThebelowsummaryofcertainmaterialfinancialanalysesdoesnotpurporttobeacompletedescriptionoftheanalysesordatapresentedbyEvercore.Inconnectionwiththereviewofthemerger,EvercoreperformedavarietyoffinancialandcomparativeanalysesforpurposesofrenderingitsopiniontotheBMSBoard.Thepreparationofafairnessopinionisacomplexprocessandisnotnecessarilysusceptibletopartialanalysisorsummarydescription.Selectingportionsoftheanalysesorofthesummarydescribedbelow,withoutconsideringtheanalysesasawhole,couldcreateanincompleteviewoftheprocessesunderlyingEvercore’sopinion.Inarrivingatitsfairnessdetermination,Evercoreconsideredtheresultsofalltheanalysesanddidnotdraw,inisolation,conclusionsfromorwithregardtoanyoneanalysisorfactorconsideredbyitforpurposesofitsopinion.Rather,Evercoremadeitsdeterminationastofairnessonthebasisofitsexperienceandprofessionaljudgmentafterconsideringtheresultsofalltheanalyses.Inaddition,Evercoremayhavegivenvariousanalysesandfactorsmoreorlessweightthanotheranalysesandfactors,andmayhavedeemedvariousassumptionsmoreorlessprobablethanotherassumptions.Asaresult,therangesofvaluationsresultingfromanyparticularanalysisorcombinationofanalysesdescribedbelowshouldnotbetakentobetheviewofEvercorewithrespecttotheactualvalueofBristol-MyersSquibbcommonstockorCelgenecommonstock.NocompanyusedinthebelowanalysesasacomparisonisdirectlycomparabletoBristol-MyersSquibborCelgene,andnoprecedenttransactionusedisdirectlycomparabletothemerger.Furthermore,Evercore’sanalysesinvolvecomplexconsiderationsandjudgmentsconcerningfinancialandoperatingcharacteristicsandotherfactorsthatcouldaffecttheacquisition,publictradingorothervaluesofthecompaniesortransactionsused,includingjudgmentsandassumptionswithregardtoindustryperformance,generalbusiness,economic,marketandfinancialconditionsandothermatters,manyofwhicharebeyondthecontrolofBristol-MyersSquibb,Celgeneandtheirrespectiveadvisors.

EvercorepreparedtheseanalysesfortheuseandbenefitoftheBMSBoardandforthepurposeofprovidinganopiniontotheBMSBoardastowhetherthemergerconsiderationwasfair,fromafinancialpointofview,toBristol-MyersSquibb.Theseanalysesdonotpurporttobeappraisalsortonecessarilyreflectthepricesatwhichthebusinessorsecuritiesactuallymaybesold.Anyestimatescontainedintheseanalysesarenotnecessarilyindicativeofactualfutureresults,whichmaybesignificantlymoreorlessfavorablethanthosesuggestedbysuchestimates.Accordingly,estimatesusedin,andtheresultsderivedfrom,Evercore’sanalysesareinherentlysubjecttosubstantialuncertainty,andEvercoreassumesnoresponsibilityiffutureresultsaremateriallydifferentfromthoseforecastedinsuchestimates.Exceptasdescribedabove,theBMSBoardimposednootherinstructionorlimitationonEvercorewithrespecttotheinvestigationsmadeortheproceduresfollowedbyEvercoreinrenderingitsopinion.Themergerconsiderationwasdeterminedthrougharm’s-lengthnegotiationsbetweenthepartiestothemergeragreementandwasunanimouslyapprovedbytheBMSBoard.EvercoreprovidedadvicetotheBMSBoardduringthesenegotiations.Evercoredidnot,however,recommendanyspecificconsiderationtotheBMSBoardorrecommendthatanyspecificconsiderationconstitutedtheonlyappropriateconsiderationinthemerger.Evercore’sopinionwasonlyoneofmanyfactorsconsideredbytheBMSBoardinitsevaluationofthemergeranditsopinionshouldnotbeviewedasdeterminativeoftheviewsoftheBMSBoardwithrespecttothemergerorthemergerconsideration.

UnderthetermsofEvercore’sengagementletter,Bristol-MyersSquibbhasagreedtopayEvercoreafeeof$30millionforfinancialadvisoryservicesprovidedinconnectionwiththemerger,$20millionofwhichispayableuponconsummationofthemerger.Inaddition,Bristol-MyersSquibbhasagreedtoreimburseEvercoreforcertainreasonabledocumentedout-of-pocketexpensesincurredinconnectionwithitsengagement,subjecttocertainlimitations,andtoindemnifyEvercoreandanyofitsmembers,officers,advisors,representatives,employees,agents,affiliatesorcontrollingpersons,ifany,againstcertainliabilitiesandexpensesarisingoutofitsengagement.

PriortoEvercore’sengagementinconnectionwiththemerger,EvercoreanditsaffiliatesprovidedfinancialadvisoryservicestoBristol-MyersSquibbandreceivedfeesfortherenderingofsuchservices,includingthereimbursementofexpenses.Duringthetwoyearperiodpriortothedeliveryofitsopinion,nomaterialrelationshipexistedbetweenEvercoreanditsaffiliatesandBristol-MyersSquibborCelgenepursuanttowhichcompensationwasreceivedbyEvercoreoritsaffiliatesasaresultofsucharelationship.EvercoremayprovidefinancialorotherservicestoBristol-MyersSquibb,CelgeneandtheirrespectiveaffiliatesinthefutureandinconnectionwithanysuchservicesEvercoremayreceivecompensation.

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Intheordinarycourseofbusiness,Evercoreoritsaffiliatesmayactivelytradethesecurities,orrelatedderivativesecurities,orfinancialinstrumentsofBristol-MyersSquibb,Celgeneandtheirrespectiveaffiliates,foritsownaccountandfortheaccountsofitscustomersand,accordingly,mayatanytimeholdalongorshortpositioninsuchsecuritiesorinstruments.

TheissuanceofthefairnessopinionwasapprovedbyanOpinionCommitteeofEvercore.

Bristol-MyersSquibbengagedEvercoretoactasafinancialadvisortoBristol-MyersSquibbandtheBMSBoardbasedonitsqualifications,experienceandreputation,aswellasfamiliaritywiththebusinessofBristol-MyersSquibb.Bristol-MyersSquibbselectedEvercoreasco-financialadvisorforthetransactionduetothesizeandscopeofthepotentialtransactionandnotbecauseofanyconflictsofinterestorotherconcernsabouteitherMorganStanley’s,Evercore’sorDyalCo.’sabilitytoactasthefinancialadvisortoBristol-MyersSquibb.InreachingitsdecisiontoengageEvercore,theBMSBoardalsoconsideredthatEvercorewouldnotbeprovidingdebtfinancingtoBristol-MyersSquibbinconnectionwiththemerger.Evercoreisaninternationallyrecognizedinvestmentbankingfirmandisregularlyengagedinthevaluationofbusinessesinconnectionwithmergersandacquisitions,leveragedbuyouts,competitivebiddings,privateplacementsandvaluationsforcorporateandotherpurposes.

Summary of Financial Analyses by Morgan Stanley, Dyal Co. and Evercore

ThefollowingisasummaryofthematerialfinancialanalysesperformedbyMorganStanley,DyalCo.andEvercore,whicharereferredtointhisjointproxystatement/prospectusastheBristol-MyersSquibbfinancialadvisors,inconnectionwiththeirrespectiveoralopinionsandthepreparationoftheirrespectivewrittenopinionstotheBMSBoard,datedJanuary2,2019.ThefollowingsummaryisnotacompletedescriptionoftheBristol-MyersSquibbfinancialadvisors’opinionsorthefinancialanalysesperformedandfactorsconsideredbytheBristol-MyersSquibbfinancialadvisorsinconnectionwiththeirrespectiveopinions,nordoestheorderofanalysesdescribedrepresenttherelativeimportanceorweightgiventothoseanalyses.Unlessstatedotherwise,thefollowingquantitativeinformation,totheextentthatitisbasedonmarketdata,isbasedonmarketdataasofDecember31,2018,thelasttradingdaypriortotheBristol-MyersSquibbfinancialadvisors’presentationtotheBMSBoard,andisnotnecessarilyindicativeofcurrentmarketconditions.Inperformingthefinancialanalysessummarizedbelowandinarrivingattheirrespectiveopinions,atthedirectionoftheBMSBoard,theBristol-MyersSquibbfinancialadvisorsusedandrelieduponcertainBristol-MyersSquibbprojections,asdescribedin“—CertainUnauditedProspectiveFinancialInformation.”Bristol-MyersSquibb’smanagementandtheBMSBoardconsideredvariousfactorsthatcouldincreaseBristol-MyersSquibb’sfinancialperformanceduringtheperiodcoveredbytheBristol-MyersSquibbprojectionsthatwerenotreflectedintheprojectionsorutilizedinevaluatingthemerger.Some of the financial analysessummarized below include information presented in tabular format. In order to fully understand the financial analyses used bythe Bristol-Myers Squibb financial advisors, the tables must be read together with the text of each summary. The tables alonedo not constitute a complete description of the financial analyses. The analyses listed in the tables and described below must beconsidered as a whole. Assessing any portion of such analyses and of the factors reviewed, without considering all analyses andfactors, could create a misleading or incomplete view of the process underlying the Bristol-Myers Squibb financial advisors’respective opinions.

Forpurposesoftheirrespectivefinancialanalysesandopinions,theBristol-MyersSquibbfinancialadvisorsassumedanimpliedvalueofthemergerconsiderationof$105.37pershareofCelgenecommonstock,consistingof(i)cashconsiderationof$50.00pershare,(ii)stockconsiderationof$51.98pershare,basedontheclosingtradingpriceofBristol-MyersSquibbcommonstockonDecember31,2018of$51.98andafixedexchangeratioofoneshareofBristol-MyersSquibbcommonstockforeachshareofCelgenecommonstockand(iii)CVRconsiderationof$3.39pershare,representingtheprobability-adjustednetpresentvalueperCVR,whichwascalculatedbydiscountingtopresentvalueasofDecember31,2018theprobability-adjustedpayoutontheCVRbasedontheBristol-MyersSquibbCVRprobability,asdefinedinthesectiontitled“—CertainUnauditedProspectiveFinancialInformation”beginningonpage151ofthisjointproxystatement/prospectus,andapplyingadiscountrateof8.25%basedontheBristol-MyersSquibbfinancialadvisors’midpointestimateofCelgene’sweightedaveragecostofcapital.

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Analyses Relating to Celgene

Selected Publicly Traded Companies Analysis

TheBristol-MyersSquibbfinancialadvisorsperformedaselectedpubliclytradedcompaniesanalysis,whichattemptstoprovideanimpliedvalueofacompanybycomparingittosimilarcompaniesthatarepubliclytraded.TheBristol-MyersSquibbfinancialadvisorsreviewedandcompared,usingpubliclyavailableinformation,certainfuturefinancialinformationforCelgenewithcorrespondingfuturefinancialinformation,ratiosandpublicmarketmultiplesforpubliclytradedcompaniesinthebiopharmaceuticalsindustrythatsharecertainsimilarbusinessandoperatingcharacteristicstoCelgene.

ThesecompanieswerechosenbasedontheBristol-MyersSquibbfinancialadvisors’knowledgeoftheindustryandbecausetheyhavebusinessesthatmaybeconsideredtobesimilartoCelgene’sbusiness.AlthoughnoneofthesecompaniesareidenticalordirectlycomparabletoCelgene,thesecompaniesarepubliclytradedcompanieswithoperationsand/orothercriteria,suchaslinesofbusiness,markets,businessrisks,growthprospects,maturityofbusinessandsizeandscaleofbusiness,that,forpurposesoftheiranalysis,theBristol-MyersSquibbfinancialadvisorsconsideredtobesimilartoCelgene.

Forpurposesofthisanalysis,theBristol-MyersSquibbfinancialadvisorsanalyzedtheratiosofthepriceofashareofcommonstocktoestimatedearningspershare,whichisreferredtointhisjointproxystatement/prospectusastheP/Emultiple,basedonThomsonReutersmedianconsensusestimatesforeachoffiscalyears2019and2020,foreachoftheselectedpubliclytradedcompanieslistedbelow.Thestatisticsforeachoftheselectedcompaniesaresummarizedasfollows:

Selected Publicly Traded Company Multiples

CompanyFY2019E

P/E MultipleFY2020E

P/E MultipleEliLillyandCompany 19.4x 17.1xAstraZenecaPLC 19.4x 16.5xNovoNordiskA/S 17.6x 16.0xMerck&Co.,Inc. 16.3x 14.3xNovartisAG 15.6x 14.1xJohnson&Johnson 15.0x 14.0xPfizerInc. 14.2x 13.8xRocheHoldingAG 13.4x 13.3xAmgenInc. 13.3x 12.7xGlaxoSmithKlineplc 13.2x 12.3xSanofiS.A. 13.2x 12.2xBiogenInc. 10.7x 10.5xAbbVieInc. 10.6x 9.7xGileadSciences,Inc.(1) 10.4x 10.0xAllerganplc 8.2x 7.5xMedian 13.4x 13.3x

(1) Earningspershareadjustedforcomparabilitybydeductingstock-basedcompensation.

Basedontheanalysisoftherelevantmetricsforeachoftheselectedpubliclytradedcompaniesandtakingintoconsiderationthedifferentbusiness,financialandoperatingcharacteristicsoftheselectedpubliclytradedcompaniesascomparedtoCelgene,theBristol-MyersSquibbfinancialadvisorsusedtheirexperienceandprofessionaljudgmenttoselectrepresentativerangesofP/Emultiplesforfiscalyears2019and2020andapplied

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theserangestotherelevantCelgenefinancialstatisticsbasedontheBristol-MyersSquibbadjustedCelgenefinancialprojections.TheBristol-MyersSquibbfinancialadvisorscalculatedrangesofestimatedimpliedvaluespershareofCelgenecommonstockonastand-alonebasis,roundedtothenearest$1pershare,asfollows:

MetricRange of P/E

Multiples

Implied Value Per Share Range

for CelgeneFY2019EP/EMultiple 7.0x-10.5x $65-$98

FY2020EP/EMultiple 6.0x-10.0x $65-$108

TheBristol-MyersSquibbfinancialadvisorscomparedthesepersharerangestotheimpliedmergerconsiderationof$105.37.TheBristol-MyersSquibbfinancialadvisorsalsonotedthattheclosingtradingpriceforsharesofCelgenecommonstockonDecember31,2018was$64.09.NocompanyutilizedintheselectedpubliclytradedcompaniesanalysisisidenticaltoCelgene.Inevaluatingselectedpubliclytradedcompanies,theBristol-MyersSquibbfinancialadvisorsmadejudgmentsandassumptionswithregardtoindustryperformance,generalbusiness,economic,marketandfinancialconditions,andothermatters,manyofwhicharebeyondthecontrolofCelgene.Theseinclude,amongotherthings,companygrowth,theimpactofcompetitiononthebusinessesofCelgeneandtheindustrygenerally,industrygrowthandtheabsenceofanyadversematerialchangeinthefinancialconditionandprospectsofCelgeneortheindustry,orinthefinancialmarketsingeneral.Mathematicalanalysis(suchasdeterminingthemedian)isnotinitselfameaningfulmethodofusingselectedpubliclytradedcompaniesdata.

Selected Precedent Transactions Analysis

TheBristol-MyersSquibbfinancialadvisorsperformedaselectedprecedenttransactionsanalysis,whichisdesignedtoimplyavalueofacompanybasedonpubliclyavailablefinancialtermsandpremiumsofselectedtransactions.TheBristol-MyersSquibbfinancialadvisorsselectedcertainstockorcashandstocktransactionsinvolvingtheacquisitionofpharmaceuticalcompaniessince2004withapubliclyannouncedtransactionvalueofmorethan$25billionforwhichrelevantfinancialinformationwaspubliclyavailable.

Forthesetransactions,theBristol-MyersSquibbfinancialadvisorsreviewedthepurchasepriceandcalculatedtheratioofthepurchasepricepershareforeachtransactiontotheestimatednexttwelvemonthsearningspershare,whichisreferredtointhisjointproxystatement/prospectusastheNTMEPS,basedonpubliclyavailablefinancialinformation.Thestatisticsforeachoftheselectedprecedenttransactionsaresummarizedasfollows:

Selected Precedent Transaction Multiples

Announce Date Acquiror Target

Price / NTM EPS

Multiple5/8/2018 Takeda Shire 12.8x1/11/2016 Shire Baxalta 21.3x11/23/2015(1) Pfizer Allergan 27.2x11/17/2014 Actavis Allergan 27.5x7/18/2014(1) AbbVie Shire 26.0x5/18/2014(1),(2) Pfizer AstraZeneca 21.6x3/9/2009 Merck Schering-Plough 14.0x1/26/2009 Pfizer Wyeth 13.7x4/26/2004 Sanofi Aventis 19.0x

(1) Transactionwaswithdrawn.

(2) Basedonfinalpubliclyannouncedoffer.

Theselectedprecedenttransactionsvariedsignificantlybaseduponcompanyscale,productmix,businessrisks,growthprospectsandgeography,aswellasprevailingmarkettrends.Basedontheirexperienceandprofessionaljudgmentandtakingintoconsideration,amongotherthings,(i)theobservedmultiplesfortheselectedtransactionslistedabove,(ii)thedifferentbusiness,financialandoperatingcharacteristicsofthecompaniesin

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suchtransactionsascomparedtoCelgeneand(iii)theprevailingmarkettrendsforthevaluationandperformanceofpharmaceuticalcompaniesatthetimeofeachtransactionascomparedtothecurrentprevailingmarkettrends,theBristol-MyersSquibbfinancialadvisorsuselectedarepresentativerangeofPrice/NTMEPSmultiplesandappliedthisrangeoffinancialmultiplestotherelevantfinancialstatisticforCelgene.TheBristol-MyersSquibbfinancialadvisorsappliedaPrice/NTMEPSmultiplerangefrom12.5xto25.0xtoCelgene’sNTMEPS(asofDecember31,2018)basedontheBristol-MyersSquibbadjustedCelgenefinancialprojections.Basedonthisanalysis,theBristol-MyersSquibbfinancialadvisorsderivedarangeofimpliedequityvaluepershareofCelgenecommonstockof$116to$232,roundedtothenearest$1pershare.

TheBristol-MyersSquibbfinancialadvisorscomparedthispersharerangetotheimpliedmergerconsiderationof$105.37.

TheBristol-MyersSquibbfinancialadvisorsalsoreviewed,basedonpubliclyavailableinformation,thepremiumsintheselectedprecedenttransactions.Foreachselectedprecedenttransaction,theBristol-MyersSquibbfinancialadvisorsreviewed(i)thetotaloffervaluepershareasoftheannouncementdaterelativetotheunaffectedsharepriceofthetarget,whichisreferredtointhisjointproxystatement/prospectusasthe1-DayPriorPremium,and(ii)thetotaloffervaluepershareasoftheannouncementdaterelativetothe30-dayVWAP(whichreferstothe“volumeweightedaverageprice”)asoftheunaffecteddateofthetarget,whichisreferredtointhisjointproxystatement/prospectusasthe30-DayVWAPPremium.Thestatisticsforeachoftheselectedprecedenttransactionsaresummarizedasfollows:

Announcement Date Acquiror Target1-Day Prior

Premium30-Day VWAP

Premium5/8/2018 Takeda Shire 64% 56%1/11/2016 Shire Baxalta 37% 45%11/23/2015(1) Pfizer Allergan 39% 48%11/17/2014 Actavis Allergan 54% 75%7/18/2014(1) AbbVie Shire 40% 52%5/18/2014(1),(2) Pfizer AstraZeneca 45% 42%3/9/2009 Merck Schering-Plough 45% 30%1/26/2009 Pfizer Wyeth 29% 34%4/26/2004 Sanofi Aventis 24% 29% Median 40% 45%

(1) Transactionwaswithdrawn.

(2) Basedonfinalpubliclyannouncedoffer.

Basedontheirexperienceandprofessionaljudgmentandtakingintoconsideration,amongotherthings,theobservedpremiumsfortheselectedprecedenttransactions,theBristol-MyersSquibbfinancialadvisorsselectedarepresentativerangeof1-DayPriorPremiumsof30%to65%and30-DayVWAPPremiumsof35%to75%.TheBristol-MyersSquibbfinancialadvisorsappliedtheserangesofpremiumsto(i)theclosingtradingpriceforsharesofCelgenecommonstockonDecember31,2018,thelasttradingdaypriortotheBristol-MyersSquibbfinancialadvisors’respectivepresentationstotheBMSBoard,and(ii)the30-dayVWAPofCelgenecommonstock,asofDecember31,2018,andcalculatedrangesofestimatedimpliedvaluespershareofCelgenecommonstock,roundedtothenearest$1pershare,asfollows:

MetricRange of Premiums

Implied Value Per Share Range

for Celgene1-DayPrior 30%-65% $83-$10630-DayVWAP 35%-75% $92-$119

TheBristol-MyersSquibbfinancialadvisorscomparedthesepersharerangestotheimpliedmergerconsiderationof$105.37.

NocompanyortransactionutilizedintheprecedenttransactionsanalysisisidenticaltoCelgeneorthemerger.Inevaluatingtheselectedprecedenttransactions,theBristol-MyersSquibbfinancialadvisorsmadejudgmentsandassumptionswithregardtogeneralbusiness,marketandfinancialconditionsandothermattersthatarebeyondthecontrolofCelgene,suchastheimpactofcompetitiononthebusinessofCelgeneortheindustry

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generally,industrygrowthandtheabsenceofanyadversematerialchangeinthefinancialconditionofCelgeneortheindustryorinthefinancialmarketsingeneral,whichcouldaffectthepublictradingvalueofthecompaniesandtheaggregatevalueofthetransactionstowhichtheyarebeingcompared.

Discounted Cash Flow Analysis

TheBristol-MyersSquibbfinancialadvisorsperformedaDCFanalysisforCelgene,whichisdesignedtoprovideanimpliedvalueofacompanybycalculatingthepresentvalueoftheestimatedfutureunleveredfreecashflowsandterminalvalueofacompany.

TheBristol-MyersSquibbfinancialadvisorscalculatedrangesofimpliedvaluespershareofCelgenecommonstockbasedon(i)estimatesoffutureunleveredfreecashflowsforcalendaryears2019through2028,excludingtheimpactoftheBristol-MyersSquibbprojectedsynergies,and(ii)estimatesoffutureunleveredfreecashflowsforcalendaryears2019through2028,includingtheimpactoftheBristol-MyersSquibbprojectedsynergies.TheBristol-MyersSquibbfinancialadvisorsperformedthisanalysisontheestimatedunleveredfreecashflowscontainedintheBristol-MyersSquibbadjustedCelgenefinancialprojectionsandtheBristol-MyersSquibbprojectedsynergies.

FortheDCFanalysisexcludingtheimpactoftheBristol-MyersSquibbprojectedsynergies,theBristol-MyersSquibbfinancialadvisorscalculatedaterminalvalueforCelgeneasofDecember31,2028,byapplyingarangeofperpetualgrowthratesof0.5%to2.0%,selectedbasedontheBristol-MyersSquibbfinancialadvisors’experienceandprofessionaljudgment.Theunleveredfreecashflowsfromcalendaryears2019to2028andtheterminalvaluewerethendiscountedtopresentvaluesusingarangeofdiscountratesof7.5%to9.0%(whichtheBristol-MyersSquibbfinancialadvisorsderivedbasedonCelgene’sassumedweightedaveragecostofcapitalusingtheirexperienceandprofessionaljudgment),tocalculateanimpliedaggregatevalueforCelgene.TheBristol-MyersSquibbfinancialadvisorsthenadjustedthetotalimpliedaggregatevaluerangesbyCelgene’sestimatednetdebtasofDecember31,2018,asprovidedbyCelgene’smanagement,andtaxrepatriationliability,asdisclosedinCelgene’spublicfilings,anddividedtheresultingimpliedtotalequityvaluerangesbyCelgene’sfullydilutedsharesoutstandingasprovidedbyCelgene’smanagement.Basedontheabove-describedanalysis,theBristol-MyersSquibbfinancialadvisorsderivedarangeofimpliedequityvaluespershareofCelgenecommonstockof$95to$136(withamid-pointof$112)onastand-alonebasis,roundedtothenearest$1.

TheBristol-MyersSquibbfinancialadvisorsthenderivedarangeofimpliedequityvaluespershareofCelgenecommonstockusingtheabove-describedanalysistakingintoaccounttheBristol-MyersSquibbprojectedsynergies,whichwouldcreatevalueforthestockholdersofeachcompanyfollowingcompletionofthemergerinproportiontotheirequityownership.Forthisanalysis,theBristol-MyersSquibbfinancialadvisorsappliedamid-pointperpetualgrowthrateof1.25%(basedontheBristol-MyersSquibbfinancialadvisors’experienceandprofessionaljudgment),anddiscountednetcashflowsgeneratedbytheBristol-MyersSquibbprojectedsynergiestopresentvalueusingarangeofdiscountratesof7.5%to9.0%(whichtheBristol-MyersSquibbfinancialadvisorsderivedbasedonCelgene’sassumedweightedaveragecostofcapitalusingtheirexperienceandprofessionaljudgment).Basedontheabove-describedanalysis,theBristol-MyersSquibbfinancialadvisorsderivedarangeofimpliedequityvaluespershareofCelgenecommonstock,includingtheimpactoftheBristol-MyersSquibbprojectedsynergies,of$122to$170(withamid-pointof$142),roundedtothenearest$1.

TheBristol-MyersSquibbfinancialadvisorscomparedtheimpliedequityvaluepersharerangesofCelgenecommonstockderivedfromtheDCFanalyses,bothexclusiveandinclusiveoftheimpactoftheBristol-MyersSquibbprojectedsynergies,totheimpliedmergerconsiderationof$105.37.

Historical Trading Ranges

Forreferencepurposesonly,andnotasacomponentofitsfairnessanalysis,theBristol-MyersSquibbfinancialadvisorsreviewedthehistoricaltradingdataofsharesofCelgenecommonstockforthe52-weekperiodendedDecember31,2018,andnotedthat,duringsuchperiod,themaximumclosingpriceforsharesofCelgenecommonstockwas$109andtheminimumclosingpriceforsharesofCelgenecommonstockwas$59,ineachcaseroundedtothenearest$1pershare.

TheBristol-MyersSquibbfinancialadvisorsalsonotedthattheclosingtradingpriceforsharesofCelgenecommonstockonDecember31,2018was$64.09andthatthe30-dayVWAP,asofDecember31,2018,was$67.87.

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Equity Research Analysts’ Price Targets

Forreferencepurposesonly,andnotasacomponentofitsfairnessanalysis,theBristol-MyersSquibbfinancialadvisorsreviewedtheundiscountedpricetargetsforsharesofCelgenecommonstockpreparedandpublishedby20equityresearchanalystsasofDecember31,2018.Thesetargetsgenerallyreflecteachanalyst’sestimateofthefuturepublicmarkettradingpriceofsharesofCelgenecommonstock.TherangeofequityanalystundiscountedpricetargetsforCelgenecommonstockwas$71pershareto$163pershare.TheBristol-MyersSquibbfinancialadvisorsalsonotedthatthemedianofequityanalystundiscountedpricetargetsforCelgenecommonstockwas$105pershare.

Inordertobettercomparetheequityanalysts’stockpricetargetswiththemergerconsideration,basedontheirprofessionaljudgmentandexperience,theBristol-MyersSquibbfinancialadvisorsdiscountedeachanalyst’spricetargettopresentvaluebyapplying,foraoneyeardiscountperiod,anillustrativediscountrateof10.0%,whichwasselectedbytheBristol-MyersSquibbfinancialadvisorsbasedonCelgene’sassumedmid-pointcostofequityof10.0%.ThisanalysisresultedinadiscountedanalystpricetargetrangeforCelgenecommonstockof$65pershareto$148pershare,roundedtothenearest$1pershare.TheBristol-MyersSquibbfinancialadvisorsalsonotedthatthemedianofequityanalystdiscountedpricetargetsforCelgenecommonstockwas$96pershare.

ThepricetargetspublishedbyequityresearchanalystsdonotnecessarilyreflectcurrentmarkettradingpricesforCelgenecommonstockandtheseestimatesaresubjecttouncertainties,includingthefuturefinancialperformanceofCelgeneandfuturefinancialmarketconditions.

Analyses Relating to Bristol-Myers Squibb

Selected Publicly Traded Companies Analysis

TheBristol-MyersSquibbfinancialadvisorsperformedaselectedpubliclytradedcompaniesanalysis,whichattemptstoprovideanimpliedvalueofacompanybycomparingittosimilarcompaniesthatarepubliclytraded.TheBristol-MyersSquibbfinancialadvisorsreviewedandcompared,usingpubliclyavailableinformation,certainfuturefinancialinformationforBristol-MyersSquibbwithcorrespondingfuturefinancialinformation,ratiosandpublicmarketmultiplesforpubliclytradedcompaniesinthebiopharmaceuticalsindustrythatsharecertainsimilarbusinessandoperatingcharacteristicstoBristol-MyersSquibb.

ThesecompanieswerechosenbasedontheBristol-MyersSquibbfinancialadvisors’knowledgeoftheindustryandbecausetheyhavebusinessesthatmaybeconsideredtobesimilartoBristol-MyersSquibb’sbusiness.AlthoughnoneofsuchcompaniesareidenticalordirectlycomparabletoBristol-MyersSquibb,thesecompaniesarepubliclytradedcompanieswithoperationsand/orothercriteria,suchaslinesofbusiness,markets,businessrisks,growthprospects,maturityofbusinessandsizeandscaleofbusiness,that,forpurposesoftheiranalysis,theBristol-MyersSquibbfinancialadvisorsconsideredtobesimilartoBristol-MyersSquibb.

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Forpurposesofthisanalysis,theBristol-MyersSquibbfinancialadvisorsanalyzedthefollowingP/EmultiplesbasedonThomsonReutersmedianconsensusestimatesforeachofthefiscalyears2019and2020,foreachoftheselectedpubliclytradedcompanieslistedbelow.Thestatisticsforeachoftheselectedcompaniesaresummarizedasfollows:

Selected Publicly Traded Company Multiples

CompanyFY2019E

P/E MultipleFY2020E

P/E MultipleEliLillyandCompany 19.4x 17.1xAstraZenecaPLC 19.4x 16.5xNovoNordiskA/S 17.6x 16.0xMerck&Co.,Inc. 16.3x 14.3xNovartisAG 15.6x 14.1xJohnson&Johnson 15.0x 14.0xPfizerInc. 14.2x 13.8xRocheHoldingAG 13.4x 13.3xAmgenInc. 13.3x 12.7xGlaxoSmithKlineplc 13.2x 12.3xSanofiS.A. 13.2x 12.2xBiogenInc. 10.7x 10.5xAbbVieInc. 10.6x 9.7xGileadSciences,Inc.(1) 10.4x 10.0xAllerganplc 8.2x 7.5xMedian 13.4x 13.3x

(1) Earningspershareadjustedforcomparabilitybydeductingstock-basedcompensation.

Basedontheanalysisoftherelevantmetricsforeachoftheselectedpubliclytradedcompaniesandtakingintoconsiderationthedifferentbusiness,financialandoperatingcharacteristicsoftheselectedpubliclytradedcompaniesascomparedtoBristol-MyersSquibb,theBristol-MyersSquibbfinancialadvisorsusedtheirexperienceandprofessionaljudgmenttoselectrepresentativerangesofP/Emultiplesforfiscalyears2019and2020andappliedtheserangestotherelevantBristol-MyersSquibbfinancialstatisticsbasedontheBristol-MyersSquibbfinancialprojections.TheBristol-MyersSquibbfinancialadvisorscalculatedrangesofestimatedimpliedvaluespershareofBristol-MyersSquibbcommonstock,roundedtothenearest$1pershare,asfollows:

MetricRange of P/E

Multiples

Implied Value Per Share Range for

Bristol-Myers SquibbFY2019EP/EMultiple 10.5x-16.0x $45-$69

FY2020EP/EMultiple 10.5x-14.0x $46-$61

TheBristol-MyersSquibbfinancialadvisorscomparedthesepersharerangesto(i)theclosingtradingpriceofBristol-MyersSquibbcommonstockonDecember31,2018of$51.98and(ii)the30-dayVWAPofBristol-MyersSquibbcommonstockasofDecember31,2018of$52.04.

NocompanyutilizedintheselectedpubliclytradedcompaniesanalysisisidenticaltoBristol-MyersSquibb.Inevaluatingselectedpubliclytradedcompanies,theBristol-MyersSquibbfinancialadvisorsmadejudgmentsandassumptionswithregardtoindustryperformance,generalbusiness,economic,marketandfinancialconditions,andothermatters,manyofwhicharebeyondthecontrolofBristol-MyersSquibb.Theseinclude,amongotherthings,companygrowth,theimpactofcompetitiononthebusinessesofBristol-MyersSquibbandtheindustrygenerally,industrygrowthandtheabsenceofanyadversematerialchangeinthefinancialconditionandprospectsofBristol-MyersSquibbortheindustry,orinthefinancialmarketsingeneral.Mathematicalanalysis(suchasdeterminingthemedian)isnotinitselfameaningfulmethodofusingselectedpubliclytradedcompaniesdata.

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Discounted Cash Flow Analysis

TheBristol-MyersSquibbfinancialadvisorsperformedaDCFanalysisforBristol-MyersSquibb.

TheBristol-MyersSquibbfinancialadvisorscalculatedrangesofimpliedvaluespershareofBristol-MyersSquibbcommonstockbasedonestimatesoffutureunleveredfreecashflowsforcalendaryears2019through2023.TheBristol-MyersSquibbfinancialadvisorsperformedthisanalysisontheestimatedunleveredfreecashflowscontainedintheBristol-MyersSquibbfinancialprojections.TheBristol-MyersSquibbfinancialadvisorsthencalculatedaterminalvalueforBristol-MyersSquibbasofDecember31,2023,byapplyingarangeofperpetualgrowthratesof(1.0)%to0.0%,selectedbasedontheBristol-MyersSquibbfinancialadvisors’experienceandprofessionaljudgment.Theunleveredfreecashflowsfromcalendaryears2019to2023andtheterminalvaluewerethendiscountedtopresentvaluesusingarangeofdiscountratesof7.5%to8.5%(whichtheBristol-MyersSquibbfinancialadvisorsderivedbasedonBristol-MyersSquibb’sassumedweightedaveragecostofcapitalusingtheirexperienceandprofessionaljudgment),tocalculateanimpliedaggregatevalueforBristol-MyersSquibb.TheBristol-MyersSquibbfinancialadvisorsthenadjustedthetotalimpliedaggregatevaluerangesbyBristol-MyersSquibb’sestimatednetdebtasofDecember31,2018,asprovidedbyBristol-MyersSquibb’smanagement,andtaxrepatriationliability,asdisclosedinBristol-MyersSquibb’spublicfilings,anddividedtheresultingimpliedtotalequityvaluerangesbyBristol-MyersSquibb’sfullydilutedsharesoutstandingasprovidedbyBristol-MyersSquibb’smanagement.Basedontheabove-describedanalysis,theBristol-MyersSquibbfinancialadvisorsderivedarangeofimpliedequityvaluespershareofBristol-MyersSquibbcommonstockof$64to$79(withamid-pointof$71),roundedtothenearest$1.

TheBristol-MyersSquibbfinancialadvisorscomparedthispersharerangeto(i)theclosingtradingpriceofBristol-MyersSquibbcommonstockonDecember31,2018of$51.98and(ii)the30-dayVWAPofBristol-MyersSquibbcommonstockasofDecember31,2018of$52.04.

Historical Trading Ranges

Forreferencepurposesonly,andnotasacomponentofitsfairnessanalysis,theBristol-MyersSquibbfinancialadvisorsreviewedthehistoricaltradingdataofsharesofBristol-MyersSquibbcommonstockforthe52-weekperiodendedDecember31,2018,andnotedthat,duringsuchperiod,themaximumclosingpriceforsharesofBristol-MyersSquibbcommonstockwas$69andtheminimumclosingpriceforsharesofBristol-MyersSquibbcommonstockwas$49,ineachcaseroundedtothenearest$1pershare.

TheBristol-MyersSquibbfinancialadvisorsalsonotedthattheclosingtradingpriceforsharesofBristol-MyersSquibbcommonstockonDecember31,2018was$51.98andthatthe30-dayVWAP,asofDecember31,2018,was$52.04.

Equity Research Analysts’ Price Targets

Forreferencepurposesonly,andnotasacomponentofitsfairnessanalysis,theBristol-MyersSquibbfinancialadvisorsreviewedtheundiscountedpricetargetsforsharesofBristol-MyersSquibbcommonstockpreparedandpublishedby14equityresearchanalystsasofDecember31,2018.Thesetargetsgenerallyreflecteachanalyst’sestimateofthefuturepublicmarkettradingpriceofsharesofBristol-MyersSquibbcommonstock.TherangeofequityanalystundiscountedpricetargetsforBristol-MyersSquibbcommonstockwas$47pershareto$75pershare.TheBristol-MyersSquibbfinancialadvisorsalsonotedthatthemedianofequityanalystundiscountedpricetargetsforBristol-MyersSquibbcommonstockwas$60pershare,roundedtothenearest$1pershare.

Inordertobettercomparetheequityanalysts’stockpricetargetswiththeBristol-MyersSquibbshareprice,basedontheirprofessionaljudgmentandexperience,theBristol-MyersSquibbfinancialadvisorsdiscountedeachanalyst’spricetargettopresentvaluebyapplying,foraoneyeardiscountperiod,anillustrativediscountrateof8.5%,whichwasselectedbytheBristol-MyersSquibbfinancialadvisorsbasedonBristol-MyersSquibb’sassumedmid-pointcostofequityof8.5%.ThisanalysisresultedinadiscountedanalystpricetargetrangeforBristol-MyersSquibbcommonstockof$43pershareto$69pershare,roundedtothenearest$1pershare.TheBristol-MyersSquibbfinancialadvisorsalsonotedthatthemedianofequityanalystdiscountedpricetargetsforBristol-MyersSquibbcommonstockwas$55pershare.

ThepricetargetspublishedbyequityresearchanalystsdonotnecessarilyreflectcurrentmarkettradingpricesforBristol-MyersSquibbcommonstockandtheseestimatesaresubjecttouncertainties,includingthefuturefinancialperformanceofBristol-MyersSquibbandfuturefinancialmarketconditions.

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Pro Forma Merger Analysis

UsingtheBristol-MyersSquibbprojections,andassuming,amongotherthings,realizationoftheBristol-MyersSquibbprojectedsynergiesandtheexpectedrepurchaseof$5billionofBristol-MyersSquibbcommonstockfollowingcompletionofthemerger,andtakingintoaccountthemergerconsideration(includingthestockissuance),andtheprobability-adjustedpayoutoftheCVRbasedonBristol-MyersSquibbmanagement’sestimatesastotheprobabilityandtimingofachievingtheCVRmilestones,theBristol-MyersSquibbfinancialadvisorsperformedaproformaanalysisofthefinancialimpactofthemergeronBristol-MyersSquibb'sestimatedcashEPSforeachofcalendaryears2020through2023.

Basedonthisanalysis,butexcludingtransaction-relatedamortizationandtheEPSimpactofone-timecoststoachievetheBristol-MyersSquibbprojectedsynergies,itisexpectedthattheproposedmergerwouldbesignificantlyaccretivetotheestimatedcashEPSforeachofcalendaryears2020through2023.

TheBristol-MyersSquibbfinancialadvisorsalsoconductedaDCFanalysisofBristol-MyersSquibbproformafortheproposedmerger,whichisreferredtointhissectionofthejointproxystatement/prospectusastheproformaDCF,usingtheBristol-MyersSquibbprojectionsandotherinformationanddataforeachofBristol-MyersSquibbandCelgeneasdescribedabove.TheproformaDCFanalysisreflected(i)thestand-aloneDCFvaluesderivedforeachofBristol-MyersSquibbandCelgene,exclusiveoftheimpactoftheBristol-MyersSquibbprojectedsynergies,asdescribedaboveunder“—AnalysesRelatingtoBristol-MyersSquibb—DiscountedCashFlowAnalysis”and“—AnalysesRelatingtoCelgene—DiscountedCashFlowAnalysis,”respectively,plus(ii)theDCFvalueoftheBristol-MyersSquibbprojectedsynergies,asdescribedaboveunder“—AnalysesRelatingtoBristol-MyersSquibb—DiscountedCashFlowAnalysis,”minus(iii)theestimated$37billionofcashconsiderationtobepaidtoCelgenestockholdersatthecompletionofthemergerandafter-taxfeesandexpensesrelatedtothetransaction,minus(iv)theexpectedrepurchaseof$5billionofBristol-MyersSquibbcommonstockfollowingcompletionofthemerger,minus(v)theprobability-adjustednetpresentvalueoftheCVR.TheBristol-MyersSquibbfinancialadvisorsthendividedtheresultingimpliedtotalequityvaluerangesbyBristol-MyersSquibb’sproformafullydilutedsharesoutstanding,calculatedasBristol-MyersSquibb’sbasicsharesoutstanding,asadjustedfornewlyissuedshares,sharebuybacks,andincrementalequitydilutionbasedonproformaequityvalue.Basedontheabove-describedanalysis,theBristol-MyersSquibbfinancialadvisorsderivedarangeofproformaimpliedequityvaluespershareofBristol-MyersSquibbcommonstockof$66to$94(withamid-pointof$78),roundedtothenearest$1.TheBristol-MyersSquibbfinancialadvisorscomparedtheproformaimpliedequityvaluespershareofBristol-MyersSquibbcommonstocktothestand-aloneimpliedequityvaluespershareofBristol-MyersSquibbcommonstock,asdescribedaboveunder“—AnalysesRelatingtoBristol-MyersSquibb—DiscountedCashFlowAnalysis.”

Basedonthisanalysis,theproposedmergerwouldbeaccretivetoBristol-MyersSquibb’sDCFequityvaluepershareateachofthelow,middleandhighpointsoftherangeofvaluesimpliedbytheDCFanalysis.

Certain Unaudited Prospective Financial Information

NeitherCelgenenorBristol-MyersSquibbgenerallypublishesitsbusinessplansandstrategiesormakesexternaldisclosuresofitsanticipatedfinancialpositionorresultsofoperationsdueto,amongotherreasons,theuncertaintyoftheunderlyingassumptionsandestimates,otherthan,ineachcase,providing,fromtimetotime,estimatedrangesofcertainexpectedfinancialresultsandoperationalmetricsforthecurrentyearandcertainfutureyearsintheirrespectiveregularearningspressreleasesandotherinvestormaterials.

EachofCelgenemanagementandBristol-MyersSquibbmanagement,however,preparedandprovidedcertainnonpublic,internalfinancialprojectionsregardingCelgeneandBristol-MyersSquibbtoitsrespectiveboardofdirectorsinconnectionwithitsevaluationofthemerger,aswellas—asdescribedbelow—onaconfidentialbasisintheduediligenceprocessto(i)itsrespectivefinancialadvisorsinconnectionwiththeirrespectivefinancialanalysesdescribedinthesectionstitled“—OpinionsofCelgene’sFinancialAdvisors,”“—OpinionsofBristol-MyersSquibb’sFinancialAdvisors”and“—SummaryofFinancialAnalysesbyMorganStanley,DyalCo.andEvercore,”beginningonpages115,133and143,respectively,ofthisjointproxystatement/prospectusand(ii)theotherpartyanditsrespectivefinancialadvisors.

Celgene Financial Projections

CelgenemanagementpreparedandprovidedcertainprojectionsregardingCelgene’sfutureoperationsforfiscalyears2018through2028,onastand-alonebasis,assumingCelgenewouldcontinueasanindependentcompany,withoutgivingeffecttothecompletionofthemerger,totheCelgeneBoardinconnectionwithitsevaluationofthemerger,andtoJ.P.MorganandCitigroup,itsfinancialadvisors,inconnectionwiththeirrespectivefinancial

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analysesdescribedaboveinthesectiontitled“—OpinionsofCelgene’sFinancialAdvisors,”beginningonpage115ofthisjointproxystatement/prospectus.Therefore,theseprojections,whicharereferredtointhisjointproxystatement/prospectusastheCelgenefinancialprojections,donotgiveeffecttothetransactionoranychangestoCelgene’soperationsorstrategythatmaybeimplementedaftertheconsummationofthetransaction,includingpotentialsynergiestoberealizedasaresultofthetransaction,ortoanycostsincurredinconnectionwiththetransaction.Furthermore,theCelgenefinancialprojectionsdonottakeintoaccounttheeffectofanyfailureofthetransactiontobecompletedandshouldnotbeviewedasrelevantorcontinuinginthatcontext.TheCelgenefinancialprojectionsincludedthreedifferentsetsofprojections—referredtoasCelgenemanagementcase1,Celgenemanagementcase2andCelgenemanagementcase3—thatwerebasedondifferentassumptionsasto(i)thetimingandextentoftechnologicaldisruptioninthenear-to-mediumtermaffectingCelgene’scurrentlymarketedproducts,(ii)thefocusofeffortsonandprobabilityofsuccessofCelgene’spipelineproductcandidatesand(iii)certainothermattersreferredtobelowunder“—General”beginningonpage94ofthisjointproxystatement/prospectus.TheCelgenefinancialprojectionsalsoincludedafourthsetofprojections—referredtoastheCelgeneblendedmanagementcase—whichwasaprobability-weightedaverageofCelgenemanagementcase1,Celgenemanagementcase2andCelgenemanagementcase3,calculatedbyapplyingaprobabilityweightingof35%,55%and10%toCelgenemanagementcase1,Celgenemanagementcase2andCelgenemanagementcase3,respectively.

TheCelgenefinancialprojectionswereprovidedtotheCelgeneBoardinconnectionwithitsevaluationofthemergerandwerealsoprovidedtoJ.P.MorganandCitigroupinconnectionwiththeirrespectivefinancialanalysesdescribedinthesectiontitled“—OpinionsofCelgene’sFinancialAdvisors.”Inconnectionwithdiscussionsrelatingtothemerger,CelgenemanagementalsoprovidedtoBristol-MyersSquibbaportionoftheCelgenefinancialprojectionscomprisingthe“Revenue”and“AdjustedEBITDA”lineitemsfromCelgenemanagementcase2forfiscalyears2018to2023.

ThefollowingtablespresentasummaryoftheCelgenefinancialprojections:

Celgene management case 1(Dollars in billions) 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028ERevenue $ 15.3 $ 17.3 $ 19.7 $ 22.7 $ 21.3 $ 20.0 $ 18.6 $ 15.9 $ 14.4 $ 14.3 $ 14.5EBITDA(1) $ 8.7 $ 10.3 $ 12.2 $ 14.5 $ 12.8 $ 11.2 $ 9.4 $ 7.8 $ 6.7 $ 6.5 $ 6.7AdjustedEBITDA(2) $ 7.9 $ 9.4 $ 11.2 $ 13.3 $ 11.8 $ 10.2 $ 8.4 $ 7.0 $ 5.9 $ 5.8 $ 6.0

Celgene management case 2(Dollars in billions) 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028ERevenue $ 15.3 $ 17.3 $ 19.8 $ 22.8 $ 23.4 $ 24.0 $ 23.9 $ 23.0 $ 19.9 $ 19.6 $ 19.8EBITDA(1) $ 8.7 $ 10.3 $ 12.2 $ 14.6 $ 14.7 $ 14.8 $ 14.3 $ 12.0 $ 9.9 $ 9.6 $ 9.9AdjustedEBITDA(2) $ 7.9 $ 9.4 $ 11.2 $ 13.5 $ 13.5 $ 13.6 $ 13.1 $ 10.9 $ 8.9 $ 8.6 $ 8.9

Celgene management case 3(Dollars in billions) 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028ERevenue $ 15.3 $ 17.3 $ 19.8 $ 23.1 $ 24.2 $ 26.0 $ 27.9 $ 28.7 $ 22.8 $ 21.7 $ 22.0EBITDA(1) $ 8.7 $ 10.3 $ 12.3 $ 14.8 $ 15.4 $ 16.7 $ 17.9 $ 15.3 $ 11.4 $ 10.7 $ 11.0AdjustedEBITDA(2) $ 7.9 $ 9.4 $ 11.3 $ 13.7 $ 14.2 $ 15.4 $ 16.6 $ 13.8 $ 10.3 $ 9.6 $ 9.9

Celgene blended management case(Dollars in billions) 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028ERevenue $ 15.3 $ 17.3 $ 19.8 $ 22.8 $ 22.7 $ 22.8 $ 22.4 $ 21.1 $ 18.3 $ 18.0 $ 18.2EBITDA(1) $ 8.7 $ 10.3 $ 12.2 $ 14.6 $ 14.1 $ 13.7 $ 12.9 $ 10.9 $ 8.9 $ 8.6 $ 8.9AdjustedEBITDA(2) $ 7.9 $ 9.4 $ 11.2 $ 13.4 $ 13.0 $ 12.6 $ 11.8 $ 9.8 $ 8.0 $ 7.7 $ 8.0

(1) EBITDAisearningsbeforeinterestexpense,incometaxes,depreciationandamortizationand,forpurposesoftheCelgenefinancialprojections,isanon-GAAPfinancialmeasurecalculatedinamannerconsistentwiththenon-GAAPfinancialmeasurespresentedbyCelgeneinitsperiodicearningsreleases.AssetforthandexplainedinCelgene’speriodicearningsreleases,Celgenecalculatescertain

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ofitsnon-GAAPfinancialmeasuresbyexcludingcertainGAAPitemsthatCelgenemanagementdoesnotconsidertobenormal,recurring,cashoperatingexpenses,butthatmaynotmeetthedefinitionofusualornon-recurringitems.Forexample,forpurposesoftheCelgenefinancialprojections,EBITDAexcludesanystock-basedcompensationexpense.

(2) AdjustedEBITDAisEBITDA(asdefinedinfootnote(1)above),butincludesstock-basedcompensationexpense.

ThefollowingtablesetsforththeestimatedamountsofunleveredfreecashflowofCelgeneforCelgenemanagementcase1,Celgenemanagementcase2,Celgenemanagementcase3andtheCelgeneblendedmanagementcase.TheseamountswerecalculatedbyJ.P.MorganandCitigroupbasedoninformationapprovedorprovided,asapplicable,byCelgenemanagementforpurposesofJ.P.Morgan’sandCitigroup’srespectivefinancialanalysesdescribedinthesection“—OpinionsofCelgene’sFinancialAdvisors,”andCelgenemanagementreviewedandapprovedtheuseoftheseamountsbyJ.P.MorganandCitigroupforsuchpurposes.(Dollars in billions) 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028EUnleveredfreecashflow(3)

Celgene management case 1 $ 6.8 $ 8.3 $ 9.2 $ 8.6 $ 7.3 $ 6.1 $ 5.1 $ 4.3 $ 4.1 $ 4.2Celgene management case 2 $ 6.8 $ 8.3 $ 9.3 $ 9.8 $ 9.8 $ 9.4 $ 7.8 $ 6.5 $ 6.1 $ 6.3Celgene management case 3 $ 6.8 $ 8.3 $ 9.4 $ 10.3 $ 11.0 $ 11.8 $ 9.8 $ 7.6 $ 6.8 $ 7.0Celgene blended management case $ 6.8 $ 8.3 $ 9.3 $ 9.5 $ 9.0 $ 8.5 $ 7.0 $ 5.8 $ 5.5 $ 5.6

(3) UnleveredfreecashflowisadjustedEBITDA(asdefinedinfootnote(2)above)lesstaxes,lesscapitalexpenditures,lesschangesinnetworkingcapital,lessmilestonepayments.

EBITDA,adjustedEBITDAandunleveredfreecashflowarenon-GAAPfinancialmeasures.Thisinformationwasnotpreparedforpublicdisclosure.Non-GAAPfinancialmeasuresshouldnotbeconsideredasubstitutefor,orsuperiorto,financialmeasuresdeterminedorcalculatedinaccordancewithGAAP.Additionally,non-GAAPfinancialmeasuresaspresentedbyCelgenemaynotbecomparabletosimilarlytitledmeasuresreportedbyothercompanies.IntheviewofCelgene’smanagement,theCelgenefinancialprojectionswerepreparedonareasonablebasisbasedontheinformationavailabletoCelgene’smanagementatthetimeoftheirpreparation.

Celgene Adjusted Bristol-Myers Squibb Financial Projections

Inconnectionwithdiscussionsrelatingtothemerger,Bristol-MyersSquibbmanagementpreparedandprovidedtoCelgenetheBristol-MyersSquibbfinancialprojectionsdescribedbelowunder“—Bristol-MyersSquibbFinancialProjections.”Inconnectionwithitsevaluationofthemerger,CelgenemanagementmadecertainadjustmentsandmodificationstotheassumptionsandestimatesunderlyingtheBristol-MyersSquibbfinancialprojectionsandpreparedinternalfinancialprojectionsregardingBristol-MyersSquibb’sfutureoperationsforfiscalyears2018through2023,whicharereferredtointhisjointproxystatement/prospectusastheCelgeneadjustedBristol-MyersSquibbfinancialprojections.Suchadjustmentsandmodifications,andsuchinternalfinancialprojections,weremadebyCelgene’smanagementinlightof,amongotherthings,theduediligenceCelgeneconductedonBristol-MyersSquibb,publiclyavailableforecastsofBristol-MyersSquibb’sfutureperformancebycertainfinancialanalysts,thepotentialimpactoftheplanneddivestitureofBristol-MyersSquibb’sFrenchconsumerhealthcarebusiness,UPSA,announcedbyBristol-MyersSquibbonDecember19,2018,andcertainothermattersreferredtobelowunder“—General”beginningonpage94ofthisjointproxystatement/prospectus.CelgeneprovidedtheCelgeneadjustedBristol-MyersSquibbfinancialprojectionstotheCelgeneBoardinconnectionwithitsevaluationofthemergerandalsotoJ.P.MorganandCitigroupinconnectionwiththeirrespectivefinancialanalysesdescribedaboveinthesection“—OpinionsofCelgene’sFinancialAdvisors”beginningonpage115ofthisjointproxystatement/prospectus.

ThefollowingtablepresentsasummaryoftheCelgeneadjustedBristol-MyersSquibbfinancialprojections:(Dollars in billions) 2018E 2019E 2020E 2021E 2022E 2023ERevenue $ 22.2 $ 24.1 $ 24.9 $ 25.5 $ 26.6 $ 27.3EBITDA(1) $ 6.6 $ 7.8 $ 7.8 $ 8.2 $ 8.4 $ 8.6

(1) EBITDAisearningsbeforeinterestexpense,incometaxes,depreciationandamortizationand,forpurposesoftheCelgeneadjustedBristol-MyersSquibbfinancialprojections,isanon-GAAPfinancialmeasuremeanttobeconsistentwiththenon-GAAPfinancialmeasurespresentedbyBristol-MyersSquibbinitsperiodicearningsreleases.ForpurposesoftheCelgeneadjustedBristol-MyersSquibbfinancialprojections,EBITDAincludesstock-basedcompensationexpense.

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ThefollowingtablesetsforththeestimatedamountsofunleveredfreecashflowofBristol-MyersSquibb.TheseamountswerecalculatedbyJ.P.MorganandCitigroupbasedoninformationapprovedorprovided,asapplicable,byCelgenemanagementforpurposesofJ.P.Morgan’sandCitigroup’srespectivefinancialanalysesdescribedinthesectionstitled“—OpinionsofCelgene’sFinancialAdvisors”andCelgenemanagementreviewedandapprovedtheuseoftheseamountsbyJ.P.MorganandCitigroupforsuchpurposes.(Dollars in billions) 2019E 2020E 2021E 2022E 2023EUnleveredfreecashflow(2) $ 6.9 $ 7.0 $ 7.2 $ 6.8 $ 6.9

(2) UnleveredfreecashflowisEBITDA(asdefinedinfootnote(1)above)plusotherequityincome/royalties,lesstaxes,lesscapitalexpenditures,lesschangesinnetworkingcapital,lessmilestonesandotheritems.

EBITDAandunleveredfreecashflowarenon-GAAPfinancialmeasures.Thisinformationwasnotpreparedforpublicdisclosure.Non-GAAPfinancialmeasuresshouldnotbeconsideredasubstitutefor,orsuperiorto,financialmeasuresdeterminedorcalculatedinaccordancewithGAAP.Additionally,non-GAAPfinancialmeasuresaspresentedbyCelgenemaynotbecomparabletosimilarlytitledmeasuresreportedbyothercompanies.IntheviewofCelgene’smanagement,theCelgeneadjustedBristol-MyersSquibbfinancialprojectionswerepreparedonareasonablebasisbasedontheinformationavailabletoCelgene’smanagementatthetimeoftheirpreparation.

Celgene Projected Synergies

CelgenemanagementprovidedtotheCelgeneBoardinconnectionwithitsconsiderationofthemergerandtoJ.P.MorganandCitigroupinconnectionwiththeirrespectivefinancialanalysesdescribedaboveinthesection“—OpinionsofCelgene’sFinancialAdvisors,”anestimateof$2.5billionofannualpre-taxsynergiesthatwouldbeachievedasaresultofthemerger,withthefullamountofsuchannualpre-taxsynergiestobeachievedduring2021andsubsequentyears.Theseestimatedpre-taxsynergiesarereferredtointhisjointproxystatement/prospectusasCelgeneprojectedsynergies.CelgenemanagementprovidedthattheaggregatecostofachievingtheCelgeneprojectedsynergieswouldbe$2.2billion.

Celgene CVR Probabilities

CelgenemanagementprovidedestimatesoftheprobabilitiesofachievingthethreeFDAapprovalsrequiredtotriggerthe$9paymentundertheCVRagreementtotheCelgeneBoardinconnectionwithitsevaluationofthemerger,andtoJ.P.MorganandCitigroupinconnectionwiththeirrespectivefinancialanalysesdescribedaboveinthesection“—OpinionsofCelgene’sFinancialAdvisors.”Theseestimates,whicharereferredtointhisproxystatement/prospectusastheCelgeneCVRprobabilities,wereasfollows:Theprobabilityoftriggeringthe$9paymentundertheCVRbyMarch31,2021was54.4%forCelgenemanagementcase1;72.9%forCelgenemanagementcase2;100.0%forCelgenemanagementcase3;and69.1%fortheCelgeneblendedmanagementcase,andtheprobabilityoftriggeringthepaymentundertheCVRearlier,byDecember31,2020,was45.9%forCelgenemanagementcase1;72.9%forCelgenemanagementcase2;100.0%forCelgenemanagementcase3;and66.2%fortheCelgeneblendedmanagementcase.

Bristol-Myers Squibb Financial Projections

Bristol-MyersSquibbmanagementpreparedcertainnonpublic,internalfinancialprojectionsregardingBristol-MyersSquibb’sfutureoperationsforfiscalyears2019through2023,onastand-alonebasis,assumingBristol-MyersSquibbwouldcontinueasanindependentcompany,withoutgivingeffecttothecompletionofthemerger.Therefore,theseprojections,whicharereferredtointhisjointproxystatement/prospectusastheBristol-MyersSquibbfinancialprojections,donotgiveeffecttothetransactionoranychangestoBristol-MyersSquibb’soperationsorstrategythatmaybeimplementedaftertheconsummationofthetransaction,includingpotentialsynergiestoberealizedasaresultofthetransaction,ortoanycostsincurredinconnectionwiththetransaction.Furthermore,theBristol-MyersSquibbfinancialprojectionsdonottakeintoaccounttheeffectofanyfailureofthetransactiontobecompletedandshouldnotbeviewedasrelevantorcontinuinginthatcontext.TheBristol-MyersSquibbfinancialprojectionswereprovidedtotheBMSBoardinconnectionwithitsevaluationofthemerger,andtoMorganStanley,DyalCo.andEvercore,itsfinancialadvisors,inconnectionwiththeirrespectivefinancialanalysesdescribedinthesectionstitled“—OpinionsofBristol-MyersSquibb’sFinancialAdvisors”and“—SummaryofFinancialAnalysesbyMorganStanley,DyalCo.andEvercore,”beginningonpages133and143,respectively,ofthisjointproxystatement/prospectus.

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TheBristol-MyersSquibbfinancialprojectionsreflectnumerousassumptionsandestimatesthatBristol-MyersSquibbmadeingoodfaith,including,withoutlimitation,(1)thatmacroeconomicconditionswillremainstable,bothintheUnitedStatesandglobally,(2)thatnomajorchangesoccurinU.S.policy,lawsandregulations,includingreformoftheU.S.healthcaresystemandtaxlaws,(3)thatgrossmarginsinthebiopharmaceuticalindustryremainstable,(4)thatnomajorchangesinindustrypricingbenchmarksanddrugpricinggenerallyoccurand(5)certainothermattersreferredtobelowunder“—General”beginningonpage94ofthisjointproxystatement/prospectus.TheBristol-MyersSquibbfinancialprojectionsalsoassumethatGAAPasineffectonDecember31,2018appliesthroughouttheprojectionperiod.Bristol-MyersSquibbnon-GAAPmeasures,includingcashnetincomeandrelatedinformation,areadjustedtoexcludespecifieditemsthatrepresentcertaincosts,expenses,gainsandlossesandotheritemsimpactingthecomparabilityoffinancialresults,eachofwhichisreferredtointhisjointproxystatement/prospectusasanon-GAAPfinancialmeasure.

ThefollowingtablepresentsasummaryoftheBristol-MyersSquibbfinancialprojections: Year Ending December 31, 2019E 2020E 2021E 2022E 2023E (dollars in billions)Bristol-MyersSquibbnetrevenue $ 24.5 $ 25.3 $ 25.9 $ 28.6 $ 31.9Bristol-MyersSquibbunleveredfreecashflow(1) 5.7 6.0 5.9 8.7 10.6Bristol-MyersSquibbcashnetincome(2) 7.0 7.1 7.3 9.0 11.0

(1) Bristol-MyersSquibbunleveredfreecashflowisanon-GAAPfinancialmeasuredefinedasearningsbeforeincometaxes,interestandamortization,lessincometaxexpenses,plusdepreciation,lesschangesinworkingcapital,lesscapitalexpenditures.

(2) Bristol-MyersSquibbcashnetincomeisanon-GAAPfinancialmeasuredefinedasearningsbeforetaxes,lessincometaxexpenses.

Bristol-MyersSquibbunleveredfreecashflowandBristol-MyersSquibbcashnetincomearenon-GAAPfinancialmeasures.Thisinformationwasnotpreparedforpublicdisclosure.Non-GAAPfinancialmeasuresshouldnotbeconsideredasubstitutefor,orsuperiorto,financialmeasuresdeterminedorcalculatedinaccordancewithGAAP.Additionally,non-GAAPfinancialmeasuresaspresentedbyBristol-MyersSquibbmaynotbecomparabletosimilarlytitledmeasuresreportedbyothercompanies.IntheviewofBristol-MyersSquibb’smanagement,theBristol-MyersSquibbfinancialprojectionswerepreparedonareasonablebasisbasedontheinformationavailabletoBristol-MyersSquibb’smanagementatthetimeoftheirpreparation.

Bristol-Myers Squibb Adjusted Celgene Financial Projections

Inconnectionwithdiscussionsrelatingtothemerger,CelgenemanagementprovidedtoBristol-MyersSquibbaportionoftheCelgenefinancialprojections.Specifically,CelgenemanagementprovidedtoBristol-MyersSquibbthe“Revenue”and“AdjustedEBITDA”figuresofthefinancialprojectionsoutlinedaboveunder“Celgenemanagementcase2”forfiscalyears2018through2023.Inconnectionwithitsevaluationofthemerger,Bristol-MyersSquibbmanagementmadecertainadjustmentsandmodificationstotheassumptionsandestimatesunderlyingtheCelgenefinancialprojectionsandpreparedinternalfinancialprojectionsregardingCelgene’sfutureoperationsforfiscalyears2018through2028,whicharereferredtointhisjointproxystatement/prospectusastheBristol-MyersSquibbadjustedCelgenefinancialprojections.Suchadjustmentsandmodifications,andsuchinternalfinancialprojections,weremadebyBristol-MyersSquibb’smanagementbasedon,amongotherthings,Bristol-MyersSquibb’sduediligencereviewofCelgene,markettrendsandrisksandopportunitieswithrespecttoCelgeneandcertainotherassumptionsandestimatesincluding,withoutlimitation,items(1)through(5)listedunder“—Bristol-MyersSquibbFinancialProjections”aboveandcertainothermattersreferredtobelowunder“—General”beginningonpage94ofthisjointproxystatement/prospectus.Bristol-MyersSquibbmanagementprovidedtheBristol-MyersSquibbadjustedCelgenefinancialprojectionstotheBMSBoardinconnectionwithitsevaluationoftheproposedtransactionandtoMorganStanley,DyalCo.andEvercoreinconnectionwiththeirrespectivefinancialanalysesdescribedaboveinthesectionstitled“—OpinionsofBristol-MyersSquibb’sFinancialAdvisors”and“—SummaryofFinancialAnalysesbyMorganStanley,DyalCo.andEvercore”beginningonpages133and143,respectively,ofthisjointproxystatement/prospectus.

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ThefollowingtablepresentsasummaryoftheBristol-MyersSquibbadjustedCelgenefinancialprojections: Year Ending December 31, 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E (dollars in billions)Celgenenetsales $ 15.3 $ 16.8 $ 18.9 $ 21.6 $ 19.9 $ 19.5 $ 18.2 $ 18.0 $ 16.3 $ 17.7 $ 18.8Celgeneoperatingincome 8.6 9.3 10.9 12.9 10.9 10.2 9.3 8.7 7.9 8.8 9.5Celgeneoperatingincome(post-SBC)(1) 7.8 8.6 9.9 11.7 9.8 9.3 8.6 7.9 7.1 7.9 8.6CelgeneEBITDA(post-SBC)(1)(2) 7.9 8.7 10.1 11.9 10.0 9.5 8.7 8.1 7.2 8.0 8.8Celgeneunleveredfreecashflow(3) — 6.6 7.6 9.4 8.1 7.6 7.1 6.5 6.0 6.2 6.9

(1) Adjustedtoincludestock-basedcompensationexpenseinamannerconsistentwithBristol-MyersSquibb’sreportingmethodology.

(2) EBITDAisanon-GAAPfinancialmeasuredefinedasearningsbeforeinterestexpenses,incometaxes,depreciationandamortization.

(3) Celgeneunleveredfreecashflowisanon-GAAPfinancialmeasuredefinedasearningsbeforeincometaxes,interestandamortization,lessincometaxexpenses,plusdepreciation,lesschangesinworkingcapital,lesscapitalexpenditures.

InadditiontotheBristol-MyersSquibbadjustedCelgenefinancialprojectionssetforthinthetableabove,Bristol-MyersSquibbmanagementpreparedforuseinMorganStanley’s,DyalCo.’sandEvercore’sselectedpubliclytradedcompaniesanalysisandselectedprecedenttransactionsanalysisunauditedprospectivefinancialinformationforCelgenecomprisingestimatesofCelgenecashnetincome,whichisanon-GAAPfinancialmeasuredefinedasearningsbeforetaxeslessincometaxexpenses,forthefiscalyearsending2019and2020.Suchestimateswere$6.6billionand$7.7billion,respectively.

CelgeneEBITDAandCelgeneunleveredfreecashflowarenon-GAAPfinancialmeasures.Thisinformationwasnotpreparedforpublicdisclosure.Non-GAAPfinancialmeasuresshouldnotbeconsideredasubstitutefor,orsuperiorto,financialmeasuresdeterminedorcalculatedinaccordancewithGAAP.Additionally,non-GAAPfinancialmeasuresaspresentedbyBristol-MyersSquibbmaynotbecomparabletosimilarlytitledmeasuresreportedbyothercompanies.IntheviewofBristol-MyersSquibb’smanagement,theBristol-MyersSquibbadjustedCelgenefinancialprojectionswerepreparedonareasonablebasisbasedontheinformationavailabletoBristol-MyersSquibb’smanagementatthetimeoftheirpreparation.

Bristol-Myers Squibb Combined Company Projections

Further,inconnectionwithitsevaluationofthemerger,Bristol-MyersSquibbmanagementpreparedcertainfinancialforecastsandunauditedprospectivefinancialinformationrelatingtoBristol-MyersSquibbandCelgeneasacombinedcompany,givingeffecttothecompletionofmerger,whicharereferredtointhisjointproxystatement/prospectusastheBristol-MyersSquibbcombinedcompanyprojections(which,togetherwiththeBristol-MyersSquibbfinancialprojectionsandtheBristol-MyersSquibbadjustedCelgenefinancialprojections,arereferredtointhisjointproxystatement/prospectusastheBristol-MyersSquibbprojections).Bristol-MyersSquibbprovidedtheBristol-MyersSquibbcombinedcompanyprojectionstotheBMSBoardinconnectionwithitsconsiderationofthemergerandtoeachofMorganStanley,DyalCo.andEvercoreforpurposesoftheirrespectivefinancialanalysesandopinions(see“—OpinionsofBristol-MyersSquibb’sFinancialAdvisors”and“—SummaryofFinancialAnalysesbyMorganStanley,DyalCo.andEvercore”beginningonpages133and143,respectively,ofthisjointproxystatement/prospectus).

TheBristol-MyersSquibbcombinedcompanyprojectionsreflectnumerousassumptionsandestimatesthatBristol-MyersSquibbmadeingoodfaithinconnectionwiththepreparationoftheBristol-MyersSquibbadjustedCelgenefinancialprojectionsandtheBristol-MyersSquibbfinancialprojectionsasmorefullydescribedin“—Bristol-MyersSquibbFinancialProjections”and“—Bristol-MyersSquibbAdjustedCelgeneFinancialProjections”beginningonpages154and155,respectively,ofthisjointproxystatement/prospectus.

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ThefollowingtablepresentsasummaryoftheBristol-MyersSquibbcombinedcompanyprojections: Year Ending December 31, 2020E 2021E 2022E 2023E (dollars in billions)Bristol-MyersSquibbcombinedcompanyproformacashnetincome(1) 14.5 16.9 17.8 19.6

(1) Bristol-MyersSquibbcombinedcompanyproformacashnetincomeisanon-GAAPfinancialmeasuredefinedasearningsbeforetaxes,lessincometaxexpenses,takingintoaccountthepotentialimpactoftheBristol-MyersSquibbprojectedsynergiesandinterestfromdebtincurredinconnectionwiththemerger.

Bristol-MyersSquibbcombinedcompanyproformacashnetincome,aspresentedabove,isanon-GAAPfinancialmeasure.ThisinformationwaspreparedforusebyBristol-MyersSquibbandMorganStanley,DyalCo.andEvercoreforpurposesoftheirrespectivefinancialanalysesandopinionsandnotforpublicdisclosure.Inaddition,inconnectionwiththeannouncementofitsfinancialresultsforthefourthquarterof2018,Bristol-MyersSquibbpresentedcertainforward-lookingcombinedcompanyproformainformation,includingagraphicaldepictionofproformarevenueandproformanetincomethatindicatedpotentialamountsforthecombinedcompany’sfiscalyear2025ofjustover$50billionand$20billion,respectively.Proformarevenueandnetincomeareeachanon-GAAPfinancialmeasure.Non-GAAPfinancialmeasuresshouldnotbeconsideredasubstitutefor,orsuperiorto,financialmeasuresdeterminedorcalculatedinaccordancewithGAAP.Additionally,non-GAAPfinancialmeasuresaspresentedbyBristol-MyersSquibbmaynotbecomparabletosimilarlytitledmeasuresreportedbyothercompanies.IntheviewofBristol-MyersSquibb’smanagement,theBristol-MyersSquibbcombinedcompanyprojectionswerepreparedonareasonablebasisbasedontheinformationavailabletoBristol-MyersSquibb’smanagementatthetimeoftheirpreparation.

Bristol-Myers Squibb Projected Synergies

Bristol-MyersSquibbmanagementprovidedtotheBMSBoardinconnectionwithitsconsiderationofthemergerandtoeachofMorganStanley,DyalCo.andEvercoreforpurposesoftheirrespectivefinancialanalysesandopinions,anestimateofsynergiesthatwouldbeachievedasaresultofthemerger,whichisreferredtoastheBristol-MyersSquibbprojectedsynergies.

ThefollowingtablepresentsasummaryoftheBristol-MyersSquibbprojectedsynergies: 2019E 2020E 2021E 2022E (dollars in billions)CostSynergies(pre-tax) $ 0.2 $ 1.1 $ 1.8 $ 2.5

InprojectingtheBristol-MyersSquibbprojectedsynergies,Bristol-MyersSquibb’smanagementassumedaone-timecosttoachievetheBristol-MyersSquibbprojectedsynergiesof$2.5billion.

Bristol-Myers Squibb CVR Probabilities

Bristol-MyersSquibbmanagementprovidedanestimateoftheprobabilityofachievingthethreeFDAapprovalsrequiredtotriggerthe$9paymentundertheCVRagreementtotheBMSBoardinconnectionwithitsevaluationofthemerger,andtoeachofMorganStanley,DyalCo.andEvercoreforpurposesoftheirrespectivefinancialanalysesandopinions.Thisestimate,whichisreferredtointhisproxystatement/prospectusastheBristol-MyersSquibbCVRprobability,was45%.

General Note Regarding Certain Unaudited Prospective Financial Information

Otherthanannualfinancialguidanceprovidedtoinvestors,whichmaybeupdatedfromtimetotime,Bristol-MyersSquibbandCelgenedonotasamatterofcoursemakepublicforecastsorprojectionsastofuturerevenues,operatingincomeorotherresults.However,thesummariesoftheparties’respectiveprojectionsincludedaboveinthisjointproxystatement/prospectus(whicharereferredtocollectivelyinthisjointproxystatement/prospectusasthefinancialprojections)arepresentedsolelytogiveBristol-MyersSquibb’sstockholdersandCelgene’sstockholdersaccesstocertainnon-publicinformationthatwasmadeavailabletoBristol-MyersSquibb,Celgeneandtheirrespectiveboardsofdirectorsandadvisorsinconnectionwiththeparties’respectiveevaluationsofthemerger.Suchinformationmaynotbeappropriateforotherpurposes,andis

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notincludedtoinfluenceyourdecision,ifyouareaCelgenestockholder,tovotefortheproposaltoadoptthemergeragreement,theCelgeneadjournmentproposalortheCelgenecompensationadvisoryproposal,or,ifyouareaBristol-MyersSquibbstockholder,tovotefortheproposaltoapprovethestockissuanceortheBristol-MyersSquibbadjournmentproposal.Readersofthisjointproxystatement/prospectusarecautionednottoplaceundue,ifany,relianceonthefinancialprojections.NeitherBristol-MyersSquibbnorCelgenehasmadeanyrepresentationinthemergeragreementconcerningtheirrespectivefinancialprojectionsincludedinthisjointproxystatement/prospectus.

Thefinancialprojectionswere,ingeneral,preparedsolelyforinternaluseandnotwithaviewtowardpublicdisclosure,andaresubjectiveinmanyrespectsandthussubjecttointerpretation.Whilepresentedwithnumericalspecificity,thefinancialprojectionsreflectnumerousassumptionsandestimatesthatthepartiespreparingthefinancialprojectionsmadeingoodfaithatthetimesuchprojectionswerepreparedwithrespecttoindustryperformance,generalbusiness,economic,regulatory,marketandfinancialconditionsandotherfutureevents,aswellasmattersspecifictotheapplicableparty.Theseassumptionsandestimatesareinherentlyuncertain,weremadeasofthedatethefinancialprojectionswereprepared,andmaynotbereflectiveofactualresults,eithersincethedatesuchprojectionswereprepared,noworinthefuture,inlightofchangedcircumstances,economicconditions,orotherdevelopments.Someoralloftheassumptionsandestimatesthathavebeenmaderegarding,amongotherthings,thetimingofcertainoccurrencesorimpacts,mayhavechangedsincethedatethefinancialprojectionswereprepared.ThefinancialprojectionswerebasedonnumerousvariablesandassumptionsthatareinherentlyuncertainandmaybebeyondthecontrolofBristol-MyersSquibborCelgene,asapplicable.

ImportantfactorsthatmayaffectactualresultsandcausethefinancialprojectionsnottobeachievedincluderisksanduncertaintiesrelatingtoBristol-MyersSquibb’sandCelgene’sbusinesses(includingtheirabilitiestoachievetheirrespectivestrategicgoals,objectivesandtargetsoverapplicableperiods;industryconditions;theregulatoryenvironment;generalbusinessandeconomicconditions;andotherfactorsdescribedunder“RiskFactors”and“CautionaryStatementRegardingForward-LookingStatements”beginningonpages39and80,respectively,ofthisjointproxystatement/prospectus,aswellastheriskfactorswithrespecttoBristol-MyersSquibb’sandCelgene’srespectivebusinessescontainedintheirmostrecentSECfilings,whichreadersareurgedtoreview,andwhichmaybefoundasdescribedunder“WhereYouCanFindMoreInformation”beginningonpage251ofthisjointproxystatement/prospectus).Inaddition,thefinancialprojectionscovermultiplefutureyears,andsuchinformationbyitsnatureislessreliableinpredictingeachsuccessiveyear.Thefinancialprojectionsalsodonottakeintoaccountanycircumstancesoreventsoccurringafterthedateonwhichtheywereprepared,anddonotgiveeffecttothetransactionscontemplatedbythemergeragreement,includingthemerger,exceptthat,asdescribedabove,theBristol-MyersSquibbcombinedcompanyprojectionsgiveeffecttothecompletionofthemerger.Thefinancialprojectionsalsoreflectassumptionsastocertainbusinessdecisionsthataresubjecttochange.Asaresult,actualresultsmaydiffermateriallyfromthosecontainedinthefinancialprojections.Accordingly,therecanbenoassurancethatthefinancialprojectionswillberealizedorthatactualresultswillnotbesignificantlydifferentthanprojected.

CelgeneandBMSmaycalculatecertainnon-GAAPfinancialmetrics,includingEBITandEBITDA,usingdifferentmethodologies.Consequently,thefinancialmetricspresentedineachcompany’sprospectivefinancialinformationdisclosuresandinthesectionsofthisjointproxystatement/prospectuswithrespecttotheopinionsofthefinancialadvisorstoCelgeneandBMSmaynotbedirectlycomparabletooneanother.

ThefinancialprojectionswerenotpreparedwithaviewtowardcomplyingwithGAAP(includingbecausecertainmetricsarenon-GAAPmeasuresasdiscussedabove),thepublishedguidelinesoftheSECregardingprojectionsortheguidelinesestablishedbytheAmericanInstituteofCertifiedPublicAccountantsforpreparationandpresentationofprospectivefinancialinformation.NeitherBristol-MyersSquibb’snorCelgene’sindependentregisteredpublicaccountingfirm,noranyotherindependentaccountants,havecompiled,examinedorperformedanyprocedureswithrespecttothefinancialprojections,norhasanyofthemexpressedanyopinionoranyotherformofassuranceonthefinancialprojectionsortheachievabilityoftheresultsreflectedinthefinancialprojections,andnoneofthemassumesanyresponsibilityfor,andeachofthemdisclaimsanyassociationwith,thefinancialprojections.ThereportsofBristol-MyersSquibb’sandCelgene’sindependentregisteredpublicaccountingfirms,containedinAnnualReportsonForm10-KfortheyearendedDecember31,2017forCelgeneandBristol-MyersSquibb,whichareincorporatedbyreferenceintothisjointproxystatement/prospectus,relatetoBristol-MyersSquibb’sandCelgene’shistoricalfinancialinformation,respectively,andnosuchreportextendstothefinancialprojectionsorshouldbereadtodoso.

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Certainofthefinancialprojectionsmaybeconsiderednon-GAAPfinancialmeasures.Non-GAAPfinancialmeasuresshouldnotbeconsideredinisolationfrom,orasasubstitutefor,financialinformationpresentedincompliancewithU.S.GAAP,andnon-GAAPfinancialmeasuresasusedinthefinancialprojectionsmaynotbecomparabletosimilarlytitledmeasuresusedbyothercompanies.NeitherBristol-MyersSquibbnorCelgenehasprovidedreconciliationsofthenon-GAAPfinancialprojectionstothecomparableGAAPmeasureduetonoreasonablyaccessibleorreliablecomparableGAAPmeasuresforthesemeasuresandbecauseoftheinherentdifficultyinforecastingandquantifyingthesemeasuresthatarenecessaryforsuchreconciliation.IntheviewofeachofBristol-MyersSquibb’sandCelgene’srespectivemanagement,thefinancialprojectionsinthisjointproxystatement/prospectusprovidedbyBristol-MyersSquibbandCelgene,respectively,werepreparedonareasonablebasisbasedontheinformationavailabletosuchcompany’smanagementatthetimeoftheirpreparation.

The inclusion of the financial projections in this joint proxy statement/prospectus should not be regarded as an indication thatany of Bristol-Myers Squibb, Celgene or their respective affiliates, officers, directors, employees, advisors or otherrepresentatives considered the financial projections to be predictive of actual future events, and the financial projections shouldnot be relied on as such. None of Bristol-Myers Squibb, Celgene or their respective affiliates, officers, employees, directors,advisors or other representatives can give you any assurance that actual results will not differ from the financial projections,and none of Bristol-Myers Squibb, Celgene or their respective affiliates, officers, employees or directors undertakes anyobligation to update or otherwise revise or reconcile the financial projections to reflect circumstances existing after the date thefinancial projections were prepared or to reflect the occurrence of future events even in the event that any or all of theassumptions underlying the financial projections are not realized. Neither Bristol-Myers Squibb nor Celgene intends topublicly update or make any other revision to the financial projections. None of Bristol-Myers Squibb, Celgene or any of theirrespective affiliates, officers, employees, directors, advisors or other representatives has made or makes any representation toany Bristol-Myers Squibb stockholder, Celgene stockholder or any other person regarding Bristol-Myers Squibb or Celgene’sultimate performance compared to the financial projections or that the results reflected therein will be achieved. NeitherBristol-Myers Squibb nor Celgene has made any representation to the other, in the merger agreement or otherwise, concerningthe financial projections. For the reasons described above, readers of this joint proxy statement/prospectus are cautioned not toplace undue, if any, reliance on the financial projections.

Regulatory Approvals Required for the Merger

General

Asmorefullydescribedinthisjointproxystatement/prospectusandinthemergeragreement,andsubjecttothetermsandconditionsofthemergeragreement,Bristol-MyersSquibbandCelgenehaveeachagreedtousetheirrespectivereasonablebesteffortstoobtainallregulatoryapprovalsrequiredtocompletethemerger.Thisincludes(i)preparingandfilingaspromptlyaspracticablewithanygovernmentalauthorityorotherthirdpartyalldocumentationtoeffectallfilingsnecessarytoconsummatethemerger,(ii)usingreasonablebesteffortstoobtainallconsentsrequiredtobeobtainedfromanygovernmentalauthorityorotherthirdpartythatarenecessary,properoradvisabletoconsummatethemerger,andcomplyingwiththetermsandconditionsofeachconsent,(iii)reasonablycooperatingwiththeotherpartiesintheireffortstocomplywiththeirobligationsunderthemergeragreement,includinginseekingtoobtainanyrequiredconsent,approval,waiver,license,permit,variance,exemption,franchise,clearance,authorization,acknowledgment,orderorotherconfirmationand(iv)usingreasonablebesteffortstocontest(includingbylitigation)certainactions,suits,investigationsorproceedingsbroughtby,orordersthathavebeenenteredby,acourtorgovernmentalauthorityofcompetentjurisdictionrelatingtothemergeragreementortheconsummationofthetransactionscontemplatedbythemergeragreement.See“TheMergerAgreement—ReasonableBestEffortsCovenant”beginningonpage189ofthisjointproxystatement/prospectus.

TheobligationofBristol-MyersSquibbandCelgenetoeffectthemergerisconditionedupon,amongotherthings,theexpirationorearlyterminationoftheapplicablewaitingperiodundertheHSRActandthereceiptofapprovalsundertheantitrustlawsofcertainspecifiedforeignjurisdictions.See“TheMergerAgreement—ConditionstoCompletionoftheMerger”beginningonpage177ofthisjointproxystatement/prospectus.

Department of Justice, Federal Trade Commission and Other U.S. Antitrust Authorities

UndertheHSRAct,certaintransactions,includingthemerger,maynotbecompletedunlesscertainwaitingperiodrequirementshaveexpiredorbeenterminated.TheHSRActprovidesthateachpartymustfilea

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pre-mergernotificationwiththeFTCandtheDOJ.AtransactionnotifiableundertheHSRActmaynotbecompleteduntiltheexpirationofa30-calendar-daywaitingperiodfollowingtheparties’filingsoftheirrespectiveHSRActnotificationformsortheearlyterminationofthatwaitingperiod.Thepartiesmayalsochoosetovoluntarilyre-starttheinitial30-calendar-daywaitingperiodbyfollowingcertainprescribedprocedures.Aftertheexpirationoftheinitialwaitingperiod(orthere-startedinitialwaitingperiod)theDOJortheFTCmayissueaSecondRequest.IfaSecondRequestisissued,thepartiesmaynotcompletethemergeruntiltheysubstantiallycomplywiththeSecondRequestandobserveasecond30-calendar-daywaitingperiod,unlessthewaitingperiodisterminatedearlier.

EachofBristol-MyersSquibbandCelgenefileditsrespectiveHSRActnotificationandreportwithrespecttothemergeronJanuary16,2019.InordertofacilitatecontinueddialoguewiththeFTC,Bristol-MyersSquibbvoluntarilywithdrewitsHSRActnotificationandreportwithrespecttothemergerandexpectstorefileitsHSRActnotificationandreportwithrespecttothemergeronFebruary20,2019,whichwillre-startthe30-calendar-daywaitingperiodfortheFTC'sinitialreviewofthemerger.

Atanytimebeforeorafterthemergeriscompleted,theFTCorDOJcouldtakeactionunderU.S.antitrustlawsinoppositiontothemerger,includingseekingtoenjoincompletionofthemerger,conditionapprovalofthemergeruponthedivestitureofassetsofBristol-MyersSquibb,CelgeneortheirrespectivesubsidiariesorimposerestrictionsonBristol-MyersSquibb’spost-mergeroperations.Inaddition,U.S.stateattorneysgeneralcouldtakesuchactionundertheantitrustlawsastheydeemnecessaryordesirableinthepublicinterest,including,withoutlimitation,seekingtoenjoincompletionofthemergerorpermittingcompletionsubjecttoregulatoryconcessionsorconditions.Privatepartiesalsomayseektotakelegalactionundertheantitrustlawsundersomecircumstances.

Other Governmental Approvals

Completionofthemergerisfurthersubjecttothereceiptofapprovalsundertheantitrustlawsofspecifiedforeignjurisdictions,includingnotification,clearanceand/orapprovalintheEuropeanUnionandcertainotherspecifiedforeignjurisdictions.

Timing; Challenges by Governmental and Other Entities

Therecanbenoassurancethatanyoftheregulatoryapprovalsdescribedabovewillbeobtainedand,ifobtained,therecanbenoassuranceastothetimingofanyapprovals,theabilitytoobtaintheapprovalsonsatisfactorytermsortheabsenceofanylitigationchallengingsuchapprovals.Inaddition,therecanbenoassurancethatanyofthegovernmentalorotherentitiesdescribedabove,includingtheDOJ,FTC,U.S.stateattorneysgeneral,stateinsuranceregulators,foreignregulatorsandprivateparties,willnotchallengethemergeronantitrustorcompetitiongroundsand,ifsuchachallengeismade,therecanbenoassuranceastoitsresult.

Subjecttocertainconditions,ifthemergerisnotcompletedonorbeforetheenddate(asmaybeextendedinaccordancewiththemergeragreement),eitherBristol-MyersSquibborCelgenemayterminatethemergeragreement.See“TheMergerAgreement—TerminationoftheMergerAgreement”beginningonpage198ofthisjointproxystatement/prospectus.

Appraisal or Dissenters’ Rights for Celgene Stockholders

General

IfyouholdoneormoresharesofCelgenecommonstock,youmaybeentitledtoappraisalrightsunderDelawarelawandhavetherighttodissentfromthemerger,haveyoursharesappraisedbytheDelawareCourtofChanceryandreceivethe“fairvalue”ofsuchshares(exclusiveofanyelementofvaluearisingfromtheaccomplishmentorexpectationofthemerger)asofthecompletionofthemergerinplaceofthemergerconsideration,asdeterminedbysuchcourt,ifyoustrictlycomplywiththeproceduresspecifiedinSection262oftheDGCL,subjecttocertainlimitationsundertheDGCL.AnysuchCelgenestockholderawarded“fairvalue”fortheirsharesbythecourtwouldreceivepaymentofthatfairvalueincash,togetherwithinterest,ifany,inlieuoftherighttoreceivethemergerconsideration.

ThefollowingdiscussionisnotafullsummaryofthelawpertainingtoappraisalrightsundertheDGCLandisqualifiedinitsentiretybythefulltextofSection262oftheDGCL,thefulltextofwhichisattachedasAnnexHtothisjointproxystatement/prospectus.AllreferencesinSection262oftheDGCLandinthis

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summarytoa“stockholder”aretotheholderofrecordofsharesofCelgenecommonstock.Thefollowingdiscussiondoesnotconstituteanylegalorotheradvice,nordoesitconstitutearecommendationthatyouexerciseyourrightstoseekappraisalunderSection262oftheDGCL.

UnderSection262oftheDGCL,Celgene,notlessthan20dayspriortotheCelgenespecialmeeting,mustnotifyeachstockholderwhowasaCelgenestockholderontherecorddatefornoticeoftheCelgenespecialmeetingandwhoisentitledtoexerciseappraisalrights,thatappraisalrightsareavailableandincludeinthenoticeacopyofSection262oftheDGCL.Thisjointproxystatement/prospectusconstitutestherequirednoticetoCelgenestockholdersthatappraisalrightsareavailableinconnectionwiththemerger.AholderofCelgenecommonstockwhowishestoexerciseappraisalrightsorwhowishestopreservetherighttodososhouldreviewthefollowingdiscussioncarefully.FailuretocomplytimelyandproperlywiththerequirementsofSection262oftheDGCLmayresultinthelossofappraisalrights.Astockholderwholoseshis,heroritsappraisalrightswillbeentitledtoreceivethemergerconsideration.

How to Exercise and Perfect Your Appraisal Rights .IfyouareaCelgenestockholderwishingtoexercisetherightstoseekanappraisalofyourshares,youmustdoALLofthefollowing:

• youmustnotvoteinfavoroftheadoptionofthemergeragreement.Becauseaproxythatissignedandsubmittedbutdoesnototherwisecontainvotinginstructionswill,unlessrevoked,bevotedinfavoroftheadoptionofthemergeragreement,ifyouvotebyproxyandwishtoexerciseyourappraisalrights,youmustvoteagainsttheadoptionofthemergeragreementorabstainfromvotingyourshares;

• youmustdelivertoCelgeneawrittendemandforappraisalofyoursharesbeforethevoteontheadoptionofthemergeragreementattheCelgenespecialmeetingandsuchdemandmustreasonablyinformCelgeneofyouridentityandyourintentiontodemandappraisalofyoursharesofCelgenecommonstock;

• youmustcontinuouslyholdthesharesfromthedateofmakingthedemandthroughthecompletionofthemerger.Youwillloseyourappraisalrightsifyoutransfersuchsharesbeforethecompletionofthemerger;and

• youorthesurvivingcorporationmustfileapetitionintheDelawareCourtofChanceryrequestingadeterminationofthefairvalueofsuchshareswithin120daysafterthecompletionofthemerger.ThesurvivingcorporationisundernoobligationtofileanysuchpetitionintheDelawareCourtofChanceryandhasnointentionofdoingso.Accordingly,itistheobligationoftheCelgenestockholderstoinitiateallnecessaryactiontoperfecttheirappraisalrightsinrespectofsharesofCelgenecommonstockwithinthetimeprescribedinSection262oftheDGCL.

Voting,inpersonorbyproxy,against,abstainingfromvotingonorfailingtovoteontheadoptionofthemergeragreementwillnotconstituteawrittendemandforappraisalasrequiredbySection262oftheDGCL.Thewrittendemandforappraisalmustbeinadditiontoandseparatefromanyproxyorvote.

Who May Exercise Appraisal Rights .OnlyaholderofrecordofsharesofCelgenecommonstockissuedandoutstandingatthetimeademandforappraisalismadeandthatcontinuetobeissuedandoutstandingandheldofrecordbysuchholderimmediatelypriortothecompletionofthemergermayassertappraisalrightsforthesharesofCelgenecommonstockregisteredinthatholder’sname.Ademandforappraisalmustbeexecutedbyoronbehalfofthestockholderofrecord,fullyandcorrectly,asthestockholder’snameappearsonthestockcertificates(orinthestockledger).ThedemandforappraisalmustreasonablyinformCelgeneoftheidentityofthestockholderandthatthestockholderintendstodemandappraisalofhis,heroritscommonstock.Beneficial owners who do notalso hold their shares of common stock of record may not directly make appraisal demands to Celgene. The beneficial holdermust, in such cases, have the owner of record, such as a bank, brokerage firm or other nominee, submit the required demand inrespect of those shares of common stock of record. Arecordowner,suchasabank,brokeragefirmorothernominee,whoholdssharesofCelgenecommonstockasanomineeforothers,mayexercisehis,heroritsrightofappraisalwithrespecttothesharesofCelgenecommonstockheldforoneormorebeneficialowners,whilenotexercisingthisrightforotherbeneficialowners.Inthatcase,thewrittendemandshouldstatethenumberofsharesofCelgenecommonstockastowhichappraisalissought.WherenonumberofsharesofCelgenecommonstockisexpresslymentioned,thedemandwillbepresumedtocoverallsharesofCelgenecommonstockheldinthenameoftherecordowner.

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IF YOU HOLD YOUR SHARES IN BANK OR BROKERAGE ACCOUNTS OR OTHER NOMINEE FORMS, AND YOUWISH TO EXERCISE APPRAISAL RIGHTS, YOU SHOULD CONSULT WITH YOUR BANK, BROKERAGE FIRM OROTHER NOMINEE, AS APPLICABLE, TO DETERMINE THE APPROPRIATE PROCEDURES FOR THE BANK,BROKERAGE FIRM OR OTHER NOMINEE TO MAKE A DEMAND FOR APPRAISAL OF THOSE SHARES. IF YOUHAVE A BENEFICIAL INTEREST IN SHARES HELD OF RECORD IN THE NAME OF ANOTHER PERSON, SUCH ASA BANK, BROKERAGE FIRM OR OTHER NOMINEE, YOU MUST ACT PROMPTLY TO CAUSE THE RECORDHOLDER TO FOLLOW PROPERLY AND IN A TIMELY MANNER THE STEPS NECESSARY TO PERFECT YOURAPPRAISAL RIGHTS.

IfyouownsharesofCelgenecommonstockjointlywithoneormoreotherpersons,asinajointtenancyortenancyincommon,demandforappraisalmustbeexecutedbyorforyouandallotherjointowners.Anauthorizedagent,includinganagentfortwoormorejointowners,mayexecutethedemandforappraisalforastockholderofrecord;however,theagentmustidentifytherecordownerandexpresslydisclosethefactthat,inexercisingthedemand,suchpersonisactingasagentfortherecordowner.IfyouholdsharesofCelgenecommonstockthroughabrokerwhointurnholdsthesharesthroughacentralsecuritiesdepositorynomineesuchasCede&Co.,ademandforappraisalofsuchsharesmustbemadebyoronbehalfofthedepositorynomineeandmustidentifythedepositorynomineeasrecordholder.

IfyouelecttoexerciseappraisalrightsunderSection262oftheDGCL,youshouldmailordeliverawrittendemandto:

CelgeneCorporation86MorrisAvenue

Summit,NewJersey07901Attention:CorporateSecretary

Bristol-Myers Squibb’s Actions After the Completion of the Merger .Ifthemergeriscompleted,thesurvivingcorporationwillgivewrittennoticeofthecompletionofthemergerwithin10daysafterthecompletionofthemergertoyouifyoudidnotvoteinfavorofadoptionofthemergeragreementandyoumadeawrittendemandforappraisalinaccordancewithSection262oftheDGCL.Atanytimewithin60daysafterthecompletionofthemerger,ifyouhavenotcommencedanappraisalproceedingorjoinedsuchaproceedingasanamedparty,youhavetherighttowithdrawthedemandandtoacceptthemergerconsiderationinaccordancewiththemergeragreementforyoursharesofCelgenecommonstock.Within120daysafterthecompletionofthemerger,butnotlater,eitheryou,providedyouhavecompliedwiththerequirementsofSection262oftheDGCL,orthesurvivingcorporationmaycommenceanappraisalproceedingbyfilingapetitionintheDelawareCourtofChancery,withacopyservedonthesurvivingcorporationinthecaseofapetitionfiledbyyou,demandingadeterminationofthefairvalueofthesharesofCelgenecommonstockheldbyalldissentingstockholderswhoareentitledtoappraisalrights.Thesurvivingcorporationisundernoobligationtofileanappraisalpetitionandhasnointentionofdoingso.Ifyoudesiretohaveyoursharesappraised,youshouldinitiateanypetitionsnecessaryfortheperfectionofyourappraisalrightswithinthetimeperiodsandinthemannerprescribedinSection262oftheDGCL.

Within120daysafterthecompletionofthemerger,providedyouhavecompliedwiththeprovisionsofSection262oftheDGCL,youwillbeentitledtoreceivefromthesurvivingcorporation,uponyourwrittenrequest,astatementsettingforththeaggregatenumberofsharesnotvotedinfavoroftheadoptionofthemergeragreementandwithrespecttowhichCelgenehasreceiveddemandsforappraisal,andtheaggregatenumberofholdersofthoseshares.Thesurvivingcorporationmustmailthisstatementtoyouwithinthelaterof10daysofreceiptoftherequestor10daysafterexpirationoftheperiodfordeliveryofdemandsforappraisal.IfyouarethebeneficialownerofsharesofCelgenecommonstockheldinavotingtrustorbyanomineeonyourbehalfyoumay,inyourownname,fileanappraisalpetitionorrequestfromthesurvivingcorporationthestatementdescribedinthisparagraph.Asnotedabove,however,ademandforappraisalmayonlybemadebyoronbehalfofaholderofrecordofsharesofCelgenecommonstock.

IfapetitionforappraisalisdulyfiledbyyouoranotherrecordholderofCelgenecommonstockwhohasproperlyexercisedhisorherappraisalrightsinaccordancewiththeprovisionsofSection262oftheDGCL,thesurvivingcorporationwillthenbeobligated,within20daysafterreceivingserviceofacopyofthepetition,toprovidetheofficeoftheRegisterinChanceryinwhichthepetitionwasfiledwithadulyverifiedlist

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containingthenamesandaddressesofallstockholderswhohavedemandedanappraisaloftheirsharesandwithwhomagreementsastothevalueoftheirshareshavenotbeenreached.Uponthefilingofanysuchpetition,theDelawareCourtofChancerymayordertheRegisterinChancerytogivenoticeofthetimeandplacefixedforthehearingonthepetitionbyregisteredorcertifiedmailtothesurvivingcorporationandtothestockholdersshownonsuchdulyverifiedlistattheaddressesthereinstated.SuchnoticewillalsobepublishedatleastoneweekbeforethedayofthehearinginatleastonenewspaperofgeneralcirculationpublishedintheCityofWilmington,Delaware,orinanotherpublicationdeemedadvisablebytheDelawareCourtofChancery.Thecostsofthesenoticesarebornebythesurvivingcorporation.TheDelawareCourtofChancerywillthendeterminewhichstockholdersareentitledtoappraisalrightsandmayrequirethestockholdersdemandingappraisalwhoholdcertificatedsharestosubmittheirstockcertificatestotheRegisterinChanceryfornotationthereonofthependencyoftheappraisalproceedingsandtheDelawareCourtofChancerymaydismissfromtheproceedingsanystockholderwhofailstocomplywiththisdirection.Ifimmediatelybeforeamergerthesharesoftheclassorseriesofstockoftheconstituentcorporationastowhichappraisalrightsareavailablewerelistedonanationalsecuritiesexchange,theDelawareCourtofChanceryshalldismisstheproceedingsastoallholdersofsuchshareswhoareotherwiseentitledtoappraisalrightsunless(1)thetotalnumberofsharesentitledtoappraisalexceeds1%oftheoutstandingsharesoftheclassorserieseligibleforappraisal,(2)thevalueoftheconsiderationprovidedinthemergerforsuchtotalnumberofsharesexceeds$1millionor(3)themergerwasapprovedpursuanttoSection253or267oftheDGCL.TheCelgenecommonstockislistedonNasdaqandthereforethisprovisionmaybeapplicableinrespectthereof,totheextentthatCelgenecommonstockcontinuestobelistedonNasdaquntilimmediatelybeforethemerger.

AfterdeterminationofthestockholdersentitledtoappraisaloftheirsharesofCelgenecommonstock,theappraisalproceedingwillbeconductedastothesharesofCelgenecommonstockownedbysuchstockholders,inaccordancewiththerulesoftheDelawareCourtofChancery,includinganyrulesspecificallygoverningappraisalproceedings.TheDelawareCourtofChancerywillthereafterdeterminethefairvalueofthesharesofCelgenecommonstockatthecompletionofthemergerheldbydissentingstockholderswhohaveproperlyexercisedhis,heroritsappraisalrights,exclusiveofanyelementofvaluearisingfromtheaccomplishmentorexpectationofthemerger,togetherwithinterest,ifany,tobepaid.UnlesstheDelawareCourtofChanceryinitsdiscretiondeterminesotherwiseforgoodcauseshown,andexceptasotherwiseprovidedinSection262oftheDGCL,interestfromthecompletionofthemergerthroughthedateofpaymentofthejudgmentwillbecompoundedquarterlyandwillaccrueat5%overtheFederalReservediscountrate(includinganysurcharge)asestablishedfromtimetotimeduringtheperiodbetweenthecompletionofthemergerandthedateofpaymentofthejudgment.Atanytimebeforetheentryofjudgmentintheproceedings,thesurvivingcorporationmaypaytoeachCelgenestockholderentitledtoappraisalanamountincash(whichwillbetreatedasanadvanceagainstthepaymentduetosuchCelgenestockholder),inwhichcaseinterestshallaccrueaftersuchpaymentonlyuponthesumof(1)thedifference,ifany,betweentheamountsopaidandthefairvalueofthesharesasdeterminedbytheDelawareCourtofChanceryand(2)interesttheretoforeaccrued,unlesspaidatthattime.Whenthefairvalueisdetermined,theDelawareCourtofChancerywilldirectthepaymentofthefairvalueoftheshares,togetherwithinterest,ifany,bythesurvivingcorporationtotheCelgenestockholdersentitledthereto.Paymentwillbesomadetoeachsuchstockholder,inthecaseofholdersofuncertificatedstockforthwith,andinthecaseofholdersofsharesofCelgenecommonstockrepresentedbycertificatesuponthesurrendertothesurvivingcorporationofsuchstockholder’scertificates.

Indeterminingthefairvalue,theDelawareCourtofChanceryisrequiredtotakeintoaccountallrelevantfactors.InWeinberger v.UOP, Inc. ,theDelawareSupremeCourtdiscussedthefactorsthatcouldbeconsideredindeterminingfairvalueinanappraisalproceeding,statingthat“proofofvaluebyanytechniquesormethodswhicharegenerallyconsideredacceptableinthefinancialcommunityandotherwiseadmissibleincourt”shouldbeconsideredandthat“[f]airpriceobviouslyrequiresconsiderationofallrelevantfactorsinvolvingthevalueofacompany.”TheDelawareSupremeCourthasstatedthat,inmakingthisdeterminationoffairvalue,thecourtmustconsidermarketvalue,assetvalue,dividends,earningsprospects,thenatureoftheenterpriseandanyotherfactorswhichcouldbeascertainedasofthedateofthemergerwhichthrowanylightonfutureprospectsofthemergedcorporation.Section262oftheDGCLprovidesthatfairvalueistobe“exclusiveofanyelementofvaluearisingfromtheaccomplishmentorexpectationofthemerger.”InCede & Co. v. Technicolor, Inc. ,theDelawareSupremeCourtstatedthatsuchexclusionisa“narrowexclusion[that]doesnotencompassknownelementsofvalue,”butwhichratherappliesonlytothespeculativeelementsofvaluearisingfromsuchaccomplishmentorexpectation.InWeinberger ,theDelawareSupremeCourtconstruedSection262oftheDGCL

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tomeanthat“elementsoffuturevalue,includingthenatureoftheenterprise,whichareknownorsusceptibleofproofasofthedateofthemergerandnottheproductofspeculation,maybeconsidered.”Inaddition,Delawarecourtshavedecidedthatthestatutoryappraisalremedy,dependingonfactualcircumstances,mayormaynotbeadissenter’sexclusiveremedy.Anopinionofaninvestmentbankingfirmastothefairnessfromafinancialpointofviewoftheconsiderationpayableinamergerisnotanopinionasto,anddoesnotinanymanneraddress,fairvalueunderSection262oftheDGCL.ThefairvalueoftheirsharesasdeterminedunderSection262oftheDGCLcouldbegreaterthan,thesameas,orlessthanthevalueofthemergerconsideration.Bristol-MyersSquibbdoesnotanticipateofferingmorethanthemergerconsiderationtoanystockholderexercisingappraisalrightsandreservestherighttoassert,inanyappraisalproceeding,that,forpurposesofSection262oftheDGCL,the“fairvalue”ofashareofCelgenecommonstockislessthanthemergerconsideration.

UponapplicationbythesurvivingcorporationorbyanyholderofCelgenecommonstockentitledtoparticipateintheappraisalproceeding,theDelawareCourtofChancerymay,initsdiscretion,proceedtotrialupontheappraisalpriortothefinaldeterminationofthestockholdersentitledtoanappraisal.AnyCelgenestockholderwhosenameappearsontheverifiedlistandwhohassubmittedsuchstockholder’sstockcertificates,ifany,totheRegisterinChancery,ifsuchisrequired,mayparticipatefullyinallproceedingsuntilitisfinallydeterminedthatsuchstockholderisnotentitledtoappraisalrights.

Ifnopetitionforappraisalisfiledwithin120daysafterthecompletionofthemerger,orifyouotherwisefailtoperfect,successfullywithdraworloseyourrighttoappraisal,thenyourrighttoappraisalwillceaseandyouwillbeentitledtoreceivethemergerconsiderationdescribedinthemergeragreement,withoutinterestthereon,lessanywithholdingtaxes.

TheDelawareCourtofChancerymaydeterminethecostsoftheappraisalproceedingandmayallocatethosecoststothepartiesastheDelawareCourtofChancerydeterminestobeequitableunderthecircumstances.However,costsdonotincludeattorneysandexpertwitnessfees.Eachstockholderisresponsibleforitsownattorneysandexpertwitnessesexpenses,although,uponapplicationofastockholder,theDelawareCourtofChancerymayorderalloraportionoftheexpensesincurredbyanystockholderinconnectionwiththeappraisalproceeding,includingreasonableattorneys’feesandthefeesandexpensesofexperts,tobechargedprorataagainstthevalueofallsharesentitledtoappraisal.

IfyouhavedulydemandedanappraisalincompliancewithSection262oftheDGCL,youmaynot,afterthecompletionofthemerger,votetheCelgenesharessubjecttothedemandforanypurposeorreceiveanydividendsorotherdistributionsonthoseshares,exceptdividendsorotherdistributionspayabletoCelgenestockholdersasofarecorddatepriortothecompletionofthemerger.

Ifyouhavenotcommencedanappraisalproceedingorjoinedsuchaproceedingasanamedparty,youmaywithdrawademandforappraisalandacceptthemergerconsiderationbydeliveringawrittenwithdrawalofthedemandforappraisalandanacceptanceofthemergerconsiderationtothesurvivingcorporation,exceptthatanyattempttowithdrawmademorethan60daysafterthecompletionofthemergerwillrequirewrittenapprovalofthesurvivingcorporation,andnoappraisalproceedingintheDelawareCourtofChancerywillbedismissedastoanystockholderwithouttheapprovaloftheDelawareCourtofChancery.SuchapprovalmaybeconditionedonthetermstheDelawareCourtofChancerydeemsjust;provided,however,thatthisprovisionwillnotaffecttherightofanystockholderwhohasnotcommencedanappraisalproceedingorjoinedsuchproceedingasanamedpartytowithdrawsuchstockholder’sdemandforappraisalandtoacceptthetermsofferedinthemergerwithin60daysafterthecompletionofthemerger.Ifyoufailtoperfect,effectivelywithdraw,waiveorotherwiselosetheappraisalright,yourshareswillbeconvertedintotherighttoreceivethemergerconsideration.

FailuretofollowthestepsrequiredbySection262oftheDGCLforperfectingappraisalrightsmayresultinthelossofappraisalrights.Inthatevent,youwillbeentitledtoreceivethemergerconsiderationforyoursharesinaccordancewiththemergeragreement.InviewofthecomplexityoftheprovisionsofSection262oftheDGCL,ifyouareaCelgenestockholderandareconsideringexercisingyourappraisalrightsundertheDGCL,youshouldconsultyourownlegaladvisor.

THE PROCESS OF DEMANDING AND EXERCISING APPRAISAL RIGHTS REQUIRES STRICT COMPLIANCE WITHTECHNICAL PREREQUISITES. IF YOU WISH TO EXERCISE YOUR APPRAISAL RIGHTS, YOU SHOULD CONSULTWITH YOUR OWN LEGAL COUNSEL IN

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CONNECTION WITH COMPLIANCE UNDER SECTION 262 OF THE DGCL. TO THE EXTENT THERE ARE ANYINCONSISTENCIES BETWEEN THE FOREGOING SUMMARY AND SECTION 262 OF THE DGCL, THE DGCL WILLGOVERN.

Material U.S. Federal Income Tax Consequences

General

ThefollowingsummarydiscussesthematerialU.S.federalincometaxconsequencesofthemergertoholdersofsharesofCelgenecommonstock.ThisdiscussionisbasedontheCode,applicableTreasuryregulationspromulgatedundertheCode,administrativeinterpretations,andjudicialdecisionsasineffectasofthedateofthisjointproxystatement/prospectus,allofwhichmaychange,possiblywithretroactiveeffect.

ThisdiscussionaddressesonlytheconsequencesoftheexchangeofsharesofCelgenecommonstockheldascapitalassetswithinthemeaningofSection1221oftheCode(generally,propertyheldforinvestment).ItdoesnotaddressallaspectsofU.S.federalincometaxationthatmayberelevanttoaCelgenestockholderinlightoftheCelgenestockholder’sparticularcircumstances,ortoaCelgenestockholderthatissubjecttospecialrules,suchas:

• afinancialinstitutionorinsurancecompany;

• amutualfund;

• apass-throughentityorinvestorsinsuchentity;

• atax-exemptorganization;

• adealerorbrokerinsecurities;

• apersonwhosefunctionalcurrencyisnottheU.S.dollar;

• aformercitizenorformerlong-termresidentoftheUnitedStates;

• aregulatedinvestmentcompanyorrealestateinvestmenttrust;

• aCelgenestockholderthatholdsitssharesofCelgenecommonstock(orwillholditssharesofBristol-MyersSquibbcommonstockand/orCVRs)throughindividualretirementorothertax-deferredaccounts;

• atraderinsecuritieswhoelectstoapplyamark-to-marketmethodofaccounting;

• aCelgenestockholderthatholdssharesofCelgenecommonstock(orwillholditssharesofBristol-MyersSquibbcommonstockand/orCVRs)aspartofahedge,appreciatedfinancialposition,straddle,orconversionorintegratedtransaction;

• aCelgenestockholderthatacquiredsharesofCelgenecommonstockthroughtheexerciseofcompensatoryoptionsorstockpurchaseplansorotherwiseascompensation;

• aU.S.expatriateorentitycoveredbytheanti-inversionrulesundertheCode;

• apersonwhoactuallyorconstructivelyownsmorethan5%ofCelgenecommonstock;

• apersonwhoholdsbothsharesofCelgenecommonstockandBristol-MyersSquibbcommonstock;

• apersonsubjecttospecialtaxaccountingrules(includingrulesrequiringrecognitionofgrossincomebasedonataxpayer’sapplicablefinancialstatement);and

• apersonsubjecttothebaseerosionandanti-abusetax.

Forpurposesofthisdiscussion,a“U.S.holder”isabeneficialownerofsharesofCelgenecommonstockthatisforU.S.federalincometaxpurposes:

• anindividualwhoisacitizenorresidentoftheUnitedStates;

• acorporation,orotherentityorarrangementtaxableasacorporationforU.S.federalincometaxpurposes,createdororganizedinorunderthelawsoftheUnitedStatesoranystatethereinortheDistrictofColumbia;

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• anestate,theincomeofwhichissubjecttoU.S.federalincometaxationregardlessofitssource;or

• atrust(i)thatissubjecttotheprimarysupervisionofacourtwithintheUnitedStatesandallthesubstantialdecisionsofwhicharecontrolledbyoneormoreU.S.personsor(ii)thathasavalidelectionineffectunderapplicableU.S.TreasuryregulationstobetreatedasaU.S.person.

A“non-U.S.holder”isabeneficialownerofsharesofCelgenecommonstockthatisneitheraU.S.holdernorapartnershipforU.S.federalincometaxpurposes.

Ifapartnership(includinganyentityorarrangementtreatedasapartnershipforU.S.federalincometaxpurposes)holdssharesofCelgenecommonstock,theU.S.federalincometaxtreatmentofapartnerinthepartnershipwillgenerallydependuponthestatusofthepartnerandtheactivitiesofthepartnership.ApartnerofapartnershipholdingsharesofCelgenecommonstockshouldconsultitstaxadvisorsregardingthetaxconsequencestoitofthemerger.

ThisdiscussionofmaterialU.S.federalincometaxconsequencesisnotacompletedescriptionofallpotentialU.S.federalincometaxconsequencesofthemerger.Thisdiscussiondoesnotaddresstaxconsequencesthatmayvarywith,orarecontingenton,individualcircumstances.Inaddition,itdoesnotaddressanyalternativeminimumtax,anynon-incometaxoranynon-U.S.,stateorlocaltaxconsequencesofthemergerorthepotentialapplicationoftheMedicarecontributiontaxonnetinvestmentincome.Accordingly, eachCelgene stockholder should consult its tax advisor to determine the particular U.S. federal, state or local or non-U.S. income orother tax consequences to it of the merger, including the application and effect of any U.S. federal, state, local and foreignincome, estate, gift and other tax laws to, the receipt of cash, Bristol-Myers Squibb common stock and CVRs in exchange forCelgene common stock pursuant to the merger, and receipt of any CVR payments.

U.S. Federal Income Tax Consequences to U.S. Holders

Subjecttotheassumptions,qualificationsandlimitationssetforthherein(includingthosesetforthin“Material U.S. Federal IncomeTax Consequences ”above)andintheU.S.federalincometaxopinionfiledherewith,andexcepttotheextentstatedotherwisehereinorinsuchU.S.federalincometaxopinion,thisdiscussionofthematerialU.S.federalincometaxconsequencesofthemergertoholdersofsharesofCelgenecommonstock,totheextentsuchdiscussionrelatestomattersofU.S.federalincometaxlawandregulationsorlegalconclusionswithrespectthereto,constitutestheopinionofKirkland&EllisLLP,taxcounseltoBristol-MyersSquibb.

ThereceiptofthemergerconsiderationbyU.S.holderspursuanttothemergerwillbeataxabletransactionforU.S.federalincometaxpurposes.Ingeneral,forU.S.federalincometaxpurposes,aU.S.holderwillrecognizetaxablecapitalgainorlossinanamountequaltothedifference,ifany,between(i)thesumof(A)theamountofcash,includingcashreceivedinlieuoffractionalshares,receivedinthemerger,(B)thefairmarketvalueofthesharesofBristol-MyersSquibbcommonstockreceivedinthemergerand(C)thefairmarketvalueoftheCVRsreceivedinthemerger,eachdeterminedonthedateoftheconsummationofthemergerand(ii)suchU.S.holder’sadjustedtaxbasisinitssharesofCelgenecommonstockexchangedtherefor.

IfaU.S.holder’sholdingperiodinthesharesofCelgenecommonstocksurrenderedinthemergerisgreaterthanoneyearasofthedateofthemerger,thecapitalgainorlosswillbelong-termcapitalgainorloss.Long-termcapitalgainsofcertainnon-corporateholders,includingindividuals,aregenerallysubjecttoU.S.federalincometaxatpreferentialrates.ThedeductibilityofacapitallossrecognizedinconnectionwiththemergerissubjecttolimitationsundertheCode.IfaU.S.holderacquireddifferentblocksofsharesofCelgenecommonstockatdifferenttimesordifferentprices,suchU.S.holdermustdetermineitsadjustedtaxbasisandholdingperiodseparatelywithrespecttoeachblockofsharesofCelgenecommonstockthatitholds.

AU.S.holder’sinitialaggregatetaxbasisinBristol-MyersSquibbcommonstockreceivedinthemergerwillequalthefairmarketvalueoftheBristol-MyersSquibbcommonstockasofthedateofthemerger.TheholdingperiodoftheBristol-MyersSquibbcommonstockreceivedinthemergerwillbeginonthedayafterthemerger.

AU.S.holder’sinitialaggregatetaxbasisintheCVRsreceivedinthemergerwillequalthefairmarketvalueoftheCVRsasofthedateofthemerger.TheholdingperiodoftheCVRsreceivedinthemergerwillbeginonthedayafterthemerger.

Thisdiscussionassumesthatthereceiptofthemergerconsideration,includingCVRs,istreatedasa“closedtransaction”forU.S.federalincometaxpurposes,meaningthataholderofCelgenecommonstockwillmeasure

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itsgainorlossuponitsexchangeofCelgenecommonstockinthemergerbasedonthefairmarketvalueofthemergerconsiderationontheeffectivedateofthemerger.However,theU.S.federalincometaxtreatmentoftheCVRsisunclear.ThereisnolegalauthoritydirectlyaddressingtheU.S.federalincometaxtreatmentoftheCVRs,andtherecanbenoassurancethattheIRSwouldnotassert,orthatacourtwouldnotsustain,acontraryposition.Assumingthistreatmentiscorrect,apaymentwithrespecttoaCVRwouldlikelybetreatedasanon-taxablereturnofaU.S.holder’sadjustedtaxbasisintheCVRtotheextentthereof.Apaymentinexcessofsuchamountmaybetreatedas(i)apaymentwithrespecttoasaleofacapitalassetor(ii)incometaxedatordinaryrates.Additionally,thepartieshaveagreedtotreataportionofsuchpaymentasimputedinterestunderSection483oftheCode(asdiscussedimmediatelybelow).

InaccordancewiththeCVRagreement,Bristol-MyersSquibbhasagreedtoreportimputedinterestontheCVRspursuanttoSection483oftheCode,exceptasotherwiserequiredbyapplicablelaw.Accordingly,aportionofapaymentwithrespecttoaCVRwillbereportedasimputedinterest,whichwillbeordinaryincometotheU.S.holderoftheCVR.TheinterestamountwillequaltheexcessoftheamountreceivedwithrespecttotheCVRoveritspresentvalueasoftheconsummationofthemerger,calculatedusingtheshort-termapplicablefederalrateasthediscountrateandusingsuchU.S.holder’sregularmethodofaccounting(suchamountbeingtakenintoaccountwhenpaid,inthecaseofacashmethodholder,and,whenfixedanddeterminable,inthecaseofanaccrualmethodholder).

IfaCVRexpireswithoutanypaymentwithrespectthereto,althoughitisnotfreefromdoubt,theU.S.holdergenerallywillrecognizealoss,whichlosslikelywouldbeacapitalloss,inanamountequaltotheU.S.holder’sadjustedtaxbasisintheCVR.Theuseofcapitallossesissubjecttolimitations.EachU.S.holdershouldconsultitstaxadvisorsregardingthetreatmentinitsparticularcircumstancesoftheexpirationofaCVRwithoutanypayment.

UponasaleorexchangeofaCVR,aU.S.holdershouldrecognizecapitalgainorlossequaltothedifferencebetween(i)thesumoftheamountofanycashandthefairmarketvalueofanypropertyreceiveduponsuchsaleorexchange(lessanyimputedinterest,asdescribedbelow)and(ii)theU.S.holder’sadjustedtaxbasisintheCVR.Suchgainorlossgenerallywillbelong-termcapitalgainorlossiftheU.S.holderhasheldtheCVRformorethanoneyear.AportionoftheamountreceivedbyaU.S.holderuponthesaleorexchangeofaCVRmaybetreatedasimputedinterestincome,determinedasdescribedabove.

Due to the legal and factual uncertainty regarding the valuation and tax treatment of the CVRs, you are urged to consult yourtax advisors concerning the tax consequences to you resulting from the receipt of CVRs in the merger.

U.S. Federal Income Tax Consequences to non-U.S. Holders

Thereceiptofthemergerconsiderationbyanon-U.S.holderpursuanttothemergerwillnotbesubjecttoU.S.federalincometaxunless:

• thegain,ifany,recognizedbythenon-U.S.holderiseffectivelyconnectedwithatradeorbusinessofthenon-U.S.holderintheUnitedStates(and,ifrequiredbyanapplicableincometaxtreaty,isattributabletothenon-U.S.holder’spermanentestablishmentintheUnitedStates);

• thenon-U.S.holderisanindividualwhoispresentintheUnitedStatesfor183daysormoreinthetaxableyearofthemergerandcertainotherconditionsaremet;or

• thenon-U.S.holderowned,directlyorundercertainconstructiveownershiprulesoftheCode,morethan5%ofthesharesofCelgenecommonstockatanytimeduringthefive-yearperiodprecedingthemerger,andCelgeneisorhasbeena“U.S.realpropertyholdingcorporation”withinthemeaningofSection897(c)(2)oftheCodeforU.S.federalincometaxpurposesatanytimeduringtheshorterofthefive-yearperiodprecedingthemergerortheperiodthatthenon-U.S.holderheldthesharesofCelgenecommonstock.

Gaindescribedinthefirstbulletpointabovewillbesubjecttotaxonanetincomebasisinthesamemannerasifthenon-U.S.holderwereaU.S.holder(unlessanapplicableincometaxtreatyprovidesotherwise).Additionally,anygaindescribedinthefirstbulletpointaboveofanon-U.S.holderthatisacorporationalsomaybesubjecttoanadditional“branchprofitstax”ata30%rate(orlowerrateprovidedbyanapplicableincometaxtreaty).Anon-U.S.holderdescribedinthesecondbulletpointabovewillbesubjecttotaxatarate

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of30%(oralowerrateprovidedbyanapplicableincometaxtreaty)onanycapitalgainrealized,whichmaybeoffsetbyU.S.-sourcecapitallossesrecognizedinthesametaxableyear.Ifthethirdbulletpointaboveappliestoanon-U.S.holder,capitalgainrecognizedbysuchholderwillbesubjecttotaxatgenerallyapplicableU.S.federalincometaxrates.Celgenebelievesthatithasnotbeena“U.S.realpropertyholdingcorporation”forU.S.federalincometaxpurposesatanytimeduringthefive-yearperiodprecedingthemerger.

Asdiscussedabove,itispossiblethataportionofapaymenttoanon-U.S.holderwithrespecttoaCVRmaybetreatedasimputedinterest,whichwouldbesubjecttoU.S.withholdingtax,generallyata30%rateunlessreducedoreliminatedbyanapplicabletreaty.Inaddition,apaymenttoanon-U.S.holderwithrespecttoaCVRmaybesubjecttoU.S.backupwithholdingandFATCAwithholding,eachasdiscussedbelow.

UponasaleorexchangeofaCVR,anon-U.S.holdershouldnotbesubjecttoU.S.federalincometaxexceptasdescribedinthebulletpointsabove.However,ifaportionoftheamountreceivedbyanon-U.S.holderuponthesaleorexchangeofaCVRistreatedasimputedinterestincome,determinedasdescribedabove,suchportionmaybesubjecttoU.S.withholdingtax.

Non-U.S. holders are encouraged to consult their tax advisors regarding the potential application of U.S. withholding tax withrespect to payments with respect to a CVR and amounts received upon the sale or exchange of a CVR.

Backup Withholding and Information Reporting

PaymentsmadeinexchangeforsharesofCelgenecommonstock(includingcashpaidinlieuoffractionalshares)pursuanttothemergerandpaymentsmadewithrespecttotheCVRmaybesubject,undercertaincircumstances,toinformationreportingandbackupwithholding(currentlyatarateof24%).Toavoidbackupwithholding,anon-corporateU.S.holderthatdoesnototherwiseestablishanexemptionshouldcompleteandreturnanIRSFormW-9,certifyingunderpenaltiesofperjurythatsuchU.S.holderisa“UnitedStatesperson”(withinthemeaningoftheCode),thatthetaxpayeridentificationnumberprovidediscorrectandthatsuchU.S.holderisnotsubjecttobackupwithholding.

Anon-U.S.holdermaybesubjecttoinformationreportingandbackupwithholding(currentlyatarateof24%)onthemergerconsideration(includingcashpaidinlieuoffractionalshares)receivedinexchangeforsharesofCelgenecommonstockandpaymentsmadewithrespecttotheCVRunlessthenon-U.S.Holderestablishesanexemption,forexample,bycompletingtheappropriateIRSFormW-8forthenon-U.S.holder,inaccordancewiththeinstructionsthereto.

AnyamountwithheldunderthebackupwithholdingrulesisnotanadditionaltaxandgenerallywillbeallowedasarefundorcreditagainsttheU.S.federalincometaxliabilityofaCelgenestockholder,providedtherequiredinformationistimelyfurnishedtotheIRS.TheIRSmayimposeapenaltyuponaCelgenestockholderthatfailstoprovidethecorrecttaxpayeridentificationnumber.

Foreign Account Tax Compliance Act

Incertaincircumstances,legislationcommonlyknownastheForeignAccountTaxComplianceAct,whichisreferredtointhisjointproxystatement/prospectusasFATCA,imposesawithholdingtaxof30%onU.S.-sourceinterestanddividendincomereceivedbycertainnon-U.S.financialinstitutions(includinginvestmentfunds),unlesssuchinstitution(i)entersinto,andcomplieswith,anagreementwiththeIRStoreport,onanannualbasis,informationwithrespecttointerestsin,andaccountsmaintainedby,theinstitutionthatareownedbycertainU.S.personsorbycertainnon-U.S.entitiesthatarewhollyorpartiallyownedbyU.S.personsandtowithholdoncertainpayments,or(ii)ifrequiredunderanintergovernmentalagreementbetweentheUnitedStatesandanapplicableforeigncountry,reportssuchinformationtoitslocaltaxauthority,whichwillexchangesuchinformationwiththeU.S.authorities.Similarly,U.S.-sourceinterestanddividendsreceivedbyaholderthatisanon-financialnon-U.S.entitythatdoesnotqualifyundercertainexemptionswillgenerallybesubjecttowithholdingatataxrateof30%,unlesssuchentityeither(i)certifiesthatsuchentitydoesnothaveany“substantialUnitedStatesowners”or(ii)providescertaininformationregardingtheentity’s“substantialUnitedStatesowners,”whichthepayorwillgenerallyberequiredtoprovidetotheIRS.TheIRShasissuedproposedregulations(onwhichtaxpayersmayrelyuntilfinalregulationsareissued)thatwouldgenerallynotapplythesewithholdingrequirementstogrossproceedsfromassetdispositions.AnintergovernmentalagreementbetweentheUnitedStatesandanapplicableforeigncountrymaymodifytheserequirements.Accordingly,theentitythrough

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whichthesharesofBristol-MyersSquibbcommonstockorCVRsareheldwillaffectthedeterminationofwhethersuchwithholdingisrequired.HoldersshouldconsulttheirtaxadvisorsregardingthepossibleimplicationsoftheFATCArulesintheirparticularsituations.

Accounting Treatment

Themergerwillbeaccountedforasanacquisitionofabusiness.Bristol-MyersSquibbwillrecordassetsacquiredandliabilitiesassumedfromCelgeneprimarilyattheirrespectivefairvaluesatthedateofcompletionofthemerger.Anyexcessofthepurchaseprice(asdescribedunderNote5.EstimateofconsiderationexpectedtobetransferredintheCelgenemergerandpreliminarypurchasepriceallocationunder“CertainUnauditedProFormaCondensedCombinedFinancialStatements”beginningonpage59ofthisjointproxystatement/prospectus)overthenetfairvalueofsuchassetsandliabilitieswillberecordedasgoodwill.

ThefinancialconditionandresultsofoperationsofBristol-MyersSquibbaftercompletionofthemergerwillreflectCelgene’sbalancesandresultsaftercompletionofthemergerbutwillnotberestatedretroactivelytoreflectthehistoricalfinancialconditionorresultsofoperationsofCelgene.TheearningsofBristol-MyersSquibbfollowingcompletionofthemergerwillreflectacquisitionaccountingadjustments,includingtheeffectofchangesinthecarryingvalueforassetsandliabilitiesoninterestexpenseandamortizationexpense.Intangibleassetswithindefiniteusefullivesandgoodwillwillnotbeamortizedbutwillbetestedforimpairmentatleastannually,andallassetsincludinggoodwillwillbetestedforimpairmentwhencertainindicatorsarepresent.If,inthefuture,Bristol-MyersSquibbdeterminesthattangibleorintangibleassets(includinggoodwill)areimpaired,Bristol-MyersSquibbwillrecordanimpairmentchargeatthattime.

Listing of Bristol-Myers Squibb Common Stock; Delisting and Deregistration of Shares of Celgene Common Stock

ThemergeragreementobligatesBristol-MyersSquibbtouseitsreasonablebesteffortstocausetheBristol-MyersSquibbcommonstockandtheCVRstobeissuedinthemergertobelistedontheNYSE,subjecttoofficialnoticeofissuance,priortothecompletionofthemerger.ApprovalforlistingontheNYSEoftheBristol-MyersSquibbcommonstockandtheCVRs,subjecttoofficialnoticeofissuance,isaconditiontotheobligationsofCelgeneandBristol-MyersSquibbtocompletethemergerasdescribedunder“TheMergerAgreement—ConditionstoCompletionoftheMerger”beginningonpage177ofthisjointproxystatement/prospectus.Ifthemergeriscompleted,sharesofCelgenecommonstockwillnolongerbelistedonNasdaqandwillbederegisteredundertheExchangeAct,andCelgenewillnolongerberequiredtofileperiodicreportswiththeSEC.

Description of Debt Financing

Bristol-MyersSquibb’sobligationtocompletethetransactionisnotcontingentonthereceiptbyBristol-MyersSquibbofanyfinancing.Bristol-MyersSquibbestimatesthatitwillneedapproximately$36billioninordertopayCelgenestockholdersthecashamountsduetothemasmergerconsiderationunderthemergeragreementandtopayrelatedfeesandtransactioncostsinconnectionwiththetransaction.Bristol-MyersSquibbanticipatesthatthefundsneededtopaytheforegoingamountwillbederivedfrom(i)cashonhand,(ii)borrowingsunderitsexistingandnewcreditfacilitiesdescribedbelow,(iii)theproceedsfromthesaleofdebtsecuritiesor(iv)anycombinationoftheforegoing.Inaddition,eitherpriortooraftertheclosingofthetransaction,Bristol-MyersSquibbmayconductoneormoreexchangeoffers,offerstopurchaseand/orconsentsolicitationswithrespecttoCelgene’soutstandingdebtsecurities.Thetermsandtimingofanysuchdebtofferings,exchangeoffers,offerstopurchaseand/orconsentsolicitationshasnotbeendeterminedasofthedateofthisjointproxystatement/prospectus.Thisjointproxystatement/prospectusdoesnotconstituteanoffertosellorthesolicitationofanoffertobuyanydebtsecuritiesofBristol-MyersSquibborCelgene.Itdoesnotconstituteaprospectusorprospectusequivalentdocumentforanysuchsecurities.NoofferingofanydebtsecuritiesofBristol-MyersSquibbshallbemadeexceptbymeansofaprospectusmeetingtherequirementsofSection10oftheSecuritiesActoranexemptiontherefrom.

Inconnectionwithentryintothemergeragreement,onJanuary2,2019,Bristol-MyersSquibbenteredintoabridgefacilitycommitmentletter,whichisreferredtointhisjointproxystatement/prospectusasthebridgefacilitycommitmentletter,andthecreditfacility(ifany)establishedinaccordancewiththetermsthereofisreferredtointhisjointproxystatement/prospectusasthebridgefacility,withMSSFandMUFG,respectively,tofinanceupto$33.5billionofthe(i)cashconsiderationinconnectionwiththemerger,(ii)repaymentofcertain

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existingindebtednessofCelgene(ifapplicable)and(iii)feesandexpensesinconnectionwiththeforegoing,totheextentthatBristol-MyersSquibbhasnotreceived$33.5billionofnetcashproceedsfromacombinationof(A)cashonthebalancesheet,(B)theissuancebyBristol-MyersSquibbofunsecureddebtsecurities,equitysecuritiesand/orequity-linkedsecuritiesinpublicorprivateofferingstheproceedsofwhicharetobeusedtofinancethemerger,and(C)theincurrencebyBristol-MyersSquibbofunsecuredtermloanfacilities,ineachcase,atorpriortocompletionofthemerger.MSSFandMUFGeachprovidedacommitmenttofundloansunderthebridgefacilityandarecollectivelyreferredtointhisjointproxystatement/prospectusastheinitialbridgecommitmentparties.OnJanuary18,2019,Bristol-MyersSquibbandtheinitialbridgecommitmentpartiesenteredintoajoinderagreementtothebridgefacilitycommitmentletter,whichisreferredtointhisjointproxystatement/prospectusasthebridgejoinderagreement,withcertainadditionalcommitmentparties,whicharecollectivelyreferredtointhisjointproxystatement/prospectusastheadditionalbridgecommitmentparties.Thebridgejoinderagreementamendsthebridgefacilitycommitmentletterandreallocatesthecommitmentsoftheinitialbridgecommitmentpartiestofundloansunderthebridgefacilityamongtheinitialbridgecommitmentpartiesandtheadditionalbridgecommitmentparties.Theinitialbridgecommitmentpartiestogetherwiththeadditionalbridgecommitmentpartiesarecollectivelyreferredtointhisjointproxystatement/prospectusasthebridgecommitmentparties.AttheoptionofBristol-MyersSquibb,borrowingsunderthebridgefacilitywillbearinterestateitherabaserateoratthereserveadjustedEurodollarrate,plus,ineachcase,anapplicablemargin.Theapplicablemarginwillrangeinitiallyfrom0.0-0.125%withrespecttobaserateborrowings,and0.75-1.125%withrespecttothereserveadjustedEurodollarrateborrowings,ineachcase,basedonthepublicratingsofBristol-MyersSquibb’snon-creditenhancedseniorunsecuredlong-termdebt,andsubjecttoincreaseevery90-dayperiodtoarangeof(i)0.0-0.375%withrespecttobaserateborrowings,and1.00-1.375%withrespecttothereserveadjustedEurodollarrateborrowingsfordays90through179aftersuchclosingandfunding,(ii)0.25-0.625%withrespecttobaserateborrowings,and1.25-1.625%withrespecttothereserveadjustedEurodollarrateborrowingsfordays180through269aftersuchclosingandfundingand(iii)0.50-0.875%withrespecttobaserateborrowings,and1.50-1.875%withrespecttothereserveadjustedEurodollarrateborrowingsfordays270andthereafter,andineachcase,basedonthepublicratingsofBristol-MyersSquibb’snon-creditenhancedseniorunsecuredlong-termdebt.Thebridgecommitmentparties’obligationtofundthebridgefacilityissubjecttoseverallimitedconditionsassetforthinthebridgefacilitycommitmentletter,including,amongothers,completionofthemerger,thenon-occurrenceofamaterialadverseeffect(asdefinedinthebridgefacilitycommitmentletter)onCelgene,theaccuracyinallmaterialrespectsofcertainrepresentationsandwarrantiesrelatedtoBristol-MyersSquibb(includingtheabsenceofcertaineventsofdefaultbyBristol-MyersSquibb),thedeliveryofcertainfinancialstatementsofBristol-MyersSquibbandCelgeneandothercustomaryconditionstocompletion.Anyloansunderthebridgefacilitywillmatureonthedatethatis364daysaftertheclosingdate.Thecommitmentstoprovidethefinancingunderthebridgefacilitywillterminateontheearliesttooccurof(1)11:59p.m.onthedatethatisfivebusinessdaysafterthe“enddate”(asdefinedinthemergeragreementineffectonJanuary2,2019(givingeffecttoanyextensioninaccordancewithSection10.01(b)(i)ofthemergeragreementasineffectonJanuary2,2019)),(2)theconsummationofthemergerwithoutanyuseofthebridgefacilityand(3)thedateofanypublicannouncementbyBristol-MyersSquibboftheabandonmentbyBristol-MyersSquibbofthemergerorterminationinaccordancewiththetermsofthemergeragreementofBristol-MyersSquibb’sobligationsunderthemergeragreementtoconsummatethemerger,whichdatewerefertohereinasthecommitmentterminationdate.

Inconnectionwiththemerger,onJanuary18,2019,Bristol-MyersSquibbenteredintoatermloanagreement,whichisreferredtointhisjointproxystatement/prospectusasthetermloanagreement,withagroupofbanksandotherfinancialinstitutionsnamedtherein,whicharecollectivelyreferredtointhisjointproxystatement/prospectusasthetermlenders,consistingofa$1billion364-daytranche,a$4billionthree-yeartrancheanda$3billionfive-yeartranche,whichisreferredtointhisjointproxystatement/prospectusasthetermloanfacilityandtheloansthereunderarereferredtoasthetermloans,tofinance$8billionof(i)cashconsiderationinconnectionwiththemerger,(ii)therepaymentofcertainexistingindebtednessofCelgene(ifapplicable)and(iii)feesandexpensesinconnectionwiththeforegoing.TheoccurrenceoftheeffectivedateunderthetermloanagreementonJanuary18,2019hadtheeffectofreducingthecommitmentsunderthebridgefacilitybyaprincipalamountof$8billionto$25.5billion.Thecommitmentstoprovidethefinancingunderthetermloanagreementwillterminateonthecommitmentterminationdate.Thetermlenders’obligationtofundthetermloanfacilityissubjecttoseverallimitedconditionsassetforthinthetermloanagreement,including,amongothers,completionofthemerger,thenon-occurrenceofamaterialadverseeffect(asdefinedinthetermloanagreement)onCelgene,theaccuracyinallmaterialrespectsofcertainrepresentationsandwarrantiesrelated

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toBristol-MyersSquibb(includingtheabsenceofcertaineventsofdefaultbyBristol-MyersSquibb),thedeliveryofcertainfinancialstatementsofBristol-MyersSquibbandCelgeneandothercustomaryconditionstocompletion.AttheoptionofBristol-MyersSquibb,borrowingsunderthetermloanagreementwillbearinterestateitherabaserateorattheEurodollarrate,plus,ineachcase,anapplicablemargin.Theapplicablemarginwillrangefrom(i)withrespecttothe$1billion364-daytranche,0.0-0.125%withrespecttobaserateborrowings,and0.75-1.125%withrespecttoEurodollarrateborrowings,(ii)withrespecttothe$4billionthree-yeartranche,0.0-0.25%withrespecttobaserateborrowings,and0.875-1.25%withrespecttoEurodollarrateborrowings,and(iii)withrespecttothe$3billionfive-yeartranche,0.0-0.375%withrespecttobaserateborrowings,and1.00-1.375%withrespecttoEurodollarrateborrowingsineachcase,basedonthepublicratingsofBristol-MyersSquibb’snon-creditenhancedseniorunsecuredlong-termdebt.

OnJanuary25,2019,Bristol-MyersSquibbenteredintoa364-dayrevolvingloanagreement,whichisreferredtointhisjointproxystatement/prospectusasthe364-dayrevolvingloanagreement,withagroupofbanksandotherfinancialinstitutionsnamedtherein,whicharecollectivelyreferredtointhisjointproxystatement/prospectusasthe364-dayrevolvinglenders,consistingofa$2billion364-daytranchetoreplaceinfullBristol-MyersSquibb’sexisting364-dayrevolvingfacilityandshallbeusedforgeneralcorporatepurposes,whichisreferredtointhisjointproxystatement/prospectusasthe364-dayrevolvingloanfacilityandtheloansthereunderarereferredtoasthe364-dayrevolvingloans.The364-dayrevolvingloanfacilityisavailabletobedrawninfull,subjecttocustomaryconditionstoborrowing.

OnJanuary25,2019,Bristol-MyersSquibbalsoenteredintoathree-yearrevolvingloanagreement,whichisreferredtointhisjointproxystatement/prospectusasthethree-yearrevolvingloanagreement,withagroupofbanksandotherfinancialinstitutionsnamedtherein,whicharecollectivelyreferredtointhisjointproxystatement/prospectusasthethree-yearrevolvinglenders,consistingofa$1billionthree-yeartranchethatshallbeusedforgeneralcorporatepurposes,whichisreferredtointhisjointproxystatement/prospectusasthethree-yearrevolvingloanfacilityandtheloansthereunderarereferredtoasthethree-yearrevolvingloans.Thethree-yearrevolvingloanfacilityisavailabletobedrawninfull,subjecttocustomaryconditionstoborrowing.

Litigation Relating to the Merger

AsofFebruary18,2019,sevencomplaintshavebeenfiledbyCelgenestockholdersseekingtoenjointhemerger.Sam B. Gerold v.Celgene Corporation, et al. ,No.1:19-cv-00233,Karen Sbriglio v. Celgene Corporation, et al. ,No.1:19-cv-00277andBette Graysonv. Celgene Corporation, et al. ,No.1:19-cv-00332werefiledintheUnitedStatesDistrictCourtfortheDistrictofDelaware.RobertLowinger v. Celgene Corporation, et al. ,No.2:19-cv-04752,Michael A. Bernstein v. Celgene Corporation, et al. ,No.2:19-cv-04804andElaine Wang v. Celgene Corporation, et al. ,2:19-cv-04865werefiledintheUnitedStatesDistrictCourtfortheDistrictofNewJersey.Kristen Rogers v. Celgene Corporation, et al. ,No.1:19-cv-01275wasfiledintheUnitedStatesDistrictCourtfortheSouthernDistrictofNewYork.

ThesevenfederalcomplaintsnameasdefendantsCelgeneandthemembersofitsboardofdirectorsandseektostateclaimsunderthefederalsecuritieslawsinconnectionwiththejointproxystatement/prospectusasfiledonFebruary1,2019,allegingthatitcontainsmateriallyincompleteandmisleadinginformation.TheplaintiffsinSam B. Gerold, Karen Sbriglio ,andBette Grayson havenamedBristol-MyersSquibbandBurgundyMergerSubasdefendantsaswell.TwoofthelawsuitsagainstBristol-MyersSquibbandBurgundyMergerSub,Sam B. Gerold andBette Grayson ,arestyledasputativeclassactions.

Aneighthcomplaint,Elizabeth Landers, et al. v. Giovanni Caforio, et al. ,No.2019-0125,wasfiledintheCourtofChanceryoftheStateofDelaware.Elizabeth Landers isstyledasaputativeclassactiononbehalfofBristol-MyersSquibbstockholdersandnamesmembersoftheBristol-MyersSquibbboardofdirectorsasdefendants,allegingthattheybreachedtheirfiduciarydutiesbyfailingtodisclosematerialinformationaboutthemerger.

Bristol-MyersSquibb,BurgundyMergerSubandCelgeneintendtodefendthemselvesvigorouslyintheselawsuits.

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THE MERGER AGREEMENT

Thefollowingisasummaryofthematerialtermsandconditionsofthemergeragreement.Thissummarymaynotcontainalltheinformationaboutthemergeragreementthatisimportanttoyou.ThissummaryisqualifiedinitsentiretybyreferencetothemergeragreementattachedasAnnexAto,andincorporatedbyreferenceinto,thisjointproxystatement/prospectus.Youareencouragedtoreadthemergeragreementcarefullyandinitsentiretybecauseitisthelegaldocumentthatgovernsthemergerandtheothertransactionsdescribedinthisjointproxystatement/prospectus(includingthestockissuance).

Explanatory Note Regarding the Merger Agreement and the Summary of the Merger Agreement: Representations, Warrantiesand Covenants in the Merger Agreement Are Not Intended to Function or Be Relied on as Public Disclosures

Themergeragreementandthesummaryofitstermsinthisjointproxystatement/prospectushavebeenincludedtoprovideinformationaboutthetermsandconditionsofthemergeragreement.ThetermsandinformationinthemergeragreementarenotintendedtoprovideanyotherpublicdisclosureoffactualinformationaboutCelgene,Bristol-MyersSquibboranyoftheirrespectivesubsidiariesoraffiliates.Therepresentations,warranties,covenantsandagreementscontainedinthemergeragreementaremadebyCelgene,Bristol-MyersSquibbandMergerSubonlyforthepurposesofthemergeragreementandarequalifiedandsubjecttocertainlimitationsandexceptionsagreedtobyCelgene,Bristol-MyersSquibbandMergerSubinconnectionwithnegotiatingthetermsofthemergeragreement.Inparticular,inyourreviewoftherepresentationsandwarrantiescontainedinthemergeragreementanddescribedinthissummary,itisimportanttobearinmindthattherepresentationsandwarrantiesweremadesolelyforthebenefitofthepartiestothemergeragreementandwerenegotiatedforthepurposeofallocatingcontractualriskamongthepartiestothemergeragreementratherthantoestablishmattersasfacts.TherepresentationsandwarrantiesmayalsobesubjecttoacontractualstandardofmaterialityormaterialadverseeffectdifferentfromthosegenerallyapplicabletostockholdersandreportsanddocumentsfiledwiththeSECandinsomecasesmaybequalifiedbyconfidentialdisclosuresmadebyonepartytotheother,whicharenotreflectedinthemergeragreement.Moreover,informationconcerningthesubjectmatteroftherepresentationsandwarranties,whichdonotpurporttobeaccurateasofthedateofthisjointproxystatement/prospectus,mayhavechangedsincethedateofthemergeragreement,whichsubsequentinformationmayormaynotbefullyreflectedinCelgene’sorBristol-MyersSquibb’spublicdisclosures.Investorsarenotthird-partybeneficiariesunderthemergeragreementexceptforthelimitedpurposesexpresslysetforththereinandshouldnotrelyontherepresentationsandwarrantiesoranydescriptionsthereofascharacterizationsoftheactualstateoffactsorconditionofthepartiestheretooranyoftheirrespectivesubsidiariesoraffiliates.

Fortheforegoingreasons,therepresentations,warranties,covenantsandagreementsandanydescriptionsofthoseprovisionsshouldnotbereadaloneorrelieduponascharacterizationsoftheactualstateoffactsorconditionofCelgeneandBristol-MyersSquibboranyoftheirrespectivesubsidiariesoraffiliates.Instead,suchprovisionsordescriptionsshouldbereadonlyinconjunctionwiththeotherinformationprovidedelsewhereinthisjointproxystatement/prospectusorincorporatedbyreferenceintothisjointproxystatement/prospectus.

Structure of the Merger

ThemergeragreementprovidesforthemergerofMergerSubwithandintoCelgene,withCelgenesurvivingthemergerasawholly-ownedsubsidiaryofBristol-MyersSquibb.

Fromandaftertheeffectivetimeofthemerger,thecertificateofincorporationandtheby-lawsofMergerSubineffectimmediatelypriortothecompletionofthemergerwillbethecertificateofincorporationandby-laws,respectively,ofCelgene,asthesurvivingcorporationinthemerger,ineachcase,untilamendedinaccordancewithapplicablelawandsuchcertificateofincorporationandby-laws,asapplicable.Fromandaftertheeffectivetimeofthemerger,thedirectorsofMergerSubandtheofficersofCelgeneimmediatelypriortothecompletionofthemergerwillbethedirectorsandofficers,respectively,ofCelgene,asthesurvivingcorporationinthemerger,ineachcase,untiltheirsuccessorsaredulyelectedorappointedandqualifiedinaccordancewiththesurvivingcorporation’scertificateofincorporation,by-lawsandapplicablelaw.

Closing and Effectiveness of the Merger

UnlessotherwisemutuallyagreedtobyCelgeneandBristol-MyersSquibb,theclosingofthemergerwilltakeplaceat10:00a.m.,EasternTime,onthethirdbusinessdayfollowingthesatisfactionor,totheextentpermittedbyapplicablelaw,waiveroftheconditionstothecompletionofthemerger(otherthanconditionsthatbytheir

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naturearetobesatisfiedattheclosingofthemerger,butsubjecttothesatisfactionor,totheextentpermittedbyapplicablelaw,waiverofsuchconditionsbythepartyorpartiesentitledtothebenefitthereofatthetimeoftheclosingofthemerger)describedunder“—ConditionstoCompletionoftheMerger”beginningonpage177ofthisjointproxystatement/prospectus.Attheclosingofthemerger,thepartieswillfileacertificateofmergerwiththeSecretaryofStateoftheStateofDelaware.ThemergerwillbeeffectiveatsuchtimethatthecertificateofmergerisfiledwiththeSecretaryofStateoftheStateofDelawareoratsuchlatertimeasCelgeneandBristol-MyersSquibbagreeandisspecifiedinthecertificateofmerger,whichtimeisreferredtointhisjointproxystatement/prospectusastheeffectivetimeofthemerger.Attheeffectivetimeofthemerger,alloftheproperty,rightsandprivilegesofCelgeneandMergerSubwillvestinthesurvivingcorporation,andalloftheliabilitiesandobligationsofCelgeneandMergerSubwillbecomeliabilitiesandobligationsofthesurvivingcorporation.

Assumingtimelysatisfactionofthenecessaryclosingconditions,thecompletionofthemergerisexpectedtooccurinthethirdquarterof2019.However,asthemergerissubjecttovariousregulatoryapprovalsandthesatisfactionorwaiverofotherconditionsdescribedinthemergeragreement,itispossiblethatfactorsoutsidethecontrolofCelgeneandBristol-MyersSquibbcouldresultinthemergerbeingconsummatedatalatertimeornotatall.IfthemergerisnotcompletedonorbeforetheenddateofJanuary2,2020,subjecttoCelgene’sandBristol-MyersSquibb’srespectiverighttounilaterallyextendsuchenddatefortwoadditional60dayperiodsuponwrittennoticetotheotherpartyinthecircumstancesdescribedunder“—TerminationoftheMergerAgreement”beginningonpages198ofthisjointproxystatement/prospectus,eitherCelgeneorBristol-MyersSquibbmayterminatethemergeragreement.Therighttoterminatethemergeragreementaftertheenddate(asmaybeextended)ortoextendtheenddatewillnotbeavailabletoCelgeneorBristol-MyersSquibb,asapplicable,ifthatparty’sbreachofanyprovisionofthemergeragreementistheproximatecauseofthefailureofthemergertobecompletedbytheenddate(asmaybeextended).See“—ConditionstoCompletionoftheMerger”and“—TerminationoftheMergerAgreement”beginningonpages177and198,respectively,ofthisjointproxystatement/prospectus.

Merger Consideration

Attheeffectivetime,eachshareofCelgenecommonstockissuedandoutstandingimmediatelypriortothecompletionofthemerger,otherthanexcludedstockanddissentingstock,willbeconvertedintotherighttoreceive(i)$50.00incash,withoutinterest,(ii)oneshareofBristol-MyersSquibbcommonstock,and(iii)oneCVRissuedbyBristol-MyersSquibbsubjecttoandinaccordancewiththeCVRagreementasdescribedunder“DescriptionoftheCVRs”beginningonpage217ofthisjointproxystatement/prospectus.

No Fractional Shares of Bristol-Myers Squibb or CVRs

CelgenestockholderswillnotreceiveanyfractionalsharesofBristol-MyersSquibbcommonstockorfractionalCVRsinthemerger.EachCelgenestockholderthatotherwisewouldhavebeenentitledtoreceiveafractionofashareofBristol-MyersSquibbcommonstockorfractionalCVR(afteraggregatingallsharesrepresentedbythecertificatessurrenderedoruncertificatedsharesdeliveredbysuchholder)willreceive,inlieuthereof,cash,withoutinterest,inanamountequaltosuchfractionalamount(roundeddowntothenearestcent)representingsuchholder’sproportionateinterestinthenetproceedsfromthesalebytheexchangeagentonbehalfofallsuchholdersofsharesofBristol-MyersSquibbcommonstockorCVRsthatwouldotherwisebeissued.

Shares Subject to Properly Exercised Appraisal Rights

ThesharesofCelgenecommonstockheldbyCelgenecommonstockholderswhodonotvoteforadoptionofthemergeragreementandwhootherwiseproperlyexerciseandperfectappraisalrightsfortheirsharesinaccordancewiththeDGCLwillnotbeconvertedintotherighttoreceivethemergerconsiderationtowhichtheywouldotherwisebeentitledpursuanttothemergeragreement,butwillinsteadbecancelledandconvertedintotherighttoreceivejudiciallydetermined“fairvalue”ofsuchsharesattheeffectivetime.IfanyCelgenestockholderfailstomakeaneffectivedemandforappraisalorotherwisewaives,withdrawsorloseshis,heroritsappraisalrights,suchstockholder’ssharesofCelgenecommonstockwillbedeemedtohavebeenconvertedasoftheeffectivetimeintotherighttoreceivethemergerconsideration.See“—AppraisalorDissenters’RightsforCelgeneStockholders”beginningonpage160ofthisjointproxystatement/prospectusforadditionalinformation.

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Procedures for Surrendering Celgene Stock Certificates

TheconversionofCelgenecommonstock,otherthanexcludedstockanddissentingstock,intotherighttoreceivethemergerconsiderationwilloccurautomaticallyattheeffectivetime.Priortotheeffectivetime,Bristol-MyersSquibbwillappointanexchangeagentreasonablyacceptabletoCelgeneandenterintoanexchangeagentagreementwithsuchexchangeagentthatisreasonablyacceptabletoCelgenethatprovidesfortheexchangeagenttohandletheexchangeofcertificatesorbook-entrysharesrepresentingsharesofCelgenecommonstockforthemergerconsideration.Asoftheeffectivetime,Bristol-MyersSquibbwilldepositormakeavailabletotheexchangeagentthecash,Bristol-MyersSquibbcommonstock(incertificatedorbook-entryform)andCVRscomprisingthemergerconsiderationinrespectofsuchCelgenecommonstock.Promptly(butnotlaterthantwobusinessdays)aftertheeffectivetime,Bristol-MyersSquibbwill,orwillcausetheexchangeagentto,sendaletteroftransmittaltoeachpersonwhoisarecordholderofCelgenecommonstock,otherthanexcludedstockanddissentingstock,atthecompletionofthemergerforuseintheexchangeandinstructionsexplaininghowtosurrenderCelgenestockcertificatesortransferuncertificatedsharesofCelgenecommonstocktotheexchangeagentinexchangeforthemergerconsideration.

Celgenestockholderswhosubmit(i)aproperlycompletedletteroftransmittal,togetherwiththeirstockcertificates(inthecaseofcertificatedshares)or(ii)otherevidenceoftransferrequestedbytheexchangeagent(inthecaseofbook-entryshares),willreceivethemergerconsiderationintowhichthesharesofCelgenecommonstockwereconvertedinthemerger.TheBristol-MyersSquibbcommonstockconstitutingpartofsuchmergerconsiderationwillbedeliveredtoCelgenestockholdersinbook-entryformunlessaphysicalcertificateisrequestedbyaCelgenestockholderorotherwiserequiredunderapplicablelaw,andtheCVRsconstitutingpartofthemergerconsiderationwillbedeliveredtotheCelgenestockholders.Aftercompletionofthemerger,eachcertificatethatpreviouslyrepresentedsharesofCelgenecommonstockandeachuncertificatedshareofCelgenecommonstockthatpreviouslywasregisteredtoaholderonCelgene’sstocktransferbooks,exceptforexcludedstockanddissentingstock,willonlyrepresenttherighttoreceivethemergerconsiderationintowhichthosesharesofCelgenecommonstockhavebeenconverted(andanydividendsontheBristol-MyersSquibbcommonstockintowhichsuchsharesofCelgenecommonstockhavebeenconverted).

NeitherCelgene,Bristol-MyersSquibbnortheexchangeagentwillberesponsiblefortransferorothersimilartaxesandfeesincurredbyholdersofCelgenecommonstockinconnectionwiththemerger.Thosetaxesandfees,ifany,willbethesoleresponsibilityofsuchholders.Inaddition,ifthereisatransferofownershipofCelgenecommonstockthatisnotregisteredintherecordsofCelgene’stransferagent,paymentofthemergerconsiderationasdescribedabove(andanydividendsontheBristol-MyersSquibbcommonstockintowhichsuchCelgenestockhavebeenconverted)willbemadetoapersonotherthanthepersoninwhosenamethecertificateoruncertificatedsharesosurrenderedisregisteredonlyifthecertificateisproperlyendorsedorotherwiseisinproperformfortransferortheuncertificatedshareisproperlytransferred,andthepersonrequestingthepaymentpaystotheexchangeagentanytransferorothersimilartaxesrequiredasaresultofsuchpaymentorestablishestothesatisfactionoftheexchangeagentthatanytransferorothersimilartaxeshavebeenpaidorarenotpayable.

Aftercompletionofthemerger,Bristol-MyersSquibbwillnotpaydividendswitharecorddateonoraftertheeffectivetimeoranycashinlieuoffractionalsharestoanyholderofanyCelgenestockcertificatesoruncertificatedsharesofCelgenecommonstockontheBristol-MyersSquibbcommonsharesintowhichsuchCelgeneshareshavebeenconverteduntiltheholdersurrenderstheCelgenestockcertificatesortransferstheuncertificatedsharesofCelgenecommonstockasdescribedabove.However,oncethosecertificatesoruncertificatedsharesofCelgenecommonstockaresurrenderedortransferred,asapplicable,Bristol-MyersSquibbwillpaytotheholder,withoutinterest,anydividendsontheBristol-MyersSquibbcommonsharesintowhichsuchsharesofCelgenecommonstockhavebeenconvertedwitharecorddateonoraftercompletionofthemergerthathavebeenpaidpriortosuchsurrenderortransfer,asapplicable,andanycashinlieuoffractionalsharesthatsuchholderisentitledtoreceive.

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Treatment of Celgene Equity Awards

Celgene Stock Options

Attheeffectivetimeofthemerger,eachcompensatoryoptiontopurchasesharesofCelgenecommonstockunderanyCelgenestockplanthatisoutstandingandunexercisedimmediatelypriortothecompletionofthemerger,whichisreferredtointhisjointproxystatement/prospectusasaCelgeneStockOption,whetherornotvested,willbetreatedasdescribedbelow.

IfsuchCelgeneStockOptionisanIn-the-MoneyOptionitwillbeassumedbyBristol-MyersSquibbandconvertedinto(i)anoption,whichisreferredtointhisjointproxystatement/prospectusasanAssumedIn-the-MoneyOption,topurchase,onthesametermsandconditionsasappliedtoeachsuchCelgeneStockOptionimmediatelypriortotheeffectivetimeofthemerger,sharesofBristol-MyersSquibbcommonstock,exceptthat(A)thenumberofsharesofBristol-MyersSquibbcommonstock,subjecttosuchAssumedIn-the-MoneyOptionsshallequaltheproductof(x)thenumberofsharesofCelgenecommonstockthatweresubjecttosuchCelgeneStockOptionimmediatelypriortotheeffectivetimeofthemerger,multipliedby(y)theEquityAwardExchangeRatio(roundeddowntothenearestnumberofwholesharesofBristol-MyersSquibbcommonstock),and(B)theper-shareexercisepricewillequalthequotientof(x)theexercisepricepershareofCelgenecommonstockatwhichsuchCelgeneStockOptionwasexercisable,dividedby(y)theEquityAwardExchangeRatio(roundeduptothenearestwholecent),and(ii)therighttoreceive(A)ifsuchIn-the-MoneyOptionwasvestedpriortotheeffectivetimeofthemerger,oneCVRforeachshareofCelgenecommonstockunderlyingsuchIn-the-MoneyOptionimmediatelypriortothecompletionofthemergeror(B)ifsuchIn-the-MoneyOptionwasnotvestedimmediatelypriortothecompletionofthemerger,immediatelyupon,andsubjectto,thevestingoftheAssumedIn-theMoneyOption,theUnvestedEquityAwardCVRConsideration.EachAssumedIn-the-MoneyOptionwillcontinuetohavethesametermsandconditionsasappliedtothecorrespondingCelgeneStockOptionimmediatelypriortotheeffectivetimeofthemerger.

IfsuchCelgeneStockOptionisanOut-of-the-MoneyOption,itwillbeassumedbyBristol-MyersSquibbandconvertedintoanoption,whichisreferredtointhisjointproxystatement/prospectusasanAssumedOut-of-the-MoneyStockOption,topurchase,onthesametermsandconditionsasappliedtoeachsuchCelgeneStockOptionimmediatelypriortotheeffectivetimeofthemerger,sharesofBristol-MyersSquibbcommonstock,exceptthatthenumberofsharesofBristol-MyersSquibbcommonstock,subjecttosuchAssumedOut-of-the-MoneyStockOptionwillequaltheproductof(i)thenumberofsharesofCelgenecommonstockthatweresubjecttosuchCelgeneStockOptionimmediatelypriortotheeffectivetimeofthemerger,multipliedby(ii)theOut-of-the-MoneyOptionExchangeRatio(roundeddowntothenearestnumberofwholesharesofBristol-MyersSquibbcommonstock),andtheper-shareexercisepricewillequalthequotientof(A)theexercisepricepershareofCelgenecommonstockatwhichsuchCelgeneStockOptionwasexercisable,dividedby(B)theOut-of-the-MoneyOptionExchangeRatio(roundeduptothenearestwholecent).EachAssumedOut-of-the-MoneyStockOptionwillcontinuetohavethesametermsandconditionsasappliedtothecorrespondingCelgeneStockOptionimmediatelypriortotheeffectivetimeofthemerger.

Celgene Restricted Stock Units

Attheeffectivetimeofthemerger,eachrestrictedstockunitawardwithrespecttosharesofCelgenecommonstockoutstandingunderanyCelgenestockplanthatvestssolelybasedonthepassageoftimewhichisreferredtointhisjointproxystatement/prospectusasaCelgeneRSUAward,willbeassumedbyBristol-MyersSquibbandconvertedinto(i)arestrictedunitawardwhichisreferredtointhisjointproxystatement/prospectusasanAssumedRestrictedUnitAward,thatsettlesinanumberofsharesofBristol-MyersSquibbcommonstockequalto(A)thenumberofsharesofCelgenecommonstockunderlyingtheCelgeneRSUAwardimmediatelypriortotheeffectivetimeofthemergermultipliedby(B)theEquityAwardExchangeRatio(roundeduptothenearestwholenumberofshares)and(ii)therighttoreceive,subjecttothevestingoftheAssumedRestrictedUnitAward,theUnvestedEquityAwardCVRConsideration.EachAssumedRestrictedUnitAwardwillcontinuetohavethesametermsandconditionsasappliedtothecorrespondingCelgeneRSUAwardimmediatelypriortotheeffectivetimeofthemerger.

Celgene Performance Stock Units

Attheeffectivetimeofthemerger,eachrestrictedstockunitawardwithrespecttosharesofCelgenecommonstockoutstandingunderanyCelgenestockplanthatvestsbasedontheachievementofperformancegoals,whichisreferredtointhisjointproxystatement/prospectusasaCelgenePSUAward,willbeassumedby

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Bristol-MyersSquibbandconvertedinto(i)arestrictedstockunitaward,whichisreferredtointhisjointproxystatement/prospectusasanAssumedPerformanceUnitAward,thatsettlesinanumberofsharesofBristol-MyersSquibbcommonstockequaltotheproductof(A)thenumberofsharesofCelgenecommonstockunderlyingtheCelgenePSUAwardimmediatelypriortotheeffectivetimeofthemerger(determinedbydeemingtheapplicableperformancegoalstobeachievedatthegreaterofthetargetlevelandtheactuallevelofachievementthroughtheendofthecalendarquarterimmediatelyprecedingthemergereffectivetime)multipliedby(B)theEquityAwardExchangeRatio(roundeduptothenearestwholenumberofshares),and(ii)therighttoreceive,subjecttothevestingoftheAssumedPerformanceUnitAward,theUnvestedEquityAwardCVRConsideration.EachAssumedPerformanceUnitAwardwillcontinuetohavethesametermsandconditionsasappliedtothecorrespondingCelgenePSUAward(otherthanperformance-basedvestingconditions)immediatelypriortotheeffectivetimeofthemerger.

Celgene Restricted Stock Awards

Attheeffectivetimeofthemerger,eachrestrictedstockawardwithrespecttosharesofCelgenecommonstockoutstandingunderanyCelgeneStockPlanthatvestsbasedonthepassageoftimeand/ortheachievementofperformancegoals,whichisreferredtointhisjointproxystatement/prospectusasaCelgeneRSA,willbeassumedbyBristol-MyersSquibbandconvertedinto(i)arestrictedstockaward,whichisreferredtointhisjointproxystatement/prospectusasanAssumedRestrictedStockAward,thatsettlesinanumberofsharesofBristol-MyersSquibbcommonstockequalto(A)thenumberofsharesofCelgenecommonstockunderlyingtheCelgeneRSAimmediatelypriortothecompletionofthemergermultipliedby(B)theEquityAwardExchangeRatio(roundeduptothenearestwholenumberofshares),and(ii)therighttoreceive,subjecttothevestingoftheAssumedRestrictedStockAward,theUnvestedEquityAwardCVRConsideration.EachAssumedRestrictedStockAwardwillcontinuetohavethesametermsandconditionsasappliedtothecorrespondingCelgeneRSA.

Certain Defined Terms

ForpurposesofdescriptionsofthetreatmentofCelgeneequityawardsinthisjointproxystatement/prospectus,theCelgenestockpricemeanstheaverageofthevolumeweightedaveragesofthetradingpriceofCelgenecommonstockonNasdaqoneachofthethreeconsecutivetradingdaysendingonthelasttradingdaypriortotheclosingdateofthemerger.

ForpurposesofdescriptionsofthetreatmentofCelgeneequityawardsinthisjointproxystatement/prospectus,theBristol-MyersSquibbstockpricemeanstheaverageofthevolumeweightedaveragesofthetradingpricesofBristol-MyersSquibbcommonstockonNYSE(asreportedbyBloombergL.P.or,ifnotreportedtherein,inanotherauthoritativesourcemutuallyselectedbyBristol-MyersSquibbandCelgeneingoodfaith)oneachofthefiveconsecutivetradingdaysendingonthetradingdaythatistwotradingdayspriortotheclosingdateofthemerger.

Forpurposesofthisjointproxystatement/prospectus,theEquityAwardExchangeRatiomeansthesum,roundedtothenearestonehundredth,equalto(i)theExchangeRatio,plus(ii)thequotientof(A)thecashconsiderationdividedby(B)theBristol-MyersSquibbstockprice.

Forpurposesofthisjointproxystatement/prospectus,In-the-MoneyOptionmeansaCelgeneStockOptionforwhichthepershareexercisepriceislessthantheCelgenestockprice.

Forpurposesofthisjointproxystatement/prospectus,Out-of-the-MoneyOptionmeansaCelgeneStockOptionforwhichthepershareexercisepriceequalsorexceedstheCelgenestockprice.Forpurposesofthisjointproxystatement/prospectus,theOut-of-the-MoneyOptionExchangeRatiomeanstheCelgenestockpricedividedbytheBristol-MyersSquibbstockprice,roundeddowntothenearestonehundredth.

Forpurposesofthisjointproxystatement/prospectus,theUnvestedEquityAwardCVRConsiderationmeans,ifthevestingdateoftheunvestedIn-the-MoneyOption,theCelgeneRSUAward,theCelgenePSUAwardortheCelgeneRSA,asapplicable,occurs(i)priortothemilestonepaymentrecorddateandtheterminationdateundertheCVRagreement,oneCVRinrespectofeachshareofCelgenecommonstockunderlyingsuchIn-the-MoneyOption,CelgeneRSUAward,CelgenePSUAward,orCelgeneRSA,asapplicable,immediatelypriortotheeffectivetimeofthemerger,(ii)onorafterthemilestonepaymentrecorddate,acashpaymentequaltothe

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milestonepaymentinrespectofeachshareofCelgenecommonstockunderlyingsuchIn-the-MoneyOption,CelgeneRSUAward,CelgenePSUAwardorCelgeneRSA,asapplicable,immediatelypriortotheeffectivetimeofthemerger,or(iii)onoraftertheTerminationDateandtheCVRmilestonewasnotachievedpriortotheTerminationDate,noadditionalconsideration.

L isting of Bristol-Myers Squibb Common Stock and the CVRs

ThemergeragreementobligatesBristol-MyersSquibbtouseitsreasonablebesteffortstocausetheBristol-MyersSquibbcommonsharesandtheCVRstobeissuedinthemergeraspartofthemergerconsiderationtobelistedontheNYSE(or,inthecaseoftheCVRs,anothernationalsecuritiesexchange),subjecttoofficialnoticeofissuance,priortotheeffectivetime.ApprovalforlistingontheNYSEoftheBristol-MyersSquibbcommonsharesandtheCVRs,subjecttoofficialnoticeofissuance,isaconditiontotheobligationsofCelgeneandBristol-MyersSquibbtocompletethemergerasdescribedunder“—ConditionstoCompletionoftheMerger”beginningonpage177ofthisjointproxystatement/prospectus.

Governance Matters Following Completion of the Merger

Bristol-MyersSquibbisrequiredtotakeallnecessarycorporateactionsothat,effectiveattheeffectivetime,thenumberofmembersoftheBMSBoardwillbeexpandedtoincludetwoadditionalmembers,jointlydesignatedbyCelgeneandBristol-MyersSquibb,whoareservingasdirectorsofCelgeneimmediatelypriortothecompletionofthemerger.Asofthedateofthisjointproxystatement/prospectus,CelgeneandBristol-MyersSquibbhavenotmadeadeterminationastowhichtwomembersoftheCelgeneBoardwillbedesignatedtoserveontheBMSBoardfollowingthecompletionofthemerger.

Conditions to Completion of the Merger

Mutual Conditions to Completion .TheobligationofeachofCelgene,Bristol-MyersSquibbandMergerSubtocompletethemergerissubjecttothesatisfaction(or,totheextentpermittedbyapplicablelaw,waiver)ofthefollowingconditions:

• adoptionofthemergeragreementbytheaffirmativevoteoftheholdersofatleastamajorityoftheoutstandingsharesofCelgenecommonstock;

• affirmativevoteofatleastamajorityofthevotescastbyholdersofoutstandingsharesofBristol-MyersSquibbstockatadulycalledandheldmeetingofBristol-MyersSquibb’sstockholdersatwhichaquorumispresentapprovingthestockissuance;

• theabsenceofanyinjunctionororderissuedbyanycourtorothergovernmentalauthorityofcompetentjurisdictionthatenjoins,preventsorprohibitscompletionofthemerger;

• effectivenessoftheregistrationstatementfortheBristol-MyersSquibbcommonstockandCVRstobeissuedinthemerger(ofwhichthisjointproxystatement/prospectusformsapart)andtheabsenceofanystopordersuspendingthateffectivenessoranyproceedingsforthatpurposependingbeforetheSEC;

• approvalforlistingontheNYSEofboththeBristol-MyersSquibbcommonstockandtheCVRstobeissuedinthemerger,subjecttoofficialnoticeofissuance;and

• anyapplicablewaitingperiodundertheHSRActshallhaveexpiredorbeenterminatedandthereceiptofrequiredapprovalsundertheantitrustlawsofcertainspecifiedforeignjurisdictionsshallhavebeenobtained.

Additional Conditions to Completion for the Benefit of Bristol-Myers Squibb and Merger Sub. Inaddition,theobligationofBristol-MyersSquibbandMergerSubtocompletethemergerissubjecttothesatisfaction(or,totheextentpermittedbyapplicablelaw,Bristol-MyersSquibb’swaiver)ofthefollowingconditions:

• performanceinallmaterialrespectsbyCelgeneofthecovenantsandagreementsrequiredtobeperformedbyitatorpriortotheeffectivetime;

• theaccuracyinallmaterialrespectsasofthedateofthemergeragreementandasoftheclosingdateofthemergerasifmadeonsuchdate(or,inthecaseofrepresentationsandwarrantiesgivenasofanotherspecificdate,asofthatdate)ofcertainrepresentationsandwarrantiesmadebyCelgeneinthe

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mergeragreementregarding,amongothermatters,itscorporateexistence,itscorporateauthorityrelativetothemergeragreementandthemerger,themergeragreementnotviolatingitsorganizationaldocuments,itscapitalization,theopinionofitsfinancialadvisors,itsbrokersinconnectionwiththemergerandtheinapplicabilityofcertainantitakeoverlaws;

• theaccuracyinallrespectsasofthedateofthemergeragreementandasoftheclosingdateofthemergerasifmadeonsuchdateoftherepresentationandwarrantymadebyCelgeneinthemergeragreementregardingtheabsence,sinceSeptember30,2018,ofanyevent,change,effectdevelopmentoroccurrencethathashadorwouldreasonablybeexpectedtohave,individuallyorintheaggregate,amaterialadverseeffectonCelgene.See“—Definitionof‘MaterialAdverseEffect”’beginningonpage180ofthisjointproxystatement/prospectusforthedefinitionofmaterialadverseeffect;

• theaccuracyofallotherrepresentationsandwarrantiesmadebyCelgeneinthemergeragreement(disregardingallqualificationsandexceptionscontainedinsuchrepresentationsandwarrantiesrelatingtomaterialityormaterialadverseeffect)asofthedateofthemergeragreementandasoftheclosingdateofthemergerasifmadeonsuchdate(or,inthecaseofrepresentationsandwarrantiesgivenasofanotherspecifieddate,asofthatdate),exceptforanyinaccuraciesinsuchrepresentationsandwarrantiesthathavenothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,amaterialadverseeffectonCelgene(or,inthecaseoftherepresentationandwarrantymadebyCelgeneregardingmaterialcontracts,amaterialadverseeffectonBristol-MyersSquibb);and

• receiptofacertificatefromanexecutiveofficerofCelgeneconfirmingthesatisfactionoftheconditionsdescribedintheprecedingfourbullets.

Additional Conditions to Completion for the Benefit of Celgene. Inaddition,theobligationofCelgenetocompletethemergerissubjecttothesatisfaction(or,totheextentpermittedbyapplicablelaw,Celgene’swaiver)ofthefollowingconditions:

• performanceinallmaterialrespectsbyeachofBristol-MyersSquibbandMergerSubofthecovenantsandagreementsrequiredtobeperformedbyitatorpriortotheeffectivetime;

• theaccuracyinallmaterialrespectsasofthedateofthemergeragreementandasoftheclosingdateofthemergerasifmadeonsuchdate(or,inthecaseofrepresentationsandwarrantiesgivenasofanotherspecificdate,asofthatdate)ofcertainrepresentationsandwarrantiesmadebyBristol-MyersSquibbandMergerSubinthemergeragreementregarding,amongothermatters,itscorporateexistence,itscorporateauthorityrelativetothemergeragreementandthemerger,themergeragreementnotviolatingitsorganizationaldocuments,itscapitalization,theopinionofitsfinancialadvisors,itsbrokersinconnectionwiththemergerandtheinapplicabilityofcertainantitakeoverlaws;

• theaccuracyinallrespectsasofthedateofthemergeragreementandasoftheclosingdateofthemergerasifmadeonsuchdateoftherepresentationandwarrantymadebyBristol-MyersSquibbandMergerSubinthemergeragreementregardingtheabsence,sinceSeptember30,2018,ofanyevent,change,effectdevelopmentoroccurrencethathashadorwouldreasonablybeexpectedtohave,individuallyorintheaggregate,amaterialadverseeffectonBristol-MyersSquibb.See“—Definitionof‘MaterialAdverseEffect”’beginningonpage180ofthisjointproxystatement/prospectusforthedefinitionofmaterialadverseeffect);

• theaccuracyofallotherrepresentationsandwarrantiesmadebyBristol-MyersSquibbandMergerSubinthemergeragreement(disregardingallqualificationsandexceptionscontainedinsuchrepresentationsandwarrantiesrelatingtomaterialityormaterialadverseeffect)asofthedateofthemergeragreementandasoftheclosingdateofthemergerasifmadeonsuchdate(or,inthecaseofrepresentationsandwarrantiesgivenasofanotherspecifieddate,asofthatdate),exceptforanyinaccuraciesinsuchrepresentationsandwarrantiesthathavenothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,amaterialadverseeffectonBristol-MyersSquibb;and

• receiptofacertificatefromanexecutiveofficerofBristol-MyersSquibbconfirmingthesatisfactionoftheconditionsdescribedintheprecedingfourbullets.

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Representations and Warranties

ThemergeragreementcontainsanumberofrepresentationsandwarrantiesmadebyCelgene,Bristol-MyersSquibbandMergerSubthataresubjectinsomecasestoexceptionsandqualifications(includingexceptionsthatarenotmaterialtothepartymakingtherepresentationsandwarrantiesanditssubsidiaries,takenasawhole,andexceptionsthatdonothave,andwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,amaterialadverseeffectonthepartymakingtherepresentationsandwarranties).See“—Definitionof‘MaterialAdverseEffect”’beginningonpage180ofthisjointproxystatement/prospectusforthedefinitionofmaterialadverseeffectforeachofCelgeneandBristol-MyersSquibb.Therepresentationsandwarrantiesinthemergeragreementrelateto,amongotherthings:

• corporateexistence,goodstandingandqualificationtoconductbusiness;

• dueauthorization,executionandvalidityofthemergeragreement;

• governmentalapprovalsnecessarytocompletethemerger;

• absenceofanyconflictwithorviolationorbreachoforganizationaldocumentsoranyconflictwithorviolationorbreachofagreements,lawsorregulations,orcreationorimpositionofanylienonanyassetoftheapplicablepartyoritsrespectivesubsidiariesasaresultoftheexecution,deliveryorperformanceofthemergeragreementorcompletionofthemerger;

• capitalization;

• subsidiaries;

• SECfilings,theabsenceofmaterialmisstatementsoromissionsfromsuchfilingsandcompliancewiththeSarbanes-OxleyActof2002;

• financialstatements;

• informationprovidedbytheapplicablepartyforinclusionindisclosuredocumentstobefiledwiththeSECinconnectionwiththemerger;

• conductofbusinessintheordinarycourseofbusinessconsistentwithpastpracticesandabsenceofchangesthathavehadorwouldreasonablybeexpectedtohave,individuallyorintheaggregate,amaterialadverseeffectontheapplicableparty,ineachcasesinceSeptember30,2018;

• theabsenceofanyactionssinceSeptember30,2018throughthedateofthemergeragreementthatwouldconstituteabreachofcertaininterimoperatingcovenantsoftheapplicablepartyifsuchactionwastakenbetweenthedateofthemergeragreementandtheclosingdateofthemerger;

• absenceofundisclosedmaterialliabilities;

• compliancewithlaws;

• permitsandcourtorders;

• litigation;

• certainregulatorymattersrelatingto,amongotherrelevantauthorities,theUnitedStatesFood,Drug,andCosmeticActof1938,asamended,thePublicHealthServiceAct,andtheFDA;

• taxmatters;

• employees,employeebenefitplansandlabormatters;

• intellectualpropertymatters;

• environmentalmatters;

• compliancewiththeForeignCorruptPracticesActof1977,asamended,andanti-corruptionlawsinotherjurisdictions;

• inapplicabilityofantitakeoverstatutes;

• receiptoffairnessopinionsfromsuchparty’sfinancialadvisors;

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• feespayabletofinancialadvisorsinconnectionwiththemerger;

• transactionswithaffiliates;

• noownershipoftheotherparty’scommonstock;

• inthecaseofCelgene,materialcontracts,propertiesandinsurancematters;

• inthecaseofBristol-MyersSquibbandMergerSub,matterswithrespecttothefinancingofthemerger(includingthecommitteddebtfinancingdescribedin“—Financing—DebtFinancing”);and

• nootherrepresentationsandwarranties.

Therepresentationsandwarrantiesinthemergeragreementdonotsurvivecompletionofthemerger.

See“—ExplanatoryNoteRegardingtheMergerAgreementandtheSummaryoftheMergerAgreement:Representations,WarrantiesandCovenantsintheMergerAgreementAreNotIntendedtoFunctionorBeReliedonasPublicDisclosures”onpage172ofthisjointproxystatement/prospectus.

Definition of “Material Adverse Effect”

Manyoftherepresentationsandwarrantiesinthemergeragreementarequalifiedbya“materialadverseeffect”onthepartyorpartiesmakingsuchrepresentationorwarranty.Forpurposesofthemergeragreement,“materialadverseeffect”means,withrespecttoCelgeneorBristol-MyersSquibb,asthecasemaybe,anyevent,change,effect,developmentoroccurrencethat,individuallyortogetherwithanyotherevent,change,effect,developmentoroccurrence,hashadorwouldreasonablybeexpectedtohaveamaterialadverseeffectonthefinancialcondition,businessorresultsofoperationsofthatpartyanditssubsidiaries,takenasawhole,exceptthatnoeffecttotheextentresultingfrom,arisingoutoforrelatedtoanyofthefollowingwillbetakenintoaccountindeterminingwhethertherehasbeen,orwouldreasonablybeexpectedtobe,amaterialadverseeffect:

• anychangesingeneralUnitedStatesorglobaleconomicconditions;

• anychangesinconditionsgenerallyaffectingtheindustriesinwhichthatpartyoranyofitssubsidiariesoperate;

• anydecline,inandofitself,inthemarketpriceortradingvolumeofthatparty’scommonstock(butnotanyfacts,events,developmentsoroccurrencesgivingrisetoorcontributingtothatreductionthatarenototherwiseexcludedfromthedefinitionofmaterialadverseeffect);

• anychangesinregulatory,legislativeorpoliticalconditionsorinsecurities,credit,financial,debtorothercapitalmarkets,ineachcaseintheUnitedStatesoranyforeignjurisdiction;

• anyfailure,inandofitself,bythatpartyoranyofitssubsidiariestomeetanyinternalorpublishedprojections,forecasts,estimatesorpredictions,revenues,earningsorotherfinancialoroperatingmetricsforanyperiod(butnotanyfacts,events,developmentsoccurrencesgivingrisetoorcontributingtothatfailurethatarenototherwiseexcludedfromthedefinitionofmaterialadverseeffect);

• theexecutionanddeliveryofthemergeragreement,thepublicannouncementorpendencyofthemergeragreementortransactionscontemplatedtherein,includingthemerger,thetakingofanyactionrequiredorexpresslycontemplatedbythemergeragreementortheidentityof,oranyfactsorcircumstancesrelatingto,anyotherpartytothemergeragreementorthatotherparty’ssubsidiaries,includingtheimpactofanyoftheforegoingontherelationships,contractualorotherwise,ofthatpartyoranyofitssubsidiarieswithgovernmentalauthorities,customers,suppliers,partners,officersoremployeesoranymaterialbusinessrelations(exceptwithrespecttoanyrepresentationorwarrantythatisexpresslyintendedtoaddresstheconsequencesoftheexecution,deliveryorperformanceofthemergeragreementorcompletionofthetransactionscontemplatedbythemergeragreementortheconditiontoclosingrelatedtoanysuchrepresentationorwarranty);

• anyadoption,implementation,promulgation,repeal,modification,amendment,authoritativeinterpretation,changeorproposalofanyapplicablelawoforbyanygovernmentalauthority;

• anychangesinGAAP(orauthoritativeinterpretationsthereof);

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• anychangesingeopoliticalconditions,theoutbreakorescalationofhostilities,anyactsofwar,sabotage,cyberattackorterrorism,oranyescalationorworseningofanysuchactsofwar,sabotage,cyberattackorterrorismthreatenedorunderwayasofthedateofthemergeragreement;

• thetakingofanyactionatthewrittenrequestoforwiththewrittenconsentof,inthecaseofCelgene,Bristol-MyersSquibbor,inthecaseofBristol-MyersSquibborMergerSub,Celgene;

• anyreductioninthecreditratingoftheapplicablepartyoranyofitssubsidiaries(butnotanyfacts,events,developmentsoroccurrencesgivingrisetoorcontributingtothatreductionthatarenototherwiseexcludedfromthedefinitionofmaterialadverseeffect);

• anyepidemic,plague,pandemicorotheroutbreakofillnessorpublichealthevent,hurricane,earthquake,floodorothernaturaldisasters,actsofGodoranychangeresultingfromweatherconditions;

• anyclaims,actions,suitsorproceedingsarisingfromallegationsofabreachoffiduciarydutyorviolationofapplicablelawrelatingtothemergeragreementorthetransactionscontemplatedtherein;or

• anyregulatoryorclinicalchanges,effects,developmentsoroccurrencesrelatingtoanyproductorproductcandidatecurrentlybeingresearched,testeddevelopedorcommercializedthat,asofthedateofthemergeragreement,isnotbeingsoldordistributedbyoronbehalfofBristol-MyersSquibboranyofitssubsidiariesorCelgeneoranyofitssubsidiaries,asapplicable,eachofwhichisreferredtointhisjointproxystatement/prospectusasapipelineproduct,whichincludes(A)anysuspension,rejection,refusalof,requesttorefileoranydelayinobtainingormakinganyregulatoryapplicationorfilingrelatingtoanypipelineproduct,(B)anynegativeregulatoryactions,requests,recommendationsordecisionsofanygovernmentalauthorityrelatingtoanypipelineproductoranyotherregulatoryorclinicaldevelopmentrelatingtoanypipelineproduct,(C)anyclinicalstudies,testsorresultsorannouncementsthereofwithrespecttoanypipelineproduct,and(D)anydelay,holdorterminationofanyclinicaltrialoranydelay,holdorterminationofanyplannedapplicationformarketingapprovalwithrespecttoanypipelineproduct;and

• except,inthecaseofanyevents,changes,effects,developmentsoroccurrencesreferredtointhefirst,second,fourth,seventh,eighth,ninthortwelfthbulletsintheimmediatelyprecedinglist,totheextentthatanysuchevent,change,effect,developmentoroccurrencehasadisproportionateadverseeffectonsuchpartyanditssubsidiaries,takenasawhole,relativetotheadverseeffectsuchevent,change,effect,developmentoroccurrencehasonothercompaniesoperatingintheindustriesinwhichsuchpartyanditssubsidiariesoperate.

Conduct of Business Pending the Merger

Ingeneral,except(i)asrequiredorexpresslycontemplatedbythemergeragreement,(ii)asrequiredorprohibitedbyapplicablelawor(iii)assetforthintheconfidentialdisclosureschedulesdeliveredbyCelgenetoBristol-MyersSquibbconcurrentlywithexecutionofthemergeragreement,unlessBristol-MyersSquibbotherwiseconsents(whichconsentmaynotbeunreasonablywithheld,conditionedordelayed),Celgeneanditssubsidiariesarerequiredtousecommerciallyreasonableeffortsto(A)conducttheirbusinessinallmaterialrespectsintheordinarycourseofbusinessconsistentwithpastpracticeand(B)preserveintactitsbusinessorganizationandrelationshipswithcustomers,members,suppliers,licensors,licenseesandotherthirdpartiesandkeepavailabletheservicesofitspresentofficersandemployees.

Withoutlimitingthegeneralityoftheforegoing,except(i)asrequiredorexpresslycontemplatedbythemergeragreement,(ii)asrequiredorprohibitedbyapplicablelawor(iii)assetforthintheconfidentialdisclosurescheduledeliveredbyCelgenetoBristol-MyersSquibbconcurrentlywithexecutionofthemergeragreement,unlessBristol-MyersSquibbotherwiseconsents(whichconsentmaynotbeunreasonablywithheld,conditionedordelayed),eachofCelgeneanditssubsidiariesarenotpermittedto:

• adoptorproposeanychangetoitscertificateofincorporation,by-lawsorotherorganizationaldocuments;

• mergeorconsolidatewithanyotherentity;

• acquireanyinterestinanyasset,securityorproperty,otherthan(A)acquisitionsofassets,securitiesorpropertyinanamountnottoexceed$500millionindividuallyor$1billionintheaggregateforall

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suchacquisitions,(B)acquisitionsofsecuritiesunderCelgene’sinvestmentportfolioconsistentwithCelgene’sinvestmentpolicyineffectasofthedateofthemergeragreement,(C)transactions(1)solelyamongCelgeneandoneormoreofitswholly-ownedsubsidiariesor(2)solelyamongCelgene’swholly-ownedsubsidiariesand(D)acquisitionsofinventoryorequipmentintheordinarycourseofbusinessconsistentwithpastpractice(providedthatanyoftheacquisitionsortransactionsdescribedinclauses(A)through(D)shallrequirethepriorwrittenconsentofBristol-MyersSquibbifsuchacquisitionortransactionwould,individuallyorintheaggregate,reasonablybeexpectedtopreventormateriallydelaytheconsummationofthetransactionscontemplatedbythemergeragreement);

• adoptaplanofcompleteorpartialliquidation,dissolution,recapitalizationorrestructuring;

• split,combineorreclassifyanysharesofitscapitalstock,otherthantransactions(A)solelyamongCelgeneandoneormoreofitswholly-ownedsubsidiariesor(B)solelyamongCelgene’swholly-ownedsubsidiaries;

• amendanytermoralteranyrightsofanyofitsoutstandingequitysecurities;

• declare,setasideorpayanydividendormakeanyotherdistribution(whetherincash,stock,propertyoranycombinationthereof)inrespectofanysharesofitsequitysecurities,otherthandividendsordistributionsbyasubsidiaryofCelgenetoCelgeneorawholly-ownedsubsidiaryofCelgene;

• redeem,repurchase,cancelorotherwiseacquireoroffertoredeem,repurchaseorotherwiseacquireanyofitsequitysecuritiesoranyequitysecuritiesofanysubsidiaryofCelgene,otherthanrepurchasesofsharesofCelgenecommonstockinconnectionwiththeexerciseofCelgeneStockOptionsorthevestingorsettlementofCelgeneRSUAwards,CelgenePSUAwardsorCelgeneRSAs(includinginsatisfactionofanyamountsrequiredtobedeductedorwithheldunderapplicablelaw),ineachcaseoutstandingasofthedateofthemergeragreementinaccordancewiththepresenttermsofsuchCelgeneequityawardsorgrantedafterthedateofthemergeragreementtotheextentpermittedbythemergeragreement;

• issue,deliverorsell,orauthorizetheissuance,deliveryorsaleof,anysharesofitscapitalstockoranyotherequitysecurities,otherthan(i)theissuanceofanysharesofCelgenecommonstockinconnectionwiththeexerciseofCelgeneStockOptionsorthevestingorsettlementofCelgeneRSUAwardsandCelgenePSUAwardsthatare,ineachcaseoutstandingasofthedateofthemergeragreementinaccordancewiththepresenttermsofsuchCelgeneequityawardsorgrantedafterthedateofthemergeragreementtotheextentpermittedbythemergeragreement,or(ii)inthecaseofasubsidiaryofCelgene,inconnectionwithtransactions(A)solelyamongCelgeneandoneormoreofitswholly-ownedsubsidiariesor(B)solelyamongCelgene’swholly-ownedsubsidiaries;

• authorize,makeorincuranycapitalexpendituresorobligationsorliabilitiesinconnectiontherewith,otherthan(A)anycapitalexpenditurescontemplatedbythecapitalexpenditurebudgetofCelgenemadeavailabletoBristol-MyersSquibbpriortothedateofthemergeragreementand(B)additionalcapitalexpendituresoflessthan$5millionindividuallyor$40millionintheaggregate;

• sell,lease,license,transferorotherwisedisposeofanysubsidiaryoranydivisionofCelgeneoranyassets,securitiesorproperty(otherthanintellectualproperty,whichisthesubjectofthebulletimmediatelybelow),otherthan(A)dispositionsofsecuritiesunderCelgene’sinvestmentportfolioconsistentwithCelgene’sinvestmentpolicyineffectasofthedateofthemergeragreement,(B)salesordispositionsofinventoryortangiblepersonalproperty(includingequipment),ineachcaseintheordinarycourseofbusinessconsistentwithpastpracticeor(C)transactions(1)solelyamongCelgeneandoneormoreofitswholly-ownedsubsidiariesor(2)solelyamongCelgene’swholly-ownedsubsidiaries;

• sell,assign,license,sublicense,abandon,allowtolapse,transferorotherwisedisposeof,orcreateorincuranylien(otherthancertainpermittedliens)on,anyownedintellectualpropertyor,totheextentitismaterialtocertaincoveredproductslistedonCelgene’sconfidentialdisclosureschedulesortheexerciseofanyrightstoresearch,develop,marketorotherwiseexploitsuchcoveredproducts,licensedintellectualproperty,ineachcaseotherthan(A)intheordinarycourseofbusiness,consistentwithpastpractice(1)pursuanttoanon-exclusivelicense(butexcludinganynon-exclusivelicensewithrespecttoanysuchcoveredproduct),or(2)forthepurposeofabandoningorallowingtolapseanyCelgene

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registeredintellectualproperty(i)thatisimmaterial,(ii)duringtheordinarycourseofprosecution,or(iii)inanycountrywheretheannualrevenueofCelgene’sproductsislessthan$20million,or(B)pursuanttoanysettlement(1)notinvolvingpayments(contingentorotherwise)byCelgeneoranyofitssubsidiariesinexcessof$100millionintheaggregatewithallothersuchsettlements,compromisesoragreementsthatrelatetotheapplicableclaim,actionorproceeding(but,withrespecttointellectualproperty,thatrelatetotheapplicableCelgeneproduct),(2)thatwouldnotbeexpectedtoviolateanyapplicablelawsasreasonablydeterminedbytheCelgeneingoodfaithatthetimeofsettlement,and(3)doesnotimposeanymateriallyburdensomemonitoringorreportingobligationstoanyotherpersonoutsideoftheordinarycourseofbusinessoranymaterialrestrictions,liabilitiesorobligationsonCelgeneoritssubsidiaries(or,followingtheclosingofthemerger,Bristol-MyersSquibboranyofitssubsidiaries),whichiscollectivelyreferredtointhisjointproxystatement/prospectusasaCelgenepermittedsettlement;

• makeanymaterialloans,advancesorcapitalcontributionsto,orinvestmentsin,anyotherentity,otherthan(A)loans,advances,capitalcontributionsorinvestments(1)byCelgenetoorinoneormoreofitswholly-ownedsubsidiariesor(2)byanysubsidiaryofCelgenetoorinCelgeneoranywholly-ownedsubsidiaryofCelgene,or(B)capitalcontributionsrequiredunderthetermsofcontractsineffectasofthedateofthemergeragreement;

• incur,assume,guaranteeorrepurchaseorotherwisebecomeliableforanyindebtednessforborrowedmoney,issueorsellanydebtsecuritiesoranyoptions,warrantsorotherrightstoacquiredebtsecuritiesorenterinto,guaranteeorotherwisebecomeliableforanyinterestrate,swap,currency,commodityorothersimilarhedgingarrangement,otherthan(A)additionalborrowingsunderCelgene’sexistingcreditfacility(asineffectasofthedateofthemergeragreement)andindebtednessundercommercialpaperarrangementsbackstoppedbyCelgene’sexistingcreditfacility,providedthat(1)theaggregateamountofcommercialpaperoutstandingmaynotatanytimeexceed$750millionand(2)asofthelastdayofeachfiscalquarterofCelgeneandasoftheclosingdate,theamountofcommercialpaperoutstandingis$0,(B)intercompanyindebtednessamongCelgeneanditswholly-ownedsubsidiariesoramongCelgene’swholly-ownedsubsidiaries,(C)indebtednessforborrowedmoneyincurredtoreplace,renew,extend,refinanceorrefundanyexistingindebtednessofCelgeneoranyofitssubsidiaries,whichindebtednessis(1)ontermsthataresubstantiallyconsistentwiththosecontainedintheindebtednessbeingreplaced,renewed,extended,refinancedorrefunded(otherthantheextensionofthematuritydatethereof)and(2)notinaprincipalamountgreaterthansuchindebtednessbeingreplaced,renewed,extended,refinancedorrefundedor,inthecaseofany“revolving”creditfacility,theaggregateamountthatmaybeincurredunderthecreditagreementgoverningsuchindebtednessbeingreplaced,renewed,extended,refinancedorrefunded(asineffectasofthedateofthemergeragreement),(D)guaranteesofindebtednessofCelgeneoritswholly-ownedsubsidiariesoutstandingonthedateofthemergeragreementorotherwiseincurredincompliancewiththisinterimoperatingcovenant,(E)inrespectofinterestrate,swap,currency,commodityorothersimilarhedgingarrangementsthat(1)areenteredintoinconnectionwiththerestructuringorreplacementofupto$500millioninaggregatenotionalamountofexistinghedgingarrangementsexpiringin2019intoforwardcontracts,(2)areenteredintoinconnectionwiththerestructuringorreplacementofupto$750millioninaggregatenotionalamountofexistinghedgingarrangementsexpiringin2020intoforwardcontracts,or(3)areenteredintointheordinarycourseofbusinessconsistentwithpastpracticeinanaggregatenotionalamountnottoexceed$250millionatanytimeoutstanding,and(F)otherindebtednessnottoexceed$50millionintheaggregateatanytimeoutstanding;

• enterinto(A)anymaterialcontract,otherthanintheordinarycourseofbusinessconsistentwithpastpractice(exceptthatnomaterialcontract(1)limitingthefreedomofCelgeneoranyofitssubsidiariestoengageinanylineofbusinessorcontainingmaterialexclusivityor“mostfavorednation”obligations,orrestrictionsontheabilityofCelgeneoritssubsidiariestosell,market,distribute,promote,manufacture,develop,commercialize,ortestorresearchanycurrentmaterialproduct,(2)providingforacollectivebargainingorothersimilararrangement,(3)providingforajointventure,profit-sharing,partnership,collaboration,co-promotion,commercialization,research,developmentorothersimilaragreement,(4)providingforaroyalty,milestone,rightoffirstrefusal,optiontopurchase,optiontolicenseorothersimilararrangement,(5)providingforthegrantorreceiptofanylicenseorothersimilararrangement,subjecttocertainexceptions,(6)creatinganarrangementortransactionwith

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anyaffiliateorassociateofanyexecutiveofficerordirectorofCelgene(assuchtermsarerespectivelydefinedinRule12b-2oftheExchangeAct)or(7)thatwouldsettleorcompromiseanyclaim,actionorproceedinginvolvingpaymentsbyCelgeneoritssubsidiariesinexcessof$100millionand/orinvolvingcertaincoveredproductsofCelgeneanditssubsidiariesspecifiedinCelgene’sconfidentialdisclosurescheduledeliveredtoBristol-MyersSquibborwouldimposemateriallyburdensomemonitoringorreportingobligationstoanyotherpersonoutsidetheordinarycourseofbusinessoranyothermaterialrestrictionsorliabilitiesonCelgeneanditssubsidiariesshallbeenteredinto(unlessitisenteredintoaspartofaCelgenepermittedsettlement),or(B)terminate,renew,extendorinanymaterialrespectmodifyoramendanyCelgenematerialcontract,otherthanintheordinarycourseofbusiness(exceptthatnoCelgenematerialcontractofthetypedescribedclauses(1)through(7)abovemaybeterminated,renewedorextendedorinanymaterialrespectmodifiedorwaived(unlessitisenteredintoaspartofaCelgenepermittedsettlement))orhaveanymaterialrightorclaimthereunderwaived,releasedorassigned;

• voluntarilyterminate,suspend,abrogate,amendormodifyanymaterialpermitinamannermateriallyadversetoCelgeneanditssubsidiaries,takenasawhole;

• exceptasrequiredbyapplicablelaworCelgeneemployeebenefitplansasineffectasofthedateofthemergeragreement,(A)grantanychangeincontrol,severanceorterminationpayto(oramendanyexistingarrangementwith)anyoftheirrespectivedirectors,officersoremployees(includingformerdirectors,officersoremployees),(B)enterintoanyemployment,deferredcompensationorothersimilaragreement(oranyamendmenttoanysuchexistingagreement)withanyoftheirrespectivecurrentorformerdirectors,officersoremployees,otherthanofferletters(andrelatedcompensationarrangementssetforthinsuchofferletters)withanynewlyhireddirectorsoremployeesofCelgenewhoarenotconsideredtobeexecutiveofficers(asdefinedintheExchangeAct)andwhoarenotmembersoftheexecutiveleadershipteamthatareenteredintointheordinarycourseofbusinessconsistentwithpastpractice,(C)establish,adoptoramendanyCelgeneemployeeplanorlaboragreement,otherthanintheordinarycourseofbusinessconsistentwithpastpracticeoranyimmaterialamendmentthatwouldnotincreasethecosttoCelgeneoranyofitssubsidiariesofmaintainingsuchCelgeneemployeeplan,or(D)increasethecompensation,bonusopportunityorotherbenefitspayabletoanyoftheirrespectivedirectors,officersoremployees(includingformerdirectors,officersoremployees);

• makeanymaterialchangeinanymethodoffinancialaccountingorfinancialaccountingprinciplesorpractices,exceptforanysuchchangerequiredbyreasonof(or,inthereasonablegood-faithjudgmentofCelgene,advisableunder)achangeinGAAPorRegulationS-XundertheExchangeAct,asapprovedbyitsindependentpublicaccountants;

• (A)make,changeorrevokeanymaterialtaxelection,(B)changeanyannualtaxaccountingperiod,(C)adoptorchangeanymaterialmethodoftaxaccounting,(D)enterintoanymaterialclosingagreementwithrespecttotaxes,(E)settleorsurrenderorotherwiseconcede,terminateorresolveanymaterialtaxclaim,audit,investigationorassessmentor(F)fileoramendanyU.S.federalorothermaterialincometaxreturn;

• settleorcompromiseanyclaim,action,suit,investigationorproceedinginvolvingoragainstCelgeneoranyofitssubsidiaries(includinganyaction,suit,investigation,orproceedinginvolvingoragainstanyemployee,officerordirectorofCelgeneoranyofitssubsidiariesintheircapacitiesassuch),otherthananyCelgenepermittedsettlement;or

• agree,commitorproposetodoanyoftheforegoing.

Ingeneral,except(i)asrequiredorexpresslycontemplatedbythemergeragreement,(ii)asrequiredorprohibitedbyapplicablelawor(iii)assetforthintheconfidentialdisclosureschedulesdeliveredbyBristol-MyersSquibbtoCelgeneconcurrentlywithexecutionofthemergeragreement,unlessCelgeneotherwiseconsents(whichconsentmaynotbeunreasonablywithheld,conditionedordelayed),Bristol-MyersSquibbanditssubsidiariesarerequiredtousecommerciallyreasonableeffortstoconducttheirbusinessinallmaterialrespectsintheordinarycourseofbusinessconsistentwithpastpractice.

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Withoutlimitingthegeneralityoftheforegoing,except(i)asrequiredorexpresslycontemplatedbythemergeragreement,(ii)asrequiredorprohibitedbyapplicablelawor(iii)assetforthintheconfidentialdisclosurescheduledeliveredbyBristol-MyersSquibbtoCelgeneconcurrentlywiththeexecutionofthemergeragreement,unlessCelgeneotherwiseconsents(whichconsentmaynotbeunreasonablywithheld,conditionedordelayed)eachofBristol-MyersSquibbanditssubsidiariesarenotpermittedto:

• adoptorproposeanychangetothecertificateofincorporationorby-lawsofBristol-MyersSquibborMergerSub;

• (A)mergeorconsolidatewithanyotherentity,(B)acquireanyassets,securitiesorproperty,otherwisepurchase,lease,licenseorotherwiseenterintoatransaction,or(C)agreetodoanyoftheforegoing,inthecaseofanyof(A),(B)or(C),thatwouldreasonablybeexpectedtopreventordelayinanymaterialrespecttheconsummationofthetransactionscontemplatedbythemergeragreement;

• adoptaplanofcompleteorpartialliquidationordissolutionwithrespecttoBristol-MyersSquibborMergerSub;

• split,combineorreclassifyanysharesofitscapitalstock(otherthantransactions(A)solelyamongBristol-MyersSquibbandoneormoreofitswholly-ownedsubsidiariesor(B)solelyamongBristol-MyersSquibb’swholly-ownedsubsidiaries);

• declare,setasideorpayanydividendormakeanyotherdistribution(whetherincash,stock,propertyoranycombinationthereof)inrespectofanysharesofitscapitalstockorotherequitysecurities,otherthan(A)inthecaseofBristol-MyersSquibb,regularcashdividendsintheordinarycourseofbusinessconsistentwithpastpractice(includingwithrespecttothetimingofdeclaration,andtherecordandpaymentdates)inanamountnottoexceed$0.41pershareofBristol-MyersSquibbcommonstockperquarter(appropriatelyadjustedtoreflectanystockdividends,subdivisions,splits,combinationsorothersimilareventsrelatingtoBristol-MyersSquibbcommonstock),or(B)dividendsordistributionsbyasubsidiaryofBristol-MyersSquibbtoBristol-MyersSquibborawholly-ownedsubsidiaryofBristol-MyersSquibb;

• redeem,repurchase,cancelorotherwiseacquireoroffertoredeem,repurchase,orotherwiseacquireanyofitsequitysecuritiesoranyequitysecuritiesofanysubsidiaryofBristol-MyersSquibb,otherthan(A)repurchasesofsharesofBristol-MyersSquibbcommonstockatmarketprice,or(B)repurchasesofsharesofBristol-MyersSquibbcommonstockinconnectionwiththeexerciseofBristol-MyersSquibbstockoptionsorthevestingorsettlementofBristol-MyersSquibbrestrictedstockunits,marketbasedunits,performanceshareunitsandotherBristol-MyersSquibbequityawards(includinginsatisfactionofanyamountsrequiredtobedeductedorwithheldunderapplicablelaw),ineachcaseoutstandingasofthedateofthemergeragreementinaccordancewiththepresenttermsofsuchBristol-MyersSquibbequityawardsorgrantedafterthedateofthemergeragreementtotheextentpermittedbythemergeragreement;

• issue,deliverorsell,orauthorizetheissuance,deliveryorsaleof,anysharesofBristol-MyersSquibb’scapitalstockorotherequitysecurities,otherthan(A)theissuanceofanysharesofBristol-MyersSquibbcommonstockupontheexerciseofBristol-MyersSquibbequityawardsorotherequityandequity-linkedawardsthatareoutstandingonthedateofthemergeragreementoraregrantedafterthedateofthemergeragreement,(B)withrespecttocapitalstockorotherequitysecuritiesofanysubsidiaryofBristol-MyersSquibb,inconnectionwithtransactions(1)solelyamongBristol-MyersSquibbandoneormoreofitswholly-ownedsubsidiariesor(2)solelyamongBristol-MyersSquibb’swholly-ownedsubsidiaries,(C)thegrantofBristol-MyersSquibbequityawardsorotherequityandequity-linkedawardstoemployees,directorsorindividualindependentcontractorsofBristol-MyersSquibboranyofitssubsidiariespursuanttoBristol-MyersSquibb’sequitycompensationplansor(D)inconnectionwiththeissuanceofBristol-MyersSquibbcommonstockrequiredbythemergeragreement;

• makeanymaterialchangeinanymethodoffinancialaccountingorfinancialaccountingprinciplesorpractices,exceptforanysuchchangerequiredbyreasonof(or,inthereasonablegood-faithjudgmentofBristol-MyersSquibb,advisableunder)achangeinGAAPorRegulationS-XoftheExchangeAct,asapprovedbyitsindependentpublicaccountants;or

• agree,commitorproposetodoanyoftheforegoing.

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Obligations to Recommend the Adoption of the Merger Agreement and the Approval of the Stock Issuance

Asdiscussedunder“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—Celgene’sReasonsfortheMerger;RecommendationoftheCelgeneBoardofDirectorsthatCelgeneStockholdersAdopttheMergerAgreement”beginningonpage106ofthisjointproxystatement/prospectus,theCelgeneBoardunanimouslyrecommendsthatCelgenestockholdersvote“FOR ”theadoptionofthemergeragreement.TheCelgeneBoard,however,maymakeanadverserecommendationchangeunderspecifiedcircumstancesasdiscussedunder“—NoSolicitation”beginningonpage186ofthisjointproxystatement/prospectus.

Similarly,asdiscussedunder“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—Bristol-MyersSquibb’sReasonsfortheMerger;RecommendationoftheBristol-MyersSquibbBoardofDirectorsthatBristol-MyersSquibbStockholdersApprovetheStockIssuance”beginningonpage110ofthisjointproxystatement/prospectus,theBMSBoardunanimouslyrecommendsthatBristol-MyersSquibbstockholdersvote“FOR ”thestockissuance.TheBMSBoard,however,maymakeanadverserecommendationchangeunderspecifiedcircumstancesasdiscussedunder“—NoSolicitation”beginningonpage186ofthisjointproxystatement/prospectus.

No Solicitation

Subjecttotheexceptionsdescribedinthissection,eachofCelgeneandBristol-MyersSquibbhasagreednotto,andtocauseitssubsidiariesanditsanditssubsidiaries’directorsandofficersnotto,andtouseitsreasonablebesteffortstocauseitsanditssubsidiaries’otheremployeesandagents,investmentbankers,attorneys,accountants,consultants,advisorsandrepresentatives,notto,directlyorindirectly,(i)solicit,initiateortakeanyactiontoknowinglyfacilitateorknowinglyencourage(includingbywayoffurnishinginformation)thesubmissionofanyacquisitionproposal,(ii)enterintoorparticipateinanydiscussionsornegotiationswith,furnishanyinformationrelatingtothatpartyoranyofitssubsidiariesoraffordaccesstothebusiness,properties,assets,booksorrecordsofthatpartyoranyofitssubsidiariesto,otherwisecooperateinanywaywith,orknowinglyassist,participatein,knowinglyfacilitateorknowinglyencourageanyeffortby,anythirdpartythatsuchpartyknowsisseekingtomake,orhasmade,anacquisitionproposal,(iii)makeanadverserecommendationchange,or(iv)takeanyactiontomakeany“moratorium,”“controlshareacquisition,”“fairprice,”“supermajority,”“affiliatetransactions”or“businesscombinationstatuteorregulation”orothersimilarantitakeoverlawsandregulationsoftheStateofDelaware,includingSection203oftheDGCL,inapplicabletoanythirdpartyoranyacquisitionproposal.

However,ifatanytimepriortotheadoptionofthemergeragreementbyCelgenestockholders,inthecaseofCelgene,oratanytimepriortotheapprovalofthestockissuancebyBristol-MyersSquibbstockholders,inthecaseofBristol-MyersSquibb,CelgeneorBristol-MyersSquibb,asapplicable,receivesabona fide writtenacquisitionproposalmadeafterthedateofthemergeragreementwhichhasnotresultedfromaviolationofthesolicitationrestrictionsdescribedinthefirstparagraphofthissection(under“—NoSolicitation”),theboardofdirectorsofthatpartyispermittedto,directlyorindirectlythroughitsrepresentatives,andsubjecttocertainexceptionsandqualificationsdescribedinthemergeragreement:

• contactthethirdpartythathasmadesuchacquisitionproposalinordertoascertainfactsorclarifytermsforthesolepurposeoftheCelgeneBoardortheBMSBoard,asapplicable,informingitselfaboutsuchacquisitionproposalandsuchthirdparty;and

• (A)engageinnegotiationsordiscussionswithanythirdpartythathasmadeafterthedateofthemergeragreementasuperiorproposal(asdefinedbelowinthissection)oranunsolicitedbonafidewrittenacquisitionproposalthattheCelgeneBoardortheBMSBoard,asapplicable,determinesingoodfaith,afterconsultationwithitsfinancialadvisorandoutsidelegalcounsel,isorcouldreasonablybeexpectedtoleadtoasuperiorproposal,(B)furnishtosuchthirdpartyanditsrepresentativesandfinancingsourcesnonpublicinformationrelatingtoCelgeneorBristol-MyersSquibb,asapplicable,oranyofitssubsidiariespursuanttoaconfidentialityagreementwithconfidentialityanduseprovisionsnolessfavorableandotherprovisionsnolessfavorableintheaggregate,ineachcase,toCelgeneorBristol-MyersSquibb,asapplicable,thanthosecontainedintheconfidentialityagreementinplacebetweenCelgeneandBristol-MyersSquibbasofthedateofthemergeragreement,solongasallsuchnonpublicinformation(totheextentnotpreviouslyprovidedormadeavailabletotheotherparty)isprovidedormadeavailabletotheotherpartysubstantiallyconcurrentlywiththetimeitisprovidedor

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madeavailabletosuchthirdpartyand(C)followingreceiptofasuperiorproposalafterthedateofthemergeragreement,makeanadverserecommendationchangeand/orterminatethemergeragreementtoenterintoadefinitiveagreementprovidingforsuchsuperiorproposal,butinthecaseofthisclause(C)onlyiftheCelgeneBoardortheBMSBoard,asapplicable,determinesingoodfaith,afterconsultationwithitsfinancialadvisorandoutsidelegalcounsel,thatthefailuretotakesuchactionwouldbereasonablylikelytobeinconsistentwithitsfiduciarydutiesunderapplicablelaw.

Inaddition,theCelgeneBoardortheBMSBoard,asapplicable,isnotpermittedtotakeanyoftheactionsdescribedinthebulletsdescribedaboveunlessthatpartyhasdeliveredtotheotherpartywrittennoticeadvisingtheotherpartythatitintendstotakesuchaction.CelgeneorBristol-MyersSquibb,asapplicable,shallnotifytheotherpartyaspromptlyaspracticable(butinnoeventlaterthan48hours)afterreceiptbytheotherparty(oranyofitsrepresentatives)ofanyacquisitionproposaloranyrequestforinformationrelatingtoitoranyofitssubsidiariesorforaccesstothebusiness,properties,assets,booksorrecordsofitoranyofitssubsidiariesbyanythirdpartythat,totheknowledgeofsuchparty,isreasonablylikelytomakeorhasmadeanyacquisitionproposal.Anysuchnoticemustbeprovidedinwritingandidentifythethirdpartymaking,andthematerialtermsandconditionsof,anysuchacquisitionproposalorrequest.CelgeneorBristol-MyersSquibb,asapplicable,must(x)keeptheotherpartyreasonablyinformed,onareasonablycurrentbasis,ofanymaterialchangesinthestatusanddetailsofanysuchacquisitionproposalorrequestand(y)aspromptlyaspracticable(butinnoeventlaterthan24hoursafterreceipt)providetotheotherpartycopiesofallmaterialcorrespondenceandwrittenmaterialssentorprovidedtoCelgeneorBristol-MyersSquibb,asapplicable,oranyofitssubsidiariesthatdescribesanytermsorconditionsofanyacquisitionproposal(aswellaswrittensummariesofanymaterialoralcommunicationsrelatingtothetermsandconditionsofanyacquisitionproposal).

NeithertheCelgeneBoardnortheBMSBoard,asapplicable,ispermittedtomakeanadverserecommendationchangeinvolvingorrelatingtoaninterveningevent(asdefinedbelow)unless(i)CelgeneorBristol-MyersSquibb,asapplicable,hasnotifiedtheotherpartyinwritingofitsintentiontotakesuchaction,includingareasonablydetaileddescriptionoftheinterveningevent,(ii)ifrequestedbytheotherparty,CelgeneorBristol-MyersSquibb,asapplicable,anditsrepresentativeshavediscussedandnegotiatedingoodfaithwithsuchotherpartyanditsrepresentatives(totheextentthatsuchotherpartydesirestosonegotiate)duringthefourbusinessdayperiodfollowingsuchnoticeregardinganyproposalbysuchotherparty,toamendthetermsofthemergeragreementinresponsetosuchinterveningevent,and(iii)aftersuchfourbusinessdayperiod,theCelgeneBoardortheBMSBoard,asapplicable,determinesingoodfaith,afterconsultationwithitsoutsidelegalcounselandtakingintoaccountanyproposalbytheotherpartytoamendthetermsofthemergeragreementduringsuchfourbusinessdayperiod,thatthefailuretotakesuchactionwouldbereasonablylikelytobeinconsistentwiththeboard’sfiduciarydutiesunderapplicablelaw.

NeithertheCelgeneBoardnortheBMSBoard,asapplicable,ispermittedto(i)makeanadverserecommendationchangeinvolvingorrelatingtoasuperiorproposalor(ii)terminatethemergeragreementtoenterintoadefinitiveagreementwithrespecttoasuperiorproposalunless(A)CelgeneorBristol-MyersSquibb,asapplicable,firstnotifiestheotherparty,inwritingatleastfourbusinessdaysbeforetakingsuchaction,thatCelgeneorBristol-MyersSquibb,asapplicable,intendstotakesuchaction,attachingthemostcurrentversionofanyproposedcontractrelatingtothesuperiorproposalandidentifyingthethirdparty(ies)makingthesuperiorproposal,(B)ifrequestedbytheotherparty,duringsuchfourbusinessdayperiod,CelgeneorBristol-MyersSquibb,asapplicable,anditsrepresentativeshavediscussedandnegotiatedingoodfaithwiththeotherparty(totheextentthattheotherpartydesirestosonegotiate)regardinganyproposalbytheotherpartytoamendthetermsofthemergeragreementinresponsetosuchsuperiorproposaland(C)aftersuchfourbusinessdayperiod,theCelgeneBoardortheBMSBoard,asapplicable,determinesingoodfaith,afterconsultationwithitsfinancialadvisorandoutsidelegalcounselandtakingintoaccountanyproposalbytheotherpartytoamendthetermsofthemergeragreement,thatsuchacquisitionproposalcontinuestoconstituteasuperiorproposalandthatthefailuretotakesuchactionwouldcontinuetobereasonablylikelytobeinconsistentwithitsfiduciarydutiesunderapplicablelaw.AnyamendmenttothefinancialtermsorothermaterialtermsofanysuchsuperiorproposalwillrequireanewwrittennotificationfromCelgeneorBristol-MyersSquibb,asapplicable,totheotherpartyandwillcommenceanewnoticeandnegotiationperiodundertheprecedingsentence,exceptthatthenewnoticeandnegotiationperiodwillbefortwobusinessdays(asopposedtofourbusinessdays).Afterdeliveryofanoticedescribedinthisparagraph,CelgeneorBristol-MyersSquibb,asapplicable,isrequiredtokeeptheother

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partyreasonablyinformedonareasonablycurrentbasisofallmaterialdevelopmentsaffectingthematerialtermsofanysuchsuperiorproposal(andCelgeneorBristol-MyersSquibb,asapplicable,shallprovidetheotherpartywithcopiesofanyadditionalwrittenmaterialsreceivedthatprovidefororthatarematerialtosuchsuperiorproposal).

BothCelgeneandBristol-MyersSquibbhaveagreedto,andhaveagreedtocausetheirsubsidiariestoandtheirandtheirsubsidiaries’directorsandofficersto,andshallusetheirreasonablebesteffortstocausetheirandtheirsubsidiaries’otherrepresentativesto,ceaseimmediatelyandcausetobeterminatedanyandallexistingactivities,discussionsornegotiations,ifany,withanythirdpartyconductedpriortothedateofthemergeragreementwithrespecttoanyacquisitionproposalorwithrespecttoanyindication,proposalorinquirythatcouldreasonablybeexpectedtoleadtoanacquisitionproposalandshalluseitsreasonablebesteffortstocauseanysuchparty(andanyofitsrepresentatives)inpossessionofconfidentialinformationaboutsuchpartyoranyofitssubsidiariesthatwasfurnishedbyoronbehalfofsuchpartytoreturnordestroyallsuchinformation.

Forpurposesofthisjointproxystatement/prospectus,acquisitionproposalmeans,withrespecttoCelgeneorBristol-MyersSquibbasthecontextsorequires,anyindicationofinterest,proposalorofferfromanypersonor“group”asdefinedinSection13(d)oftheExchangeAct,otherthantheotherpartyanditssubsidiaries,relatingtoany(i)directorindirectacquisition(whetherinasingletransactionoraseriesofrelatedtransactions)ofassetsofCelgeneorBristol-MyersSquibb,asapplicable,oranyofitssubsidiaries(includingsecuritiesofsubsidiaries)equalto20%ormoreoftheconsolidatedassetsofCelgeneorBristol-MyersSquibb,asapplicable,ortowhich20%ormoreoftherevenuesorearningsofthatpartyonaconsolidatedbasisareattributableforthemostrecentfiscalyearinwhichauditedfinancialstatementsarethenavailable,(ii)directorindirectacquisitionorissuance(whetherinasingletransactionoraseriesofrelatedtransactions)of20%ormoreofanyclassofequityorvotingsecuritiesofCelgeneorBristol-MyersSquibb,asapplicable,(iii)tenderofferorexchangeofferthat,ifconsummated,wouldresultinanypersonorgroupbeneficiallyowning20%ormoreofanyclassofequityorvotingsecuritiesofCelgeneorBristol-MyersSquibb,asapplicable,or(iv)merger,consolidation,shareexchange,businesscombination,jointventure,reorganization,recapitalization,liquidation,dissolutionorsimilartransactionorseriesofrelatedtransactionsinvolvingCelgeneorBristol-MyersSquibb,asapplicable,oranyofitssubsidiaries,underwhichanypersonorgroupor,inthecaseofclause(B),thestockholdersorequityholdersofanypersonorgroupwould,directlyorindirectly,(A)acquireassetsequalto20%ormoreoftheconsolidatedassetsofCelgeneorBristol-MyersSquibb,asapplicable,ortowhich20%ormoreoftherevenuesorearningsofthatpartyonaconsolidatedbasisareattributableforthemostrecentfiscalyearinwhichauditedfinancialstatementsarethenavailable,or(B)immediatelyaftergivingeffecttosuchtransaction(s),beneficiallyown20%ormoreofanyclassofequityorvotingsecuritiesofthatpartyorthesurvivingorresultingentityinsuchtransaction(s).

Forpurposesofthisjointproxystatement/prospectus,interveningeventmeans,withrespecttoCelgeneorBristol-MyersSquibbasthecontextsorequires,anymaterialevent,fact,change,effect,developmentoroccurrencethat(i)wasnotknown,orthematerialconsequencesofwhichwerenotknown,ineachcasetotheCelgeneBoardortheBMSBoard,asapplicable,asoforpriortothedateofthemergeragreementand(ii)doesnotrelatetoorinvolveanyacquisitionproposal.

Forpurposesofthisjointproxystatement/prospectus,superiorproposalmeans,withrespecttoCelgeneorBristol-MyersSquibbasthecontextsorequires,anybona fide ,writtenacquisitionproposalwhichhasnotresultedfromaviolationofthesolicitationrestrictionsdescribedinthefirstparagraphofthissection(under“—NoSolicitation”)(withallreferencesto“20%”inthedefinitionofacquisitionproposalbeingdeemedtobereferencesto“50%”)ontermsthatsuchparty’sboardofdirectorsdeterminesingoodfaith,afterconsultationwithitsfinancialadvisorandoutsidelegalcounsel,andtakingintoaccountallthetermsandconditionsoftheacquisitionproposalthatsuchparty’sboardofdirectorsconsiderstobeappropriate(includingtheidentityofthethirdpartymakingtheacquisitionproposalandtheexpectedtimingandlikelihoodofconsummation,anygovernmentalorotherapprovalrequirements(includingdivestituresandentryintoothercommitmentsandlimitations),break-upfees,expensereimbursementprovisions,conditionstoconsummationandtheavailabilityofnecessaryfinancing(including,ifacashtransaction(inwholeorinpart),theavailabilityofsuchfundsandthenature,termsandconditionalityofanycommittedfinancing),wouldresultinatransaction(i)that,ifcompleted,ismorefavorabletothatparty’sstockholdersfromafinancialpointofviewthanthemerger(takingintoaccount

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anyproposalbytheotherpartytoamendthetermsofthemergeragreement),and(ii)thatisreasonablycapableofbeingcompletedonthetermsproposed,takingintoaccounttheidentityofthepersonmakingtheacquisitionproposal,anyapprovalrequirementsandallotherfinancial,regulatory,legalandotheraspectsofsuchacquisitionproposal.

Reasonable Best Efforts Covenant

CelgeneandBristol-MyersSquibbhaveagreedtousetheirrespectivereasonablebesteffortstotake,orcausetobetaken,allactionsandtodo,orcausetobedone,allthingsnecessary,properoradvisableunderapplicablelawtocompletethemergeraspromptlyaspracticable,including(i)preparingandfilingaspromptlyaspracticablewithanygovernmentalauthorityorotherthirdpartyalldocumentationtoeffectallfilingsnecessarytocompletethemerger,(ii)usingreasonablebesteffortstoobtain,aspromptlyaspracticable,andthereaftermaintain,allconsentsrequiredtobeobtainedfromanygovernmentalauthorityorotherthirdpartythatarenecessary,properoradvisabletoconsummatethemerger,andcomplyingwiththetermsandconditionsofeachconsentand(iii)cooperating,totheextentreasonable,withtheotherpartiestothemergeragreementintheireffortstocomplywiththeirobligationsunderthemergeragreement,includinginseekingtoobtainaspromptlyaspracticableanyrequiredconsents.

Celgene’sandBristol-MyersSquibb’sobligationtousetheirreasonablebesteffortsalsoincludescontesting(whichincludescontestingbylitigation)any(i)action,suit,investigationorproceedingbroughtbyanygovernmentalauthorityinacourtofcompetentjurisdictionseekingtoenjoin,restrain,prevent,prohibitormakeillegalcompletionofthemergeroranyoftheothertransactionscontemplatedbythemergeragreementorseekingdamagesortoimposeanytermsorconditionsinconnectionwiththemergeroranyoftheothertransactionscontemplatedbythemergeragreement,or(ii)order,writ,decree,judgment,award,injunction,ruling,settlementorstipulationissued,promulgated,made,renderedorenteredintobyorwithanygovernmentalauthorityorarbitratorinacourtofcompetentjurisdictionthatenjoins,restrains,prevents,prohibitsormakesillegalcompletionofthemergeroranyoftheothertransactionscontemplatedbythemergeragreementorimposesanydamages,termsorconditionsinconnectionwiththemergeroranyoftheothertransactionscontemplatedbythemergeragreement.Bristol-MyersSquibb’sobligationtouseitsreasonablebesteffortsincludestakingandagreeingtotakeallactionsanddoingoragreeingtodoallthingsnecessary,properoradvisableunderapplicablelaw(includingdivestitures,holdseparatearrangements,thetermination,assignment,novationormodificationofcontracts(orportionsthereof)orotherbusinessrelationships,theacceptanceofrestrictionsonbusinessoperationsandtheentryintoothercommitmentsandlimitations)tocompletethemerger.However,Bristol-MyersSquibbisnotrequiredtotakeanyactionoragreetoanyterm,conditionorlimitationifdoingsowouldhaveorwouldreasonablybeexpectedtohave,individuallyorintheaggregate,amaterialadverseeffectonthefinancialcondition,businessorresultsofoperationsofCelgene,Bristol-MyersSquibbandtheirrespectivesubsidiaries,takenasawhole,aftergivingeffecttothecompletionofthemerger.Inaddition,inconnectionwithobtainingtheregulatoryapprovalsrequiredtocompletethemerger,(A)neitherBristol-MyersSquibbnorCelgeneisrequiredtotakeanyactionoragreetoanytermorconditionthatisnotconditioneduponcompletionofthemergerand(B)CelgeneisnotpermittedtotakeanyactionoragreetoanytermorconditionwithoutBristol-MyersSquibb’sconsent,butifrequestedbyBristol-MyersSquibb,Celgeneisrequiredtotakeanysuchactiontoobtainregulatoryapprovalsrequiredtocompletethemergersubjecttotheimmediatelyprecedingclause(A).

Bristol-MyersSquibbisentitledtodirect,deviseandimplementthestrategyforobtaininganynecessaryapprovalof,forrespondingtoanyrequestfrom,inquiryorinvestigationby(includingdirectingthetiming,natureandsubstanceofallsuchresponses),andhastherighttoleadallmeetingsandcommunications(includinganynegotiations)with,anygovernmentalauthorityofcompetentjurisdictionthathasauthoritytoenforceanyantitrustlawandcontrolthedefenseandsettlementofanylitigation,action,suit,investigationorproceedingbroughtbyorbeforeanygovernmentalauthorityofcompetentjurisdictionthathasauthoritytoenforceanyantitrustlaw.Bristol-MyersSquibbisrequiredtoconsultwithCelgeneinareasonablemannerandtoconsideringoodfaiththeviewsandcommentsofCelgeneinconnectionwiththeforegoing.

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CVR Agreement

Atorpriortotheeffectivetimeofthemerger,Bristol-MyersSquibbisrequiredtoexecute,deliver,andisrequiredtocausetheCVRtrusteetoexecuteanddeliver,theCVRagreement,subjecttoanychangestotheCVRagreementthatarerequestedbytheCVRtrusteeandapprovedpriortothecompletionofthemergerbyBristol-MyersSquibbandCelgene(whichapproval,inthecaseofCelgene,maynotbeunreasonablywithheld,conditionedordelayed).

Abraxis CVR Agreement

Priortotheeffectivetimeofthemerger,Celgeneisrequiredtousecommerciallyreasonableeffortsto(i)provideorcausetobeprovidedtotheAmericanStockTransfer&TrustCompany,LLC,thetrusteeunderCelgene’sexistingContingentValueRightsAgreement,datedasofOctober15,2010,whichisreferredtointhisjointproxystatement/prospectusastheAbraxisCVRagreement,anycertificate,notice,legalopinionorotherdocumentationand(ii)takeorcausetobetakensuchotheractions,inthecaseofeachofclause(i)and(ii),totheextentrequiredundertheAbraxisCVRagreementinconnectionwiththemergeragreementandthetransactionscontemplatedtherein,includingthemerger.Bristol-MyersSquibbanditslegalcounselwillbegivenareasonableopportunitytoreviewandcommentonanysuchnotice,certificate,legalopinionorotherdocumentationandbeconsultedwithinconnectionwiththetakingofanysuchaction,ineachcasebeforesuchnotice,certificate,legalopinionorotherdocumentationisprovidedtotheAmericanStockTransfer&TrustCompany,LLCorsuchactionistaken,andCelgenewillgivereasonableandgoodfaithconsiderationtoanycommentsmadeandotherinputprovidedbyBristol-MyersSquibbanditscounsel.

Financing

Debt Financing

EachofBristol-MyersSquibbandMergerSubshall,andshallcausetheirrespectivesubsidiariesto,usereasonablebesteffortstotake,orshallusereasonablebesteffortstocausetobetaken,allactionsandtodo,orcausetobedone,allthingsnecessarytoobtainthedebtfinancingforthemerger,whichisreferredtointhisjointproxystatement/prospectusasthedebtfinancing,including(i)usingreasonablebesteffortsto(A)maintainineffectthedebtcommitmentletter,andinallmaterialrespectscomplywithalloftheirrespectiveobligationsunderthedebtcommitmentletterand(B)negotiate,enterintoanddeliverdefinitiveagreementswithrespecttheretoonthetermsandconditionsnotlessfavorableintheaggregatetoBristol-MyersSquibbthanthosecontainedinthedebtcommitmentletterpriortothecompletionofthemerger,and(ii)usingreasonablebesteffortstosatisfy(orifdeterminedadvisablebyBristol-MyersSquibb,obtainthewaiverof)onatimelybasisallconditionstoobtainingthedebtfinancingwithinBristol-MyersSquibb’s(oritssubsidiary’s)controlandtocomplywithallofitsobligationspursuanttothedebtcommitmentletterandanyotherdebtcommitmentletterexecutedinaccordancewiththemergeragreement,eachasreplaced,amended,supplemented,modifiedorwaivedinaccordancewiththetermsofthemergeragreement,whicharereferredtointhisjointproxystatement/prospectusasthedebtcommitmentletters,orotherrelateddefinitiveagreementstotheextentthefailuretocomplywithsuchobligationswouldadverselyimpactthetimingofthecompletionofthemergerortheavailabilityatthecompletionofthemergerofsufficientaggregateproceedsofthedebtfinancingtocompletethetransactionscontemplatedbythemergeragreement.Intheeventthatallconditionstofundingthecommitmentscontainedinthedebtcommitmentlettershavebeensatisfied,eachofBristol-MyersSquibbandMergerSubshall(andshallcausetheirrespectivesubsidiariesto)usereasonablebesteffortstocausethefinancingsourcestofundthedebtfinancingrequiredtocompletethemergerandrelatedtransactioncontemplatedbythemergeragreementandtopayrelatedfeesandexpensesatcompletionofthemerger.Bristol-MyersSquibbshalluseitsreasonablebesteffortstoenforceallofitsrightsunderthedebtcommitmentletters.Bristol-MyersSquibband/orMergerSubshallpay,orcausetobepaid,asthesameshallbecomedueandpayable,allfeesandotheramountsunderthedebtcommitmentletters.

Intheeventthatanyportionofthedebtfinancingbecomesunavailableandsuchportionisnecessarytoconsummatethetransactionscontemplatedbythemergeragreement,subjecttocustomaryexceptionssetforthinthedebtcommitmentletters,Bristol-MyersSquibbandMergerSubshall(i)usetheirreasonablebesteffortstoobtain,aspromptlyaspracticablefollowingtheoccurrenceofsuchevent,alternativedebtfinancingforanysuchportionfromalternativedebtsourcesontermsandconditions,takenasawhole,nolessfavorabletoBristol-MyersSquibbandMergerSubthanthetermsandconditionssetforthinthedebtcommitmentletterand

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inanamountsufficienttocompletethemerger,whichisreferredtointhisjointproxystatement/prospectusasalternativedebtfinancing,and(ii)promptlynotifyCelgeneofsuchunavailabilityandthereasonforsuchunavailability.Ifobtained,Bristol-MyersSquibbshalldelivertoCelgenetrueandcompletecopiesofallcommitmentlettersandotherdefinitiveagreementspursuanttowhichanysuchalternativedebtfinancingsourceshallhavecommittedtoprovideBristol-MyersSquibborthesurvivingcorporationwithalternativedebtfinancing.

Bristol-MyersSquibbandMergerSubshallnot,withoutCelgene’spriorwrittenconsent(nottobeunreasonablywithheld,conditionedordelayed),permitanyamendment,modificationto,oranywaiverofanyprovisionorremedyunder,anydebtcommitmentletteroranydefinitiveagreementrelatedtheretounlessthetermsofsuchdebtcommitmentletterordefinitiveagreementrelatedthereto,ineachcaseassoamended,modifiedorwaived,aresubstantiallysimilartothoseinsuchdebtcommitmentletterordefinitiveagreementrelatedthereto,priortogivingeffecttosuchamendment,modificationorwaiver(otherthaneconomicterms,whichshallbeasgoodasorbetterforBristol-MyersSquibbandMergerSubthanthoseinthedebtcommitmentletterordefinitiveagreementrelatedtheretopriortogivingeffecttosuchamendment,modificationorwaiver);providedthat,inthecaseofamendmentsormodificationsorwaiversofthedebtcommitmentletteroranydefinitiveagreementrelatedthereto,theforegoingwillonlyapplyifsuchamendment,modificationorwaiverwouldnotreasonablybeexpectedto(i)(A)addadditionalconditionsprecedentthatwouldadverselyaffecttheabilityorlikelihoodofBristol-MyersSquibborMergerSubtimelycompletingthemergeror(B)makethetimelyfundingofthedebtfinancingorthesatisfactionoftheconditionstoobtainingthedebtfinancingmateriallylesslikelytooccur,(ii)reducetheaggregateamountofthedebtfinancingor(iii)materiallyandadverselyaffecttheabilityofBristol-MyersSquibbtoenforceitsrightsagainstotherpartiestothedebtcommitmentlettersorthedefinitiveagreementsrelatedthereto,itbeingunderstoodandagreedthatinanyevent,Bristol-MyersSquibbmayamendanyofthedebtcommitmentlettersoranydefinitiveagreementrelatingtheretotoaddlenders,arrangers,bookrunners,agents,managersorsimilarentitiesthathavenotexecutedsuchdebtcommitmentlettersasofsuchtimeandconsenttotheassignmentoflendingcommitmentsunderthedebtcommitmentletterstootherlenders.

Bristol-MyersSquibbshallprovideCelgenewithpromptwrittennoticeofthereceiptofanynoticeorothercommunicationfromanyfinancingsourcewithrespecttosuchfinancingsource’sfailureoranticipatedfailuretofunditscommitmentsunderanydebtcommitmentletterordefinitiveagreementinconnectiontherewithinamannerthatwouldreasonablebeexpectedtorenderitunabletoconsummatethemerger.Bristol-MyersSquibbhasalsoagreedtokeepCelgenereasonablyinformedonareasonablycurrentbasisofthestatusofitseffortstoobtainthedebtfinancingforthemerger,includingprovidingcopiesofanyamendment,modificationorreplacementofthedebtcommitmentletter.Bristol-MyersSquibbshallgiveCelgenepromptnoticeof,amongotherthings,any(i)materialbreachormaterialdefaultbyanypartytothedebtcommitmentlettersoranyoftherelateddefinitiveagreementsofwhichBristol-MyersSquibbobtainsknowledge,(ii)anyactualortotheknowledgeofBristol-MyersSquibb,threatenedterminationofthedebtcommitmentlettersoranyoftherelateddefinitiveagreementsor(iii)anymaterialdisputeordisagreementbetweenoramonganypartiestoanyofthedebtcommitmentlettersorsuchrelateddefinitiveagreementswithrespecttotheobligationstofundthedebtfinancingortheamountofthedebtfinancingtobefundedatthecompletionofthemerger.

Notwithstandinganythingcontainedinthemergeragreement,Bristol-MyersSquibbhasexpresslyacknowledgedandagreedthatCelgene’sandMergerSub’sobligationsunderthemergeragreementarenotconditionedinanymanneruponBristol-MyersSquibborMergerSubobtaininganyfinancing.

Cooperation of Celgene

Priortothecompletionofthemerger,Celgenehasagreedtouse(andcauseitssubsidiariestouse)commerciallyreasonableeffortstoprovidecustomarycooperationasmaybereasonablyrequestedbyBristol-MyersSquibbinwritingtoassistBristol-MyersSquibbinarranging,obtainingorsyndicatingthedebtfinancing(includinganypermanentfinancingreferredtointhedebtcommitmentletters)(providedthatrequestedcooperationdoesnotunreasonablyinterferewiththeongoingbusinessoroperationsofCelgeneanditssubsidiaries),includingusingcommerciallyreasonableeffortsto:

• reasonablycooperatewiththemarketingeffortsorduediligenceeffortsofBristol-MyersSquibborthefinancingsources,ineachcase,inconnectionwiththedebtfinancing,includingusingcommerciallyreasonableeffortstocausemembersofmanagementwithappropriateseniorityandexpertisetoparticipateinareasonablenumberofmeetings,duediligencesessions,ratingagencysessionsandroadshows,attimesandatlocationsreasonablyacceptabletoCelgeneanduponreasonablenotice;

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• reasonablyassistBristol-MyersSquibbinpreparingcustomaryofferingmemoranda,ratingagencypresentations,lenderandinvestorpresentations,confidentialinformationmemoranda,privateplacementmemoranda,prospectusesandothersimilardocumentsforthedebtfinancing,andaspromptlyaspracticableprovidehistoricalfinancialandothercustomaryinformationrelatingtoCelgenetoBristol-MyersSquibbandthefinancingsourcestotheextentreasonablyrequestedbyBristol-MyersSquibb,includingdeliveringandconsentingtotheinclusionorincorporationinanySECfilingrelatedtothedebtfinancingoranyalternativefinancingof(A)auditedconsolidatedbalancesheetsandrelatedauditedconsolidatedstatementsofincome,comprehensiveincome,stockholders’equityandcashflowsofCelgeneforeachofthethreefiscalyearsmostrecentlyendedmorethan60dayspriortotheclosingdateofthemerger(andauditreportsforsuchfinancialstatementsshallnotbesubjecttoany“goingconcern”qualifications),(B)unauditedconsolidatedbalancesheetsandrelatedunauditedconsolidatedstatementsofincome,comprehensiveincomeandcashflowsofCelgeneforeachsubsequentfiscalquarterendedmorethan45dayspriortotheclosingdateofthemergerand(C)allotherhistoricalfinancialandothercustomaryinformationregardingCelgenereasonablynecessarytopermitBristol-MyersSquibbtoprepareproformafinancialstatementscustomaryforthebankfinancingandthedebtsecuritiesofferingcontemplatedbythedebtfinancingoranyalternativefinancing(provided,that,withoutlimitingtheforegoing,Celgeneshallnotberequiredtoprepareanyproformafinancialinformationorprojections,whichshallbethesoleresponsibilityofBristol-MyersSquibb);

• promptly,andinanyeventatleastfourbusinessdayspriortotheclosingdateofthemerger,providetoBristol-MyersSquibbandthefinancingsourcesalldocumentationandotherinformationaboutCelgeneanditssubsidiariesrequiredbythefinancingsourcesorregulatoryauthoritieswithrespecttothedebtfinancingunderapplicable“knowyourcustomer”andanti-moneylaunderingrulesandregulations,includingtheUSAPATRIOTActof2001thatisrequiredunderanydebtcommitmentletteroranydefinitiveagreementrelatedtothedebtfinancingtotheextentsuchdocumentationandotherinformationisrequestedinwritingtoCelgeneatleasttenbusinessdayspriortotheclosingdateofthemerger;

• inconnectionwithanysecuritiesofferingcontemplatedaspartofthedebtfinancingoranyalternativedebtfinancing,(A)obtaincustomarycomfortlettersfromCelgene’sindependentpublicaccountingfirm,(B)causeCelgene’sindependentpublicaccountingfirmtoconsenttotheinclusionorincorporationoftheirauditreportswithrespecttothefinancialstatementsofCelgeneinanyregistrationstatementofBristol-MyersSquibbwiththeSECoranyprospectus,offeringmemoranda,privateplacementmemoranda,marketingmaterialorsimilardocumentation,includingbyprovidingcustomaryrepresentationlettersand(C)causeCelgene’sindependentpublicaccountingfirmtocooperatewithBristol-MyersSquibbanditsrepresentatives,includingbyparticipatinginaccountingduediligencesessionsattimesandatlocationsreasonablyacceptabletoCelgeneanditsindependentpublicaccountingfirmanduponreasonablenotice;

• subjecttocustomaryconfidentialityprovisionsanddisclaimers,providecustomaryauthorizationletterstothefinancingsourcesauthorizingthedistributionofinformationtoprospectivelendersorinvestors;

• (A)delivernoticesofprepaymentand/ornoticesforterminationofcommitmentswithinthetimeperiodsrequiredbyCelgene’sexistingcreditagreementandobtaincustomarypayofflettersandifapplicable,instrumentsofdischargetobedeliveredattheclosingofthemergertoallowforthepayoff,dischargeandterminationinfullontheclosingdateofthemergerofCelgene’sexistingcreditagreement;providedthatanysuchnoticeorpayofflettershallbeexpresslyconditionedonthecompletionofthemergerand(B)assistBristol-MyersSquibbindelivering,ontheclosingdateofthemerger,thesupplementalindenturesandofficers’certificatesrequiredtobedeliveredunderCelgene’sindentures;

• provideinformationconcerningCelgeneanditssubsidiariesreasonablynecessaryforthecompletionofthedefinitivedocumentationforthedebtfinancing;

• provideorcausetobeprovidedanycustomarycertificates,orothercustomaryclosingdocumentsasmayreasonablyberequestedinconnectionwiththedebtfinancingandanyalternativedebtfinancing;and

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• consenttotheuseofthetrademarks,servicemarksandlogosofCelgeneoranyofitssubsidiariesinconnectionwiththedebtfinancing,providedthatsuchtrademarks,servicemarksandlogosareusedsolelyinamannerthatisnotintendedtoorisreasonablylikelytoharmordisparageCelgeneoritssubsidiariesorthereputationorgoodwillofCelgeneoranyofitssubsidiaries.

Priortothecompletionofthemerger,Bristol-MyersSquibboroneofitssubsidiariesmay(A)commenceanyofthefollowing:(1)oneormoreofferstopurchaseanyoralloftheoutstandingdebtissuedunderCelgene’sindenturesforcash,whichisreferredtointhisjointproxystatement/prospectusasofferstopurchase;or(2)oneormoreofferstoexchangeanyoralloftheoutstandingdebtissuedunderCelgene’sindenturesforsecuritiesissuedbyBristol-MyersSquibb,whichisreferredtointhisjointproxystatement/prospectusastheofferstoexchange;and(B)solicittheconsentoftheholdersofdebtissuedunderCelgene’sindenturesregardingcertainproposedamendmentstotheapplicableindentures,whichisreferredtointhisjointproxystatement/prospectusastheconsentsolicitationsand,whenreferredtotogetherwiththeofferstopurchaseandofferstoexchange,isreferredtointhisjointproxystatement/prospectusastheCelgenenoteoffersandconsentsolicitations;providedthattheclosingofanysuchtransactionshallnotbeconsummateduntiltheclosingofthemergerandanysuchtransactionshallbefundedusingconsiderationprovidedbyBristol-MyersSquibb.AnyCelgenenoteoffersandconsentsolicitationsshallbemadeontermsandconditionsasareproposedbyBristol-MyersSquibbandwhicharepermittedbythetermsoftheapplicableindentureandapplicablelaws,includingSECrulesandregulations.

Bristol-MyersSquibbshallconsultwithCelgeneregardingthematerialtermsandconditionsofanyCelgenenoteoffersandconsentsolicitations,includingthetimingandcommencementofanyCelgenenoteoffersandconsentsolicitationsandanytenderdeadlines.Bristol-MyersSquibbhasagreedtoprovideCelgenewiththenecessaryoffertopurchase,offertoexchange,consentsolicitationstatement,letteroftransmittal,pressrelease,ifany,inconnectiontherewith,andeachotherdocumentrelevanttothetransactionthatwillbedistributedbyBristol-MyersSquibbintheapplicableCelgenenoteoffersandconsentsolicitations,whichisreferredtointhisjointproxystatement/prospectusasdebtofferdocuments,areasonableperiodoftimeinadvanceofcommencingtheapplicableCelgenenoteoffersandconsentsolicitationstoallowCelgeneanditscounseltoreviewandcommentonsuchdebtofferdocuments.Bristol-MyersSquibbhasagreedtogivereasonableandgoodfaithconsiderationtoanycommentsmadeorinputprovidedbyCelgeneanditslegalcounsel.Subjecttothereceiptoftherequisiteholderconsents,inconnectionwithanyoralloftheconsentsolicitations,CelgeneshallexecuteasupplementalindenturetotheapplicableindentureinaccordancewiththetermsthereofamendingthetermsandprovisionsofsuchindentureasdescribedintheapplicabledebtofferdocumentsinaformreasonablyrequestedbyBristol-MyersSquibb,whichisreferredtointhisjointproxystatement/prospectusasaCelgenesupplementalindenture;providedthateachsuchCelgenesupplementalindentureshallnotbecomeeffectiveuntiltheconsummationofthemerger.

Celgeneshall,andshallcauseeachofitssubsidiariesto,andshallusecommerciallyreasonableeffortstocauseitsandtheirrepresentativesto,provideallreasonableandcustomarycooperationasmaybereasonablyrequestedbyBristol-MyersSquibbinwritingtoassistBristol-MyersSquibbinconnectionwithanyCelgenenoteoffersandconsentsolicitations(including,butnotlimitedto,uponBristol-MyersSquibb’swrittenrequest,usingcommerciallyreasonableeffortstocauseCelgene’sindependentaccountantstoprovidecustomaryconsentsforuseoftheirreportstotheextentrequiredinconnectionwithanyCelgenenoteoffersandconsentsolicitations)(providedthatsuchrequestedcooperationdoesnotunreasonablyinterferewiththeongoingbusinessoroperationsofCelgeneanditssubsidiaries);providedthatneitherCelgenenoritslegalcounselwillberequiredtofurnishanycertificates,legalopinionsornegativeassurancelettersinconnectionwithanyCelgenenoteoffersandconsentsolicitations(otherthaninconnectionwiththeexecutionofanyCelgenesupplementalindenturerelatingtotheconsentsolicitations,withrespecttowhichCelgeneshalldelivercustomaryofficer’scertificatesandusecommerciallyreasonableeffortstocausecounselforCelgenetodelivercustomarylegalopinionstothetrusteeundertheapplicableCelgeneindentureintheformrequiredbytheindentureorexecuteanyotherinstrumentsoragreementsinconnectiontherewith).

Thedealermanager,solicitationagent,informationagent,depositaryorotheragentretainedinconnectionwithanyCelgenenoteoffersandconsentsolicitationswillbeselectedandretainedbyBristol-MyersSquibbandtheirfeesandout-of-pocketexpenseswillbepaiddirectlybyBristol-MyersSquibb.If,atanytimepriortothecompletionoftheCelgenenoteoffersandconsentsolicitations,Celgeneoranyofitssubsidiaries,ontheonehand,orBristol-MyersSquibboranyofitssubsidiaries,ontheotherhand,discoversanyinformationthatshouldbesetforthinanamendmentorsupplementtothedebtofferdocuments,sothatthedebtofferdocumentsshall

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notcontainanyuntruestatementofamaterialfactoromittostateanymaterialfactrequiredtobestatedthereinornecessaryinordertomakethestatementstherein,inlightofcircumstancesunderwhichtheyaremade,notmisleading,thepartythatdiscoverssuchinformationshallusecommerciallyreasonableeffortstopromptlynotifytheotherparty,andanappropriateamendmentorsupplementpreparedbyBristol-MyersSquibbdescribingsuchinformationshallbedisseminatedtotheholdersoftheapplicablenotes,debenturesorotherdebtsecuritiesofCelgeneoutstandingundertheapplicableCelgeneindenture.TheconsummationofanyoralloftheCelgenenoteoffersandconsentsolicitationsisnotaconditiontocompletionofthemerger.

Obligations to Call Stockholders’ Meetings

PromptlyaftertheeffectivenessoftheregistrationstatementonFormS-4,ofwhichthisjointproxystatement/prospectusformsapart,eachofCelgeneandBristol-MyersSquibbhasagreedto,inconsultationwiththeotherparty,establisharecorddatefor,dulycallandgivenoticeofameetingofitsstockholders,atwhichCelgenewillseekthevoteofitsstockholdersrequiredtoadoptthemergeragreement,andBristol-MyersSquibbwillseekthevoteofitsstockholdersrequiredtoapprovethestockissuance.TherecorddateforthemeetingofCelgenestockholdersandforthemeetingofBristol-MyersSquibbstockholdersmustbethesame.

Inaddition,promptlyaftertheeffectivenessoftheregistrationstatementonFormS-4,ofwhichthisjointproxystatement/prospectusformsapart,eachofCelgeneandBristol-MyersSquibbisrequiredtocausethisjointproxystatement/prospectivetobemailedtoitsstockholdersanddulyconveneandholdthemeetingofitsstockholders.ThemeetingofCelgenestockholdersandthemeetingofBristol-MyersSquibbstockholdersmustbeheldnolaterthan40daysaftertherecorddateforeachsuchmeeting,subjecttotheadjournments,postponementsandextensionsthereofdescribedinthefollowingparagraphsofthissection,andeachofCelgeneandBristol-MyersSquibbmustreasonablycooperateandusecommerciallyreasonableeffortstocausethedateandtimeofthemeetingoftheCelgenestockholdersandtheBristol-MyersSquibbstockholderstobeheldwithinasingleperiodof24consecutivehours.SubjecttotherightsoftheCelgeneBoardandtheBMSBoard,asapplicable,tomakeanadverserecommendationchange,asdiscussedunder“—NoSolicitation”beginningonpage186ofthisjointproxystatement/prospectus,eachofCelgeneandBristol-MyersSquibbhasagreedtouseitsreasonablebesteffortstocausetheapplicableapprovalsofitsstockholdersinconnectionwiththemergertobeobtainedatthemeetingofitsstockholdersandwillcomplywithalllegalrequirementsapplicabletosuchmeeting.

NeitherCelgenenorBristol-MyersSquibbmayadjourn,postponeorotherwisedelaythemeetingofitsstockholderswithoutthepriorwrittenconsentoftheotherparty.However,eitherCelgeneorBristol-MyersSquibbmay,withoutthepriorwrittenconsentoftheotherparty,adjournorpostponethemeetingofitsstockholders(i)if,afterconsultationwiththeotherparty,itbelievesingoodfaiththatsuchadjournmentorpostponementisreasonablynecessarytoallowreasonableadditionaltimeto(A)solicitadditionalproxiesnecessarytoobtaintherequiredvoteofitsstockholdersinconnectionwiththemergerorthestockissuance,asapplicable,atsuchmeeting,or(B)distributeanysupplementoramendmenttothisjointproxystatement/prospectusthatitsboardofdirectorshasdeterminedingoodfaithafterconsultationwithoutsidelegalcounselisnecessaryunderapplicablelawandforsuchsupplementoramendmenttobereviewedbyitsstockholderspriortosuchmeeting,(ii)foranabsenceofaquorumor(iii)ifthestockholdermeetingoftheotherpartyhasbeenadjournedorpostponed,totheextentnecessarytoenablesuchstockholdermeetingtobeheldwithinasingleperiodof24consecutivehours.Apartymaynotadjournorpostponeameetingofitsstockholdermorethanatotalofthreetimestosolicitadditionalproxiesorfortheabsenceofaquorumwithoutthepriorwrittenconsentoftheotherparty,andnoadjournmentorpostponementforthepurposesdescribedinthissentencemayexceedaperiodoftenbusinessdayswithoutthepriorwrittenconsentoftheotherparty.

Inaddition,theBristol-MyersSquibbstockholdermeetingtoapprovethestockissuancemay,inthediscretionofBristol-MyersSquibb,alsoconstituteitsannualmeetingofstockholders,solongasdoingsowouldnotdelaythestockholdermeetingtoapprovethestockissuancebymorethan15businessdaysandsuchannualmeetingofstockholdersdoesnotcontainanymattertobevotedonthatisnotcustomarilysubmittedtoavoteofstockholdersatanannualmeetinginvolvingonlyanuncontestedelectionofdirectorsandotherroutinematters.

Proxy Statement and Registration Statement Covenant

Aspromptlyaspracticablefollowingthedateofthemergeragreement,(i)CelgeneandBristol-MyersSquibbhaveagreedtojointlyprepareandfilewiththeSECthisjointproxystatement/prospectus,and(ii)Bristol-MyersSquibbhasagreedtoprepareandfilewiththeSECaregistrationstatementonFormS-4ofwhichthisjoint

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proxystatement/prospectusformsapart.EachofCelgeneandBristol-MyersSquibbhasagreedtouseitsreasonablebesteffortstohavethisjointproxystatement/prospectusclearedbytheSECaspromptlyaspracticableafteritsfiling,andBristol-MyersSquibbhasagreedtouseitsreasonablebesteffortstohavetheregistrationstatementonFormS-4,ofwhichthisjointproxystatement/prospectusformsapart,declaredeffectiveundertheSecuritiesActaspromptlyaspracticableafteritsfilingandkeeptheregistrationstatementeffectiveforsolongasisnecessarytocompletethemergerand,ifrequiredbylaw,tohavetheCVRagreementbecomequalifiedundertheTrustIndentureAct.EachofCelgeneandBristol-MyersSquibbwill,aspromptlyaspracticableafterthereceiptthereof,providetheotherpartywithcopiesofanywrittencommentsandadvisetheotherpartyofanyoralcommentswithrespecttothisjointproxystatement/prospectusortheregistrationstatementonFormS-4,ofwhichthisjointproxystatement/prospectusformsapart,receivedbysuchpartyfromtheSEC,andprovidetheotherwithcopiesofallsubstantivecorrespondencebetweenitanditsrepresentatives,ontheonehand,andtheSEC,ontheotherhand.PriortofilingtheregistrationstatementonFormS-4,ofwhichthisjointproxystatement/prospectusformsapart,mailingthisjointproxystatement/prospectusorrespondingtoanycommentsoftheSECwithrespectthereto,eachofCelgeneandBristol-MyersSquibbwillprovidetheotherpartyanditscounselareasonableopportunitytoreviewsuchdocumentorresponseandconsideringoodfaiththecommentsoftheotherpartyinconnectionwithanysuchdocumentorresponse.

EachofCelgeneandBristol-MyersSquibbhaveagreedtouseitsreasonablebesteffortstotakeanyotheractionrequiredtobetakenbyitundertheSecuritiesAct,theExchangeAct,theDGCLandtherulesoftheNYSEandNasdaqinconnectionwiththefilinganddistributionofthisjointproxystatement/prospectusandregistrationstatementonFormS-4,ofwhichthisjointproxystatement/prospectusformsapart,andthesolicitationofproxiesfromtheirrespectivestockholders.

Bristol-MyersSquibbhasagreedtouseitsreasonablebesteffortstotake,orcausetobetaken,allactions,andtodoorcausetobedoneallthings,necessary,properoradvisableunderapplicablelawsandtherulesandpoliciesoftheNYSEandtheSECtoenablethelistingoftheBristol-MyersSquibbcommonstockandtheCVRsbeingregisteredpursuanttotheregistrationstatementonFormS-4,ofwhichthisjointproxystatement/prospectusformsapart,ontheNYSEnolaterthantheclosingdateofthemerger,subjecttoofficialnoticeofissuance.Bristol-MyersSquibbhasalsoagreedtouseitsreasonablebesteffortstoobtainallnecessarystatesecuritieslawor“bluesky”permitsandapprovalsrequiredtocarryoutthetransactionscontemplatedbythemergeragreement.

EachofCelgeneandBristol-MyersSquibbhasagreedtofurnishtotheotherpartyallinformationconcerningitself,itssubsidiaries,directors,officersand(totheextentreasonablyavailabletotheapplicableparty)stockholdersandsuchothermattersasmaybereasonablynecessaryoradvisableinconnectionwithanystatement,filing,noticeorapplicationmadebyoronbehalfofCelgene,Bristol-MyersSquibboranyoftheirrespectivesubsidiaries,totheSECortheNYSEinconnectionwiththemergerandtheothertransactionscontemplatedbythisAgreement,includingtheregistrationstatementonFormS-4,ofwhichthisjointproxystatement/prospectusformsapart,andthisjointproxystatement/prospectus.Inaddition,bothCelgeneandBristol-MyersSquibbhaveagreedtousetheirreasonablebesteffortstoprovideinformationnecessarytoenabletheotherpartytopreparerequiredproformafinancialstatementsandrelatedfootnotesinconnectionwiththepreparationoftheregistrationstatementonFormS-4,ofwhichthisjointproxystatement/prospectusformsapart,and/orthisjointproxystatement/prospectus.

IfatanytimepriortotheadoptionofthemergeragreementbyCelgene’sstockholdersandtheapprovalofthestockissuancebyBristol-MyersSquibb’sstockholders,anyinformationrelatingtoCelgeneorBristol-MyersSquibb,oranyoftheirrespectiveaffiliates,officersordirectors,isdiscoveredbyCelgeneorBristol-MyersSquibbthatshouldbesetforthinanamendmentorsupplementtoeitherthisjointproxystatement/prospectusortheregistrationstatementonFormS-4,ofwhichitformsapart,sothateitherofsuchdocumentswouldnotincludeanymisstatementofamaterialfactoromittostateanymaterialfactnecessarytomakethestatementstherein,inlightofthecircumstancesunderwhichtheyweremade,notmisleading,thepartythatdiscoverssuchinformationhasagreedtopromptlynotifytheotherpartiestothemergeragreementandthepartieshaveagreedthatanappropriateamendmentorsupplementdescribingsuchinformationwillbepromptlypreparedandfiledwiththeSECand,totheextentrequiredunderapplicablelaw,disseminatedtothestockholdersofCelgeneandBristol-MyersSquibb.

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Indemnification and Insurance

Themergeragreementprovidesthat,foraperiodofnotlessthansixyearsfromandaftertheeffectivetimeofthemerger,Bristol-MyersSquibbwillcauseCelgene,asthesurvivingcorporationinthemerger,oranyapplicablesubsidiaryofCelgeneto,tothefullestextentauthorizedorpermittedbyapplicablelawto:(i)indemnifyandholdharmlesseachpersonwhoisorwaspreviouslyadirectororofficerofCelgeneoranyofitssubsidiariesor,attherequestoforforthebenefitofCelgeneoranyofitssubsidiaries,asadirector,trusteeorofficerofanyotherentityoranybenefitplanmaintainedbyCelgeneoranyofitssubsidiaries,whichindividualsarecollectivelyreferredtointhisjointproxystatement/prospectusastheindemnifiedparties,fromandagainstanythreatened,asserted,pendingorcompletedclaim,action,suit,proceeding,inquiryorinvestigation,whetherinstitutedbyanypartytothemergeragreement,anygovernmentalauthorityofcompetentjurisdictionoranyotherperson,whethercivil,criminal,administrative,investigativeorother,includinganyarbitrationorotheralternativedisputeresolutionmechanism,arisingoutoforpertainingtomattersthatrelatetosuchperson’sdutiesorservice(A)asadirectororofficerofCelgeneoranyofitssubsidiariesatorpriortotheeffectivetimeofthemergeror(B)asadirector,trusteeorofficerofanyotherentityoranybenefitplanmaintainedbyCelgeneoranyofitssubsidiariesforwhichsuchpersonisorwasservingattherequestorforthebenefitofCelgeneoranyofitssubsidiariesatorpriortotheeffectivetimeofthemerger,whicharecollectivelyreferredtointhisjointproxystatement/prospectusasD&Oclaims,andanylosses,claims,damages,liabilities,claimexpenses(reasonableout-of-pocketattorneys’feesandallotherreasonableout-of-pocketcosts,expensesandobligations),judgments,fines,penaltiesandamountspaidinsettlement(includingallinterest,assessmentsandotherchargespaidorpayableinconnectionwithorinrespectofanythereof)relatingtoorresultingfromsuchD&Oclaimsand(ii)promptlyadvancetosuchindemnifiedpartyanyclaimexpensesincurredindefending,servingasawitnesswithrespecttoorotherwiseparticipatingwithrespecttoanyD&Oclaiminadvanceofthefinaldispositionofsuchclaim,includingpaymentonbehalfoforadvancementtotheindemnifiedpartyofanyclaimexpensesincurredbytheindemnifiedpartyinconnectionwithenforcinganyrightswithrespecttosuchindemnificationand/oradvancement,ineachcasewithouttherequirementofanybondorothersecurity,butsubjecttoindemnifiedparty’sreceiptofawrittenundertakingbyoronbehalfofsuchindemnifiedpartytorepaysuchclaimexpensesifitisultimatelydeterminedunderapplicablelawthatsuchindemnifiedpartyisnotentitledtobeindemnified.

ThemergeragreementprovidesthattheorganizationaldocumentsofCelgenemustcontainprovisionsnolessfavorablewithrespecttoindemnificationandlimitationsonliabilityofdirectorsandofficersthanweresetforthintheorganizationaldocumentsofCelgeneasofthedateofthemergeragreementforaperiodofsixyearsaftertheeffectivetimeofthemerger.Suchprovisionsmaynotbeamended,repealedorotherwisemodifiedforaperiodofsixyearsaftercompletionofthesubsequentmergerinanymannerthatwouldadverselyaffecttherightsthereunderofindividualswho,atorpriortotheeffectivetimeofthemerger,weredirectors,officersortrusteesofCelgeneoranyofitssubsidiaries,asapplicable,excepttotheextentrequiredbyapplicablelaw.

Themergeragreementprovidesthat,atCelgene’soptionandexpense,priortotheeffectivetimeofthemerger,Celgenemaypurchaseasixyear“tail”insurancepolicyofatleastthesamecoverageandamountsandcontainingtermsandconditionsthatarenolessfavorabletothecoveredindividualsasCelgene’sanditssubsidiaries’existingdirectors’andofficers’insurancepolicyorpolicieswithaclaimsperiodofsixyearsfromthedateoftheeffectivetimeofthemergerforD&Oclaimsarisingfromfacts,acts,eventsoromissionsthatoccurredonorpriortotheeffectivetimeofthemerger.However,thepremiumforsuchtailpolicymaynotexceed300%oftheaggregateannualamountscurrentlypaidbyCelgeneforsuchinsuranceexistingasofthedateofthemergeragreement.IfCelgenefailstoobtainsuchtailpolicypriortotheeffectivetimeofthemerger,Bristol-MyersSquibborCelgenemustobtainsuchatailpolicyaftertheeffectivetimeofthemerger.However,thepremiumforsuchatailpolicymaynotexceedthemaximumpremiumreferredtointheimmediatelyprecedingsentenceandifsuchatailpolicycannotbeobtainedorcanbeobtainedonlybypayingaggregateannualpremiumsinexcessofsuchmaximumpremium,Bristol-MyersSquibb,CelgeneorCelgeneasthesurvivingcorporationisrequiredonlytoobtainasmuchcoverageascanbeobtainedbypayinganannualpremiumequaltosuchmaximumpremium.Bristol-MyersSquibbandthesurvivingcorporationmustcauseanysuchpolicy(whetherobtainedbyBristol-MyersSquibb,CelgeneorCelgeneasthesurvivingcorporation)tobemaintainedinfullforceandeffect,foritsfullterm,andBristol-MyersSquibbhasagreedtocauseCelgeneasthesurvivingcorporationtohonorallitsobligationsthereunder.

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Employee Matters

Attheeffectivetimeofthemergerthroughtheoneyearanniversarythereof,whichisreferredtointhisjointproxystatement/prospectusasthecompensationcontinuationperiod,Celgene(asthesurvivingcorporationinthemerger)shallprovide,andBristol-MyersSquibbshallcauseCelgenetoprovide,toeachindividualwhoisemployedbyCelgeneanditssubsidiariesimmediatelypriortothecompletionofthemerger,whilesuchindividualcontinuestobeemployedbyCelgeneasthesurvivingcorporation,Bristol-MyersSquibboranyoftheirsubsidiariesduringthecompensationcontinuationperiod,whichsuchindividualsarereferredtointhisjointproxystatement/prospectusastheaffectedemployees,(i)abasesalaryorwageratethatisnotlessthanthebasesalaryorwagerateprovidedtosuchaffectedemployeeimmediatelypriortothecompletionofthemerger,(ii)cashincentivecompensation(includingbonusopportunityandothercashincentivecompensationopportunities)andequityincentivecompensationnolessfavorableintheaggregatethanthecashincentivecompensation(includingbonusopportunityandothercashincentivecompensationopportunities)andequityincentivecompensationprovidedtosuchaffectedemployeeimmediatelypriortothecompletionofthemerger,and(iii)severancebenefitsinamountsandontermsandconditionsthatarenolessfavorablethanthoseprovidedtotheaffectedemployeesimmediatelypriortothecompletionofthemerger.FromtheclosingdatethroughDecember31,2019,affectedemployeesshallbeprovidedwithemployeebenefitssubstantiallysimilarintheaggregateastheemployeebenefitsprovidedtosuchaffectedemployeeundertheCelgeneemployeeplansimmediatelypriortothecompletionofthemerger;providedthat,forpurposesofdeterminingthatsuchemployeebenefitsarenolessfavorableintheaggregate,definedbenefitpensionplanbenefits,retentionorchangeincontrolpaymentsorawardsprovidedbyCelgeneoranyofitssubsidiariespriortotheeffectivetimeofthemergershallnotbetakenintoaccount.

Withrespecttoanyemployeebenefitplaninwhichanyaffectedemployeefirstbecomeseligibletoparticipateonoraftertheeffectivetimeofthemerger,Bristol-MyersSquibbwillusecommerciallyreasonableeffortsto:(i)waiveallpre-existingconditions,exclusionsandwaitingperiodswithrespecttoparticipationandcoveragerequirementsapplicabletosuchaffectedemployeewithrespecttoanewhealthplan,and(ii)ifapplicable,causetobecredited,inanynewhealthplaninwhichaffectedemployeesparticipate,anydeductiblesorout-of-pocketexpensesincurredbysuchaffectedemployeeandtheirbeneficiariesanddependentsduringtheportionofthecalendaryearinwhichtheeffectivetimeofthemergeroccurspriortosuchaffectedemployee’scommencementofparticipationinsuchnewhealthplanwiththeobjectivethattherebenodoublecountingduringtheyearinwhichthecompletionoftheeffectivetimeofthemergeroccursofsuchdeductiblesorout-of-pocketexpenses.Bristol-MyersSquibbwillrecognizeserviceofaffectedemployees(totheextentcreditedbyCelgeneoritssubsidiaries)accruedpriortotheeffectivetimeofthemergerforallpurposesunder(butnotforthepurposesofbenefitaccrualunderanydefinedbenefitpensionplan)anynewbenefitplaninwhichsuchaffectedemployeesmaybeeligibletoparticipateaftertheeffectivetimeofthemerger;provided,however,thatinnoeventshallanycreditbegiventotheextentitwouldresultintheduplicationofbenefitsforthesameperiodofservice.

WithrespecttospecifiedCelgeneannualcashincentiveplans,whicharereferredtointhisjointproxystatement/prospectusasannualincentiveplans,Bristol-MyersSquibbshall,orshallcauseCelgeneasthesurvivingcorporation,toprovideeachparticipantintheannualincentiveplan,whoareeachreferredtointhisjointproxystatement/prospectusasanincentiveplanparticipant,whoremainsemployedwithCelgene,asthesurvivingcorporationinthemerger,throughtheendoftheyearduringwhichtheeffectivetimeofthemergeroccurs,withanannualcashincentiveawardfortheyearduringwhichtheeffectivetimeofthemergeroccurs,theamountofwhichshallbedeterminedastheproductof(i)thesumofthefollowing:(A)apro-ratedportionofthebonuswithrespecttotheportionoftheyearthatthemergeriscompletedthatoccurspriortotheeffectivetimeofthemerger,whichbonusshallbedeterminedbaseduponactualcorporateperformancethroughthedatethemergerarecompleted,asdeterminedbyCelgene,plus(B)apro-ratedportionofthebonuswithrespecttothepost-closingportionoftheyearduringwhichthemergeriscompleted,whichbonusshallbenolessthanthebonuspayableattheapplicableincentiveplanparticipant’stargetincentivelevelundersuchannualincentiveplan,multipliedby(ii)theincentiveplanparticipant’sindividualperformancemultiplierdeterminedinaccordancewiththetermsoftheannualincentiveplan.Eachincentiveplanparticipantwhoexperiencesaterminationofemploymentonoraftertheeffectivetimeofthemergerduetodeathordisability,orifsuchincentiveplanparticipantiseligibletoreceiveseverancebenefitsunderanyCelgeneemployeeplanorapplicablelaw,willbeentitledtotheproratedpaymentoftheamountthatwouldotherwisehavebeenpayableunderclause(i),contingentupontheexecutionandnon-revocationofacustomaryreleaseofclaimsinaformthatis

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reasonablysatisfactorytoBristol-MyersSquibbanddoesnotcontainanyrestrictivecovenants.Innoeventshallpaymentofanyamountsundertheannualincentiveplans(oranypro-ratedportionthereof)pursuanttothisparagraphresultintheduplicationofpaymentstoanyincentiveplanparticipantunderanyotherincentive,severanceorothersimilararrangement.

Certain Other Covenants and Agreements

Themergeragreementcontainscertainothercovenantsandagreements,includingthefollowingcovenantsandagreements,amongothers,allofwhicharesubjecttocertainexceptionsandqualificationsasdescribedinthemergeragreement:

• solelyforpurposesoffurtheringthemergerandtheothertransactionscontemplatedbythemergeragreementorforintegrationplanningrelatingtothemerger,CelgeneisrequiredtoprovideBristol-MyersSquibbanditsrepresentativesreasonableaccesstoitsproperties,books,contracts,recordsandinformationconcerningitsbusinesses,propertiesandpersonnel;

• eachofBristol-MyersSquibbandCelgeneisrequiredtopromptly(i)notifytheotherofanystockholderlitigationagainstit,itssubsidiariesoranyofitsoritssubsidiaries’respectivedirectorsorofficersrelatingtothemergeragreementorthemergerand(ii)otherthanwithrespecttoanysuchlitigationwherethepartiesareadversetoeachotherorrelatedtoorarisingoutofanacquisitionproposal,givetheotherpartytheopportunitytoconsultwithitregardingthedefenseorsettlementofanysuchstockholderlitigationand,inthecaseofCelgene,giveBristol-MyersSquibbtheopportunitytoparticipatein(butnotcontrol),atBristol-MyersSquibb’sexpense,thedefenseandsettlementofanysuchstockholderlitigationandnottosettleanysuchstockholderlitigationwithoutBristol-MyersSquibb’spriorconsent(whichconsentmaynotbeunreasonablywithheld,conditionedordelayed);

• eachofBristol-MyersSquibbandCelgeneisrequiredtoconsultwiththeotherbeforeissuinganypressrelease,makinganypublicstatementormakingcertainotherpubliccommunications,ineachcasewithrespecttothemergeragreementorthemerger;

• eachofBristol-MyersSquibbandCelgeneisrequiredtocooperatewiththeotherintakingallactionsnecessarytodelistCelgenecommonstockfromtheNasdaqandterminateitsregistrationundertheExchangeAct,ineachcaseeffectiveuponeffectivetimeofthemerger;and

• eachofBristol-MyersSquibbandCelgeneisrequiredtonotifytheotherofcertainevents,including(i)thereceiptofanymaterialwrittennoticeorotherwrittencommunicationfromagovernmentauthorityregardingthemerger,(ii)anyevent,changedevelopmentoroccurrencehasoccurredthat,toitsknowledge,wouldresultinamaterialadverseeffectorwouldreasonablybeexpectedtoresultinanyoftheconditionstotheclosingofthemergernotbeingsatisfiedand(iii)thereceiptofanymaterialwrittennoticeallegingthattheconsentofanentityorpersonisrequiredinconnectionwiththemerger.

Termination of the Merger Agreement

Themergeragreementmaybeterminatedatanytimebeforetheeffectivetimeofthemerger,whetherbeforeorafterCelgenestockholdershaveadoptedthemergeragreementorBristol-MyersSquibbstockholdershaveapprovedthestockissuance,inthefollowingcircumstances:

• bymutualwrittenagreementofBristol-MyersSquibbandCelgene;or

• byeitherBristol-MyersSquibborCelgene,if:

• themergerhasnotbeencompletedbytheenddateofJanuary2,2020,subjecttoCelgene’sandBristol-MyersSquibb’srespectiverighttounilaterallyextendtheenddatefortwoadditional60dayperiodsuponwrittennoticetotheotherparty,ifatthetimeofeachsuchextensionallclosingconditions(otherthantheclosingconditionswithrespecttoreceiptofHSRActclearanceandapprovalsundertheantitrustlawsofcertainspecifiedjurisdictionsortherebeingnoinjunctionororderenjoining,preventingorprohibitingtheconsummationofthemerger,ifsuchinjunctionororderrelatestothereceiptofHSRclearanceorapprovalsundertheantitrustlawsofcertainspecifiedjurisdictions)havebeensatisfiedorwaived.However,therighttoterminatethe

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mergeragreementaftertheenddate(asmaybeextended)ortoextendtheenddatewillnotbeavailabletoCelgeneorBristol-MyersSquibb,asapplicable,ifthatparty’sbreachofanyprovisionofthemergeragreementistheproximatecauseofthefailureofthemergertobecompletedbytheenddate(asmaybeextended);

• agovernmentalauthorityofcompetentjurisdictionhasissuedaninjunctionororderthatpermanentlyenjoins,preventsorprohibitsthecompletionofthemergerandsuchinjunctionororderhasbecomefinalandnonappealable;

• CelgenestockholdersfailtoadoptthemergeragreementuponavotetakenonaproposaltoadoptthemergeragreementattheCelgenespecialmeeting;

• Bristol-MyersSquibbstockholdersfailtoapprovethestockissuanceuponavotetakenonaproposaltoapprovethestockissuanceattheBristol-MyersSquibbspecialmeeting;or

• therehasbeenabreachofanyrepresentationorwarrantyorfailuretoperformanycovenantoragreementonthepartoftheotherpartythatwouldcausetheotherpartytofailtosatisfyanyconditiontocompletionofthemergerrelatedtotheaccuracyofitsrepresentationsandwarrantiesortheperformanceofitscovenantsandagreements,andsuchbreachorfailuretoperformeither(i)isincapableofbeingcuredbytheenddate(asmaybeextended)or(ii)hasnotbeencuredupontheearlierof(A)30daysfollowingnoticefromthenon-breachingpartyofsuchbreachorfailuretoperformand(B)theenddate(asmaybeextended).However,therighttoterminatethemergeragreementinrespectofaninaccuracyofanyrepresentationorwarrantyorthefailuretoperformanycovenantoragreementwillnotbeavailabletoapartyifsuchpartyistheninbreachofitsrepresentations,warranties,covenantsoragreementsthatwouldcausetheapplicableconditiontocompletionofthemergerrelatedtoaccuracyofitsrepresentationsandwarrantiesorperformanceofitscovenantsandagreementsnottobesatisfied.

• byBristol-MyersSquibb,if:

• priortotheadoptionofthemergeragreementbyCelgenestockholders,theCelgeneBoard(i)makesanadverserecommendationchangeor(ii)failstopubliclyconfirmitsrecommendationtoCelgenestockholdersinfavorofadoptingthemergeragreementwithintenbusinessdaysafterawrittenrequestbyBristol-MyersSquibbtodosofollowingthepublicdisclosureofanacquisitionproposalforCelgene(butBristol-MyersSquibbmaynotmakesucharequestmorethanonceforeachacquisitionproposalormaterialmodificationtoanacquisitionproposal);or

• priortoobtainingtheapprovalofthestockissuancebyBristol-MyersSquibbstockholders,Bristol-MyersSquibbterminatesthemergeragreementinordertoenterintoadefinitiveagreementprovidingforasuperiorproposal.

• byCelgene,if:

• priortotheapprovalofthestockissuancebyBristol-MyersSquibbstockholders,theBMSBoard(i)makesanadverserecommendationchangeor(ii)failstopubliclyconfirmitsrecommendationtoBristol-MyersSquibbstockholdersinfavorofthestockissuancewithintenbusinessdaysafterawrittenrequesttodosofromCelgenefollowingthepublicdisclosureofanacquisitionproposalforBristol-MyersSquibb(butCelgenemaynotmakesucharequestmorethanonceforeachacquisitionproposalormaterialmodificationtoanacquisitionproposal);or

• priortotheadoptionofthemergeragreementbyCelgenestockholders,Celgeneterminatesthemergeragreementinordertoenterintoadefinitiveagreementprovidingforasuperiorproposal.

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Termination Fees and Expenses

CelgenehasagreedtopayBristol-MyersSquibbtheCelgeneterminationfeeifthemergeragreementisterminatedunderanyofthefollowingcircumstances:

• byBristol-MyersSquibb,priortotheadoptionofthemergeragreementbyCelgenestockholders,asaresultoftheCelgeneBoard(i)makinganadverserecommendationchangeor(ii)failingtopubliclyconfirmitsrecommendationthatCelgene’sstockholdersadoptthemergeragreementwithintenbusinessdaysafterawrittenrequesttodosofromBristol-MyersSquibbfollowingthepublicdisclosureofanacquisitionproposalforCelgene;

• byBristol-MyersSquibb,priortotheadoptionofthemergeragreementbyCelgenestockholders,asaresultofamaterialbreachbyCelgeneofanyofitsobligationsdescribedunder“—NoSolicitation”beginningonpage186ofthisjointproxystatement/prospectusoranyofitsobligationtocallandholdameetingofitsstockholdersforpurposesofadoptingthemergeragreementdescribedunder“—ObligationstoCallStockholders’Meetings”beginningonpage194ofthisjointproxystatement/prospectus,and,atorpriortothedateofsuchtermination,anacquisitionproposalforCelgenehasbeenmadeandnotpubliclyandirrevocablywithdrawnatleastfourdayspriortotheCelgenespecialmeeting,andonorpriortothefirstanniversaryofsuchtermination,Celgeneentersintoadefinitiveagreement,orcompletesatransaction,relatingtoanacquisitionproposalforCelgene.However,inthisinstance,anyreferencesinthedefinitionofacquisitionproposalto20%willbereplacedby50%;

• byCelgene,priortotheadoptionofthemergeragreementbyCelgenestockholders,inordertoenterintoadefinitiveagreementprovidingforasuperiorproposal;or

• byBristol-MyersSquibborCelgene,asaresultofCelgenestockholdersfailingtoadoptthemergeragreementuponavotetakenonaproposaltoadoptthemergeragreementattheCelgenespecialmeetingand,atorpriortotheCelgenespecialmeeting,anacquisitionproposalforCelgenehasbeenpubliclydisclosedorannouncedandnotpubliclyandirrevocablywithdrawnatleastfourdayspriortotheCelgenespecialmeeting,andonorpriortothefirstanniversaryofsuchtermination,Celgeneentersintoadefinitiveagreement,orcompletesatransaction,relatingtoanacquisitionproposalforCelgene.However,inthisinstance,anyreferencesinthedefinitionofacquisitionproposalto20%willbereplacedby50%.

Bristol-MyersSquibbhasagreedtopayCelgenetheBristol-MyersSquibbterminationfeeifthemergeragreementisterminatedunderanyofthefollowingcircumstances:

• byCelgene,priortotheapprovalofthestockissuancebyBristol-MyersSquibbstockholders,asaresultoftheBMSBoard,(i)makinganadverserecommendationchangeor(ii)failingtopubliclyconfirmitsrecommendationthatBristol-MyersSquibb’sstockholdersapprovethestockissuancewithintenbusinessdaysafterawrittenrequesttodosofromCelgenefollowingthepublicdisclosureofanacquisitionproposalforBristol-MyersSquibb;

• byCelgene,priortotheapprovalofthestockissuancebyBristol-MyersSquibbstockholders,asaresultofamaterialbreachbyBristol-MyersSquibbofanyofitsobligationsdescribedunder“—NoSolicitation”beginningonpage186ofthisjointproxystatement/prospectusoritsobligationstocallandholdameetingofitsstockholdersforpurposesofapprovingthestockissuancedescribedunder“—ObligationstoCallStockholders’Meetings”beginningonpage194ofthisjointproxystatement/prospectusand,atorpriortothedateofsuchtermination,anacquisitionproposalforBristol-MyersSquibbhasbeenpubliclydisclosedorannounced,andonorpriortothefirstanniversaryofsuchtermination,Bristol-MyersSquibbentersintoadefinitiveagreement,orcompletesatransaction,relatingtoanacquisitionproposalforBristol-MyersSquibb.However,inthisinstance,anyreferencesinthedefinitionofacquisitionproposalto20%willbereplacedby50%;

• byBristol-MyersSquibb,priortoobtainingtheapprovalofthestockissuancebyBristol-MyersSquibbstockholders,inordertoenterintoadefinitiveagreementprovidingforasuperiorproposal;or

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• byCelgeneorBristol-MyersSquibb,asaresultofBristol-MyersSquibbstockholdersfailingtoapprovethestockissuanceuponavotetakenonaproposaltoapprovethestockissuanceattheBristol-MyersSquibbspecialmeetingand,atorpriortotheBristol-MyersSquibbspecialmeeting,anacquisitionproposalforBristol-MyersSquibbhasbeenpubliclydisclosedorannouncedandnotpubliclyandirrevocablywithdrawnatleastfourdayspriortotheBristol-MyersSquibbspecialmeeting,andonorpriortothefirstanniversaryofsuchtermination,Bristol-MyersSquibbentersintoadefinitiveagreement,orcompletesatransaction,relatingtoanacquisitionproposalforBristol-MyersSquibb.However,inthisinstance,anyreferencesinthedefinitionofacquisitionproposalto20%willbereplacedby50%.

Fee Reimbursement

IfthemergeragreementisterminatedbyeitherBristol-MyersSquibborCelgeneasaresultoftheCelgenestockholdersvotingonandfailingtoadoptthemergeragreementattheCelgenespecialmeetingoratanyadjournmentorpostponementthereof,thenCelgenewillpaytoBristol-MyersSquibbtheBristol-MyersSquibbfeereimbursement.IftheCelgeneterminationfeeispayablebyCelgeneafterthetimeCelgenepaystheCelgenefeereimbursement,theamountoftheCelgeneterminationfeewillbereducedbytheBristol-MyersSquibbfeereimbursement.

IfthemergeragreementisterminatedbyeitherBristol-MyersSquibborCelgeneasaresultoftheBristol-MyersSquibbstockholdersvotingonandfailingtoapprovethestockissuanceattheBristol-MyersSquibbspecialmeetingoratanyadjournmentorpostponementthereof,thenBristol-MyersSquibbwillpaytoCelgenetheCelgenefeereimbursement.IftheBristol-MyersSquibbterminationfeeispayablebyBristol-MyersSquibbafterthetimeBristol-MyersSquibbpaystheCelgenefeereimbursement,theamountoftheBristol-MyersSquibbterminationfeewillbereducedbytheCelgenefeereimbursement.

Bristol-MyersandMergerSubhaveagreedtopromptlyreimburseCelgeneforallreasonableanddocumentedout-of-pocketcostsandexpensesincurredbyCelgeneinconnectionwiththedebtfinancingoranyCelgenenoteoffersandconsentsolicitationswhetherornotthemergeriscompletedorifthemergeragreementisterminated.

Exclusive Remedy

Exceptinthecaseoffraudorwillfulbreachofanycovenantoragreementsetforthinthemergeragreement,ifeitherpartyreceivesaterminationfeeinaccordancewiththeprovisionsofthemergeragreement,thereceiptoftheterminationfeewillbethereceivingparty’ssoleandexclusiveremedyagainstthepayingpartyanditssubsidiariesandtheirrespectiveformer,currentorfuturepartners,equityholders,managers,members,affiliatesandrepresentatives,andnoneofthepayingparty,anyofitssubsidiariesoranyoftheirrespectiveformer,currentorfuturepartners,stockholders,managers,members,affiliatesorrepresentativeswillhaveanyfurtherliabilityorobligationrelatingtoorarisingoutofthemergeragreementorthetransactionscontemplatedbythemergeragreement.

Totheextentthataterminationfeeisnotpromptlypaidbyanypartywhendue,thepartyfailingtopaytheterminationfeeisalsorequiredto(i)payanyout-of-pocketcostsandexpenses(includingreasonablelegalfeesandexpenses)incurredbytheotherpartyinconnectionwithlegalactiontakentoenforcethemergeragreementthatresultsinajudgmentforsuchamountagainstthepartyfailingtopromptlypaysuchamountand(ii)payinterestontheunpaidfeeattheprimerate(aspublishedbyThe Wall Street Journal onthedatesuchfeewasdue)fromthedatesuchfeewasdueuntilpaidinfull.

Other Expenses

Exceptasdescribedaboveorexpresslyinthemergeragreement,themergeragreementprovidesthateachofBristol-MyersSquibbandCelgenewillpayitsowncostsandexpensesinconnectionwiththetransactionscontemplatedbythemergeragreement.

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Specific Performance

CelgeneandBristol-MyersSquibbhaveacknowledgedandagreedthatirreparableharmwouldoccurandthatthepartieswouldnothaveanyadequateremedyatlawforanybreachofanyoftheprovisionsofthisthemergeragreementorintheeventthatanyoftheprovisionsofthemergeragreementwerenotperformedinaccordancewiththeirspecificterms.CelgeneandBristol-MyersSquibbhaveagreedthatthepartiestothemergeragreementareentitledtoaninjunctionorinjunctionstopreventbreachesorthreatenedbreachesofthemergeragreementandtospecificallyenforcethetermsandprovisionsofthemergeragreement.Innoeventisapartyentitledtoboth(i)specificperformancetocausetheotherpartytoconsummatethemergerand(ii)thepaymentoftheBristol-MyersSquibbterminationfeeortheCelgeneterminationfee,asapplicable.

Third-Party Beneficiaries

Themergeragreementisnotintendedtoanddoesnotconferuponanypersonotherthanthepartiestothemergeragreementanylegalorequitablerightsorremedies,except:

• fromandaftereffectivetimeofthemerger,therightofCelgenestockholderstoreceivethemergerconsiderationandtherightofholdersofCelgeneStockOptions,CelgeneRSUs,CelgenePSUsandCelgeneRSAstoreceivetheconsiderationdescribedundertherespectivesubsectionsunder“—TreatmentofCelgeneEquityAwards”beginningonpage175ofthisjointproxystatement/prospectus;

• therightoftheindemnifiedpersonstoenforcetheobligationsdescribedunder“—IndemnificationandInsurance”beginningonpage196ofthisjointproxystatement/prospectus;and

• therightofeachofthefinancingsourcestoenforcecertainprovisionsofthemergeragreementrelatingtoliabilityofthefinancingsourcestoCelgeneanditsaffiliatespriortotheeffectivetimeofthemerger,thelawgoverningthemergeragreement,thejurisdictionandvenueforresolutionofdisputesinvolvingthefinancingsourcesarisingunderthemergeragreement,thewaiverofjurytrialbythepartiestothemergeragreementsandamendmentsofthoseprovisions.

Amendments; Waivers

Anyprovisionofthemergeragreementmaybeamendedorwaivedbeforetheeffectivetimeofthemergeriftheamendmentorwaiverisinwritingandsigned,inthecaseofanamendment,byeachpartytothemergeragreementor,inthecaseofawaiver,byeachpartyagainstwhomthewaiveristobeeffective,exceptthatafteradoptionofthemergeragreementbyCelgenestockholdersorapprovalofthestockissuancebyBristol-MyersSquibbstockholders,thepartiesmaynotamendorwaiveanyprovisionofthemergeragreementifsuchamendmentorwaiverwouldrequirefurtherapprovalofCelgenestockholdersorBristol-MyersSquibbstockholdersunderapplicablelawunlesssuchapprovalhasfirstbeenobtained.

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INTERESTS OF CELGENE’S DIRECTORS AND EXECUTIVE OFFICERS IN THE MERGER

InconsideringtherecommendationoftheCelgeneBoardtoadoptthemergeragreement,CelgenestockholdersshouldbeawarethatCelgene’sdirectorsandexecutiveofficershaveinterestsinthemergerthatmaybedifferentfrom,orinadditionto,theinterestsofCelgenestockholdersgenerally.TheCelgeneBoardwasawareoftheseinterestsandconsideredthem,amongothermatters,inevaluatingandnegotiatingthemergeragreement,inreachingitsdecisiontoapprovethemergeragreementandthetransactionscontemplatedbythemergeragreement(includingthemerger),andinrecommendingtoCelgenestockholdersthatthemergeragreementbeadopted.Thetransactionscontemplatedbythemergeragreementwillbea“changeincontrol”forpurposesoftheCelgeneexecutivecompensationandbenefitplansandagreementsdescribedbelow.

Certain Assumptions

Exceptasotherwisespecificallynoted,forpurposesofquantifyingthepotentialpaymentsandbenefitsdescribedinthissection,thefollowingassumptionswereused:

• TherelevantpricepershareofCelgenecommonstockis$86.89,whichistheaverageclosingpricepershareofCelgenecommonstockasreportedonNasdaqoverthefirstfivebusinessdaysfollowingthefirstpublicannouncementofthemergeronJanuary3,2019;

• TheeffectivetimeofthemergerisJanuary31,2019,whichistheassumeddateoftheclosingofthemergersolelyforpurposesofthedisclosureinthissection;and

• TheemploymentofeachexecutiveofficerofCelgenewasterminatedbyCelgenewithout“cause”orduetotheofficer’sresignationfor“goodreason”(assuchtermsaredefinedintherelevantplansandagreements),ineithercase,immediatelyfollowingtheassumedeffectivetimeofJanuary31,2019.

Theamountsindicatedbelowareestimatesbasedonmultipleassumptionsthatmayormaynotactuallyoccurorbeaccurateontherelevantdate,includingtheassumptionsdescribedabove,anddonotreflectcertaincompensationactionsoreventsthatmayoccurbeforecompletionofthemerger(including,withoutlimitation,Celgene’sgrantof2019annualequityawardstoexecutiveofficersandthevestingofcertainCelgeneequityawardsheldbyexecutiveofficersasoftheassumedeffectivetimeofJanuary31,2019upontheoccurrenceoftheapplicableregularlyscheduledvestingdate).

Treatment of Outstanding Equity Awards

Treatment of Celgene Stock Options

Attheeffectivetimeofthemerger,eachCelgeneStockOption,whetherornotvested,willbetreatedasdescribedbelow.

IfsuchCelgeneStockOptionisanIn-the-MoneyOptionitwillbeassumedbyBristol-MyersSquibbandconvertedinto(a)anAssumedIn-the-MoneyOptiontopurchase,onthesametermsandconditionsasappliedtoeachsuchCelgeneStockOptionimmediatelypriortotheeffectivetimeofthemerger,sharesofBristol-MyersSquibbcommonstock,exceptthat(i)thenumberofsharesofBristol-MyersSquibbcommonstocksubjecttosuchAssumedIn-the-MoneyOptionsshallequaltheproductof(x)thenumberofsharesofCelgenecommonstockthatweresubjecttosuchCelgeneStockOptionimmediatelypriortotheeffectivetimeofthemerger,multipliedby(y)theEquityAwardExchangeRatio(roundeddowntothenearestnumberofwholesharesofBristol-MyersSquibbcommonstock),and(ii)theper-shareexercisepricewillequalthequotientof(x)theexercisepricepershareofCelgenecommonstockatwhichsuchCelgeneStockOptionwasexercisable,dividedby(y)theEquityAwardExchangeRatio(roundeduptothenearestwholecent),and(b)therighttoreceive(i)ifsuchIn-the-MoneyOptionwasvestedpriortotheeffectivetimeofthemerger,oneCVRforeachshareofCelgenecommonstockunderlyingsuchIn-the-MoneyOptionor(ii)ifsuchIn-the-MoneyOptionwasnotvestedimmediatelypriortotheeffectivetimeofthemerger,immediatelyupon,andsubjectto,thevestingoftheAssumedIn-theMoneyOption,theUnvestedEquityAwardCVRConsideration.EachAssumedIn-the-MoneyOptionwillcontinuetohavethesametermsandconditionsasappliedtothecorrespondingCelgeneStockOptionimmediatelypriortotheeffectivetimeofthemerger.

IfsuchCelgeneStockOptionisanOut-of-the-MoneyOption,itwillbeassumedbyBristol-MyersSquibbandconvertedintoanAssumedOut-of-the-MoneyStockOptiontopurchase,onthesametermsandconditionsasappliedtoeachsuchCelgeneStockOptionimmediatelypriortotheeffectivetimeofthemerger,sharesof

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Bristol-MyersSquibbcommonstock,exceptthatthenumberofsharesofBristol-MyersSquibbcommonstocksubjecttosuchAssumedOut-of-the-MoneyStockOptionwillequaltheproductof(i)thenumberofsharesofCelgenecommonstockthatweresubjecttosuchCelgeneStockOptionimmediatelypriortotheeffectivetimeofthemerger,multipliedby(ii)theOut-of-the-MoneyOptionExchangeRatio(roundeddowntothenearestnumberofwholesharesofBristol-MyersSquibbcommonstock),andtheper-shareexercisepricewillequalthequotientof(a)theexercisepricepershareofCelgenecommonstockatwhichsuchCelgeneStockOptionwasexercisable,dividedby(b)theOut-of-the-MoneyOptionExchangeRatio(roundeduptothenearestwholecent).EachAssumedOut-of-the-MoneyStockOptionwillcontinuetohavethesametermsandconditionsasappliedtothecorrespondingCelgeneStockOptionimmediatelypriortotheeffectivetimeofthemerger.

Treatment of Celgene RSU Awards

Attheeffectivetimeofthemerger,eachCelgeneRSUAwardwillbeassumedbyBristol-MyersSquibbandconvertedinto(i)anAssumedRestrictedUnitAwardthatsettlesinanumberofsharesofBristol-MyersSquibbcommonstockequalto(x)thenumberofsharesofCelgenecommonstockunderlyingtheCelgeneRSUAwardimmediatelypriortotheeffectivetimeofthemerger,multipliedby(y)theEquityAwardExchangeRatio(roundeduptothenearestwholenumberofshares)and(ii)therighttoreceive,subjecttothevestingoftheAssumedRestrictedUnitAward,theUnvestedEquityAwardCVRConsideration.EachAssumedRestrictedUnitAwardwillcontinuetohavethesametermsandconditionsasappliedtothecorrespondingCelgeneRSUAwardimmediatelypriortotheeffectivetimeofthemerger.

Treatment of Celgene PSU Awards

Attheeffectivetimeofthemerger,eachCelgenePSUAwardwillbeassumedbyBristol-MyersSquibbandconvertedinto(i)anAssumedPerformanceUnitAwardthatsettlesinanumberofsharesofBristol-MyersSquibbcommonstockequaltotheproductof(x)thenumberofsharesofCelgenecommonstockunderlyingtheCelgenePSUAwardimmediatelypriortotheeffectivetimeofthemerger(determinedbydeemingtheapplicableperformancegoalstobeachievedatthegreaterofthetargetlevelandtheactuallevelofachievementthroughtheendofthecalendarquarterimmediatelyprecedingthemergereffectivetime),multipliedby(y)theEquityAwardExchangeRatio(roundeduptothenearestwholenumberofshares),and(ii)therighttoreceive,subjecttothevestingoftheAssumedPerformanceUnitAward,theUnvestedEquityAwardCVRConsideration.EachAssumedPerformanceUnitAwardwillcontinuetohavethesametermsandconditionsasappliedtothecorrespondingCelgenePSUAward(otherthanperformance-basedvestingconditions)immediatelypriortotheeffectivetimeofthemerger.

See“TheMergerAgreement—TreatmentofCelgeneEquityAwards”beginningonpage175ofthisjointproxystatement/prospectus,includingforthedefinitionoftermsusedinthissectionbutnototherwisedefinedinthissection.

Treatment of Celgene Equity Awards upon Termination of Employment or Service On or Following the Merger

PursuanttothetermsofCelgene’sExecutiveSeverancePlan,theCelgeneStockOptions,CelgeneRSUAwardsandCelgenePSUAwardsheldbyCelgene’sexecutiveofficers,ifanexecutiveofficer’semploymentisterminatedbyCelgenewithout“cause”orduetotheexecutiveofficer’sresignationfor“goodreason,”ineachcase,onorwithintwoyearsfollowingachangeincontrolofCelgene(or,incertaincircumstances,otherwiseinconnectionwithachangeincontrolofCelgene),whichisreferredtointhisjointproxystatement/prospectusasaCICTermination,allsuchequityawardsthenheldbysuchexecutiveofficerwouldfullyvestuponsuchterminationofemployment.PursuanttothetermsoftheCelgeneStockOptionsandCelgeneRSUAwardsheldbyCelgene’snon-employeedirectors,ifanon-employeedirector’sdirectorshipterminatesforanyreasononorfollowingachangeincontrolofCelgene,allsuchequityawardsthenheldbysuchnon-employeedirectorwouldfullyvestuponsuchterminationofdirectorship.Inaddition,Celgenehasorwill,priortotheeffectivetimeofthemerger,amendthetermsofallCelgeneStockOptionsheldbyexecutiveofficersandnon-employeedirectorspriortotheeffectivetimeofthemergertoprovidethat(i)CelgeneStockOptionsheldbyexecutiveofficerswillremainexercisableforoneyearfollowingaCICTermination,butinnoeventpasttheexpirationdate(exceptthat,inthecaseofanexecutiveofficerwhoisretirement-eligibleasdefinedunderthetermsoftheapplicableCelgeneStockOption,thepost-terminationexerciseperiodwillbethreeyearsinaccordancewiththeexistingtermsoftheCelgeneStockOptions,butinnoeventpasttheexpirationdate),and(ii)CelgeneStockOptionsheldbynon-employeedirectorswillremainexercisableforoneyearfollowingaterminationofdirectorshipfor

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anyreasononorfollowingachangeincontrolofCelgene,butinnoeventpasttheexpirationdate.AsofJanuary31,2019,thefollowingcurrentnamedexecutiveofficersareretirement-eligible:MarkJ.AllesandPeterN.Kellogg,andoneofthefourexecutiveofficerswhoarenotnamedexecutiveofficersareretirement-eligible.

These“doubletrigger”vestingandpost-terminationexerciseperiodprovisionsapplicabletoCelgeneequityawardsheldbyexecutiveofficersandnon-employeedirectorswillcontinuetoapplytosuchawardsaftersuchawardsareassumedbyBristol-MyersSquibbattheeffectivetimeofthemerger.

Seethesectionentitled“—QuantificationofPotentialPaymentsandBenefitstoCelgene’sNamedExecutiveOfficersinConnectionwiththeMerger”beginningonpage206ofthisjointproxystatement/prospectusforanestimateoftheamountsthatwouldbecomepayabletoeachofCelgene’snamedexecutiveofficersinrespectoftheirunvestedequityawards.Basedontheassumptionsdescribedaboveunder“—CertainAssumptions,”(i)theestimatedaggregateamountsthatwouldbecomepayabletoCelgene’sfourexecutiveofficerswhoarenotnamedexecutiveofficersinrespectoftheirunvestedCelgeneequityawardsisasfollows:unvestedCelgeneStockOptions—$1,094,292;unvestedCelgeneRSUAwards—$8,880,332;andunvestedCelgenePSUAwards—$3,153,064;and(ii)theestimatedaggregateamountthatwouldbecomepayabletoCelgene’selevennon-employeedirectorsinrespectoftheirunvestedequityawardsisasfollows:unvestedCelgeneStockOptions—$1,387,756andunvestedCelgeneRSUAwards—$2,067,461.

2019 Annual Equity Award Grants

CelgeneandBristol-MyersSquibbhaveagreedthattheManagementCompensationandDevelopmentCommitteemaygrant2019annualequityawardstoCelgene’sexecutiveofficersintheordinarycourseofbusinesswiththegrantdatefairvalueofsuchawardsnottoexceed(i)withrespecttoCelgene’snamedexecutiveofficers,$14,600,000forMarkJ.Alles,$5,000,000foreachofDavidV.ElkinsandPeterN.Kellogg,and$4,750,000forS.J.RupertVesseyand(ii)$15,750,000intheaggregateforCelgene’sfourexecutiveofficerswhoarenotnamedexecutiveofficers.Anyawardsissuedtotheseexecutiveswillbetreatedinaccordancewiththeprovisionsofthemergeragreementsetforthabove.

Treatment of Cash Long Term Incentive Plan Awards

PursuanttothetermsofthecashLongTermIncentivePlan,whichisreferredtointhisjointproxystatement/prospectusasLTIP,awardsheldbycertainexecutiveofficers,suchawardswillvestinfulluponachangeincontrolofCelgeneandtheapplicableperformancegoalswillbedeemedachievedatthegreaterofthetargetlevelandtheactuallevelofachievementthroughthechangeincontrol.Seethesectionentitled“—QuantificationofPotentialPaymentsandBenefitstoCelgene’sNamedExecutiveOfficersinConnectionwiththeMerger”beginningonpage206ofthisjointproxystatement/prospectusforanestimateoftheamountthatwouldbecomepayableattheeffectivetimeofthemergertotheonenamedexecutiveofficerwhoholdsacashLTIPaward.Basedontheassumptionsdescribedaboveunder“—CertainAssumptions,”theestimatedaggregate“singletrigger”amountthatwouldbecomepayableattheeffectivetimeofthemergertothethreeCelgeneexecutiveofficerswhoarenotnamedexecutiveofficersandwhoholdcashLTIPawardsis$1,655,519.

Executive Severance Plan

EachexecutiveofficeriseligibletoparticipateinCelgene’sExecutiveSeverancePlan,whichisreferredtointhisjointproxystatement/prospectusastheESP.UnderthetermsoftheESP,eachCelgeneexecutiveofficeriseligibletoreceivethefollowingseverancebenefitsuponaCICTermination,subjecttotheexecutiveofficer’sexecutionandnon-revocationofareleaseandterminationagreement:(i)acashseverancepaymentequalto(x)2.5(or3,inthecaseoftheChiefExecutiveOfficer)multipliedby(y)thesumoftheexecutiveofficer’sannualbasesalaryandtargetannualcashincentiveopportunity,(ii)COBRAcontinuationcoverageatactiveemployeeratesforabenefitscontinuationperiodofupto30months(or36months,inthecaseoftheChiefExecutiveOfficer),(iii)18monthsofoutplacementservices,(iv)aproratedannualincentivecompensationawardfortheyearofterminationbasedonthegreaterofassumedachievementoftheapplicableperformancegoalsatthetargetlevelandtheactuallevelofachievementoftheapplicableperformancegoalsthroughtheterminationdate,and(v)fullacceleratedvestingofalloutstandingequityawardsgrantedunderCelgene’sequityplans.

Seethesectionentitled“—QuantificationofPotentialPaymentsandBenefitstoCelgene’sNamedExecutiveOfficersinConnectionwiththeMerger”beginningonpage206ofthisjointproxystatement/prospectusforthe

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estimatedamountsthateachofCelgene’snamedexecutiveofficerswouldreceiveundertheESPuponaCICTermination.Basedontheassumptionsdescribedaboveunder“—CertainAssumptions,”theestimatedaggregateamountofthese“doubletrigger”cashseverancepayments(includingaproratedannualincentivecompensationawardassumingachievementoftheapplicableperformancegoalsatthetargetlevel)thatCelgene’sfourexecutiveofficerswhoarenotnamedexecutiveofficerswouldreceiveundertheESPuponaCICTerminationis$11,551,861.

Excise Tax Reimbursement Plan

Inconnectionwiththemerger,CelgenewillimplementaplanprovidingthateachexecutiveofficerwillbeentitledtoreceiveareimbursementpaymentintheeventthatanypaymentsorbenefitsprovidedtosuchexecutiveofficerinconnectionwiththemergerbecomesubjecttotheexcisetaxpursuanttoSection4999oftheInternalRevenueCode.Thereimbursementpaymentswouldgenerallybepaidtotherelevanttaxingauthoritiestoplacetheexecutiveofficersinthesameafter-taxpositionasiftheexcisetaxdidnotapplytothem.Asaconditiontoparticipationinthereimbursementplan,eachexecutiveofficermustagreetoaone-yearpost-terminationnoncompetitioncovenant.

Seethesectionentitled“—QuantificationofPotentialPaymentsandBenefitstoCelgene’sNamedExecutiveOfficersinConnectionwiththeMerger”beginningonpage206ofthisjointproxystatement/prospectusforanestimateoftheamountsthatwouldbecomepayabletoeachofCelgene’snamedexecutiveofficerspursuanttothereimbursementplan.Basedontheassumptionsdescribedaboveunder“—CertainAssumptions,”theestimatedaggregateamountsthatwouldbecomepayabletoCelgene’sfourexecutiveofficerswhoarenotnamedexecutiveofficersunderthereimbursementplanis$6,427,050.

Treatment of Annual Bonus

Underthetermsofthemergeragreement,eachexecutiveofficerwhoparticipatesinanannualincentiveplan,andwhoremainsemployedwithCelgenethroughtheendoftheyearduringwhichthecompletionofthemergeroccurs,willreceiveanannualcashincentiveawardforsuchyearcalculatedinaccordancewiththetermsofthemergeragreement,whichcalculationincludesacomponentbasedonachievementofapplicableperformancegoals.EachexecutiveofficerwhoexperiencesaCICTerminationwillgenerallybeentitledtoaproratedportionofsuchamount.InnoeventwillpaymentofanybonusamountorproratedbonusamountpursuanttothemergeragreementresultintheduplicationofpaymentstoanyexecutiveofficerundertheESPorotherwise,andconsequentlytheestimatedamountsofsuchpaymentsarenotincludedinthissection,givenanassumedproratedannualincentiveawardamountunderthesectionentitled“—ExecutiveSeverancePlan”above.

See“TheMergerAgreement—EmployeeMatters”beginningonpage197ofthisjointproxystatement/prospectus.

Indemnification and Insurance

Pursuanttothetermsofthemergeragreement,Celgenenon-employeedirectorsandexecutiveofficerswillbeentitledtocertainongoingindemnificationandcoverageunderdirectors’andofficers’liabilityinsurancepoliciesfollowingthemerger.Suchindemnificationandinsurancecoverageisfurtherdescribedinthesectionentitled“TheMergerAgreement—IndemnificationandInsurance”beginningonpage196ofthisjointproxystatement/prospectus.

Quantification of Potential Payments and Benefits to Celgene’s Named Executive Officers in Connection with the Merger

TheinformationsetforthinthetablebelowisintendedtocomplywithItem402(t)oftheSEC’sRegulationS-K,whichrequiresdisclosureofinformationaboutcertaincompensationforeachnamedexecutiveofficerofCelgenethatisbasedon,orotherwiserelatesto,themerger.

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Theamountsshowninthetablebelowareestimatesbasedonmultipleassumptionsthatmayormaynotactuallyoccurorbeaccurateontherelevantdate,includingtheassumptionsdescribedbelowandinthefootnotestothetable,anddonotreflectcertaincompensationactionsthatmayoccurbeforecompletionofthemerger(including,withoutlimitation,Celgene’sgrantof2019annualequityawardstoexecutiveofficersandthevestingofcertainCelgeneequityawardsheldbyexecutiveofficersasoftheassumedeffectivetimeofJanuary31,2019upontheoccurrenceoftheapplicableregularlyscheduledvestingdates).Forpurposesofcalculatingsuchamounts,thefollowingassumptionswereused:

• therelevantpricepershareofCelgenecommonstockis$86.89,whichistheaverageclosingpricepershareofCelgenecommonstockasreportedonNasdaqoverthefirstfivebusinessdaysfollowingthefirstpublicannouncementofthemergeronJanuary3,2019;

• theeffectivetimeofthemergerisJanuary31,2019,whichistheassumeddateoftheclosingofthemergersolelyforpurposesofthedisclosureinthissection;and

• theemploymentofeachexecutiveofficerofCelgenewasterminatedbyCelgenewithout“cause”orduetotheofficer’sresignationfor“goodreason”(assuchtermsaredefinedintherelevantplansandagreements),ineithercaseimmediatelyfollowingtheassumedeffectivetimeofthemergerofJanuary31,2019.

Named Executive Officer (1) Cash ($) (2) Equity ($) (3)Perquisites /

Benefits ($) (4)Tax

Reimbursement ($) Total ($)MarkJ.Alles 10,411,397 17,321,068 159,200 0 27,891,665DavidV.Elkins 3,992,613 8,044,450 137,600 2,938,139 15,112,802PeterN.Kellogg 4,440,323 7,340,651 137,600 0 11,918,574S.J.RupertVessey 3,909,714 5,441,003 137,600 2,706,719 12,195,036

(1) ThistabledoesnotincludeRobertJ.Hugin,formerChiefExecutiveOfficer,whoseemploymentterminatedonFebruary5,2018,andScottA.Smith,formerPresidentandChiefOperatingOfficer,whoseemploymentterminatedonApril2,2018,neitherofwhomisentitledtoanyenhancedcompensationandbenefitsinconnectionwiththemerger.

(2) Cash. Consistsof(a)acashseverancepaymentequalto(i)2.5(or3,inthecaseoftheChiefExecutiveOfficer)multipliedby(ii)thesumofthenamedexecutiveofficer’sannualbasesalaryandtargetannualcashincentiveopportunityunderthetermsoftheESP,(b)aproratedannualincentivecompensationawardfortheyearofterminationbasedonthegreateroftheassumedachievementoftheapplicableperformancegoalsatthetargetlevelandtheactuallevelofachievementoftheapplicableperformancegoalsthroughtheterminationdateunderthetermsoftheESP(assumingforpurposesofthisestimatethattheapplicableperformancegoalsareachievedattarget),and(c)inthecaseofMr.Vesseyonly,thecashLTIPawardthatwillbecomevestedatthemergereffectivetime(thetargetamountofthisawardwasalreadypaidonDecember31,2018andtheamountincludedinthetablebelowreflectstheincrementalamountabovetargetthatwasearnedbasedontheactuallevelofachievementoftheapplicableperformancegoals).Thecashseveranceandproratedbonuspaymentsare“doubletrigger”andbecomepayableonlyuponaCICTerminationunderthetermsoftheESP(see“InterestsofCelgene’sDirectorsandExecutiveOfficersintheMerger—ExecutiveSeverancePlan”).ThecashLTIPawardheldbyMr.Vesseyis“singletrigger”andwillbecomepayableuponthemergereffectivetime.Theestimatedamountofeachsuchpaymentisshowninthefollowingtable:Named Executive Officer Severance ($) Prorated Bonus ($) Cash LTIP ($) Total ($)MarkJ.Alles 10,237,500 173,897 N/A 10,411,397DavidElkins 3,931,250 61,363 N/A 3,992,613PeterN.Kellogg 4,370,000 70,323 N/A 4,440,323S.J.RupertVessey 3,600,000 54,356 255,358 3,909,714

(3) Equity .ConsistsofacceleratedvestingofunvestedCelgeneStockOptions,CelgeneRSUAwards,andCelgenePSUAwardsuponaCICTermination.Thisacceleratedvestingisa“doubletrigger”benefitandistriggeredonlyuponaCICTermination.ForfurtherdetailsregardingthetreatmentofCelgeneequityawardsinconnectionwiththemerger,see“InterestsofCelgene’sDirectorsandExecutiveOfficersintheMerger—TreatmentofOutstandingEquityAwards.”Theestimatedvalueofeachsuchbenefitisshowninthefollowingtable(inthecaseofCelgenePSUAwards,thisestimatedvalueassumesthattheapplicableperformancegoalsareachievedattargetexceptthatwithrespecttoPSUsheldbyMessrs.AllesandKelloggrelatingtothe2016-2018performanceperiod,theestimatedvalueisbasedontheactuallevelofachievementoftheapplicableperformancegoals):

Named Executive OfficerCelgene Stock

Options ($)Celgene RSU

Awards ($)Celgene PSU

Awards ($) Total ($)MarkJ.Alles 1,138,477 7,091,788 9,090,803 17,321,068DavidV.Elkins 0 6,503,021 1,541,429 8,044,450PeterN.Kellogg 389,893 3,441,365 3,509,393 7,340,651S.J.RupertVessey 350,900 3,131,602 1,958,501 5,441,003

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(4) Perquisites/Benefits .Consistsofestimatedvalueof(a)COBRAcontinuationcoverageatactiveemployeeratesforabenefitscontinuationperiodofupto30months(or36months,inthecaseoftheChiefExecutiveOfficer),and(b)18monthsofoutplacementservices.Suchbenefitsare“doubletrigger”andareprovidedonlyuponaCICTerminationunderthetermsoftheESP(see“InterestsofCelgene’sDirectorsandExecutiveOfficersintheMerger—ExecutiveSeverancePlan”).Theestimatedvalueofeachsuchbenefitisshowninthefollowingtable:

Named Executive OfficerWelfare

Benefits ($)Outplacement

Services ($) Total ($)MarkJ.Alles 109,200 50,000 159,200DavidV.Elkins 87,600 50,000 137,600PeterN.Kellogg 87,600 50,000 137,600S.J.RupertVessey 87,600 50,000 137,600

(5) Tax Reimbursements .IncludestheestimatedamountofthereimbursementpaymentfortheexcisetaximposedonthepaymentsandbenefitstothenamedexecutiveofficersinconnectionwithachangeofcontrolbyreasonofSection4999oftheInternalRevenueCode.

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CELGENE PROPOSAL II: ADJOURNMENT OF THE CELGENE SPECIAL MEETING

CelgenestockholdersarebeingaskedtoapproveaproposalthatwillgivetheChairmanoftheCelgeneBoardauthoritytoadjourntheCelgenespecialmeetingoneormoretimesifnecessarytosolicitadditionalproxiesiftherearenotsufficientvotestoadoptthemergeragreementatthetimeoftheCelgenespecialmeetingoranyadjournmentorpostponementthereof.Ifthisproposalisapproved,theCelgenespecialmeetingcouldbeadjournedtoanydate.AnydeterminationofwhetheritisnecessarytoadjourntheCelgenespecialmeeting(oranyadjournmentorpostponementthereof)tosolicitadditionalproxieswillbemadesolelybyCelgeneconsistentwiththetermsofthemergeragreementorwiththeconsentofBristol-MyersSquibb.

IftheCelgenespecialmeetingisadjourned,Celgenestockholderswhohavealreadysubmittedtheirproxieswillbeabletorevokethematanytimepriortotheiruse.Ifyousignandreturnaproxyanddonotindicatehowyouwishtovoteonanyproposal,orifyouindicatethatyouwishtovoteinfavoroftheadoptionofthemergeragreementbutdonotindicateachoiceontheCelgeneadjournmentproposal,yourshareswillbevotedinfavoroftheCelgeneadjournmentproposal.Butifyouindicatethatyouwishtovoteagainsttheadoptionofthemergeragreement,yourshareswillonlybevotedinfavoroftheCelgeneadjournmentproposalifyouindicatethatyouwishtovoteinfavorofthatproposal.

TheaffirmativevoteofamajorityofthevotespresentattheCelgenespecialmeetingbyCelgenestockholders(whetherornotaquorum,asdefinedinCelgene’sby-laws,ispresent)willberequiredtoapprovetheCelgeneadjournmentproposal.

THE CELGENE BOARD UNANIMOUSLY RECOMMENDS THAT CELGENE STOCKHOLDERS VOTE “FOR” THECELGENE ADJOURNMENT PROPOSAL.

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CELGENE PROPOSAL III: ADVISORY VOTE ON MERGER-RELATED EXECUTIVE COMPENSATIONARRANGEMENTS

Celgeneisprovidingitsstockholderswiththeopportunitytocastanadvisory(non-binding)votetoapprovethecompensationthatwillormaybepaidorprovidedbyCelgenetoitsnamedexecutiveofficersinconnectionwiththemerger,asrequiredbytheDodd-FrankWallStreetReformandConsumerProtectionActof2010,asamended.

ThecompensationthatCelgene’snamedexecutiveofficersmaybeentitledtoreceivefromCelgeneinconnectionwiththemergerissummarizedinthetableunder“InterestsofCelgene’sDirectorsandExecutiveOfficersintheMerger—QuantificationofPotentialPaymentsandBenefitstoCelgeneNamedExecutiveOfficersinConnectionwiththeMerger”beginningonpage206ofthisjointproxystatement/prospectus.ThatsummaryincludesallcompensationandbenefitsthatwillormaybepaidorprovidedbyCelgenetoitsnamedexecutiveofficersinconnectionwiththemerger,includingasaresultofaterminationofemploymentinconnectionwiththemerger.

TheCelgeneBoardencouragesyoutoreviewcarefullytheinformationregardingthecompensationthatwillormaybepaidorprovidedbyCelgenetoitsnamedexecutiveofficersinconnectionwiththemergerdisclosedinthisjointproxystatement/prospectus.

TheCelgeneBoardunanimouslyrecommendsthatthestockholdersofCelgeneapprovethefollowingresolution:

“RESOLVED,thatthestockholdersofCelgeneapprove,onanadvisory(non-binding)basis,thecompensationthatwillormaybepaidorprovidedbyCelgenetoitsnamedexecutiveofficersinconnectionwiththemerger,asdisclosedpursuanttoItem402(t)ofRegulationS-Kinthetableinthesectionofthisjointproxystatement/prospectusentitled“InterestsofCelgene’sDirectorsandExecutiveOfficersintheMerger—QuantificationofPotentialPaymentsandBenefitstoCelgene’sNamedExecutiveOfficersinConnectionwiththeMerger”includingthefootnotestothetableandtherelatednarrativedisclosures.”

ThevoteontheCelgenecompensationadvisoryproposalisavoteseparateandapartfromthevoteontheadoptionofthemergeragreement.Accordingly,youmayvotefortheadoptionofthemergeragreementandvoteagainsttheCelgenecompensationadvisoryproposalandviceversa.BecausethevoteontheCelgenecompensationadvisoryproposalisadvisoryonly,itwillnotbebindingoneitherCelgeneorBristol-MyersSquibb.Accordingly,ifthemergeragreementisadoptedandthemergeriscompleted,thecompensationpaymentsthatarecontractuallyrequiredtobepaidbyCelgenetoitsnamedexecutiveofficerswillormaybepaid,subjectonlytotheconditionsapplicablethereto,regardlessoftheoutcomeoftheadvisory(non-binding)voteofCelgenestockholders.

AmajorityofthevotescastaffirmativelyornegativelyontheproposalattheCelgenespecialmeetingwillberequiredtoapprove,onanadvisory(non-binding)basis,theCelgenecompensationadvisoryproposal.

THE CELGENE BOARD UNANIMOUSLY RECOMMENDS THAT CELGENE STOCKHOLDERS VOTE “FOR” THECELGENE COMPENSATION ADVISORY PROPOSAL.

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BRISTOL-MYERS SQUIBB PROPOSAL II: ADJOURNMENT OF THE BRISTOL-MYERS SQUIBB SPECIAL MEETING

Bristol-MyersSquibbstockholdersarebeingaskedtoapproveaproposalthatwillgivetheBMSBoardauthoritytoadjourntheBristol-MyersSquibbspecialmeetingoneormoretimesifnecessarytosolicitadditionalproxiesiftherearenotsufficientvotesatthetimeoftheBristol-MyersSquibbspecialmeeting,oranyadjournmentorpostponementthereof,toapprovethestockissuance.Ifthisproposalisapproved,theBristol-MyersSquibbspecialmeetingcouldbeadjournedtoanydate.AnydeterminationofwhetheritisnecessarytoadjourntheBristol-MyersSquibbspecialmeeting(oranyadjournmentorpostponementthereof)tosolicitadditionalproxieswillbemadesolelybyBristol-MyersSquibbconsistentwiththetermsofthemergeragreementorwiththeconsentofCelgene.

IftheBristol-MyersSquibbspecialmeetingisadjourned,Bristol-MyersSquibbstockholderswhohavealreadysubmittedtheirproxieswillbeabletorevokethematanytimepriortotheiruse.Ifyousignandreturnaproxyanddonotindicatehowyouwishtovoteonanyproposal,orifyouindicatethatyouwishtovoteinfavoroftheapprovalofthestockissuancebutdonotindicateachoiceontheBristol-MyersSquibbadjournmentproposal,yourshareswillbevotedinfavoroftheBristol-MyersSquibbadjournmentproposal.Butifyouindicatethatyouwishtovoteagainsttheapprovalofthestockissuance,yourshareswillonlybevotedinfavoroftheBristol-MyersSquibbadjournmentproposalifyouindicatethatyouwishtovoteinfavorofthatproposal.

TheaffirmativevoteofamajorityofthevotespresentattheBristol-MyersSquibbspecialmeetingbyBristol-MyersSquibbstockholdersentitledtovote(whetherornotaquorumispresent)willberequiredtoapprovetheBristol-MyersSquibbadjournmentproposal.

THE BMS BOARD UNANIMOUSLY RECOMMENDS THAT BRISTOL-MYERS SQUIBB STOCKHOLDERS VOTE“FOR” THE BRISTOL-MYERS SQUIBB ADJOURNMENT PROPOSAL.

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DESCRIPTION OF BRISTOL-MYERS SQUIBB CAPITAL STOCK

ThefollowingdescriptionofthetermsofBristol-MyersSquibbcapitalstockisasummaryonlyandisqualifiedbyreferencetotherelevantprovisionsofDelawarelaw,Bristol-MyersSquibb’scertificateofincorporationandBristol-MyersSquibb’sby-laws.CopiesofBristol-MyersSquibb’scertificateofincorporationandBristol-MyersSquibb’sby-lawsareincorporatedbyreferenceandwillbesenttoholdersofsharesofCelgenecommonstockfreeofchargeuponwrittenortelephonicrequest.See“ComparisonofStockholderRights”and“WhereYouCanFindMoreInformation”beginningonpages226and251,respectively,ofthisjointproxystatement/prospectus.

Bristol-Myers Squibb Common Stock

Asofthedateofthisjointproxystatement/prospectus,Bristol-MyersSquibbisauthorizedtoissueupto4.5billionsharesofcommonstock,$0.10parvaluepershare.AsofJanuary24,2019,approximately1.6billionsharesofcommonstockwereoutstanding.ThecommonstockislistedontheNewYorkStockExchangeunderthesymbol“BMY.”

Dividends

HoldersofcommonstockareentitledtoreceivedividendsoutofanyassetslegallyavailableforpaymentofdividendsasmayfromtimetotimebedeclaredbytheBMSBoard,subjecttotherightsoftheholdersofthepreferredstock.

Voting

Eachholderofcommonstockisentitledtoonevotepershareonallmattersrequiringavoteofthestockholders,including,withoutlimitation,theelectionofdirectors.Theholdersofcommonstockdonothavecumulativevotingrights.

Rights U pon Liquidation

IntheeventofBristol-MyersSquibb’svoluntaryorinvoluntaryliquidation,dissolution,orwindingup,theholdersofcommonstockwillbeentitledtoshareequallyinBristol-MyersSquibb’sassetsavailablefordistributionafterpaymentinfullofalldebtsandaftertheholdersofpreferredstockhavereceivedtheirliquidationpreferencesinfull.

Board of Directors

Bristol-MyersSquibb’sby-lawsprovidethattheBMSBoardshallbeasingleclass,electedannuallyatanymeetingfortheelectionofdirectorsatwhichaquorumispresent(aquorumbeingamajorityofthestockholders),pursuanttoamajorityofthevotescastinuncontestedelections.Amajorityofthevotescastmeansthatthenumberofsharesvoted“for”adirectormustexceedthenumberofvotescast“against”thatdirector.Incontestedelectionswherethenumberofnomineesexceedsthenumberofdirectorstobeelected,thevotestandardisapluralityofvotescast.Bristol-MyersSquibb’sby-lawsalsoprovidethatifadirectornomineewhoisanincumbentdirectorisnotelectedbyamajorityvoteinanuncontestedelection,thedirectorshalloffertotenderhisorherresignationtotheboardofdirectors.

Miscellaneous

Sharesofcommonstockarenotredeemableandhavenosubscription,conversionorpreemptiverights.

Bristol-Myers Squibb Preferred Stock

Bristol-MyersSquibbisauthorizedtoissueupto10,000,000sharesofpreferredstock,parvalue$1.00pershare.AsofDecember31,2018,3,605sharesof$2.00convertiblepreferredstock,liquidationpreference$50pershare,wereoutstanding.Bristol-MyersSquibb’s$2.00convertiblepreferredstockvotesasasingleclasswithBristol-MyersSquibb’scommonstock,witheachshareentitledtoasinglevote.Subjecttolimitationsprescribedbylaw,theBMSBoardisalsoauthorizedatanytimeto:

• issueoneormoreseriesofpreferredstock;

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• determinethedesignationforanyseriesbynumber,letterortitlethatshalldistinguishtheseriesfromanyotherseriesofpreferredstock;and

• determinethenumberofsharesinanyseries.

TheBMSBoardisauthorizedtodetermine,foreachseriesofpreferredstock,andtheprospectussupplementwillsetforthwithrespecttotheseriesthefollowinginformation:

• whetherdividendsonthatseriesofpreferredstockwillbecumulativeand,ifso,fromwhichdate;

• thedividendrate;

• thedividendpaymentdateordates;

• theliquidationpreferencepershareofthatseriesofpreferredstock,ifany;

• anyconversionprovisionsapplicabletothatseriesofpreferredstock;

• anyredemptionorsinkingfundprovisionsapplicabletothatseriesofpreferredstock;

• thevotingrightsofthatseriesofpreferredstock,ifany;and

• thetermsofanyotherpreferencesorspecialrightsapplicabletothatseriesofpreferredstock.

Thepreferredstock,whenissued,willbefullypaidandnonassessable.

Dividends

Holdersofpreferredstockwillbeentitledtoreceive,when,asandifdeclaredbytheBMSBoard,cashdividendsattheratesandonthedatesassetforthintheapplicablecertificateofdesignations.Generally,nodividendswillbedeclaredorpaidonanyseriesofpreferredstockunlessfulldividendsforallseriesofpreferredstock,includinganycumulativedividendsstillowing,havebeenorcontemporaneouslyaredeclaredandpaid.Whenthosedividendsarenotpaidinfull,dividendswillbedeclaredpro-ratasothattheamountofdividendsdeclaredpershareoneachseriesofpreferredstockwillbeartoeachotherseriesthesameratiothataccrueddividendspershareforeachrespectiveseriesofpreferredstockbeartoaggregateaccrueddividendsforalloutstandingsharesofpreferredstock.Inaddition,generally,unlessalldividendsonthepreferredstockhavebeenpaid,nodividendswillbedeclaredorpaidonthecommonstockandBristol-MyersSquibbmaynotredeemorpurchaseanycommonstock.

Paymentofdividendsonanyseriesofpreferredstockmayberestrictedbyloanagreements,indenturesandotheragreementsgoverningcertaintransactionsBristol-MyersSquibbmayenterinto.

Convertibility

Noseriesofpreferredstockwillbeconvertibleinto,orexchangeablefor,othersecuritiesorpropertyexceptassetforthintheapplicablecertificateofdesignations.

Theholdersofsharesofthe$2.00convertiblepreferredstockshallhavetheright,attheiroption,toconvertsuchsharesintosharesofBristol-MyersSquibbcommonstockatanytime.TherateatwhichsharesofBristol-MyersSquibbcommonstockshallbedelivereduponconversion(hereincalledthe“conversionrate”)shallbecurrently16.96sharesofBristol-MyersSquibbcommonstockforeachshareofsuchseries,provided,however,thatsuchcurrentconversionrateshallbesubjecttoadjustmentfromtimetotimeincertaininstances.Bristol-MyersSquibbshallmakenopaymentoradjustmentonaccountofanydividendsaccruedonthesharesofsuchseriessurrenderedforconversionoronaccountofanydividendsaccruedontheBristol-MyersSquibbcommonstock.Incaseofthecallforredemptionofanysharesofsuchseriessuchrightofconversionshallceaseandterminate,astothesharesdesignatedforredemption,atthecloseofbusinessonthedatefixedforredemptionunlessdefaultshallbemadeinthepaymentoftheredemptionprice.

IncaseBristol-MyersSquibbshallatanytimesubdivideitsoutstandingsharesofBristol-MyersSquibbcommonstockintoagreaternumberofshares,bywayofadividendpayableinBristol-MyersSquibbcommonstockorastock-split,orincasetheoutstandingsharesofBristol-MyersSquibbcommonstockshallbecombinedintoasmallernumberofshares,theconversionrateineffectimmediatelypriortosuchsubdivisionorcombinationshallbeadjustedproportionately.IntheeventthatBristol-MyersSquibbshall,atanytimeorfromtimetotimepriortotheconversionorredemptionofallofthesharesofthe$2.00convertiblepreferredstock,granttothe

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holdersofitsBristol-MyersSquibbcommonstocktherighttosubscribefororpurchaseanysharesofstockofanyclassofBristol-MyersSquibb,Bristol-MyersSquibbshallconcurrentlytherewithgranttotheholdersofsharesofsuchseriesthesamepurchaseorsubscriptionrightsinthesameproportionasifeachshareofsuchserieshadbeenconvertedintosharesofBristol-MyersSquibbcommonstockatthethenexistingconversionrate.

Bristol-MyersSquibbshallnotberequiredtogiveeffecttoanyadjustmentintheconversionrateunlessanduntiltheneteffectofoneormoreadjustments,determinedasaboveprovided,shallhaveresultedinachangeoftheconversionratebyatleastone-hundredthofoneshareofBristol-MyersSquibbcommonstock,andwhenthecumulativeneteffectofmorethanoneadjustmentsodeterminedshallbetochangetheconversionratebyatleastone-hundredthofoneshareofBristol-MyersSquibbcommonstock,suchchangeintheconversionrateshallthereuponbegiveneffect.

IncaseofanycapitalreorganizationoranyreclassificationofthecapitalstockofBristol-MyersSquibborincaseoftheconsolidationormergerofBristol-MyersSquibbwithorintoanothercorporationortheconveyanceofallorsubstantiallyalloftheassetsofBristol-MyersSquibbtoanothercorporation,eachshareofthe$2.00convertiblepreferredstockshallthereafterbeconvertibleintothenumberofsharesofstockorothersecuritiesorpropertytowhichaholderofthenumberofsharesofBristol-MyersSquibbcommonstockofBristol-MyersSquibbdeliverableuponconversionofsuchshareofsuchserieswouldhavebeenentitleduponsuchreorganization,reclassification,consolidation,mergerorconveyance;and,inanysuchcase,appropriateadjustment(asdeterminedbytheBMSBoard)shallbemadeintheapplicationoftheprovisionshereinsetforthwithrespecttotherightsandintereststhereafteroftheholdersofsuchseries,totheendthattheprovisionssetforthherein(includingprovisionswithrespecttochangesinandotheradjustmentsoftheconversionrate)shallthereafterbeapplicable,asnearlyasreasonablymaybe,inrelationtoanysharesofstockorotherpropertythereafterdeliverableupontheconversionofthesharesofsuchseries.

Redemption and Sinking Fund

Noseriesofpreferredstockwillberedeemableorreceivethebenefitofasinkingfundexceptassetforthintheapplicablecertificateofdesignations.

Bristol-MyersSquibbmayredeemthe$2.00convertiblepreferredsharesatitsoption,atanytime,orfromtimetotimefor$50.00togetherwithanamountequaltoanydividendsaccruedandunpaidthereontothedateofredemption.

SharesofpreferredstockthatBristol-MyersSquibbredeemsorotherwisereacquireswillresumethestatusofauthorizedandunissuedsharesofpreferredstockundesignatedastoseries,andwillbeavailableforsubsequentissuance.Therearenorestrictionsonrepurchaseorredemptionofthepreferredstockwhilethereisanyarrearageonsinkingfundinstallmentsexceptasmaybesetforthintheapplicablecertificateofdesignations.

Liquidation

IntheeventBristol-MyersSquibbvoluntarilyorinvoluntarilyliquidates,dissolvesorwindsupBristol-MyersSquibb’saffairs,theholdersofeachseriesofpreferredstockwillbeentitledtoreceivetheliquidationpreferencepersharespecifiedintheapplicablecertificateofdesignation,plusanyaccruedandunpaiddividends.Holdersofpreferredstockwillbeentitledtoreceivetheseamountsbeforeanydistributionismadetotheholdersofcommonstock.

Iftheamountspayabletopreferredstockholdersarenotpaidinfull,theholdersofpreferredstockwillshareratablyinanydistributionofassetsbasedupontheaggregateliquidationpreferenceforalloutstandingsharesforeachseries.Aftertheholdersofsharesofpreferredstockarepaidinfull,theywillhavenorightorclaimtoanyofBristol-MyersSquibb’sremainingassets.

Neithertheparvaluenortheliquidationpreferenceisindicativeofthepriceatwhichthepreferredstockwillactuallytradeonorafterthedateofissuance.

Voting

Theholdersofpreferredstockwillbeentitledtoonevoteoneachmatterproperlybroughtbeforetheholdersofthecommonstockandpreferredstock,withtheholdersofcommonstock,includingintheelectionofdirectors,exceptasprovidedinthecertificateofdesignationswithrespecttoaparticularseries.Eachholderof

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$2.00convertiblepreferredstockshallbeentitledtoonevoteforeachshareheldand,exceptasotherwiseprovidedbytheBristol-MyersSquibb’scertificateofincorporationorby-laws,thesharesofsuchseriesandthesharesofBristol-MyersSquibbcommonstock(andanyothercapitalstockofBristol-MyersSquibbatthetimeentitledthereto)shallvotetogetherasoneclass.However,ifandwheneveraccrueddividendsonthepreferredstockhavenotbeenpaidordeclaredandasumsufficientforthepaymentthereofsetaside,inanamountequivalenttosixquarterlydividendsonallsharesofallseriesofpreferredstockatthetimeoutstanding,thentheholdersofthepreferredstock,votingseparatelyasaclass,willbeentitledtoelecttwodirectorsatthenextannualorspecialmeetingofthestockholders.Duringthetimetheholdersofpreferredstockareentitledtoelecttwoadditionaldirectors,theyarenotentitledtovotewiththeholdersofcommonstockintheelectionofanyotherdirectors.Ifallaccumulateddividendsonpreferredstockhavebeenpaidinfull,theholdersofsharesofpreferredstockwillnolongerhavetherighttovoteondirectorsexceptasprovidedforintheapplicablecertificateofdesignations,thetermofofficeofeachdirectorsoelectedwillterminate,andthenumberofBristol-MyersSquibb’sdirectorswill,withoutfurtheraction,bereducedaccordingly.Thevoteoftheholdersofatleasttwo-thirdsoftheoutstandingsharesofpreferredstockvotingonlyasaclassisrequiredtoauthorizeanyamendmenttoBristol-MyersSquibb’scertificateofincorporationorby-lawswhichwouldmateriallyalteranyexistingprovisionsofthepreferredstockorwhichwouldauthorizeaclassofpreferredstockrankingpriortotheoutstandingpreferredstockastodividendsorassets.Inaddition,thevoteoftheholdersofatleastamajorityoftheoutstandingsharesofpreferredstockvotingtogetherasaclassisrequiredtoauthorizeanyamendmenttoBristol-MyersSquibb’scertificateofincorporationauthorizingtheissuanceoforanyincreaseintheauthorizedamountofanyclassofpreferredstockrankingonaparitywithorincreasingthenumberofauthorizedsharesofpreferredstock.

Antitakeover Provisions

TheprovisionsofDelawarelaw,Bristol-MyersSquibb’samendedandrestatedcertificateofincorporationandamendedandrestatedbylaws,whicharesummarizedbelow,mayhaveantitakeovereffectsandcoulddelay,deferorpreventatenderoffer,takeoverattemptorotherchangeofcontroltransactionthatastockholdermightconsiderinitsbestinterest.

Delaware Law Antitakeover Statute

Bristol-MyersSquibbisgovernedbytheprovisionsofSection203oftheDGCL.Ingeneral,Section203prohibitsapublicDelawarecorporationfromengagingina“businesscombination”withan“interestedstockholder”foraperiodofthreeyearsafterthedateofthetransactioninwhichthepersonbecameaninterestedstockholder,unless:

• theboardofdirectorsapprovedtheacquisitionofstockpursuanttowhichthepersonbecameaninterestedstockholderorthetransactionthatresultedinthepersonbecominganinterestedstockholderpriortothetimethatthepersonbecameaninterestedstockholder;

• uponconsummationofthetransactionthatresultedinthepersonbecominganinterestedstockholdersuchpersonownedatleast85%oftheoutstandingvotingstockofthecorporation,excluding,forpurposesofdeterminingthevotingstockoutstanding,votingstockownedbydirectorswhoarealsoofficersandcertainemployeestockplans;or

• thetransactionisapprovedbytheboardofdirectorsandbytheaffirmativevoteoftwo-thirdsoftheoutstandingvotingstockwhichisnotownedbytheinterestedstockholder.

Ingeneral,Section203definesa“businesscombination”toincludemergers,assetsalesandothertransactionsresultinginfinancialbenefittoastockholderandan“interestedstockholder”asapersonwho,togetherwithaffiliatesandassociates,owns,orwithinthreeyearsdidown,15%ormoreofthecorporation’soutstandingvotingstock.Theseprovisionsmayhavetheeffectofdelaying,deferringorpreventingchangesincontrolofBristol-MyersSquibb.

Issuance of Undesignated Preferred Stock

TheBMSBoardhastheauthority,withoutstockholderapproval,toissueupto10,000,000sharesofundesignatedpreferredstockwithrightsandpreferences,totheextentnotfixedbycertainprovisionssetforthintheBristol-MyersSquibbcertificateofincorporation,designatedfromtimetotimebytheBMSBoard.Asof

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January24,2019,outofthe10,000,000sharesofauthorizedpreferredstock,1,300,188shareshavebeendesignatedas$2.00convertiblepreferredstock(ofwhich3,586shareshavebeenissuedandareoutstanding).TheexistenceofauthorizedbutunissuedsharesofpreferredstockwouldenabletheBMSBoardtorendermoredifficultortodiscourageanattempttoobtaincontrolofBristol-MyersSquibbbymeansofamerger,tenderoffer,proxycontestorothermeans.

No Cumulative Voting

Bristol-MyersSquibb’scertificateofincorporationdoesnotprovideforcumulativevoting.

Size of Board of Directors and Vacancies

Bristol-MyersSquibb’sbylawsprovidethatthetotalnumberofBristol-MyersSquibbdirectorswillbefixedfromtimetotimebyamajorityvoteoftheBMSBoard.Bristol-MyersSquibb’sbylawsfurtherprovidethat,subjecttotherightsofholdersofanyseriesofpreferredstocktoelectdirectorsunderspecificcircumstances,anynewlycreateddirectorshipsresultingfromanincreaseintheauthorizednumberofdirectorsandanyvacanciesoccurringintheBMSBoard,shallbefilledbyanaffirmativevoteofamajorityoftheremainingdirectorstheninoffice,eveniflessthanaquorum.Anydirectorssoelectedshallholdofficeuntilthenextannualmeetingofstockholdersanduntiltheirsuccessorsareelectedandqualify.

Amendment to bylaws

Bristol-MyersSquibb’scertificateofincorporationprovidesthatthebylawsmaybealtered,amendedorrepealedornewbylawsmaybemadebytheaffirmativevoteoftheholdersofrecordofamajorityofthesharesofBristol-MyersSquibbentitledtovote,atanyannualorspecialmeeting,or,byavoteofthemajorityoftheBMSBoard,atanyregularorspecialmeetingatwhichaquorumispresent.

Special Stockholder Meetings; Notice Requirements

Bristol-MyersSquibb’sbylawsprovidethataspecialmeetingofstockholders(1)maybecalledonlybythechairmanoftheBMSBoardorbytheBMSBoardpursuanttoaresolutionapprovedbyamajorityoftheBMSBoardand(2)mustbecalledbythesecretaryuponthewrittenrequestoftherecordholdersofatleast25%invotingpoweroftheoutstandingsharesofstockofBristol-MyersSquibbwhohavecompliedwiththerequirementsinBristol-MyersSquibb’sby-laws.Bristol-MyersSquibb’sbylawsprovideadvancenoticeproceduresforstockholdersseekingtobringbusinessbeforeitsannualmeetingofstockholdersortonominatecandidatesforelectionasdirectorsatitsannualmeetingofstockholders.Bristol-MyersSquibb’sby-lawsalsospecifycertainrequirementsregardingtheformandcontentofastockholder’snotice.

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DESCRIPTION OF THE CVRS

Contingent Value Rights Agreement

TherightsofholdersoftheCVRswillbegovernedbyandsubjecttothetermsandconditionsofaContingentValueRightsAgreement,whichisreferredtointhisjointproxystatement/prospectusastheCVRagreement,tobeenteredintoatorpriortothecompletionofthemergerbyBristol-MyersSquibbandatrusteeselectedbyBristol-MyersSquibbandreasonablyacceptabletoCelgene.ThefollowingsummarydescribesthematerialprovisionsoftheCVRagreement.ThissummarymaynotcontainalloftheinformationabouttheCVRsthatisimportanttoyou.TheformofCVRagreementisattachedasAnnexBtothisjointproxystatement/prospectusandisincorporatedbyreferenceintothisjointproxystatement/prospectus,andweencourageyoutoreaditcarefullyandinitsentiretyforamorecompleteunderstandingoftheCVRs.

Ifrequiredbyapplicablelaw,Bristol-MyersSquibbwilluseitsreasonablebesteffortstocausetheCVRagreementtobequalifiedundertheTrustIndentureAct.ThetermsoftheCVRsincludethosethatwillbestatedintheCVRagreementandthosethatwillbemadepartoftheCVRagreementbyreferencetotheapplicableprovisionsoftheTrustIndentureAct.IfanyprovisionoftheCVRagreementlimits,qualifiesorconflictswithanotherprovisionoftheCVRagreementthatisrequiredtobeincludedintheCVRagreementbyanyoftheprovisionsoftheTrustIndentureAct,therequiredprovisionwillcontrol.

Characteristics of the CVRs

TheCVRsarenotequityorvotingsecuritiesofBristol-MyersSquibb,donotrepresentownershipinterestsinBristol-MyersSquibbandholdersoftheCVRsarenotentitledtoanyrightsofastockholderorotherequityorvotingsecurityofBristol-MyersSquibb,eitheratlaworinequity.TherightsoftheCVRholderswillbelimitedtothoseexpresslyprovidedforintheCVRagreement.

Milestone Payment

EachholderofaCVRisentitledtoreceive$9.00perCVR,whichisreferredtointhisjointproxystatement/prospectusasthemilestonepayment,iftheCVRmilestoneisachieved.CVRmilestoneinthisjointproxystatement/prospectusmeansthesatisfactionofall(butnotlessthanall)ofthefollowing:(i)thebb2121milestonehasoccurredonorpriortoMarch31,2021;(ii)theJCAR017milestonehasoccurredonorpriortoDecember31,2020;and(iii)theOzanimodmilestonehasoccurredonorpriortoDecember31,2020.

ThefollowingtermsaredefinedintheCVRagreementattachedasAnnexBtothisjointproxystatement/prospectus:

“bb2121”meansachimericantigenreceptor(CAR)TcelltherapytargetingB-cellmaturationantigen(BCMA).

“bb2121milestone”meansthefirstapprovalbytheFDAofabiologiclicenseapplication(BLA)thatgrantsCelgene,Bristol-MyersSquibboranyoftheirrespectiveaffiliates,asdefinedintheCVRagreement,(ortheirrespectivesuccessorsandassigns)therighttocommerciallymanufacture,marketandsellbb2121intheUnitedStatesinaccordancewithapplicablelawforthetreatmentofrelapsed/refractorymultiplemyelomainhumans.

“JCAR017”meansaCARTcelltherapytargetingCD-19.

“JCAR017milestone”meansthefirstapprovalbytheFDAofabiologiclicenseapplication(BLA)thatgrantsCelgene,Bristol-MyersSquibboranyoftheirrespectiveaffiliates,asdefinedintheCVRagreement,(ortheirrespectivesuccessorsandassigns)therighttocommerciallymanufacture,marketandsellJCAR017intheUnitedStatesinaccordancewithapplicablelawforthetreatmentofanyrelapsed-refractorydiffuselargeBcelllymphomainhumans.

“Ozanimod”meansasmallmoleculesphingosine1-phosphatereceptormodulator,whichbindstosphingosine1-phosphatereceptors1and5.

“Ozanimodmilestone”meansthefirstapprovalbytheFDAofanewdrugapplication(NDA)thatgrantsCelgene,Bristol-MyersSquibboranyoftheirrespectiveaffiliates,asdefinedintheCVRagreement,(ortheirrespectivesuccessorsandassigns)therighttocommerciallymanufacture,marketandsellOzanimodintheUnitedStatesinaccordancewithapplicablelawforthetreatmentofrelapsingmultiplesclerosisinhumans.

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Payment Date

Payment on the CVRs, if any, will be made no later than 20 business days following the first date on which the CVR milestoneis achieved. Onorbeforesuchdate,Bristol-MyersSquibbwillpaytothetrusteeanamountequalto$9.00multipliedbythenumberofoutstandingCVRs.Thetrusteewillpromptly(butinanyeventwithintwobusinessdays)paytoeachholderofrecordoftheCVRsasof5:00p.m.inNewYorkCity,threebusinessdayspriortosuchdate,anamountequalto$9.00multipliedbythenumberofCVRsheldbysuchholder.

Bristol-MyersSquibb,thetrusteeorthepayingagentmaydeductandwithholdfromanyamountspayableundertheCVRagreementsuchamountsasarerequiredtobedeductedandwithheldundertheCode.TheconsentoftheCVRholderisnotrequiredforanysuchwithholding.

Issuance of CVRs

TheCVRswillbeissuedfollowingtheeffectivetimetothemergertoholdersofCelgenecommonstockwhoseshareshavebeenconvertedintotherighttoreceivethemergerconsiderationandtotheholdersoftheIn-the-MoneyOptions,andmaybeissuedfromtimetotimefollowingtheeffectivetimeofthemergertoholdersofcertainotherCelgeneequityawardsonthetermssetforthinthemergeragreement.See“TheMergerAgreement—TreatmentofCelgeneEquityAwards”beginningonpage175ofthisjointproxystatement/prospectusforamoredetailedexplanation.

TheCVRagreementprovidesforauthenticationoftheCVRsbythetrusteeuponexecutionanddeliveryofsuchCVRspursuanttotheCVRagreement.

Transferability of CVRs; Listing

TheCVRswillbefreelytransferableandanyinterestthereinmaybesold,assigned,pledged,encumberedorinanymannertransferredordisposedof,inwholeorinpart,aslongasthetransferorotherdispositionismadeinaccordancewiththeapplicableprovisionsoftheCVRagreementandincompliancewithapplicableU.S.federalandstatesecuritieslaws.AsaleorexchangeofaCVRwouldbeataxabletransaction.See“CelgeneProposalI:AdoptionoftheMergerAgreementandBristol-MyersSquibbProposalI:ApprovaloftheStockIssuance—MaterialU.S.FederalIncomeTaxConsequences”beginningonpage165ofthisjointproxystatement/prospectusforamoredetailedexplanation.

Bristol-MyersSquibbhasagreedtousereasonablebesteffortstocausetheCVRstobeapprovedforlistingontheNYSEorothernationalsecuritiesexchangeandmaintainsuchlistingforaslongastheCVRsremainoutstanding.

Subordination

TheCVRsareunsecuredobligationsofBristol-MyersSquibbandallpaymentsontheCVRs,allotherobligationsundertheCVRagreementandanyrightsorclaimsrelatingtotheCVRsandtheCVRagreementwillbesubordinatedinrightofpaymenttothepriorpaymentinfullofseniorobligationsofBristol-MyersSquibb,includingtheprincipalof,premium(ifany)andintereston,andallotheramountsowingthereon:

• withrespecttoborrowedmoney;

• evidencedbynotes,debentures,bondsorothersimilardebtinstruments;

• withrespecttothenetobligationsowedunderinterestrateswapsorsimilaragreementsorcurrencyexchangetransactions;

• asaresultofreimbursementobligationsinrespectoflettersofcreditandsimilarobligations;

• inrespectofcapitalleases;or

• asaresultofguaranteesinrespectofobligationsreferredtointhefirstfivebulletsabove;

unless,inanycase,theinstrumentcreatingorevidencingtheforegoingorpursuanttowhichtheforegoingisoutstandingprovidesthatsuchobligationsareparipassutoorsubordinateinrightofpaymenttotheCVRs.

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Bristol-MyersSquibb’sseniorobligationsdonotincludetheCVRpaymentsandotherobligationsundertheCVRagreement;tradedebtincurredintheordinarycourseofbusiness;anyintercompanyindebtednessbetweenBristol-MyersSquibbandanyofitssubsidiariesoraffiliates;indebtednessofBristol-MyersSquibbthatissubordinatedinrightofpaymenttoBristol-MyersSquibb’sseniorobligations;indebtednessorotherobligationsofBristol-MyersSquibbthatbyitstermsranksequalorjuniorinrightofpaymenttotheCVRpaymentsandallotherobligationsundertheCVRagreement;indebtednessofBristol-MyersSquibbthat,byoperationofapplicablelaw,issubordinatetoanygeneralunsecuredobligationsofBristol-MyersSquibb;andindebtednessevidencedbyanyguaranteeofindebtednessrankingequalorjuniorinrightofpaymenttotheCVRpaymentsandotherobligationsundertheCVRagreement.

UponanydistributiontocreditorsofBristol-MyersSquibbinliquidation,dissolution,bankruptcy,reorganization,insolvency,receivershiporsimilarproceedingsofBristol-MyersSquibb,holdersofseniorobligationsofBristol-MyersSquibb(asdescribedabove)willbeentitledtopaymentinfullincashofallsuchobligationspriortoanypaymentbeingmadeontheCVRs.Inaddition,Bristol-MyersSquibbmaynotmakeanypaymentordistributiontoanyCVRholderoftheCVRpaymentsorotherobligationundertheCVRagreementoracquirefromanyCVRholderforcashanyCVR,orproposetheforegoing:

• ifanydefaultonanyseniorobligationsexceeding$25millioninaggregateprincipalamountwouldoccurasaresultofsuchpayment,distributionoracquisition;

• duringthecontinuanceofanypaymentdefaultinrespectofanyseniorobligations(afterexpirationofanyapplicablegraceperiod)exceeding$25millioninaggregateprincipalamount;

• ifthematurityofanyseniorobligationsrepresentingmorethan$25millioninaggregateprincipalamountisacceleratedinaccordancewithitstermsandsuchaccelerationhasnotbeenrescinded;or

• followingtheoccurrenceofanydefault(otherthanapaymentdefault,andaftertheexpirationofanyapplicablegraceperiod)withrespecttoanyseniorobligationswithanaggregateprincipalamountofmorethan$25million,theeffectofwhichistopermittheholdersofsuchseniorobligations(oratrusteeoragentactingontheirbehalf)tocause,withthegivingofnoticeifrequired,thematurityofsuchseniorobligationstobeaccelerated,foraperiodcommencinguponthereceiptbythetrustee(withacopytoCelgene)ofawrittennoticeofsuchdefaultfromtherepresentativeoftheholdersofsuchseniorobligationsandendingwhensuchseniorobligationsarepaidinfullincashorcashequivalentsor,ifearlier,whensuchdefaultiscuredorwaived.

Reporting Obligations

TheCVRagreementprovidesthatBristol-MyersSquibbwillfilewiththetrusteewithin15daysafterBristol-MyersSquibbisrequiredtofilethesamewiththeSEC,copiesoftheannualreportsandoftheinformation,documentsandotherreports(orcopiesofsuchportionsoftheforegoingastheSECmayfromtimetotimebyrulesandregulationsprescribe)whichBristol-MyersSquibbisrequiredtofilewiththeSECpursuanttoSection13orSection15(d)oftheExchangeAct.

Diligent Efforts

Bristol-MyersSquibbhasagreedtouse“diligentefforts”toachievetheCVRmilestone.“Diligentefforts”means,withrespecttobb2121,JCAR017orOzanimod,effortsofapersonorentitytocarryoutitsobligationsinadiligentmannerusingsucheffortandemployingsuchresourcesnormallyusedbysuchpersonorentityintheexerciseofitsreasonablebusinessdiscretionrelatingtotheresearch,developmentorcommercializationofaproduct,thatisofsimilarmarketpotentialatasimilarstageinitsdevelopmentorproductlife,takingintoaccountissuesofmarketexclusivity(includingpatentcoverage,regulatoryandotherexclusivity),safetyandefficacy,productprofile(includingtolerabilityandconvenience),thecompetitivenessofalternateproductsinthemarketplaceorunderdevelopment,thelaunchorsalesofoneormoregenericorbiosimilarproducts,actualorlikelypricing/reimbursementforbb2121,JCAR017orOzanimod,thelikelytimingofsuchproduct’sentryintothemarket,thelikelihoodofregulatoryapprovalofsuchproductandapplicablelabeling,andtheprofitabilityofsuchproduct,andotherrelevantfactors,includingtechnical,commercial,legal,scientific,and/ormedicalfactors,basedonconditionsthenprevailing.

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Covenants

TheCVRagreementprovidesthatwhileanyCVRsremainoutstanding,Bristol-MyersSquibbwillnotmergeorconsolidatewithorintoanyotherpersonorsellorconveyallorsubstantiallyallofitsassetstoanyperson,unless(i)Bristol-MyersSquibbisthecontinuingperson,orthesuccessorpersonorthepersonthatacquiresbysaleorconveyancesubstantiallyalltheassetsofBristol-MyersSquibb(includingthesharesofCelgene)isapersonorganizedunderthelawsoftheUnitedStatesoranystatethereof,theEuropeanUnionortheUnitedKingdomandexpresslyassumes,byanagreement,executedanddeliveredtothetrusteethedueandpunctualpaymentofthemilestonepayment,andthedueandpunctualperformanceandobservanceofallofthecovenantsandconditionsoftheCVRagreementtobeperformedorobservedbytheBristol-MyersSquibband(ii)Bristol-MyersSquibb,itssuccessororthepersonthatacquiressubstantiallyallofitsassetswouldnotbeindefaultinanymaterialrespectofthecovenantsandconditionsoftheCVRagreementimmediatelyfollowingthemerger,saleorconveyance.

TheCVRagreementalsoprovidesthat,ifBristol-MyersSquibboritsaffiliates,directlyorindirectly,byasaleorswapofassets,merger,reorganization,jointventure,lease,licenseoranyothertransactionorarrangement,sells,transfers,conveysorotherwisedisposesofitsrespectiverightstobb2121,JCAR017orOzanimodtoathirdparty,thentheapplicablemilestoneforsuchproductwillbedeemedtohavebeensatisfiedforallpurposesundertheCVRagreementasoftheearlieroftheentryintoadefinitiveagreementwithrespectto,andtheconsummationof,thetransactionorarrangementinvolvingsuchsale,transfer,conveyanceorotherdisposition.However,Bristol-MyersSquibbmayusecontractresearchorganizations,contractmanufacturingorganizations,contractsalesorganizations,subcontractorsanddistributorsintheordinarycourseofbusinesstoperformresearch,development,manufacturingandcommunalizationactivitieswithouttriggeringtheapplicablemilestone.

Events of Default

EachoneofthefollowingeventsisaneventofdefaultundertheCVRagreement:

• defaultinthepaymentofalloranypartofthemilestonepaymentafteraperiodoftenbusinessdaysafteritbecomesdueandpayable;

• materialdefaultintheperformance,orbreachinanymaterialrespect,ofanyothercovenantorwarrantyofBristol-MyersSquibbinrespectoftheCVRs,andcontinuanceofsuchdefaultorbreachfor90daysafterwrittennoticehasbeengiventoBristol-MyersSquibbbythetrustee,ortoBristol-MyersSquibbandthetrusteebytheholdersofamajorityoftheoutstandingCVRs,specifyingsuchdefaultorbreachandrequiringittoberemedied;

• acourtofcompetentjurisdictionenteringadecreeororderforreliefinrespectofBristol-MyersSquibbinaninvoluntarycaseunderanyapplicablebankruptcy,insolvencyorothersimilarlaw,orappointingareceiver,liquidator,assignee,custodian,trusteeorsequestrator(orsimilarofficial)ofBristol-MyersSquibborforanysubstantialpartofitspropertyororderingthewindinguporliquidationofitsaffairs,andsuchdecreeororderremainingunstayedandineffectforaperiodof90consecutivedays;or

• Bristol-MyersSquibbcommencingavoluntarycaseunderanyapplicablebankruptcy,insolvencyorothersimilarlawnoworhereafterineffect,orconsentingtotheentryofanorderforreliefinaninvoluntarycaseunderanysuchlaw,orconsenttotheappointmentofortakingpossessionbyareceiver,liquidator,assignee,custodian,trusteeorsequestrator(orsimilarofficial)ofBristol-MyersSquibborforanysubstantialpartofitsproperty,ormakinganygeneralassignmentforthebenefitofcreditors.

Ifaneventofdefaultdescribedaboveoccursandiscontinuing,theneitherthetrustee,orthetrusteeuponthewrittenrequestofholdersofamajorityoftheoutstandingCVRs,mustbringsuittoprotecttherightsoftheholders,includingtoobtainpaymentforanyamountsthendueandpayable,whichamountswillbearinterestatarateof3%plustheprimerateofinterestuntilpaymentismadetothetrustee.

Theforegoingprovisions,however,aresubjecttotheconditionthatif,atanytimeafterthetrusteehasbegunsuit,andbeforeanyjudgmentordecreeforthepaymentofthemoneysduehasbeenobtainedorentered,Bristol-MyersSquibbpaysordepositswiththetrusteeasumsufficienttopayallamountswhichhavebecomedue(withinterestuponsuchoverdueamountatarateof3%plustheprimerateofinteresttothedateofsuchpaymentordeposit)andsuchamountasissufficienttocoverreasonablecompensationtothetrustee,itsagents,attorneysandcounsel,andallotherexpensesandliabilitiesincurredandalladvancesmade,bythetrustee,andifanyandalleventsofdefaultunderthe

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CVRagreementhavebeencured,waivedorotherwiseremediedasprovidedherein,thentheholdersofamajorityofalltheCVRsthenoutstanding,bywrittennoticetoBristol-MyersSquibbandtothetrustee,maywaivealldefaultswithrespecttotheCVRs,butnosuchwaiverorrescissionandannulmentwillextendtoorwillaffectanysubsequentdefaultorshallimpairanyrightconsequentthereof.

Bristol-MyersSquibbhasagreedtofilewiththetrusteewrittennoticeoftheoccurrenceofanyeventofdefaultorotherdefaultundertheCVRagreementwithinfivebusinessdaysafteritbecomesawareofanysuchdefaultoreventofdefault.

Repurchase by Bristol-Myers Squibb and Affiliates

TheCVRagreementdoesnotprohibitBristol-MyersSquibboranyofitssubsidiariesoraffiliatesfromacquiringtheCVRs,whetherinopenmarkettransactions,privatetransactionsorotherwise.

Amendment of CVR Agreement without Consent of CVR Holders

WithouttheconsentofanyCVRholders,Bristol-MyersSquibbandthetrusteemayamendtheCVRagreementforanyofthefollowingpurposes:

• toconvey,transfer,assign,mortgageorpledgetothetrusteeassecurityfortheCVRsanypropertyorassets;

• toevidencethesuccessionofanotherpersontoBristol-MyersSquibb,andtheassumptionbyanysuchsuccessorofthecovenantsofBristol-MyersSquibbintheCVRagreementandintheCVRs;

• toaddtoBristol-MyersSquibb’scovenantssuchfurthercovenants,restrictions,conditionsorprovisionsasBristol-MyersSquibbandthetrusteeconsidertobefortheprotectionoftheholdersofCVR,andtomaketheoccurrence,ortheoccurrenceandcontinuance,ofadefaultinanysuchadditionalcovenants,restrictions,conditionsorprovisionsaneventofdefaultpermittingtheenforcementofalloranyoftheseveralremediesprovidedintheCVRagreement,providedthatinrespectofanysuchadditionalcovenant,restriction,conditionorprovision,suchamendmentmay(i)provideforaparticulargraceperiodafterdefault,(ii)provideforanimmediateenforcementuponsucheventofdefault,(iii)limittheremediesavailabletothetrusteeuponsucheventofdefault,or(iv)limittherightoftheholdersofamajorityoftheoutstandingCVRstowaiveaneventofdefault;

• tocureanyambiguity,tocorrectorsupplementanyprovisionintheCVRagreementorintheCVRswhichmaybedefectiveorinconsistentwithanyotherprovisionintheCVRagreement,providedthattheseprovisionsmaynotmateriallyreducethebenefitsoftheCVRagreementortheCVRstotheCVRholders;

• tomakeanyotherprovisionswithrespecttomattersorquestionsarisingundertheCVRagreement,providedthatsuchprovisionsmaynotadverselyaffecttheinterestsoftheCVRholders;

• tomakeanyamendmentsorchangesnecessarytocomplyormaintaincompliancewiththeTrustIndentureAct,ifapplicable;or

• tomakeanyotherchangethatdoesnotadverselyaffecttheinterestsoftheCVRholders.

Amendment of CVR Agreement with Consent of CVR Holders

WiththeconsentoftheholdersofatleastamajorityoftheoutstandingCVRs,Bristol-MyersSquibbandthetrusteemaymakeotheramendmentstotheCVRagreement,providedthatnosuchamendmentmay,withouttheconsentofeachholderofaCVRaffectedthereby:

• modifyinamanneradversetotheCVRholders(i)anyprovisioncontainedintheCVRagreementwithrespecttotheterminationoftheCVRagreementortheCVRsor(ii)thetimeforpaymentandamountofthemilestonepaymentorotherwiseextendthematurityoftheCVRsorreducetheamountspayableinrespectoftheCVRsormodifyanyotherpaymenttermorpaymentdate;

• reducethenumberofCVRs,theconsentofwhoseholdersisrequiredforanysuchamendment;or

• modifyanyoftheprovisionsoftheCVRagreementregardingamendmentstotheCVRagreement,excepttoincreasethepercentageofoutstandingCVRsrequiredforanamendmentortoprovidethatcertainotherprovisionsoftheCVRagreementcannotbemodifiedorwaivedwithouttheconsentofeachCVRholderaffectedbysuchmodificationorwaiver.

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STOCK OWNERSHIP OF AND VOTING BY BRISTOL-MYERS SQUIBB DIRECTORS AND EXECUTIVE OFFICERSAND CERTAIN STOCKHOLDERS

Thefollowingtablesetsforth,asofJanuary24,2019(exceptasotherwisenoted),beneficialownershipofsharesofBristol-MyersSquibbcommonstockbyeachdirector,eachofthenamedexecutiveofficersandalldirectorsandexecutiveofficersasagroup,andallpersonsknownbytheBMSBoardtobebeneficialownersofmorethanfivepercentoftheoutstandingsharesofBristol-MyersSquibbcommonstock.Sharesarebeneficiallyownedwhenanindividualhasvotingand/orinvestmentpoweroverthesharesorcouldobtainvotingand/orinvestmentpowerovertheshareswithin60days.Votingpowerincludesthepowertodirectthevotingofthesharesandinvestmentpowerincludesthepowertodirectthedispositionoftheshares.Unlessotherwisenoted,shareslistedbelowareowneddirectlyorindirectlywithsolevotingandinvestmentpower.NoneofBristol-MyersSquibb’sdirectorsandexecutiveofficers,individuallyorasagroup,beneficiallyownsgreaterthan1%ofBristol-MyersSquibb’soutstandingsharesofcommonorpreferredstock.Therearenobeneficialownersofmorethan5%oftheoutstandingsharesofBristol-MyersSquibb’spreferredstock. Bristol-Myers Squibb Company

Name

Total Common

Shares Owned (1)

Common Shares Underlying Options or

Stock Units (2)

Common Shares Underlying

Deferred Share Units (3)

P.J.Arduini 14,961 0 14,961C.A.Bancroft 455,312 115,506 0R.J.Bertolini 10,497 0 10,100G.Caforio,M.D. 467,537 174,499 0M.W.Emmens 10,457 0 10,197M.Grobstein 78,862 0 75,479A.J.Lacy 67,895 0 65,590S.Leung 686,113 215,326 0T.J.Lynch,Jr.,M.D. 21,343 5,864 0D.C.Paliwal 35,541 0 22,606T.R.Samuels 31,103 0 9,102V.L.Sato,Ph.D. 61,108 0 61,108S.Schmukler 69,557 0 69,557G.L.Storch 44,743 0 44,743K.H.Vousden,Ph.D. 3,786 0 3,786AllDirectorsandExecutiveOfficersasaGroup(4) 2,445,295 634,420 317,672WellingtonManagementGroupLLP(5) 136,601,722 — —TheVanguardGroup(6) 131,699,595 — —BlackRock,Inc.(7) 115,573,078 — —

(1) Consistsofdirectandindirectownershipofshares,sharescreditedtotheaccountsoftheexecutiveofficersundertheBristol-MyersSquibbCompanySavingsandInvestmentProgram,stockoptionsthatarecurrentlyexercisable,restrictedstockunitsthatvestwithin60days,thetargetnumberofmarketshareunitsthatvestwithin60daysanddeferredshareunits.

(2) Consistsofsharesunderlyingstockoptionsthatarecurrentlyexercisable,restrictedstockunitsthatvestwithin60days,andthetargetnumberofmarketshareunitsthatvestwithin60days.Noneoftheseshareshaveanyvotingrights.

(3) Consistsofdeferredshareunitsthatarevaluedaccordingtothemarketvalueandstockholderreturnonequivalentsharesofcommonstock.Deferredshareunitshavenovotingrights.

(4) Includes22individuals.EachofBristol-MyersSquibb’sdirectorsandexecutiveofficersisexpected,asofthedateofthisjointproxystatement/prospectus,tovotehisorhersharesofBristol-MyersSquibbstock“FOR”thestockissuanceand“FOR”theBristol-MyersSquibbadjournmentproposal,althoughnoneofBristol-MyersSquibb’sdirectorsandexecutiveofficershasenteredintoanyagreementrequiringthemtodoso.

(5) ThisinformationisbasedontheSchedule13G/AfiledbyWellingtonManagementGroupLLPwiththeSEConFebruary12,2019reportingbeneficialownershipasofDecember31,2018.Thereportingpersonhassolevotingpowerwithrespecttozeroshares,sharedvotingpowerwithrespectto35,247,592shares,soledispositivepowerwithrespecttozerosharesandshareddispositivepowerwithrespectto136,601,722shares.Theaddressofthereportingpersonisc/oWellingtonManagementCompanyLLP,280CongressStreet,Boston,MA02210.

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(6) ThisinformationisbasedontheSchedule13G/AfiledbyTheVanguardGroupwiththeSEConFebruary11,2019reportingbeneficialownershipasofDecember31,2018.Thereportingpersonhassolevotingpowerwithrespectto1,959,851shares,sharedvotingpowerwithrespectto376,305shares,soledispositivepowerwithrespectto129,401,437sharesandshareddispositivepowerwithrespectto2,298,158shares.Theaddressofthereportingpersonis100VanguardBlvd.,Malvern,PA19355.

(7) ThisinformationisbasedontheSchedule13G/AfiledbyBlackRock,Inc.withtheSEConFebruary4,2019reportingbeneficialownershipasofDecember31,2018.Thereportingpersonhassolevotingpowerwithrespectto99,298,503shares,sharedvotingpowerwithrespecttozeroshares,soledispositivepowerwithrespectto115,573,078sharesandshareddispositivepowerwithrespecttozeroshares.Theaddressofthereportingpersonis55East52ndStreet,NewYork,NY10022.

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STOCK OWNERSHIP OF AND VOTING BY CELGENE DIRECTORS AND EXECUTIVE OFFICERS AND CERTAINSTOCKHOLDERS

ThetablebelowsetsforththebeneficialownershipofCelgenecommonstockasofJanuary29,2019(exceptasotherwisenoted)by(i)eachdirectorofCelgene,(ii)eachnamedexecutiveofficerforfiscal2018ofCelgene,(iii)allcurrentdirectorsandexecutiveofficersofCelgeneasagroupand(iv)allpersonsknownbytheCelgeneBoardtobebeneficialownersofmorethanfivepercentoftheoutstandingsharesofCelgenecommonstock.SharesofCelgenecommonstocksubjecttooptionsthatareexercisableorthatwillbecomeexercisablewithin60daysafterJanuary29,2019andrestrictedstockunits,whicharereferredtointhisjointproxystatement/prospectusasRSUs,thatwillvestwithin60daysofJanuary29,2019aredeemedoutstandingandreflectedintheamountofbeneficialownershipcolumnandforcomputingtheownershippercentageofthestockholderholdingsuchsecurities,butarenotdeemedoutstandingforcomputingtheownershippercentageofanyotherstockholder.VestedRSUsareincludedasCelgenecommonstock.SharesunderlyingPerformanceStockUnits(PSUs)arenotdeemedoutstandinguntilearnedandarenotincludedinthetable.AsofJanuary29,2019,therewere701,024,507sharesofCelgenecommonstockoutstanding.Unlessotherwisenoted,theaddressofeachstockholderlistedinthetableisc/oCelgeneCorporation,86MorrisAvenue,Summit,NewJersey07901.

Name and Address of Beneficial Ownership

Amount and Nature of Beneficial Ownership Percent of Class

MarkJ.Alles 911,605(1) *DavidV.Elkins 103,913(2) *PeterN.Kellogg 438,111(3) *S.J.RupertVessey,MA,BMBCh,FRCP,D.Phil. 220,464(4) *AliseReicin 42,500(5) *TerrieCurran 151,262(6) *RichardW.Barker,D.Phil.,OBE 116,614(7) *HansE.Bishop 46,354(8) *MichaelBonney 57,816(9) *MichaelD.Casey 288,411(10) *CarrieS.Cox 163,846(11) *MichaelA.Friedman,M.D. 87,754(12) *JuliaA.Haller,M.D. 46,016(13) *PatriciaA.HemingwayHall 23,266(14) *JamesJ.Loughlin 209,834(15) *ErnestMario,Ph.D. 123,703(16) *JohnH.Weiland 28,841(17) *Alldirectorsandexecutiveofficersasagroup(19persons) 3,316,862(1-17) *BlackRock,Inc.40East52ndStreetNewYork,NewYork10022 53,650,909(18) 7.7%

TheVanguardGroup,Inc.100VanguardBlvd.Malvern,PA19355 52,557,183(19) 7.5%

(1) Consistsof192,369sharesofCelgenecommonstock,679,371sharesofCelgenecommonstockunderlyingstockoptions,6,056sharesofCelgenecommonstockheldinour401(k)Planand33,809sharesofCommonStockunderlyingPSUsvestingwithin60days(subjecttosharewithholdingfortaxesonthevestingdate)forthebenefitofMr.Alles.

(2) Consistsof103,913sharesofCelgenecommonstockunderlyingstockoptionsforthebenefitofMr.Elkins.

(3) Consistsof53,288sharesofCelgenecommonstock,369,551sharesofCelgenecommonstockunderlyingstockoptionsand480sharesofCelgenecommonstockheldinour401(k)Planand14,792sharesofCelgenecommonstockunderlyingPSUsvestingwithin60days(subjecttosharewithholdingfortaxesonthevestingdate)forthebenefitofMr.Kellogg.

(4) Consistsof7,253sharesofCelgenecommonstock,212,794sharesofCelgenecommonstockunderlyingstockoptionsand417sharesofCelgenecommonstockheldinour401(k)PlanforthebenefitofMr.Vessey.

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(5) Consistsof42,500sharesofCelgenecommonstockunderlyingstockoptionsforthebenefitofDr.Reicin.

(6) Consistsof7,920sharesofCelgenecommonstock,142,611sharesofCelgenecommonstockunderlyingstockoptionsand731sharesofCelgenecommonstockheldinour401(k)PlanforthebenefitofMs.Curran.

(7) Consistsof12,548sharesofCelgenecommonstockand104,066sharesofCelgenecommonstockunderlyingstockoptionsforthebenefitofDr.Barker.

(8) Consistsof23,088sharesofCelgenecommonstockand23,266sharesofCelgenecommonstockunderlyingstockoptionsforthebenefitofMr.Bishop.

(9) Consistsof1,050sharesofCelgenecommonstock,54,766sharesofCelgenecommonstockunderlyingstockoptionsand2,000sharesofCelgenecommonstockheldbyafamilytrustofwhichMr.Bonneyistrustee.

(10) Consistsof117,813sharesofCelgenecommonstockheldbyafamilytrustofwhichMr.Caseyisatrusteeand170,598sharesofCelgenecommonstockunderlyingstockoptions.

(11) Consistsof30,080sharesofCelgenecommonstockand133,766sharesofCelgenecommonstockunderlyingstockoptionsforthebenefitofMs.Cox.

(12) Consistsof18,688sharesofCelgenecommonstockheldbyafamilytrustofwhichDr.Friedmanisatrusteeand69,066sharesofCelgenecommonstockunderlyingstockoptions.

(13) Consistsof1,250sharesofCelgenecommonstockand44,766sharesofCelgenecommonstockunderlyingstockoptionsforthebenefitofDr.Haller.

(14) Consistsof23,266sharesofCelgenecommonstockunderlyingstockoptionsforthebenefitofMs.HemingwayHall.

(15) Consistsof37,436sharesofCelgenecommonstock,170,598sharesofCelgenecommonstockunderlyingstockoptionsand1,800sharesofCelgenecommonstockownedbyfamilytrustsofwhichMr.Loughlin’sspouseisatrustee.

(16) Consistsof57,913sharesofCelgenecommonstock,65,466sharesofCelgenecommonstockunderlyingstockoptionsand324sharesofCelgenecommonstockownedbyDr.Mario’sspouse.

(17) Consistsof5,575sharesofCelgenecommonstockand23,266sharesofCelgenecommonstockunderlyingstockoptionsforthebenefitofMr.Weiland.

(18) InformationregardingBlackRock,Inc.,asofDecember31,2018,wasobtainedfromanamendmenttoSchedule13GfiledbyBlackRock,Inc.withtheSEConFebruary4,2019.

(19) InformationregardingTheVanguardGroup,Inc.,asofDecember31,2018,wasobtainedfromanamendmenttoSchedule13GfiledbyTheVanguardGroup,Inc.withtheSEConFebruary11,2019.

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COMPARISON OF STOCKHOLDER RIGHTS

TherightsofBristol-MyersSquibbstockholdersarecurrentlygovernedbyDelawarelawandBristol-MyersSquibb’scertificateofincorporationandby-laws.TherightsofCelgenestockholdersarecurrentlygovernedbyDelawarelawandCelgene’scertificateofincorporationandby-laws.Followingcompletionofthemerger,therightsofCelgenestockholderswhobecomestockholdersofBristol-MyersSquibbinthemergerwillbegovernedbyDelawarelawandBristol-MyersSquibb’scertificateofincorporationandBristol-MyersSquibb’sby-laws.

ThefollowingdiscussionsummarizesthematerialdifferencesbetweenthecurrentrightsofCelgenestockholdersandthecurrentrightsofBristol-MyersSquibbstockholders.Thesedifferencesarisefromthegoverninginstrumentsofthetwocompanies.

AlthoughitisimpracticabletocomparealloftheaspectsinwhichBristol-MyersSquibb’sandCelgene’sgoverninginstrumentsdifferwithrespecttostockholderrights,thefollowingdiscussionsummarizescertainmaterialdifferencesbetweenthem.Thissummaryisnotintendedtobecomplete,anditisqualifiedinitsentiretybyreferencetoBristol-MyersSquibb’scertificateofincorporationandby-lawsandCelgene’scertificateofincorporationandby-laws.Inaddition,theidentificationofsomeofthedifferencesintherightsofthesestockholdersasmaterialisnotintendedtoindicatethatotherdifferencesthatareequallyimportantdonotexist.Bristol-MyersSquibbandCelgeneurgeyoutocarefullyreadthisentirejointproxystatement/prospectusandtheotherdocumentstowhichBristol-MyersSquibbandCelgenereferinthisjointproxystatement/prospectusforamorecompleteunderstandingofthedifferencesbetweentherightsofaBristol-MyersSquibbstockholderandtherightsofaCelgenestockholder.Bristol-MyersSquibbandCelgenehavefiledwiththeSECtheirrespectivegoverningdocumentsreferencedinthiscomparisonofstockholderrightsandwillsendcopiesofthesedocumentstoyou,withoutcharge,uponyourwrittenortelephonicrequest.See“WhereYouCanFindMoreInformation”beginningonpage251ofthisjointproxystatement/prospectus.

Material Differences in Stockholder Rights Bristol-Myers Squibb Stockholder Rights Celgene Stockholder RightsAuthorized Capital Stock AsofJanuary31,2019,theauthorizedcapital

stockofBristol-MyersSquibbconsistsof(i)4,500,000,000sharesofcommonstock,parvalue$0.10pershareand(ii)10,000,000sharesofpreferredstock,parvalue$1.00pershare.

AsofJanuary31,2019,theauthorizedcapitalstockofCelgeneconsistsof(i)1,150,000,000sharesofcommonstock,parvalue$0.01pershare,and(ii)5,000,000sharesofpreferredstock,parvalue$0.01pershare.

TheBMSBoardisauthorized,without

stockholderapproval,toissuesharesofpreferredstockfromtimetotimeinoneormoreseriesandtofixandstate,totheextentnotfixedbythecertainprovisionssetforthintheBristol-MyersSquibbcertificateofincorporationandsubjecttolimitationsprescribedbyDelawarelaw,thevotingpowers,designations,preferencesandrelative,participating,optionalandotherspecialrightsofthesharesofeachsuchseriesandthequalifications,limitationsandrestrictionsthereof.

TheCelgeneBoardisauthorized,withoutstockholderapproval,toissuesharesofauthorizedpreferredstockfromtimetotimeinoneormoreseriesandtofix,totheextentpermittedbyDelawarelaw,thedesignations,powers,preferencesandrightsandthequalifications,limitationsandrestrictionsofeachseriesofpreferredstock.

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Bristol-Myers Squibb Stockholder Rights Celgene Stockholder Rights AsofJanuary24,2019,therewere

outstanding(i)1,632,464,617.509sharesofBristol-MyersSquibbcommonstock,(ii)3,605sharesofBristol-MyersSquibbconvertiblepreferredstock.

AsofJanuary29,2019,therewereoutstanding(i)701,024,507sharesofCelgenecommonstockand(ii)nosharesofCelgenepreferredstock.

Number of Directors TheBMSBoardcurrentlyhas11members.

Bristol-MyersSquibb’sby-lawscurrentlyprovidethatthenumberofdirectorsconstitutingthewholeboardofdirectorsisfixedbyamajorityvoteoftheboardofdirectors.Bristol-MyersSquibbdoesnothaveaclassifiedboardofdirectors.Bristol-MyersSquibb’sby-lawsprovidethatthedirectorsshallbeelectedatanymeetingofBristol-MyersSquibbstockholdersfortheelectionofdirectorsatwhichaquorumispresentandshallserveuntilthenextsucceedingannualmeetingofstockholdersanduntiltheirrespectivesuccessorshavebeenelectedandqualified.

TheCelgeneBoardcurrentlyhas12members.Celgene’sby-lawscurrentlyprovidethatthenumberofmembersoftheCelgeneBoardshallconsistofnolessthanthreeandnomorethan15directors;provided,however,thatavoteofamajorityofthethen-authorizednumberofdirectorsmayincreaseordecreasethenumberofdirectors.Delawarelawpermitsclassifiedboardsofdirectors.Celgene’sby-lawsandcertificateofincorporationdonotprovideforaclassifiedboardofdirectors.

Election of Directors Bristol-MyersSquibb’sby-lawsprovidefora

majorityvotestandardforuncontestedelectionsofdirectorsandapluralityofvotesstandardforcontestedelectionsofdirectors.UnderBristol-MyersSquibb’sby-laws,amajorityofvotescastmeansthatthenumberofvotes“for”adirector’selectionmustexceedthenumberofvotescast“against”thatdirector’selection(with“abstentions”and“brokernonvotes”notcountedasavotecasteither“for”or“against”thatdirector’selection).

UnderDelawarelaw,directorsareelectedannually.Celgene’sby-lawsprovidethat,atanymeetingdulycalledandheldfortheelectionofdirectorsatwhichaquorumispresent,eachnomineefordirectorshallbeelectedtotheboardofdirectorsifthevotescastforsuchnominee’selectionexceedthevotescastagainstsuchnominee’selection;provided,however,thatdirectorsshallbeelectedbyapluralityofthevotescastbytheholders(actingassuch)ofsharesofstockofCelgeneentitledtoelectsuchdirectorsatanymeetingofstockholdersforwhichthenumberofnomineesexceedsthenumberofdirectorstobeelectedinacontestedelection.Ifdirectorsaretobeelectedbyapluralityofthevotescast,stockholdersshallnotbepermittedtovoteagainstanominee.

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Bristol-Myers Squibb Stockholder Rights Celgene Stockholder RightsRemoval of Directors UnderDelawarelaw,directorsmaybe

removed,withorwithoutcause,bytheaffirmativevoteofholdersofamajorityofthesharesofstockoutstandingandentitledtovoteatanelectionofdirectors.

UnderDelawarelawandCelgene’sby-laws,anydirectorortheentireboardofdirectorsmayberemoved,withorwithoutcause,bytheaffirmativevoteofholdersofamajorityofthesharesofstockoutstandingandentitledtovoteatanelectionofdirectors.

Voting EachholderofBristol-MyersSquibbcommon

stockisentitledtoonevotepershareofBristol-MyersSquibbcommonstock.

UnderDelawarelaw,eachholderofCelgenecommonstockisentitledtoonevotepershareofCelgenecommonstock.

Cumulative Voting UnderDelawarelaw,Bristol-MyersSquibb

stockholdersarenotentitledtocumulativevotingunlessitisexpresslyprovidedforinthecertificateofincorporation.Bristol-MyersSquibb’scertificateofincorporationdoesnotprovideforcumulativevoting.

UnderDelawarelaw,Celgenestockholdersarenotentitledtocumulativevotingunlessitisexpresslyprovidedforinthecertificateofincorporation.Celgene’scertificateofincorporationdoesnotprovideforcumulativevoting.

Vacancies on the Board ofDirectors

UnderDelawarelawandBristol-MyersSquibb’sby-laws,vacanciesintheBMSBoard,fromanycausewhatsoever,includingvacanciescreatedbyanincreaseinthenumberofdirectors,shallbefilledbyanaffirmativevoteofamajorityoftheremainingdirectors,eveniflessthanaquorum.

Celgene’sby-lawsprovidethatvacanciesontheboardofdirectorscausedbydeath,resignation,removal,disqualification,orothercause,oradditionaldirectorshipsresultingfromanincreaseinthenumberofdirectors,maybefilledatanytimebyamajorityofdirectorstheninoffice,eventhoughlessthanaquorumremains,orinthecaseofanyvacancyintheofficeofanydirector,bythestockholders.Anydirectorsochosenshallholdofficeuntilhissuccessorshallhavebeenelectedandqualified;or,ifthepersonsochosenisadirectorelectedtofillavacancy,heshallholdofficefortheunexpiredtermofhispredecessor.

Special Meeting of the Board ofDirectors

AspecialmeetingoftheBMSBoardmaybecalledbydirectionofthechairmanoftheboardofdirectors,theleadindependentdirector,ifoneshallbeappointedbytheboardofdirectors,oranythreeofthedirectorstheninoffice.

Celgene’sby-lawsprovidethatspecialmeetingsoftheCelgeneBoardmaybecalledbytheexecutivechairmanoftheboard,thechiefexecutiveofficer,thepresidentoramajorityofthedirectorstheninoffice.

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Bristol-Myers Squibb Stockholder Rights Celgene Stockholder RightsStockholder Action by WrittenConsent

UnderBristol-MyersSquibb’scertificateofincorporationandbylaws,anyactionrequiredorpermittedtobetakenbythestockholdersofthecorporationmustbeeffectedatadulycalledannualorspecialmeetingofsuchstockholdersandmaynotbeeffectedbyanyconsentinwritingbysuchstockholders.

Celgene’scertificateofincorporationdoesnotprovidethatactioncannotbetakenbythestockholdersofCelgenebywrittenconsent.Accordingly,bydefaultDGCLSection228appliesandprovidesthatanyactionrequiredbystatutetobetakenatanyannualorspecialmeetingofthestockholders,oranyactionwhichmaybetakenatanyannualorspecialmeetingofthestockholders,maybetakenbywrittenconsentifthewrittenconsentissignedbytheholdersofoutstandingstockhavingnotlessthantheminimumnumberofvotesthatwouldbenecessarytoauthorizeortakesuchactionatameetingatwhichallsharesentitledtovotethereonwerepresentandvoted.

Amendment to Certificate ofIncorporation

UnderDelawarelaw,anamendmenttoBristol-MyersSquibb’scertificateofincorporationrequires(i)aresolutionoftheBMSBoardrecommendingthattheamendmentbeapprovedbystockholders,(ii)theapprovalofamajorityoftheoutstandingstockentitledtovoteupontheproposedamendmentand(iii)theapprovaloftheholdersofamajorityoftheoutstandingstockofeachclassentitledtovotethereonasaclass,ifany.UnderBristol-MyersSquibb’scertificateofincorporation,Bristol-MyersSquibbreservestherighttoamenditscertificateofincorporationinanymannerpermittedbyDelawarelawand,withthesoleexceptionoftherightsandpowersconferredundertheprovisionofthecertificateofincorporationwithrespecttoliabilityofdirectorsforbreachesoffiduciaryduties,allrightsandpowersconferredhereinonBristol-MyersSquibb’sstockholders,ifany,aresubjecttosuchreservedpower.

UnderDelawarelaw,anamendmenttoCelgene’scertificateofincorporationrequires(i)aresolutionoftheCelgeneBoardrecommendingthattheamendmentbeapprovedbystockholders,(ii)theapprovalofamajorityoftheoutstandingstockentitledtovoteupontheproposedamendmentand(iii)theapprovaloftheholdersofamajorityoftheoutstandingstockofeachclassentitledtovotethereonasaclass,ifany.

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TABLE OF CONTENTS Bristol-Myers Squibb Stockholder Rights Celgene Stockholder RightsAmendment of By-laws Bristol-MyersSquibb’scertificateof

incorporationandby-lawsprovidethattheby-lawsmaybealtered,amendedorrepealedornewby-lawsmaybemadebytheaffirmativevoteoftheholdersofrecordofamajorityofthesharesentitledatthetimetovoteatanyannualorspecialmeeting,orbytheaffirmativevoteofamajorityofthedirectorscastatanyregularorspecialmeetingatwhichaquorumispresent.

Celgene’sby-lawsprovidethattheholdersofsharesentitledatthetimetovotefortheelectionofdirectorshavepowertoadopt,amend,orrepealtheby-lawsbyvoteofnotlessthanamajorityofsuchshares,andexceptasotherwiseprovidedbylaw,theboardofdirectorshaspowerequalinallrespectstothatofthestockholderstoadopt,amend,orrepealtheby-lawsbyvoteofnotlessthanamajorityoftheentireboard.

Special Stockholder Meetings Bristol-MyersSquibb’sby-lawsprovidethat

specialmeetingsofthestockholdersmaybecalledonlybythechairmanoftheboardorbytheboardofdirectors.Inaddition,aspecialmeetingofthestockholdersmustbecalledbythesecretaryuponthewrittenrequestoftherecordholdersofatleast25%invotingpoweroftheoutstandingsharesofstockofBristol-MyersSquibb,whichisreferredtointhisjointproxystatement/prospectusastheRequisitePercent,whohavecompliedwiththerequirementsinBristol-MyersSquibb’sby-laws,whichisreferredtointhisjointproxystatement/prospectusastheStockholderRequestedSpecialMeeting.InorderforaStockholderRequestedSpecialMeetingtobecalled,oneormorerequestsforaspecialmeetingmustbesignedbytheRequisitePercentofrecordholders(ortheirdulyauthorizedagents)anddeliveredtotheSecretary,eachofwhichisreferredtointhisjointproxystatement/prospectusasaSpecialMeetingRequestand,collectively,theSpecialMeetingRequests.TheSpecialMeetingRequest(s)shallbesenttothesecretaryattheprincipalexecutiveofficesofBristol-MyersSquibbbyregisteredmail,returnreceiptrequested.TheSpecialMeetingRequest(s)shall(i)setforthastatementofthespecificpurpose(s)ofthemeeting,the

Celgene’sby-lawsprovidethatspecialmeetingsofthestockholdersmaybecalled,foranypurposeorpurposes,bythechairmanoftheboardofdirectors,ifany,thechiefexecutiveofficer,thepresident,thesecretary,oramajorityoftheboardofdirectorsatanytime.Inaddition,aspecialmeetingofstockholdersmustbecalledbytheboardofdirectorsuponthewrittenrequesttothesecretaryofoneormorerecordholdersofsharesofCelgenestockrepresentingintheaggregatenotlessthan25%oftheoutstandingsharesofeachclassofstockofCelgeneentitledtovote,whichsharesarereasonablydeterminedbytheboardofdirectorstobeNetLongShares.“NetLongShares”aredefinedinCelgene’sby-lawstomeansharesofstockastowhichastockholderpossessesthesolepowertovoteordirectthevoting,thesoleeconomicincidentsofownershipandthesolepowertodisposeofordirectthedisposition.NetLongSharesexcludeanyshares(a)soldbysuchstockholderinanytransactionthathasnotbeensettledorclosed,(b)borrowedbysuchstockholderforanypurposesorpurchasedbysuchstockholderpursuanttoanagreementtoresell,or(c)subjecttoanyoption,warrant,derivativeorotheragreementorunderstanding,whetheranysucharrangementistobesettledwithsharesofstockorwithcashbasedonthenotionalamountofsharessubjectthereto,inanysuchcasewhichhas,orisintendedtohave,thepurposeor

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Bristol-Myers Squibb Stockholder Rights Celgene Stockholder Rights matter(s)proposedtobeactedonatthespecial

meetingandthereasonsforconductingsuchbusinessatthespecialmeeting,(ii)setforththetextofanyproposalorbusinesstobeconsideredatthespecialmeeting(includingthetextofanyresolutionsproposedtobeconsideredandintheeventthatsuchbusinessincludesaproposaltoamendtheby-laws,thelanguageoftheproposedamendment),(iii)bearthedateofsignatureofeachsuchstockholder(ordulyauthorizedagent)signingtheSpecialMeetingRequest(s),(iv)setforth(A)thenameandaddress,astheyappearinBristol-MyersSquibb’sstockledger,ofeachstockholderofrecordsigningsuchrequest(oronwhosebehalftheSpecialMeetingRequest(s)issigned)andthenameandaddressofanybeneficialowneronwhosebehalfsuchrequestismade;and(B)theclass,ifapplicable,andnumberofsharesofstockofBristol-MyersSquibbthatareownedofrecordandbeneficiallybyeachsuchstockholderandanysuchbeneficialowneronwhosebehalftheSpecialMeetingRequest(s)ismade,(v)setforthanymaterialinterestofeachstockholdersigningsuchrequestorofanybeneficialowneronwhosebehalfsuchrequestismadeinthebusinessproposedtobeconductedatthespecialmeeting,(vi)includearepresentationthatthestockholderssubmittingtheSpecialMeetingRequest(s)andsuchbeneficialowners,ifany,onwhosebehalfsuchrequestismade,intendtoappearinpersonorbyproxyatthespecialmeetingtopresenttheproposal(s)orbusinesstobebroughtbeforethespecialmeeting,(vii)includearepresentationwhetherthestockholdersorthebeneficialowners,ifany,intendorarepartofagroupwhichintendstosolicitproxiesorvoteswithrespecttotheproposalsorbusinesstobepresentedatthespecialmeeting,(viii)setforthallinformationrelatingtoeachsuchstockholderorofsuchbeneficialownerthatmustbedisclosedinsolicitationsofproxiesforelectionof

effectof(i)reducingsuchstockholder’srightstovoteandtodisposeofanyofsuchshares,or(ii)offsettinggainorlossarisingfromthesoleeconomicownershipofsuchsharesbysuchstockholder.Tobeinproperform,aspecialmeetingrequestmustbesignedbyeachstockholderor(itsqualifiedrepresentative)requestingthespecialmeetingandmustsetforth:(i)abriefdescriptionofeachmatterofbusinessdesiredtobebroughtbeforethespecialmeetingandthereasonsforconductingsuchbusinessatthespecialmeeting(includingthetextofanyresolutionstobeproposedforconsiderationbystockholders);(ii)thenameandrecordaddress,astheyappearonCelgene’sbooks,ofeachstockholderrequestingthespecialmeeting;(iii)theclassorseriesandnumberofsharesofcapitalstockofCelgenewhichareownedbyeachstockholderrequestingthespecialmeeting,includingsharesbeneficiallyownedandsharesheldofrecord;(iv)(A)adescriptionofanyagreement,arrangementorunderstandingthathasbeenenteredintoasofthedateofsuchnoticebyeachstockholderrequestingthespecialmeeting,ifany,theeffectorintentofwhichistomitigatelossto,manageriskorbenefitofsharepricechangesfor,orincreaseordecreasethevotingpowerofeachsuchpersonoranyofitsaffiliatesorassociateswithrespecttosharesofstockofCelgene,andanyperformance-relatedfeestowhicheachsuchpartyisdirectlyorindirectlyentitledbasedonanyincreaseordecreaseinthevalueofsharesofCelgene;and(B)arepresentationthateachstockholderrequestingthespecialmeetingwillnotifyCelgeneinwritingofanyofinformationrequiredtobedisclosedinclause(iv)thatisineffectasoftherecorddateforthespecialmeetingnotlaterthanfivebusinessdaysfollowingthelateroftherecorddateorthedatenoticeoftherecorddateisfirstpubliclydisclosed;(v)a

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Bristol-Myers Squibb Stockholder Rights Celgene Stockholder Rights directorsinanelectioncontest(evenifan

electioncontestisnotinvolved),orisotherwiserequired,ineachcasepursuanttoRegulation14AundertheExchangeActand(ix)containsuchotherinformation,ifapplicable,whichshallbesetforthinastockholder’snoticerequiredbyBristol-MyersSquibb’sbylaws.Astockholdermayrevokehis,heroritsrequestforaspecialmeetingatanytimebywrittenrevocationdeliveredtotheBristol-MyersSquibbsecretary.If,followingsuchrevocation,thereareunrevokedrequestsfromstockholdersholdingintheaggregatelessthantheRequisitePercent,theBMSBoard,initsdiscretion,maycanceltheStockholderRequestedSpecialMeeting.TheBristol-MyersSquibbsecretaryshallnotberequiredtocallaStockholderRequestedSpecialMeetingif(i)theSpecialMeetingRequest(s)relatestoanitemofbusinessthatisnotapropersubjectforstockholderactionunderapplicablelaw,(ii)theSpecialMeetingRequest(s)isreceivedbyBristol-MyersSquibbduringtheperiodcommencing90dayspriortothefirstanniversaryofthedateoftheimmediatelyprecedingannualmeetingandendingonthedateofthenextannualmeeting,(iii)anidenticalorsubstantiallysimilaritem(a“SimilarItem”)waspresentedatameetingofthestockholdersheldwithin90dayspriortoreceiptbyBristol-MyersSquibbofsuchSpecialMeetingRequest(s)(and,forpurposesofthisclause(iii),thenomination,electionorremovalofdirectorsshallbedeemeda“SimilarItem”withrespecttoallitemsofbusinessinvolvingthenomination,electionorremovalofdirectors,thechangingthesizeoftheBMSBoardandthefillingofvacanciesand/ornewlycreateddirectorships),(iv)theBMSBoardcallsanannualorspecialmeetingofstockholderstobeheldnotlaterthan60daysaftertheBristol-MyersSquibb

descriptionofallarrangementsorunderstandingsbetweeneachstockholderrequestingthespecialmeetingandanyotherpersonorpersons(includingtheirnames)inconnectionwiththeproposalofsuchbusinessdesiredtobebroughtbeforethespecialmeetingbyeachstockholderrequestingthespecialmeetingandanymaterialinterestofeachstockholderrequestingthespecialmeetinginsuchbusinessdesiredtobebroughtbeforethespecialmeeting;(vi)arepresentationthateachstockholderrequestingthespecialmeetingintendstoappearinpersonorbyproxyatthespecialmeetingtobringsuchbusinessbeforethespecialmeeting;(vii)anagreementbyeachstockholderrequestingthespecialmeetingtonotifyCelgenepromptlyintheeventofanydispositionpriortotherecorddateforvotingatthespecialmeetingofsharesofCelgeneownedofrecordandanacknowledgementthatanysuchdispositionshallbedeemedtobearevocationofsuchspecialmeetingrequestwithrespecttosuchdisposedshares;(viii)disclosurewhetheranyofthestockholdersrequestingthespecialmeetingwillbesolicitingproxiesfromotherstockholders;(ix)inthecaseofanydirectornominationsproposedtobepresentedatthespecialmeeting,astoeachpersonwhomthestockholdersrequestingthespecialmeetingproposetonominateforelectionasadirector:(A)thename,age,businessaddressandresidenceaddressoftheperson,(B)theprincipaloccupationoremploymentoftheperson,(C)theclassorseriesandnumberofsharesofcapitalstockofCelgenewhichareownedbeneficiallyorofrecordbytheperson,(D)adescriptionofallarrangementsorunderstandingsbetweeneachstockholderrequestingthespecialmeetingandeachnomineeandanyotherpersonorpersons(includingtheirnames)pursuanttowhichthenominationsaretobemadebythestockholdersrequestingthespecialmeeting,and(E)anyother

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Request(s)andaSimilarItemisincludedinBristol-MyersSquibb’snoticeasanitemofbusinesstobebroughtbeforesuchannualorspecialmeetingofstockholders,(v)aSimilarItemisalreadyincludedinBristol-MyersSquibb’snoticeasanitemofbusinesstobebroughtbeforeameetingofthestockholdersthathasbeencalledbutnotyetheld,or(vi)theSpecialMeetingRequest(s)wasmadeinamannerthatinvolvedaviolationofRegulation14AundertheExchangeAct.AStockholderRequestedSpecialMeetingshallbeheldatsuchdate,timeandplacewithinorwithouttheStateofDelawareasmaybefixedbytheBMSBoard;provided,however,thatthedateofanyStockholderRequestedSpecialMeetingshallbenotmorethan90daysaftertheSecretary’sreceiptoftheproperlysubmittedSpecialMeetingRequest(s)containingtheRequisitePercent.BusinesstransactedatanyStockholderRequestedSpecialMeetingshallbelimitedtothepurpose(s)statedintheSpecialMeetingRequest(s);provided,however,thatnothinghereinshallprohibittheBMSBoardfromsubmittingmatterstothestockholdersatanyStockholderRequestedSpecialMeeting.Ifnoneofthestockholder(s)whosubmittedtheSpecialMeetingRequestappearsorsendsaqualifiedrepresentativetopresentthematterstobepresentedforconsiderationthatwerespecifiedintheSpecialMeetingRequest,Bristol-MyersSquibbneednotpresentsuchmattersforavoteatsuchmeeting,notwithstandingthatproxiesinrespectofsuchmattermayhavebeenreceivedbyBristol-MyersSquibb.

informationrelatingtothepersonthatwouldberequiredtobedisclosedinaproxystatementorotherfilingrequiredtobemadeinconnectionwithsolicitationsofproxiesforelectionofdirectorspursuanttoSection14oftheExchangeAct;and(x)anyotherinformationthatisrequiredtobeprovidedbyeachstockholderrequestingthespecialmeetingpursuanttoRegulation14AundertheExchangeAct.

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Bristol-Myers Squibb Stockholder Rights Celgene Stockholder RightsNotice of Stockholder Meetings Bristol-MyersSquibb’sby-lawsrequirethat

writtennoticeofeachstockholders’meetingmustbemailedatleast10daysbutnotmorethan60daysbeforethedateofthemeeting.Delawarelawrequiresnoticeofameetingtovoteonamergeragreement,asale,leaseorexchangeofallorsubstantiallyallassets,aconversiontoanotherformofentityoratransfer,domesticationorconveyancetoaforeignjurisdictiontobegivenatleast20daysbeforethedateofsuchmeeting.

Celgene’sby-lawsrequirethatnoticeofastockholdermeetingmustbegivenbythechairmanoftheboardofdirectors,ifany,thechiefexecutiveofficer,thepresident,anyvice-president,thesecretary,oranassistantsecretary,tostockholdersnotlessthantendaysormorethan60daysbeforethedateofthemeeting,unlessadifferentperiodisprescribedbylaw.Delawarelawrequiresnoticeofameetingtovoteonamergeragreement,asale,leaseorexchangeofallorsubstantiallyallassets,aconversiontoanotherformofentityoratransfer,domesticationorconveyancetoaforeignjurisdictiontobegivenatleast20daysbeforethedateofsuchmeeting.

Stockholder Nominations ofPersons for Election asDirectors

Bristol-MyersSquibb’sby-lawspermitstockholderstonominatedirectors.NominationsofpersonsforelectiontotheBMSBoardandtheproposalofotherbusinesstobeconsideredbythestockholdersmaybemadeatanannualmeetingofstockholdersonly(i)pursuanttoBristol-MyersSquibb’snoticeofmeeting(oranysupplementthereto),(ii)byoratthedirectionoftheBMSBoardoranycommitteethereof,or(iii)byanystockholderofBristol-MyersSquibbwhowasastockholderofrecordofBristol-MyersSquibbatthetimethenoticeisdeliveredtothesecretaryofBristol-MyersSquibb,whoisentitledtovoteatthemeetingandwhocomplieswiththenoticeproceduressetforthintheBristol-MyersSquibbby-laws.ForanynominationsorotherbusinesstobeproperlybroughtbeforeanannualmeetingbyastockholderpursuanttotheBristol-MyersSquibbby-laws,thestockholdermusthavegiventimelynoticeinwritingthereoftothesecretaryofBristol-MyersSquibbinaccordancewiththeBristol-MyersSquibbby-lawsand,inthecaseofbusinessotherthannominationsofpersonsforelectiontotheboardofdirectors,suchother

Celgene’sby-lawspermitstockholderstonominatedirectors.NominationsofpersonsforelectiontotheCelgeneBoardmaybemadeatanannualmeetingofstockholders,either(a)byoratthedirectionoftheboardofdirectors(oranydulyauthorizedcommitteethereof)or(b)byanystockholderofCelgenewho(i)isastockholderofrecordofCelgeneonthedatenoticewasgivenandontherecorddateforthedeterminationofstockholdersentitledtovoteatsuchannualmeetingand(ii)complieswiththenoticeproceduressetforthinCelgene’sby-laws.Inorderforastockholdertomakeanominationorproposebusinessatanannualmeetingofthestockholders,thestockholdermustgivetimelywrittennoticetoCelgene’ssecretarynotlessthan60daysnormorethan90dayspriortothedateoftheannualmeeting;provided,however,thatintheeventthatlessthan70days’noticeorpriorpublicdisclosureofthedateoftheannualmeetingisgivenormadetostockholders,noticebythestockholder(inordertobetimely)mustbesoreceivednotlaterthanthecloseofbusinessonthetenthdayfollowingthedayonwhichsuchnoticeofthedateoftheannualmeetingwasmailedor

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Bristol-Myers Squibb Stockholder Rights Celgene Stockholder Rights businessmustbeapropermatterfor

stockholderaction.Tobeconsideredtimely,astockholder’snoticemustbereceivedbytheBristol-MyersSquibbsecretaryattheprincipalexecutiveofficesofBristol-MyersSquibbnotlessthan90,andnotmorethan120,calendardaysbeforethefirstanniversaryoftheprecedingyear’sannualmeeting(provided,however,thatintheeventthatthedateoftheannualmeetingismorethan30daysbefore,ormorethan70daysaftersuchanniversarydate,noticebythestockholdermustbesoreceivednotearlierthan120calendardaysbeforesuchannualmeetingandnotlaterthanthelaterof90calendardaysbeforesuchannualmeetingortencalendardaysfollowingthedayonwhichpublicannouncementofthedateofsuchmeetingisfirstmadebyBristol-MyersSquibb).Innoeventshallthepublicannouncementofanadjournmentorpostponementofanannualmeetingcommenceanewtimeperiod(orextendanytimeperiod)forthegivingofastockholder’snoticeasdescribedabove.Astockholder’snoticeshallsetforth:(i)astoeachpersonwhomthestockholderproposestonominateforelectionorre-electionasadirector,allinformationrelatingtosuchpersonthatisrequiredtobedisclosedinsolicitationsofproxiesforelectionofdirectorspursuanttoRegulation14AundertheExchangeAct,andtherulesandregulationspromulgatedthereunder,includingsuchperson’swrittenconsenttobeingnamedintheproxystatementasanomineeandtoservingasadirectorifelected;(ii)astoanyotherbusinessthatthestockholderproposestobringbeforethemeeting,abriefdescriptionofthebusinessdesiredtobebroughtbeforethemeeting,thetextoftheproposalorbusiness(includingthetextofanyresolutionsproposedforconsiderationandintheeventthatsuchbusinessincludesaproposaltoamendtheby-lawsofBristol-MyersSquibb,thelanguageoftheproposedamendment),thereasonsfor

suchpublicdisclosureofthedateoftheannualmeetingwasmade,whicheverfirstoccurs.Astockholder’snoticetothesecretarymustsetforth(a)astoeachpersonwhomthestockholderproposestonominateforelectionasadirector:(i)thename,age,businessaddressandresidenceaddressoftheperson;(ii)theprincipaloccupationoremploymentoftheperson;(iii)theclassorseriesandnumberofsharesofcapitalstockofCelgenewhichareownedbeneficiallyorofrecordbytheperson;(iv)adescriptionofallarrangementsorunderstandingsbetweenthestockholderandeachnomineeandanyotherpersonorpersons(includingtheirnames)pursuanttowhichthenominationsaretobemadebythestockholder;and(v)anyotherinformationrelatingtothepersonthatwouldberequiredtobedisclosedinaproxystatementorotherfilingrequiredtobemadeinconnectionwithsolicitationsofproxiesforelectionofdirectorspursuanttoSection14oftheExchangeAct;and(b)astothestockholdergivingthenotice:(i)thenameandrecordaddress,astheyappearonCelgene’sbooks,ofsuchstockholder;(ii)theclassorseriesandnumberofsharesofcapitalstockofCelgenewhichareownedbeneficiallyorofrecordbysuchstockholder;(iii)(A)adescriptionofanyagreement,arrangementorunderstandingthathasbeenenteredintoasofthedateofsuchnoticebysuchstockholderandbeneficialowner,ifany,theeffectorintentofwhichistomitigatelossto,manageriskorbenefitofsharepricechangesfor,orincreaseordecreasethevotingpowerofeachsuchpersonoranyofitsaffiliatesorassociateswithrespecttosharesofstockofCelgeneandanyperformance-relatedfeestowhicheachsuchpartyisdirectlyorindirectlyentitledbasedonanyincreaseordecreaseinthevalueofsharesofCelgene;and(B)arepresentationthatthestockholderwill

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anymaterialinterestinsuchbusinessofsuchstockholderandthebeneficialowner,ifany,onwhosebehalftheproposalismade;and(iii)astothestockholdergivingthenoticeandthebeneficialowner,ifany,onwhosebehalfthenominationorproposalismade(A)thenameandaddressofsuchstockholder,astheyappearonBristol-MyersSquibb’sbooks,andofsuchbeneficialowner,(B)theclassorseriesandnumberofsharesofstockofBristol-MyersSquibbthatare,directlyorindirectly,ownedbeneficiallyand/orofrecordbysuchstockholderandsuchbeneficialowner,(C)adescriptionofanyagreement,arrangementorunderstandingwithrespecttothenominationorproposalbetweenoramongsuchstockholderand/orsuchbeneficialowner,anyoftheirrespectiveaffiliatesorassociates,andanyothersactinginconcertwithanyoftheforegoing,including,inthecaseofanomination,thenominee,(D)adescriptionofanyagreement,arrangementorunderstanding(includinganyderivativeorshortpositions,profitinterests,options,warrants,stockappreciationorsimilarrights,hedgingtransactions,andborrowedorloanedshares)thathasbeenenteredintoasofthedateofthestockholder’snoticeby,oronbehalfof,suchstockholderandsuchbeneficialowners,theeffectorintentofwhichistomitigatelossto,manageriskorbenefitofsharepricechangesfor,orincreaseordecreasethevotingpowerof,suchstockholderorsuchbeneficialowner,withrespecttosharesofstockofBristol-MyersSquibb,(E)thenameinwhichallsuchsharesofstockareregisteredonthestocktransferbooksofBristol-MyersSquibb,(F)arepresentationthatthestockholderisaholderofrecordofstockofBristol-MyersSquibbentitledtovoteatsuchmeetingandintendstoappearatthemeetinginpersonorbyproxytobringsuchbusinessornominationbeforethemeeting,(G)a

notifyCelgeneinwritingofanyofinformationrequiredtobedisclosedinclause(iii)(A)thatisineffectasoftherecorddateforthemeetingnotlaterthanfivebusinessdaysfollowingthelateroftherecorddateorthedatenoticeoftherecorddateisfirstpubliclydisclosed;(iv)adescriptionofallarrangementsorunderstandingsbetweensuchstockholderandanyotherpersonorpersons(includingtheirnames)inconnectionwiththeproposalofsuchbusinessbysuchstockholderandanymaterialinterestofsuchstockholderinsuchbusiness;(v)disclosurewhetherthestockholderwillbesolicitingproxiesfromotherstockholders;(vi)arepresentationthatsuchstockholderintendstoappearinpersonorbyproxyattheannualmeetingtobringsuchbusinessbeforethemeeting;and(vii)anyotherinformationthatisrequiredtobeprovidedbythestockholderpursuanttoRegulation14AundertheExchangeAct.

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Bristol-Myers Squibb Stockholder Rights Celgene Stockholder Rights representationwhetherthestockholderand/or

thebeneficialowner,ifany,intendsorispartofagroupwhichintends(a)todeliveraproxystatementand/orformofproxytoholdersofatleastthepercentageofBristol-MyersSquibb’soutstandingcapitalstockrequiredtoapproveoradopttheproposalorelectthenomineeand/or(b)otherwisetosolicitproxiesorvotesfromstockholdersinsupportofsuchproposalornomination,and(H)allotherinformationrelatingtotheproposedbusiness,theproposednomination,thestockholderandthebeneficialowner,ifany,whichmayberequiredtobedisclosedinaproxystatementorotherfilingsrequiredtobemadeinconnectionwithsolicitingproxiesinaccordancewithapplicablelaw,including,withoutlimitation,Regulation14AoftheExchangeAct,andtherulesandregulationspromulgatedthereunder.Inaddition,astockholderseekingtosubmitsuchbusinessornominationatthemeetingshallpromptlyprovideanyotherinformationreasonablyrequestedbyBristol-MyersSquibb.IntheeventthatthenumberofdirectorstobeelectedtotheBMSBoardisincreasedeffectiveafterthetimeperiodforwhichnominationswouldotherwisebedueandthereisnopublicannouncementbyBristol-MyersSquibbnamingthenomineesfortheadditionaldirectorshipsatleast100dayspriortothefirstanniversaryoftheprecedingyear’sannualmeeting,astockholder’snoticerequiredbytheBristol-MyersSquibbby-lawsshallalsobeconsideredtimely,butonlywithrespecttonomineesfortheadditionaldirectorships,ifitshallbedeliveredtotheSecretaryattheprincipalexecutiveofficesofBristol-MyersSquibbnotlaterthantendaysfollowingthedayonwhichsuchpublicannouncementisfirstmadebyBristol-MyersSquibb.

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Bristol-Myers Squibb Stockholder Rights Celgene Stockholder RightsStockholder Proposals (otherthan Nomination of Persons forElection as Directors)

Bristol-MyersSquibb’sby-lawsprovidethatatanannualmeetingofstockholdersonlysuchbusinesswillbeconducted,andonlysuchproposalswillbeactedupon,asareproperlybroughtbeforetheannualmeetingofstockholders(i)by,oratthedirectionof,theBMSBoardoranycommitteethereofor(ii)byastockholderofBristol-MyersSquibbwhocomplieswiththeproceduressetforthinBristol-MyersSquibb’sby-laws.Bristol-MyersSquibb’sbylawsprovidethatinorderforastockholdertoproposebusinessatanannualmeetingofthestockholders,thestockholdermustgivetimelywrittennoticetoBristol-MyersSquibb’ssecretary.Tobeconsideredtimely,astockholder’snoticemustbereceivedbyBristol-MyersSquibb’ssecretarynotlessthan90,andnotmorethan,120calendardaysbeforethefirstanniversaryoftheprecedingyear’sannualmeeting;provided,however,thatintheeventthatthedateoftheannualmeetingismorethan30daysbefore,ormorethan70daysaftersuchanniversarydate,noticebythestockholdermustbesoreceivednotearlierthan120calendardaysbeforesuchannualmeetingandnotlaterthanthelaterof90calendardaysbeforesuchannualmeetingortencalendardaysfollowingthedayonwhichpublicannouncementofthedateofsuchmeetingisfirstmadebytheBristol-MyersSquibb.Astockholder’snoticetoBristol-MyersSquibb’ssecretarymustsetforth:(1)abriefdescriptionofthebusinessdesiredtobebroughtbeforethemeeting,thetextoftheproposalorbusiness(includingthetextofanyresolutionsproposedforconsiderationandintheeventthatsuchbusinessincludesaproposaltoamendthebylawsofBristol-MyersSquibb,thelanguageoftheproposedamendment),thereasonsforconductingsuchbusinessatthemeetingandanymaterialinterestinsuchbusinessofsuchstockholderandthebeneficial

Celgene’sby-lawsprovidethatatanannualmeetingofstockholdersnobusinessmaybetransactedotherthanbusinessthatiseither(i)specifiedinthenoticeofmeetinggivenbyoratthedirectionoftheboardofdirectors(oranydulyauthorizedcommitteethereof),(ii)otherwiseproperlybroughtbeforetheannualmeetingbyoratthedirectionoftheboardofdirectors(oranydulyauthorizedcommitteethereof)or(iii)apropermatterforstockholderactionundertheDGCLthathasbeenproperlybroughtbeforetheannualmeetingbyastockholderwho(A)isastockholderofrecordonthedatenoticewasgivenandontherecorddateforthedeterminationofstockholdersentitledtovoteatsuchannualmeetingand(B)complieswiththeproceduressetforthinCelgene’sby-laws.Inorderforastockholdertoproposebusinessatanannualmeetingofthestockholders,thestockholdermustgivetimelywrittennoticetoCelgene’ssecretarynotlessthan60daysnormorethan90dayspriortothedateoftheannualmeeting;provided,however,thatintheeventthatlessthan70days’noticeorpriorpublicdisclosureofthedateoftheannualmeetingisgivenormadetostockholders,noticebythestockholder(inordertobetimely)mustbesoreceivednotlaterthanthecloseofbusinessonthetenthdayfollowingthedayonwhichsuchnoticeofthedateoftheannualmeetingwasmailedorsuchpublicdisclosureofthedateoftheannualmeetingwasmade,whicheverfirstoccurs.Astockholder’snoticetothesecretarymustsetforthastoeachmattersuchstockholderproposestobringbeforetheannualmeeting(a)abriefdescriptionofthebusinessdesiredtobebroughtbeforetheannualmeetingandthereasonsforconductingsuchbusinessattheannualmeeting;(b)thenameandrecordaddressofsuchstockholder;(c)theclassorseriesand

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made,(2)thenameandrecordaddressofsuchstockholder,(3)theclassorseriesandnumberofsharesofcapitalstockofBristol-MyersSquibbwhichareownedbeneficiallyorofrecordbysuchstockholder,(4)adescriptionofanyagreement,arrangementorunderstandingbetweensuchstockholderandanyotherpersonorpersons(includingtheirnames)inconnectionwiththeproposalofsuchbusinessbysuchstockholder,(5)adescriptionofanyagreement,arrangementorunderstandingthathasbeenenteredintoasofthedateofthestockholder’snoticeby,oronbehalfof,suchstockholderandsuchbeneficialowners,theeffectorintentofwhichistomitigatelossto,manageriskorbenefitofsharepricechangesfor,orincreaseordecreasethevotingpowerof,suchstockholderorsuchbeneficialowner,withrespecttosharesofstockofBristol-MyersSquibb,(6)thenameinwhichallsuchsharesofstockareregisteredonthestocktransferbooksofBristol-MyersSquibb,(7)arepresentationthatthestockholderisaholderofrecordofstockofBristol-MyersSquibbentitledtovoteatsuchmeetingandintendstoappearatthemeetinginpersonorbyproxytobringsuchbusinessornominationbeforethemeeting,(8)arepresentationwhetherthestockholderand/orthebeneficialowner,ifany,intendsorispartofagroupwhichintends(a)todeliveraproxystatementand/orformofproxytoholdersofatleastthepercentageoftheBristol-MyersSquibb’soutstandingcapitalstockrequiredtoapproveoradopttheproposaland/or(b)otherwisetosolicitproxiesorvotesfromstockholdersinsupportofsuchproposal,and(9)allotherinformationrelatingtotheproposedbusiness,thestockholderandthebeneficialowner,ifany,whichmayberequiredtobedisclosedinaproxystatementorotherfilingsrequiredtobemadeinconnectionwithsolicitingproxiesin

numberofsharesofcapitalstockofCelgenewhichareownedbeneficiallyorofrecordbysuchstockholder,(d)(i)adescriptionofanyagreement,arrangementorunderstandingthathasbeenenteredintoasofthedateofsuchnoticebysuchstockholderandbeneficialowner,ifany,theeffectorintentofwhichistomitigatelossto,manageriskorbenefitofsharepricechangesfor,orincreaseordecreasethevotingpowerofeachsuchpersonoranyofitsaffiliatesorassociateswithrespecttosharesofstockofCelgene,andanyperformance-relatedfeestowhicheachsuchpartyisdirectlyorindirectlyentitledbasedonanyincreaseordecreaseinthevalueofsharesofCelgene,and(ii)arepresentationthatthestockholderwillnotifyCelgeneinwritingofanyinformationrequiredtobedisclosedunderclause(i)thatisineffectasoftherecorddateforthemeetingnotlaterthanfivebusinessdaysfollowingthelateroftherecorddateorthedatenoticeoftherecorddateisfirstpubliclydisclosed;(e)adescriptionofallarrangementsorunderstandingsbetweensuchstockholderandanyotherpersonorpersons(includingtheirnames)inconnectionwiththeproposalofsuchbusinessbysuchstockholderandanymaterialinterestofsuchstockholderinsuchbusiness;(f)disclosurewhetherthestockholderwillbesolicitingproxiesfromotherstockholders;(g)arepresentationthatsuchstockholderintendstoappearinpersonorbyproxyattheannualmeetingtobringsuchbusinessbeforethemeeting;and(h)anyotherinformationrequiredtobeprovidedbythestockholderpursuanttoRegulation14AundertheExchangeAct.

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Bristol-Myers Squibb Stockholder Rights Celgene Stockholder Rights accordancewithapplicablelaw,including,

withoutlimitation,Regulation14AoftheExchangeAct,andtherulesandregulationspromulgatedthereunder.Inaddition,astockholderseekingtoproposesuchbusinessatthemeetingshallpromptlyprovideanyotherinformationreasonablyrequestedbyBristol-MyersSquibb.AspecialmeetingrequestforanyitemofbusinessotherthanthenominationofanydirectortotheBMSBoardmustcomplywiththerequirementssetforthinBristol-MyersSquibb’sby-laws,whicharedescribedingreaterdetailinthesectiontitled“ComparisonofStockholderRights—SpecialStockholderMeetings”beginningonpage230ofthisjointproxystatement/prospectus.

Limitation of Liability ofDirectors and Officers

Delawarelawprovidesthatacorporationmaylimitoreliminateadirector’spersonalliabilityformonetarydamagestothecorporationoritsstockholdersforbreachoffiduciarydutyasadirector,exceptforliabilityfor:(i)anybreachofthedirector’sdutyofloyaltytosuchcorporationoritsstockholders;(ii)actsoromissionsnotingoodfaithorwhichinvolveintentionalmisconductoraknowingviolationoflaw;(iii)willfulornegligentviolationofprovisionsofDelawarelawgoverningpaymentofdividendsandstockpurchasesorredemptions;(iv)anytransactionfromwhichthedirectorderivedanimproperpersonalbenefit;or(v)anyactoromissionbeforetheadoptionofsuchaprovisioninthecertificateofincorporation.Bristol-MyersSquibb’scertificateofincorporationprovidesthatdirectorsarenotpersonallyliabletoBristol-MyersSquibboritsstockholdersformonetarydamagesforbreachoffiduciarydutyasadirector,excepttotheextentsuchliabilityarises(i)fromabreachofthedirector’sdutyofloyaltytoBristol-MyersSquibboritsstockholders,(ii)actsoromissionsnotingoodfaithor

Delawarelawprovidesthatacorporationmaylimitoreliminateadirector’spersonalliabilityformonetarydamagestothecorporationoritsstockholdersforbreachoffiduciarydutyasadirector,exceptforliabilityfor:(i)anybreachofthedirector’sdutyofloyaltytosuchcorporationoritsstockholders;(ii)actsoromissionsnotingoodfaithorwhichinvolveintentionalmisconductoraknowingviolationoflaw;(iii)willfulornegligentviolationofprovisionsofDelawarelawgoverningpaymentofdividendsandstockpurchasesorredemptions;(iv)anytransactionfromwhichthedirectorderivedanimproperpersonalbenefit;or(v)anyactoromissionbeforetheadoptionofsuchaprovisioninthecertificateofincorporation.Celgene’scertificateofincorporationprovidesthatdirectorsarenotpersonallyliabletoCelgeneoritsstockholdersformonetarydamagesforbreachoffiduciarydutyasadirector,excepttotheextentsuchliabilityarisesfrom(i)abreachofthedirector’sdutyofloyaltytoCelgeneoritsstockholders,(ii)actsoromissionsnotingoodfaithorwhichinvolveintentionalmisconductora

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underSection174oftheDGCLor(iv)anytransactionfromwhichthedirectorderivedanimproperpersonalbenefit.

knowingviolationoflaw,(iii)underSection174oftheDGCLor(iv)anytransactionfromwhichthedirectorderivedanimproperpersonalbenefit.

Indemnification of Directors,Officers Employees and Agents

Bristol-MyersSquibb’sby-lawsprovidethatBristol-MyersSquibbwillindemnifyandholdharmlesstothefullestextentpermittedbyDelawarelaw,anyperson(andtheheirs,executorsoradministratorsofsuchperson)whoisapartyorotherwiseinvolvedinanythreatened,pendingorcompletedaction,suitorproceeding,whethercivil,criminal,administrativeorinvestigative,byreasonofthefactthatsuchpersonisorwasadirectororofficerofBristol-MyersSquibborisorwasservingattherequestofBristol-MyersSquibbasadirectororofficerofanothercorporation,partnership,jointventure,trustorotherenterprise.TherighttoindemnificationconferredinBristol-MyersSquibb’sby-lawsalsoincludestherighttobepaidbyBristol-MyersSquibbtheexpensesincurredinconnectionwithanysuchproceedinginadvanceofitsfinaldispositiontothefullestextentauthorizedbyDelawarelaw.TherighttoindemnificationconferredinBristol-MyersSquibb’scertificateofincorporationisacontractright.Additionally,underBristol-MyersSquibb’sby-laws,theBMSBoardcanprovideindemnificationtoanypersontosuchextentastheBMSBoarddeterminestobeappropriateinitsdiscretionfromtimetotime.

Celgene’scertificateofincorporationprovidesthatCelgenewillindemnify,tothefullestextentpermittedbylaw,anyperson(andtheheirs,executorsoradministratorsofsuchperson)madeorthreatenedtobemadeapartytoanythreatened,pendingorcompletedaction,suitorproceeding,whethercriminal,civil,administrativeorinvestigative,byreasonofthefactthatsuchpersonisorwasadirector,officer,incorporator,employeeoragentofCelgene,orisorwasservingattherequestofCelgeneasadirector,officer,incorporator,employeeoragentofanothercorporation,partnership,jointventure,trustorotherenterprise.

Appraisal Rights or Dissenters’Rights

UnderDelawarelaw,stockholdersofaDelawarecorporationhavetherightincertainmergersorconsolidationstowhichthecorporationisaparty,todemandpaymentforthefairvalueoftheirsharespursuantto,andincompliancewithproceduressetforthinSection262oftheDGCL,exceptinconnectionwithamergerorconsolidationwithrespecttoshares(i)listedonanationalsecuritiesexchangeorheldofrecordbymorethan

UnderDelawarelaw,stockholdersofaDelawarecorporationhavetherightincertainmergersorconsolidationstowhichthecorporationisaparty,todemandpaymentforthefairvalueoftheirsharespursuantto,andincompliancewithproceduressetforthinSection262oftheDGCL,exceptinconnectionwithamergerorconsolidationwithrespecttoshares(i)listedonanationalsecuritiesexchangeorheldofrecordbymorethan

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Bristol-Myers Squibb Stockholder Rights Celgene Stockholder Rights 2,000holdersand(ii)forwhich,pursuantto

theplanofmergerorconsolidation,stockholderswillreceiveonly(A)sharesordepositoryreceiptsofanothercorporationwhichatthedatethemergerorconsolidationiscompletedwillbeeitherlistedonanationalsecuritiesexchangeorheldofrecordbymorethan2,000holders,(B)sharesofstockordepositaryreceiptsofthesurvivingcorporationinthemergerorconsolidation,(C)cashinlieuoffractionalsharesor(D)anycombinationoftheforegoing.Delawarelawalsoprovidesthat,subjecttocertainexceptions,stockholdersofasurvivingcorporationdonothaveappraisalrightsinconnectionwithaplanofmergerifthemergerdidnotrequireforitsapprovalthevoteofthesurvivingcorporation’sstockholders.DelawarelawpermitsthecertificateofincorporationofaDelawarecorporationtoprovideforappraisalrightsinmergersorconsolidationsinwhichappraisalrightsarenototherwiseavailableandinconnectionwithamendmentstothecertificateofincorporationandsalesofallorsubstantiallyallassets.Bristol-MyersSquibb’scertificateofincorporationcontainsnoprovisionsgivingrisetoappraisalrightsinsuchtransactions.Additionally,pursuanttoSection262oftheDGCL,ifimmediatelybeforeamergerorconsolidationthesharesofaclassorseriesofstockofacorporationastowhichappraisalrightsareavailablewerelistedonanationalsecuritiesexchange,theDelawareCourtofChancerymustdismissanappraisalproceedingastoallstockholderswhoassertappraisalrightsunless(i)thetotalnumberofsharesentitledtoappraisalexceeds1%oftheoutstandingsharesoftheclassorserieseligibleforappraisal,or(ii)thevalueoftheconsiderationprovidedinthemergerorconsolidationforsuchtotalnumberofsharesseekingappraisalexceeds$1million,or(iii)themergerwasapprovedpursuanttoSection253orSection267oftheDGCL.

2,000holdersand(ii)forwhich,pursuanttotheplanofmergerorconsolidation,stockholderswillreceiveonly(A)sharesordepositoryreceiptsofanothercorporationwhichatthedatethemergerorconsolidationiscompletedwillbeeitherlistedonanationalsecuritiesexchangeorheldofrecordbymorethan2,000holders,(B)sharesofstockordepositaryreceiptsofthesurvivingcorporationinthemergerorconsolidation,(C)cashinlieuoffractionalsharesor(D)anycombinationoftheforegoing.Delawarelawalsoprovidesthat,subjecttocertainexceptions,stockholdersofasurvivingcorporationdonothaveappraisalrightsinconnectionwithaplanofmergerifthemergerdidnotrequireforitsapprovalthevoteofthesurvivingcorporation’sstockholders.DelawarelawpermitsthecertificateofincorporationofaDelawarecorporationtoprovideforappraisalrightsinmergersorconsolidationsinwhichappraisalrightsarenototherwiseavailableandinconnectionwithamendmentstothecertificateofincorporationandsalesofallorsubstantiallyallassets.Celgene’scertificateofincorporationcontainsnoprovisionsgivingrisetoappraisalrightsinsuchtransactions.Additionally,pursuanttoSection262oftheDGCL,ifimmediatelybeforeamergerorconsolidationthesharesofaclassorseriesofstockofacorporationastowhichappraisalrightsareavailablewerelistedonanationalsecuritiesexchange,theDelawareCourtofChancerymustdismissanappraisalproceedingastoallstockholderswhoassertappraisalrightsunless(i)thetotalnumberofsharesentitledtoappraisalexceeds1%oftheoutstandingsharesoftheclassorserieseligibleforappraisal,or(ii)thevalueoftheconsiderationprovidedinthemergerorconsolidationforsuchtotalnumberofsharesseekingappraisalexceeds$1million,or(iii)themergerwasapprovedpursuanttoSection253orSection267oftheDGCL.

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Bristol-Myers Squibb Stockholder Rights Celgene Stockholder Rights

Atanytimebeforetheentryofjudgmentintheproceedings,thesurvivingcorporationmaypaytoeachstockholderentitledtoappraisalanamountincash,inwhichcaseinterestwillaccruethereafterasprovidedhereinonlyuponthesumof(i)thedifference,ifany,betweentheamountsopaidandthefairvalueofthesharesasdeterminedbytheCourt,and(ii)interesttheretoforeaccrued,unlesspaidatthattime.

Atanytimebeforetheentryofjudgmentintheproceedings,thesurvivingcorporationmaypaytoeachstockholderentitledtoappraisalanamountincash,inwhichcaseinterestwillaccruethereafterasprovidedhereinonlyuponthesumof(i)thedifference,ifany,betweentheamountsopaidandthefairvalueofthesharesasdeterminedbytheCourt,and(ii)interesttheretoforeaccrued,unlesspaidatthattime.

Dividends and StockRepurchases

UnderBristol-MyersSquibb’scertificateofincorporationandby-laws,subjecttothepreferentialrightsofanyholdersofoutstandingpreferredstockoranyotherclassofstockhavingpreferenceoverthecommonstock,holdersofBristol-MyersSquibbcommonstockareentitledtoreceive,totheextentpermittedbylaw,suchdividendsastheBMSBoardmaydeclarefromtimetotimefromfundsavailabletherefor.

SubjecttoanyrightsofanyoutstandingseriesofCelgenesharesseniortothesharesofCelgenecommonstock,theholdersofCelgenecommonstockareentitledtosuchdividendsasmaybedeclaredfromtimetotimebytheCelgeneBoardfromfundsavailabletherefor.TheCelgeneSeriesAConvertiblePreferredStockwillbearnodividends,andtheholdersoftheCelgeneSeriesAConvertiblePreferredStockshallnotbeentitledtoreceivedividendsontheCelgeneSeriesAConvertiblePreferredStock.EachCelgeneSeriesBConvertiblePreferredStockwillbeardividends,when,asandifdeclaredbytheCelgeneBoardatthehigherof(i)arateof9%oftheoriginalCelgeneSeriesBissuepriceperannum,compoundedquarterly,or(ii)thetotalofallcashdividendspaidinanyonecalendaryearpershareofCommonStock,multipliedbythenumberofConversionSharesintowhichashareofCelgeneSeriesBConvertiblePreferredStockisconvertibleonDecember31ofsuchcalendaryear.DividendsontheCelgeneSeriesBConvertiblePreferredStockshallaccruecumulatively,whetherornotdeclared,andshallbeaddedtotheliquidationpreferenceasprovidedinthecertificateofdesignationoftheSeriesBConvertiblePreferredStock.

Stockholder Vote onFundamental or ExtraordinaryCorporate

UnderDelawarelaw,asale,leaseorexchangeofallorsubstantiallyallofBristol-MyersSquibb’sassets,an

UnderDelawarelaw,asale,leaseorexchangeofallorsubstantiallyallofCelgene’sassets,anamendmentto

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Bristol-Myers Squibb Stockholder Rights Celgene Stockholder RightsTransactions amendmenttoBristol-MyersSquibb’s

certificateofincorporation,amergerorconsolidationofBristol-MyersSquibbwithanothercorporationoradissolutionofacorporationgenerallyrequirestheaffirmativevoteoftheBMSBoardand,withlimitedexceptions,theaffirmativevoteofamajorityoftheaggregatevotingpoweroftheoutstandingstockentitledtovoteonthetransaction.

Celgene’scertificateofincorporation,amergerorconsolidationofCelgenewithanothercorporationoradissolutionofacorporationgenerallyrequirestheaffirmativevoteoftheCelgeneBoardand,withlimitedexceptions,theaffirmativevoteofamajorityoftheaggregatevotingpoweroftheoutstandingstockentitledtovoteonthetransaction.

State Antitakeover Provisions Bristol-MyersSquibbhasnotoptedoutof

Section203oftheDGCL,whichprovidesthat,ifapersonacquires15%ormoreoftheoutstandingvotingstockofBristol-MyersSquibb,therebybecomingan“interestedstockholder,”thatpersonmaynotengageincertain“businesscombinations”withBristol-MyersSquibb,includingmergers,purchasesandsalesof10%ormoreofitsassets,stockpurchasesandothertransactionspursuanttowhichthepercentageofBristol-MyersSquibb’sstockownedbytheinterestedstockholderincreases(otherthanonaproratabasis)orpursuanttowhichtheinterestedstockholderreceivesafinancialbenefitfromthecorporation,foraperiodofthreeyearsafterbecominganinterestedstockholder,unlessoneofthefollowingexceptionsapplies:(i)theBMSBoardapprovedtheacquisitionofstockpursuanttowhichthepersonbecameaninterestedstockholderorthetransactionthatresultedinthepersonbecominganinterestedstockholderpriortothetimethatthepersonbecameaninterestedstockholder;(ii)uponconsummationofthetransactionthatresultedinthepersonbecominganinterestedstockholdersuchpersonownedatleast85%oftheoutstandingvotingstockofthecorporation,excluding,forpurposesofdeterminingthevotingstockoutstanding,votingstockownedbydirectorswhoarealsoofficersandcertainemployeestockplans;or(iii)thetransactionisapprovedbytheBMSBoardandbytheaffirmativevoteoftwo-thirdsoftheoutstandingvotingstockwhichisnotownedbytheinterestedstockholder.An“interestedstockholder”alsoincludes

CelgenehasnotoptedoutofSection203oftheDGCL,whichprovidesthat,ifapersonacquires15%ormoreoftheoutstandingvotingstockofCelgene,therebybecomingan“interestedstockholder,”thatpersonmaynotengageincertain“businesscombinations”withCelgene,includingmergers,purchasesandsalesof10%ormoreofitsassets,stockpurchasesandothertransactionspursuanttowhichthepercentageofCelgene’sstockownedbytheinterestedstockholderincreases(otherthanonaproratabasis)orpursuanttowhichtheinterestedstockholderreceivesafinancialbenefitfromthecorporation,foraperiodofthreeyearsafterbecominganinterestedstockholder,unlessoneofthefollowingexceptionsapplies:(i)theCelgeneBoardapprovedtheacquisitionofstockpursuanttowhichthepersonbecameaninterestedstockholderorthetransactionthatresultedinthepersonbecominganinterestedstockholderpriortothetimethatthepersonbecameaninterestedstockholder;(ii)uponconsummationofthetransactionthatresultedinthepersonbecominganinterestedstockholdersuchpersonownedatleast85%oftheoutstandingvotingstockofthecorporation,excluding,forpurposesofdeterminingthevotingstockoutstanding,votingstockownedbydirectorswhoarealsoofficersandcertainemployeestockplans;or(iii)thetransactionisapprovedbytheCelgeneBoardandbytheaffirmativevoteoftwo-thirdsoftheoutstandingvotingstockwhichisnotownedbytheinterestedstockholder.An“interestedstockholder”alsoincludestheaffiliatesandassociatesofa15%ormoreownerandanyaffiliateorassociate

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Bristol-Myers Squibb Stockholder Rights Celgene Stockholder Rights theaffiliatesandassociatesofa15%ormore

ownerandanyaffiliateorassociateofthecorporationwhowastheownerof15%ormoreoftheoutstandingvotingstockwithinthethree-yearperiodpriortodeterminewhetherapersonisaninterestedstockholder.

ofthecorporationwhowastheownerof15%ormoreoftheoutstandingvotingstockwithinthethree-yearperiodpriortodeterminewhetherapersonisaninterestedstockholder.

Stockholder Rights Plan WhileDelawarelawdoesnotincludea

statutoryprovisionexpresslyauthorizingstockholderrightsplans,suchrightsplanshavegenerallybeenfoundtobeauthorizedbyDelawarelawandhavebeenupheldbyDelawarecourtswheretheyareadoptedinresponsetoareasonablyperceivedthreattoacorporationanditsstockholders,andmaintainingsuchrightsplansinresponsetosuchthreathasbeenfoundtobereasonableinrelationtothethreatposed.Bristol-MyersSquibbdoesnotcurrentlyhaveastockholderrightsplan,buttheBMSBoardhasthepowerunderDelawarelawandBristol-MyersSquibb’sby-lawstoadoptastockholderrightsplaninthefuture,subjecttoitsfiduciaryduties.Bristol-MyersSquibb’sby-lawsprovidethat,unlessratifiedbythestockholdersofBristol-MyersSquibb,anystockholderrightsplan(i)requirestheapprovalof2/3oftheBMSBoardand(ii)expiresifnotsoamendednolaterthanoneyearfollowingthelaterofthedateofitsadoptionandthedateofitslastsuchamendment.

WhileDelawarelawdoesnotincludeastatutoryprovisionexpresslyauthorizingstockholderrightsplans,suchrightsplanshavegenerallybeenfoundtobeauthorizedbyDelawarelawandhavebeenupheldbyDelawarecourtswheretheyareadoptedinresponsetoareasonablyperceivedthreattoacorporationanditsstockholders,andmaintainingsuchrightsplansinresponsetosuchthreathasbeenfoundtobereasonableinrelationtothethreatposed.Celgenedoesnotcurrentlyhaveastockholderrightsplan,buttheCelgeneBoardhasthepowerunderDelawarelawtoadoptastockholderrightsplaninthefuture,subjecttoitsfiduciaryduties.

Preemptive Rights UnderDelawarelaw,stockholdersofa

corporationdonothavepreemptiverightstosubscribefororpurchaseanyadditionalissueofstockortoanysecurityconvertibleintosuchstock,unlesssuchrightisexpresslyincludedinthecertificateofincorporation.Bristol-MyersSquibb’scertificateofincorporationprovidesthatnoholdersofsharesofBristol-MyersSquibbstockshallhaveanypreemptiverights.

UnderDelawarelaw,stockholdersofacorporationdonothavepreemptiverightstosubscribefororpurchaseanyadditionalissueofstockortoanysecurityconvertibleintosuchstock,unlesssuchrightisexpresslyincludedinthecertificateofincorporation.Celgene’scertificateofincorporationdoesnotprovideholdersofsharesofCelgenestockwithpreemptiverights.

Duties of Directors UnderDelawarelaw,thestandardsofconduct

fordirectorsofcorporationsarenotstatutorybutarebasedonfiduciary

UnderDelawarelaw,thestandardsofconductfordirectorsofcorporationsarenotstatutorybutarebasedonfiduciary

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Bristol-Myers Squibb Stockholder Rights Celgene Stockholder Rights dutyprinciplesdevelopedbytheDelaware

courts.Generally,directorsofDelawarecorporationsaresubjecttoadutyofloyaltyandadutyofcare.Thedutyofloyaltyrequiresdirectorstoactwiththesolepurposeofadvancingthebestinterestsofthecorporationanditsstockholdersandthedutyofcarerequiresdirectorsinmanagingthecorporation’saffairstousethelevelofcarethatordinarilycarefulandprudentpersonswoulduseinsimilarcircumstances.Directorsowefiduciarydutiesofloyaltyandcaretothecorporationanditsstockholders.Fiduciarydutiesarenotowedtonon-stockholderconstituenciessuchascustomersandemployees.

dutyprinciplesdevelopedbytheDelawarecourts.Generally,directorsofDelawarecorporationsaresubjecttoadutyofloyaltyandadutyofcare.Thedutyofloyaltyrequiresdirectorstoactwiththesolepurposeofadvancingthebestinterestsofthecorporationanditsstockholdersandthedutyofcarerequiresdirectorsinmanagingthecorporation’saffairstousethelevelofcarethatordinarilycarefulandprudentpersonswoulduseinsimilarcircumstances.Directorsowefiduciarydutiesofloyaltyandcaretothecorporationanditsstockholders.Fiduciarydutiesarenotowedtonon-stockholderconstituenciessuchascustomersandemployees.

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LEGAL MATTERS

ThevalidityofthesharesofBristol-MyersSquibbcommonstocktobeissuedtoCelgenestockholderspursuanttothemergerhasbeenpasseduponforBristol-MyersSquibbbyKirkland&EllisLLP.ThevalidityoftheCVRstobeissuedpursuanttothemergerhasbeenpasseduponforBristol-MyersSquibbbyKirkland&EllisLLP.

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EXPERTS

ThefinancialstatementsofBristol-MyersSquibbCompanyincorporatedinthisJointProxyStatement/ProspectusbyreferencefromBristol-MyersSquibbCompany’sAnnualReportonForm10-KfortheyearendedDecember31,2017,andtheeffectivenessofBristol-MyersSquibbCompany’sinternalcontroloverfinancialreportinghavebeenauditedbyDeloitte&ToucheLLP,anindependentregisteredpublicaccountingfirm,asstatedintheirreports,whichareincorporatedhereinbyreference.Suchfinancialstatementshavebeensoincorporatedinrelianceuponthereportsofsuchfirmgivenupontheirauthorityasexpertsinaccountingandauditing.

TheconsolidatedfinancialstatementsandscheduleofCelgeneCorporationanditssubsidiariesasofDecember31,2017and2016,andforeachoftheyearsinthethree-yearperiodendedDecember31,2017,andmanagement’sassessmentoftheeffectivenessofCelgene’sinternalcontroloverfinancialreportingasofDecember31,2017,havebeenincorporatedbyreferenceintothisjointproxystatement/prospectusinrelianceonthereportsofKPMGLLP,anindependentregisteredpublicaccountingfirm,incorporatedbyreferenceherein,andupontheauthorityofsaidfirmasexpertsinaccountingandauditing.KPMGLLP’sreportdatedFebruary7,2018ontheconsolidatedfinancialstatementsreferstothecompany’sadoptiononaprospectivebasisofFASBAccountingStandardsUpdateNo.2016-09,“Compensation—StockCompensation,”whichrequiresthatexcesstaxbenefitsandtaxdeficienciesthatariseuponvestingorexerciseofshare-basedpaymentsberecognizedasincometaxbenefitsandexpensesintheincomestatement.

TheconsolidatedfinancialstatementsofJunoTherapeutics,Inc.asofDecember31,2017and2016,andforeachofthethreeyearsintheperiodendedDecember31,2017includedinAmendmentNo.1totheCurrentReportonForm8-K/AofCelgeneCorporationfiledwiththeSEConMay18,2018,havebeenauditedbyErnst&YoungLLP,independentregisteredpublicaccountingfirm,assetforthintheirreportthereon,includedtherein,andincorporatedhereinbyreference.Suchconsolidatedfinancialstatementsareincorporatedhereinbyreferenceinrelianceuponsuchreportgivenontheauthorityofsuchfirmasexpertsinaccountingandauditing.

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FUTURE STOCKHOLDER PROPOSALS

Bristol-Myers Squibb

Bristol-MyersSquibbwillholdanannualmeetingofstockholdersin2019,whichisreferredtointhisjointproxystatement/prospectusastheBristol-MyersSquibb2019annualmeeting,regardlessofwhetherthemergerhasbeencompleted.

AnystockholderproposalsintendedtobepresentedattheBristol-MyersSquibb2019annualmeetingandconsideredforinclusioninBristol-MyersSquibb’sproxymaterialsmusthavebeenreceivedbyBristol-MyersSquibb’scorporatesecretarynoearlierthanOctober23,2018andnolaterthanthecloseofbusinessEasternTimeonNovember22,2018.Suchproposalsmusthavebeensentto:toBristol-MyersSquibbCompany,430East29thStreet,14thFloor,NewYork,NewYork10016,Attention:CorporateSecretary.SuchproposalsmustalsomeettheotherrequirementsandproceduresprescribedbyRule14a-8undertheExchangeActrelatingtostockholderproposals.

InorderforaBristol-MyersSquibbstockholderproposaltoberaisedfromthefloorduringtheBristol-MyersSquibb2019annualmeetinginsteadofbeingsubmittedforinclusioninBristol-MyersSquibb’sproxystatement,thestockholder’swrittennoticemusthavebeenreceivedbyBristol-MyersSquibb’scorporatesecretarynoearlierthanthecloseofbusinessEasternTimeonJanuary1,2019andnolaterthanthecloseofbusinessEasternTimeonJanuary31,2019andmustcontaintheinformationrequiredbyBristol-MyersSquibb’sby-laws.

YoumaycontactBristol-MyersSquibb’scorporatesecretaryatBristol-MyersSquibb’sheadquarters,430East29thStreet,14thFloor,NewYork,NewYork10016,foracopyoftherelevantprovisionsofBristol-MyersSquibb’sby-lawsregardingtherequirementsformakingstockholderproposalsandnominatingdirectorcandidates.

Celgene

Aspreviouslydisclosed,CelgeneexpectedtoholdanannualmeetingofstockholdersonJune12,2019.ThedeadlinebywhichstockholderswishingtoincludeproposalsintheproxymaterialsinrelationtotheCelgene2019annualmeetingofstockholdersmustsubmitthesameinwriting,bymail,first-classpostagepre-paid,toCelgeneCorporation,86MorrisAvenue,Summit,NewJersey07901,Attention:CorporateSecretary,wasDecember31,2018.IftheCelgene2019annualmeetingofstockholdersisheldpriortoMay14,2019orafterJuly13,2019,noticemustbereceivedatCelgene’sexecutiveofficeareasonabletimebeforeCelgeneprintsandmailsitsproxystatementfortheCelgene2019annualmeetingofstockholders.SuchproposalsmustalsomeettheotherrequirementsandproceduresprescribedbyRule14a-8undertheExchangeActrelatingtostockholderproposals.

Astockholder(oragroupofupto20stockholders)owningatleast3%ofCelgenecommonstockoutstandingcontinuouslyforatleastthreeyearsandcomplyingwiththeotherrequirementsinCelgene’sBy-lawsmaynominateandincludeinCelgene’sproxymaterialsdirectornomineesconstitutingupto20%oftheCelgeneBoardortwopersons,whicheverisgreater.WrittennoticeofaproxyaccessnominationforinclusioninCelgene’sproxymaterialsfortheCelgene2019annualmeetingofstockholdersmusthavebeenreceivedbytheCelgeneCorporateSecretaryattheaddressabovenotearlierthanthecloseofbusinessonDecember1,2018,andnotlaterthanthecloseofbusinessonDecember31,2018;provided,thatintheeventthedateoftheCelgene2019annualmeetingofstockholdersismorethan30daysbeforeormorethan70daysafterApril30,2019,thensuchnoticemustbesodeliverednotearlierthanthecloseofbusinessonthe150thdaypriortotheCelgene2019annualmeetingofstockholdersandnolaterthanthecloseofbusinessonthelaterofthe120thdaypriortotheCelgene2019annualmeetingofstockholdersorthe10thdayfollowingthedayonwhichpublicannouncementofthedateofsuchmeetingisfirstmadebyCelgene.

StockholderswhointendtopresentaproposalornominatecandidatesforelectiontotheCelgeneBoardattheCelgene2019annualmeetingofstockholders,withoutincludingsuchproposalinCelgene’sproxystatement,mustprovideCelgene’sCorporateSecretarywithwrittennoticeofsuchproposalnotlessthan60calendardaysnormorethan90calendardayspriortothedateoftheCelgene2019annualmeetingofstockholders,whichnoticemustcontaintheinformationrequiredbyCelgene’sBy-laws;providedthatintheeventthatlessthan70days’noticeorpriorpublicdisclosureofthedateoftheCelgene2019annualmeetingofstockholdersisgivenormadetostockholders,noticebythestockholder(inordertobetimely)mustbesoreceivednotlater

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thanthecloseofbusinessonthe10thdayfollowingthedayonwhichsuchnoticeofthedateoftheCelgene2019annualmeetingofstockholderswasmailedorsuchpublicdisclosureofthedateofsuchmeetingwasmade,whicheverfirstoccurs.

However,ifthemergeriscompleted,Celgenewillnothavepublicstockholdersandtherewillbenopublicparticipationinanyfuturemeetingofstockholders.Celgenemaydeterminetochangethedateofits2019annualmeetingand/ormaynotholditsannualmeetingofstockholdersatallifthemergeriscompletedintheanticipatedtimeframe.

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WHERE YOU CAN FIND MORE INFORMATION

Bristol-MyersSquibbhasfiledaregistrationstatementonFormS-4toregisterwiththeSECthesharesofBristol-MyersSquibbcommonstockandCVRstobeissuedtoCelgenestockholdersinconnectionwiththemerger.Thisjointproxystatement/prospectusisapartofthatregistrationstatementandconstitutesaprospectusofBristol-MyersSquibbinadditiontobeingproxystatementsofBristol-MyersSquibbandCelgenefortheirrespectivespecialmeetings.Theregistrationstatement,includingtheattachedexhibitsandschedules,containsadditionalrelevantinformationaboutBristol-MyersSquibbandthesharesofBristol-MyersSquibbcommonstock.TherulesandregulationsoftheSECallowBristol-MyersSquibbandCelgenetoomitcertaininformationincludedintheregistrationstatementfromthisjointproxystatement/prospectus.

Bristol-MyersSquibbandCelgenefileannual,quarterlyandcurrentreports,proxystatementsandotherinformationwiththeSEC.YoumayreadandcopythisinformationattheSEC’sPublicReferenceRoomat100FStreet,N.E.,Washington,D.C.20549.PleasecalltheSECat1-800-SEC-0330forfurtherinformationonthePublicReferenceRoom.TheSECfilingsofBristol-MyersSquibbandCelgenealsoareavailabletothepublicattheSECwebsiteatwww.sec.gov.Inaddition,youmayobtainfreecopiesofthedocumentsBristol-MyersSquibbfileswiththeSEC,includingtheregistrationstatementonFormS-4,ofwhichthisjointproxystatement/prospectusformsapart,bygoingtoBristol-MyersSquibb’swebsiteathttp://www.bms.com.YoumayobtainfreecopiesofthedocumentsCelgenefileswiththeSECbygoingtoCelgene’swebsiteathttp://www.celgene.com.ThewebsiteaddressesofBristol-MyersSquibbandCelgeneareprovidedasinactivetextualreferencesonly.TheinformationprovidedonthewebsitesofBristol-MyersSquibbandCelgene,otherthancopiesofthedocumentslistedbelowthathavebeenfiledwiththeSEC,isnotpartofthisjointproxystatement/prospectusand,therefore,isnotincorporatedhereinbyreference.TheSECallowsBristol-MyersSquibbandCelgeneto“incorporatebyreference”intothisjointproxystatement/prospectusdocumentsthatBristol-MyersSquibbandCelgenefilewiththeSEC,includingcertaininformationrequiredtobeincludedintheregistrationstatementonFormS-4filedbyBristol-MyersSquibbtoregisterthesharesofBristol-MyersSquibbcommonstockthatwillbeissuedinthemerger,ofwhichthisjointproxystatement/prospectusformsapart.ThismeansthatimportantinformationcanbedisclosedtoyoubyreferringyoutoanotherdocumentfiledseparatelywiththeSEC.Theinformationincorporatedbyreferenceisdeemedtobepartofthisjointproxystatement/prospectus,exceptforanyinformationsupersededbyinformationcontaineddirectlyinthisjointproxystatement/prospectusorinlaterfileddocumentsincorporatedbyreferenceintothisjointproxystatement/prospectus.Thisjointproxystatement/prospectus,andtheregistrationstatementofwhichthisjointproxystatement/prospectusformsapart,incorporatesbyreferencethedocumentssetforthbelowthatBristol-MyersSquibbandCelgenehave,respectively,previouslyfiledwiththeSECandanyadditionaldocumentsthateithercompanymayfilewiththeSECunderSection13(a),13(c),14or15(d)oftheExchangeActbetweenthedateofthisjointproxystatement/prospectusandtherespectivedatesofCelgene’sandBristol-MyersSquibb’sspecialmeetings(otherthan,ineachcase,thosedocuments,ortheportionsofthosedocumentsorexhibitsthereto,deemedtobefurnishedandnotfiledinaccordancewithSECrules).ThesedocumentscontainimportantinformationaboutBristol-MyersSquibbandCelgeneandtheirrespectivefinancialperformancethatisnotincludedinordeliveredwiththisjointproxystatement/prospectus.

Bristol-Myers Squibb SEC Filings (File No. 001-01136) Period

AnnualReportonForm10-K FiscalyearendedDecember31,2017 QuarterlyReportsonForm10-Q FiscalquartersendedMarch31,2018,June30,2018and

September30,2018 ProxyStatementonSchedule14A FiledonMarch22,2018 CurrentReportsonForm8-K FiledonJanuary5,2018,January25,2018,February14,2018,

March1,2018,May3,2018,July23,2018,August28,2018,September14,2018,December19,2018,January3,2019,January4,2019,January22,2019andJanuary30,2019

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Bristol-Myers Squibb SEC Filings (File No. 001-01136) Period

AnydescriptionofsharesofBristol-MyersSquibbcommonstockcontainedinaregistrationstatementfiledpursuanttotheExchangeActandanyamendmentorreportfiledforthepurposeofupdatingsuchdescription

Celgene SEC Filings (File No. 001-34912) Period

AnnualReportonForm10-K FiscalyearendedDecember31,2017 QuarterlyReportsonForm10-Q FiscalquartersendedMarch31,2018,June30,2018and

September30,2018 ProxyStatementonSchedule14A FiledonApril30,2018 CurrentReportsonForm8-K FiledonJanuary8,2018,January22,2018,January26,2018,

January29,2018,February7,2018,February8,2018,February9,2018,February14,2018,February15,2018,February20,2018,February27,2018,March6,2018,April2,2018,April19,2018,April30,2018,May18,2018,May24,2018,June1,2018,June13,2018,June19,2018,June28,2018,July5,2018,July9,2018,November2,2018,January3,2019,January4,2019andJanuary25,2019

AnydescriptionofsharesofCelgenecommonstockcontainedinaregistrationstatementfiledpursuanttotheExchangeActandanyamendmentorreportfiledforthepurposeofupdatingsuchdescription

Bristol-MyersSquibbhassuppliedallinformationcontainedinorincorporatedbyreferenceintothisjointproxystatement/prospectusrelatingtoBristol-MyersSquibb,aswellasallproformafinancialinformation,andCelgenehassuppliedallsuchinformationrelatingtoCelgene.

DocumentsincorporatedbyreferenceareavailablefromBristol-MyersSquibborCelgene,asthecasemaybe,withoutcharge,excludinganyexhibitstothosedocuments,unlesstheexhibitisspecificallyincorporatedbyreferenceintothisjointproxystatement/prospectus.CelgenestockholdersorBristol-MyersSquibbstockholders,asapplicable,mayobtainthesedocumentsincorporatedbyreferencebyrequestingtheminwritingorbytelephonefromtheappropriatepartyatthefollowingaddressesandtelephonenumbers:

Bristol-MyersSquibbCompany430East29thStreet,14thFloorNewYork,NewYork10016Attention:CorporateSecretaryTelephone:(212)546-3309

CelgeneCorporation86MorrisAvenue

Summit,NewJersey07901Attention:CorporateSecretaryTelephone:(908)673-9000

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To obtain timely delivery of the documents, you must request them no later than five business days before the date of theapplicable special meeting. Therefore, if you would like to request documents from Bristol-Myers Squibb, please do so by April5 , 2019 in order to receive them before the Bristol-Myers Squibb special meeting. If you would like to request documents fromCelgene, please do so by April 5 , 2019 in order to receive them before the Celgene special meeting.

NeitherBristol-MyersSquibbnorCelgenehasauthorizedanyonetoprovideyouwithinformationthatisdifferentfromwhatiscontainedinthisjointproxystatement/prospectus.

Ifyouareinajurisdictionwhereofferstoexchangeorsell,orsolicitationsofofferstoexchangeorpurchase,thesecuritiesofferedbythisjointproxystatement/prospectusorsolicitationsofproxiesareunlawful,orifyouareapersontowhomitisunlawfultodirectthesetypesofactivities,thentheofferpresentedinthisjointproxystatement/prospectusdoesnotextendtoyou.

Theinformationcontainedinthisjointproxystatement/prospectusspeaksonlyasofthedateofthisjointproxystatement/prospectusunlesstheinformationspecificallyindicatesthatanotherdateapplies.Youshouldnotassumethattheinformationinitisaccurateasofanydateotherthanthatdate,andneitheritsmailingtoCelgenestockholdersorBristol-MyersSquibbstockholdersnortheissuanceofsharesofBristol-MyersSquibbcommonstockinthemergeronthetermsandconditionssetforthinthemergeragreementwillcreateanyimplicationtothecontrary.

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Annex A

AGREEMENT AND PLAN OF MERGER

dated as of

January 2, 2019

among

BRISTOL-MYERS SQUIBB COMPANY,

BURGUNDY MERGER SUB, INC.

and

CELGENE CORPORATION

TABLE OF CONTENTS

TABLE OF CONTENTS PageARTICLEIDEFINITIONS A-1Section1.01 Definitions A-1Section1.02 OtherDefinitionalandInterpretativeProvisions A-13

ARTICLEIICLOSING;THEMERGER A-14Section2.01 Closing A-14Section2.02 TheMerger A-14Section2.03 ConversionofShares A-15Section2.04 SurrenderandPayment A-15Section2.05 DissentingShares A-17Section2.06 CompanyEquityAwards A-18Section2.07 Adjustments A-20Section2.08 FractionalShares A-20Section2.09 WithholdingRights A-20Section2.10 LostCertificates A-20Section2.11 FurtherAssurances A-21

ARTICLEIIIORGANIZATIONALDOCUMENTS;DIRECTORSANDOFFICERS A-21Section3.01 CertificateofIncorporationandBylawsoftheSurvivingCorporation A-21Section3.02 DirectorsandOfficersoftheSurvivingCorporation A-21

ARTICLEIVREPRESENTATIONSANDWARRANTIESOFTHECOMPANY A-21Section4.01 CorporateExistenceandPower A-21Section4.02 CorporateAuthorization A-21Section4.03 GovernmentalAuthorization A-22Section4.04 Non-contravention A-22Section4.05 Capitalization A-22Section4.06 Subsidiaries A-23Section4.07 SECFilingsandtheSarbanes-OxleyAct A-23Section4.08 FinancialStatementsandFinancialMatters A-24Section4.09 DisclosureDocuments A-25Section4.10 AbsenceofCertainChanges A-25Section4.11 NoUndisclosedMaterialLiabilities A-25Section4.12 Litigation A-25Section4.13 Permits A-26Section4.14 CompliancewithLaws A-26Section4.15 RegulatoryMatters A-26Section4.16 MaterialContracts A-28Section4.17 Taxes A-30Section4.18 EmployeesandEmployeeBenefitPlans A-31Section4.19 LaborMatters A-32Section4.20 IntellectualProperty A-33Section4.21 Properties A-34Section4.22 EnvironmentalMatters A-34Section4.23 FCPA;Anti-Corruption;Sanctions A-35Section4.24 Insurance A-35Section4.25 TransactionswithAffiliates A-35Section4.26 AntitakeoverStatutes A-36Section4.27 OpinionsofFinancialAdvisors A-36

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PageSection4.28 Finders’Fees A-36Section4.29 NoOwnershipofParentCommonStock A-36Section4.30 NoOtherCompanyRepresentationsandWarranties A-36

ARTICLEVREPRESENTATIONSANDWARRANTIESOFPARENT A-37Section5.01 CorporateExistenceandPower A-37Section5.02 CorporateAuthorization A-37Section5.03 GovernmentalAuthorization A-38Section5.04 Non-contravention A-38Section5.05 Capitalization A-38Section5.06 Subsidiaries A-39Section5.07 SECFilingsandtheSarbanes-OxleyAct A-39Section5.08 FinancialStatementsandFinancialMatters A-40Section5.09 DisclosureDocuments A-41Section5.10 AbsenceofCertainChanges A-41Section5.11 NoUndisclosedMaterialLiabilities A-41Section5.12 Litigation A-41Section5.13 Permits A-42Section5.14 CompliancewithLaws A-42Section5.15 RegulatoryMatters A-42Section5.16 Taxes A-44Section5.17 EmployeesandEmployeeBenefitPlans A-45Section5.18 LaborMatters A-45Section5.19 IntellectualProperty A-46Section5.20 EnvironmentalMatters A-47Section5.21 FCPA;Anti-Corruption;Sanctions A-47Section5.22 TransactionswithAffiliates A-48Section5.23 AntitakeoverStatutes A-48Section5.24 OpinionsofFinancialAdvisors A-48Section5.25 Finders’Fees A-48Section5.26 NoOwnershipofCompanyCommonStock A-48Section5.27 Financing A-48Section5.28 NoOtherParentRepresentationsandWarranties A-49

ARTICLEVICOVENANTSOFTHECOMPANY A-50Section6.01 ConductoftheCompany A-50Section6.02 NoSolicitationbytheCompany A-53Section6.03 FinancingAssistance A-56Section6.04 CooperationastoCertainIndebtedness A-58Section6.05 AbraxisCVRAgreement A-59

ARTICLEVIICOVENANTSOFPARENT A-59Section7.01 ConductofParent A-59Section7.02 NoSolicitationbyParent A-60Section7.03 ObligationsofMergerSub A-63Section7.04 DirectorandOfficerLiability A-63Section7.05 EmployeeMatters A-64Section7.06 Financing A-66Section7.07 NewCVRAgreement A-67

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PageARTICLEVIIICOVENANTSOFPARENTANDTHECOMPANY A-67Section8.01 AccesstoInformation;Confidentiality A-67Section8.02 ReasonableBestEfforts A-68Section8.03 CertainFilings;SECMatters A-70Section8.04 StockholderMeetings A-72Section8.05 PublicAnnouncements A-74Section8.06 NoticesofCertainEvents A-74Section8.07 Section16Matters A-74Section8.08 TransactionLitigation A-74Section8.09 StockExchangeDelisting A-75Section8.10 Governance A-75Section8.11 StateTakeoverStatutes A-75

ARTICLEIXCONDITIONSTOTHEMERGER A-75Section9.01 ConditionstotheObligationsofEachParty A-75Section9.02 ConditionstotheObligationsofParentandMergerSub A-76Section9.03 ConditionstotheObligationsoftheCompany A-76

ARTICLEXTERMINATION A-77Section10.01 Termination A-77Section10.02 EffectofTermination A-78Section10.03 TerminationFees A-78

ARTICLEXIMISCELLANEOUS A-81Section11.01 Notices A-81Section11.02 Survival A-82Section11.03 AmendmentsandWaivers A-82Section11.04 Expenses A-83Section11.05 DisclosureScheduleReferencesandSECDocumentReferences A-83Section11.06 BindingEffect;Benefit;Assignment A-83Section11.07 GoverningLaw A-83Section11.08 Jurisdiction/Venue A-84Section11.09 WAIVEROFJURYTRIAL A-84Section11.10 Counterparts;Effectiveness A-84Section11.11 EntireAgreement A-85Section11.12 Severability A-85Section11.13 SpecificPerformance A-85

EXHIBITS

ExhibitA-FormofContingentValueRightsAgreement

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AGREEMENT AND PLAN OF MERGER

ThisAGREEMENTANDPLANOFMERGER(this“Agreement”),datedasofJanuary2,2019isbyandamongBristol-MyersSquibbCompany,aDelawarecorporation(“Parent”),BurgundyMergerSub,Inc.,aDelawarecorporationandadirect,whollyownedSubsidiaryofParent(“MergerSub”),andCelgeneCorporation,aDelawarecorporation(the“Company”).

WHEREAS,theBoardofDirectorsoftheCompanyhasunanimously(i)determinedthatthisAgreementandthetransactionscontemplatedhereby(includingtheMerger)arefairtoandinthebestinterestsoftheCompanyanditsstockholders,(ii)approved,adoptedanddeclaredadvisablethisAgreementandthetransactionscontemplatedhereby(includingtheMerger),(iii)directedthattheadoptionofthisAgreementbesubmittedtoavoteatameetingoftheCompany’sstockholders,and(iv)recommendedtheadoptionofthisAgreementbytheCompany’sstockholders;

WHEREAS,theBoardofDirectorsofParenthas(i)determinedthatthisAgreementandthetransactionscontemplatedhereby(includingtheParentShareIssuance)arefairtoandinthebestinterestsofParentanditsstockholders,(ii)approved,adoptedanddeclaredadvisablethisAgreementandthetransactionscontemplatedhereby(includingtheParentShareIssuance),(iii)directedthattheParentShareIssuancebesubmittedtoavoteatameetingofParent’sstockholders,and(iv)recommendedtheapprovaloftheParentShareIssuancebyParent’sstockholders;

WHEREAS,theBoardofDirectorsofMergerSubhasunanimously(i)approved,adoptedanddeclaredadvisablethisAgreementandthetransactionscontemplatedhereby(includingtheMerger),and(ii)directedthatthisAgreementbesubmittedtoParentforitsapprovalandadoptioninitscapacityasthesolestockholderofMergerSub;

WHEREAS,atorimmediatelypriortotheMergerEffectiveTime,ParentandatrusteeselectedbyParentandreasonablyacceptabletotheCompany(the“NewCVRTrustee”)willenterintoaContingentValueRightsAgreement(the“NewCVRAgreement”),insubstantiallytheformattachedheretoasExhibitA(subjecttomodificationcontemplatedbySection7.07);and

WHEREAS,theCompany,ParentandMergerSubdesiretomakecertainrepresentations,warranties,covenantsandagreementsspecifiedinthisAgreementinconnectionwiththetransactionscontemplatedhereby(includingtheMerger)andtoprescribecertainconditionstothetransactionscontemplatedhereby(includingtheMerger).

NOW,THEREFORE,inconsiderationoftheforegoingandtherepresentations,warranties,covenantsandagreementscontainedinthisAgreement,thepartiesagreeasfollows:

ARTICLE I

DEFINITIONS

Section1.01Definitions.

(a)AsusedinthisAgreement,thefollowingtermshavethefollowingmeanings:

“1933Act”meanstheU.S.SecuritiesActof1933,asamended.

“1934Act”meanstheU.S.SecuritiesExchangeActof1934,asamended.

“AbraxisCVR”meansaCVR,asdefinedintheAbraxisCVRAgreement(asineffectasofthedatehereof).

“AbraxisCVRAgreement”meansthatcertainContingentValueRightsAgreement,datedasofOctober15,2010,byandbetweentheCompanyandAmericanStockTransfer&TrustCompany,LLC(the“AbraxisCVRTrustee”).

“Affiliate”means,withrespecttoanyPerson,anyotherPersondirectlyorindirectlycontrolling,controlledby,orundercommoncontrolwithsuchPerson.Theterm“control”meansthepossession,directlyorindirectly,ofthepowertodirectorcausethedirectionofthemanagementandpoliciesofaPerson,whetherthroughtheownershipofvotingsecurities,bycontractorotherwise,andtheterms“controlled”and“controlling”havemeaningscorrelativethereto.

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“AntitrustLaws”shallmeantheShermanActof1890,theClaytonActof1914,theFederalTradeCommissionActof1914,theHSRActandallotherfederal,stateandforeignApplicableLawsineffectfromtimetotimethataredesignedorintendedtoprohibit,restrictorregulateactionshavingthepurposeoreffectofmonopolization,lesseningofcompetitionorrestraintoftrade.

“ApplicableLaw(s)”means,withrespecttoanyPerson,anyfederal,stateorlocallaw(statutory,commonorotherwise),constitution,treaty,convention,ordinance,code,rule,regulation,executiveorder,Orderorothersimilarrequirementenacted,adopted,promulgatedorappliedbyaGovernmentalAuthoritythatisbindinguponorapplicabletosuchPerson,asthesamemaybeamendedfromtimetotimeunlessexpresslyspecifiedotherwiseinthisAgreement.Referencesto“ApplicableLaw”or“ApplicableLaws”shallbedeemedtoincludetheFDCA,therules,regulationsandadministrativepoliciesoftheFDA,thePHSA,theEMA,theBriberyLegislation,theSanctionLawsandtheAntitrustLaws.

“BriberyLegislation”meansallApplicableLawsrelatingtothepreventionofbribery,corruptionandmoneylaundering,includingtheUnitedStatesForeignCorruptPracticesActof1977,theOrganizationForEconomicCo-operationandDevelopmentConventiononCombatingBriberyofForeignPublicOfficialsinInternationalBusinessTransactionsandrelatedimplementinglegislation,theUKBriberyAct2010andtheProceedsofCrimeAct2002.

“BusinessDay”meansaday,otherthanSaturday,SundayorotherdayonwhichcommercialbanksinNewYork,NewYorkareauthorizedorrequiredbyApplicableLawtoclose.

“Code”meanstheU.S.InternalRevenueCodeof1986,asamended.

“CompanyAcquisitionProposal”meansanyindicationofinterest,proposalorofferfromanyPersonorGroup,otherthanParentanditsSubsidiaries,relatingtoany(i)directorindirectacquisition(whetherinasingletransactionoraseriesofrelatedtransactions)ofassetsoftheCompanyoranyofitsSubsidiaries(includingsecuritiesofSubsidiaries)equaltotwentypercent(20%)ormoreoftheconsolidatedassetsoftheCompany,ortowhichtwentypercent(20%)ormoreoftherevenuesorearningsoftheCompanyonaconsolidatedbasisareattributableforthemostrecentfiscalyearinwhichauditedfinancialstatementsarethenavailable,(ii)directorindirectacquisitionorissuance(whetherinasingletransactionoraseriesofrelatedtransactions)oftwentypercent(20%)ormoreofanyclassofequityorvotingsecuritiesoftheCompany,(iii)tenderofferorexchangeofferthat,ifconsummated,wouldresultinsuchPersonorGroupbeneficiallyowningtwentypercent(20%)ormoreofanyclassofequityorvotingsecuritiesoftheCompany,or(iv)merger,consolidation,shareexchange,businesscombination,jointventure,reorganization,recapitalization,liquidation,dissolutionorsimilartransactionorseriesofrelatedtransactionsinvolvingtheCompanyoranyofitsSubsidiaries,underwhichsuchPersonorGroupor,inthecaseofclause(B),thestockholdersorequityholdersofanysuchPersonorGroupwould,directlyorindirectly,(A)acquireassetsequaltotwentypercent(20%)ormoreoftheconsolidatedassetsoftheCompany,ortowhichtwentypercent(20%)ormoreoftherevenuesorearningsoftheCompanyonaconsolidatedbasisareattributableforthemostrecentfiscalyearinwhichauditedfinancialstatementsarethenavailable,or(B)immediatelyaftergivingeffecttosuchtransaction(s),beneficiallyowntwentypercent(20%)ormoreofanyclassofequityorvotingsecuritiesoftheCompanyorthesurvivingorresultingentityinsuchtransaction(s).

“CompanyBalanceSheet”meanstheunauditedconsolidatedbalancesheetoftheCompanyanditsSubsidiariesasofSeptember30,2018,andthefootnotestosuchconsolidatedbalancesheet,ineachcasesetforthintheCompany’sreportonForm10-QforthefiscalquarterendedSeptember30,2018.

“CompanyBalanceSheetDate”meansSeptember30,2018.

“CompanyCommonStock”meansthecommonstock,parvalue$0.01pershare,oftheCompany.

“CompanyDisclosureSchedule”meanstheCompanyDisclosureScheduledeliveredtoParentonthedateofthisAgreement.

“CompanyEmployeePlan”meansany(i)“employeebenefitplan”asdefinedinSection3(3)ofERISA,(ii)compensation,employment,consulting,severance,terminationprotection,changeincontrol,transactionbonus,retentionorsimilarplan,agreement,arrangement,programorpolicyor(iii)otherplan,agreement,arrangement,programorpolicyprovidingforcompensation,bonuses,profit-sharing,equityorequity-basedcompensationorotherformsofincentiveordeferredcompensation,vacationbenefits,insurance(includingany

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self-insuredarrangement),medical,dental,vision,prescriptionorfringebenefits,lifeinsurance,relocationorexpatriatebenefits,perquisites,disabilityorsickleavebenefits,employeeassistanceprogram,workers’compensation,supplementalunemploymentbenefitsorpost-employmentorretirementbenefits(includingcompensation,pension,health,medicalorinsurancebenefits),ineachcasewhetherornotwritten(A)thatissponsored,maintained,administered,contributedtoorenteredintobytheCompanyoranyofitsSubsidiariesforthecurrentorfuturebenefitofanydirector,officer,oremployee(includinganyformerdirector,officer,oremployee)oftheCompanyoranyofitsSubsidiariesor(B)forwhichtheCompanyoranyofitsSubsidiarieshasanydirectorindirectliabilityand,ineachcase,otherthananybenefitorcompensationplan,programorotherarrangementmaintainedbyaGovernmentalAuthority.

“CompanyEquityAwards”meanstheCompanyStockOptions,theCompanyRSUAwards,theCompanyPSUAwards,andtheCompanyRSAs.

“CompanyIntellectualProperty”meanstheOwnedIntellectualPropertyandtheLicensedIntellectualProperty,ineachcase,oftheCompanyanditsSubsidiaries.

“CompanyMaterialAdverseEffect”meansanyevent,change,effect,developmentoroccurrencethat,individuallyortogetherwithanyotherevent,change,effect,developmentoroccurrence,hashadorwouldreasonablybeexpectedtohaveamaterialadverseeffectonthefinancialcondition,businessorresultsofoperationsoftheCompanyanditsSubsidiaries,takenasawhole;providedthatnoevent,change,effect,developmentoroccurrencetotheextentresultingfrom,arisingoutof,orrelatingtoanyofthefollowingshallbedeemedtoconstituteaCompanyMaterialAdverseEffectorshallbetakenintoaccountindeterminingwhethertherehasbeen,orwouldreasonablybeexpectedtobe,aCompanyMaterialAdverseEffect:(i)anychangesingeneralUnitedStatesorglobaleconomicconditions,(ii)anychangesinconditionsgenerallyaffectingtheindustriesinwhichtheCompanyoranyofitsSubsidiariesoperates,(iii)anydecline,inandofitself,inthemarketpriceortradingvolumeoftheCompanyCommonStock(itbeingunderstoodandagreedthattheforegoingshallnotprecludeParentfromassertingthatanyfacts,events,developmentsoroccurrencesgivingrisetoorcontributingtosuchdeclinethatarenototherwiseexcludedfromthedefinitionofCompanyMaterialAdverseEffectshouldbedeemedtoconstituteaCompanyMaterialAdverseEffectorshouldbetakenintoaccountindeterminingwhethertherehasbeen,orwouldreasonablybeexpectedtobe,aCompanyMaterialAdverseEffect),(iv)anychangesinregulatory,legislativeorpoliticalconditionsorinsecurities,credit,financial,debtorothercapitalmarkets,ineachcaseintheUnitedStatesoranyforeignjurisdiction,(v)anyfailure,inandofitself,bytheCompanyoranyofitsSubsidiariestomeetanyinternalorpublishedprojections,forecasts,estimatesorpredictions,revenues,earningsorotherfinancialoroperatingmetricsforanyperiod(itbeingunderstoodandagreedthattheforegoingshallnotprecludeParentfromassertingthatanyfacts,events,developmentsoroccurrencesgivingrisetoorcontributingtosuchfailurethatarenototherwiseexcludedfromthedefinitionofCompanyMaterialAdverseEffectshouldbedeemedtoconstituteaCompanyMaterialAdverseEffectorshouldbetakenintoaccountindeterminingwhethertherehasbeen,orwouldreasonablybeexpectedtobe,aCompanyMaterialAdverseEffect),(vi)theexecutionanddeliveryofthisAgreement,thepublicannouncementorthependencyofthisAgreementorthependencyorconsummationofthetransactionscontemplatedbythisAgreement(includingtheMerger),thetakingofanyactionrequiredorexpresslycontemplatedbythisAgreementortheidentityof,oranyfactsorcircumstancesrelatingtoParentoranyofitsSubsidiaries,includingtheimpactofanyoftheforegoingontherelationships,contractualorotherwise,oftheCompanyoranyofitsSubsidiarieswithGovernmentalAuthorities,customers,suppliers,partners,officers,employeesorothermaterialbusinessrelations(itbeingunderstoodandagreedthattheforegoingshallnotapplywithrespecttoanyrepresentationorwarrantythatisexpresslyintendedtoaddresstheconsequencesoftheexecution,deliveryorperformanceofthisAgreementortheconsummationofthetransactionscontemplatedhereby(includingSection4.04(c))orwithrespecttotheconditiontoClosingcontainedinSection9.02(b),totheextentitrelatestosuchrepresentationsandwarranties),(vii)anyadoption,implementation,promulgation,repeal,modification,amendment,authoritativeinterpretation,changeorproposalofanyApplicableLawoforbyanyGovernmentalAuthority,(viii)anychangesorprospectivechangesinGAAP(orauthoritativeinterpretationsthereof),(ix)anychangesingeopoliticalconditions,theoutbreakorescalationofhostilities,anyactsofwar,sabotage,cyberattackorterrorism,oranyescalationorworseningofanysuchactsofwar,sabotage,cyberattackorterrorismthreatenedorunderwayasofthedateofthisAgreement,(x)thetakingofanyactionatthewrittenrequestoforwiththewrittenconsentofParent,(xi)anyreductioninthecreditratingoftheCompanyoranyofitsSubsidiaries(itbeingunderstoodandagreedthattheforegoingshallnotprecludeParentfromassertingthatanyfacts,events,developmentsoroccurrencesgivingrisetoorcontributingtosuchreductionthatarenot

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otherwiseexcludedfromthedefinitionofCompanyMaterialAdverseEffectshouldbedeemedtoconstituteaCompanyMaterialAdverseEffectorshouldbetakenintoaccountindeterminingwhethertherehasbeen,orwouldreasonablybeexpectedtobe,aCompanyMaterialAdverseEffect),(xii)anyepidemic,plague,pandemicorotheroutbreakofillnessorpublichealthevent,hurricane,earthquake,floodorothernaturaldisasters,actsofGodoranychangeresultingfromweatherconditions,(xiii)anyclaims,actions,suitsorproceedingsarisingfromallegationsofabreachoffiduciarydutyorviolationofApplicableLawrelatingtothisAgreementorthetransactionscontemplatedhereby(includingtheMerger),or(xiv)anyregulatoryorclinicalchanges,effects,developmentsoroccurrencesrelatingtoanyCompanyPipelineProduct(including(A)anysuspension,rejection,refusalof,requesttorefileoranydelayinobtainingormakinganyregulatoryapplicationorfilingrelatingtoanyCompanyPipelineProduct,(B)anynegativeregulatoryactions,requests,recommendationsordecisionsofanyGovernmentalAuthorityrelatingtoanyCompanyPipelineProductoranyotherregulatoryorclinicaldevelopmentrelatingtoanyCompanyPipelineProduct,(C)anyclinicalstudies,testsorresultsorannouncementsthereofwithrespecttoanyCompanyPipelineProduct,and(D)anydelay,holdorterminationofanyclinicaltrialoranydelay,holdorterminationofanyplannedapplicationformarketingapprovalwithrespecttoanyCompanyPipelineProduct)exceptinthecaseofeachofclauses(i),(ii),(iv),(vii),(viii),(ix)or(xii),totheextentthatanysuchevent,change,effect,developmentoroccurrencehasadisproportionateadverseeffectontheCompanyanditsSubsidiaries,takenasawhole,relativetotheadverseeffectsuchevent,change,effect,developmentoroccurrencehasonothercompaniesoperatingintheindustriesinwhichtheCompanyanditsSubsidiariesoperate.

“CompanyPermittedSettlement”means,subjecttotheCPSCompanyDisclosure(asdefinedinSection6.01oftheCompanyDisclosureSchedule),anysettlementorcompromiseof,oranyagreementtoavoid,anyclaim,actionorproceedingorthreatenedclaim,actionorproceeding(orseriesofrelated,claimsactionsorproceedings),wheresuchsettlement,compromiseoragreement(i)doesnotinvolvepayments(contingentorotherwise)bytheCompanyoranyofitsSubsidiariesinexcessof$100,000,000intheaggregatewithallothersuchsettlements,compromisesoragreementsthatrelatetotheapplicableclaim,actionorproceeding(but,withrespecttoIntellectualProperty,thatrelatetotheapplicableCompanyProduct),(ii)wouldnot,atthetimesuchsettlement,compromiseoragreementisexecuted,beexpectedtoviolateanyApplicableLawsasreasonablydeterminedbytheCompanyingoodfaith,or(iii)doesnotimposeanymateriallyburdensomemonitoringorreportingobligationstoanyotherPersonoutsideoftheordinarycourseofbusinessoranymaterialrestrictions,liabilitiesorobligations(unlesssuchrestrictions,liabilitiesandobligationsareordinarycoursetermstypicallyincludedinthesettlementorcompromiseoftheapplicabletypeofclaim,actionorproceeding(e.g.,theinclusionoflicensesandcovenants-not-to-sueinthesettlementofaclaimofIntellectualPropertyinfringement))ontheCompanyoranyofitsSubsidiaries(or,followingtheClosing,onParentoranyofitsSubsidiaries).

“CompanyPipelineProduct”meansanyCompanyProductthat,asofthedateofthisAgreement,isnotbeingsoldordistributedbyoronbehalfoftheCompanyoranyofitsSubsidiaries.

“CompanyProduct”meanseachproductorproductcandidatethatisbeingresearched,tested,developed,commercialized,manufactured,soldordistributedbyoronbehalfoftheCompanyoranyofitsSubsidiaries.

“CompanyRegisteredIP”meansallScheduledCoveredProductIPandallotherissuedpatentsandotherregistrations(includingpatents,trademarksandcopyrights,anddomainnameregistrations)andpatentapplicationsandotherapplicationsforregistrationforOwnedIntellectualPropertyincludedintheCompanyIntellectualProperty.

“CompanyStockPlans”meansthe2017StockIncentivePlan,the2008StockIncentivePlan,the1995NonEmployeeDirectors’IncentivePlanandthe1992Long-TermIncentivePlan,ineachcaseasamendedfromtimetotime,andanyotherplanorarrangementoftheCompanyoranyofitsSubsidiariesprovidingforthegrantofcompensatoryequity-basedawards.

“CompanyStockPrice”meanstheaverageofthevolumeweightedaveragesofthetradingpriceofCompanyCommonStockonNasdaq(asreportedbyBloombergL.P.or,ifnotreportedthereby,byanotherauthoritativesourcemutuallyselectedbyParentandtheCompanyingoodfaith)oneachofthethree(3)consecutivetradingdaysendingonthelasttradingdaypriortotheClosing.

“Consent”meansanyconsent,approval,waiver,license,permit,variance,exemption,franchise,clearance,authorization,acknowledgment,Orderorotherconfirmation.

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“Contract”meansanylegallybindingcontract,agreement,obligation,understandingorinstrument,lease,licenseorotherlegallybindingcommitmentorundertakingofanynature.

“CoveredProduct”meanseachoftheCompanyProductslistedonSection1.01(a)(1)oftheCompanyDisclosureSchedule.

“CoveredRights”means,withrespecttoaCompanyProduct,therighttoresearch,develop,manufacture,havemanufactured,supply,test,distribute,market,promote,license,offerforsale,sell,import,export,commercializeorotherwiseexploitsuchCompanyProductinanyjurisdiction.

“CreditAgreement”meansthatcertainAmendedandRestatedCreditAgreement,datedasofApril25,2018,byandamongtheCompany,theLenderspartytheretoandCitibank,N.A.asAdministrativeAgent.

“EnvironmentalLaw”meansanyApplicableLawrelatingto(i)theprotection,preservationorrestorationoftheenvironment(includingair,surfacewater,groundwater,drinkingwatersupply,surfaceland,subsurfaceland,plantandanimallifeoranyothernaturalresource),or(ii)theexposureto,ortheuse,storage,recycling,treatment,generation,transportation,processing,handling,labeling,production,releaseordisposalofHazardousSubstances.

“EnvironmentalPermits”meansallpermits,licenses,franchises,consents(includingconsentsrequiredbyContract),variances,exemptions,orders,certificates,approvalsandothersimilarauthorizationsofGovernmentalAuthoritiesrequiredbyEnvironmentalLawandaffecting,orrelatingto,thebusinessoftheCompanyoranyofitsSubsidiaries,orthebusinessofParentoranyofitsSubsidiaries,asapplicable.

“EquityAwardExchangeRatio”meansthesum,roundedtothenearestonehundredth,equalto(i)theExchangeRatio,plus(ii)thequotientof(A)theCashConsideration,dividedby(B)theParentStockPrice.

“EquitySecurities”means,withrespecttoanyPerson,(i)anysharesofcapitalstockorothervotingsecuritiesof,orotherownershipinterestin,suchPerson,(ii)anysecuritiesofsuchPersonconvertibleintoorexchangeableforsharesofcapitalstockorothervotingsecuritiesof,orotherownershipinterestsin,suchPersonoranyofitsSubsidiaries,(iii)anywarrants,calls,optionsorotherrightstoacquirefromsuchPerson,orotherobligationsofsuchPersontoissue,anycapitalstockorothervotingsecuritiesof,orotherownershipinterestsin,orsecuritiesconvertibleintoorexchangeableforcapitalstockorothervotingsecuritiesof,orotherownershipinterestsin,suchPersonoranyofitsSubsidiaries,or(iv)anyrestrictedshares,stockappreciationrights,performanceunits,contingentvaluerights,“phantom”stockorsimilarsecuritiesorrightsissuedbyorwiththeapprovalofsuchPersonthatarederivativeof,orprovideeconomicbenefitsbased,directlyorindirectly,onthevalueorpriceof(A)anycapitalstockorothervotingsecuritiesof,(B)otherownershipinterestsin,or(C)anybusiness,productsorassetsof,suchPersonoranyofitsSubsidiaries.

“ERISA”meanstheEmployeeRetirementIncomeSecurityActof1974.

“ERISAAffiliate”means,withrespecttoanyentity,anyotherentitythat,togetherwithsuchentity,wouldbetreatedasasingleemployerunderSection414oftheCode.

“FCPA”meanstheForeignCorruptPracticesActof1977.

“Filing”meansanyregistration,petition,statement,application,schedule,form,declaration,notice,notification,report,submissionorotherfiling.

“FinancingSources”meansthePersonsthathaveenteredorwillenterintocommitmentletters,creditagreementsorotheragreementswithParentinconnectionwiththeDebtFinancing(includinganyPersonsprovidingAlternativeFinancingandincluding,forpurposesofSection6.03,anyPersonsprovidinganyalternatepermanentfinancingreferredtointheDebtCommitmentLetter)andanyjoinderagreements,indenturesorcreditagreementsenteredintopursuantthereto,includingtheagents,arrangers,lendersandotherentitiesthathavecommittedtoprovideorarrangeallorpartoftheDebtFinancing,andtheirrespectivegeneralorlimitedpartners,directorindirectshareholders,managers,members,Affiliates,Representatives,successorsandassigns;providedthatneitherParentnoranyAffiliateofParentshallbeaFinancingSource.

“GAAP”meansUnitedStatesgenerallyacceptedaccountingprinciples.

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“GovernmentalAuthority”meansanytransnational,domesticorforeignfederal,stateorlocalgovernmental,regulatoryoradministrativeauthority,department,court,agency,commissionorofficial,includinganypoliticalsubdivisionthereof,oranynon-governmentalself-regulatoryagency,commissionorauthorityandanyarbitraltribunal.

“GovernmentOfficial”means(i)anyofficial,officer,employeeorrepresentativeof,oranyPersonactinginanofficialcapacityfororonbehalfof,anyGovernmentalAuthority,(ii)anycandidateforpoliticalofficeor(iii)anypoliticalpartyorpartyofficial.

“Group”meansa“group”asdefinedinSection13(d)ofthe1934Act.

“Hatch-WaxmanAct”meanstheDrugPriceCompetitionandPatentTermRestorationActof1984.

“HazardousSubstance”meansanysubstance,materialorwastethatislisted,defined,designatedorclassifiedashazardous,toxic,radioactive,dangerousora“pollutant”or“contaminant”orwordsofsimilarmeaningunderanyEnvironmentalLaworthatisotherwiseregulatedbyanyGovernmentalAuthoritywithjurisdictionovertheenvironmentornaturalresources,includingpetroleumoranyderivativeorbyproductthereof,radon,radioactivematerial,asbestosorasbestos-containingmaterial,ureaformaldehyde,foaminsulationorpolychlorinatedbiphenyls.

“HSRAct”meanstheHart-Scott-RodinoAntitrustImprovementsActof1976.

“Indentures”means,collectively:

(i)thatcertainindenture,datedasofOctober7,2010,relatingtotheCompany’s3.950%SeniorNotesdue2020and5.700%SeniorNotesdue2040;

(ii)thatcertainindenture,datedasofAugust9,2012,relatingtotheCompany’s3.250%SeniorNotesdue2022;

(iii)thatcertainindenturedatedasofAugust6,2013,relatingtotheCompany’s4.000%SeniorNotesdue2023and5.250%SeniorNotesdue2043;

(iv)thatcertainindenture,datedasofMay15,2014,relatingtotheCompany’s2.250%SeniorNotesdue2019,3.625%SeniorNotesdue2024and4.625%SeniorNotesdue2044;

(v)thatcertainindenture,datedasofAugust12,2015,relatingtotheCompany’s2.875%SeniorNotesdue2020,3.550%SeniorNotesdue2022,3.875%SeniorNotesdue2025and5.000%SeniorNotesdue2045;

(vi)thatcertainindenture,datedNovember9,2017,relatingtotheCompany’s2.750%SeniorNotesdue2023,3.450%SeniorNotesdue2027and4.350%SeniorNotesdue2047;

(vii)thatcertainindenture,datedasofFebruary2018,relatingtotheCompany’s2.875%SeniorNotesdue2021,3.250%SeniorNotesdue2023,3.900%SeniorNotesdue2028and4.550%SeniorNotesdue2048;and

(viii)thatcertainindenture,datedasofAugust10,2017,relatingtotheCompany’s2.250%SeniorNotesdue2021.

“IntellectualProperty”meansanyandallofthefollowing,whetherornotregistered,andallrightsthereinandassociatedtherewith,arisingintheUnitedStatesoranyotherjurisdictionthroughouttheworld:(i)trademarks,servicemarks,tradenames,tradedress,logos,slogans,Internetdomainnames,Internetaccountnames(includingsocialnetworkingandmedianames)andotherindiciaoforigin,togetherwithallgoodwillassociatedtherewithorsymbolizedthereby,andallregistrationsandapplicationsrelatingtotheforegoing;(ii)patentsandpendingpatentapplications,andalldivisions,continuations,continuations-in-part,reissuesandreexaminations,andanyextensionsandcounterpartsthereof;(iii)worksofauthorship(whetherornotcopyrightable),registeredandunregisteredcopyrights(includingthoseinSoftware),allregistrationsandapplicationstoregisterthesame,andallrenewals,extensions,reversionsandrestorationsthereof,includingmoralrightsofauthors,anddatabaserights;(iv)tradesecrets,rightsintechnology,confidentialorproprietaryinformationandotherknow-how,includinginventions(whetherornotpatentableorreducedtopractice),

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concepts,methods,processes,protocols,assays,formulations,formulae,technical,research,clinicalandotherdata,databases,designs,specifications,schematics,drawings,algorithms,modelsandmethodologies;(v)rightsinSoftware;and(vi)othersimilartypesofproprietaryrightsorotherintellectualproperty.

“In-the-MoneyOption”meanseachCompanyStockOptionthatisnotanOut-of-the-MoneyOption.

“ITAssets”meansanyandallcomputers,Software,firmware,middleware,servers,workstations,routers,hubs,switches,datacommunicationslinesandotherinformationtechnologyequipment,andallassociateddocumentation,ownedby,orlicensedorleasedto,theCompanyoranyofitsSubsidiaries,orParentoranyofitsSubsidiaries,asapplicable.

“KeyCoveredProduct”meanseachCompanyProductlistedonSection1.01(a)(3)oftheCompanyDisclosureSchedule.

“knowledge”means(i)withrespecttotheCompany,theactualknowledgeofthoseexecutiveofficersoftheCompanysetforthinSection1.01(b)oftheCompanyDisclosureScheduleand(ii)withrespecttoParent,theactualknowledgeofthoseexecutiveofficersofParentsetforthinSection1.01oftheParentDisclosureSchedule.NoneoftheindividualssetforthinSection1.01(b)oftheCompanyDisclosureScheduleorSection1.01oftheParentDisclosureScheduleshallhaveanypersonalliabilityorobligationsregardingsuchknowledge.

“LicensedIntellectualProperty”meansanyandallIntellectualPropertyownedbyaThirdPartyandlicensed(includingsublicensed)totheCompanyoranyofitsSubsidiaries,orParentoranyofitsSubsidiaries,asapplicable.

“Lien”means,withrespecttoanypropertyorasset,anymortgage,lien,pledge,charge,securityinterestorencumbranceofanykindinrespectofsuchpropertyorasset(excludingineachcaseanylicenseto,orcovenantnottosueinrespectof,IntellectualProperty).

“MajorSubsidiary”means,withrespecttoanyPerson,eachSubsidiaryofsuchPersonthatisa“significantsubsidiary”(asdefinedinRegulationS-X)ofsuchPerson.

“NYSE”meanstheNewYorkStockExchange.

“Order”meansanyorder,writ,decree,judgment,award,injunction,ruling,settlementorstipulationissued,promulgated,made,renderedorenteredintobyorwithanyGovernmentalAuthorityorarbitrator(ineachcase,whethertemporary,preliminaryorpermanent).

“Out-of-the-MoneyOption”meanseachCompanyStockOptionforwhichthepershareexercisepriceasofimmediatelypriortotheEffectiveTimeisequalto,orexceeds,theCompanyStockPrice.

“Out-of-the-MoneyOptionExchangeRatio”meansthequotient,roundedtothenearestonehundredth,of(i)theCompanyStockPrice,dividedby(ii)theParentStockPrice.

“OwnedIntellectualProperty”means,withrespecttoanyPerson,anyandallIntellectualPropertyownedorpurportedtobeownedbysuchPersonoranyofitsSubsidiaries.

“ParentAcquisitionProposal”meansanyindicationofinterest,proposalorofferfromanyPersonorGroup,otherthantheCompanyanditsSubsidiaries,relatingtoany(i)directorindirectacquisition(whetherinasingletransactionoraseriesofrelatedtransactions)ofassetsofParentoranyofitsSubsidiaries(includingsecuritiesofSubsidiaries)equaltotwentypercent(20%)ormoreoftheconsolidatedassetsofParent,ortowhichtwentypercent(20%)ormoreoftherevenuesorearningsofParentonaconsolidatedbasisareattributableforthemostrecentfiscalyearinwhichauditedfinancialstatementsarethenavailable,(ii)directorindirectacquisitionorissuance(whetherinasingletransactionoraseriesofrelatedtransactions)oftwentypercent(20%)ormoreofanyclassofequityorvotingsecuritiesofParent,(iii)tenderofferorexchangeofferthat,ifconsummated,wouldresultinsuchPersonorGroupbeneficiallyowningtwentypercent(20%)ormoreofanyclassofequityorvotingsecuritiesofParent,or(iv)merger,consolidation,shareexchange,businesscombination,jointventure,reorganization,recapitalization,liquidation,dissolutionorsimilartransactionorseriesofrelatedtransactionsinvolvingParentoranyofitsSubsidiaries,underwhichsuchPersonorGroupor,inthecaseofclause(B),thestockholdersorequityholdersofanysuchPersonorGroupwould,directlyorindirectly,(A)acquireassetsequaltotwentypercent(20%)ormoreoftheconsolidatedassetsofParent,ortowhichtwentypercent(20%)ormoreoftherevenuesorearningsofParentonaconsolidatedbasisareattributableforthemostrecentfiscalyearin

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whichauditedfinancialstatementsarethenavailable,or(B)immediatelyaftergivingeffecttosuchtransaction(s),beneficiallyowntwentypercent(20%)ormoreofanyclassofequityorvotingsecuritiesofParentorthesurvivingorresultingentityinsuchtransaction(s).

“ParentBalanceSheet”meanstheunauditedconsolidatedbalancesheetofParentanditsSubsidiariesasofSeptember30,2018,andthefootnotestosuchconsolidatedbalancesheet,ineachcasesetforthinParent’sreportonForm10-QforthefiscalquarterendedSeptember30,2018.

“ParentBalanceSheetDate”meansSeptember30,2018.

“ParentCommonStock”meansthecommonstock,parvalue$0.10pershare,ofParent.

“ParentDisclosureSchedule”meanstheParentDisclosureScheduledeliveredtotheCompanyonthedateofthisAgreement.

“ParentEmployeePlan”meansany(i)“employeebenefitplan”asdefinedinSection3(3)ofERISA,(ii)compensation,employment,consulting,severance,terminationprotection,changeincontrol,transactionbonus,retentionorsimilarplan,agreement,arrangement,programorpolicyor(iii)otherplan,agreement,arrangement,programorpolicyprovidingforcompensation,bonuses,profit-sharing,equityorequity-basedcompensationorotherformsofincentiveordeferredcompensation,vacationbenefits,insurance(includinganyself-insuredarrangement),medical,dental,vision,prescriptionorfringebenefits,lifeinsurance,relocationorexpatriatebenefits,perquisites,disabilityorsickleavebenefits,employeeassistanceprogram,workers’compensation,supplementalunemploymentbenefitsorpost-employmentorretirementbenefits(includingcompensation,pension,health,medicalorinsurancebenefits),ineachcasewhetherornotwritten(A)thatissponsored,maintained,administered,contributedtoorenteredintobyParentoranyofitsSubsidiariesforthecurrentorfuturebenefitofanydirector,officer,oremployee(includinganyformerdirector,officer,oremployee)ofParentoranyofitsSubsidiariesor(B)forwhichParentoranyofitsSubsidiarieshasanydirectorindirectliabilityand,ineachcase,otherthananybenefitorcompensationplan,programorotherarrangementmaintainedbyaGovernmentalAuthority.

“ParentIntellectualProperty”meanstheOwnedIntellectualPropertyandtheLicensedIntellectualProperty,ineachcase,ofParentanditsSubsidiaries.

“ParentMaterialAdverseEffect”meansanyevent,change,effect,developmentoroccurrencethat,individuallyortogetherwithanyotherevent,change,effect,developmentoroccurrence,hashadorwouldreasonablybeexpectedtohaveamaterialadverseeffectonthefinancialcondition,businessorresultsofoperationsofParentanditsSubsidiaries,takenasawhole;providedthatnoevent,change,effect,developmentoroccurrencetotheextentresultingfrom,arisingoutof,orrelatingtoanyofthefollowingshallbedeemedtoconstituteaParentMaterialAdverseEffectorshallbetakenintoaccountindeterminingwhethertherehasbeen,orwouldreasonablybeexpectedtobe,aParentMaterialAdverseEffect:(i)anychangesingeneralUnitedStatesorglobaleconomicconditions,(ii)anychangesinconditionsgenerallyaffectingtheindustriesinwhichParentoranyofitsSubsidiariesoperates,(iii)anydecline,inandofitself,inthemarketpriceortradingvolumeofParentCommonStock(itbeingunderstoodandagreedthattheforegoingshallnotprecludetheCompanyfromassertingthatanyfacts,events,developmentsoroccurrencesgivingrisetoorcontributingtosuchdeclinethatarenototherwiseexcludedfromthedefinitionofParentMaterialAdverseEffectshouldbedeemedtoconstituteaParentMaterialAdverseEffectorshouldbetakenintoaccountindeterminingwhethertherehasbeen,orwouldreasonablybeexpectedtobe,aParentMaterialAdverseEffect),(iv)anychangesinregulatory,legislativeorpoliticalconditionsorinsecurities,credit,financial,debtorothercapitalmarkets,ineachcaseintheUnitedStatesoranyforeignjurisdiction,(v)anyfailure,inandofitself,byParentoranyofitsSubsidiariestomeetanyinternalorpublishedprojections,forecasts,estimatesorpredictions,revenues,earningsorotherfinancialoroperatingmetricsforanyperiod(itbeingunderstoodandagreedthattheforegoingshallnotprecludetheCompanyfromassertingthatanyfacts,events,developmentsoroccurrencesgivingrisetoorcontributingtosuchfailurethatarenototherwiseexcludedfromthedefinitionofParentMaterialAdverseEffectshouldbedeemedtoconstituteaParentMaterialAdverseEffectorshouldbetakenintoaccountindeterminingwhethertherehasbeen,orwouldreasonablybeexpectedtobe,aParentMaterialAdverseEffect),(vi)theexecutionanddeliveryofthisAgreement,thepublicannouncementorthependencyofthisAgreementorthependencyorconsummationofthetransactionscontemplatedbythisAgreement(includingtheMerger),thetakingofanyactionrequiredorexpresslycontemplatedbythisAgreementortheidentityof,oranyfactsorcircumstancesrelatingtotheCompanyoranyofitsSubsidiaries,includingtheimpactofanyoftheforegoingonthe

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relationships,contractualorotherwise,ofParentoranyofitsSubsidiarieswithGovernmentalAuthorities,customers,suppliers,partners,officers,employeesorothermaterialbusinessrelations(itbeingunderstoodandagreedthattheforegoingshallnotapplywithrespecttoanyrepresentationorwarrantythatisexpresslyintendedtoaddresstheconsequencesoftheexecution,deliveryorperformanceofthisAgreementortheconsummationofthetransactionscontemplatedhereby(includingSection5.04(c))orwithrespecttotheconditiontoClosingcontainedinSection9.03(b),totheextentitrelatestosuchrepresentationsandwarranties),(vii)anyadoption,implementation,promulgation,repeal,modification,amendment,authoritativeinterpretation,changeorproposalofanyApplicableLawoforbyanyGovernmentalAuthority,(viii)anychangesorprospectivechangesinGAAP(orauthoritativeinterpretationsthereof),(ix)anychangesingeopoliticalconditions,theoutbreakorescalationofhostilities,anyactsofwar,sabotage,cyberattackorterrorism,oranyescalationorworseningofanysuchactsofwar,sabotage,cyberattackorterrorismthreatenedorunderwayasofthedateofthisAgreement,(x)thetakingofanyactionatthewrittenrequestoforwiththewrittenconsentoftheCompany,(xi)anyreductioninthecreditratingofParentoranyofitsSubsidiaries(itbeingunderstoodandagreedthattheforegoingshallnotprecludetheCompanyfromassertingthatanyfacts,events,developmentsoroccurrencesgivingrisetoorcontributingtosuchreductionthatarenototherwiseexcludedfromthedefinitionofParentMaterialAdverseEffectshouldbedeemedtoconstituteaParentMaterialAdverseEffectorshouldbetakenintoaccountindeterminingwhethertherehasbeen,orwouldreasonablybeexpectedtobe,aParentMaterialAdverseEffect),(xii)anyepidemic,plague,pandemicorotheroutbreakofillnessorpublichealthevent,hurricane,earthquake,floodorothernaturaldisasters,actsofGodoranychangeresultingfromweatherconditions,(xiii)anyclaims,actions,suitsorproceedingsarisingfromallegationsofabreachoffiduciarydutyorviolationofApplicableLawrelatingtothisAgreementorthetransactionscontemplatedhereby(includingtheMerger),or(xiv)anyregulatoryorclinicalchanges,effects,developmentsoroccurrencesrelatingtoanyParentPipelineProduct(including(A)anysuspension,rejection,refusalof,requesttorefileoranydelayinobtainingormakinganyregulatoryapplicationorfilingrelatingtoanyParentPipelineProduct,(B)anynegativeregulatoryactions,requests,recommendationsordecisionsofanyGovernmentalAuthorityrelatingtoanyParentPipelineProductoranyotherregulatoryorclinicaldevelopmentrelatingtoanyParentPipelineProduct,(C)anyclinicalstudies,testsorresultsorannouncementsthereofwithrespecttoanyParentPipelineProduct,and(D)anydelay,holdorterminationofanyclinicaltrialoranydelay,holdorterminationofanyplannedapplicationformarketingapprovalwithrespecttoanyParentPipelineProduct),exceptinthecaseofeachofclauses(i),(ii),(iv),(vii),(viii),(ix)or(xii),totheextentthatanysuchevent,change,effect,developmentoroccurrencehasadisproportionateadverseeffectonParentanditsSubsidiaries,takenasawhole,relativetotheadverseeffectsuchevent,change,effect,developmentoroccurrencehasonothercompaniesoperatingintheindustriesinwhichParentanditsSubsidiariesoperate.

“ParentPipelineProduct”meansanyParentProductthat,asofthedateofthisAgreement,isnotbeingsoldordistributedbyoronbehalfofParentoranyofitsSubsidiaries.

“ParentProduct”meanseachproductorproductcandidatethatisbeingresearched,tested,developed,commercialized,manufactured,soldordistributedbyoronbehalfofParentoranyofitsSubsidiaries.

“ParentStockPrice”meanstheaverageofthevolumeweightedaveragesofthetradingpriceofParentCommonStockontheNYSE(asreportedbyBloombergL.P.or,ifnotreportedtherein,inanotherauthoritativesourcemutuallyselectedbyParentandtheCompanyingoodfaith)oneachofthefive(5)consecutivetradingdaysendingonthetradingdaythatistwo(2)tradingdayspriortotheClosingDate.

“PBGC”meansthePensionBenefitGuarantyCorporation.

“PermittedLien”means(i)anyLiensforutilitiesorTaxesnotyetdueandpayableorwhicharebeingcontestedingoodfaithbyappropriateproceedingsandwithrespecttowhichadequatereserveshavebeenestablishedinaccordancewithGAAP,(ii)carriers’,warehousemen’s,mechanics’,materialmen’s,repairmen’sorothersimilarLiens,(iii)pledgesordepositsinconnectionwithworkers’compensation,unemploymentinsuranceandothersocialsecuritylegislation,(iv)gapsinthechainoftitleevidentfromtherecordsoftheapplicableGovernmentalAuthoritymaintainingsuchrecords,easements,rights-of-way,covenants,restrictionsandotherencumbrancesofrecordasofthedateofthisAgreement,(v)easements,rights-of-way,covenants,restrictionsandotherencumbrancesincurredintheordinarycourseofbusinessthatdonotmateriallydetractfromthevalueortheuseofthepropertysubjectthereto,(vi)statutorylandlords’liensandliensgrantedtolandlordsunderanylease,(vii)anypurchasemoneysecurityinterests,equipmentleasesorsimilarfinancingarrangements,(viii)anyLienswhicharedisclosedontheCompanyBalanceSheet(inthecaseofLiensapplicabletotheCompanyor

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anyofitsSubsidiaries)ortheParentBalanceSheet(inthecaseofLiensapplicabletoParentoranyofitsSubsidiaries),orthenotesthereto,or(ix)anyLiensthatarenotmaterialtotheCompanyanditsSubsidiariesorParentanditsSubsidiaries,asapplicable,takenasawhole.

“Person”meansanyindividual,corporation,partnership,limitedliabilitycompany,association,trustorotherentityororganization,includingagovernmentorpoliticalsubdivisionoranagencyorinstrumentalityofsuchgovernmentorpoliticalsubdivision.

“Representatives”means,withrespecttoanyPerson,itsofficers,directors,employees,investmentbankers,attorneys,accountants,consultantsandotheragents,advisorsandrepresentatives.

“SanctionedCountry”meansanyofCrimea,Cuba,Iran,NorthKorea,Sudan,andSyria.

“SanctionedPerson”meansanyPersonwithwhomdealingsarerestrictedorprohibitedunderanySanctionsLaws,includingtheSanctionsLawsoftheUnitedStates,theUnitedKingdom,theEuropeanUnionortheUnitedNations,including(i)anyPersonidentifiedinanylistofSanctionedPersonsmaintainedby(A)theUnitedStatesDepartmentofTreasury,OfficeofForeignAssetsControl,theUnitedStatesDepartmentofCommerce,BureauofIndustryandSecurityortheUnitedStatesDepartmentofState,(B)HerMajesty’sTreasuryoftheUnitedKingdom,(C)anycommitteeoftheUnitedNationsSecurityCouncil,or(D)theEuropeanUnion,(ii)anyPersonlocated,organized,orresidentin,organizedin,oraGovernmentalAuthorityorgovernmentinstrumentalityof,anySanctionedCountryand(iii)anyPersondirectlyorindirectlyfiftypercent(50%)ormoreownedorcontrolledby,oractingforthebenefitoronbehalfof,aPersondescribedin(i)or(ii).

“SanctionsLaws”meansallApplicableLawsconcerningeconomicsanctions,includingembargoes,exportrestrictions,theabilitytomakeorreceiveinternationalpayments,thefreezingorblockingofassetsoftargetedPersons,theabilitytoengageintransactionswithspecifiedPersonsorcountriesortheabilitytotakeanownershipinterestinassetsofspecifiedPersonsorlocatedinaspecifiedcountry,includinganyApplicableLawsthreateningtoimposeeconomicsanctionsonanypersonforengaginginproscribedbehavior.

“Sarbanes-OxleyAct”meanstheSarbanes-OxleyActof2002.

“SEC”meanstheU.S.SecuritiesandExchangeCommission.

“SeverancePayPlans”meanstheseveranceplanssetforthonSection7.05(a)oftheCompanyDisclosureSchedule.

“Software”meansall(i)computerprogramsandothersoftwareincludinganyandallsoftwareimplementationsofalgorithms,models,methodologies,assemblers,applets,compilers,developmenttools,designtoolsanduserinterfaces,whetherinsourcecodeorobjectcodeform,(ii)databasesandcompilations,includingalldataandcollectionsofdata,whethermachinereadableorotherwise,and(iii)updates,upgrades,modifications,improvements,enhancements,derivativeworks,newversions,newreleasesandcorrectionstoorbasedonanyoftheforegoing.

“Subsidiary”means,withrespecttoanyPerson,anyentityofwhichsecuritiesorotherownershipinterestshavingordinaryvotingpowertoelectamajorityoftheboardofdirectorsorotherpersonsperformingsimilarfunctionsaredirectlyorindirectlyownedbysuchPerson.ForpurposesofthisAgreement,aSubsidiaryshallbeconsidereda“whollyownedSubsidiary”ofaPersonaslongassuchPersondirectlyorindirectlyownsallofthesecuritiesorotherownershipinterests(excludinganysecuritiesorotherownershipinterestsheldbyanindividualdirectororofficerrequiredtoholdsuchsecuritiesorotherownershipinterestspursuanttoApplicableLaw)ofsuchSubsidiary.

“Tax”meansanyincome,grossreceipts,franchise,sales,use,advalorem,property,payroll,withholding,excise,severance,transfer,employment,estimated,alternativeoradd-onminimum,valueadded,stamp,occupation,premium,environmentalorwindfallprofitstaxes,andanyothertaxes,charges,fees,levies,imposts,customs,duties,licensesorotherassessments,togetherwithanyinterest,penaltiesandadditionstotax(includingpenaltiesforfailuretofileorlatefilingofanytaxreturn,reportorotherfiling,andanyinterestinrespectofsuchpenalties,additionstotaxoradditionalamountsimposedbyanyfederal,state,local,non-U.S.orotherTaxingAuthority).

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“TaxReturn”meansanyreport,return,document,statement,declarationorotherinformationorfilingsuppliedorrequiredtobesuppliedtoanyTaxingAuthoritywithrespecttoTaxes,includinginformationreturns,claimsforrefunds,anydocumentswithrespecttooraccompanyingpaymentsofestimatedTaxesorwithrespecttooraccompanyingrequestsfortheextensionoftimeinwhichtofileanysuchreport,return,document,declarationorotherinformation.

“TaxSharingAgreement”meansanyexistingagreementbindinganyPersonoranyofitsSubsidiariesthatprovidesfortheallocation,apportionment,sharingorassignmentofanyTaxliabilityorbenefit,orthetransferorassignmentofincome,revenues,receipts,orgainsforthepurposeofdetermininganyPerson’sTaxliability,otherthanagreementsenteredintointheordinarycourseofbusinessthatdonothaveasaprincipalpurposeaddressingTaxmatters.

“TaxingAuthority”meansanyGovernmentalAuthorityresponsiblefortheimpositionorcollectionofanyTax.

“ThirdParty”meansanyPersonorGroup,otherthantheCompanyoranyofitsAffiliates,inthecaseofParent,orParentoranyofitsAffiliates,inthecaseoftheCompany,andtheRepresentativesofsuchPersons,ineachcase,actinginsuchcapacity.

“WillfulBreach”meansamaterialbreachofthisAgreementthatistheconsequenceofanactoromissionbyapartywiththeactualknowledgethatthetakingofsuchactorfailuretotakesuchactionwouldbeamaterialbreachofthisAgreement.

(b)EachofthefollowingtermsisdefinedintheSectionsetforthoppositesuchterm:Term SectionAffectedEmployees 7.05(a)Agreement PreambleAlternativeFinancing 7.06(b)AnnualIncentivePlans 7.05(c)AssumedIn-the-MoneyOption 2.06(a)AssumedPerformanceUnitAward 2.06(c)AssumedRestrictedStockAward 2.06(d)AssumedRestrictedUnitAward 2.06(b)BankruptcyandEquityExceptions 4.02(a)CashConsideration 2.03(a)Certificate 2.03(b)CertificateofMerger 2.02(a)ClaimExpenses 7.04(a)Closing 2.01ClosingDate 2.01Company PreambleCompanyAdditionalAmounts 10.03(f)CompanyAdverseRecommendationChange 6.02(a)CompanyApprovalTime 6.02(b)CompanyBankers 4.28CompanyBoardRecommendation 4.02(b)CompanyFeeReimbursement 10.03(d)CompanyIndentureOfficers’Certificate 6.04CompanyInterveningEvent 6.02(g)CompanyMaterialContract 4.16(a)CompanyNoteOffersandConsentSolicitations 6.04CompanyOpinionofCounsel 6.04CompanyOrganizationalDocuments 4.01CompanyPermits 4.13CompanyPreferredStock 4.05(a)

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Term SectionCompanyPSUAward 2.06(c)CompanyRecordDate 8.04(a)CompanyRegulatoryAgency 4.15(a)CompanyRegulatoryPermits 4.15(a)CompanyRSA 2.06(d)CompanyRSA 2.06(d)CompanyRSUAward 2.06(b)CompanySECDocuments 4.07(a)CompanyStockOption 2.06(a)CompanyStockholderApproval 4.02(a)CompanyStockholderMeeting 8.04(a)CompanySuperiorProposal 6.02(f)CompanySupplementalIndenture 6.04CompanyTerminationFee 10.03(a)CompensationContinuationPeriod 7.05(a)ConfidentialityAgreement 8.01(a)ConsentSolicitations 6.04D&OClaim 7.04(a)D&OIndemnifiedParties 7.04(a)D&OIndemnifyingParties 7.04(a)DebtCommitmentLetter 5.27(a)DebtCommitmentLetters 5.27(a)DebtFinancing 5.27(a)DebtOfferDocuments 6.04DGCL 2.02(a)DissentingShares 2.05DissentingStockholders 2.05EMA 4.15(d)EndDate 10.01(b)(i)ExchangeAgent 2.04(a)ExchangeAgentAgreement 2.04(a)ExchangeFund 2.04(a)ExchangeRatio 2.03(a)ExcludedShares 2.03(a)FDA 4.15(a)FDCA 4.15(a)ForeignAntitrustLaws 4.03IncentivePlanParticipant 7.05(c)internalcontrols 4.07(f)JointProxyStatement/Prospectus 8.03(a)Lease 4.21MarketBasedUnits 5.05(a)MaximumPremium 7.04(b)Merger 2.02(b)MergerConsideration 2.03(a)MergerEffectiveTime 2.02(a)MergerSub PreambleNasdaq 4.03NewCompanyPlans 7.05(b)NewCVR 2.03(a)

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Term SectionNewCVRAgreement RecitalsNewCVRCertificate 2.02(d)NewCVRTrustee RecitalsOfferstoExchange 6.04OfferstoPurchase 6.04Parent PreambleParentAdditionalAmounts 10.03(f)ParentAdverseRecommendationChange 7.02(a)ParentApprovalTime 7.02(b)ParentBoardRecommendation 5.02(b)ParentConvertiblePreferredStock 5.05(a)ParentEquityAwards 5.05(a)ParentFeeReimbursement 10.03(c)ParentInterveningEvent 7.02(g)ParentOrganizationalDocuments 5.01ParentPermits 5.13ParentPreferredStock 5.05(a)ParentRegisteredIP 5.19(a)ParentRegulatoryAgency 5.15(a)ParentRegulatoryPermits 5.15(a)ParentRestrictedStockUnits 5.05(a)ParentSECDocuments 5.07(a)ParentShareIssuance 5.02(a)ParentStockOptions 5.05(a)ParentStockholderApproval 5.02(a)ParentStockholderMeeting 8.04(b)ParentSuperiorProposal 7.02(f)ParentTerminationFee 10.03(b)PerformanceShareUnits 5.05(a)PHSA 4.15(a)principalexecutiveofficer 4.07(e)principalfinancialofficer 4.07(e)RegistrationStatement 8.03(a)RegulationS-K 4.11RegulationS-X 6.01(l)ScheduledCoveredProductIP 4.20(a)ShareConsideration 2.03(a)SurvivingCorporation 2.02(b)TransactionLitigation 8.08TrustIndentureAct 5.03U.S.CompanyEmployeePlan 4.18(a)UncertificatedShare 2.03(b)UnvestedEquityAwardCVRConsideration 2.06(e)VestingDate 2.06(e)

Section1.02OtherDefinitionalandInterpretativeProvisions.ThefollowingrulesofinterpretationshallapplytothisAgreement:(i)thewords“hereof”,“hereby”,“herein”and“hereunder”andwordsoflikeimportusedinthisAgreementshallrefertothisAgreementasawholeandnottoanyparticularprovisionofthisAgreement;(ii)thetableofcontentsandcaptionsinthisAgreementareincludedforconvenienceofreferenceonlyandshallbeignoredintheconstructionorinterpretationhereof;(iii)referencestoArticles,SectionsandExhibitsaretoArticles,SectionsandExhibitsofthisAgreementunlessotherwisespecified;(iv)allExhibitsandschedulesannexedtothisAgreementorreferredtointhisAgreement,includingtheCompanyDisclosure

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ScheduleandtheParentDisclosureSchedule,areincorporatedinandmadeapartofthisAgreementasifsetforthinfullinthisAgreement;(v)anycapitalizedtermusedinanyExhibitorschedulesannexedtothisAgreement,includingtheCompanyDisclosureScheduleortheParentDisclosureSchedule,butnototherwisedefinedthereinshallhavethemeaningsetforthinthisAgreement;(vi)anysingularterminthisAgreementshallbedeemedtoincludetheplural,andanypluraltermthesingular,andreferencestoanygendershallincludeallgenders;(vii)wheneverthewords“include”,“includes”or“including”areusedinthisAgreement,theyshallbedeemedtobefollowedbythewords“withoutlimitation”,whetherornottheyareinfactfollowedbythosewordsorwordsoflikeimport;(viii)“writing”,“written”andcomparabletermsrefertoprinting,typingandothermeansofreproducingwords(includingelectronicmedia)inavisibleform;(ix)referencestoanyApplicableLawshallbedeemedtorefertosuchApplicableLawasamendedfromtimetotimeandtoanyrulesorregulationspromulgatedthereunder;(x)referencestoanyContractaretothatContractasamended,modifiedorsupplementedfromtimetotimeinaccordancewiththetermshereofandthereof;providedthatwithrespecttoanyContractlistedonanyscheduleannexedtothisAgreement,includingtheCompanyDisclosureScheduleortheParentDisclosureSchedule,allsuchamendments,modificationsorsupplements(otherthansuchamendments,modificationsorsupplementsthatareimmaterial)mustalsobelistedintheappropriateschedule;(xi)referencestoanyPersonincludethesuccessorsandpermittedassignsofthatPerson;(xii)references“from”or“through”anydatemean,unlessotherwisespecified,“fromandincluding”or“throughandincluding”,respectively;(xiii)referencesto“dollars”and“$”meansU.S.dollars;(xiv)theterm“madeavailable”andwordsofsimilarimportmeanthattherelevantdocuments,instrumentsormaterialswere(A)withrespecttoParent,postedandmadeavailabletoParentontheCompanyduediligencedatasite(orinany“cleanroom”orasotherwiseprovidedonan“outsidecounselonly”basis),or,withrespecttotheCompany,postedormadeavailabletotheCompanyontheParentduediligencedatasite(orinany“cleanroom”orasotherwiseprovidedonan“outsidecounselonly”basis),asapplicable,ineachcase,priortothedatehereof;or(B)filedorfurnishedtotheSECpriortothedatehereof;(xv)theword“extent”inthephrase“totheextent”shallmeanthedegreetowhichasubjectorothertheoryextendsandsuchphraseshallnotmean“if”;and(xvi)thepartiesheretohaveparticipatedjointlyinthenegotiationanddraftingofthisAgreementand,intheeventanambiguityorquestionofintentorinterpretationarises,thisAgreementshallbeconstruedasjointlydraftedbythepartiesheretoandnopresumptionorburdenofproofshallarisefavoringordisfavoringanypartybyvirtueoftheauthorshipofanyprovisionofthisAgreement.

ARTICLE II

CLOSING; THE MERGER

Section2.01Closing.TheclosingoftheMerger(the“Closing”)shalltakeplaceinNewYorkCityattheofficesofKirkland&EllisLLP,601LexingtonAvenue,NewYork,NewYork,10022at10:00a.m.,Easterntime,onthethird(3rd)BusinessDayafterthedatetheconditionssetforthinArticleIX(otherthanconditionsthatbytheirnaturearetobesatisfiedattheClosing,butsubjecttothesatisfactionor,totheextentpermittedbyApplicableLaw,waiverofsuchconditionsbythepartyorpartiesentitledtothebenefitthereofattheClosing)havebeensatisfiedor,totheextentpermittedbyApplicableLaw,waivedbythepartyorpartiesentitledtothebenefitthereof,oratsuchotherplace,atsuchothertimeoronsuchotherdateasParentandtheCompanymaymutuallyagree(thedateonwhichtheClosingoccurs,the“ClosingDate”).

Section2.02TheMerger.

(a)AttheClosing,theCompanyshallfileacertificateofmerger(the“CertificateofMerger”)withtheDelawareSecretaryofStateandmakeallotherfilingsorrecordingsrequiredbytheGeneralCorporationLawoftheStateofDelaware(the“DGCL”)inconnectionwiththeMerger.TheMergershallbecomeeffectiveatsuchtime(the“MergerEffectiveTime”)astheCertificateofMergerisdulyfiledwiththeDelawareSecretaryofState(oratsuchlatertimeasParentandtheCompanyshallagreeandisspecifiedintheCertificateofMerger).

(b)AttheMergerEffectiveTime,MergerSubshallbemergedwithandintotheCompanyinaccordancewiththeDGCL(the“Merger”),whereupontheseparateexistenceofMergerSubshallcease,andtheCompanyshallsurviveasthesurvivingcorporationinthemerger(the“SurvivingCorporation”).

(c)FromandaftertheMergerEffectiveTime,theSurvivingCorporationshallpossessalltherights,powers,privilegesandfranchisesandbesubjecttoalloftheobligations,liabilities,restrictionsanddisabilitiesoftheCompanyandMergerSub,allasprovidedundertheDGCL.

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(d)EachNewCVRissuedaspartoftheMergerConsiderationhereunderwillbesubstantiallyintheformattachedasAnnexAtotheNewCVRAgreement(each,a“NewCVRCertificate”).

Section2.03ConversionofShares.AttheMergerEffectiveTime,byvirtueoftheMergerandwithoutanyactiononthepartofParent,MergerSub,theCompanyortheholdersoftheCompanyCommonStock:

(a)otherthan(i)sharesofCompanyCommonStocktobecancelledpursuanttoSection2.03(b)and(ii)DissentingShares(suchsharestogetherwiththesharesofCompanyCommonStocktobecancelledpursuanttoSection2.03(b),collectively,the“ExcludedShares”),eachshareofCompanyCommonStockoutstandingimmediatelypriortotheMergerEffectiveTimeshallbeconvertedintotherighttoreceive(A)one(the“ExchangeRatio”)shareofParentCommonStock(the“ShareConsideration”),subjecttoSection2.08withrespecttofractionalshares,(B)$50.00incashwithoutinterest(the“CashConsideration”)and(C)onecontingentvalueright(a“NewCVR”)issuedbyParentsubjecttoandinaccordancewiththeNewCVRAgreement(theconsiderationcontemplatedbysubclauses(A),(B)and(C)together,the“MergerConsideration”);

(b)(i)eachshareofCompanyCommonStockheldbytheCompanyastreasurystockorownedbyParentorMergerSubimmediatelypriortotheMergerEffectiveTime(otherthananysuchsharesownedbyParentorMergerSubinafiduciary,representativeorothercapacityonbehalfofotherPersons,whetherornotheldinaseparateaccount)shallbecancelled,andnoconsiderationshallbepaidwithrespecttheretoand(ii)eachshareofCompanyCommonStockheldbyanywhollyownedSubsidiaryofeithertheCompanyorParent(otherthanMergerSub)immediatelypriortotheMergerEffectiveTime(otherthansharesheldinafiduciary,representativeorothercapacityonbehalfofotherPersons,whetherornotheldinaseparateaccount)shallbeconvertedintosuchnumberoffullypaidandnon-assessablesharesofcommonstockoftheSurvivingCorporationsuchthattheownershippercentageofanysuchSubsidiaryintheSurvivingCorporationimmediatelyfollowingtheMergerEffectiveTimeshallequaltheownershippercentageofsuchSubsidiaryintheCompanyimmediatelypriortotheMergerEffectiveTime;

(c)eachshareofcommonstockofMergerSub,parvalue$0.01pershare,issuedandoutstandingimmediatelypriortotheMergerEffectiveTimeshallbeconvertedintoandbecomeoneshareofcommonstock,parvalue$0.01pershare,oftheSurvivingCorporationwiththesamerights,powersandprivilegesasthesharessoconvertedandshallconstitute(togetherwithanyshareofcommonstockoftheSurvivingCorporationdescribedinSection2.03(b)(ii))theonlyoutstandingsharesofcapitalstockoftheSurvivingCorporation;and

(d)alloutstandingsharesofCompanyCommonStockshallnolongerbeoutstandingandshallautomaticallybecancelledandretiredandshallceasetoexist,and(i)eachshareofCompanyCommonStockthatwas,immediatelypriortotheMergerEffectiveTime,representedbyacertificate(each,a“Certificate”)and(ii)eachuncertificatedshareofCompanyCommonStockwhich,immediatelypriortotheMergerEffectiveTime,wasregisteredtoaholderonthestocktransferbooksoftheCompany(an“UncertificatedShare”)shall(ineachcase,otherthanwithrespecttoExcludedShares)thereafterrepresentonlytherighttoreceive(A)theMergerConsiderationand(B)withrespecttotheShareConsideration,therighttoreceive(1)anydividendsorotherdistributionspursuanttoSection2.04(f)and(2)anycashinlieuofanyfractionalsharesofParentCommonStockpursuanttoSection2.08,ineachcasetobeissuedorpaidinaccordancewithSection2.04,withoutinterest.

Section2.04SurrenderandPayment.

(a)PriortotheMergerEffectiveTime,ParentshallappointacommercialbankortrustcompanyreasonablyacceptabletotheCompany(the“ExchangeAgent”)andenterintoanexchangeagentagreementwiththeExchangeAgentreasonablyacceptabletotheCompany(the“ExchangeAgentAgreement”)forthepurposeofexchanging(i)Certificatesor(ii)UncertificatedSharesfortheMergerConsiderationpayableinrespectofthesharesofCompanyCommonStock.AsoftheMergerEffectiveTime,ParentshalldepositwiththeExchangeAgent,forthebenefitoftheholdersofsharesofCompanyCommonStock,forexchangeinaccordancewiththisSection2.04throughtheExchangeAgent,(x)certificates(orevidenceofsharesinbook-entryform)representingthesharesofParentCommonStockissuablepursuanttoSection2.03(a)inexchangeforoutstandingsharesofCompanyCommonStock,(y)cashsufficienttopaytheaggregateCashConsiderationpayablepursuanttoSection2.03(a)and(z)NewCVRCertificatesrepresentingtheNewCVRsissuablepursuanttoSection2.03(a)andtheNewCVRAgreement.Parentagreestomakeavailable,

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directlyorindirectly,totheExchangeAgentfromtimetotimeasneededadditionalcashsufficienttopayanydividendsorotherdistributionstowhichsuchholdersareentitledpursuanttoSection2.04(f)andcashinlieuofanyfractionalshareofParentCommonStocktowhichsuchholderisentitledpursuanttoSection2.08.PromptlyaftertheMergerEffectiveTime(andinnoeventmorethantwo(2)BusinessDaysfollowingtheClosingDate),Parentshallsend,orshallcausetheExchangeAgenttosend,toeachholderofsharesofCompanyCommonStockattheMergerEffectiveTimealetteroftransmittalandinstructions(whichshallbeinaformreasonablyacceptabletotheCompanyandsubstantiallyfinalizedpriortotheMergerEffectiveTimeandwhichshallspecifythatdeliveryshallbeeffected,andriskoflossandtitleshallpass,onlyuponproperdeliveryoftheCertificatesortransferoftheUncertificatedSharestotheExchangeAgent)foruseinsuchexchange.Allcertificates(orevidenceofsharesinbook-entryform)representingsharesofParentCommonStockandNewCVRCertificatesandcashdepositedwiththeExchangeAgentpursuanttothisSection2.04shallbereferredtointhisAgreementasthe“ExchangeFund”.ParentshallcausetheExchangeAgenttodelivertheMergerConsiderationcontemplatedtobeissuedorpaidpursuanttothisArticleIIoutoftheExchangeFund.TheExchangeFundshallnotbeusedforanyotherpurpose.TheExchangeAgentshallinvestanycashincludedintheExchangeFundasdirectedbyParent;providedthatsuchcashshallonlybeinvestedinthemannerprovidedintheExchangeAgentAgreement;andprovided,further,thatnosuchinvestmentorlossesthereonshallaffecttheMergerConsiderationpayabletoholdersofCompanyCommonStockentitledtoreceivesuchconsiderationorcashinlieuoffractionalinterests;provided,further,thattotheextentnecessarytopaytheMergerConsideration,ParentshallpromptlycausetobeprovidedadditionalfundstotheExchangeAgentforthebenefitofholdersofCompanyCommonStockentitledtoreceivesuchconsiderationintheamountofanysuchlosses.Anyinterestandotherincomeresultingfromsuchinvestmentsshallbethepropertyof,andpaidto,ParentuponterminationoftheExchangeFund.

(b)EachholderofsharesofCompanyCommonStockthathavebeenconvertedintotherighttoreceivetheMergerConsiderationshallbeentitledtoreceive,upon(i)surrendertotheExchangeAgentofaCertificate,togetherwithaproperlycompletedanddulyexecutedletteroftransmittal,or(ii)receiptofan“agent’smessage”bytheExchangeAgent(orsuchotherevidence,ifany,oftransferastheExchangeAgentmayreasonablyrequest)inthecaseofabook-entrytransferofUncertificatedShares,theMergerConsiderationinrespectofeachshareoftheCompanyCommonStockrepresentedbysuchCertificateorUncertificatedShare(includingcashinlieuofanyfractionalsharesofParentCommonStockandanydividendsanddistributionswithrespecttotheShareConsiderationascontemplatedbySection2.08andSection2.04(f)).ThesharesofParentCommonStockconstitutingtheShareConsideration,atParent’soption,shallbeinuncertificatedbook-entryform,unlessaphysicalcertificateisrequestedbyaholderofsharesofCompanyCommonStockorisotherwiserequiredunderApplicableLaw.

(c)IfanyportionoftheMergerConsideration(orcashinlieuofanyfractionalsharesofParentCommonStockoranydividendsanddistributionswithrespecttotheShareConsiderationascontemplatedbySection2.08orSection2.04(f))istobepaidtoaPersonotherthanthePersoninwhosenamethesurrenderedCertificateorthetransferredUncertificatedShareisregistered,itshallbeaconditiontosuchpaymentthat(i)eithersuchCertificateshallbeproperlyendorsedorshallotherwisebeinproperformfortransferorsuchUncertificatedShareshallbeproperlytransferredand(ii)thePersonrequestingsuchpaymentshallpaytotheExchangeAgentanytransferorsimilarTaxesrequiredasaresultofsuchpaymenttoaPersonotherthantheregisteredholderofsuchCertificateorUncertificatedShareorestablishtothesatisfactionoftheExchangeAgentthatsuchtransferorsimilarTaxeshavebeenpaidorarenotpayable.

(d)UpontheMergerEffectiveTime,thereshallbenofurtherregistrationoftransfersofsharesofCompanyCommonStockthereafterontherecordsoftheCompany.If,aftertheMergerEffectiveTime,CertificatesorUncertificatedSharesarepresentedtoParent,theSurvivingCorporationortheExchangeAgentforanyreason,theyshallbecancelledandexchangedfortheMergerConsideration(andcashinlieuofanyfractionalsharesofParentCommonStockandanydividendsanddistributionswithrespecttotheShareConsiderationascontemplatedbySection2.08andSection2.04(f))withrespecttheretoinaccordancewiththeproceduressetforthin,orasotherwisecontemplatedby,thisArticleII(includingthisSection2.04).

(e)AnyportionoftheExchangeFundthatremainsunclaimedbytheholdersofsharesofCompanyCommonStocktwelve(12)monthsfollowingtheClosingDateshallbedeliveredtoParentorasotherwise

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instructedbyParent,andanysuchholderwhohasnotexchangedsharesofCompanyCommonStockfortheMergerConsiderationinaccordancewiththisSection2.04priortothattimeshallthereafterlookonlytoParentforpaymentoftheMergerConsideration(andcashinlieuofanyfractionalsharesofParentCommonStockandanydividendsanddistributionswithrespecttotheShareConsiderationascontemplatedbySection2.08andSection2.04(f)),withoutanyinterestthereon.Notwithstandingtheforegoing,ParentanditsSubsidiaries(includingtheSurvivingCorporationanditsSubsidiaries)shallnotbeliabletoanyholderofsharesofCompanyCommonStockforanyamountsproperlypaidtoapublicofficialincompliancewithapplicableabandonedproperty,escheatorsimilarlaws.AnyamountsremainingunclaimedbyholdersofsharesofCompanyCommonStockimmediatelypriortosuchtimewhentheamountswouldotherwiseescheattoorbecomepropertyofanyGovernmentalAuthorityshallbecome,totheextentpermittedbyApplicableLaw,thepropertyofParentfreeandclearofanyclaimsorinterestofanyPersonpreviouslyentitledthereto.

(f)FollowingthesurrenderofanyCertificates,alongwiththedeliveryofaproperlycompletedanddulyexecutedletteroftransmittal,orthetransferofanyUncertificatedShares,ineachcaseasprovidedinthisSection2.04,Parentshallpay,orcausetobepaid,withoutinterest,tothePersoninwhosenamethesharesofParentCommonStockconstitutingtheShareConsiderationhavebeenregistered,(i)inconnectionwiththepaymentoftheShareConsideration,(x)theamountofanycashpayableinlieuoffractionalsharestowhichsuchPersonisentitledpursuanttoSection2.08,and(y)theaggregateamountofalldividendsorotherdistributionspayablewithrespecttosuchsharesofParentCommonStockwitharecorddateonoraftertheMergerEffectiveTimethatwerepaidpriortothetimeofsuchsurrenderortransfer,and(ii)attheappropriatepaymentdateafterthepaymentoftheMergerConsideration,theamountofalldividendsorotherdistributionspayablewithrespecttowholesharesofParentCommonStockconstitutingtheShareConsiderationwitharecorddateonoraftertheMergerEffectiveTimeandpriortothetimeofsuchsurrenderortransferandwithapaymentdatesubsequenttothetimeofsuchsurrenderortransfer.NodividendsorotherdistributionswithrespecttosharesofParentCommonStockconstitutingtheShareConsideration,andnocashpaymentinlieuoffractionalsharespursuanttoSection2.08,shallbepaidtotheholderofanyCertificatesnotsurrenderedorofanyUncertificatedSharesnottransferreduntilsuchCertificatesaresurrenderedandtheholderthereofdeliversaproperlycompletedanddulyexecutedletteroftransmittalorsuchUncertificatedSharesaretransferred,asthecasemaybe,asprovidedinthisSection2.04.

(g)Thepaymentofanytransfer,documentary,sales,use,stamp,registration,valueaddedandotherTaxesandfees(includinganypenaltiesandinterest)incurredbyaholderofCompanyCommonStockinconnectionwiththeMerger,andthefilingofanyrelatedTaxReturnsandotherdocumentationwithrespecttosuchTaxesandfees,shallbetheresponsibilitysolelyofsuchholder.

Section2.05DissentingShares.NotwithstandinganythinginthisAgreementtothecontrary,sharesofCompanyCommonStockthatareissuedandoutstandingimmediatelypriortotheMergerEffectiveTimeandthatareheldbyastockholderwhoisentitledtodemandandproperlydemandsappraisalofsuchsharespursuantto,andwhocompliesinallrespectswith,theprovisionsofSection262oftheDGCL(suchstockholders,the“DissentingStockholders”and,suchsharesofCompanyCommonStock,the“DissentingShares”),shallnotbeconvertedintoorbeexchangeablefortherighttoreceivetheMergerConsideration,butinsteadsuchholdershallbeentitledtopaymentofthefairvalueofsuchDissentingSharesinaccordancewiththeprovisionsofSection262oftheDGCL(and,attheMergerEffectiveTime,suchDissentingSharesshallnolongerbeoutstandingandshallautomaticallybecancelledandshallceasetoexist,andsuchholdershallceasetohaveanyrightswithrespectthereto,excepttherighttoreceivethefairvalueofsuchDissentingSharesinaccordancewiththeprovisionsofSection262oftheDGCL),unlessanduntilsuchholdershallhavefailedtoperfectorshallhaveeffectivelywaived,withdrawnorlostrightstoappraisalundertheDGCL.IfanyDissentingStockholdersshallhavefailedtoperfectorshallhaveeffectivelywaived,withdrawnorlostsuchrights,theDissentingSharesheldbysuchDissentingStockholdershallthereuponbedeemedtohavebeenconverted,asoftheMergerEffectiveTime,intotherighttoreceivetheMergerConsiderationasprovidedinSection2.03(a)(andcashinlieuofanyfractionalsharesofParentCommonStockandanydividendsanddistributionswithrespecttheretoascontemplatedbySection2.04(f)andSection2.08),withoutinterest.TheCompanyshallgiveParentpromptnoticeofanywrittendemandsforappraisalofanysharesofCompanyCommonStock,attemptedwithdrawalsofsuchdemandsandanyotherinstrumentsservedpursuanttotheDGCLandreceivedbytheCompanyrelatingtostockholders’rightsofappraisalinaccordancewiththeprovisionsofSection262oftheDGCL,andParentshall

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havetheopportunitytoparticipateinallnegotiationsandproceedingswithrespecttoallsuchdemands.TheCompanyshallnot,exceptwiththepriorwrittenconsentofParent,makeanypaymentwithrespectto,settleorofferoragreetosettleanysuchdemands.AnyportionoftheMergerConsiderationmadeavailabletotheExchangeAgentpursuanttoSection2.04topayforsharesofCompanyCommonStockforwhichappraisalrightshavebeenperfectedshallbereturnedtoParentupondemand.

Section2.06CompanyEquityAwards.

(a)CompanyStockOptions.AttheMergerEffectiveTime,eachcompensatoryoptiontopurchasesharesofCompanyCommonStockunderanyCompanyStockPlanthatisoutstandingandunexercisedimmediatelypriortotheMergerEffectiveTime(each,a“CompanyStockOption”),whetherornotvestedshall,byvirtueoftheMergerandwithoutfurtheractiononthepartoftheholderthereofbe:

(i)ifsuchCompanyStockOptionisanIn-the-MoneyOption,assumedbyParentandconvertedinto(A)anoption(an“AssumedIn-the-MoneyOption”)topurchase,onthesametermsandconditions(includingapplicablevesting,exerciseandexpirationprovisionsandanytermsandconditionsrelatingtoacceleratedvestinguponaterminationoftheholder’semploymentinconnectionwithorfollowingtheMerger)asappliedtoeachsuchCompanyStockOptionimmediatelypriortotheMergerEffectiveTime,sharesofParentCommonStock,exceptthatthenumberofsharesofParentCommonStock,roundeddowntothenearestwholenumberofshares,subjecttosuchAssumedIn-the-MoneyOptionshallequaltheproductof(1)thenumberofsharesofCompanyCommonStockthatweresubjecttosuchCompanyStockOptionimmediatelypriortotheMergerEffectiveTime,multipliedby(2)theEquityAwardExchangeRatio,andtheper-shareexerciseprice,roundeduptothenearestwholecent,shallequalthequotientof(x)theexercisepricepershareofCompanyCommonStockatwhichsuchCompanyStockOptionwasexercisableimmediatelypriortotheMergerEffectiveTime,dividedby(y)theEquityAwardExchangeRatio,and(B)therighttoreceive(1)ifsuchIn-the-MoneyOptionwasvestedpriortotheMergerEffectiveTime,oneNewCVRforeachshareofCompanyCommonStockunderlyingsuchIn-the-MoneyOptionimmediatelypriortotheMergerEffectiveTimetobedeliveredwithinfive(5)BusinessDaysfollowingtheMergerEffectiveTimeor(2)ifsuchIn-the-MoneyOptionwasnotvestedimmediatelypriortotheMergerEffectiveTime,immediatelyupon,andsubjectto,thevestingoftheAssumedIn-the-MoneyOption,theUnvestedEquityAwardCVRConsideration(asdefinedinSection2.06(e)below);or

(ii)ifsuchCompanyStockOptionisanOut-of-the-MoneyOption,assumedbyParentandconvertedintoanoption(an“AssumedOut-of-the-MoneyStockOption”)topurchase,onthesametermsandconditions(includingapplicablevesting,exerciseandexpirationprovisionsandanytermsandconditionsrelatingtoacceleratedvestinguponaterminationoftheholder’semploymentinconnectionwithorfollowingtheMerger)asappliedtoeachsuchCompanyStockOptionimmediatelypriortotheMergerEffectiveTime,sharesofParentCommonStock,exceptthatthenumberofsharesofParentCommonStock,roundeddowntothenearestwholenumberofshares,subjecttosuchAssumedOut-of-the-MoneyStockOptionshallequaltheproductof(1)thenumberofsharesofCompanyCommonStockthatweresubjecttosuchCompanyStockOptionimmediatelypriortotheMergerEffectiveTime,multipliedby(2)theOut-of-the-MoneyOptionExchangeRatio,andtheper-shareexerciseprice,roundeduptothenearestwholecent,shallequalthequotientof(x)theexercisepricepershareofCompanyCommonStockatwhichsuchCompanyStockOptionwasexercisableimmediatelypriortotheMergerEffectiveTime,dividedby(y)theOut-of-the-MoneyOptionExchangeRatio;

providedthateachCompanyStockOptionthatisan“incentivestockoption”(asdefinedinSection422oftheCode)shallbeadjustedinaccordancewiththerequirementsofSection424oftheCode,andeachCompanyStockOptionshallbeadjustedinamannerthatcomplieswithSection409AoftheCode.

(b)CompanyRestrictedStockUnits.AttheMergerEffectiveTime,eachrestrictedstockunitawardwithrespecttosharesofCompanyCommonStockoutstandingunderanyCompanyStockPlanthatvestssolelybasedonthepassageoftime(each,a“CompanyRSUAward”)shall,byvirtueoftheMergerandwithoutfurtheractiononthepartoftheholderthereof,beassumedbyParentandshallbeconvertedinto(i)arestrictedunitaward(each,an“AssumedRestrictedUnitAward”)thatsettlesinanumberofsharesof

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ParentCommonStockequaltothenumberofsharesofCompanyCommonStockunderlyingtheCompanyRSUAwardmultipliedbytheEquityAwardExchangeRatio,roundeduptothenearestwholenumberofshares,and(ii)therighttoreceive,immediatelyupon,andsubjectto,thevestingoftheAssumedRestrictedUnitAward,theUnvestedEquityAwardCVRConsideration.EachAssumedRestrictedUnitAwardshallcontinuetohave,andshallbesubjectto,thesametermsandconditionsasappliedtothecorrespondingCompanyRSUAwardimmediatelypriortotheMergerEffectiveTime(includinganytermsandconditionsrelatingtoacceleratedvestinguponaterminationoftheholder’semploymentinconnectionwithorfollowingtheMerger).

(c)CompanyPerformance-BasedRestrictedStockUnits.AttheMergerEffectiveTime,eachrestrictedstockunitawardwithrespecttosharesofCompanyCommonStockoutstandingunderanyCompanyStockPlanthatvestsbasedontheachievementofperformancegoals(each,a“CompanyPSUAward”)shall,byvirtueoftheMergerandwithoutfurtheractiononthepartoftheholderthereof,beassumedbyParentandshallbeconvertedinto(i)arestrictedstockunitaward(each,an“AssumedPerformanceUnitAward”)thatsettlesinanumberofsharesofParentCommonStockequaltotheproductofthenumberofsharesofCompanyCommonStockunderlyingtheCompanyPSUAward(withsuchnumberofsharesdeterminedbydeemingtheapplicableperformancegoalstobeachievedatthegreaterof(A)thetargetleveland(B)theactuallevelofachievementthroughtheendofthecalendarquarterimmediatelyprecedingthequarterinwhichtheMergerEffectiveTimeoccursasdeterminedbytheManagementCompensationandDevelopmentCommitteeoftheBoardofDirectorsoftheCompanypriortotheMergerEffectiveTime)multipliedbytheEquityAwardExchangeRatio,roundeduptothenearestwholenumberofshares,and(ii)therighttoreceive,immediatelyupon,andsubjectto,thevestingoftheAssumedPerformanceUnitAward,theUnvestedEquityAwardCVRConsideration.EachAssumedPerformanceUnitAwardshallcontinuetohave,andshallbesubjectto,thesametermsandconditionsasappliedtothecorrespondingCompanyPSUAward(otherthanperformance-basedvestingconditions)immediatelypriortotheMergerEffectiveTime(includinganytermsandconditionsrelatingtoacceleratedvestinguponaterminationoftheholder’semploymentinconnectionwithorfollowingtheMerger).

(d)CompanyRestrictedStockAwards.AttheMergerEffectiveTime,eachrestrictedstockawardwithrespecttosharesofCompanyCommonStockoutstandingunderanyCompanyStockPlanthatvestsbasedonthepassageoftimeand/ortheachievementofperformancegoals(each,a“CompanyRSA”)shall,byvirtueoftheMergerandwithoutfurtheractiononthepartoftheholderthereof,beassumedbyParentandshallbeconvertedinto(i)arestrictedstockaward(each,an“AssumedRestrictedStockAward”)thatsettlesinanumberofsharesofParentCommonStockequaltothenumberofsharesofCompanyCommonStockunderlyingtheCompanyRSAmultipliedbytheEquityAwardExchangeRatio,roundeduptothenearestwholenumberofshares,and(ii)therighttoreceive,immediatelyupon,andsubjectto,thevestingoftheAssumedRestrictedStockAward,theUnvestedEquityAwardCVRConsideration.EachAssumedRestrictedStockAwardshallcontinuetohave,andshallbesubjectto,thesametermsandconditionsasappliedtothecorrespondingCompanyRSAimmediatelypriortotheMergerEffectiveTime(includinganytermsandconditionsrelatingtoacceleratedvestinguponaterminationoftheholder’semploymentinconnectionwithorfollowingtheMerger).

(e)UnvestedEquityAwardCVRConsideration.WithrespecttoeachIn-the-MoneyOptionthatisunvestedasofimmediatelypriortotheMergerEffectiveTime,eachCompanyRSUAward,eachCompanyPSUAward,andeachCompanyRSA,the“UnvestedEquityAwardCVRConsideration”meanseither(i)iftheVestingDate(asdefinedbelow)occurspriortotheMilestonePaymentRecordDate(asdefinedintheNewCVRAgreement)andpriortotheTerminationDate(asdefinedintheNewCVRAgreement),oneNewCVRinrespectofeachshareofCompanyCommonStockunderlyingsuchIn-the-MoneyOption,CompanyRSUAward,CompanyPSUAward,orCompanyRSA,asapplicable,immediatelypriortotheMergerEffectiveTime,(ii)iftheVestingDateoccursonoraftertheMilestonePaymentRecordDate,acashpaymentequaltotheMilestonePayment(asdefinedintheNewCVRAgreement)inrespectofeachshareofCompanyCommonStockunderlyingsuchIn-the-MoneyOption,CompanyRSUAward,CompanyPSUAward,orCompanyRSA,asapplicable,immediatelypriortotheMergerEffectiveTime,or(iii)iftheVestingDateoccursonoraftertheTerminationDateandtheMilestone(asdefinedintheNewCVRAgreement)wasnotachievedpriortotheTerminationDate,noadditionalconsideration.AsusedinthisSection2.06(e),“VestingDate”meansthedateonwhichtheAssumedIn-the-MoneyOption,AssumedRestrictedUnitAward,AssumedPerformanceUnitAward,orAssumedRestrictedStockAwardthatwas

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issuedinexchangefortheapplicableIn-the-MoneyOption,CompanyRSUAward,CompanyPSUAward,orCompanyRSA,asapplicable,becomesvested.ForpurposesofthisSection2.06(e),thenumberofsharesofCompanyCommonStockunderlyingeachCompanyPSUAwardimmediatelypriortotheMergerEffectiveTimewillbedeterminedinaccordancewithSection2.06(c)(i).

(f)ReservationofShares.AssoonaspracticablefollowingtheClosingDate(butinnoeventmorethanfive(5)BusinessDaysfollowingtheClosingDate),ParentshallfilearegistrationstatementonFormS-8(oranysuccessorform)or,ifrequired,FormS-3(oranysuccessorform),withrespecttotheissuanceof(i)thesharesofParentCommonStocksubjecttotheAssumedIn-the-MoneyOptions,theAssumedOut-of-the-MoneyOptions,theAssumedRestrictedUnitAwards,theAssumedPerformanceUnitAwards,andtheAssumedRestrictedStockAwards,and(ii)theNewCVRstoholdersofAssumedIn-the-MoneyOptionsthatareunvestedasofimmediatelypriortotheMergerEffectiveTime,AssumedRestrictedUnitAwards,AssumedPerformanceUnitAwards,andAssumedRestrictedStockAwards,andshalluseitsreasonablebesteffortstomaintaintheeffectivenessofsuchregistrationstatementorregistrationstatements(andmaintainthecurrentstatusoftheprospectusorprospectusescontainedtherein)forsolongastheAssumedIn-the-MoneyOptions,theAssumedOut-of-the-MoneyOptions,theAssumedRestrictedUnitAwards,theAssumedPerformanceUnitAwards,andtheAssumedRestrictedStockAwardsremainoutstanding.

(g)BoardActions.PriortotheMergerEffectiveTime,theBoardofDirectorsoftheCompany(and/ortheManagementCompensationandDevelopmentCommitteeoftheBoardofDirectorsoftheCompany)andtheBoardofDirectorsofParent(and/ortheCompensationandManagementDevelopmentCommitteeoftheBoardofDirectorsofParent)shalladoptsuchresolutionsasarenecessarytogiveeffecttothetransactionscontemplatedbythisSection2.06.

Section2.07Adjustments.WithoutlimitingoraffectinganyoftheprovisionsofSection6.01orSection7.01,if,duringtheperiodbetweenthedateofthisAgreementandtheMergerEffectiveTime,anychangeintheoutstandingsharesofcapitalstockoftheCompanyorParentshalloccurasaresultofanyreclassification,recapitalization,stocksplit(includingreversestocksplit),merger,combination,exchangeorreadjustmentofshares,subdivisionorothersimilartransaction,oranystockdividendthereonwitharecorddateduringsuchperiod,theMergerConsiderationandanyotheramountspayablepursuanttothisAgreementshallbeappropriatelyadjustedtoeliminatetheeffectofsucheventontheMergerConsiderationoranysuchotheramountspayablepursuanttothisAgreement.

Section2.08FractionalShares.NotwithstandinganythinginthisAgreementtothecontrary,nofractionalsharesofParentCommonStockorfractionalNewCVRsshallbeissuedintheMerger.EachholderofsharesofCompanyCommonStockwhowouldotherwisehavebeenentitledtoreceiveasaresultoftheMergerafractionofashareofParentCommonStockorafractionalNewCVR(afteraggregatingallsharesrepresentedbytheCertificatesandUncertificatedSharesdeliveredbysuchholder),asthecasemaybe,shallreceive,inlieuthereof,cash(withoutinterest)inanamount(roundeddowntothenearestcent)representingsuchholder’sproportionateinterestinthenetproceedsfromthesalebytheExchangeAgentonbehalfofallsuchholdersofsharesofParentCommonStockorNewCVRs,respectively,thatwouldotherwisebeissued.

Section2.09WithholdingRights.EachoftheExchangeAgent,ParentandtheSurvivingCorporationshallbeentitledtodeductandwithholdfromtheconsiderationotherwisepayablepursuanttothisAgreementsuchamountsasitisrequiredtodeductandwithholdwithrespecttothemakingofsuchpaymentunderanyprovisionofanyApplicableLaw,includingfederal,state,localornon-U.S.Taxlaw.IftheExchangeAgent,ParentortheSurvivingCorporation,asthecasemaybe,sowithholdsandpaysoverallamountssowithheldtotheappropriateTaxingAuthority,suchamountsshallbetreatedforallpurposesofthisAgreementashavingbeenpaidtothePersoninrespectofwhichtheExchangeAgent,ParentortheSurvivingCorporation,asthecasemaybe,madesuchdeductionandwithholding.

Section2.10LostCertificates.IfanyCertificateshallhavebeenlost,stolenordestroyed,uponthemakingofanaffidavitofthatfactbythePersonclaimingsuchCertificatetobelost,stolenordestroyedand,ifreasonablyrequiredbytheSurvivingCorporationortheExchangeAgent,thepostingbysuchPersonofacustomarybondissuedforlost,stolenordestroyedstockcertificates,insuchreasonableamountastheSurvivingCorporationortheExchangeAgentmaydirect,asindemnityagainstanyclaimthatmaybemadeagainsttheSurvivingCorporationortheExchangeAgent,withrespecttosuchCertificate,theExchangeAgentwill,ifsuch

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holderhasotherwisedeliveredaproperlycompletedanddulyexecutedletteroftransmittal,issue,inexchangeforsuchlost,stolenordestroyedCertificate,theMergerConsiderationtobepaidinrespectofthesharesofCompanyCommonStockrepresentedbysuchCertificate,ascontemplatedbythisArticleII(includingSection2.04).

Section2.11FurtherAssurances.AtandaftertheMergerEffectiveTime,theofficersanddirectorsoftheSurvivingCorporationshallbeauthorizedtoexecuteanddeliver,inthenameandonbehalfoftheCompany,anyofitsSubsidiariesorMergerSub,anydeeds,billsofsale,assignmentsorassurancesandtotakeanddo,inthenameandonbehalfoftheCompany,anyofitsSubsidiariesorMergerSub,anyotheractionsandthingstovest,perfectorconfirmofrecordorotherwiseintheSurvivingCorporationanyandallright,titleandinterestin,toandunderanyoftherights,propertiesorassetsoftheCompanyacquiredortobeacquiredbytheSurvivingCorporationasaresultof,orinconnectionwith,theMerger.

ARTICLE III

ORGANIZATIONAL DOCUMENTS; DIRECTORS AND OFFICERS

Section3.01CertificateofIncorporationandBylawsoftheSurvivingCorporation.(a)ThecertificateofincorporationofMergerSub,asineffectimmediatelypriortotheMergerEffectiveTime,shallbethecertificateofincorporationoftheSurvivingCorporationfromandaftertheMergerEffectiveTimeuntilthereafteramendedasprovidedthereinorbyApplicableLawand(b)thebylawsofMergerSub,asineffectimmediatelypriortotheMergerEffectiveTime,shallbethebylawsoftheSurvivingCorporationfromandaftertheMergerEffectiveTimeuntilthereafteramendedasprovidedtherein,inthecertificateofincorporationoftheSurvivingCorporationorbyApplicableLaw,exceptineachcasethatthenameofthecorporationreflectedthereinshallbe“CelgeneCorporation”.

Section3.02DirectorsandOfficersoftheSurvivingCorporation.FromandaftertheMergerEffectiveTime,untiltheirrespectivesuccessorsaredulyelectedorappointedandqualifiedinaccordancewithApplicableLaw,(a)thedirectorsofMergerSubimmediatelypriortotheMergerEffectiveTimeshallbethedirectorsoftheSurvivingCorporationand(b)theofficersoftheCompanyimmediatelypriortotheMergerEffectiveTimeshallbetheofficersoftheSurvivingCorporation.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

SubjecttoSection11.05,except(i)asdisclosedinanypubliclyavailableCompanySECDocumentor(ii)assetforthintheCompanyDisclosureSchedule,theCompanyrepresentsandwarrantstoParentthat:

Section4.01CorporateExistenceandPower.TheCompanyisacorporationdulyincorporated,validlyexistingandingoodstandingunderthelawsoftheStateofDelaware.TheCompanyhasallrequisitecorporatepowerandauthorityrequiredtoownorleaseallofitspropertiesorassetsandtocarryonitsbusinessasnowconducted.TheCompanyisdulyqualifiedtodobusinessandisingoodstandingineachjurisdictionwheresuchqualificationisnecessary,exceptforthosejurisdictionswherefailuretobesoqualifiedoringoodstandinghasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.PriortothedateofthisAgreement,theCompanyhasmadeavailabletoParenttrueandcompletecopiesofthecertificateofincorporationandbylawsoftheCompanyasineffectonthedateofthisAgreement(the“CompanyOrganizationalDocuments”).

Section4.02CorporateAuthorization.

(a)Theexecution,deliveryandperformancebytheCompanyofthisAgreementandtheconsummationbytheCompanyofthetransactionscontemplatedbythisAgreementarewithinthecorporatepowersandauthorityoftheCompanyand,exceptfortheCompanyStockholderApproval,havebeendulyauthorizedbyallnecessarycorporateactiononthepartoftheCompany.TheaffirmativevoteoftheholdersofatleastamajorityoftheoutstandingsharesofCompanyCommonStockadoptingthisAgreementistheonlyvoteoftheholdersofanyoftheCompany’scapitalstocknecessaryinconnectionwiththeconsummationoftheMerger(the“CompanyStockholderApproval”).ThisAgreementhasbeendulyexecutedanddeliveredbytheCompanyand(assumingdueauthorization,executionanddeliverybyParent

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andMergerSub)constitutesavalid,legalandbindingagreementoftheCompanyenforceableagainsttheCompanyinaccordancewithitsterms(subjecttoapplicablebankruptcy,insolvency,reorganization,moratoriumandsimilarlawsaffectingcreditors’rightsandremediesgenerally,andsubjecttogeneralprinciplesofequity,regardlessofwhetherenforcementissoughtinaproceedingatlaworinequity(collectively,the“BankruptcyandEquityExceptions”)).

(b)Atameetingdulycalledandheld,theBoardofDirectorsoftheCompanyunanimouslyadoptedresolutions(i)determiningthatthisAgreementandthetransactionscontemplatedhereby(includingtheMerger)arefairtoandinthebestinterestsoftheCompanyanditsstockholders,(ii)approving,adoptinganddeclaringadvisablethisAgreementandthetransactionscontemplatedhereby(includingtheMerger),(iii)directingthattheadoptionofthisAgreementbesubmittedtoavoteatameetingoftheCompany’sstockholders,and(iv)recommendingadoptionofthisAgreementbytheCompany’sstockholders(suchrecommendation,the“CompanyBoardRecommendation”).ExceptaspermittedbySection6.02,theBoardofDirectorsoftheCompanyhasnotsubsequentlyrescinded,modifiedorwithdrawnanyoftheforegoingresolutions.

Section4.03GovernmentalAuthorization.Theexecution,deliveryandperformancebytheCompanyofthisAgreementandtheconsummationbytheCompanyofthetransactionscontemplatedherebyrequirenoactionbyorinrespectof,Consentsof,orFilingswith,anyGovernmentalAuthorityotherthan(a)thefilingoftheCertificateofMergerwiththeDelawareSecretaryofStateandappropriatedocumentswiththerelevantauthoritiesofotherstatesinwhichtheCompanyisqualifiedtodobusiness,(b)compliancewithanyapplicablerequirementsoftheHSRAct,(c)compliancewithandFilingsunderanyapplicableAntitrustLawsofanynon-U.S.jurisdictions(collectively,“ForeignAntitrustLaws”),(d)compliancewithanyapplicablerequirementsofthe1933Act,the1934ActandanyotherapplicableU.S.stateorfederalsecuritieslawsorpursuanttotherulesoftheNASDAQGlobalSelectMarketandNASDAQGlobalMarket(collectively,“Nasdaq”),and(e)anyotheractions,ConsentsorFilingstheabsenceofwhichhasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.

Section4.04Non-contravention.Theexecution,deliveryandperformancebytheCompanyofthisAgreementandtheconsummationofthetransactionscontemplatedherebydonotandwillnot(a)contravene,conflictwith,orresultinanyviolationorbreachofanyprovisionoftheCompanyOrganizationalDocuments,(b)assumingcompliancewiththemattersreferredtoinSection4.03andreceiptoftheCompanyStockholderApproval,contravene,conflictwithorresultinanyviolationorbreachofanyprovisionofanyApplicableLaw,(c)assumingcompliancewiththemattersreferredtoinSection4.03andreceiptoftheCompanyStockholderApproval,requireanyConsentorotheractionbyanyPersonunder,constituteadefault,oraneventthat,withorwithoutnoticeorlapseoftimeorboth,wouldconstituteadefault,under,orcauseorpermitthetermination,cancellation,accelerationorotherchangeofanyrightorobligationorthelossofanybenefittowhichtheCompanyoranyofitsSubsidiariesisentitledunder,anyprovisionofanyCompanyPermitoranyContractbindingupontheCompanyoranyofitsSubsidiaries,or(d)resultinthecreationorimpositionofanyLienonanyassetoftheCompanyoranyofitsSubsidiaries,except,inthecaseofeachofclauses(b)through(d),ashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.

Section4.05Capitalization.

(a)TheauthorizedcapitalstockoftheCompanyconsistsof(i)1,150,000,000sharesofCompanyCommonStockand(ii)5,000,000sharesofpreferredstock,parvalue$0.01pershare(“CompanyPreferredStock”).AsofDecember31,2018,therewereoutstanding(A)700,238,758sharesofCompanyCommonStock(ofwhich17,065sharesofCompanyCommonStockweresubjecttoCompanyRSAs),(B)nosharesofCompanyPreferredStock,(C)CompanyStockOptionstopurchaseanaggregateof71,139,116sharesofCompanyCommonStock,(D)11,676,491sharesofCompanyCommonStockweresubjecttooutstandingCompanyRSUAwards,(E)652,837sharesofCompanyCommonStockweresubjecttooutstandingCompanyPSUAwards,determinedassumingtargetperformancelevelswereachieved,(F)27,623,841additionalsharesofCompanyCommonStockwerereservedforissuancepursuanttotheCompanyStockPlansand(G)43,273,855AbraxisCVRssubjectto,andhavingthetermssetforthin,theAbraxisCVRAgreement.ExceptassetforthinthisSection4.05(a)andforchangessinceDecember31,2018resultingfrom(x)theexerciseorvestingandsettlementofCompanyEquityAwardsoutstandingonsuchdateor

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issuedonoraftersuchdatetotheextentpermittedbySection6.01,or(y)theissuanceofEquitySecuritiesoftheCompanyonorafterthedatehereoftotheextentpermittedbySection6.01,therearenoissued,reservedforissuanceoroutstandingEquitySecuritiesoftheCompany.

(b)AlloutstandingsharesofcapitalstockoftheCompanyhavebeen,andallsharesthatmaybeissuedpursuanttoanyCompanyStockPlanwillbe,whenissuedinaccordancewiththerespectivetermsthereof,dulyauthorizedandvalidlyissued,fullypaidandnonassessableandfreeofpreemptiverights.NoSubsidiaryoftheCompanyownsanysharesofcapitalstockoftheCompany(otherthananysuchsharesownedbySubsidiariesoftheCompanyinafiduciary,representativeorothercapacityonbehalfofotherPersons,whetherornotheldinaseparateaccount).Therearenooutstandingbonds,debentures,notesorotherindebtednessoftheCompanyhavingtherighttovote(orconvertibleinto,orexchangeablefor,securitieshavingtherighttovote)onanymattersonwhichstockholdersoftheCompanyhavetherighttovote.TherearenooutstandingobligationsoftheCompanyoranyofitsSubsidiariestorepurchase,redeemorotherwiseacquireanyEquitySecuritiesoftheCompany.NeithertheCompanynoranyofitsSubsidiariesisapartytoanyagreementwithrespecttothevotingofanyEquitySecuritiesoftheCompany.

Section4.06Subsidiaries.

(a)EachMajorSubsidiaryoftheCompanyisacorporationorotherentitydulyincorporatedororganized,validlyexistingandingoodstanding(excepttotheextentsuchconceptisnotapplicableunderApplicableLawofsuchSubsidiary’sjurisdictionofincorporation,formationororganization,asapplicable)underthelawsofitsjurisdictionofincorporation,formationororganization,asapplicable,andhasallcorporateorotherorganizationalpowersandauthority,asapplicable,requiredtoown,leaseandoperateitspropertiesandassetsandtocarryonitsbusinessasnowconducted,exceptforthosejurisdictionswherefailuretobesoorganized,validlyexistingandingoodstandingortohavesuchpowerorauthorityhasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.EachsuchMajorSubsidiaryisdulyqualifiedtodobusinessandisingoodstandingineachjurisdictionwheresuchqualificationisnecessary,exceptforthosejurisdictionswherefailuretobesoqualifiedoringoodstandinghasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.

(b)AlloftheissuedandoutstandingcapitalstockorotherEquitySecuritiesofeachSubsidiaryoftheCompanyhavebeenvalidlyissuedandarefullypaidandnonassessable(excepttotheextentsuchconceptsarenotapplicableunderApplicableLawofsuchSubsidiary’sjurisdictionofincorporation,formationororganization,asapplicable)andareownedbytheCompany,directlyorindirectly,freeandclearofanyLien(otherthananyrestrictionsimposedbyApplicableLaw)andfreeofpreemptiverights,rightsoffirstrefusal,subscriptionrightsorsimilarrightsofanyPersonandtransferrestrictions(otherthantransferrestrictionsunderApplicableLaworundertheorganizationaldocumentsofsuchSubsidiary).TherearenooutstandingobligationsoftheCompanyoranyofitsSubsidiariestorepurchase,redeemorotherwiseacquireanyEquitySecuritiesofanySubsidiaryoftheCompany.ExceptforthecapitalstockorotherEquitySecuritiesofitsSubsidiariesandpubliclytradedsecuritiesheldforinvestmentwhichdonotexceedfivepercent(5%)oftheoutstandingsecuritiesofanyentity,theCompanydoesnotown,directlyorindirectly,anycapitalstockorotherEquitySecuritiesofanyPerson.

Section4.07SECFilingsandtheSarbanes-OxleyAct.

(a)TheCompanyhastimelyfiledwithorfurnishedtotheSECallreports,schedules,forms,statements,prospectuses,registrationstatementsandotherdocumentsrequiredtobefiledwithorfurnishedtotheSECbytheCompanysinceJanuary1,2017(collectively,togetherwithanyexhibitsandschedulestheretoandotherinformationincorporatedtherein,the“CompanySECDocuments”).NoSubsidiaryoftheCompanyisrequiredtofileanyreport,schedule,form,statement,prospectus,registrationstatementorotherdocumentwiththeSEC.

(b)Asofitsfilingdate(or,ifamendedorsupersededbyafilingpriortothedateofthisAgreement,onthedateofsuchamendedorsupersedingfiling),theCompanySECDocumentsfiledorfurnishedpriortothedateofthisAgreementcomplied,andeachCompanySECDocumentfiledorfurnishedsubsequentto

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thedateofthisAgreement(assuming,inthecaseoftheJointProxyStatement/Prospectus,thattherepresentationandwarrantysetforthinSection5.09istrueandcorrect)willcomply,inallmaterialrespectswiththeapplicablerequirementsofNasdaq,the1933Act,the1934ActandtheSarbanes-OxleyAct,asthecasemaybe.

(c)Asofitsfilingdate(or,ifamendedorsupersededbyafilingpriortothedateofthisAgreement,onthedateofsuchamendedorsupersedingfiling),eachCompanySECDocumentfiledorfurnishedpriortothedateofthisAgreementdidnot,andeachCompanySECDocumentfiledorfurnishedsubsequenttothedateofthisAgreement(assuming,inthecaseoftheJointProxyStatement/Prospectus,thattherepresentationandwarrantysetforthinSection5.09istrueandcorrect)willnot,containanyuntruestatementofamaterialfactoromittostateanymaterialfactnecessaryinordertomakethestatementsmadetherein,inlightofthecircumstancesunderwhichtheyweremade,notmisleading.

(d)TheCompanyis,andsinceJanuary1,2017hasbeen,incomplianceinallmaterialrespectswith(i)theapplicableprovisionsoftheSarbanes-OxleyActand(ii)theapplicablelistingandcorporategovernancerulesandregulationsofNasdaq.

(e)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,theCompanyanditsSubsidiarieshaveestablishedandmaintaindisclosurecontrolsandprocedures(asdefinedinRule13a-15underthe1934Act)designedtoensurethatmaterialinformationrelatingtotheCompany,includingitsconsolidatedSubsidiaries,ismadeknowntotheCompany’sprincipalexecutiveofficeranditsprincipalfinancialofficerbyotherswithinthoseentities,includingduringtheperiodsinwhichtheperiodicreportsrequiredunderthe1934Actarebeingprepared.ForpurposesofthisAgreement,“principalexecutiveofficer”and“principalfinancialofficer”shallhavethemeaningsgiventosuchtermsintheSarbanes-OxleyAct.

(f)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,theCompanyanditsSubsidiarieshaveestablishedandmaintainasystemofinternalcontrolsoverfinancialreporting(asdefinedinRule13a-15underthe1934Act)(“internalcontrols”)designedtoprovidereasonableassuranceregardingthereliabilityoftheCompany’sfinancialreportingandthepreparationoftheCompany’sfinancialstatementsforexternalpurposesinaccordancewithGAAP,andtheCompany’sprincipalexecutiveofficerandprincipalfinancialofficerhavedisclosed,basedontheirmostrecentevaluationofsuchinternalcontrolspriortothedateofthisAgreement,totheCompany’sauditorsandtheauditcommitteeoftheBoardofDirectorsoftheCompany(i)allsignificantdeficienciesandmaterialweaknessesinthedesignoroperationofinternalcontrolswhicharereasonablylikelytoadverselyaffecttheCompany’sabilitytorecord,process,summarizeandreportfinancialinformationand(ii)anyfraud,whetherornotmaterial,thatinvolvesmanagementorotheremployeeswhohaveasignificantroleininternalcontrols.TheCompanyhasmadeavailabletoParentpriortothedateofthisAgreementatrueandcomplete(inallmaterialrespects)summaryofanydisclosureofthetypedescribedintheprecedingsentencemadebymanagementtotheCompany’sauditorsandauditcommitteeduringtheperiodbeginningJanuary1,2017andendingasofthedatehereof.

(g)SinceJanuary1,2017,eachoftheprincipalexecutiveofficerandprincipalfinancialofficeroftheCompany(oreachformerprincipalexecutiveofficerandprincipalfinancialofficeroftheCompany,asapplicable)hasmadeallcertificationsrequiredbyRules13a-14and15d-14underthe1934ActandSections302and906oftheSarbanes-OxleyActandanyrelatedrulesandregulationspromulgatedbytheSECandNasdaq,andthestatementscontainedinanysuchcertificationsaretrueandcompleteinallmaterialrespectsasofthedateonwhichtheyweremade.

Section4.08FinancialStatementsandFinancialMatters.

(a)TheauditedconsolidatedfinancialstatementsandunauditedconsolidatedinterimfinancialstatementsoftheCompanyincludedorincorporatedbyreferenceintheCompanySECDocumentspresentfairlyinallmaterialrespects,inconformitywithGAAPappliedonaconsistentbasisduringtheperiodspresented(exceptasmaybeindicatedinthenotesthereto),theconsolidatedfinancialpositionoftheCompanyanditsSubsidiariesasofthedatesthereofandtheirconsolidatedresultsofoperationsandcashflowsfortheperiodsthenended(subjecttonormalandrecurringyear-endauditadjustmentsinthecaseofanyunauditedinterimfinancialstatements).SuchconsolidatedfinancialstatementshavebeenpreparedinallmaterialrespectsfromthebooksandrecordsoftheCompanyanditsSubsidiaries.

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(b)FromJanuary1,2017tothedateofthisAgreement,theCompanyhasnotreceivedwrittennoticefromtheSECoranyotherGovernmentalAuthorityindicatingthatanyofitsaccountingpoliciesorpracticesareormaybethesubjectofanyreview,inquiry,investigationorchallengebytheSECoranyotherGovernmentalAuthority.

Section4.09DisclosureDocuments.TheinformationrelatingtotheCompanyanditsSubsidiariesthatisprovidedbytheCompany,anyofitsSubsidiariesoranyoftheirrespectiveRepresentativesforinclusionorincorporationbyreferenceintheRegistrationStatementortheJointProxyStatement/Prospectuswillnot(a)inthecaseoftheRegistrationStatement,atthetimetheRegistrationStatementoranyamendmentorsupplementtheretobecomeseffectiveandatthetimeoftheCompanyStockholderMeetingandtheParentStockholderMeeting,and(b)inthecaseoftheJointProxyStatement/Prospectus,atthetimetheJointProxyStatement/ProspectusoranyamendmentorsupplementtheretoisfirstmailedtothestockholdersoftheCompanyandthestockholdersofParentandatthetimeoftheCompanyStockholderMeetingandtheParentStockholderMeeting,containanyuntruestatementofamaterialfactoromittostateanymaterialfactnecessaryinordertomakethestatementsmadetherein,inlightofthecircumstancesunderwhichtheyweremade,notmisleading.NotwithstandingtheforegoingprovisionsofthisSection4.09,norepresentationorwarrantyismadebytheCompanywithrespecttoinformationorstatementsmadeorincorporatedbyreferenceintheRegistrationStatementortheJointProxyStatement/ProspectuswhichwerenotsuppliedbyoronbehalfoftheCompany.

Section4.10AbsenceofCertainChanges.

(a)(i)SincetheCompanyBalanceSheetDatethroughthedateofthisAgreement,exceptinconnectionwithorrelatedtotheprocessinconnectionwithwhichtheCompanyanditsRepresentativesdiscussedandnegotiatedthisAgreementandthetransactionscontemplatedhereby,thebusinessoftheCompanyanditsSubsidiarieshasbeenconductedinallmaterialrespectsintheordinarycourseofbusinessconsistentwithpastpracticeand(ii)sincetheCompanyBalanceSheetDate,therehasnotbeenanyevent,change,effect,developmentoroccurrencethathashadorwouldreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.

(b)SincetheCompanyBalanceSheetDatethroughthedateofthisAgreement,therehasnotbeenanyactiontakenbytheCompanyoranyofitsSubsidiariesthat,iftakenduringtheperiodfromthedateofthisAgreementthroughtheMergerEffectiveTimewithoutParent’sconsent,wouldconstituteabreachofclause(b),(c)(iii),(f),(h),(l)or(m)ofSection6.01(orsolelywithrespecttotheforegoingclauses,clause(o)ofSection6.01).

Section4.11NoUndisclosedMaterialLiabilities.TherearenoliabilitiesorobligationsoftheCompanyoranyofitsSubsidiariesofanykindwhatsoever,whetheraccrued,contingent,absolute,determined,determinableorotherwise,thatwouldberequiredbyGAAPtobereflectedontheconsolidatedbalancesheetoftheCompanyanditsSubsidiaries,otherthan(a)liabilitiesorobligationsdisclosedandprovidedforintheCompanyBalanceSheetorinthenotesthereto,(b)liabilitiesorobligationsincurredintheordinarycourseofbusinessconsistentwithpastpracticesincetheCompanyBalanceSheetDate,(c)liabilitiesarisinginconnectionwiththetransactionscontemplatedhereby,or(d)otherliabilitiesorobligationsthathavenothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.Therearenooff-balancesheetarrangementsofanytypepursuanttoanyoff-balancesheetarrangementrequiredtobedisclosedpursuanttoItem303(a)(4)ofRegulationS-Kpromulgatedunderthe1933Act(“RegulationS-K”)thathavenotbeensodescribedintheCompanySECDocuments.

Section4.12Litigation.Thereisnoclaim,action,proceedingorsuitor,totheknowledgeoftheCompany,investigationpendingor,totheknowledgeoftheCompany,threatened(inthecaseofclause(b)below,asofthedatehereof)againsttheCompany,anyofitsSubsidiaries,anypresentorformerofficers,directorsoremployeesoftheCompanyoranyofitsSubsidiariesintheirrespectivecapacitiesassuch,oranyoftherespectivepropertiesorassetsoftheCompanyoranyofitsSubsidiaries,before(or,inthecaseofthreatenedclaims,actions,suits,investigationsorproceedings,thatwouldbebefore)anyGovernmentalAuthority(a)thathashadorwouldreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffector(b)that,asofthedateofthisAgreement,inanymannerchallengesorseekstoprevent,enjoin,alterormateriallydelaytheMergeroranyoftheothertransactionscontemplatedhereby.ThereisnoOrderoutstandingagainsttheCompany,anyofitsSubsidiaries,anypresentorformerofficers,directorsoremployeesoftheCompanyoranyofitsSubsidiariesintheirrespectivecapacitiesassuch,oranyoftherespectivepropertiesor

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assetsofanyoftheCompanyoranyofitsSubsidiaries,thathashadorwouldreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffectorthat,asofthedateofthisAgreement,wouldreasonablybeexpectedtoprevent,enjoin,alterormateriallydelaytheMergeroranyoftheothertransactionscontemplatedhereby.

Section4.13Permits.Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,theCompanyandeachofitsSubsidiariesholdallgovernmentallicensesandConsentsnecessaryfortheoperationofitsrespectivebusinesses(the“CompanyPermits”).TheCompanyandeachofitsSubsidiariesare,andsinceJanuary1,2017havebeen,incompliancewiththetermsoftheCompanyPermits,exceptforfailurestocomplythathavenothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.Thereisnoclaim,action,proceedingorsuitor,totheknowledgeoftheCompany,investigationpending,or,totheknowledgeoftheCompany,threatenedthatseeks,or,totheknowledgeoftheCompany,anyexistingcondition,situationorsetofcircumstancesthatwouldreasonablybeexpectedtoresultin,therevocation,cancellation,termination,non-renewaloradversemodificationofanyCompanyPermit,exceptwheresuchrevocation,cancellation,termination,non-renewaloradversemodificationhasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.

Section4.14CompliancewithLaws.TheCompanyandeachofitsSubsidiariesare,andsinceJanuary1,2017havebeen,incompliancewithallApplicableLaws,exceptforfailurestocomplythathavenothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.

Section4.15RegulatoryMatters.

(a)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,(i)eachoftheCompanyanditsSubsidiariesholds(A)allauthorizationsundertheUnitedStatesFood,DrugandCosmeticActof1938,asamended(the“FDCA”),thePublicHealthServiceAct,asamended(the“PHSA”),andtheregulationsoftheUnitedStatesFoodandDrugAdministration(the“FDA”)promulgatedthereunder,and(B)authorizationsofanyapplicableGovernmentalAuthoritythatareconcernedwiththequality,identity,strength,purity,safety,efficacy,manufacturing,marketing,distribution,sale,pricing,importorexportofanyoftheCompanyProducts(anysuchGovernmentalAuthority,a“CompanyRegulatoryAgency”)necessaryforthelawfuloperatingofthebusinessesoftheCompanyandeachofitsSubsidiariesascurrentlyconducted(the“CompanyRegulatoryPermits”);(ii)allsuchCompanyRegulatoryPermitsarevalidandinfullforceandeffect;and(iii)theCompanyanditsSubsidiariesareincompliancewiththetermsofallCompanyRegulatoryPermits.AllCompanyRegulatoryPermitsareinfullforceandeffect,exceptwherethefailuretobeinfullforceandeffecthasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.

(b)NeithertheCompanynoranyofitsSubsidiariesarepartytoanymaterialcorporateintegrityagreements,monitoringagreements,consentdecrees,settlementorders,orsimilaragreementswithorimposedbyanyCompanyRegulatoryAgency.

(c)Allpre-clinicalandclinicalinvestigationsinrespectofaCompanyProductorCompanyProductcandidateconductedorsponsoredbytheCompanyoranyofitsSubsidiariesarebeingand,sinceJanuary1,2017havebeen,conductedincompliancewithallApplicableLawsadministeredorissuedbytheapplicableCompanyRegulatoryAgencies,including(i)FDAstandardsforthedesign,conduct,performance,monitoring,auditing,recording,analysisandreportingofclinicaltrialscontainedinTitle21parts50,54,56,312,314and320oftheCodeofFederalRegulations,and(ii)anyapplicablefederal,stateandprovincialApplicableLawsrestrictingthecollection,useanddisclosureofindividuallyidentifiablehealthinformationandpersonalinformation,except,ineachcase,forsuchnoncompliancethathasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.

(d)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,duringtheperiodbeginningonJanuary1,2017andendingonthedatehereof,neithertheCompanynoranyofitsSubsidiarieshasreceivedanywrittennoticefromtheFDAortheEuropeanMedicinesAgency(the“EMA”)oranyforeignagencywithjurisdictionoverthe

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development,marketing,labeling,sale,usehandlingandcontrol,safety,efficacy,reliability,ormanufacturingoftheCompanyProductswhichwouldreasonablybeexpectedtoleadtothedenial,limitation,revocation,orrescissionofanyoftheCompanyRegulatoryPermitsorofanyapplicationformarketingapprovalcurrentlypendingbeforetheFDAorsuchotherCompanyRegulatoryAgency.

(e)DuringtheperiodbeginningonJanuary1,2017andendingonthedatehereof,allreports,documents,claims,permitsandnoticesrequiredtobefiled,maintainedorfurnishedtotheFDAoranyotherCompanyRegulatoryAgencybytheCompanyanditsSubsidiarieshavebeensofiled,maintainedorfurnished,exceptwherefailuretofile,maintainorfurnishsuchreports,documents,claims,permitsornoticeshavenothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.Allsuchreports,documents,claims,permitsandnoticesweretrueandcompleteinallmaterialrespectsonthedatefiled(orwerecorrectedinorsupplementedbyasubsequentfiling).SinceJanuary1,2017,neithertheCompanynoranyofitsSubsidiaries,nor,totheknowledgeoftheCompany,anyofficer,employee,agentordistributoroftheCompanyoranyofitsSubsidiaries,hasmadeanuntruestatementofamaterialfactorafraudulentstatementtotheFDAoranyotherCompanyRegulatoryAgency,failedtodiscloseamaterialfactrequiredtobedisclosedtotheFDAoranyotherCompanyRegulatoryAgency,orcommittedanact,madeastatement,orfailedtomakeastatement,ineachsuchcase,relatedtothebusinessoftheCompanyoranyofitsSubsidiaries,that,atthetimesuchdisclosurewasmade,wouldreasonablybeexpectedtoprovideabasisfortheFDAtoinvokeitspolicyrespecting“Fraud,UntrueStatementsofMaterialFacts,Bribery,andIllegalGratuities”,setforthin56Fed.Reg.46191(September10,1991)orfortheFDAoranyotherCompanyRegulatoryAgencytoinvokeanysimilarpolicy,exceptforanyactorstatementorfailuretomakeastatementthathasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,sinceJanuary1,2017,(i)neithertheCompanynoranyofitsSubsidiaries,nor,totheknowledgeoftheCompany,anyofficer,employee,agentordistributoroftheCompanyoranyofitsSubsidiaries,hasbeendebarredorconvictedofanycrimeorengagedinanyconductforwhichdebarmentismandatedby21U.S.C.§335a(a)oranysimilarApplicableLaworauthorizedby21U.S.C.§335a(b)oranysimilarApplicableLawapplicableinotherjurisdictionsinwhichmaterialquantitiesofanyoftheCompanyProductsorCompanyProductcandidatesaresoldorintendedbytheCompanytobesold;and(ii)neithertheCompanynoranyofitsSubsidiaries,nor,totheknowledgeoftheCompany,anyofficer,employee,agentordistributoroftheCompanyoranyofitsSubsidiaries,hasbeenexcludedfromparticipationinanyfederalhealthcareprogramorconvictedofanycrimeorengagedinanyconductforwhichsuchPersoncouldbeexcludedfromparticipatinginanyfederalhealthcareprogramunderSection1128oftheSocialSecurityActof1935,asamended,oranysimilarApplicableLaworprogram.

(f)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,astoeachCompanyProductorCompanyProductcandidatesubjecttotheFDCAandtheregulationsoftheFDApromulgatedthereunderoranysimilarApplicableLawinanyforeignjurisdictioninwhichmaterialquantitiesofanyoftheCompanyProductsorCompanyProductcandidatesaresoldorintendedbytheCompanyoranyofitsSubsidiariestobesoldthatisorhasbeendeveloped,manufactured,tested,distributedormarketedbyoronbehalfoftheCompanyoranyofitsSubsidiaries,eachsuchCompanyProductorCompanyProductcandidateisbeingorhasbeendeveloped,manufactured,stored,distributedandmarketedincompliancewithallApplicableLaws,includingthoserelatingtoinvestigationaluse,marketingapproval,currentgoodmanufacturingpractices,packaging,labeling,advertising,recordkeeping,reporting,andsecurity.Thereisnoactionorproceedingpendingor,totheknowledgeoftheCompany,threatened,includinganyprosecution,injunction,seizure,civilfine,debarment,suspensionorrecall,ineachcasealleginganyviolationapplicabletoanyCompanyProductorCompanyProductcandidatebytheCompanyoranyofitsSubsidiariesofanyApplicableLaw,exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.

(g)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,duringtheperiodbeginningonJanuary1,2017andendingonthedatehereof,neithertheCompanynoranyofitsSubsidiarieshavevoluntarilyorinvoluntarilyinitiated,conductedorissued,orcausedtobeinitiated,conductedorissued,anymaterialrecall,field

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corrections,marketwithdrawalorreplacement,safetyalert,warning,“deardoctor”letter,investigatornotice,orothernoticeoractiontowholesalers,distributors,retailers,healthcareprofessionalsorpatientsrelatingtoanallegedlackofsafety,efficacyorregulatorycomplianceofanyCompanyProduct.TotheknowledgeoftheCompany,therearenofactsasofthedatehereofwhicharereasonablylikelytocause,andneithertheCompanynoranyofitsSubsidiarieshasreceivedanywrittennoticefromtheFDAoranyotherCompanyRegulatoryAgencyduringtheperiodbeginningonJanuary1,2017andendingonthedatehereofregarding,(i)therecall,marketwithdrawalorreplacementofanyCompanyProductsoldorintendedtobesoldbytheCompanyoritsSubsidiaries(otherthanrecalls,withdrawalsorreplacementsthatarenotmaterialtotheCompanyanditsSubsidiaries,takenasawhole),(ii)amaterialchangeinthemarketingclassificationoramaterialchangeinthelabelingofanysuchCompanyProducts,(iii)aterminationorsuspensionofthemanufacturing,marketing,ordistributionofsuchCompanyProducts,or(iv)amaterialnegativechangeinreimbursementstatusofaCompanyProduct.

Section4.16MaterialContracts.

(a)Section4.16(a)oftheCompanyDisclosureSchedulesetsforthalistasofthedateofthisAgreementofeachofthefollowingContracts(otherthananyContractthatisaCompanyEmployeePlan)towhichtheCompanyoranyofitsSubsidiariesisapartyorbywhichitisbound(eachsuchContractlistedorrequiredtobesolisted,andeachofthefollowingContractstowhichtheCompanyoranyofitsSubsidiariesbecomesapartyorbywhichitbecomesboundafterthedateofthisAgreement,a“CompanyMaterialContract”):

(i)anyContract,includinganymanufacturing,supplyordistributionagreement,thatrequiresbyitstermsorisreasonablylikelytorequirethepaymentordeliveryofcashorotherconsiderationbyortotheCompanyoranyofitsSubsidiariesinanamounthavinganexpectedvalueinexcessof$100,000,000inthefiscalyearendingDecember31,2018oranyfiscalyearthereafterandwhichcannotbeterminatedbytheCompanyorsuchSubsidiaryonlessthansixty(60)days’noticewithoutmaterialpaymentorpenalty;

(ii)eachContractprovidingforor(inthecaseofsubclause(B))relatedtotheacquisitionordispositionofassetsorsecuritiesbyorfromanyPersonsoranybusiness(oranyContractprovidingforanoption,rightfirstrefusalorofferorsimilarrightswithrespecttoanyoftheforegoing)(includingtheAbraxisCVRAgreement)(A)enteredintosinceDecember31,2015thatinvolvedorwouldreasonablybeexpectedtoinvolvethepaymentofconsiderationinexcessof$250,000,000intheaggregatewithrespecttosuchContractorseriesofrelatedContracts,or(B)thatcontains(orwouldcontain,inthecaseofanoption,rightoffirstrefusalorofferorsimilarrights)(x)ongoingrepresentations,warranties,covenants,indemnitiesorotherobligations(including“earn-out”,contingentvaluerightsorothercontingentpaymentorvalueobligations)thatwouldreasonablybeexpectedtoinvolveormayrequirethereceiptormakingofpaymentsortheissuanceofanyEquitySecuritiesoftheCompanyoranyofitsSubsidiariesinexcessof$250,000,000inthefiscalyearendingDecember31,2018oranyfiscalyearthereafteror(y)anyothermaterialongoingobligationsoftheCompanyoranyofitsSubsidiariesoutsideoftheordinarycourseofbusiness;

(iii)anyContractwithanyGovernmentalAuthorityinvolvingorthatwouldreasonablybeexpectedtoinvolvepaymentstoorfromanyGovernmentalAuthorityinanamounthavinganexpectedvalueinexcessof$50,000,000inthefiscalyearendingDecember31,2018oranyfiscalyearthereafter;

(iv)anyContractthat(A)limitsorpurportstolimit,inanymaterialrespect,thefreedomoftheCompanyoranyofitsSubsidiariestoengageorcompeteinanylineofbusinessorwithanyPersonorinanyareaorthatwouldsolimitorpurporttolimit,inanymaterialrespect,thefreedomofParentoranyofitsAffiliatesaftertheMergerEffectiveTime,(B)containsmaterialexclusivityor“mostfavorednation”obligationsorrestrictionstowhichtheCompanyoranyofitsSubsidiariesissubject(or,followingtheClosing,towhichParentoranyofitsSubsidiarieswouldbesubject)or(C)containsanyotherprovisionsrestrictingorpurportingtorestricttheabilityoftheCompanyoranyofitsSubsidiariestosell,market,distribute,promote,manufacture,develop,commercialize,ortestor

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researchanycurrentproductmaterialtotheCompanyoranyofitsSubsidiaries,directlyorindirectlythroughthirdpartiesinanymaterialrespect,orthatwouldsolimitorpurporttolimitParentoranyofitsAffiliatesaftertheMergerEffectiveTimeinanymaterialrespect;

(v)anyContractrelatingtothird-partyindebtednessforborrowedmoney(includingunderanyshort-termfinancingfacility),ineachcaseinexcessof$35,000,000(whetherincurred,assumed,guaranteedorsecuredbyanyasset)oftheCompanyoranyofitsSubsidiaries;

(vi)anyContractrestrictingthepaymentofdividendsorthemakingofdistributionstostockholdersortherepurchaseorredemptionsofstockorotherEquitySecurities;

(vii)anycollectivebargainingagreementsorotheragreementswithanylabororganization,laborunionorotheremployeerepresentativewithrespecttoemployeesoftheCompanyoranyofitsSubsidiaries;

(viii)anymaterialjointventure,profit-sharing,partnership,collaboration,co-promotion,commercialization,research,developmentorothersimilaragreement;

(ix)anyContractwithanyPerson(A)pursuanttowhichtheCompanyoritsSubsidiariesmayberequiredtopaymilestones,royaltiesorothercontingentpaymentsbasedonanyresearch,testing,development,regulatoryfilingsorapproval,sale,distribution,commercialmanufactureorothersimilaroccurrences,developments,activitiesorevents,or(B)underwhichtheCompanyoritsSubsidiariesgrantstoanyPersonanyrightoffirstrefusal,rightoffirstnegotiation,optiontopurchase,optiontolicense,oranyothersimilarrightswithrespecttoanyCompanyProductoranymaterialIntellectualProperty(or,followingtheClosing,withrespecttoanyParentProductoranymaterialIntellectualPropertyofParentoranyofitsSubsidiaries),ineachcase,whichpaymentsareinanamounthavinganexpectedvalueinexcessof$250,000,000inthefiscalyearendingDecember31,2018oranyfiscalyearthereafter;

(x)anyleaseorsubleaseforrealorpersonalpropertyforwhichannualrentalpaymentsmadebytheCompanyoranyofitsSubsidiariesareexpectedtobeinexcessof$50,000,000inthefiscalyearendingDecember31,2018oranyfiscalyearthereafter;

(xi)allmaterialContractspursuanttowhichtheCompanyoranyofitsSubsidiaries(A)receivesorisgrantedanylicense(includinganysublicense)to,orcovenantnottobesuedunder,anyIntellectualProperty(otherthanlicensestoSoftwarethatiscommerciallyavailableonnon-discriminatorypricingterms)or(B)grantsanylicense(includinganysublicense)to,orcovenantnottobesuedunder,anyIntellectualProperty(otherthannon-exclusivelicensesgrantedintheordinarycourseofbusiness),inthecaseofeachofclauses(A)and(B),otherthananygrantofalicenseintheordinarycourseofbusinessinconnectionwithanydistributionagreement(but,forclarity,excludinganydistributionagreementthatwasenteredintoinconnectionwiththesettlementorcompromiseofanyclaim,actionorproceedingortoavoidanyactualorthreatenedclaim,actionorproceeding);

(xii)anyContractsorothertransactionswithany(A)executiveofficerordirectoroftheCompany,(B)recordor,totheknowledgeoftheCompany,beneficialowneroffivepercent(5%)ormoreofthevotingsecuritiesoftheCompany,or(C)affiliate(assuchtermisdefinedinRule12b-2promulgatedunderthe1934Act)or“associates”(ormembersofanyoftheir“immediatefamily”)(assuchtermsarerespectivelydefinedinRule12b-2andRule16a-1ofthe1934Act)ofanysuchexecutiveofficer,directororbeneficialowner;

(xiii)anyContractinvolvingthesettlementorcompromiseofanyclaim,actionorproceedingorthreatenedclaim,actionorproceeding(orseriesofrelated,claimsactionsorproceedings)which(A)involveseither(1)paymentsbytheCompanyoranyofitsSubsidiariesafterthedatehereofinexcessof$100,000,000,and/or(2)anyCoveredProductintheUnitedStatesorEurope,or(B)imposesanymateriallyburdensomemonitoringorreportingobligationstoanyotherPersonoutsidetheordinarycourseofbusinessoranyothermaterialrestrictionsorliabilitiesontheCompanyoranySubsidiaryoftheCompany(or,followingtheClosing,onParentoranySubsidiaryofParent);

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(xiv)[intentionallyomitted];and

(xv)anyotherContractrequiredtobefiledbytheCompanypursuanttoItem601(b)(10)ofRegulationS-K.

(b)AlloftheCompanyMaterialContractsare,subjecttotheBankruptcyandEquityExceptions,(i)validandbindingobligationsoftheCompanyoraSubsidiaryoftheCompany(asthecasemaybe)and,totheknowledgeoftheCompany,eachoftheotherpartiesthereto,and(ii)infullforceandeffectandenforceableinaccordancewiththeirrespectivetermsagainsttheCompanyoritsSubsidiaries(asthecasemaybe)and,totheknowledgeoftheCompany,eachoftheotherpartiesthereto(ineachcaseexceptforsuchCompanyMaterialContractsthatareterminatedafterthedateofthisAgreementinaccordancewiththeirrespectiveterms,otherthanasaresultofadefaultorbreachbytheCompanyoranyofitsSubsidiariesofanyoftheprovisionsthereof),exceptwherethefailuretobevalidandbindingobligationsandinfullforceandeffectandenforceablehasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.TotheknowledgeoftheCompany,asofthedatehereof,noPersonisseekingtoterminateorchallengingthevalidityorenforceabilityofanyCompanyMaterialContract,exceptsuchterminationsorchallengeswhichhavenothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.NeithertheCompanynoranyofitsSubsidiaries,nor,asofthedatehereofandtotheknowledgeoftheCompany,anyoftheotherpartiesthereto,hasviolatedanyprovisionof,orcommittedorfailedtoperformanyactthat(withorwithoutnotice,lapseoftimeorboth)wouldconstituteadefaultunderanyprovisionof,and,asofthedatehereof,neithertheCompanynoranyofitsSubsidiarieshasreceivedwrittennoticethatithasviolatedordefaultedunder,anyCompanyMaterialContract,exceptforthoseviolationsanddefaults(orpotentialdefaults)whichhavenothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.TheCompanyhasmadeavailabletoParenttrueandcompletecopiesofeachCompanyMaterialContractasineffectasofthedatehereof.

Section4.17Taxes.Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect:

(a)AllTaxReturnsrequiredbyApplicableLawtobefiledwithanyTaxingAuthorityby,oronbehalfof,theCompanyoranyofitsSubsidiarieshavebeenfiledwhendue(givingeffecttoallextensions)inaccordancewithallApplicableLaw,andallsuchTaxReturnsaretrueandcompleteinallrespects.

(b)TheCompanyandeachofitsSubsidiarieshaspaid(orhashadpaidonitsbehalf)allTaxesshownasdueandpayableonanyTaxReturns,or(i)wherepaymentisnotyetdue,hasestablished(orhashadestablishedonitsbehalfandforitssolebenefitandrecourse)inaccordancewithGAAPanadequateaccrualor(ii)wherepaymentisbeingcontestedingoodfaithpursuanttoappropriateprocedures,hasestablished(orhashadestablishedonitsbehalfandforitssolebenefitandrecourse)inaccordancewithGAAPanadequatereserve,ineachcaseforallTaxesthroughtheendofthelastperiodforwhichtheCompanyanditsSubsidiariesordinarilyrecorditemsontheirrespectivebooksandrecords.

(c)TheCompanyandeachofitsSubsidiarieshasdulyandtimelywithheldallTaxesrequiredtobewithheld,andsuchwithheldTaxeshavebeeneitherdulyandtimelypaidtotheproperTaxingAuthorityorproperlysetasideinaccountsforsuchpurpose.

(d)(i)AllfederalincomeTaxReturnsoftheaffiliatedgroupofwhichtheCompanyisthecommonparentthroughtheTaxyearendedDecember31,2008havebeenexaminedandclosedorareTaxReturnswithrespecttowhichtheapplicableperiodforassessmentunderApplicableLaw,aftergivingeffecttoextensionsorwaivers,hasexpired,and(ii)neithertheCompanynoranyofitsSubsidiaries(oranymemberofanyaffiliated,consolidated,combinedorunitarygroupofwhichtheCompanyoranyofitsSubsidiariesisorhasbeenamember)hasgrantedanyextensionorwaiverofthelimitationperiodapplicabletotheassessmentorcollectionofanyfederalincomeTax,andnopowerofattorneywithrespecttoanysuchTaxeshasbeengrantedtoanyPerson,ineachcase,thatremainsineffect.

(e)Thereisnoclaim,action,suit,proceedingorinvestigation(includinganaudit)pendingor,totheCompany’sknowledge,threatenedinwritingagainstorwithrespecttotheCompanyoritsSubsidiariesinrespectofanyTaxorTaxasset.

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(f)TherearenorequestsforrulingsordeterminationsinrespectofanyTaxorTaxassetpendingbetweentheCompanyoranyofitsSubsidiariesandanyTaxingAuthority.

(g)Duringthetwo(2)-yearperiodendingonthedateofthisAgreement,theCompanywasnotadistributingcorporationoracontrolledcorporationinatransactionintendedtobegovernedbySection355oftheCode.

(h)TherearenoLiensforTaxes(otherthanPermittedLiens)uponanyoftheassetsoftheCompanyoranyofitsSubsidiaries.

(i)NoclaimhasbeenmadeinwritingbyanyTaxingAuthorityinajurisdictionwheretheCompanyand/ortheCompany’sSubsidiariesdonotfileTaxReturnsthattheCompanyoranyofitsSubsidiariesisormaybesubjecttotaxationby,orrequiredtofileanyTaxReturnin,thatjurisdiction.

(j)NeithertheCompanynoranyofitsSubsidiaries(i)hasbeenamemberofanaffiliated,consolidated,combinedorunitarygroupotherthanoneofwhichtheCompanyoranyofitsSubsidiarieswasthecommonparent,(ii)ispartytoanyTaxSharingAgreement(otherthananysuchagreementsolelybetweentheCompanyanditsSubsidiaries),(iii)hasenteredintoaclosingagreementpursuanttoSection7121oftheCode,oranypredecessorprovisionoranysimilarprovisionofstate,localornon-U.S.lawor(iv)hasanyliabilityfortheTaxesofanyPerson(otherthantheCompanyoranyofitsSubsidiaries)underTreasuryRegulationSection1.1502-6(oranysimilarprovisionofstate,localornon-U.S.law)oranyTaxSharingAgreementorasatransfereeorsuccessor.

(k)NeithertheCompanynoranyofitsSubsidiarieshasengagedinany“listedtransaction”withinthemeaningofTreasuryRegulationSection1.6011-4(b)(2).

Section4.18EmployeesandEmployeeBenefitPlans.

(a)Section4.18(a)oftheCompanyDisclosureSchedulesetsforthatrueandcompletelistasofthedateofthisAgreementofeachmaterialCompanyEmployeePlanthatcoversemployeesoftheCompanyanditsSubsidiariesworkingintheUnitedStates(each,a“U.S.CompanyEmployeePlan”)andeachU.S.CompanyEmployeePlanthatissubjecttoERISA.ForeachmaterialU.S.CompanyEmployeePlanandeachU.S.CompanyEmployeePlanthatissubjecttoERISA,theCompanyhasmadeavailabletoParentacopyofsuchplan(oradescription,ifsuchplanisnotwritten)andallamendmentstheretoandmaterialwritteninterpretationsthereof,togetherwithacopyof(ifapplicable)(i)eachtrust,insuranceorotherfundingarrangement,(ii)eachsummaryplandescriptionandsummaryofmaterialmodifications,(iii)themostrecentlyfiledInternalRevenueServiceForms5500,(iv)themostrecentfavorabledeterminationoropinionletterfromtheInternalRevenueService,(v)themostrecentlypreparedactuarialreportsandfinancialstatementsinconnectionwitheachsuchU.S.CompanyEmployeePlan,and(vi)alldocumentsandcorrespondencerelatingtheretoreceivedfromorprovidedtotheDepartmentofLabor,thePBGC,theInternalRevenueServiceoranyotherGovernmentalAuthorityduringthepastyear.

(b)NeithertheCompanynoranyofitsERISAAffiliates(noranypredecessorofanysuchentity)sponsors,maintains,administersorcontributesto(orhasanyobligationtocontributeto),orhas,sinceJanuary1,2017,sponsored,maintained,administeredorcontributedto(orhadanyobligationtocontributeto),anyplansubjecttoTitleIVofERISA,includinganymultiemployerplan,asdefinedinSection3(37)ofERISA.

(c)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,eachCompanyEmployeePlanthatisintendedtobequalifiedunderSection401(a)oftheCodehasreceivedafavorabledeterminationoropinionletterfromtheInternalRevenueServiceorhasappliedtotheInternalRevenueServiceforsuchaletterwithintheapplicableremedialamendmentperiodorsuchperiodhasnotexpiredand,totheknowledgeoftheCompany,nocircumstancesexistthatwouldreasonablybeexpectedtoresultinanysuchletterbeingrevokedornotbeingreissuedorapenaltyundertheInternalRevenueServiceClosingAgreementProgramifdiscoveredduringanInternalRevenueServiceauditorinvestigation.Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,eachtrustcreatedunderanysuchCompanyEmployeePlanisexemptfromtaxunderSection501(a)oftheCodeandhasbeensoexemptsinceitscreation.

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(d)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,sinceJanuary1,2017,eachCompanyEmployeePlanhasbeenmaintainedincompliancewithitstermsandallApplicableLaw,includingERISAandtheCode,andallcontributionsrequiredtohavebeenmadebytheCompanyoranyofitsSubsidiarieswithrespecttoanybenefitorcompensationplan,programorotherarrangementmaintainedbyaGovernmentalAuthorityhavebeentimelymade.Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,noclaim(otherthanroutineclaimsforbenefits),action,suit,investigationorproceeding(includinganaudit)ispendingagainstorinvolvesor,totheCompany’sknowledge,isthreatenedagainstorreasonablyexpectedtoinvolve,anyCompanyEmployeePlanbeforeanyGovernmentalAuthority,includingtheInternalRevenueService,theDepartmentofLabororthePBGC.TotheknowledgeoftheCompany,sinceJanuary1,2017,noeventshaveoccurredwithrespecttoanyCompanyEmployeePlanthatwouldreasonablybeexpectedtoresultintheassessmentofanyexcisetaxesorpenaltiesagainsttheCompanyoranyofitsSubsidiaries,exceptforeventsthathavenothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect.

(e)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,withrespecttoeachdirector,officer,oremployee(includingeachformerdirector,officer,oremployee)oftheCompanyoranyofitsSubsidiaries,theconsummationofthetransactionscontemplatedbythisAgreementwillnot,eitheraloneortogetherwithanyotherevent:(i)entitleanysuchindividualtoanypaymentorbenefit,includinganybonus,retention,severance,retirementorjobsecuritypaymentorbenefit,(ii)acceleratethetimeofpaymentorvestingortriggeranypaymentorfunding(throughagrantortrustorotherwise)ofcompensationorbenefitsunder,orincreasetheamountpayableortriggeranyotherobligationunder,anyCompanyEmployeePlanor(iii)contractuallylimitorrestricttherightoftheCompanyoranyofitsSubsidiariesor,aftertheClosing,Parenttomerge,amendorterminateanymaterialCompanyEmployeePlan.

(f)NeithertheCompanynoranyofitsSubsidiarieshasanymaterialcurrentorprojectedliabilityfor,andnoCompanyEmployeePlanprovidesorpromises,anymaterialpost-employmentorpost-retirementmedical,dental,disability,hospitalization,lifeorsimilarbenefits(whetherinsuredorself-insured)toanydirector,officer,oremployee(includinganyformerdirector,officer,oremployee)oftheCompanyoranyofitsSubsidiaries(otherthancoveragemandatedbyApplicableLaw).

(g)NeithertheCompanynoranyofitsSubsidiarieshasanyobligationtogross-up,indemnifyorotherwisereimburseanyPersonforanyTaxincurredbysuchPersonunderSection409Aor4999oftheCode.

(h)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,withrespecttoanyCompanyEmployeePlancoveredbySubtitleB,Part4ofTitleIofERISAorSection4975oftheCode,nonon-exemptprohibitedtransactionhasoccurredthathascausedorwouldreasonablybeexpectedtocausetheCompanyoranyofitsSubsidiariestoincuranyliabilityunderERISAortheCode.

Section4.19LaborMatters.

(a)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,theCompanyanditsSubsidiariesare,andsinceJanuary1,2017havebeen,incompliancewithallApplicableLawsrelatingtolaborandemployment,includingthoserelatingtolabormanagementrelations,wages,hours,overtime,employeeclassification,discrimination,sexualharassment,civilrights,affirmativeaction,workauthorization,immigration,safetyandhealth,informationprivacyandsecurity,workerscompensation,continuationcoverageundergrouphealthplans,wagepaymentandthepaymentandwithholdingoftaxes.

(b)NeithertheCompanynoranyofitsSubsidiariesis,orsinceJanuary1,2017hasbeen,apartytoorsubjectto,oriscurrentlynegotiatinginconnectionwithenteringinto,anycollectivebargainingagreementoranyothersimilaragreementwithrespecttoemployeesoftheCompanyoranyofitsSubsidiarieswithanylabororganization,laborunionorotheremployeerepresentative,and,totheCompany’sknowledge,sinceJanuary1,2017throughthedatehereof,therehasnotbeenanyorganizationalcampaign,cardsolicitation,petitionorotherunionizationorsimilaractivityseekingrecognitionofacollectivebargainingorsimilarunitrelatingtoanydirector,officeroremployeeoftheCompanyoranyof

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itsSubsidiaries.Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,(i)therearenounfairlaborpracticecomplaintspendingor,totheCompany’sknowledge,threatenedagainsttheCompanyoranyofitsSubsidiariesbeforetheNationalLaborRelationsBoardoranyotherGovernmentalAuthorityoranycurrentunionrepresentationquestionsinvolvinganydirector,officer,oremployee(includinganyformerdirector,officer,oremployee)oftheCompanyoranyofitsSubsidiarieswithrespecttotheCompanyoritsSubsidiaries,and(ii)thereisnolaborstrike,slowdown,stoppage,picketing,interruptionofworkorlockoutpendingor,totheCompany’sknowledge,threatenedagainstoraffectingtheCompanyoranyofitsSubsidiaries.

Section4.20IntellectualProperty.

(a)TheCompanyhasmadeavailabletoParentatrueandcompletelist,asofthedateofthisAgreement,ofallissuedU.S.patentsandregistrationsforU.S.trademarksandU.S.patentapplicationsandapplicationsforregistrationofU.S.trademarks,ineachcase,constitutingOwnedIntellectualPropertyincludedintheCompanyIntellectualProperty,orthatareincludedintheCompanyIntellectualPropertyandareexclusivelyin-licensedbytheCompanyoranyofitsSubsidiaries,ineachcase,thatarematerialtoanyCompanyPipelineProductsorarematerialtothecurrentorcurrentlyplannedcommercializationofanyotherCoveredProduct(includingtheexerciseofanyCoveredRightswithrespectthereto)(the“ScheduledCoveredProductIP”).Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,(i)noScheduledCoveredProductIPhaslapsed,expired,beenabandonedorbeenadjudgedinvalidorunenforceable,and(ii)totheknowledgeoftheCompany,allCompanyRegisteredIPissubsisting,andifregistered,validandenforceable.

(b)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,(i)theCompanyanditsSubsidiaries(A)arethesoleandexclusiveownersofallOwnedIntellectualPropertythatis(1)ScheduledCoveredProductIP,(2)arelatedU.S.orglobalissuedorpendingpatent,or(3)materialCompanyIntellectualPropertythatrelatestoanyCoveredProduct;(B)eitherown,orhaveavalidandenforceablerighttouseallCompanyIntellectualPropertythatrelatestoanyCompanyProduct(otherthanaCoveredProduct)inanymaterialrespect;and(C)havetheexclusiverighttomake,use,offerforsale,sell,importorotherwisecommercializetheCoveredProducts,and,withrespecttotheforegoingclauses(A)through(C),holdalloftheirright,titleandinterestinandtoalloftheCompanyIntellectualPropertyfreeandclearofallLiensotherthanPermittedLiens,and(ii)totheknowledgeoftheCompany,theCompany’sanditsSubsidiaries’OwnedIntellectualPropertyandtheCompany’sanditsSubsidiaries’LicensedIntellectualProperty,togetherwithanyotherIntellectualPropertythattheCompanyoranyofitsSubsidiariesisotherwisepermittedtouse(includingbywayofarelease,covenantnottosueorimmunityfromsuit),constitutesalloftheIntellectualPropertynecessaryto,orusedorheldforusein,theconductoftherespectivebusinessesoftheCompanyanditsSubsidiariesascurrentlyconductedandascurrentlyplannedtobeconductedpriortoClosing(includingasmaybenecessarytoexercisetheCoveredRightswithrespecttoanyCoveredProduct).

(c)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect(andexceptasdisclosedbytheCompanytoParentduringthecourseofParent’sduediligencepriortothedatehereof),duringthepastfour(4)years(i)totheknowledgeoftheCompany,neithertheCompanynoranyofitsSubsidiariesnortheconductoftheirrespectivebusinesseshasinfringed,misappropriated,dilutedorotherwiseviolatedanyIntellectualPropertyrightsofanyThirdParty(orwill,totheknowledgeoftheCompany,infringe,misappropriateorotherwiseviolatetheIntellectualPropertyrightsofanyThirdPartythroughtheexercisepriortoorafterClosingofanyCoveredRightswithrespecttoanyCoveredProduct),(ii)thereisnoclaim,action,proceedingorsuitor,totheknowledgeoftheCompany,investigationpendingor,totheknowledgeoftheCompany,threatenedagainstoraffectingtheCompanyoranyofitsSubsidiaries(A)allegingthattheCompanyoranyofitsSubsidiarieshasinfringed,misappropriated,dilutedorotherwiseviolatedanyIntellectualPropertyrightsofanyThirdParty(includingduetotheexerciseofanyCoveredRightswithrespecttoanyCoveredProducts),or(B)basedupon,orchallengingorseekingtodenyorrestrict,therightsoftheCompanyoranyofitsSubsidiariesinanyoftheCompanyIntellectualProperty(includinganychallengestothevalidity,enforceability,registerability,inventorship,ownershiporuseofanyoftheCompanyIntellectualPropertythatisOwnedIntellectualProperty),and(iii)totheknowledgeoftheCompany,noThirdPartyhasinfringed,misappropriated,dilutedorotherwiseviolatedanyoftheCompanyIntellectualPropertythatis

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OwnedIntellectualProperty.Notwithstandinganythingcontainedherein,therepresentationsandwarrantiessetforthhereinshallbereadwithoutapplicationof35U.S.C.§271(e)(1)(thestatutoryresearchexemption)andanysimilarApplicableLawsoutsidetheU.S.tothesameextentasifsuchApplicableLawsdidnotexist.

(d)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,(i)sinceJanuary1,2017,theCompanyanditsSubsidiarieshaveprovidedreasonablenoticeofitsprivacyandpersonaldatacollectionandusepoliciesonitswebsitesandothercustomerandpubliccommunicationsandtheCompanyanditsSubsidiarieshavecompliedsinceJanuary1,2017withsuchpoliciesandallApplicableLawsrelatingto(A)theprivacyoftheusersoftheCompany’sanditsSubsidiaries’respectiveproducts,servicesandwebsitesand(B)thecollection,use,storageanddisclosureofanypersonally-identifiableinformation(includingpersonalhealthinformation),(ii)sinceJanuary1,2017,thereisnoclaim,action,proceedingorsuitor,totheknowledgeoftheCompany,investigationpendingor,totheknowledgeoftheCompany,threatenedagainsttheCompanyoranyofitsSubsidiariesalleginganyviolationofsuchpoliciesorApplicableLaws,(iii)neitherthisAgreementnortheconsummationofthetransactionscontemplatedherebywillviolateanysuchpolicyorApplicableLaws,and(iv)theCompanyanditsSubsidiarieshavetakencommerciallyreasonablestepstoprotectthetypesofinformationreferredtointhisSection4.20(d)againstlossandunauthorizedaccess,use,modification,disclosureorothermisuse,and,totheknowledgeoftheCompany,sinceJanuary1,2017,therehasbeennounauthorizedaccess,use,modification,disclosureorothermisuseofsuchdataorinformation.

(e)Exceptashasnothad,andwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,(i)theCompany’sITAssetsoperateinamannerthatpermitstheCompanyanditsSubsidiariestoconducttheirrespectivebusinessesascurrentlyconducted,(ii)theCompanyanditsSubsidiariestakecommerciallyreasonableactionstoprotecttheconfidentiality,integrityandsecurityoftheCompany’sITAssets(andalldataandotherinformationandtransactionsstoredorcontainedthereinortransmittedthereby)againstanyunauthorizeduse,access,interruption,modificationorcorruption,includingtheimplementationofcommerciallyreasonabledatabackup,disasteravoidanceandrecoveryproceduresandbusinesscontinuityprocedures,and(iii)sinceJanuary1,2017,totheknowledgeoftheCompany,therehasbeennounauthorizeduseoraccessorsecuritybreaches,orinterruption,modification,lossorcorruptionofanyoftheCompany’sITAssets(oranydataorotherinformationortransactionsstoredorcontainedthereinortransmittedthereby).

Section4.21Properties.Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,(a)theCompanyandeachofitsSubsidiarieshasgood,validandmarketablefeesimpletitleto,orvalidleaseholdinterestsin,asthecasemaybe,eachparcelofrealpropertyoftheCompanyoranyofitsSubsidiaries,freeandclearofallLiens,exceptforPermittedLiens,(b)eachlease,subleaseorlicense(each,a“Lease”)underwhichtheCompanyoranyofitsSubsidiariesleases,subleasesorlicensesanyrealpropertyis,subjecttotheBankruptcyandEquityExceptions,avalidandbindingobligationoftheCompanyoraSubsidiaryoftheCompany(asthecasemaybe)and,totheknowledgeoftheCompany,eachoftheotherpartiesthereto,andinfullforceandeffectandenforceableinaccordancewithitstermsagainsttheCompanyoritsSubsidiaries(asthecasemaybe)and,totheknowledgeoftheCompany,eachoftheotherpartiesthereto(exceptforsuchLeasesthatareterminatedafterthedateofthisAgreementinaccordancewiththeirrespectiveterms,otherthanasaresultofadefaultorbreachbytheCompanyoranyofitsSubsidiariesofanyoftheprovisionsthereof),(c)neithertheCompanynoranyofitsSubsidiaries,nor,totheknowledgeoftheCompany,anyoftheotherpartiestheretohasviolatedorcommittedorfailedtoperformanyactwhich(withorwithoutnotice,lapseoftimeorboth)wouldconstituteadefaultunderanyprovisionofanyLease,and(d)neithertheCompanynoranyofitsSubsidiarieshasreceivedwrittennoticethatithasviolatedordefaultedunderanyLease.

Section4.22EnvironmentalMatters.Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect:

(a)nonotice,notification,demand,requestforinformation,citation,summonsororderhasbeenreceived,nocomplainthasbeenfiled,nopenaltyhasbeenassessed,andnoclaim,action,proceedingorsuit

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or,totheknowledgeoftheCompany,investigation(includingareview)ispendingor,totheknowledgeoftheCompany,threatenedbyanyGovernmentalAuthorityorotherPersonrelatingtotheCompanyoranyofitsSubsidiariesthatrelatesto,orarisesunder,anyEnvironmentalLaw,EnvironmentalPermitorHazardousSubstance;

(b)theCompanyanditsSubsidiariesare,andsinceJanuary1,2017havebeen,incompliancewithallEnvironmentalLawsandallEnvironmentalPermitsandholdallapplicableEnvironmentalPermits;and

(c)therearenoliabilitiesorobligationsoftheCompanyoranyofitsSubsidiariesofanykindwhatsoever,whetheraccrued,contingent,absolute,determined,determinableorotherwisearisingunderorrelatingtoanyEnvironmentalLaw,EnvironmentalPermitorHazardousSubstanceandthereisnoexistingcondition,situationorsetofcircumstancesthatcouldreasonablybeexpectedtoresultinanysuchliabilityorobligation.

Section4.23FCPA;Anti-Corruption;Sanctions.

(a)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,neithertheCompanynoranyofitsSubsidiaries,nor,totheknowledgeoftheCompany,anydirector,manager,employee,agentorrepresentativeoftheCompanyoranyofitsSubsidiaries,ineachcaseactingonbehalfoftheCompanyoranyofitsSubsidiaries,has,inthelastfive(5)years,inconnectionwiththebusinessoftheCompanyoranyofitsSubsidiaries,takenanyactioninviolationoftheFCPAorotherapplicableBriberyLegislation(ineachcasetotheextentapplicable).

(b)NeithertheCompanynoranyofitsSubsidiariesnor,totheknowledgeoftheCompany,anydirector,manageroremployeeoftheCompanyoranyofitsSubsidiaries,is,orinthelastfive(5)yearshasbeen,subjecttoanyactualorpendingor,totheknowledgeoftheCompany,threatenedcivil,criminal,oradministrativeactions,suits,demands,claims,hearings,noticesofviolation,investigations,proceedings,demandletters,settlements,orenforcementactions,ormadeanyvoluntarydisclosurestoanyGovernmentalAuthority,involvingtheCompanyoranyofitsSubsidiariesrelatingtoapplicableBriberyLegislation,includingtheFCPA.

(c)TheCompanyandeachofitsSubsidiarieshasmadeandkeptbooksandrecords,accountsandotherrecords,which,inreasonabledetail,accuratelyandfairlyreflectinallmaterialrespectsthetransactionsanddispositionsoftheassetsoftheCompanyandeachofitsSubsidiariesasrequiredbytheFCPA.

(d)TheCompanyandeachofitsSubsidiarieshasinstitutedpoliciesandproceduresreasonablydesignedtoensurecomplianceinallmaterialrespectswiththeFCPAandotherapplicableBriberyLegislationandmaintainsuchpoliciesandproceduresinforce.

(e)TotheknowledgeoftheCompany,noofficer,director,oremployeeoftheCompanyoranyofitsSubsidiariesisaGovernmentOfficial.

(f)Exceptashashadnotandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,noneoftheCompanyoranyofitsSubsidiaries,nor,totheknowledgeoftheCompany,anyoftheirrespectivedirectors,managersoremployees(i)isaSanctionedPerson,(ii)has,inthelastfive(5)years,engagedin,hasanyplanorcommitmenttoengagein,directorindirectdealingswithanySanctionedPersonorinanySanctionedCountryonbehalfoftheCompanyoranyofitsSubsidiariesinviolationofapplicableSanctionsLawor(iii)has,inthelastfive(5)years,violated,orengagedinanyconductsanctionableunder,anySanctionsLaw,nortotheknowledgeoftheCompany,beenthesubjectofaninvestigationorallegationofsuchaviolationorsanctionableconduct.

Section4.24Insurance.Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect,theCompanyanditsSubsidiariesmaintaininsurancecoveragewithreputableinsurersinsuchamountsandcoveringsuchrisksastheCompanyreasonablybelieves,basedonpastexperience,isadequateforthebusinessesandoperationsoftheCompanyanditsSubsidiaries(takingintoaccountthecostandavailabilityofsuchinsurance).

Section4.25TransactionswithAffiliates.TotheknowledgeoftheCompanyandasofthedateofthisAgreement,sinceJanuary1,2017,therehavebeennotransactions,orseriesofrelatedtransactions,agreements,

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arrangementsorunderstandingsineffect,norarethereanycurrentlyproposedtransactions,orseriesofrelatedtransactions,agreements,arrangementsorunderstandings,thatwouldberequiredtobedisclosedunderItem404(a)ofRegulationS-KthathavenotbeenotherwisedisclosedintheCompanySECDocumentsfiledpriortothedatehereof.

Section4.26AntitakeoverStatutes.AssumingtherepresentationsandwarrantiessetforthinSection5.26aretrueandcorrect,neithertherestrictionssetforthinSection203oftheDGCLnoranyother“controlshareacquisition,”“fairprice,”“moratorium”orotherantitakeoverlawsenactedunderU.S.stateorfederallawsapplytothisAgreementoranyofthetransactionscontemplatedhereby.

Section4.27OpinionsofFinancialAdvisors.TheBoardofDirectorsoftheCompanyhasreceivedtheopinionofeachofJ.P.MorganSecuritiesLLCandCitigroupGlobalMarketsInc.,financialadvisorstotheCompany,eachtotheeffectthat,asofthedateofsuchrespectiveopinionandbaseduponandsubjecttothevariousassumptions,limitations,qualificationsandothermatterssetforththerein,theMergerConsiderationtobepaidtotheholdersofCompanyCommonStockintheMergerpursuanttothisAgreementisfair,fromafinancialpointofview,tosuchholders.AwrittencopyofeachsuchopinionwillbedeliveredpromptlytoParentafterthedatehereofforinformationalpurposesonly.

Section4.28Finders’Fees.ExceptforJ.P.MorganSecuritiesLLCandCitigroupGlobalMarketsInc.,thereisnoinvestmentbanker,broker,finderorotherintermediarythathasbeenretainedbyorisauthorizedtoactonbehalfoftheCompanyoranyofitsSubsidiaries(collectively,the“CompanyBankers”)whomightbeentitledtoanyfeeorcommissionfromtheCompanyoranyofitsAffiliatesinconnectionwiththetransactionscontemplatedbythisAgreement.Section4.28oftheCompanyDisclosureSchedulesetsforththeaggregateamountoffeesandcommissionsthatareorwouldbepayabletoeachCompanyBankerinconnectionwiththetransactionscontemplatedbythisAgreement.

Section4.29NoOwnershipofParentCommonStock.NeithertheCompanynoranyofitsSubsidiariesbeneficiallyowns,directlyorindirectly,anysharesofParentCommonStockorothersecuritiesconvertibleinto,exchangeablefororexercisableforsharesofParentCommonStock,andneithertheCompanynoranyofitsSubsidiarieshasanyrightstoacquireanysharesofParentCommonStock(otherthananysuchsecuritiesownedbytheCompanyoranyofitsSubsidiariesinafiduciary,representativeorothercapacityonbehalfofotherPersons,whetherornotheldinaseparateaccount).TherearenovotingtrustsorotheragreementsorunderstandingstowhichtheCompanyoranyofitsSubsidiariesisapartywithrespecttothevotingofthecapitalstockorotherEquitySecuritiesofParentoranyofitsSubsidiaries.

Section4.30NoOtherCompanyRepresentationsandWarranties.ExceptfortherepresentationsandwarrantiesmadebytheCompanyinthisArticleIV(asqualifiedbytheapplicableitemsdisclosedintheCompanyDisclosureScheduleinaccordancewithSection11.05andtheintroductiontothisArticleIV),neithertheCompanynoranyotherPersonmakesorhasmadeanyrepresentationorwarranty,expressedorimplied,atlaworinequity,withrespecttooronbehalfoftheCompanyoritsSubsidiaries,theirbusinesses,operations,assets,liabilities,financialcondition,resultsofoperations,futureoperatingorfinancialresults,estimates,projections,forecasts,plansorprospects(includingthereasonablenessoftheassumptionsunderlyingsuchestimates,projections,forecasts,plansorprospects)ortheaccuracyorcompletenessofanyinformationregardingtheCompanyoritsSubsidiariesoranyothermatterfurnishedorprovidedtoParentormadeavailabletoParentinany“datarooms,”“virtualdatarooms,”managementpresentationsorinanyotherforminexpectationof,orinconnectionwith,thisAgreementorthetransactionscontemplatedhereby.TheCompanyanditsSubsidiariesdisclaimanyotherrepresentationsorwarranties,whethermadebytheCompanyoranyofitsSubsidiariesoranyoftheirrespectiveAffiliatesorRepresentatives.TheCompanyacknowledgesandagreesthat,exceptfortherepresentationsandwarrantiesmadebyParentinArticleV(asqualifiedbytheapplicableitemsdisclosedintheParentDisclosureScheduleinaccordancewithSection11.05andtheintroductiontoArticleV),neitherParentnoranyotherPersonismakingorhasmadeanyrepresentationsorwarranty,expressedorimplied,atlaworinequity,withrespecttooronbehalfofParentoritsSubsidiaries,theirbusinesses,operations,assets,liabilities,financialcondition,resultsofoperations,futureoperatingorfinancialresults,estimates,projections,forecasts,plansorprospects(includingthereasonablenessoftheassumptionsunderlyingsuchestimates,projections,forecasts,plansorprospects)ortheaccuracyorcompletenessofanyinformationregardingParentoritsSubsidiariesoranyothermatterfurnishedorprovidedtoParentormadeavailabletotheCompanyinany“datarooms,”“virtualdatarooms,”managementpresentationsorinanyotherforminexpectationof,orinconnectionwith,thisAgreement,orthetransactionscontemplatedherebyorthereby.TheCompanyspecifically

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disclaimsthatitisrelyinguponorhasrelieduponanysuchotherrepresentationsorwarrantiesthatmayhavebeenmadebyanyPerson,andacknowledgesandagreesthatParentanditsAffiliateshavespecificallydisclaimedanddoherebyspecificallydisclaimanysuchotherrepresentationsandwarranties.

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF PARENT

SubjecttoSection11.05,except(i)asdisclosedinanypubliclyavailableParentSECDocumentor(ii)assetforthintheParent’sDisclosureSchedule,ParentandMergerSubjointlyandseverallyrepresentandwarranttotheCompanythat:

Section5.01CorporateExistenceandPower.Parentisacorporationdulyincorporated,validlyexistingandingoodstandingunderthelawsoftheStateofDelaware,andMergerSubisacorporationdulyincorporated,validlyexistingandingoodstandingunderthelawsoftheStateofDelaware.EachofParentandMergerSubhasallrequisitecorporatepowerandauthorityrequiredtoownorleaseallofitspropertiesorassetsandtocarryonitsbusinessasnowconducted.EachofParentandMergerSubisdulyqualifiedtodobusinessandisingoodstandingineachjurisdictionwheresuchqualificationisnecessary,exceptforthosejurisdictionswherefailuretobesoqualifiedoringoodstandinghasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect.ParentdirectlyownsalloftheoutstandingsharesofcapitalstockofMergerSub.PriortothedateofthisAgreement,ParenthasmadeavailabletotheCompanytrueandcompletecopiesofthecertificateofincorporationandbylawsofeachofParentandMergerSub,ineachcase,asineffectonthedateofthisAgreement(the“ParentOrganizationalDocuments”).Sincethedateofitsincorporation,MergerSubhasnotengagedinanyactivitiesotherthan(a)inconnectionwiththepreparation,negotiationandexecutionofthisAgreementortheconsummationofthetransactionscontemplatedherebyorasexpresslycontemplatedbythisAgreementor(b)thoseincidentorrelatedtoitsincorporation.

Section5.02CorporateAuthorization.

(a)Theexecution,deliveryandperformancebyeachofParentandMergerSubofthisAgreementandtheconsummationbyParentandMergerSubofthetransactionscontemplatedbythisAgreement(including,inthecaseofParent,theentryintotheNewCVRAgreementatorimmediatelypriortotheMergerEffectiveTime)arewithinthecorporatepowersandauthorityofeachofParentandMergerSuband,exceptfortheParentStockholderApprovalandtherequiredapprovalofthestockholderofMergerSubinconnectionwiththetransactionscontemplatedbythisAgreement(includingtheMerger),havebeendulyauthorizedbyallnecessarycorporateactiononthepartofParentandMergerSub.TheaffirmativevoteofatleastamajorityofthevotescastbyholdersofoutstandingsharesofParentCommonStockatadulycalledandheldmeetingofParent’sstockholdersatwhichaquorumispresentapprovingtheissuanceofsharesofParentCommonStockinconnectionwiththeMerger(the“ParentShareIssuance”)istheonlyvoteoftheholdersofanyofParent’scapitalstocknecessaryinconnectionwiththeconsummationoftheMerger(the“ParentStockholderApproval”).ThisAgreementhasbeendulyexecutedanddeliveredbyeachofParentandMergerSuband(assumingdueauthorization,executionanddeliverybytheCompany)constitutesavalid,legalandbindingagreementofeachofParentandMergerSubenforceableagainstParentandMergerSubinaccordancewithitsterms(subjecttotheBankruptcyandEquityExceptions),andtheNewCVRAgreementwill,atthetimeofitsexecutionbyParent,bedulyexecutedanddeliveredbyParentandconstituteavalid,legalandbindingagreementofParentenforceableagainstParentinaccordancewithitsterms(subjecttotheBankruptcyandEquityExceptions).

(b)Atameetingdulycalledandheld,theBoardofDirectorsofParentadoptedresolutions(i)determiningthatthisAgreementandthetransactionscontemplatedhereby(includingtheParentShareIssuance)arefairtoandinthebestinterestsofParentanditsstockholders,(ii)approving,adoptinganddeclaringadvisablethisAgreementandthetransactionscontemplatedhereby(includingtheParentShareIssuance),(iii)directingthattheapprovaloftheParentShareIssuancebesubmittedtoavoteatameetingofParent’sstockholdersand(iv)recommendingapprovaloftheParentShareIssuancebyParent’sstockholders(suchrecommendation,the“ParentBoardRecommendation”).ExceptaspermittedbySection7.02,theBoardofDirectorsofParenthasnotsubsequentlyrescinded,modifiedorwithdrawnanyoftheforegoingresolutions.

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(c)TheBoardofDirectorsofMergerSubhasunanimouslyadoptedresolutions(i)determiningthatthisAgreementandthetransactionscontemplatedhereby(includingtheMerger)arefairtoandinthebestinterestsofMergerSubanditsstockholder,(ii)approving,adoptinganddeclaringadvisablethisAgreementandthetransactionscontemplatedhereby(includingtheMerger),(iii)directingthattheapprovalandadoptionofthisAgreementbesubmittedtoavoteofMergerSub’sstockholderand(iv)recommendingapprovalandadoptionofthisAgreementbyMergerSub’sstockholder.

Section5.03GovernmentalAuthorization.Theexecution,deliveryandperformancebyeachofParentandMergerSubofthisAgreementandtheconsummationbyeachofParentandMergerSubofthetransactionscontemplatedherebyrequirenoactionbyorinrespectof,Consentsof,orFilingswith,anyGovernmentalAuthorityotherthan(a)thefilingoftheCertificateofMergerwiththeDelawareSecretaryofStateandappropriatedocumentswiththerelevantauthoritiesofotherstatesinwhichParentorMergerSubisqualifiedtodobusiness,(b)compliancewithanyapplicablerequirementsoftheHSRAct,(c)compliancewithandFilingsunderanyapplicableForeignAntitrustLaws,(d)compliancewithanyapplicablerequirementsofthe1933Act,the1934ActandanyotherapplicableU.S.stateorfederalsecuritieslawsorpursuanttotherulesoftheNYSE,(d)inthecaseoftheNewCVRAgreementandthetransactionscontemplatedthereby,compliancewithanyrequirementsoftheTrustIndentureActof1939(the“TrustIndentureAct”)and(e)anyotheractions,ConsentsorFilingstheabsenceofwhichhasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect.

Section5.04Non-contravention.Theexecution,deliveryandperformancebyeachofParentandMergerSubofthisAgreementandtheconsummationofthetransactionscontemplatedherebydonotandwillnot(a)contravene,conflictwith,orresultinanyviolationorbreachofanyprovisionoftheParentOrganizationalDocuments,(b)assumingcompliancewiththemattersreferredtoinSection5.03andreceiptoftheParentStockholderApproval,contravene,conflictwithorresultinanyviolationorbreachofanyprovisionofanyApplicableLaw,(c)assumingcompliancewiththemattersreferredtoinSection5.03andreceiptoftheParentStockholderApproval,requireanyConsentorotheractionbyanyPersonunder,constituteadefault,oraneventthat,withorwithoutnoticeorlapseoftimeorboth,wouldconstituteadefaultunder,orcauseorpermitthetermination,cancellation,accelerationorotherchangeofanyrightorobligationorthelossofanybenefittowhichParentoranyofitsSubsidiariesisentitledunder,anyprovisionofanyParentPermitoranyContractbindinguponParentoranyofitsSubsidiaries,or(d)resultinthecreationorimpositionofanyLienonanyassetofParentoranyofitsSubsidiaries,except,inthecaseofeachofclauses(b)through(d),ashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect.

Section5.05Capitalization.

(a)TheauthorizedcapitalstockofParentconsistsof(i)4,500,000,000sharesofParentCommonStock,(ii)10,000,000sharesofpreferredstock,parvalue$1.00pershare(“ParentPreferredStock”)and(iii)1,300,188sharesof$2ConvertiblePreferredStock,parvalue$1.00pershare(“ParentConvertiblePreferredStock”).AsofDecember31,2018,therewereoutstanding(A)1,632,464,617.509sharesofParentCommonStock,(B)nosharesofParentPreferredStock,(C)3,605sharesofParentConvertiblePreferredStock,(D)optionstopurchasesharesofParentCommonStock(“ParentStockOptions”)withrespecttoanaggregateof1,666,999sharesofParentCommonStock,(E)4,993,334restrictedstockunitsunderParent’sequitycompensationplans(“ParentRestrictedStockUnits”),(F)1,475,713marketshareunitsunderParent’semployeestockbenefitplan(“MarketBasedUnits”),determinedassumingtargetperformancelevelswereassumed,and(G)2,819,421performanceshareunitsunderParent’semployeestockbenefitplan(“PerformanceShareUnits”),determinedassumingtargetperformancelevelswereachieved(togetherwithParentStockOptions,ParentRestrictedStockUnits,MarketBasedUnits,PerformanceShareUnitsandanyotherequityorequity-linkedawardsgrantedafterDecember31,2018,“ParentEquityAwards”).ThesharesofParentCommonStocktobeissuedaspartoftheMergerConsiderationhavebeendulyauthorizedand,whenissuedanddeliveredinaccordancewiththetermsofthisAgreement,willhavebeenvalidlyissuedandwillbefullypaidandnonassessableandtheissuancethereofwillbefreeofpreemptiverights.ParentownsalloftheissuedandoutstandingcapitalstockofMergerSub.ExceptassetforthinthisSection5.05(a)andforchangessinceDecember31,2018resultingfrom(x)theexerciseorvestingand

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settlementofParentEquityAwardsoutstandingonsuchdateorissuedonoraftersuchdatetotheextentpermittedbySection6.01,or(y)theissuanceofEquitySecuritiesofParentonorafterthedatehereoftotheextentpermittedbySection6.01,therearenoissued,reservedforissuanceoroutstandingEquitySecuritiesofParent.

(b)AlloutstandingsharesofcapitalstockofParenthavebeen,andallsharesthatmaybeissuedpursuanttoanyemployeestockoptionorothercompensationplanorarrangementwillbe,whenissuedinaccordancewiththerespectivetermsthereof,dulyauthorizedandvalidlyissued,fullypaidandnonassessableandfreeofpreemptiverights.NoSubsidiaryofParentownsanysharesofcapitalstockofParent(otherthananysuchsharesownedbySubsidiariesofParentinafiduciary,representativeorothercapacityonbehalfofotherPersons,whetherornotheldinaseparateaccount).Therearenooutstandingbonds,debentures,notesorotherindebtednessofParenthavingtherighttovote(orconvertibleinto,orexchangeablefor,securitieshavingtherighttovote)onanymattersonwhichstockholdersofParenthavetherighttovote.TherearenooutstandingobligationsofParentoranyofitsSubsidiariestorepurchase,redeemorotherwiseacquireanyEquitySecuritiesofParent.NeitherParentnoranyofitsSubsidiariesisapartytoanyagreementwithrespecttothevotingofanyEquitySecuritiesofParent.

Section5.06Subsidiaries.

(a)EachMajorSubsidiaryofParentisacorporationorotherentitydulyincorporatedororganized,validlyexistingandingoodstanding(excepttotheextentsuchconceptisnotapplicableunderApplicableLawofsuchSubsidiary’sjurisdictionofincorporation,formationororganization,asapplicable)underthelawsofitsjurisdictionofincorporation,formationororganization,asapplicable,andhasallcorporateorotherorganizationalpowersandauthority,asapplicable,requiredtoown,leaseandoperateitspropertiesandassetsandtocarryonitsbusinessasnowconducted,exceptforthosejurisdictionswherefailuretobesoorganized,validlyexistingandingoodstandingortohavesuchpowerorauthorityhasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect.EachsuchMajorSubsidiaryisdulyqualifiedtodobusinessandisingoodstandingineachjurisdictionwheresuchqualificationisnecessary,exceptforthosejurisdictionswherefailuretobesoqualifiedoringoodstandinghasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect.

(b)AlloftheissuedandoutstandingcapitalstockorotherEquitySecuritiesofeachSubsidiaryofParenthavebeenvalidlyissuedandarefullypaidandnonassessable(excepttotheextentsuchconceptsarenotapplicableunderApplicableLawofsuchSubsidiary’sjurisdictionofincorporation,formationororganization,asapplicable)andareownedbyParent,directlyorindirectly,freeandclearofanyLien(otherthananyrestrictionsimposedbyApplicableLaw)andfreeofpreemptiverights,rightsoffirstrefusal,subscriptionrightsorsimilarrightsofanyPersonandtransferrestrictions(otherthantransferrestrictionsunderApplicableLaworundertheorganizationaldocumentsofsuchSubsidiary).TherearenooutstandingobligationsofParentoranyofitsSubsidiariestorepurchase,redeemorotherwiseacquireanyEquitySecuritiesofanySubsidiaryofParent.ExceptforthecapitalstockorotherEquitySecuritiesofitsSubsidiariesandpubliclytradedsecuritiesheldforinvestmentwhichdonotexceedfivepercent(5%)oftheoutstandingsecuritiesofanyentity,Parentdoesnotown,directlyorindirectly,anycapitalstockorotherEquitySecuritiesofanyPerson.

Section5.07SECFilingsandtheSarbanes-OxleyAct.

(a)ParenthastimelyfiledwithorfurnishedtotheSECallreports,schedules,forms,statements,prospectuses,registrationstatementsandotherdocumentsrequiredtobefiledwithorfurnishedtotheSECbyParentsinceJanuary1,2017(collectively,togetherwithanyexhibitsandschedulestheretoandotherinformationincorporatedtherein,the“ParentSECDocuments”).NoSubsidiaryofParentisrequiredtofileanyreport,schedule,form,statement,prospectus,registrationstatementorotherdocumentwiththeSEC.

(b)Asofitsfilingdate(or,ifamendedorsupersededbyafilingpriortothedateofthisAgreement,onthedateofsuchamendedorsupersedingfiling),theParentSECDocumentsfiledorfurnishedpriortothedateofthisAgreementcomplied,andeachParentSECDocumentfiledorfurnishedsubsequenttothe

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dateofthisAgreement(assuming,inthecaseofeachoftheRegistrationStatementandtheJointProxyStatement/Prospectus,thattherepresentationandwarrantysetforthinSection4.09istrueandcorrect)willcomply,inallmaterialrespectswiththeapplicablerequirementsoftheNYSE,the1933Act,the1934ActandtheSarbanes-OxleyAct,asthecasemaybe.

(c)Asofitsfilingdate(or,ifamendedorsupersededbyafilingpriortothedateofthisAgreement,onthedateofsuchamendedorsupersedingfiling),eachParentSECDocumentfiledorfurnishedpriortothedateofthisAgreementdidnot,andeachParentSECDocumentfiledorfurnishedsubsequenttothedateofthisAgreement(assuming,inthecaseofeachoftheRegistrationStatementandtheJointProxyStatement/Prospectus,thattherepresentationandwarrantysetforthinSection4.09istrueandcorrect)willnot,containanyuntruestatementofamaterialfactoromittostateanymaterialfactnecessaryinordertomakethestatementsmadetherein,inlightofthecircumstancesunderwhichtheyweremade,notmisleading.

(d)Parentis,andsinceJanuary1,2017hasbeen,incomplianceinallmaterialrespectswith(i)theapplicableprovisionsoftheSarbanes-OxleyActand(ii)theapplicablelistingandcorporategovernancerulesandregulationsoftheNYSE.

(e)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,ParentanditsSubsidiarieshaveestablishedandmaintaindisclosurecontrolsandprocedures(asdefinedinRule13a-15underthe1934Act)designedtoensurethatmaterialinformationrelatingtoParent,includingitsconsolidatedSubsidiaries,ismadeknowntoParent’sprincipalexecutiveofficeranditsprincipalfinancialofficerbyotherswithinthoseentities,includingduringtheperiodsinwhichtheperiodicreportsrequiredunderthe1934Actarebeingprepared.

(f)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,ParentanditsSubsidiarieshaveestablishedandmaintainasystemofinternalcontrolsdesignedtoprovidereasonableassuranceregardingthereliabilityofParent’sfinancialreportingandthepreparationofParent’sfinancialstatementsforexternalpurposesinaccordancewithGAAP,andParent’sprincipalexecutiveofficerandprincipalfinancialofficerhavedisclosed,basedontheirmostrecentevaluationofsuchinternalcontrolspriortothedateofthisAgreement,toParent’sauditorsandtheauditcommitteeoftheBoardofDirectorsofParent(i)allsignificantdeficienciesandmaterialweaknessesinthedesignoroperationofinternalcontrolswhicharereasonablylikelytoadverselyaffectParent’sabilitytorecord,process,summarizeandreportfinancialinformationand(ii)anyfraud,whetherornotmaterial,thatinvolvesmanagementorotheremployeeswhohaveasignificantroleininternalcontrols.ParenthasmadeavailabletotheCompanypriortothedateofthisAgreementatrueandcomplete(inallmaterialrespects)summaryofanydisclosureofthetypedescribedintheprecedingsentencemadebymanagementtoParent’sauditorsandauditcommitteeduringtheperiodbeginningJanuary1,2017andendingasofthedatehereof.

(g)SinceJanuary1,2017,eachoftheprincipalexecutiveofficerandprincipalfinancialofficerofParent(oreachformerprincipalexecutiveofficerandprincipalfinancialofficerofParent,asapplicable)hasmadeallcertificationsrequiredbyRules13a-14and15d-14underthe1934ActandSections302and906oftheSarbanes-OxleyActandanyrelatedrulesandregulationspromulgatedbytheSECandtheNYSE,andthestatementscontainedinanysuchcertificationsaretrueandcompleteinallmaterialrespectsasofthedateonwhichtheyweremade.

Section5.08FinancialStatementsandFinancialMatters

(a)TheauditedconsolidatedfinancialstatementsandunauditedconsolidatedinterimfinancialstatementsofParentincludedorincorporatedbyreferenceintheParentSECDocumentspresentfairlyinallmaterialrespects,inconformitywithGAAPappliedonaconsistentbasisduringtheperiodspresented(exceptasmaybeindicatedinthenotesthereto),theconsolidatedfinancialpositionofParentanditsSubsidiariesasofthedatesthereofandtheirconsolidatedresultsofoperationsandcashflowsfortheperiodsthenended(subjecttonormalandrecurringyear-endauditadjustmentsinthecaseofanyunauditedinterimfinancialstatements).SuchconsolidatedfinancialstatementshavebeenpreparedinallmaterialrespectsfromthebooksandrecordsofParentanditsSubsidiaries.

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(b)FromJanuary1,2017tothedateofthisAgreement,ParenthasnotreceivedwrittennoticefromtheSECoranyotherGovernmentalAuthorityindicatingthatanyofitsaccountingpoliciesorpracticesareormaybethesubjectofanyreview,inquiry,investigationorchallengebytheSECoranyotherGovernmentalAuthority.

Section5.09DisclosureDocuments.TheinformationrelatingtoParentanditsSubsidiariesthatisprovidedbyParent,anyofitsSubsidiariesoranyoftheirrespectiveRepresentativesforinclusionorincorporationbyreferenceintheRegistrationStatementortheJointProxyStatement/Prospectuswillnot(a)inthecaseoftheRegistrationStatement,atthetimetheRegistrationStatementoranyamendmentorsupplementtheretobecomeseffectiveandatthetimeoftheCompanyStockholderMeetingandtheParentStockholderMeeting,and(b)inthecaseoftheJointProxyStatement/Prospectus,atthetimetheJointProxyStatement/ProspectusoranyamendmentorsupplementtheretoisfirstmailedtothestockholdersoftheCompanyandthestockholdersofParentandatthetimeoftheCompanyStockholderMeetingandtheParentStockholderMeeting,containanyuntruestatementofamaterialfactoromittostateanymaterialfactnecessaryinordertomakethestatementsmadetherein,inlightofthecircumstancesunderwhichtheyweremade,notmisleading.NotwithstandingtheforegoingprovisionsofthisSection5.09,norepresentationorwarrantyismadebyParentwithrespecttoinformationorstatementsmadeorincorporatedbyreferenceintheRegistrationStatementortheJointProxyStatement/ProspectuswhichwerenotsuppliedbyoronbehalfoftheParentorMergerSub.

Section5.10AbsenceofCertainChanges.

(a)(i)SincetheParentBalanceSheetDatethroughthedateofthisAgreement,exceptinconnectionwithorrelatedtotheprocessinconnectionwithwhichParentanditsRepresentativesdiscussedandnegotiatedthisAgreementandthetransactionscontemplatedhereby,thebusinessofParentanditsSubsidiarieshasbeenconductedinallmaterialrespectsintheordinarycourseofbusinessconsistentwithpastpracticeand(ii)sincetheParentBalanceSheetDate,therehasnotbeenanyevent,change,effect,developmentoroccurrencethathashadorwouldreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect.

(b)SincetheParentBalanceSheetDatethroughthedateofthisAgreement,therehasnotbeenanyactiontakenbyParentoranyofitsSubsidiariesthat,iftakenduringtheperiodfromthedateofthisAgreementthroughtheMergerEffectiveTimewithouttheCompany’sconsent,wouldconstituteabreachofclause(b)or(e)ofSection7.01(or,solelywithrespecttotheforegoingclauses,clause(f)ofSection7.01).

Section5.11NoUndisclosedMaterialLiabilities.TherearenoliabilitiesorobligationsofParentoranyofitsSubsidiariesofanykindwhatsoever,whetheraccrued,contingent,absolute,determined,determinableorotherwise,thatwouldberequiredbyGAAPtobereflectedontheconsolidatedbalancesheetofParentanditsSubsidiaries,otherthan(a)liabilitiesorobligationsdisclosedandprovidedforintheParentBalanceSheetorinthenotesthereto,(b)liabilitiesorobligationsincurredintheordinarycourseofbusinessconsistentwithpastpracticesincetheParentBalanceSheetDate,(c)liabilitiesarisinginconnectionwiththetransactionscontemplatedhereby,or(d)otherliabilitiesorobligationsthathavenothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect.Therearenooff-balancesheetarrangementsofanytypepursuanttoanyoff-balancesheetarrangementrequiredtobedisclosedpursuanttoItem303(a)(4)ofRegulationS-KthathavenotbeensodescribedintheParentSECDocuments.

Section5.12Litigation.Thereisnoclaim,action,proceedingorsuitor,totheknowledgeoftheParent,investigationpendingor,totheknowledgeofParent,threatened(inthecaseofclause(b)below,asofthedatehereof)againstParent,anyofitsSubsidiaries,anypresentorformerofficers,directorsoremployeesofParentoranyofitsSubsidiariesintheirrespectivecapacitiesassuch,oranyoftherespectivepropertiesorassetsofParentoranyofitsSubsidiaries,before(or,inthecaseofthreatenedclaims,actions,suits,investigationsorproceedings,thatwouldbebefore)anyGovernmentalAuthority(a)thathashadorwouldreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffector(b)that,asofthedateofthisAgreement,inanymannerchallengesorseekstoprevent,enjoin,alterormateriallydelaytheMergeroranyoftheothertransactionscontemplatedhereby.ThereisnoOrderoutstandingagainstParent,anyofitsSubsidiaries,anypresentorformerofficers,directorsoremployeesofParentoranyofitsSubsidiariesintheirrespectivecapacitiesassuchoranyoftherespectivepropertiesorassetsofanyofParentoranyofitsSubsidiaries,that

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hashadorwouldreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffectorthat,asofthedateofthisAgreement,wouldreasonablybeexpectedtoprevent,enjoin,alterormateriallydelaytheMergeroranyoftheothertransactionscontemplatedhereby.

Section5.13Permits.Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,ParentandeachofitsSubsidiariesholdallgovernmentallicensesandConsentsnecessaryfortheoperationofitsrespectivebusinesses(the“ParentPermits”).ParentandeachofitsSubsidiariesare,andsinceJanuary1,2017havebeen,incompliancewiththetermsoftheParentPermits,exceptforfailurestocomplythathavenothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect.Thereisnoclaim,action,proceedingorsuitor,totheknowledgeofParent,investigationpending,or,totheknowledgeofParent,threatenedthatseeks,or,totheknowledgeofParent,anyexistingcondition,situationorsetofcircumstancesthatwouldreasonablybeexpectedtoresultin,therevocation,cancellation,termination,non-renewaloradversemodificationofanyParentPermit,exceptwheresuchrevocation,cancellation,termination,non-renewaloradversemodificationhasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect.

Section5.14CompliancewithLaws.ParentandeachofitsSubsidiariesare,andsinceJanuary1,2017havebeen,incompliancewithallApplicableLaws,exceptforfailurestocomplythathavenothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect.

Section5.15RegulatoryMatters.

(a)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,(i)eachofParentanditsSubsidiariesholds(A)allauthorizationsundertheFDCA,thePHSA,andtheregulationsoftheFDApromulgatedthereunder,and(B)authorizationsofanyapplicableGovernmentalAuthoritythatareconcernedwiththequality,identity,strength,purity,safety,efficacy,manufacturing,marketing,distribution,sale,pricing,importorexportofanyoftheParentProducts(anysuchGovernmentalAuthority,a“ParentRegulatoryAgency”)necessaryforthelawfuloperatingofthebusinessesofParentoranyofitsSubsidiariesascurrentlyconducted(the“ParentRegulatoryPermits”);(ii)allsuchParentRegulatoryPermitsarevalidandinfullforceandeffect;and(iii)ParentanditsSubsidiariesareincompliancewiththetermsofallParentRegulatoryPermits.AllParentRegulatoryPermitsareinfullforceandeffect,exceptwherethefailuretobeinfullforceandeffecthasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect.

(b)NeitherParentnoranyofitsSubsidiariesarepartytoanymaterialcorporateintegrityagreements,monitoringagreements,consentdecrees,settlementorders,orsimilaragreementswithorimposedbyanyParentRegulatoryAgency.

(c)Allpre-clinicalandclinicalinvestigationsinrespectofaParentProductorParentProductcandidateconductedorsponsoredbyParentoranyofitsSubsidiariesarebeingand,sinceJanuary1,2017havebeen,conductedincompliancewithallApplicableLawsadministeredorissuedbytheapplicableParentRegulatoryAgencies,including(i)FDAstandardsforthedesign,conduct,performance,monitoring,auditing,recording,analysisandreportingofclinicaltrialscontainedinTitle21parts50,54,56,312,314and320oftheCodeofFederalRegulationsand(ii)anyapplicablefederal,stateandprovincialApplicableLawsrestrictingthecollection,useanddisclosureofindividuallyidentifiablehealthinformationandpersonalinformation,except,ineachcase,forsuchnoncompliancethathasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect.

(d)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,duringtheperiodbeginningonJanuary1,2017andendingonthedatehereof,neitherParentnoranyofitsSubsidiarieshasreceivedanywrittennoticefromtheFDAortheEMAoranyforeignagencywithjurisdictionoverthedevelopment,marketing,labeling,sale,usehandlingandcontrol,safety,efficacy,reliability,ormanufacturingoftheParentProductswhichwouldreasonablybeexpectedtoleadtothedenial,limitation,revocation,orrescissionofanyoftheParentRegulatoryPermitsorofanyapplicationformarketingapprovalcurrentlypendingbeforetheFDAorsuchotherParentRegulatoryAgency.

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(e)DuringtheperiodbeginningonJanuary1,2017andendingonthedatehereof,allreports,documents,claims,permitsandnoticesrequiredtobefiled,maintainedorfurnishedtotheFDAoranyotherParentRegulatoryAgencybyParentanditsSubsidiarieshavebeensofiled,maintainedorfurnished,exceptwherefailuretofile,maintainorfurnishsuchreports,documents,claims,permitsornoticeshavenothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect.Allsuchreports,documents,claims,permitsandnoticesweretrueandcompleteinallmaterialrespectsonthedatefiled(orwerecorrectedinorsupplementedbyasubsequentfiling).SinceJanuary1,2017,neitherParentnoranyofitsSubsidiaries,nor,totheknowledgeofParent,anyofficer,employee,agentordistributorofParentoranyofitsSubsidiaries,hasmadeanuntruestatementofamaterialfactorafraudulentstatementtotheFDAoranyotherParentRegulatoryAgency,failedtodiscloseamaterialfactrequiredtobedisclosedtotheFDAoranyotherParentRegulatoryAgency,orcommittedanact,madeastatement,orfailedtomakeastatement,ineachsuchcase,relatedtothebusinessofParentoranyofitsSubsidiaries,that,atthetimesuchdisclosurewasmade,wouldreasonablybeexpectedtoprovideabasisfortheFDAtoinvokeitspolicyrespecting“Fraud,UntrueStatementsofMaterialFacts,Bribery,andIllegalGratuities”,setforthin56Fed.Reg.46191(September10,1991)orfortheFDAoranyotherParentRegulatoryAgencytoinvokeanysimilarpolicy,exceptforanyactorstatementorfailuretomakeastatementthathasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect.Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,sinceJanuary1,2017,(i)neitherParentnoranyofitsSubsidiaries,nor,totheknowledgeofParent,anyofficer,employee,agentordistributorofParentoranyofitsSubsidiaries,hasbeendebarredorconvictedofanycrimeorengagedinanyconductforwhichdebarmentismandatedby21U.S.C.§335a(a)oranysimilarApplicableLaworauthorizedby21U.S.C.§335a(b)oranysimilarApplicableLawapplicableinotherjurisdictionsinwhichmaterialquantitiesofanyoftheParentProductsorParentProductcandidatesaresoldorintendedbyParenttobesold;and(ii)neitherParentnoranyofitsSubsidiaries,nor,totheknowledgeoftheParent,anyofficer,employee,agentordistributorofParentoranyofitsSubsidiaries,hasbeenexcludedfromparticipationinanyfederalhealthcareprogramorconvictedofanycrimeorengagedinanyconductforwhichsuchPersoncouldbeexcludedfromparticipatinginanyfederalhealthcareprogramunderSection1128oftheSocialSecurityActof1935,asamended,oranysimilarApplicableLaworprogram.

(f)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,astoeachParentProductorParentProductcandidatesubjecttotheFDCAandtheregulationsoftheFDApromulgatedthereunderoranysimilarApplicableLawinanyforeignjurisdictioninwhichmaterialquantitiesofanyoftheParentProductsorParentProductcandidatesaresoldorintendedbyParentoranyofitsSubsidiariestobesoldthatisorhasbeendeveloped,manufactured,tested,distributedormarketedbyoronbehalfofParentoranyofitsSubsidiaries,eachsuchParentProductorParentProductcandidateisbeingorhasbeendeveloped,manufactured,stored,distributedandmarketedincompliancewithallApplicableLaws,includingthoserelatingtoinvestigationaluse,marketingapproval,currentgoodmanufacturingpractices,packaging,labeling,advertising,recordkeeping,reporting,andsecurity.Thereisnoactionorproceedingpendingor,totheknowledgeofParent,threatened,includinganyprosecution,injunction,seizure,civilfine,debarment,suspensionorrecall,ineachcasealleginganyviolationapplicabletoanyParentProductorParentProductcandidatebyParentoranyofitsSubsidiariesofanyApplicableLaw,exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect.

(g)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,duringtheperiodbeginningonJanuary1,2017andendingonthedatehereof,neitherParentnoranyofitsSubsidiarieshavevoluntarilyorinvoluntarilyinitiated,conductedorissued,orcausedtobeinitiated,conductedorissued,anymaterialrecall,fieldcorrections,marketwithdrawalorreplacement,safetyalert,warning,“deardoctor”letter,investigatornotice,orothernoticeoractiontowholesalers,distributors,retailers,healthcareprofessionalsorpatientsrelatingtoanallegedlackofsafety,efficacyorregulatorycomplianceofanyParentProduct.TotheknowledgeofParent,therearenofactsasofthedatehereofwhicharereasonablylikelytocause,andneitherParentnoranyofitsSubsidiarieshasreceivedanywrittennoticefromtheFDAoranyotherParentRegulatoryAgencyduringtheperiodbeginningonJanuary1,2017andendingonthedatehereofregarding(i)therecall,marketwithdrawalorreplacementofanyParentProductsoldorintendedtobesoldbyParentoritsSubsidiaries

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(otherthanrecalls,withdrawalsorreplacementsthatarenotmaterialtoParentanditsSubsidiaries,takenasawhole),(ii)amaterialchangeinthemarketingclassificationoramaterialchangeinthelabelingofanysuchParentProducts,(iii)aterminationorsuspensionofthemanufacturing,marketing,ordistributionofsuchParentProducts,or(iv)amaterialnegativechangeinreimbursementstatusofaParentProduct.

Section5.16Taxes.Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect:

(a)AllTaxReturnsrequiredbyApplicableLawtobefiledwithanyTaxingAuthorityby,oronbehalfof,ParentoranyofitsSubsidiarieshavebeenfiledwhendue(givingeffecttoallextensions)inaccordancewithallApplicableLaw,andallsuchTaxReturnsaretrueandcompleteinallrespects.

(b)ParentandeachofitsSubsidiarieshaspaid(orhashadpaidonitsbehalf)allTaxesshownasdueandpayableonanyTaxReturns,or(i)wherepaymentisnotyetdue,hasestablished(orhashadestablishedonitsbehalfandforitssolebenefitandrecourse)inaccordancewithGAAPanadequateaccrualor(ii)wherepaymentisbeingcontestedingoodfaithpursuanttoappropriateprocedures,hasestablished(orhashadestablishedonitsbehalfandforitssolebenefitandrecourse)inaccordancewithGAAPanadequatereserve,ineachcaseforallTaxesthroughtheendofthelastperiodforwhichParentanditsSubsidiariesordinarilyrecorditemsontheirrespectivebooksandrecords.

(c)ParentandeachofitsSubsidiarieshasdulyandtimelywithheldallTaxesrequiredtobewithheld,andsuchwithheldTaxeshavebeeneitherdulyandtimelypaidtotheproperTaxingAuthorityorproperlysetasideinaccountsforsuchpurpose.

(d)(i)AllfederalincomeTaxReturnsoftheaffiliatedgroupofwhichParentisthecommonparentthroughtheTaxyearendedDecember31,2007havebeenexaminedandclosedorareTaxReturnswithrespecttowhichtheapplicableperiodforassessmentunderApplicableLaw,aftergivingeffecttoextensionsorwaivers,hasexpired,and(ii)neitherParentnoranyofitsSubsidiaries(oranymemberofanyaffiliated,consolidated,combinedorunitarygroupofwhichParentoranyofitsSubsidiariesisorhasbeenamember)hasgrantedanyextensionorwaiverofthelimitationperiodapplicabletotheassessmentorcollectionofanyfederalincomeTax,andnopowerofattorneywithrespecttoanysuchTaxeshasbeengrantedtoanyPerson,ineachcase,thatremainsineffect.

(e)Thereisnoclaim,action,suit,proceedingorinvestigation(includinganaudit)pendingor,toParent’sknowledge,threatenedinwritingagainstorwithrespecttoParentoritsSubsidiariesinrespectofanyTaxorTaxasset.

(f)TherearenorequestsforrulingsordeterminationsinrespectofanyTaxorTaxassetpendingbetweenParentoranyofitsSubsidiariesandanyTaxingAuthority.

(g)Duringthetwo(2)yearperiodendingonthedateofthisAgreement,ParentwasnotadistributingcorporationoracontrolledcorporationinatransactionintendedtobegovernedbySection355oftheCode.

(h)TherearenoLiensforTaxes(otherthanPermittedLiens)uponanyoftheassetsofParentoranyofitsSubsidiaries.

(i)NoclaimhasbeenmadeinwritingbyanyTaxingAuthorityinajurisdictionwhereParentand/orParent’sSubsidiariesdonotfileTaxReturnsthatParentoranyofitsSubsidiariesisormaybesubjecttotaxationby,orrequiredtofileanyTaxReturnin,thatjurisdiction.

(j)NeitherParentnoranyofitsSubsidiaries(i)hasbeenamemberofanaffiliated,consolidated,combinedorunitarygroupotherthanoneofwhichParentoranyofitsSubsidiarieswasthecommonparent,(ii)ispartytoanyTaxSharingAgreement(otherthananysuchagreementsolelybetweenParentanditsSubsidiaries),(iii)hasenteredintoaclosingagreementpursuanttoSection7121oftheCode,oranypredecessorprovisionoranysimilarprovisionofstate,localornon-U.S.lawor(iv)hasanyliabilityfortheTaxesofanyPerson(otherthanParentoranyofitsSubsidiaries)underTreasuryRegulationSection1.1502-6(oranysimilarprovisionofstate,localornon-U.S.law)oranyTaxSharingAgreementorasatransfereeorsuccessor.

(k)NeitherParentnoranyofitsSubsidiarieshasengagedinany“listedtransaction”withinthemeaningofTreasuryRegulationSection1.6011-4(b)(2).

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Section5.17EmployeesandEmployeeBenefitPlans.

(a)NeitherParentnoranyofitsERISAAffiliates(noranypredecessorofanysuchentity)sponsors,maintains,administersorcontributesto(orhasanyobligationtocontributeto),orhas,sinceJanuary1,2017,sponsored,maintained,administeredorcontributedto(orhadanyobligationtocontributeto),anyplansubjecttoTitleIVofERISA,includinganymultiemployerplan,asdefinedinSection3(37)ofERISA.

(b)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,eachParentEmployeePlanthatisintendedtobequalifiedunderSection401(a)oftheCodehasreceivedafavorabledeterminationoropinionletterfromtheInternalRevenueServiceorhasappliedtotheInternalRevenueServiceforsuchaletterwithintheapplicableremedialamendmentperiodorsuchperiodhasnotexpiredand,totheknowledgeofParent,nocircumstancesexistthatwouldreasonablybeexpectedtoresultinanysuchletterbeingrevokedornotbeingreissuedorapenaltyundertheInternalRevenueServiceClosingAgreementProgramifdiscoveredduringanInternalRevenueServiceauditorinvestigation.Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,eachtrustcreatedunderanysuchParentEmployeePlanisexemptfromtaxunderSection501(a)oftheCodeandhasbeensoexemptsinceitscreation.

(c)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,sinceJanuary1,2017,eachParentEmployeePlanhasbeenmaintainedincompliancewithitstermsandallApplicableLaw,includingERISAandtheCodeandallcontributionsrequiredtohavebeenmadebyParentoranyofitsSubsidiarieswithrespecttoanybenefitorcompensationplan,programorotherarrangementmaintainedbyaGovernmentalAuthorityhavebeentimelymade.Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,noclaim(otherthanroutineclaimsforbenefits),action,suit,investigationorproceeding(includinganaudit)ispendingagainstorinvolvesor,toParent’sknowledge,isthreatenedagainstorreasonablyexpectedtoinvolve,anyParentEmployeePlanbeforeanyGovernmentalAuthority,includingtheInternalRevenueService,theDepartmentofLabororthePBGC.TotheknowledgeofParent,sinceJanuary1,2017,noeventshaveoccurredwithrespecttoanyParentEmployeePlanthatwouldreasonablybeexpectedtoresultintheassessmentofanyexcisetaxesorpenaltiesagainstParentoranyofitsSubsidiaries,exceptforeventsthathavenothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect.

(d)NeitherParentnoranyofitsSubsidiarieshasanymaterialcurrentorprojectedliabilityfor,andnoParentEmployeePlanprovidesorpromises,anymaterialpost-employmentorpost-retirementmedical,dental,disability,hospitalization,lifeorsimilarbenefits(whetherinsuredorself-insured)toanydirector,officer,oremployee(includinganyformerdirector,officer,oremployee)ofParentoranyofitsSubsidiaries(otherthancoveragemandatedbyApplicableLaw).

(e)NeitherParentnoranyofitsSubsidiarieshasanyobligationtogross-up,indemnifyorotherwisereimburseanyPersonforanyTaxincurredbysuchPersonunderSection409Aor4999oftheCode.

(f)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,withrespecttoanyParentEmployeePlancoveredbySubtitleB,Part4ofTitleIofERISAorSection4975oftheCode,nonon-exemptprohibitedtransactionhasoccurredthathascausedorwouldreasonablybeexpectedtocauseParentoranyofitsSubsidiariestoincuranyliabilityunderERISAortheCode.

Section5.18LaborMatters.

(a)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,ParentanditsSubsidiariesare,andsinceJanuary1,2017havebeen,incompliancewithallApplicableLawsrelatingtolaborandemployment,includingthoserelatingtolabormanagementrelations,wages,hours,overtime,employeeclassification,discrimination,sexualharassment,civilrights,affirmativeaction,workauthorization,immigration,safetyandhealth,informationprivacyandsecurity,workerscompensation,continuationcoverageundergrouphealthplans,wagepaymentandthepaymentandwithholdingoftaxes.

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(b)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,asofthedatehereof(i)therearenounfairlaborpracticecomplaintspendingor,toParent’sknowledge,threatenedagainstParentoranyofitsSubsidiariesbeforetheNationalLaborRelationsBoardoranyotherGovernmentalAuthorityoranycurrentunionrepresentationquestionsinvolvinganydirector,officer,oremployee(includinganyformerdirector,officer,oremployee)ofParentoranyofitsSubsidiarieswithrespecttoParentoritsSubsidiaries,and(ii)thereisnolaborstrike,slowdown,stoppage,picketing,interruptionofworkorlockoutpendingor,toParent’sknowledge,threatenedagainstoraffectingParentoranyofitsSubsidiaries.

Section5.19IntellectualProperty.

(a)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,noneoftheregistrations(includingpatents,trademarksandcopyrights,andmaterialdomainnameregistrations)andapplicationsforregistrationforOwnedIntellectualPropertyincludedintheParentIntellectualProperty(the“ParentRegisteredIP”)thatisanissuedU.S.patentoraregistrationforaU.S.trademarkoraU.S.patentapplicationoranapplicationforregistrationofaU.S.trademarkhaslapsed,expired,beenabandonedorbeenadjudgedinvalidorunenforceable,and,totheknowledgeofParent,allParentRegisteredIPissubsisting,andifregistered,validandenforceable.

(b)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,(i)ParentanditsSubsidiariesarethesoleandexclusiveownersofallOwnedIntellectualPropertyincludedintheParentIntellectualPropertythatis(A)anissuedU.S.patentoraregistrationforaU.S.trademarkoraU.S.patentapplicationoranapplicationforregistrationofaU.S.trademarkandanyU.S.orglobalissuedorpendingpatentsrelatingthereto,or(B)materialParentIntellectualPropertythatrelatestoanymaterialParentProduct,and,withrespecttotheforegoingclauses(A)and(B),holdalloftheirright,titleandinterestinandtoalloftheParentIntellectualPropertyfreeandclearofallLiensotherthanPermittedLiens,and(ii)totheknowledgeofParent,Parent’sanditsSubsidiaries’OwnedIntellectualPropertyandParent’sanditsSubsidiaries’LicensedIntellectualProperty,togetherwithanyotherIntellectualPropertythatParentoranyofitsSubsidiariesisotherwisepermittedtouse(includingbywayofarelease,covenantnottosueorimmunityfromsuit),constitutesalloftheIntellectualPropertynecessaryto,orusedorheldforusein,theconductoftherespectivebusinessesofParentanditsSubsidiariesascurrentlyconducted,andascurrentlyplannedtobeconductedpriortoClosing.

(c)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect(andexceptasdisclosedbyParenttotheCompanyduringthecourseofCompany’sduediligencepriortothedatehereof),duringthepastfour(4)years(i)totheknowledgeofParent,neitherParentnoranyofitsSubsidiariesnortheconductoftheirrespectivebusinesseshasinfringed,misappropriated,dilutedorotherwiseviolatedanyIntellectualPropertyrightsofanyThirdParty,(ii)thereisnoclaim,action,proceedingorsuitor,totheknowledgeofParent,investigationpendingor,totheknowledgeofParent,threatenedagainstoraffectingParentoranyofitsSubsidiaries(A)allegingthatParentoranyofitsSubsidiarieshasinfringed,misappropriated,dilutedorotherwiseviolatedanyIntellectualPropertyrightsofanyThirdPartyor(B)basedupon,orchallengingorseekingtodenyorrestrict,therightsofParentoranyofitsSubsidiariesinanyofParentIntellectualProperty(includinganychallengestothevalidity,enforceability,registerability,inventorship,ownershiporuseofanyoftheParentIntellectualPropertythatisOwnedIntellectualProperty),and(iii)totheknowledgeofParent,noThirdPartyhasinfringed,misappropriated,dilutedorotherwiseviolatedanyoftheParentCompanyIntellectualPropertythatisOwnedIntellectualProperty.Notwithstandinganythingcontainedherein,therepresentationsandwarrantiessetforthhereinshallbereadwithoutapplicationof35U.S.C.§271(e)(1)(thestatutoryresearchexemption)andanysimilarApplicableLawsoutsidetheU.S.tothesameextentasifsuchApplicableLawsdidnotexist.

(d)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,(i)sinceJanuary1,2017,ParentanditsSubsidiarieshaveprovidedreasonablenoticeofitsprivacyandpersonaldatacollectionandusepoliciesonitswebsitesandothercustomerandpubliccommunicationsandParentanditsSubsidiarieshavecompliedsinceJanuary1,2017withsuchpoliciesandallApplicableLawsrelatingto(A)theprivacyoftheusersofParent’sandits

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Subsidiaries’respectiveproducts,servicesandwebsitesand(B)thecollection,use,storageanddisclosureofanypersonally-identifiableinformation(includingpersonalhealthinformation),(ii)sinceJanuary1,2017,thereisnoclaim,action,proceedingorsuitor,totheknowledgeofParent,investigationpendingor,totheknowledgeofParent,threatenedagainstParentoranyofitsSubsidiariesalleginganyviolationofsuchpoliciesorApplicableLaws,(iii)neitherthisAgreementnortheconsummationofthetransactionscontemplatedherebywillviolateanysuchpolicyorApplicableLaws,and(iv)ParentanditsSubsidiarieshavetakencommerciallyreasonablestepstoprotectthetypesofinformationreferredtointhisSection5.19(d)againstlossandunauthorizedaccess,use,modification,disclosureorothermisuse,and,totheknowledgeofParent,sinceJanuary1,2017,therehasbeennounauthorizedaccess,use,modification,disclosureorothermisuseofsuchdataorinformation.

(e)Exceptashasnothad,andwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,(i)Parent’sITAssetsoperateinamannerthatpermitsParentanditsSubsidiariestoconducttheirrespectivebusinessesascurrentlyconducted,(ii)ParentanditsSubsidiariestakecommerciallyreasonableactionstoprotecttheconfidentiality,integrityandsecurityofParent’sITAssets(andalldataandotherinformationandtransactionsstoredorcontainedthereinortransmittedthereby)againstanyunauthorizeduse,access,interruption,modificationorcorruption,includingtheimplementationofcommerciallyreasonabledatabackup,disasteravoidanceandrecoveryproceduresandbusinesscontinuityprocedures,and(iii)sinceJanuary1,2017,totheknowledgeofParent,therehasbeennounauthorizeduseoraccessorsecuritybreaches,orinterruption,modification,lossorcorruptionofanyofParent’sITAssets(oranydataorotherinformationortransactionsstoredorcontainedthereinortransmittedthereby).

Section5.20EnvironmentalMatters.Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect:

(a)nonotice,notification,demand,requestforinformation,citation,summonsororderhasbeenreceived,nocomplainthasbeenfiled,nopenaltyhasbeenassessed,andnoclaim,actionproceedingorsuitor,totheknowledgeofParent,investigation(includingareview)ispendingor,totheknowledgeofParent,threatenedbyanyGovernmentalAuthorityorotherPersonrelatingtoParentoranyofitsSubsidiariesthatrelatesto,orarisesunder,anyEnvironmentalLaw,EnvironmentalPermitorHazardousSubstance;

(b)ParentanditsSubsidiariesare,andsinceJanuary1,2017havebeen,incompliancewithallEnvironmentalLawsandallEnvironmentalPermitsandholdallapplicableEnvironmentalPermits;and

(c)therearenoliabilitiesorobligationsofParentoranyofitsSubsidiariesofanykindwhatsoever,whetheraccrued,contingent,absolute,determined,determinableorotherwisearisingunderorrelatingtoanyEnvironmentalLaw,EnvironmentalPermitorHazardousSubstanceandthereisnoexistingcondition,situationorsetofcircumstancesthatcouldreasonablybeexpectedtoresultinanysuchliabilityorobligation.

Section5.21FCPA;Anti-Corruption;Sanctions.

(a)Exceptashasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,neitherParentnoranyofitsSubsidiaries,nor,totheknowledgeofParent,anydirector,manager,employee,agentorrepresentativeofParentoranyofitsSubsidiaries,ineachcaseactingonbehalfofParentoranyofitsSubsidiaries,has,inthelastfive(5)years,inconnectionwiththebusinessofParentoranyofitsSubsidiaries,takenanyactioninviolationoftheFCPAorotherapplicableBriberyLegislation(ineachcasetotheextentapplicable).

(b)NeitherParentnoranyofitsSubsidiariesnor,totheknowledgeofParent,anydirector,manageroremployeeofParentoranyofitsSubsidiaries,is,orinthelastfive(5)yearshasbeen,subjecttoanyactualorpendingor,totheknowledgeofParent,threatenedcivil,criminal,oradministrativeactions,suits,demands,claims,hearings,noticesofviolation,investigations,proceedings,demandletters,settlements,orenforcementactions,ormadeanyvoluntarydisclosurestoanyGovernmentalAuthority,involvingParentoranyofitsSubsidiariesrelatingtoapplicableBriberyLegislation,includingtheFCPA.

(c)ParentandeachofitsSubsidiarieshasmadeandkeptbooksandrecords,accountsandotherrecords,which,inreasonabledetail,accuratelyandfairlyreflectinallmaterialrespectsthetransactionsanddispositionsoftheassetsofParentandeachofitsSubsidiariesasrequiredbytheFCPA.

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(d)ParentandeachofitsSubsidiarieshasinstitutedpoliciesandproceduresreasonablydesignedtoensurecomplianceinallmaterialrespectswiththeFCPAandotherapplicableBriberyLegislationandmaintainsuchpoliciesandproceduresinforce.

(e)TotheknowledgeofParent,noofficer,director,oremployeeofParentoranyofitsSubsidiariesisaGovernmentOfficial.

(f)Exceptashashadnotandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect,noneofParentoranyofitsSubsidiaries,nor,totheknowledgeofParent,anyoftheirrespectivedirectors,managersoremployees(i)isaSanctionedPerson,(ii)has,inthelastfive(5)years,engagedin,hasanyplanorcommitmenttoengagein,directorindirectdealingswithanySanctionedPersonorinanySanctionedCountryonbehalfoftheParentoranyofitsSubsidiariesinviolationofapplicableSanctionsLawor(iii)has,inthelastfive(5)years,violated,orengagedinanyconductsanctionableunder,anySanctionsLaw,nortotheknowledgeofParent,beenthesubjectofaninvestigationorallegationofsuchaviolationorsanctionableconduct.

Section5.22TransactionswithAffiliates.TotheknowledgeofParentandasofthedateofthisAgreement,sinceJanuary1,2017,therehavebeennotransactions,orseriesofrelatedtransactions,agreements,arrangementsorunderstandingsineffect,norarethereanycurrentlyproposedtransactions,orseriesofrelatedtransactions,agreements,arrangementsorunderstandings,thatwouldberequiredtobedisclosedunderItem404(a)ofRegulationS-KthathavenotbeenotherwisedisclosedintheParentSECDocumentsfiledpriortothedatehereof.

Section5.23AntitakeoverStatutes.AssumingtherepresentationsandwarrantiessetforthinSection4.29aretrueandcorrect,neithertherestrictionssetforthinSection203oftheDGCLnoranyother“controlshareacquisition,”“fairprice,”“moratorium”orotherantitakeoverlawsenactedunderU.S.stateorfederallawsapplytothisAgreementoranyofthetransactionscontemplatedhereby.

Section5.24OpinionsofFinancialAdvisors.TheBoardofDirectorsofParenthasreceivedseparateopinionsofeachofMorganStanley&Co.LLC,DyalCo.LLCandEvercoreGroupL.L.C.,financialadvisorstoParent,totheeffectthat,asofthedateofsuchopinionsandsubjecttothevariousassumptions,procedures,matters,qualificationsandlimitationsonthescopeofthereviewundertakenassetforththerein,theMergerConsiderationtobepaidbyParentpursuanttothisAgreementisfair,fromafinancialpointofview,toParent.AwrittencopyofsuchopinionswillbedeliveredpromptlytotheCompanyafterthedatehereofforinformationalpurposesonly.

Section5.25Finders’Fees.ExceptforMorganStanley&Co.LLC,DyalCo.LLCandEvercoreGroupL.L.C.,thereisnoinvestmentbanker,broker,finderorotherintermediarythathasbeenretainedbyorisauthorizedtoactonbehalfofParentoranyofitsSubsidiarieswhomightbeentitledtoanyfeeorcommissionfromParentoranyofitsAffiliatesinconnectionwiththetransactionscontemplatedbythisAgreement.

Section5.26NoOwnershipofCompanyCommonStock.NeitherParentnoranyofitsSubsidiariesbeneficiallyowns,directlyorindirectly,anysharesofCompanyCommonStockorothersecuritiesconvertibleinto,exchangeablefororexercisableforsharesofCompanyCommonStock,andneitherParentnoranyofitsSubsidiarieshasanyrightstoacquireanysharesofCompanyCommonStock(otherthananysuchsecuritiesownedbyParentoranyofitsSubsidiariesinafiduciary,representativeorothercapacityonbehalfofotherPersons,whetherornotheldinaseparateaccount).TherearenovotingtrustsorotheragreementsorunderstandingstowhichParentoranyofitsSubsidiariesisapartywithrespecttothevotingofthecapitalstockorotherEquitySecuritiesoftheCompanyoranyofitsSubsidiaries.

Section5.27Financing.

(a)ParenthasdeliveredtotheCompany(i)atrueandcompletecopyofafullyexecutedcommitmentletter,datedasofthedatehereof,amongParentandtheFinancingSourcespartythereto(includingallexhibits,schedules,andannexestosuchlettersineffectasofthedatehereof),pursuanttowhichtheFinancingSourceshavecommitted,uponthetermsandsubjecttotheconditionssetforththerein,toprovidethedebtfinancingdescribedthereininconnectionwiththetransactionscontemplatedherebyand(ii)atrueandcompletecopyofthefullyexecutedfeeletterreferencedtherein(together,the“DebtCommitmentLetter”)relatingtofeeswithrespecttotheDebtFinancing(redactedtoremoveonlyfeeamounts,theratesandamountsincludedinthe“marketflex”provisionsandcertainothereconomicterms(noneofwhich

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couldadverselyaffecttheamounts,availability,timingorconditionalityoftheDebtFinancing)).TheDebtCommitmentLetterandanyotherdebtcommitmentletter(includinganyreplacementoftheDebtCommitmentLetterandrelatedfeeletterinconnectionwithanyAlternativeFinancing)executedinaccordancewithSection7.06,asreplaced,amended,supplemented,modifiedorwaivedinaccordancewithSection7.06,includingallexhibits,schedules,andannexestosuchletters,arehereinafterreferredtotogetherasthe“DebtCommitmentLetters”.ThefinancingcontemplatedpursuanttotheDebtCommitmentLettersishereinafterreferredtoasthe“DebtFinancing”.

(b)AsofthedateofthisAgreement,theDebtCommitmentLetterisinfullforceandeffectandisalegal,validandbindingobligationofParent,andtotheknowledgeofParent,theotherpartiesthereto,andenforceableinaccordancewithitstermsagainstParent,andtotheknowledgeofParent,eachoftheotherpartiesthereto,ineachcase,subjecttotheBankruptcyandEquityExceptions.AllcommitmentfeesrequiredtobepaidundertheDebtCommitmentLettershavebeenpaidinfullbyParentorwillbedulypaidinfullbyParentasandwhendue,andParenthasotherwisesatisfiedalloftheotheritemsandconditionsrequiredtobesatisfiedbyParent,andwithinitscontrol,pursuanttothetermsoftheDebtCommitmentLetteronorpriortothedateofthisAgreement.TheDebtCommitmentLetterhasnotbeenamended,restated,modifiedorterminated,norhascompliancewithanytermthereofbeenwaived,onorpriortothedateofthisAgreementandtherespectivecommitmentscontainedintheDebtCommitmentLetterhavenotbeenwithdrawn,rescindedorotherwisemodifiedinanyrespectonorpriortothedateofthisAgreement.AsofthedateofthisAgreement,(i)noeventhasoccurredwhich,withorwithoutnotice,lapseoftimeorboth,wouldreasonablybeexpectedtoconstituteabreachordefault,ineachcase,onthepartofParentor,totheknowledgeofParent,anyotherparty,undertheDebtCommitmentLetterand(ii)assumingtheaccuracyoftheCompany’srepresentationsandwarrantiescontainedinArticleIVandcompliancebytheCompanywithitscovenantscontainedinArticleVIandArticleVIII,ineachcase,inallmaterialrespects,ParenthasnoknowledgethatanyoftheconditionstotheDebtFinancingwillnotbesatisfiedontheClosingDateorthattheDebtFinancingoranyotherfundsnecessaryforthesatisfactionofallofParent’sanditsSubsidiaries’obligationsunderthisAgreementwillnotbeavailabletoParentontheClosingDate.TheconsummationoftheDebtFinancingissubjecttonoconditionsprecedentotherthanthoseexpresslysetforthinthecopyoftheDebtCommitmentLetterdeliveredtotheCompany,andtherearenocontingenciesthatwouldpermittheFinancingSourcestoreducethetotalamountoftheDebtFinancingotherthanthoseexpresslysetforthinthecopyoftheDebtCommitmentLetterdeliveredtotheCompanyonorpriortothedatehereof.ExceptforanyengagementlettersorrelatedfeelettersrelatedtothepermanentfinancingreferredtointheDebtCommitmentLetters,asofthedateofthisAgreement,therearenosidelettersorotheragreements,ContractsorarrangementstowhichParentorMergerSuboranyoftheirrespectiveAffiliatesareapartyrelatedtothefundingoftheDebtFinancing.Assuming(A)thefundingofthefullamountoftheDebtFinancinginaccordancewithandsubjecttothesatisfactionoftheconditionsoftheDebtCommitmentLetterand(B)theaccuracyinallmaterialrespectsoftheCompany’srepresentationsandwarrantiessetforthinArticleIVofthisAgreementandcomplianceinallmaterialrespectsbytheCompanywithitscovenants,agreementsandobligationsunderArticleVIandArticleVIIIofthisAgreement,theaggregateproceedsoftheDebtFinancing,togetherwithcashorcashequivalentsheldbyParentandtheothersourcesoffundsreferencedintheDebtCommitmentLetters,asoftheMergerEffectiveTime,willbesufficienttoenableParenttopayincashallamountsrequiredtobepaidbyParentandMergerSubincashontheClosingDate,includingtheCashConsideration,andallpayments,feesandexpensespayablebythemrelatedtoorarisingoutoftheconsummationofthetransactionscontemplatedbythisAgreementthatarerequiredtobepaidasofsuchdate.TheobligationsofParentandMergerSubhereunderarenotconditionedinanymanneruponParentorMergerSubobtaininganyfinancing.

Section5.28NoOtherParentRepresentationsandWarranties.ExceptfortherepresentationsandwarrantiesmadebyParentinthisArticleV(asqualifiedbytheapplicableitemsdisclosedintheParentDisclosureScheduleinaccordancewithSection11.05andtheintroductiontothisArticleV),neitherParentnoranyotherPerson(includingMergerSub)makesorhasmadeanyrepresentationorwarranty,expressedorimplied,atlaworinequity,withrespecttooronbehalfofParentoritsSubsidiaries,theirbusinesses,operations,assets,liabilities,financialcondition,resultsofoperations,futureoperatingorfinancialresults,estimates,projections,forecasts,plansorprospects(includingthereasonablenessoftheassumptionsunderlyingsuchestimates,projections,forecasts,plansorprospects)ortheaccuracyorcompletenessofanyinformationregardingParentoritsSubsidiariesoranyothermatterfurnishedorprovidedtotheCompanyormadeavailable

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totheCompanyinany“datarooms,”“virtualdatarooms,”managementpresentationsorinanyotherforminexpectationof,orinconnectionwith,thisAgreementorthetransactionscontemplatedhereby.ParentanditsSubsidiariesdisclaimanyotherrepresentationsorwarranties,whethermadebyParentoranyofitsSubsidiariesoranyoftheirrespectiveAffiliatesorRepresentatives.EachofParentandMergerSubacknowledgesandagreesthat,exceptfortherepresentationsandwarrantiesmadebytheCompanyinArticleIV(asqualifiedbytheapplicableitemsdisclosedintheCompanyDisclosureScheduleinaccordancewithSection11.05andtheintroductiontoArticleIV),neithertheCompanynoranyotherPersonismakingorhasmadeanyrepresentationsorwarranty,expressedorimplied,atlaworinequity,withrespecttooronbehalfoftheCompanyoritsSubsidiaries,theirbusinesses,operations,assets,liabilities,financialcondition,resultsofoperations,futureoperatingorfinancialresults,estimates,projections,forecasts,plansorprospects(includingthereasonablenessoftheassumptionsunderlyingsuchestimates,projections,forecasts,plansorprospects)ortheaccuracyorcompletenessofanyinformationregardingtheCompanyoritsSubsidiariesoranyothermatterfurnishedorprovidedtoParentormadeavailabletoParentinany“datarooms,”“virtualdatarooms,”managementpresentationsorinanyotherforminexpectationof,orinconnectionwith,thisAgreement,orthetransactionscontemplatedherebyorthereby.EachofParentandMergerSubspecificallydisclaimsthatitisrelyinguponorhasrelieduponanysuchotherrepresentationsorwarrantiesthatmayhavebeenmadebyanyPerson,andacknowledgesandagreesthattheCompanyanditsAffiliateshavespecificallydisclaimedanddoherebyspecificallydisclaimanysuchotherrepresentationsandwarranties.

ARTICLE VI

COVENANTS OF THE COMPANY

TheCompanyagreesthat:

Section6.01ConductoftheCompany.FromthedateofthisAgreementuntiltheearlieroftheMergerEffectiveTimeandtheterminationofthisAgreement,except(x)asprohibitedorrequiredbyApplicableLaw,(y)assetforthinSection6.01oftheCompanyDisclosureSchedule,or(z)asotherwiserequiredorexpresslycontemplatedbythisAgreement,unlessParentshallotherwiseconsentinwriting(whichconsentshallnotbeunreasonablywithheld,conditionedordelayed),theCompanyshall,andshallcauseeachofitsSubsidiariesto,usecommerciallyreasonableeffortstoconductitsbusinessinallmaterialrespectsintheordinarycourseofbusinessconsistentwithpastpracticeandtopreserveintactitsbusinessorganizationandrelationshipswithcustomers,members,suppliers,licensors,licenseesandotherThirdPartiesandkeepavailabletheservicesofitspresentofficersandemployees;providedthat(i)noactionbytheCompanyoranyofitsSubsidiariestotheextentexpresslypermittedbyanexceptiontoanyofSection6.01(a)throughSection6.01(o)willbeabreachofthissentenceand(ii)iftheCompanyoranyofitsSubsidiariesseekstheconsentofParenttotakeanyactionprohibitedbyanyofSection6.01(a)throughSection6.01(o),andsuchconsentiswithheldbyParent,thefailuretotakesuchactionwillnotbedeemedtobeabreachofthissentence.Withoutlimitingthegeneralityoftheforegoing,except(A)asprohibitedorrequiredbyApplicableLaw,(B)assetforthinSection6.01oftheCompanyDisclosureSchedule,or(C)asotherwiserequiredorexpresslycontemplatedbythisAgreement,withoutParent’spriorwrittenconsent(whichconsentshallnotbeunreasonablywithheld,conditionedordelayed),theCompanyshallnot,andshallcauseeachofitsSubsidiariesnotto:

(a)adoptorproposeanychangetoitscertificateofincorporation,bylawsorotherorganizationaldocuments(whetherbymerger,consolidationorotherwise)(includingtheCompanyOrganizationalDocuments);

(b)(i)mergeorconsolidatewithanyotherPerson,(ii)acquire(includingbymerger,consolidation,oracquisitionofstockorassets)anyinterestinanycorporation,partnership,otherbusinessorganizationoranydivisionthereoforanyassets,securitiesorproperty,otherthan(A)acquisitionsofassets,securitiesorpropertyinanamountnottoexceed$500,000,000individuallyor$1,000,000,000intheaggregateforallsuchacquisitions(measuredforeachacquisitiononariskadjustednetpresentvaluebasisasoftheclosingofsuchacquisition),(B)acquisitionsofsecuritiesundertheCompany’sinvestmentportfolioconsistentwiththeCompany’sinvestmentpolicyineffectasofthedatehereof,(C)transactions(1)solelyamongtheCompanyandoneormoreofitswhollyownedSubsidiariesor(2)solelyamongtheCompany’swhollyownedSubsidiariesand(D)acquisitionsofinventoryorequipmentintheordinarycourseofbusinessconsistentwithpastpractice(providedthatanyoftheacquisitionsortransactionsdescribedinclauses(A)through(D)shallrequirethepriorwrittenconsentofParentifsuchacquisitionortransactionwould,

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individuallyorintheaggregate,reasonablybeexpectedtopreventormateriallydelaytheconsummationofthetransactionscontemplatedbythisAgreement),or(iii)adoptaplanofcompleteorpartialliquidation,dissolution,recapitalizationorrestructuring;

(c)(i)split,combineorreclassifyanysharesofitscapitalstock(otherthantransactions(1)solelyamongtheCompanyandoneormoreofitswhollyownedSubsidiariesor(2)solelyamongtheCompany’swhollyownedSubsidiaries),(ii)amendanytermoralteranyrightsofanyofitsoutstandingEquitySecurities,(iii)declare,setasideorpayanydividendormakeanyotherdistribution(whetherincash,stock,propertyoranycombinationthereof)inrespectofanysharesofitscapitalstockorotherEquitySecurities,otherthandividendsordistributionsbyaSubsidiaryoftheCompanytotheCompanyorawhollyownedSubsidiaryoftheCompany,or(iv)redeem,repurchase,cancelorotherwiseacquireoroffertoredeem,repurchase,orotherwiseacquireanyofitsEquitySecuritiesoranyEquitySecuritiesofanySubsidiaryoftheCompany,otherthanrepurchasesofsharesofCompanyCommonStockinconnectionwiththeexerciseofCompanyStockOptionsorthevestingorsettlementofCompanyRSUAwards,CompanyPSUAwards,orCompanyRSAs(includinginsatisfactionofanyamountsrequiredtobedeductedorwithheldunderApplicableLaw),ineachcaseoutstandingasofthedateofthisAgreementinaccordancewiththepresenttermsofsuchCompanyEquityAwardsorgrantedafterthedateofthisAgreementtotheextentpermittedbythisAgreement;

(d)issue,deliverorsell,orauthorizetheissuance,deliveryorsaleof,anysharesofitscapitalstockoranyotherEquitySecurities,otherthan(i)theissuanceofanysharesofCompanyCommonStockupontheexerciseofCompanyStockOptionsorthevestingorsettlementofsharesofCompanyRSUAwardsorCompanyPSUAwardsthatare,ineachcaseoutstandingasofthedateofthisAgreementinaccordancewiththepresenttermsofsuchCompanyEquityAwardsorgrantedafterthedateofthisAgreementtotheextentpermittedbythisAgreement,or(ii)withrespecttocapitalstockorEquitySecuritiesofanySubsidiaryoftheCompany,inconnectionwithtransactions(A)solelyamongtheCompanyandoneormoreofitswhollyownedSubsidiariesor(B)solelyamongtheCompany’swhollyownedSubsidiaries;

(e)authorize,makeorincuranycapitalexpendituresorobligationsorliabilitiesinconnectiontherewith,otherthan(A)anycapitalexpenditurescontemplatedbythecapitalexpenditurebudgetoftheCompanyanditsSubsidiariesmadeavailabletoParentpriortothedatehereofand(B)additionalcapitalexpendituresoflessthan$5,000,000individuallyor$40,000,000intheaggregate;

(f)sell,lease,license,transferorotherwisedisposeofanySubsidiaryoranydivisionthereoforoftheCompanyoranyassets,securitiesorproperty(ineachcase,otherthanIntellectualProperty,whichisthesubjectofSection6.01(g)),otherthan(i)dispositionsofsecuritiesundertheCompany’sinvestmentportfolioconsistentwiththeCompany’sinvestmentpolicyineffectasofthedatehereof,(ii)salesordispositionsofinventoryortangiblepersonalproperty(includingequipment),ineachcaseintheordinarycourseofbusinessconsistentwithpastpracticeor(iii)transactions(A)solelyamongtheCompanyandoneormoreofitswhollyownedSubsidiariesor(B)solelyamongtheCompany’swhollyownedSubsidiaries;

(g)sell,assign,license(includingsublicense),abandon,allowtolapse,transferorotherwisedisposeof,orcreateorincuranyLien(otherthanaPermittedLien)on,anyOwnedIntellectualPropertyor,totheextentitismaterialtoanyCoveredProductortheexerciseoftheCoveredRightswithrespectthereto,LicensedIntellectualProperty,ineachcaseotherthan(i)intheordinarycourseofbusiness,consistentwithpastpractice(A)pursuanttoanon-exclusivelicense(butexcludinganynon-exclusivelicensewithrespecttoanyCoveredProduct),or(B)forthepurposeofabandoningorallowingtolapseanyCompanyRegisteredIP(x)thatisimmaterial,(y)duringtheordinarycourseofprosecution,or(z)inanycountrywithannualCompanyProductrevenuethatislessthan$20million,or(ii)pursuanttoanyCompanyPermittedSettlement;

(h)(i)makeanymaterialloans,advancesorcapitalcontributionsto,orinvestmentsin,anyotherPerson,otherthan(A)loans,advances,capitalcontributionsorinvestments(1)bytheCompanytoorin,asapplicable,oneormoreofitswhollyownedSubsidiariesor(2)byanySubsidiaryoftheCompanytoorin,asapplicable,theCompanyoranywhollyownedSubsidiaryoftheCompany,or(B)capitalcontributionsrequiredunderthetermsofContractsineffectasofthedatehereof,or(ii)incur,assume,guaranteeorrepurchaseorotherwisebecomeliableforanyindebtednessforborrowedmoney,issueorsellanydebtsecuritiesoranyoptions,warrantsorotherrightstoacquiredebtsecuritiesorenterinto,guaranteeor

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otherwisebecomeliableforanyinterestrate,swap,currency,commodityorothersimilarhedgingarrangement(ineachcase,whether,directlyorindirectly,onacontingentbasisorotherwise),otherthan(A)additionalborrowingsundertheCreditAgreement(asineffectasofthedatehereof)inaccordancewiththetermsthereofandindebtednessundercommercialpaperarrangementsbackstoppedthereby,providedthat(I)theaggregateamountofcommercialpaperoutstandingshallnotatanytimeexceed$750,000,000and(II)asofthelastdayofeachfiscalquarteroftheCompanyandasoftheClosingDate,theamountofsuchcommercialpaperoutstandingshallbe$0,(B)intercompanyindebtednessamongtheCompanyanditswholly-ownedSubsidiariesoramongtheCompany’swholly-ownedSubsidiaries,(C)indebtednessforborrowedmoneyincurredtoreplace,renew,extend,refinanceorrefundanyexistingindebtednessoftheCompanyoranyofitsSubsidiaries,whichindebtednessis(I)ontermsthataresubstantiallyconsistentwiththosecontainedintheindebtednessbeingreplaced,renewed,extended,refinancedorrefunded(otherthantheextensionofthematuritydatethereof)and(II)notinaprincipalamountgreaterthansuchindebtednessbeingreplaced,renewed,extended,refinancedorrefundedor,inthecaseofany“revolving”creditfacility,theaggregateamountthatmaybeincurredunderthecreditagreementgoverningsuchindebtednessbeingreplaced,renewed,extended,refinancedorrefunded(asineffectasofthedatehereof),(D)guaranteesofindebtednessoftheCompanyoritswholly-ownedSubsidiariesoutstandingonthedatehereoforotherwiseincurredincompliancewiththisSection6.01(h)(ii),(E)inrespectofinterestrate,swap,currency,commodityorothersimilarhedgingarrangementswhich(I)areenteredintoinconnectionwiththerestructuringorreplacementofupto$500,000,000inaggregatenotionalamountofexistinghedgingarrangementsexpiringin2019intoforwardcontracts,(II)areenteredintoinconnectionwiththerestructuringorreplacementofupto$750,000,000inaggregatenotionalamountofexistinghedgingarrangementsexpiringin2020intoforwardcontracts,or(III)areenteredintointheordinarycourseofbusinessconsistentwithpastpracticeinanaggregatenotionalamountnottoexceed$250,000,000atanytimeoutstanding,and(F)otherindebtednessnottoexceed$50,000,000intheaggregateatanytimeoutstandingpursuanttothissubclause(F);

(i)(i)enterintoanyCompanyMaterialContract(includingbyamendmentofanyContractthatisnotaCompanyMaterialContractsuchthatsuchContractbecomesaCompanyMaterialContract),otherthanintheordinarycourseofbusinessconsistentwithpastpractice(exceptthatnoCompanyMaterialContractofthetypedescribedinclause(iv),(vii),(viii),(ix),(xi),(xii)or(xiii)ofSection4.16(a)shallbeenteredinto(unlessitisenteredintoaspartofaCompanyPermittedSettlementinaccordancewithSection6.01(n))),or(ii)terminate,renew,extendorinanymaterialrespectmodifyoramendanyCompanyMaterialContract,otherthanintheordinarycourseofbusiness(exceptthatnoCompanyMaterialContractofthetypedescribedinclause(iv),(vii),(viii),(ix),(xi),(xii)or(xiii)ofSection4.16(a)shallbeterminated,renewedorextendedorinanymaterialrespectmodifiedorwaived(unlessitisenteredintoaspartofaCompanyPermittedSettlementinaccordancewithSection6.01(n))),orwaive,releaseorassignanymaterialrightorclaimthereunder;

(j)voluntarilyterminate,suspend,abrogate,amendormodifyanymaterialCompanyPermitinamannermateriallyadversetotheCompanyanditsSubsidiaries,takenasawhole;

(k)exceptasrequiredbyApplicableLaworCompanyEmployeePlansasineffectasofthedatehereof,(i)grantanychangeincontrol,severanceorterminationpayto(oramendanyexistingarrangementwith)anyoftheirrespectivedirectors,officersoremployees(includingformerdirectors,officersoremployees),(ii)enterintoanyemployment,deferredcompensationorothersimilaragreement(oranyamendmenttoanysuchexistingagreement)withanyoftheirrespectivecurrentorformerdirector,officersoremployees,otherthanofferletters(andrelatedcompensationarrangementssetforthinsuchofferletters)withanynewlyhireddirectorsoremployeesoftheCompanywhoarenotconsideredtobeexecutiveofficers(asdefinedinthe1934Act)andwhoarenotmembersoftheexecutiveleadershipteamthatareenteredintointheordinarycourseofbusinessconsistentwithpastpractice,(iii)establish,adoptoramendanyCompanyEmployeePlanorlaboragreement,otherthanintheordinarycourseofbusinessconsistentwithpastpracticeoranyimmaterialamendmentthatwouldnotincreasethecosttotheCompanyoranyofitsSubsidiariesofmaintainingsuchCompanyEmployeePlan,or(iv)increasethecompensation,bonusopportunityorotherbenefitspayabletoanyoftheirrespectivedirectors,officersoremployees(includingformerdirectors,officersoremployees);

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(l)makeanymaterialchangeinanymethodoffinancialaccountingorfinancialaccountingprinciplesorpractices,exceptforanysuchchangerequiredbyreasonof(or,inthereasonablegood-faithjudgmentoftheCompany,advisableunder)achangeinGAAPorRegulationS-Xunderthe1934Act(“RegulationS-X”),asapprovedbyitsindependentpublicaccountants;

(m)(i)make,changeorrevokeanymaterialTaxelection;(ii)changeanyannualTaxaccountingperiod;(iii)adoptorchangeanymaterialmethodofTaxaccounting;(iv)enterintoanymaterialclosingagreementwithrespecttoTaxes;(v)settleorsurrenderorotherwiseconcede,terminateorresolveanymaterialTaxclaim,audit,investigationorassessment;or(vi)fileoramendanyU.S.federalorothermaterialincomeTaxReturn;

(n)settleorcompromiseanyclaim,action,suit,investigationorproceedinginvolvingoragainsttheCompanyoranyofitsSubsidiaries(includinganyaction,suit,investigation,orproceedinginvolvingoragainstanyemployee,officerordirectoroftheCompanyoranyofitsSubsidiariesintheircapacitiesassuch),otherthananyCompanyPermittedSettlement;or

(o)agree,commitorproposetodoanyoftheforegoing.

Section6.02NoSolicitationbytheCompany.

(a)FromthedateofthisAgreementuntiltheearlieroftheMergerEffectiveTimeandtheterminationofthisAgreement,exceptasotherwisesetforthinthisSection6.02,theCompanyshallnot,andshallcauseitsSubsidiariesanditsanditsSubsidiaries’directorsandofficerstonot,andshalluseitsreasonablebesteffortstocauseitsanditsSubsidiaries’otherRepresentativestonot,directlyorindirectly,(i)solicit,initiateortakeanyactiontoknowinglyfacilitateorknowinglyencourage(includingbywayoffurnishinginformation)thesubmissionofanyCompanyAcquisitionProposal,(ii)enterintoorparticipateinanydiscussionsornegotiationswith,furnishanyinformationrelatingtotheCompanyoranyofitsSubsidiariesoraffordaccesstothebusiness,properties,assets,booksorrecordsoftheCompanyoranyofitsSubsidiariesto,otherwisecooperateinanywaywith,orknowinglyassist,participatein,knowinglyfacilitateorknowinglyencourageanyeffortby,anyThirdPartythattheCompanyknowsisseekingtomake,orhasmade,aCompanyAcquisitionProposal,(iii)(A)withdraworqualify,amendormodifyinanymanneradversetoParent,theCompanyBoardRecommendation,(B)failtoincludetheCompanyBoardRecommendationintheJointProxyStatement/Prospectusor(C)recommend,adoptorapproveorpubliclyproposetorecommend,adoptorapproveanyCompanyAcquisitionProposal(anyoftheforegoinginthisclause(iii),a“CompanyAdverseRecommendationChange”),or(iv)takeanyactiontomakeany“moratorium”,“controlshareacquisition”,“fairprice”,“supermajority”,“affiliatetransactions”or“businesscombinationstatuteorregulation”orothersimilaranti-takeoverlawsandregulationsoftheStateofDelaware,includingSection203oftheDGCL,inapplicabletoanyThirdPartyoranyCompanyAcquisitionProposal.

(b)Notwithstandingtheforegoing,ifatanytimepriortothereceiptoftheCompanyStockholderApproval(the“CompanyApprovalTime”)(andinnoeventaftertheCompanyApprovalTime),theBoardofDirectorsoftheCompanyreceivesabonafide writtenCompanyAcquisitionProposalmadeafterthedatehereofwhichhasnotresultedfromaviolationofthisSection6.02,theBoardofDirectorsoftheCompany,directlyorindirectlythroughitsRepresentatives,may(x)contacttheThirdPartythathasmadesuchCompanyAcquisitionProposalinordertoascertainfactsorclarifytermsforthesolepurposeoftheBoardofDirectorsoftheCompanyinformingitselfaboutsuchCompanyAcquisitionProposalandsuchThirdPartyand(y)subjecttocompliancewiththisSection6.02(b),Section6.02(c)andSection6.02(e),(i)engageinnegotiationsordiscussionswithanyThirdPartythat,subjecttotheCompany’scompliancewithSection6.02(a),hasmadeafterthedateofthisAgreementaCompanySuperiorProposaloranunsolicitedbona fide writtenCompanyAcquisitionProposalthattheBoardofDirectorsoftheCompanydeterminesingoodfaith,afterconsultationwithitsfinancialadvisorandoutsidelegalcounsel,isorcouldreasonablybeexpectedtoleadtoaCompanySuperiorProposal,(ii)furnishtosuchThirdPartyanditsRepresentativesandfinancingsourcesnonpublicinformationrelatingtotheCompanyoranyofitsSubsidiariespursuanttoaconfidentialityagreementwithconfidentialityanduseprovisionsnolessfavorableandotherprovisionsnolessfavorableintheaggregate,ineachcase,totheCompanythanthosecontainedintheConfidentialityAgreement,acopyofwhichshallbeprovided,promptlyafteritsexecution,toParentforinformationalpurposes;providedthatallsuchnon-publicinformation(totheextentthatsuch

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informationhasnotbeenpreviouslyprovidedormadeavailabletoParent)isprovidedormadeavailabletoParent,asthecasemaybe,substantiallyconcurrentlywiththetimeitisprovidedormadeavailabletosuchThirdParty,and(iii)followingreceiptofaCompanySuperiorProposalafterthedateofthisAgreement,(A)makeaCompanyAdverseRecommendationChangeand/or(B)terminatethisAgreementinaccordancewithSection10.01(d)(iii)toenterintoadefinitiveagreementprovidingforsuchCompanySuperiorProposal,butinthecaseofthisclause(iii)onlyiftheBoardofDirectorsoftheCompanydeterminesingoodfaith,afterconsultationwiththeCompany’soutsidelegalcounselandfinancialadvisor,thatthefailuretotakesuchactionwouldbereasonablylikelytobeinconsistentwithitsfiduciarydutiesunderApplicableLaw.NothingcontainedhereinshallpreventtheBoardofDirectorsoftheCompanyfrom(x)complyingwithRule14e-2(a)underthe1934ActwithregardtoaCompanyAcquisitionProposal,solongasanyactiontakenorstatementmadetosocomplyisconsistentwiththisSection6.02,or(y)makinganyrequireddisclosuretothestockholdersoftheCompanyiftheBoardofDirectorsoftheCompanydeterminesingoodfaith,afterconsultationwithitsoutsidelegalcounsel,thatthefailuretotakesuchactionwouldbereasonablylikelytobeinconsistentwithApplicableLaw;providedthatanyCompanyAdverseRecommendationChangeinvolvingorrelatingtoaCompanyAcquisitionProposalmayonlybemadeinaccordancewiththeprovisionsofthisSection6.02(b),Section6.02(c)andSection6.02(e).A“stop,lookandlisten”disclosureorsimilarcommunicationofthetypecontemplatedbyRule14d-9(f)underthe1934ActshallnotbeaCompanyAdverseRecommendationChange.

(c)InadditiontotherequirementssetforthinSection6.02(b),theBoardofDirectorsoftheCompanyshallnottakeanyoftheactionsreferredtoinclauses(i)through(iii)ofSection6.02(b)unlesstheCompanyshallhavefirstdeliveredtoParentwrittennoticeadvisingParentthattheCompanyintendstotakesuchaction.TheCompanyshallnotifyParentaspromptlyaspracticable(butinnoeventlaterthanfortyeight(48)hours)afterreceiptbytheCompany(oranyofitsRepresentatives)ofanyCompanyAcquisitionProposaloranyrequestforinformationrelatingtotheCompanyoranyofitsSubsidiariesorforaccesstothebusiness,properties,assets,booksorrecordsoftheCompanyoranyofitsSubsidiariesbyanyThirdPartythat,totheknowledgeoftheCompany,isreasonablylikelytomakeorhasmadeanyCompanyAcquisitionProposal,whichnoticeshallbeprovidedinwritingandshallidentifytheThirdPartymaking,andthematerialtermsandconditionsof,anysuchCompanyAcquisitionProposalorrequest.TheCompanyshallthereafter(x)keepParentreasonablyinformed,onareasonablycurrentbasis,ofanymaterialchangesinthestatusanddetailsofanysuchCompanyAcquisitionProposalorrequestand(y)aspromptlyaspracticable(butinnoeventlaterthantwentyfour(24)hoursafterreceipt)providetoParentcopiesofallmaterialcorrespondenceandwrittenmaterialssentorprovidedtotheCompanyoranyofitsSubsidiariesthatdescribesanytermsorconditionsofanyCompanyAcquisitionProposal(aswellaswrittensummariesofanymaterialoralcommunicationsrelatingtothetermsandconditionsofanyCompanyAcquisitionProposal).

(d)NotwithstandinganythinginthisAgreementtothecontrary,atanytimepriortotheCompanyApprovalTime(andinnoeventaftertheCompanyApprovalTime),theBoardofDirectorsoftheCompanymayeffectaCompanyAdverseRecommendationChangeinvolvingorrelatingtoaCompanyInterveningEventiftheBoardofDirectorsoftheCompanydeterminesingoodfaith,afterconsultationwithitsoutsidelegalcounsel,thatthefailuretotakesuchactionwouldbereasonablylikelytobeinconsistentwithitsfiduciarydutiesunderApplicableLaw;providedthat(i)theCompanyshallfirstnotifyParentinwritingofitsintentiontotakesuchaction,whichnoticeshallincludeareasonablydetaileddescriptionofsuchCompanyInterveningEvent,(ii)ifrequestedbyParent,theCompanyanditsRepresentativesshalldiscussandnegotiateingoodfaithwithParentanditsRepresentatives(totheextentthatParentdesirestosonegotiate)duringthefour(4)BusinessDayperiodfollowingsuchnoticeregardinganyproposalbyParenttoamendthetermsofthisAgreementinresponsetosuchCompanyInterveningEvent,and(iii)theBoardofDirectorsoftheCompanyshallnoteffectanyCompanyAdverseRecommendationChangeinvolvingorrelatingtoaCompanyInterveningEventunless,afterthefour(4)BusinessDayperioddescribedintheforegoingclause(ii),theBoardofDirectorsoftheCompanydeterminesingoodfaith,afterconsultationwithitsoutsidelegalcounselandtakingintoaccountanyproposalbyParenttoamendthetermsofthisAgreementduringsuchfour(4)BusinessDayperiod,thatthefailuretotakesuchactionwouldcontinuetobereasonablylikelytobeinconsistentwithitsfiduciarydutiesunderApplicableLaw.

(e)WithoutlimitingoraffectingSection6.02(a),Section6.02(b)orSection6.02(c),theBoardofDirectorsoftheCompanyshallnotmakeaCompanyAdverseRecommendationChangeinvolvingor

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relatingtoaCompanySuperiorProposalorterminatethisAgreementtoenterintoadefinitiveagreementwithrespecttoaCompanySuperiorProposalunless(i)theCompanyfirstnotifiesParent,inwritingatleastfour(4)BusinessDaysbeforetakingsuchaction,thattheCompanyintendstotakesuchaction,whichnoticeattachesthemostcurrentversionofeachproposedContractorotheragreementprovidingforsuchCompanySuperiorProposalandtheidentityoftheThirdParty(ies)makingtheCompanySuperiorProposal,(ii)ifrequestedbyParent,duringsuchfour(4)BusinessDayperiod,theCompanyanditsRepresentativeshavediscussedandnegotiatedingoodfaithwithParent(totheextentthatParentdesirestosonegotiate)regardinganyproposalbyParenttoamendthetermsofthisAgreementinresponsetosuchCompanySuperiorProposaland(iii)aftersuchfour(4)BusinessDayperiod,theBoardofDirectorsoftheCompanydeterminesingoodfaith,afterconsultationwithitsfinancialadvisorandoutsidelegalcounselandtakingintoaccountanyproposalbyParenttoamendthetermsofthisAgreement,thatsuchCompanyAcquisitionProposalcontinuestoconstituteaCompanySuperiorProposalandthatthefailuretotakesuchactionwouldcontinuetobereasonablylikelytobeinconsistentwithitsfiduciarydutiesunderApplicableLaw(itbeingunderstoodandagreedthatintheeventofanyamendmenttothefinancialtermsorothermaterialtermsofanysuchCompanySuperiorProposal,anewwrittennotificationfromtheCompanyconsistentwiththatdescribedinclause(i)ofthisSection6.02(e)shallberequired,andanewnoticeperiodunderclause(i)ofthisSection6.02(e)shallcommence,duringwhichnoticeperiodtheCompanyshallberequiredtocomplywiththerequirementsofthisSection6.02(e)anew,exceptthatsuchnewnoticeperiodshallbefortwo(2)BusinessDays(asopposedtofour(4)BusinessDays)).Afterdeliveryofsuchwrittennoticepursuanttotheimmediatelyprecedingsentence,theCompanyshallkeepParentreasonablyinformedonareasonablycurrentbasisofallmaterialdevelopmentsaffectingthematerialtermsofanysuchCompanySuperiorProposal(andtheCompanyshallprovideParentwithcopiesofanyadditionalwrittenmaterialsreceivedthatprovidefororthatarematerialtosuchCompanySuperiorProposal).

(f)“CompanySuperiorProposal”meansanybona fide ,writtenCompanyAcquisitionProposal(otherthanaCompanyAcquisitionProposalwhichhasresultedfromaviolationofthisSection6.02)(withallreferencesto“twentypercent(20%)”inthedefinitionofCompanyAcquisitionProposalbeingdeemedtobereferencesto“fiftypercent(50%)”)ontermsthattheBoardofDirectorsoftheCompanydeterminesingoodfaith,afterconsultationwithitsfinancialadvisorandoutsidelegalcounsel,andtakingintoaccountallthetermsandconditionsoftheCompanyAcquisitionProposalthattheBoardofDirectorsoftheCompanyconsiderstobeappropriate(includingtheidentityofthePersonmakingtheCompanyAcquisitionProposalandtheexpectedtimingandlikelihoodofconsummation,anygovernmentalorotherapprovalrequirements(includingdivestituresandentryintoothercommitmentsandlimitations),break-upfees,expensereimbursementprovisions,conditionstoconsummationandtheavailabilityofnecessaryfinancing(including,ifacashtransaction(inwholeorinpart),theavailabilityofsuchfundsandthenature,termsandconditionalityofanycommittedfinancing),wouldresultinatransaction(i)that,ifconsummated,ismorefavorabletotheCompany’sstockholdersfromafinancialpointofviewthantheMerger(takingintoaccountanyproposalbyParenttoamendthetermsofthisAgreement),and(ii)thatisreasonablycapableofbeingcompletedonthetermsproposed,takingintoaccounttheidentityofthePersonmakingtheCompanyAcquisitionProposal,anyapprovalrequirementsandallotherfinancial,regulatory,legalandotheraspectsofsuchCompanyAcquisitionProposal.

(g)“CompanyInterveningEvent”meansanymaterialevent,fact,change,effect,developmentoroccurrencethat(i)wasnotknown,orthematerialconsequencesofwhichwerenotknown,ineachcasetotheBoardofDirectorsoftheCompanyasoforpriortothedateofthisAgreementand(ii)doesnotrelatetoorinvolveanyCompanyAcquisitionProposal.

(h)TheCompanyshall,andshallcauseitsSubsidiariesanditsanditsSubsidiaries’directorsandofficersto,andshalluseitsreasonablebesteffortstocauseitsanditsSubsidiaries’otherRepresentativesto,ceaseimmediatelyandcausetobeterminatedanyandallexistingactivities,discussionsornegotiations,ifany,withanyThirdPartyconductedpriortothedateofthisAgreementwithrespecttoanyCompanyAcquisitionProposalorwithrespecttoanyindication,proposalorinquirythatcouldreasonablybeexpectedtoleadtoaCompanyAcquisitionProposalandshalluseitsreasonablebesteffortstocauseanysuchparty(andanyofitsRepresentatives)inpossessionofconfidentialinformationabouttheCompanyoranyofitsSubsidiariesthatwasfurnishedbyoronbehalfoftheCompanytoreturnordestroyallsuchinformation.

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Section6.03FinancingAssistance.

(a)PriortotheClosing,theCompanyshall,andshallcauseitsSubsidiariesto,useitsandtheircommerciallyreasonableeffortstoprovidesuchcustomarycooperationasmaybereasonablyrequestedbyParentinwritingtoassistParentinarranging,obtainingorsyndicatingtheDebtFinancing(whichtermshallinclude,forpurposesofthisSection6.03,anyofthepermanentfinancingreferredtointheDebtCommitmentLetters)(providedthatsuchrequestedcooperationdoesnotunreasonablyinterferewiththeongoingbusinessoroperationsoftheCompanyanditsSubsidiaries),includingusingcommerciallyreasonableeffortsto:

(i)reasonablycooperatewiththemarketingeffortsorduediligenceeffortsofParentortheFinancingSources,ineachcase,inconnectionwiththeDebtFinancing,includingusingcommerciallyreasonableeffortstocausemembersofmanagementwithappropriateseniorityandexpertisetoparticipateinareasonablenumberofmeetings,duediligencesessions,ratingagencysessionsandroadshows,attimesandatlocationsreasonablyacceptabletotheCompanyanduponreasonablenotice;

(ii)reasonablyassistParentinpreparingcustomaryofferingmemoranda,ratingagencypresentations,lenderandinvestorpresentations,confidentialinformationmemoranda,privateplacementmemoranda,prospectusesandothersimilardocumentsfortheDebtFinancing,andaspromptlyaspracticableprovidehistoricalfinancialandothercustomaryinformationrelatingtotheCompanytoParentandtheFinancingSourcestotheextentreasonablyrequestedbyParent,includingdeliveringandconsentingtotheinclusionorincorporationinanySECfilingrelatedtotheDebtFinancingortheAlternativeFinancingof(A)auditedconsolidatedbalancesheetsandrelatedauditedconsolidatedstatementsofincome,comprehensiveincome,stockholders’equityandcashflowsoftheCompanyforeachofthethreefiscalyearsmostrecentlyendedmorethansixty(60)dayspriortotheClosingDate(andauditreportsforsuchfinancialstatementsshallnotbesubjecttoany“goingconcern”qualifications),(B)unauditedconsolidatedbalancesheetsandrelatedunauditedconsolidatedstatementsofincome,comprehensiveincomeandcashflowsoftheCompanyforeachsubsequentfiscalquarterendedmorethanfortyfive(45)dayspriortotheClosingDateand(C)allotherhistoricalfinancialandothercustomaryinformationregardingtheCompanyreasonablynecessarytopermitParenttoprepareproformafinancialstatementscustomaryforthebankfinancingandthedebtsecuritiesofferingcontemplatedbytheDebtFinancingortheAlternativeFinancing(provided,that,withoutlimitingtheforegoing,nothinginthisSection6.03(a)orSection6.04shallrequiretheCompanytoprepareanyproformafinancialinformationorprojections,whichshallbethesoleresponsibilityofParent);

(iii)providetoParentandtheFinancingSourcespromptly,andinanyeventatleastfour(4)BusinessDayspriortotheClosingDate,alldocumentationandotherinformationabouttheCompanyanditsSubsidiariesrequiredbytheFinancingSourcesorregulatoryauthoritieswithrespecttotheDebtFinancingunderapplicable“knowyourcustomer”andanti-moneylaunderingrulesandregulations,includingthePATRIOTAct,thatisrequiredunderanyDebtCommitmentLetteroranydefinitiveagreementrelatedtotheDebtFinancingtotheextentsuchdocumentationandotherinformationisrequestedinwritingtotheCompanyatleastten(10)BusinessDayspriortotheClosingDate,

(iv)inconnectionwithanysecuritiesofferingcontemplatedaspartoftheDebtFinancingortheAlternativeFinancing,(A)obtaincustomarycomfortlettersfromtheCompany’sindependentpublicaccountingfirm,(B)causetheCompany’sindependentpublicaccountingfirmtoconsenttotheinclusionorincorporationoftheirauditreportswithrespecttothefinancialstatementsoftheCompanyprovidedpursuanttoSection6.03(ii)(A)inanyregistrationstatementofParentwiththeSECoranyprospectus,offeringmemoranda,privateplacementmemoranda,marketingmaterialorsimilardocumentation,includingbyprovidingcustomaryrepresentationlettersand(C)causetheCompany’sindependentpublicaccountingfirmtocooperatewithParentanditsRepresentatives,includingbyparticipatinginaccountingduediligencesessionsattimesandatlocationsreasonablyacceptabletotheCompanyanditsindependentpublicaccountingfirmanduponreasonablenotice,

(v)subjecttocustomaryconfidentialityprovisionsanddisclaimers,providecustomaryauthorizationletterstotheFinancingSourcesauthorizingthedistributionofinformationtoprospectivelendersorinvestors,

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(vi)(A)delivernoticesofprepaymentand/ornoticesforterminationofcommitmentswithinthetimeperiodsrequiredbytheCreditAgreementandobtaincustomarypayofflettersandifapplicable,instrumentsofdischargetobedeliveredatClosingtoallowforthepayoff,dischargeandterminationinfullontheClosingDateoftheCreditAgreement;providedthatanysuchnoticeorpayofflettershallbeexpresslyconditionedontheClosingand(B)assistParentindelivering,ontheClosingDate,thesupplementalindenturesandofficers’certificatesrequiredtobedeliveredunderSection6.1ofeachoftheapplicableIndenturesduetotheconsummationoftheMerger,

(vii)provideinformationconcerningtheCompanyanditsSubsidiariesreasonablynecessaryforthecompletionofthedefinitivedocumentationfortheDebtFinancing,includinganyschedulesthereto,

(viii)provideorcausetobeprovidedanycustomarycertificates,orothercustomaryclosingdocumentsasmayreasonablyberequestedinconnectionwiththeDebtFinancingandtheAlternativeFinancing,and

(ix)consenttotheuseofthetrademarks,servicemarksandlogosoftheCompanyoranyofitsSubsidiariesinconnectionwiththeDebtFinancing;providedthatsuchtrademarks,servicemarksandlogosareusedsolelyinamannerthatisnotintendedtoorisreasonablylikelytoharmordisparagetheCompanyoritsSubsidiariesorthereputationorgoodwilloftheCompanyoranyofitsSubsidiaries.

(b)NotwithstandingtheforegoingoranythingthecontrarysetforthinSection6.04below,neithertheCompanynoranyofitsSubsidiariesshallberequiredto(i)takeorpermitthetakingofanyactionpursuanttoSection6.03(a)orSection6.04that(A)wouldrequiretheCompany,itsSubsidiariesoranyPersonswhoaredirectorsorofficersoftheCompanyoritsSubsidiariestopassresolutionsorconsentstoapproveorauthorizetheexecutionoftheDebtFinancing,oranyCompanyNoteOffersandConsentSolicitationsorexecuteordeliveranycertificate,document,instrumentoragreementoragreetoanychangeormodificationofanyexistingcertificate,document,instrumentoragreement,ineachcase,thatiseffectivepriortotheClosing,orthatwouldbeeffectiveiftheClosingdoesnotoccur(otherthan(x)authorizationletterscontemplatedbySection6.03(a)(v)and(y)totheextentrequiredbySection6.04,applicableCompanySupplementalIndenturesandCompanyIndentureOfficers’Certificates);(B)wouldcauseanyrepresentationorwarrantyinthisAgreementtobebreachedbytheCompanyoranyofitsSubsidiaries(unlesswaivedbyParent);(C)wouldrequiretheCompanyoranyofitsSubsidiariestopayanycommitmentorothersimilarfeepriortotheClosingorincuranyotherexpense,liabilityorobligationinconnectionwiththeDebtFinancingoranyCompanyNoteOffersandConsentSolicitationsthatisnot,subjecttothelimitationscontainedtherein,subjecttoreimbursementorisnototherwiseindemnifiedbyParentpursuanttoSection6.03(c);(D)wouldcauseanydirector,officeroremployeeorstockholderoftheCompanyoranyofitsSubsidiariestoincuranypersonalliability;or(E)wouldresultinamaterialviolationorbreachof,oradefaultunder,anymaterialContracttowhichtheCompanyoranyofitsSubsidiariesisaparty,theorganizationaldocumentsoftheCompanyoritsSubsidiariesoranyApplicableLaw;(ii)provideaccesstoordiscloseinformationthattheCompanyoranyofitsSubsidiariesreasonablydetermineswouldjeopardizeanyattorney-clientprivilegeoftheCompanyoranyofitsSubsidiariesor(iii)deliverorcausetobedeliveredanyopinionofcounsel(otherthan,totheextentrequiredbySection6.04inconnectionwiththeentryintoaCompanySupplementalIndenture,aCompanyOpinionofCounselifthetrusteeundertheapplicableIndenturethattheCompanySupplementalIndentureamendsrequiresanopinionofcounseltotheCompany).NothingcontainedinthisSection6.03orSection6.04orotherwiseshallrequiretheCompanyoranyofitsSubsidiaries,priortotheClosing,tobeanissuerorotherobligorwithrespecttotheDebtFinancingortocommenceanyCompanyNoteOffersandConsentSolicitations.

(c)ParentandMergerSubshall,onajointandseveralbasis,promptlyuponwrittenrequestbytheCompany,reimbursetheCompanyforallreasonableanddocumentedout-of-pocketcostsandexpenses(includingreasonableattorneys’fees)incurredbytheCompanyoranyofitsSubsidiariesinconnectionwiththeDebtFinancingoranyCompanyNoteOffersandConsentSolicitationsorsatisfyingitsobligationsunderthisSection6.03orSection6.04,whetherornottheMergerisconsummatedorthisAgreementisterminated.ParentandMergerSubshall,onajointandseveralbasis,indemnifyandholdharmlesstheCompanyanditsSubsidiariesandtheirrespectiveRepresentativesfromandagainstanyandalllosses,claims,damages,liabilities,reasonableout-of-pocketcosts,reasonableout-of-pocketattorneys’fees,judgments,fines,penaltiesandamountspaidinsettlement(includingallinterest,assessmentsandother

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chargespaidorpayableinconnectionwithorinrespectofanythereof)sufferedorincurredinconnectionwiththeDebtFinancingoranyCompanyNoteOffersandConsentSolicitationsorotherwiseinconnectionwithanyactiontakenbytheCompany,anyofitsSubsidiariesoranyoftheirrespectiveRepresentativespursuanttothisSection6.03orSection6.04(otherthantheuseofanyinformationprovidedbytheCompany,anyofitsSubsidiariesoranyoftheirrespectiveRepresentativesinwritingforuseinconnectionwiththeDebtFinancingorCompanyNoteOffersandConsentSolicitations),except(A)intheeventsuchlosses,claims,damages,liabilities,costs,attorneys’fees,judgments,fines,penaltiesandamountspaidinsettlementaredeterminedbyafinalnon-appealablejudgmentofacourtofcompetentjurisdictiontohavearisenoutof,orresultedfrom,thefraud,grossnegligenceorwillfulmisconductoftheCompany,anyofitsSubsidiariesoranyoftheirrespectiveRepresentativesor(B)ifthisAgreementisterminatedbyParentpursuanttoSection10.01(c)(ii).

(d)NotwithstandinganythingtothecontraryinthisAgreement,theCompany’sbreachofanyofthecovenantsrequiredtobeperformedbyitunderthisSection6.03orSection6.04willnotbeconsideredindeterminingthesatisfactionoftheconditionsetforthinSection9.02(a)unlesssuchbreachistheprimarycauseofParentbeingunabletoobtaintheproceedsoftheDebtFinancingattheClosing.

Section6.04CooperationastoCertainIndebtedness.ParentoroneofitsSubsidiariesmay(a)commenceanyofthefollowing:(i)oneormoreofferstopurchaseanyoralloftheoutstandingdebtissuedundertheIndenturesforcash(the“OfferstoPurchase”);or(ii)oneormoreofferstoexchangeanyoralloftheoutstandingdebtissuedundertheIndenturesforsecuritiesissuedbyParent(oritsAffiliates)(the“OfferstoExchange”);and(b)solicittheconsentoftheholdersofdebtissuedundertheIndenturesregardingcertainproposedamendmentstotheapplicableIndenture(the“ConsentSolicitations”and,togetherwiththeOfferstoPurchaseandOfferstoExchange,ifany,the“CompanyNoteOffersandConsentSolicitations”);providedthattheclosingofanysuchtransactionshallnotbeconsummateduntiltheClosingandanysuchtransactionshallbefundedusingconsiderationprovidedbyParent.AnyCompanyNoteOffersandConsentSolicitationsshallbemadeonsuchtermsandconditions(includingpricetobepaidandconditionality)asareproposedbyParentandwhicharepermittedbythetermsoftheapplicableIndentureandapplicableLaws,includingSECrulesandregulations.ParentshallconsultwiththeCompanyregardingthematerialtermsandconditionsofanyCompanyNoteOffersandConsentSolicitations,includingthetimingandcommencementofanyCompanyNoteOffersandConsentSolicitationsandanytenderdeadlines.ParentshallhaveprovidedtheCompanywiththenecessaryoffertopurchase,offertoexchange,consentsolicitationstatement,letteroftransmittal,pressrelease,ifany,inconnectiontherewith,andeachotherdocumentrelevanttothetransactionthatwillbedistributedbytheParentintheapplicableCompanyNoteOffersandConsentSolicitations(collectively,the“DebtOfferDocuments”)areasonableperiodoftimeinadvanceofcommencingtheapplicableCompanyNoteOffersandConsentSolicitationstoallowtheCompanyanditscounseltoreviewandcommentonsuchDebtOfferDocuments,andParentshallgivereasonableandgoodfaithconsiderationtoanycommentsmadeorinputprovidedbytheCompanyanditslegalcounsel.Subjecttothereceiptoftherequisiteholderconsents,inconnectionwithanyoralloftheConsentSolicitations,theCompanyshallexecuteasupplementalindenturetotheapplicableIndentureinaccordancewiththetermsthereofamendingthetermsandprovisionsofsuchIndentureasdescribedintheapplicableDebtOfferDocumentsinaformasreasonablyrequestedbyParent(each,a“CompanySupplementalIndenture”);providedthatsuchsupplementalindentureshallnotbecomeeffectiveuntiltheClosing.TheCompanyshall,andshallcauseeachofitsSubsidiariesto,andshallusecommerciallyreasonableeffortstocauseitsandtheirRepresentativesto,provideallreasonableandcustomarycooperationasmaybereasonablyrequestedbyParentinwritingtoassistParentinconnectionwithanyCompanyNoteOffersandConsentSolicitations(including,butnotlimitedto,uponParent’swrittenrequest,usingcommerciallyreasonableeffortstocausetheCompany’sindependentaccountantstoprovidecustomaryconsentsforuseoftheirreportstotheextentrequiredinconnectionwithanyCompanyNoteOffersandConsentSolicitations)(providedthatsuchrequestedcooperationdoesnotunreasonablyinterferewiththeongoingbusinessoroperationsoftheCompanyanditsSubsidiaries);providedthatneithertheCompanynorcounselfortheCompanyshallberequiredtofurnishanycertificates,legalopinionsornegativeassurancelettersinconnectionwithanyCompanyNoteOffersandConsentSolicitations(otherthan,inconnectionwiththeexecutionofanyCompanySupplementalIndenturerelatingtotheConsentSolicitations,withrespecttowhichtheCompanyshall(x)delivercustomaryofficer’scertificates(a“CompanyIndentureOfficers’Certificate”)and(y)usecommerciallyreasonableeffortstocausecounselfortheCompanytodelivercustomarylegalopinionstothetrusteeundertheapplicableIndentureintheformrequiredbySection10.3oftheapplicableIndenture(a“CompanyOpinionofCounsel”),ifthetrustee

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undertheapplicableIndenturethattheCompanySupplementalIndentureamendedrequiresanopinionofcounseltotheCompanythereunder,totheextentsuchcertificatesandopinionswouldnotconflictwithapplicableLawsandwouldbeaccurateinlightofthefactsandcircumstancesatthetimedelivered)orexecuteanyotherinstrumentsoragreementsinconnectiontherewithotherthantheCompanySupplementalIndenturedescribedintheimmediatelyprecedingsentence.Thedealermanager,solicitationagent,informationagent,depositaryorotheragentretainedinconnectionwithanyCompanyNoteOffersandConsentSolicitationswillbeselectedbyParent,retainedbyParent,andtheirfeesandout-of-pocketexpenseswillbepaiddirectlybyParent.If,atanytimepriortothecompletionoftheCompanyNoteOffersandConsentSolicitations,theCompanyoranyofitsSubsidiaries,ontheonehand,orParentoranyofitsSubsidiaries,ontheotherhand,discoversanyinformationthatshouldbesetforthinanamendmentorsupplementtotheDebtOfferDocuments,sothattheDebtOfferDocumentsshallnotcontainanyuntruestatementofamaterialfactoromittostateanymaterialfactrequiredtobestatedthereinornecessaryinordertomakethestatementstherein,inlightofcircumstancesunderwhichtheyaremade,notmisleading,suchpartythatdiscoverssuchinformationshallusecommerciallyreasonableeffortstopromptlynotifytheotherparty,andanappropriateamendmentorsupplementpreparedbyParentdescribingsuchinformationshallbedisseminatedtotheholdersoftheapplicablenotes,debenturesorotherdebtsecuritiesoftheCompanyoutstandingundertheapplicableIndenture.TheconsummationofanyoralloftheCompanyNoteOffersandConsentSolicitationsshallnotbeaconditiontoClosing.

Section6.05AbraxisCVRAgreement.TheCompanyshallusecommerciallyreasonableeffortsto,inaccordancewiththeprovisionsoftheAbraxisCVRAgreementandpriortotheMergerEffectiveTime,(a)provideorcausetobeprovidedtotheAbraxisCVRTrusteeanycertificate,notice,legalopinionorotherdocumentationand(b)takeorcausetobetakensuchotheractions,inthecaseofeachofclause(a)and(b),totheextentrequiredundertheAbraxisCVRAgreementinconnectionwiththisAgreementandthetransactionscontemplatedhereby(includingtheMerger).Parentanditscounselshallbegivenareasonableopportunitytoreviewandcommentonanysuchnotice,certificate,legalopinionorotherdocumentationandbeconsultedwithinconnectionwiththetakingofanysuchaction,ineachcasebeforesuchnotice,certificate,legalopinionorotherdocumentationisprovidedtoAbraxisCVRTrusteeorsuchactionistaken,andtheCompanyshallgivereasonableandgoodfaithconsiderationtoanycommentsmadeandotherinputprovidedbyParentanditscounselinconnectiontherewith.

ARTICLE VII

COVENANTS OF PARENT

Parentagreesthat:

Section7.01ConductofParent.FromthedateofthisAgreementuntiltheearlieroftheMergerEffectiveTimeandtheterminationofthisAgreement,except(x)asprohibitedorrequiredbyApplicableLaw,(y)assetforthinSection7.01oftheParentDisclosureSchedule,or(z)asotherwiserequiredorexpresslycontemplatedbythisAgreement,unlesstheCompanyshallotherwiseconsentinwriting(whichconsentshallnotbeunreasonablywithheld,conditionedordelayed),Parentshall,andshallcauseeachofitsSubsidiariesto,usecommerciallyreasonableeffortstoconductitsbusinessinallmaterialrespectsintheordinarycourseofbusinessconsistentwithpastpractice;providedthat(i)noactionbytheParentoranyofitsSubsidiariestotheextentexpresslypermittedbyanexceptiontoanyofSection7.01(a)throughSection7.01(f)willbeabreachofthissentenceand(ii)ifParentoranyofitsSubsidiariesseekstheconsentoftheCompanytotakeanyactionprohibitedbyanyofSection7.01(a)throughSection7.01(f),andsuchconsentiswithheldbytheCompany,thefailuretotakesuchactionwillnotbedeemedtobeabreachofthissentence.Withoutlimitingthegeneralityoftheforegoing,except(A)asprohibitedorrequiredbyApplicableLaw,(B)assetforthinSection7.01oftheParentDisclosureSchedule,or(C)asotherwiserequiredorexpresslycontemplatedbythisAgreement,withouttheCompany’spriorwrittenconsent(whichconsentshallnotbeunreasonablywithheld,conditionedordelayed),Parentshallnot,andshallcauseeachofitsSubsidiariesnotto:

(a)adoptorproposeanychangetotheParentOrganizationalDocumentsorthecertificateofincorporationorbylawsofMergerSub(whetherbymerger,consolidationorotherwise);

(b)(i)mergeorconsolidatewithanyotherPerson,(ii)acquire(includingbymerger,consolidationoracquisitionofstockorassets)anyinterestinanycorporation,partnership,otherbusinessorganizationoranydivisionthereoforanyassets,securitiesorproperty,(iii)otherwisepurchase,lease,licenseorotherwiseenterintoatransaction,or(iv)agreetodoanyoftheforegoing,ineachofcases(i),(ii),(iii)or(iv),that

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wouldreasonablybeexpectedtopreventordelayinanymaterialrespecttheconsummationofthetransactionscontemplatedbythisAgreement,or(v)adoptaplanofcompleteorpartialliquidationordissolutionwithrespecttoParentorMergerSub;

(c)(i)split,combineorreclassifyanysharesofitscapitalstock(otherthantransactions(1)solelyamongParentandoneormoreofitswhollyownedSubsidiariesor(2)solelyamongParent’swhollyownedSubsidiaries),(ii)declare,setasideorpayanydividendormakeanyotherdistribution(whetherincash,stock,propertyoranycombinationthereof)inrespectofanysharesofitscapitalstockorotherEquitySecurities,otherthan(A)inthecaseofParent,regularcashdividendsintheordinarycourseofbusinessconsistentwithpastpractice(includingwithrespecttothetimingofdeclaration,andtherecordandpaymentdates)inanamountnottoexceed$0.41pershareofParentCommonStockperquarter(appropriatelyadjustedtoreflectanystockdividends,subdivisions,splits,combinationsorothersimilareventsrelatingtoParentCommonStock),or(B)dividendsordistributionsbyaSubsidiaryofParenttoParentorawhollyownedSubsidiaryofParent,or(iii)redeem,repurchase,cancelorotherwiseacquireoroffertoredeem,repurchase,orotherwiseacquireanyofitsEquitySecuritiesoranyEquitySecuritiesofanySubsidiaryofParent,otherthan(A)repurchasesofsharesofParentCommonStockatmarketprice,or(B)repurchasesofsharesofParentCommonStockinconnectionwiththeexerciseofParentStockOptionsorthevestingorsettlementofParentRestrictedStockUnits,MarketBasedUnits,PerformanceShareUnitsandotherParentEquityAwards(includinginsatisfactionofanyamountsrequiredtobedeductedorwithheldunderApplicableLaw),ineachcaseoutstandingasofthedateofthisAgreementinaccordancewiththepresenttermsofsuchParentEquityAwardsorgrantedafterthedateofthisAgreementtotheextentpermittedbythisAgreement;

(d)issue,deliverorsell,orauthorizetheissuance,deliveryorsaleof,anysharesofitscapitalstockorotherEquitySecurities,otherthan(i)theissuanceofanysharesofParentCommonStockupontheexerciseofParentEquityAwardsorotherequityandequity-linkedawardsthatareoutstandingonthedateofthisAgreementoraregrantedafterthedateofthisAgreement,(ii)withrespecttocapitalstockorotherEquitySecuritiesofanySubsidiaryofParent,inconnectionwithtransactions(A)solelyamongParentandoneormoreofitswhollyownedSubsidiariesor(B)solelyamongParent’swhollyownedSubsidiaries,(iii)thegrantofParentEquityAwardsorotherequityandequity-linkedawardstoemployees,directorsorindividualindependentcontractorsofParentoranyofitsSubsidiariespursuanttoParent’sequitycompensationplansor(iv)inconnectionwiththeParentShareIssuance;

(e)makeanymaterialchangeinanymethodoffinancialaccountingorfinancialaccountingprinciplesorpractices,exceptforanysuchchangerequiredbyreasonof(or,inthereasonablegood-faithjudgmentofParent,advisableunder)achangeinGAAPorRegulationS-X,asapprovedbyitsindependentpublicaccountants;or

(f)agree,commitorproposetodoanyoftheforegoing.

Section7.02NoSolicitationbyParent.

(a)FromthedateofthisAgreementuntiltheearlieroftheMergerEffectiveTimeandtheterminationofthisAgreement,exceptasotherwisesetforthinthisSection7.02,Parentshallnot,andshallcauseitsSubsidiariesanditsanditsSubsidiaries’directorsandofficerstonot,andshalluseitsreasonablebesteffortstocauseitsanditsSubsidiaries’otherRepresentativestonot,directlyorindirectly,(i)solicit,initiateortakeanyactiontoknowinglyfacilitateorknowinglyencourage(includingbywayoffurnishinginformation)thesubmissionofanyParentAcquisitionProposal,(ii)enterintoorparticipateinanydiscussionsornegotiationswith,furnishanyinformationrelatingtoParentoranyofitsSubsidiariesoraffordaccesstothebusiness,properties,assets,booksorrecordsofParentoranyofitsSubsidiariesto,otherwisecooperateinanywaywith,orknowinglyassist,participatein,knowinglyfacilitateorknowinglyencourageanyeffortby,anyThirdPartythatParentknowsisseekingtomake,orhasmade,aParentAcquisitionProposal,(iii)(A)withdraworqualify,amendormodifyinanymanneradversetotheCompany,theParentBoardRecommendation,(B)failtoincludetheParentBoardRecommendationintheJointProxyStatement/Prospectusor(C)recommend,adoptorapproveorpubliclyproposetorecommend,adoptorapproveanyParentAcquisitionProposal(anyoftheforegoinginthisclause(iii),a“ParentAdverseRecommendationChange”),or(iv)takeanyactiontomakeany“moratorium”,“controlshare

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acquisition”,“fairprice”,“supermajority”,“affiliatetransactions”or“businesscombinationstatuteorregulation”orothersimilaranti-takeoverlawsandregulationsoftheStateofDelaware,includingSection203oftheDGCL,inapplicabletoanyThirdPartyoranyParentAcquisitionProposal.

(b)Notwithstandingtheforegoing,ifatanytimepriortothereceiptoftheParentStockholderApproval(the“ParentApprovalTime”)(andinnoeventaftertheParentApprovalTime),theBoardofDirectorsofParentreceivesabona fide writtenParentAcquisitionProposalmadeafterthedatehereofwhichhasnotresultedfromaviolationofthisSection7.02,theBoardofDirectorsofParent,directlyorindirectlythroughitsRepresentatives,may(x)contacttheThirdPartythathasmadesuchParentAcquisitionProposalinordertoascertainfactsorclarifytermsforthesolepurposeoftheBoardofDirectorsofParentinformingitselfaboutsuchParentAcquisitionProposalandsuchThirdPartyand(y)subjecttocompliancewiththisSection7.02(b),Section7.02(c)andSection7.02(e),(i)engageinnegotiationsordiscussionswithanyThirdPartythat,subjecttoParent’scompliancewithSection7.02(a),hasmadeafterthedateofthisAgreementaParentSuperiorProposaloranunsolicitedbona fidewrittenParentAcquisitionProposalthattheBoardofDirectorsofParentdeterminesingoodfaith,afterconsultationwithitsfinancialadvisorandoutsidelegalcounsel,isorcouldreasonablybeexpectedtoleadtoaParentSuperiorProposal,(ii)furnishtosuchThirdPartyanditsRepresentativesandfinancingsourcesnonpublicinformationrelatingtoParentoranyofitsSubsidiariespursuanttoaconfidentialityagreementwithconfidentialityanduseprovisionsnolessfavorableandotherprovisionsnolessfavorableintheaggregate,ineachcase,toParentthanthosecontainedintheConfidentialityAgreement,acopyofwhichshallbeprovided,promptlyafteritsexecution,totheCompanyforinformationalpurposes;providedthatallsuchnon-publicinformation(totheextentthatsuchinformationhasnotbeenpreviouslyprovidedormadeavailabletotheCompany)isprovidedormadeavailabletotheCompany,asthecasemaybe,substantiallyconcurrentlywiththetimeitisprovidedormadeavailabletosuchThirdPartyand(iii)followingreceiptofaParentSuperiorProposalafterthedateofthisAgreement,(A)makeaParentAdverseRecommendationChangeand/or(B)terminatethisAgreementinaccordancewithSection10.01(c)(iii)toenterintoadefinitiveagreementprovidingforsuchParentSuperiorProposal,butinthecaseofthisclause(iii)onlyiftheBoardofDirectorsofParentdeterminesingoodfaith,afterconsultationwithParent’soutsidelegalcounselandfinancialadvisor,thatthefailuretotakesuchactionwouldbereasonablylikelytobeinconsistentwithitsfiduciarydutiesunderApplicableLaw.NothingcontainedhereinshallpreventtheBoardofDirectorsofParentfrom(x)complyingwithRule14e-2(a)underthe1934ActwithregardtoaParentAcquisitionProposal,solongasanyactiontakenorstatementmadetosocomplyisconsistentwiththisSection7.02,or(y)makinganyrequireddisclosuretothestockholdersofParentiftheBoardofDirectorsofParentdeterminesingoodfaith,afterconsultationwithitsoutsidelegalcounsel,thatthefailuretotakesuchactionwouldbereasonablylikelytobeinconsistentwithApplicableLaw;providedthatanyParentAdverseRecommendationChangeinvolvingorrelatingtoaParentAcquisitionProposalmayonlybemadeinaccordancewiththeprovisionsofthisSection7.02(b),Section7.02(c)andSection7.02(e).A“stop,lookandlisten”disclosureorsimilarcommunicationofthetypecontemplatedbyRule14d-9(f)underthe1934ActshallnotbeaParentAdverseRecommendationChange.

(c)InadditiontotherequirementssetforthinSection7.02(b),theBoardofDirectorsofParentshallnottakeanyoftheactionsreferredtoinclauses(i)through(iii)ofSection7.02(b)unlessParentshallhavefirstdeliveredtotheCompanywrittennoticeadvisingtheCompanythatParentintendstotakesuchaction.ParentshallnotifytheCompanyaspromptlyaspracticable(butinnoeventlaterthanfortyeight(48)hours)afterreceiptbyParent(oranyofitsRepresentatives)ofanyParentAcquisitionProposaloranyrequestforinformationrelatingtoParentoranyofitsSubsidiariesorforaccesstothebusiness,properties,assets,booksorrecordsofParentoranyofitsSubsidiariesbyanyThirdPartythat,totheknowledgeofParent,isreasonablylikelytomakeorhasmadeanyParentAcquisitionProposal,whichnoticeshallbeprovidedinwritingandshallidentifytheThirdPartymaking,andthematerialtermsandconditionsof,anysuchParentAcquisitionProposalorrequest.Parentshallthereafter(x)keeptheCompanyreasonablyinformed,onareasonablycurrentbasis,ofanymaterialchangesinthestatusanddetailsofanysuchParentAcquisitionProposalorrequestand(y)aspromptlyaspracticable(butinnoeventlaterthantwentyfour(24)hoursafterreceipt)providetotheCompanycopiesofallmaterialcorrespondenceandwrittenmaterialssentorprovidedtoParentoranyofitsSubsidiariesthatdescribesanytermsorconditionsofanyParentAcquisitionProposal(aswellaswrittensummariesofanymaterialoralcommunicationsrelatingtothetermsandconditionsofanyParentAcquisitionProposal).

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(d)NotwithstandinganythinginthisAgreementtothecontrary,atanytimepriortotheParentApprovalTime(andinnoeventaftertheParentApprovalTime),theBoardofDirectorsofParentmayeffectaParentAdverseRecommendationChangeinvolvingorrelatingtoaParentInterveningEventiftheBoardofDirectorsofParentdeterminesingoodfaith,afterconsultationwithitsoutsidelegalcounsel,thatthefailuretotakesuchactionwouldbereasonablylikelytobeinconsistentwithitsfiduciarydutiesunderApplicableLaw;providedthat(i)ParentshallfirstnotifytheCompanyinwritingofitsintentiontotakesuchaction,whichnoticeshallincludeareasonablydetaileddescriptionofsuchCompanyInterveningEvent,(ii)ifrequestedbytheCompany,ParentanditsRepresentativesshalldiscussandnegotiateingoodfaithwiththeCompanyanditsRepresentatives(totheextentthattheCompanydesirestosonegotiate)duringthefour(4)BusinessDayperiodfollowingsuchnoticeregardinganyproposalbytheCompanytoamendthetermsofthisAgreementinresponsetosuchParentInterveningEvent,and(iii)theBoardofDirectorsofParentshallnoteffectanyParentAdverseRecommendationChangeinvolvingorrelatingtoaParentInterveningEventunless,afterthefour(4)BusinessDayperioddescribedintheforegoingclause(ii),theBoardofDirectorsofParentdeterminesingoodfaith,afterconsultationwithitsoutsidelegalcounselandtakingintoaccountanyproposalbytheCompanytoamendthetermsofthisAgreementduringsuchfour(4)BusinessDayperiod,thatthefailuretotakesuchactionwouldcontinuetobereasonablylikelytobeinconsistentwithitsfiduciarydutiesunderApplicableLaw.

(e)WithoutlimitingoraffectingSection7.02(a),Section7.02(b)orSection7.02(c),theBoardofDirectorsofParentshallnotmakeaParentAdverseRecommendationChangeinvolvingorrelatingtoaParentSuperiorProposalorterminatethisAgreementtoenterintoadefinitiveagreementwithrespecttoaParentSuperiorProposalunless(i)ParentfirstnotifiestheCompany,inwritingatleastfour(4)BusinessDaysbeforetakingsuchaction,thatParentintendstotakesuchaction,whichnoticeattachesthemostcurrentversionofeachproposedContractorotheragreementprovidingforsuchParentSuperiorProposalandtheidentityoftheThirdParty(ies)makingtheParentSuperiorProposal,(ii)ifrequestedbytheCompany,duringsuchfour(4)BusinessDayperiod,ParentanditsRepresentativeshavediscussedandnegotiatedingoodfaithwiththeCompany(totheextentthattheCompanydesirestosonegotiate)regardinganyproposalbytheCompanytoamendthetermsofthisAgreementinresponsetosuchParentSuperiorProposaland(iii)aftersuchfour(4)BusinessDayperiod,theBoardofDirectorsofParentdeterminesingoodfaith,afterconsultationwithitsfinancialadvisorandoutsidelegalcounselandtakingintoaccountanyproposalbytheCompanytoamendthetermsofthisAgreement,thatsuchParentAcquisitionProposalcontinuestoconstituteaParentSuperiorProposalandthatthefailuretotakesuchactionwouldcontinuetobereasonablylikelytobeinconsistentwithitsfiduciarydutiesunderApplicableLaw(itbeingunderstoodandagreedthatintheeventofanyamendmenttothefinancialtermsorothermaterialtermsofanysuchParentSuperiorProposal,anewwrittennotificationfromParentconsistentwiththatdescribedinclause(i)ofthisSection7.02(e)shallberequired,andanewnoticeperiodunderclause(i)ofthisSection7.02(e)shallcommence,duringwhichnoticeperiodParentshallberequiredtocomplywiththerequirementsofthisSection7.02(e)anew,exceptthatsuchnewnoticeperiodshallbefortwo(2)BusinessDays(asopposedtofour(4)BusinessDays)).Afterdeliveryofsuchwrittennoticepursuanttotheimmediatelyprecedingsentence,ParentshallkeeptheCompanyreasonablyinformedonareasonablycurrentbasisofallmaterialdevelopmentsaffectingthematerialtermsofanysuchParentSuperiorProposal(andParentshallprovidetheCompanywithcopiesofanyadditionalwrittenmaterialsreceivedthatprovidefororthatarematerialtosuchParentSuperiorProposal).

(f)“ParentSuperiorProposal”meansanybona fide ,writtenParentAcquisitionProposal(otherthanaParentAcquisitionProposalwhichhasresultedfromaviolationofthisSection7.02)(withallreferencesto“twentypercent(20%)”inthedefinitionofParentAcquisitionProposalbeingdeemedtobereferencesto“fiftypercent(50%)”)ontermsthattheBoardofDirectorsofParentdeterminesingoodfaith,afterconsultationwithitsfinancialadvisorandoutsidelegalcounsel,andtakingintoaccountallthetermsandconditionsoftheParentAcquisitionProposalthattheBoardofDirectorsofParentconsiderstobeappropriate(includingtheidentityofthePersonmakingtheParentAcquisitionProposalandtheexpectedtimingandlikelihoodofconsummation,anygovernmentalorotherapprovalrequirements(includingdivestituresandentryintoothercommitmentsandlimitations),break-upfees,expensereimbursementprovisions,conditionstoconsummationandtheavailabilityofnecessaryfinancing(including,ifacashtransaction(inwholeorinpart),theavailabilityofsuchfundsandthenature,termsandconditionalityofanycommittedfinancing),wouldresultinatransaction(i)that,ifconsummated,ismorefavorableto

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Parent’sstockholdersfromafinancialpointofviewthantheMerger(takingintoaccountanyproposalbytheCompanytoamendthetermsofthisAgreement),and(ii)thatisreasonablycapableofbeingcompletedonthetermsproposed,takingintoaccounttheidentityofthePersonmakingtheParentAcquisitionProposal,anyapprovalrequirementsandallotherfinancial,regulatory,legalandotheraspectsofsuchParentAcquisitionProposal.

(g)“ParentInterveningEvent”meansanymaterialevent,fact,change,effect,developmentoroccurrencethat(i)wasnotknown,orthematerialconsequencesofwhichwerenotknown,ineachcasetotheBoardofDirectorsofParentasoforpriortothedateofthisAgreementand(ii)doesnotrelatetoorinvolveanyParentAcquisitionProposal.

(h)Parentshall,andshallcauseitsSubsidiariestoanditsanditsSubsidiaries’directorsandofficersto,andshalluseitsreasonablebesteffortstocauseitsanditsSubsidiaries’otherRepresentativesto,ceaseimmediatelyandcausetobeterminatedanyandallexistingactivities,discussionsornegotiations,ifany,withanyThirdPartyconductedpriortothedateofthisAgreementwithrespecttoanyParentAcquisitionProposalorwithrespecttoanyindication,proposalorinquirythatcouldreasonablybeexpectedtoleadtoaParentAcquisitionProposalandshalluseitsreasonablebesteffortstocauseanysuchparty(andanyofitsRepresentatives)inpossessionofconfidentialinformationaboutParentoranyofitsSubsidiariesthatwasfurnishedbyoronbehalfofParenttoreturnordestroyallsuchinformation.

Section7.03ObligationsofMergerSub.UntiltheMergerEffectiveTime,ParentshallatalltimesbethedirectorindirectownerofalloftheoutstandingsharesofcapitalstockofMergerSub.ParentshalltakeallactionnecessarytocauseeachofMergerSubtoperformitsobligationsunderthisAgreementandtoconsummatetheMergeronthetermsandsubjecttotheconditionssetforthinthisAgreement.PromptlyfollowingtheexecutionofthisAgreement,Parent,initscapacityasthesolestockholderofMergerSub,shallexecuteanddeliverawrittenconsentofMergerSubadoptingthisAgreementinaccordancewiththeDGCL.

Section7.04DirectorandOfficerLiability.

(a)ForaperiodofnotlessthansixyearsfromtheMergerEffectiveTime,ParentshallcausetheSurvivingCorporationoranyapplicableSubsidiarythereof(collectively,the“D&OIndemnifyingParties”),tothefullestextenteachsuchD&OIndemnifyingPartyissoauthorizedorpermittedbyApplicableLaw,asnoworhereafterineffect,to:(i)indemnifyandholdharmlesseachpersonwhoisatthedatehereof,waspreviously,orduringtheperiodfromthedatehereofthroughthedateoftheMergerEffectiveTimewillbe,servingasadirectororofficeroftheCompanyoranyofitsSubsidiariesor,attherequestorforthebenefitoftheCompanyoranyofitsSubsidiaries,asadirector,trusteeorofficerofanyotherentityoranybenefitplanmaintainedbytheCompanyoranyofitsSubsidiaries(collectively,the“D&OIndemnifiedParties”),asnoworhereafterineffect,inconnectionwithanyD&OClaimandanylosses,claims,damages,liabilities,ClaimExpenses,judgments,fines,penaltiesandamountspaidinsettlement(includingallinterest,assessmentsandotherchargespaidorpayableinconnectionwithorinrespectofanythereof)relatingtoorresultingfromsuchD&OClaim;and(ii)promptlyadvancetosuchD&OIndemnifiedPartyanyClaimExpensesincurredindefending,servingasawitnesswithrespecttoorotherwiseparticipatingwithrespecttoanyD&OClaiminadvanceofthefinaldispositionofsuchD&OClaim,includingpaymentonbehalfoforadvancementtotheD&OIndemnifiedPartyofanyClaimExpensesincurredbysuchD&OIndemnifiedPartyinconnectionwithenforcinganyrightswithrespecttosuchindemnificationand/oradvancement,ineachcasewithouttherequirementofanybondorothersecurity,butsubjecttotheD&OIndemnifyingParty’sreceiptofawrittenundertakingbyoronbehalfofsuchD&OIndemnifiedPartytorepaysuchClaimExpensesifitisultimatelydeterminedunderApplicableLawthatsuchD&OIndemnifiedPartyisnotentitledtobeindemnified.AllrightstoindemnificationandadvancementconferredhereundershallcontinueastoaPersonwhohasceasedtobeadirectororofficeroftheCompanyoranyofitsSubsidiariesafterthedatehereofandshallinuretothebenefitofsuchPerson’sheirs,successors,executorsandpersonalandlegalrepresentatives.AsusedinthisSection7.04:(x)theterm“D&OClaim”meansanythreatened,asserted,pendingorcompletedclaim,action,suit,proceeding,inquiryorinvestigation,whetherinstitutedbyanypartyhereto,anyGovernmentalAuthorityoranyotherPerson,whethercivil,criminal,administrative,investigativeorother,includinganyarbitrationorotheralternativedisputeresolutionmechanism,arisingoutoforpertainingtomattersthatrelatetosuchD&OIndemnifiedParty’sdutiesorservice(A)asadirectororofficeroftheCompanyortheapplicableSubsidiarythereofatorpriortotheMergerEffectiveTime(includingwithrespecttoanyacts,facts,eventsoromissionsoccurringinconnectionwiththeapprovalof

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thisAgreement,theMergerortheconsummationoftheothertransactionscontemplatedbythisAgreement,includingtheconsiderationandapprovalthereofandtheprocessundertakeninconnectiontherewithandanyD&OClaimrelatingthereto)or(B)asadirector,trusteeorofficerofanyotherentityoranybenefitplanmaintainedbytheCompanyoranyofitsSubsidiaries(forwhichsuchD&OIndemnifiedPartyisorwasservingattherequestorforthebenefitoftheCompanyoranyofitsSubsidiaries)atorpriortotheMergerEffectiveTime;and(y)theterm“ClaimExpenses”meansreasonableout-of-pocketattorneys’feesandallotherreasonableout-of-pocketcosts,expensesandobligations(includingexperts’fees,travelexpenses,courtcosts,retainers,transcriptfees,legalresearch,duplicating,printingandbindingcosts,aswellastelecommunications,postageandcouriercharges)paidorincurredinconnectionwithinvestigating,defending,beingawitnessinorparticipatingin(includingonappeal),orpreparingtoinvestigate,defend,beawitnessinorparticipatein(includingonappeal)anyD&OClaimforwhichindemnificationisauthorizedpursuanttothisSection7.04(a),includinganyactionrelatingtoaclaimforindemnificationoradvancementbroughtbyaD&OIndemnifiedParty.

(b)Foraperiodofnotlessthansix(6)yearsfromtheMergerEffectiveTime,ParentshallcausetheorganizationaldocumentsoftheSurvivingCorporationtocontainprovisionsnolessfavorablewithrespecttoindemnification,advancementofexpensesandlimitationsonliabilityofdirectorsandofficersthanaresetforthintheCompanyOrganizationalDocuments,whichprovisionsshallnotbeamended,repealedorotherwisemodifiedforaperiodofatleastsix(6)yearsfromtheMergerEffectiveTimeinanymannerthatwouldaffectadverselytherightsthereunderofanyD&OIndemnifiedParty,unlessanymodificationoramendmentisrequiredbyApplicableLaw(butthenonlytotheminimumextentrequiredbyApplicableLaw).AttheCompany’soptionandexpense,priortotheMergerEffectiveTime,theCompanymaypurchase(andpayinfulltheaggregatepremiumfor)asix(6)-yearprepaid“tail”insurancepolicy(whichpolicybyitsexpresstermsshallsurvivetheMerger)ofatleastthesamecoverageandamountsandcontainingtermsandconditionsthatarenolessfavorabletothecoveredindividualsastheCompany’sanditsSubsidiaries’existingdirectors’andofficers’insurancepolicyorpolicieswithaclaimsperiodofsix(6)yearsfromtheMergerEffectiveTimeforD&OClaimsarisingfromfacts,acts,eventsoromissionsthatoccurredonorpriortotheMergerEffectiveTime;providedthatthepremiumforsuchtailpolicyshallnotexceedthreehundredpercent(300%)oftheaggregateannualamountscurrentlypaidbytheCompanyanditsSubsidiariesforsuchinsurance(suchamountbeingthe“MaximumPremium”).IftheCompanyfailstoobtainsuchtailpolicypriortotheMergerEffectiveTime,ParentortheSurvivingCorporationshallobtainsuchatailpolicy;provided,however,thatthepremiumforsuchtailpolicyshallnotexceedtheMaximumPremium;provided,further,thatifsuchtailpolicycannotbeobtainedorcanbeobtainedonlybypayingaggregateannualpremiumsinexcessoftheMaximumPremium,Parent,theCompanyortheSurvivingCorporationshallonlyberequiredtoobtainasmuchcoverageascanbeobtainedbypayinganannualpremiumequaltotheMaximumPremium.ParentandtheSurvivingCorporationshallcauseanysuchpolicy(whetherobtainedbyParent,theCompanyortheSurvivingCorporation)tobemaintainedinfullforceandeffect,foritsfullterm,andParentshallcausetheSurvivingCorporationtohonorallitsobligationsthereunder.

(c)IfanyofParentortheSurvivingCorporationoranyoftheirrespectivesuccessorsorassigns(i)consolidateswithormergeswithorintoanyotherPersonandshallnotbethecontinuingorsurvivingcompany,partnershiporotherPersonofsuchconsolidationormergeror(ii)liquidates,dissolvesorwinds-up,ortransfersorconveysallorsubstantiallyallofitspropertiesandassetstoanyPerson,then,andineachsuchcase,properprovisionshallbemadesothatthesuccessorsandassignsofParentortheSurvivingCorporation,asapplicable,assumetheobligationssetforthinthisSection7.04.

Section7.05EmployeeMatters.

(a)FromtheClosingDatethroughtheone(1)yearanniversarythereof(the“CompensationContinuationPeriod”),theSurvivingCorporationshallprovide,andParentshallcausetheSurvivingCorporationtoprovide,toeachindividualwhoisemployedbytheCompanyanditsSubsidiariesimmediatelypriortotheMergerEffectiveTime,whilesuchindividualcontinuestobeemployedbytheSurvivingCorporation,ParentoranyofParent’sSubsidiaries(includingSubsidiariesoftheSurvivingCorporation)duringtheCompensationContinuationPeriod(collectively,the“AffectedEmployees”)(i)abasesalaryorwageratethatisnotlessthanthebasesalaryorwagerateprovidedtosuchAffectedEmployeeimmediatelypriortotheMergerEffectiveTime,(ii)cashincentivecompensation(including

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bonusopportunityandothercashincentivecompensationopportunities)andequityincentivecompensationnolessfavorableintheaggregatethanthecashincentivecompensation(includingbonusopportunityandothercashincentivecompensationopportunities)andequityincentivecompensationprovidedtosuchAffectedEmployeeimmediatelypriortotheMergerEffectiveTime,and(iii)severancebenefitsinamountsandontermsandconditionsthatarenolessfavorablethanthoseprovidedtotheAffectedEmployeesimmediatelypriortotheMergerEffectiveTime,assetforthintheCompany’sSeverancePayPlansdisclosedtoParentbeforethedatehereof.FromtheClosingDatethroughDecember31,2019,AffectedEmployeesshallbeprovidedwithemployeebenefitssubstantiallysimilarintheaggregatethantheemployeebenefitsprovidedtosuchAffectedEmployeeundertheCompanyEmployeePlansimmediatelypriortotheMergerEffectiveTime;providedthat,forpurposesofdeterminingthatsuchemployeebenefitsarenolessfavorableintheaggregate,definedbenefitpensionplanbenefits,retentionorchangeincontrolpaymentsorawardsprovidedbytheCompanyoranyofitsSubsidiariespriortotheMergerEffectiveTimeshallnotbetakenintoaccount.

(b)WithrespecttoanyemployeebenefitplaninwhichanyAffectedEmployeefirstbecomeseligibletoparticipateonoraftertheMergerEffectiveTime(the“NewCompanyPlans”),Parentshallusecommerciallyreasonableeffortsto:(i)waiveallpre-existingconditions,exclusionsandwaitingperiodswithrespecttoparticipationandcoveragerequirementsapplicabletosuchAffectedEmployeeunderanyNewCompanyPlanthatisahealthplaninwhichsuchAffectedEmployeemaybeeligibletoparticipateaftertheMergerEffectiveTime,and(ii)ifapplicable,causetobecredited,inanyNewCompanyPlanthatisahealthplaninwhichAffectedEmployeesparticipate,anydeductiblesorout-of-pocketexpensesincurredbysuchAffectedEmployeeandsuchAffectedEmployee’seligiblebeneficiariesanddependentsduringtheportionofthecalendaryearinwhichtheMergerEffectiveTimeoccurspriortosuchAffectedEmployee’scommencementofparticipationinsuchNewCompanyPlanprovidinghealthbenefitswiththeobjectivethattherebenodoublecountingduringtheyearinwhichtheMergerEffectiveTimeoccursofsuchdeductiblesorout-of-pocketexpenses.ParentshallrecognizeserviceofAffectedEmployees(totheextentcreditedbytheCompanyoritsSubsidiaries)accruedpriortotheMergerEffectiveTimeforallpurposesunder(butnotforthepurposesofbenefitaccrualunderanydefinedbenefitpensionplan)anyNewCompanyPlaninwhichsuchAffectedEmployeesmaybeeligibletoparticipateaftertheMergerEffectiveTime,provided, however, thatinnoeventshallanycreditbegiventotheextentitwouldresultintheduplicationofbenefitsforthesameperiodofservice.

(c)Parentagreesthat,withrespecttotheannualcashincentiveplanssetforthonSection7.05(c)oftheCompanyDisclosureSchedule(the“AnnualIncentivePlans”),itshall,orshallcausetheSurvivingCorporation,toprovideeachparticipantinanAnnualIncentivePlan(eachan“IncentivePlanParticipant”)whoremainsemployedwiththeSurvivingCorporationthroughtheendoftheyearduringwhichtheClosingoccurs,withanannualcashincentiveawardfortheyearduringwhichtheClosingoccurs,theamountofwhichshallbedeterminedastheproductof(i)thesumofthefollowing:(a)apro-ratedportionofthebonuswithrespecttotheportionoftheyearoftheClosingthatoccurspriortotheClosing,whichbonusshallbedeterminedbaseduponactualcorporateperformancethroughtheClosingDate,asdeterminedbytheCompanypriortotheMergerEffectiveTimeplus(b)apro-ratedportionofthebonuswithrespecttotheportionoftheyearoftheClosingthatoccursaftertheClosing,whichbonusshallbenolessthanthebonuspayableattheapplicableIncentivePlanParticipant’stargetincentivelevelundersuchAnnualincentivePlan,multipliedby(ii)theIncentivePlanParticipant’sindividualperformancemultiplierdeterminedinaccordancewiththetermsoftheAnnualIncentivePlan;providedthat,contingentupontheexecutionandnon-revocationofacustomaryreleaseofclaimsinaformthatisreasonablysatisfactorytoParentanddoesnotcontainanyrestrictivecovenants,eachIncentivePlanParticipantwhoexperiencesaterminationofemploymentonoraftertheClosingduetodeathordisability(asdefinedintheCompany’slong-termdisabilityplan),orwithrespecttowhichsuchIncentivePlanParticipantiseligibletoreceiveseverancebenefitsunderanyCompanyEmployeePlanorapplicableLaw,shallbeentitledtotheproratedpaymentoftheamountthatwouldotherwisehavebeenpayableunderthisSection7.05(c)(i)(i.e.,withoutapplyingtheindividualperformancemultiplierreferredtoinclause(ii));andprovided, further, thatinnoeventshallpaymentofanyamountsundertheAnnualIncentivePlans(oranypro-ratedportionthereof)pursuanttothisSection7.05(c)resultintheduplicationofpaymentstoanyIncentivePlanParticipantunderanyotherincentive,severanceorothersimilararrangement.

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(d)NothingcontainedinthisSection7.05orelsewhereinthisAgreement,expressorimplied(i)shallcauseeitherParentoranyofitsAffiliatestobeobligatedtocontinuetoemployanyPerson,includinganyAffectedEmployees,foranyperiodoftimefollowingtheMergerEffectiveTime,(ii)shallpreventParentoritsAffiliatesfromrevising,amendingorterminatinganyCompanyEmployeePlanoranyotheremployeebenefitplan,programorpolicyineffectfromtimetotime,(iii)shallbeconstruedasanamendmentofanyCompanyEmployeePlanorParentEmployeePlan,or(iv)shallcreateanythird-partybeneficiaryrightsinanydirector,officer,employeeorindividualPerson,includinganypresentorformeremployee,officer,directororindividualindependentcontractoroftheCompanyoranyofitsSubsidiaries(includinganybeneficiaryordependentofsuchindividual).

Section7.06Financing.

(a)EachofParentandMergerSubshall,andshallcausetheirrespectiveSubsidiariesto,usereasonablebesteffortstotake,orshallusereasonablebesteffortstocausetobetaken,allactionsandtodo,orcausetobedone,allthingsnecessarytoobtaintheDebtFinancingincluding(i)usingreasonablebesteffortsto(A)maintainineffecttheDebtCommitmentLetterandinallmaterialrespectscomplywithalloftheirrespectiveobligationsthereunderand(B)negotiate,enterintoanddeliverthedefinitiveagreementswithrespecttheretoonthetermsandconditionsnotlessfavorableintheaggregate,toParentthanthosecontainedintheDebtCommitmentLetter(including,asnecessary,the“marketflex”provisionscontainedinanyrelatedfeeletter)bytheClosingDate,and(ii)usingreasonablebesteffortstosatisfy(orifdeterminedadvisablebyParent,obtainthewaiverof)onatimelybasisallconditionstoobtainingtheDebtFinancingwithinParent’s(oritsSubsidiary’s)controlandtocomplywithallofitsobligationspursuanttotheDebtCommitmentLettersorotherdefinitiveagreementsrelatedtheretototheextentthefailuretocomplywithsuchobligationswouldadverselyimpactthetimingoftheClosingortheavailabilityattheClosingofsufficientaggregateproceedsoftheDebtFinancingtoconsummatethetransactionscontemplatedbythisAgreement.IntheeventthatallconditionstofundingthecommitmentscontainedintheDebtCommitmentLettershavebeensatisfied,eachofParentandMergerSubshall,andshallcausetheirrespectiveSubsidiariesto,usereasonablebesteffortstocausetheFinancingSourcestofundtheDebtFinancingrequiredtoconsummatethetransactionscontemplatedbythisAgreementandtopayrelatedfeesandexpensesontheClosingDate.ParentshalluseitsreasonablebesteffortstoenforceallofitsrightsundertheDebtCommitmentLetters.Parentand/orMergerSubshallpay,orcausetobepaid,asthesameshallbecomedueandpayable,allfeesandotheramountsundertheDebtCommitmentLetters.

(b)IntheeventthatanyportionoftheDebtFinancingbecomesunavailableandsuchportionisnecessarytoconsummatethetransactionscontemplatedbythisAgreement(exceptinaccordancewiththeexpresstermssetforthintheDebtCommitmentLetters,includingasaresultoftheentryintodefinitiveagreementsfora“QualifyingTermLoanFacility”undertheapplicableDebtCommitmentLetterswithcommitmentssubjecttosubstantiallythesameconditionsasthosesetforthintheapplicableDebtCommitmentLettersorunlessconcurrentlyreplacedonadollar-for-dollarbasisbycommitmentssubjecttosubstantiallythesameconditionsasthosesetforthintheapplicableDebtCommitmentLettersfromotherFinancingSourcesorfromproceedsofothersourcesoffinancingorcash),ParentandMergerSubshall(i)usetheirreasonablebesteffortstoobtain,aspromptlyaspracticablefollowingtheoccurrenceofsuchevent,alternativedebtfinancingforanysuchportionfromalternativedebtsourcesontermsandconditions,takenasawhole,nolessfavorabletoParentandMergerSubthanthetermsandconditionssetforthintheDebtCommitmentLetter(takingintoaccountany“marketflex”provisionsthereof)andinanamountthatwillstillenableParentandMergerSubtoconsummatethetransactionscontemplatedbythisAgreement(“AlternativeFinancing”),and(ii)promptlynotifytheCompanyofsuchunavailabilityandthereasontherefor.Ifobtained,ParentshalldelivertotheCompanytrueandcompletecopiesofallcommitmentlettersandotherdefinitiveagreements(includingredactedcopiesoffeeletters,removingonlyfeeamounts,theratesandamountsincludedinthe“marketflex”provisionsandcertainothereconomicterms(noneofwhichcouldadverselyaffecttheamounts,availability,timingorconditionalityoftheDebtFinancing))pursuanttowhichanysuchalternativesourceshallhavecommittedtoprovideParentortheSurvivingCorporationwithAlternativeFinancing.

(c)ParentandMergerSubshallnot,withouttheCompany’spriorwrittenconsent(nottobeunreasonablywithheld,conditionedordelayed),permitanyamendment,modificationto,oranywaiverofanyprovisionorremedyunder,anyDebtCommitmentLetteroranydefinitiveagreementrelatedthereto

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unlessthetermsofsuchDebtCommitmentLetterordefinitiveagreementrelatedthereto,ineachcaseassoamended,modifiedorwaived,aresubstantiallysimilartothoseinsuchDebtCommitmentLetterordefinitiveagreementrelatedthereto,priortogivingeffecttosuchamendment,modificationorwaiver(otherthaneconomicterms,whichshallbeasgoodasorbetterforParentandMergerSubthanthoseinsuchDebtCommitmentLetterordefinitiveagreementrelatingtheretopriortogivingeffecttosuchamendment,modificationorwaiver);providedthatinthecaseofamendmentsormodificationsorwaiversofanyDebtCommitmentLetteroranydefinitiveagreementrelatingthereto,suchamendment,modificationorwaiverwouldnotreasonablybeexpectedto(i)(A)addadditionalconditionsprecedentthatwouldadverselyaffecttheabilityorlikelihoodofParentorMergerSubtimelyconsummatingthetransactionscontemplatedbythisAgreementorotherwiseadverselyaffecttheabilityorlikelihoodofParentorMergerSubtimelyconsummatingthetransactionscontemplatedbythisAgreementor(B)makethetimelyfundingoftheDebtFinancingorthesatisfactionoftheconditionstoobtainingtheDebtFinancingmateriallylesslikelytooccur,(ii)reducetheaggregateamountoftheDebtFinancingor(iii)materiallyandadverselyaffecttheabilityofParenttoenforceitsrightsagainstotherpartiestotheDebtCommitmentLettersorthedefinitiveagreementsrelatingthereto,itbeingunderstoodandagreedthatinanyevent,ParentmayamendanyoftheDebtCommitmentLettersoranydefinitiveagreementrelatingtheretotoaddlenders,arrangers,bookrunners,agents,managersorsimilarentitiesthathavenotexecutedsuchDebtCommitmentLettersasofsuchtimeandconsenttotheassignmentoflendingcommitmentsundertheDebtCommitmentLetterstootherlenders.

(d)ParentshallprovidetheCompanywithpromptwrittennoticeofthereceiptofanynoticeorothercommunicationfromanyFinancingSourcewithrespecttosuchFinancingSource’sfailureoranticipatedfailuretofunditscommitmentsunderanyDebtCommitmentLetterordefinitiveagreementinconnectiontherewithinamannerthatwouldreasonablybeexpectedtorenderitunabletoconsummatethetransactionscontemplatedbythisAgreement.ParentshallkeeptheCompanyreasonablyinformedonareasonablycurrentbasisofthestatusofParent’sanditsSubsidiaries’effortstoconsummatetheDebtFinancing,includingprovidingcopiesofanyamendment,modificationorreplacementoftheDebtCommitmentLetter(providedthatanyfeelettermayberedactedtoremovefeeamounts,theratesandamountsincludedinthe“marketflex”provisionsandcertainothereconomicterms(noneofwhichcouldadverselyaffecttheamounts,availability,timingorconditionalityoftheDebtFinancing)).ParentshallgivetheCompanypromptnoticeofany(i)materialbreachormaterialdefaultbyanypartytotheDebtCommitmentLettersorthedefinitiveagreementsrelatedtheretoofwhichParentobtainsknowledge,(ii)actualor,totheknowledgeofParent,threatenedinwritingwithdrawal,repudiation,orterminationofanyoftheDebtCommitmentLettersorsuchdefinitiveagreements,or(iii)materialdisputeordisagreementbetweenoramonganypartiestoanyoftheDebtCommitmentLettersorsuchdefinitiveagreementswithrespecttotheobligationstofundtheDebtFinancingortheamountoftheDebtFinancingtobefundedatClosing.

(e)NotwithstandinganythingcontainedinthisAgreementtothecontrary,ParentexpresslyacknowledgesandagreesthatParent’sandMergerSub’sobligationshereunderarenotconditionedinanymanneruponParentorMergerSubobtaininganyfinancing.

Section7.07NewCVRAgreement.AtorimmediatelypriortotheMergerEffectiveTime,Parentwillexecuteanddeliver,andParentwillcausetheNewCVRTrusteetoexecuteanddeliver,theNewCVRAgreement,subjecttoanychangestotheNewCVRAgreementthatarerequestedbytheNewCVRTrusteeandapprovedpriortotheMergerEffectiveTimebyParentandtheCompany(whichapproval,inthecaseoftheCompany,shallnotbeunreasonablywithheld,conditionedordelayed).

ARTICLE VIII

COVENANTS OF PARENT AND THE COMPANY

Thepartiesheretoagreethat:

Section8.01AccesstoInformation;Confidentiality.

(a)AllinformationfurnishedpursuanttothisAgreementshallbesubjecttotheletteragreement,datedasofNovember23,2018(asamended,supplementedorotherwisemodifiedfromtimetotimeinaccordancewithitsterms,the“ConfidentialityAgreement”),betweenParentandtheCompany.Uponreasonablenotice,duringnormalbusinesshoursduringtheperiodfromthedateofthisAgreementtothe

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earlieroftheMergerEffectiveTimeortheterminationofthisAgreement,solelyforpurposesoffurtheringtheMergerandtheothertransactionscontemplatedherebyorintegrationplanningrelatingthereto,(i)theCompanyshall,andshallcauseitsSubsidiariesto,affordtoParentanditsRepresentatives,reasonableaccess,toallofitsproperties,books,contractsandrecords,and(ii)theCompanyshall,andshallcauseitsSubsidiariesto,makeavailabletoParentallotherinformationnotmadeavailablepursuanttoclause(i)ofthisSection8.01(a)concerningitsbusinesses,propertiesandpersonnelastheothermayreasonablyrequest(inthecaseofeachofclause(i)and(ii),inamannersoastonotunreasonablyinterferewiththenormalbusinessoperationsoftheCompanyoranyofitsSubsidiaries).Duringsuchperioddescribedintheimmediatelyprecedingsentence,uponreasonablenoticeandsubjecttoApplicableLawandduringnormalbusinesshours,theCompanyshallinstructitspertinentRepresentativestoreasonablycooperatewithParentinitsreviewofanysuchinformationprovidedormadeavailablepursuanttotheimmediatelyprecedingsentence.NoinformationorknowledgeobtainedinanyrevieworinvestigationpursuanttothisSection8.01shallaffectorbedeemedtomodifyanyrepresentationorwarrantymadebytheCompanyorParentpursuanttothisAgreement.

(b)NotwithstandinganythingtothecontraryinthisSection8.01,Section8.02orSection8.03,noneoftheCompany,ParentoranyoftheirrespectiveSubsidiariesshallberequiredtoprovideaccessto,discloseinformationtoorassistorcooperatewiththeotherparty,ineachcaseifsuchaccess,disclosure,assistanceorcooperation(i)would,asreasonablydeterminedbasedontheadviceofoutsidecounsel,jeopardizeanyattorney-clientprivilegewithrespecttosuchinformation,or(ii)wouldcontraveneanyApplicableLaworContracttowhichtheapplicablepartyisasubjectorbound;providedthattheCompanyandParentshall,andeachshallcauseitsSubsidiariesto,usereasonablebesteffortstomakeappropriatesubstitutedisclosurearrangementsundercircumstancesinwhichsuchrestrictionsapply(includingredactingsuchinformation(A)toremovereferencesconcerningvaluation,(B)asnecessarytocomplywithanyContractineffectonthedatehereoforafterthedatehereofand(C)asnecessarytoaddressreasonableattorney-client,work-productorotherprivilegeorconfidentialityconcerns)andtoprovidesuchinformationastotheapplicablematterascanbeconveyed.EachoftheCompanyandParentmay,aseachdeemsadvisableandnecessary,reasonablydesignateanycompetitivelysensitivematerialprovidedtotheotherunderthisSection8.01orSection8.02as“OutsideCounselOnlyMaterial”.Suchmaterialsandtheinformationcontainedthereinshallbegivenonlytotheoutsidecounseloftherecipientand,subjecttoanyadditionalconfidentialityorjointdefenseagreementthepartiesmaymutuallyproposeandenterinto,willnotbedisclosedbysuchoutsidecounseltoemployees,officersordirectorsoftherecipientunlessexpresspermissionisobtainedinadvancefromthesourceofthematerials(theCompanyorParent,asthecasemaybe)oritslegalcounsel.

Section8.02ReasonableBestEfforts.

(a)SubjecttothetermsandconditionsofthisAgreement,includingSection8.02(b)andSection8.02(c),eachoftheCompanyandParentshall,andeachshallcauseitsSubsidiariesto,usetheirrespectivereasonablebesteffortstotake,orcausetobetaken,allactionsandtodo,orcausetobedone,allthingsnecessary,properoradvisableunderApplicableLawtoconsummatetheMergerandothertransactionscontemplatedherebyaspromptlyaspracticable,including(i)(A)preparingandfilingaspromptlyaspracticablewithanyGovernmentalAuthorityorotherThirdPartyalldocumentationtoeffectallFilingsasarenecessary,properoradvisabletoconsummatetheMergerandtheothertransactionscontemplatedhereby,(B)usingreasonablebesteffortstoobtain,aspromptlyaspracticable,andthereaftermaintain,allConsentsrequiredtobeobtainedfromanyGovernmentalAuthorityorotherThirdPartythatarenecessary,properoradvisabletoconsummatetheMergerorothertransactionscontemplatedhereby,andcomplyingwiththetermsandconditionsofeachConsent(includingbysupplyingaspromptlyasreasonablypracticableanyadditionalinformationanddocumentarymaterialthatmayberequestedpursuanttotheHSRActorotherapplicableAntitrustLaws),and(C)cooperating,totheextentreasonable,withtheotherpartiesheretointheireffortstocomplywiththeirobligationsunderthisAgreement,includinginseekingtoobtainaspromptlyaspracticableanyrequiredConsentsand(ii)usingreasonablebesteffortstocontest(whichincludesbylitigation)any(A)action,suit,investigationorproceedingbroughtbyanyGovernmentalAuthorityinacourtofcompetentjurisdictionseekingtoenjoin,restrain,prevent,prohibitormakeillegalconsummationoftheMergeroranyoftheothertransactionscontemplatedherebyorseekingdamagesortoimposeanytermsorconditionsinconnectionwiththeMergeroranyoftheothertransactionscontemplatedherebyor(B)Orderthathasbeenenteredbyacourtofcompetentjurisdictionthatenjoins,restrains,

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prevents,prohibitsormakesillegalconsummationoftheMergeroranyoftheothertransactionscontemplatedherebyorimposesanydamages,termsorconditionsinconnectionwiththeMergeroranyoftheothertransactionscontemplatedhereby.Thepartiesunderstandandagreethat,subjecttoSection8.02(b)andSection8.02(g),Parent’sobligationtouseitsreasonablebesteffortssetforthinthisSection8.02(a)includestakingandagreeingtotakeallactionsanddoingoragreeingtodoallthingsnecessary,properoradvisableunderApplicableLaw(includingdivestitures,holdseparatearrangements,thetermination,assignment,novationormodificationofContracts(orportionsthereof)orotherbusinessrelationships,theacceptanceofrestrictionsonbusinessoperationsandtheentryintoothercommitmentsandlimitations)tosatisfytheconditionssetforthinSection9.01(f)orSection9.01(c)(iftheinjunctionorotherOrderrelatestoanyAntitrustLaw)andtoconsummatetheMergerandtheothertransactionscontemplatedhereby.

(b)NotwithstandingSection8.02(a)oranythingelseinthisAgreementtothecontrary,nothinginthisAgreementwillobligateorrequireParent,MergerSuboranyoftheirrespectiveSubsidiariestotakeorcausetobetakenanyaction(orrefrainorcausetorefrainfromtakinganyaction)oragreeorcausetoagreetoanyterm,conditionorlimitation(including,ineachcase,anyoftheactionsoritemsreferredtointhelastsentenceofSection8.02(a))asaconditionto,orinconnectionwith,(i)theexpirationorterminationofanyapplicablewaitingperiodrelatingtotheMergerundertheHSRAct,(ii)anyForeignAntitrustLawor(iii)obtaininganyotherConsentfromaGovernmentalAuthorityorotherwise,ineachcaseifsuchaction(orrefrainingfromsuchaction),term,conditionorlimitationwouldhaveorwouldreasonablybeexpectedtohave,individuallyorintheaggregate,amaterialadverseeffectonthefinancialcondition,businessorresultsofoperationsoftheCompany,ParentandtheirrespectiveSubsidiaries,takenasawhole,aftergivingeffecttotheMerger.

(c)WithoutlimitinginanyrespectParent’sobligationsunderthisSection8.02,Parentshallhavetherightto(i)direct,deviseandimplementthestrategyforobtaininganynecessaryapprovalof,forrespondingtoanyrequestfrom,inquiryorinvestigationby(includingdirectingthetiming,natureandsubstanceofallsuchresponses),andshallhavetherighttoleadallmeetingsandcommunications(includinganynegotiations)with,anyGovernmentalAuthoritythathasauthoritytoenforceanyAntitrustLawand(ii)withoutlimitingthegeneralityofclause(i)ofthisSection8.02(c)ortheobligationsoftheCompanyunderthisSection8.02,controlthedefenseandsettlementofanylitigation,action,suit,investigationorproceedingbroughtbyorbeforeanyGovernmentalAuthoritythathasauthoritytoenforceanyAntitrustLaw.ParentshallconsultwiththeCompanyinareasonablemannerandconsideringoodfaiththeviewsandcommentsoftheCompanyinconnectionwiththeforegoing.

(d)Infurtheranceandnotinlimitationoftheforegoing,eachoftheCompanyandParentshall,andeachshallcauseitsSubsidiariesto,aspromptlyaspracticablefollowingthedateofthisAgreement,makeallFilingswithallGovernmentalAuthoritiesthatarenecessary,properoradvisableunderthisAgreementorApplicableLawtoconsummateandmakeeffectivetheMergerandtheothertransactionscontemplatedhereby,including:(i)notlaterthanten(10)BusinessDaysfollowingthedateofthisAgreement(unlessthepartiesotherwiseagreetoanothertimeperiod),theCompanyandParenteachmakinganappropriateFilingofanotificationandreportformpursuanttotheHSRActwiththeFederalTradeCommissionandtheAntitrustDivisionoftheUnitedStatesDepartmentofJusticewithrespecttotheMergerandtheothertransactionscontemplatedherebyandrequestingearlyterminationofthewaitingperiodundertheHSRAct;(ii)aspromptlyaspracticablefollowingthedatehereoftheCompanyandParenteachmakinganyotherFilingthatisnecessary,properoradvisableunderanyForeignAntitrustLaw;and(iii)aspromptlyaspracticablefollowingthedatehereoftheCompanyandParenteachmakinganyotherFilingthatisnecessary,properoradvisableunderanyotherApplicableLawsorbyanyGovernmentalAuthoritywithjurisdictionoverenforcementofanyoftheforegoing.

(e)TotheextentpermittedbyApplicableLaw,theCompanyandParentshall,aspromptlyaspracticable,(i)uponrequestfromaGovernmentalAuthority,furnishtosuchGovernmentalAuthority,anyinformationordocumentationconcerningthemselves,theirAffiliates,directors,officersandstockholdersinformationordocumentationconcerningtheMergerandtheothertransactionscontemplatedherebyandsuchothermattersasmayberequestedand(ii)makeavailabletheirrespectiveRepresentativesto,upon

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reasonablerequest,anyGovernmentalAuthority,inthecaseofeachofclause(i)and(ii),inconnectionwith(A)thepreparationofanyFilingmadebyorontheirbehalftoanyGovernmentalAuthorityinconnectionwiththeMergeroranyoftheothertransactionscontemplatedherebyor(B)anyGovernmentalAuthorityinvestigation,revieworapprovalprocess.

(f)SubjecttoSection8.02(c),ApplicableLawsrelatingtothesharingofinformationandthetermsandconditionsoftheConfidentialityAgreementandallotheragreementsenteredintobythepartiestothisAgreement,andsubjecttotheprovisoattheendofthisSection8.02(f),eachoftheCompanyandParentshall,andeachshallcauseitsSubsidiariesto:(i)(A)asfarinadvanceaspracticable,notifytheotherpartyof,andprovidetheotherpartywithanopportunitytoconsultwithrespectto,anyFilingornon-ministerialcommunicationorinquiryitoranyofitsAffiliatesintendstomakewithanyGovernmentalAuthorityrelatingtothemattersthatarethesubjectofthisAgreement,(B)priortosubmittinganysuchFilingormakinganysuchcommunicationorinquiry,thesubmittingormakingpartyshallprovidetheotherpartyanditscounselareasonableopportunitytoreview,andshallconsideringoodfaiththecommentsoftheotherpartyandsuchotherparty’sRepresentativesinconnectionwithanysuchFiling,communicationorinquiry,and(C)promptlyfollowingthesubmissionofsuchFilingormakingofsuchcommunicationorinquiry,providetheotherpartywithacopyofanysuchFilingor,ifinwrittenform,communicationorinquiry,or,ifinoralform,asummaryofanysuchcommunicationorinquiry;provided,however,thatthisSection8.02(f)(i)shallnotapplytoanyinitialfilingsmadepursuanttotheHSRAct;(ii)aspromptlyaspracticablefollowingreceipt,furnishtheotherpartywithacopyofanyFilingor,ifinwrittenform,non-ministerialcommunicationorinquiry,or,ifinoralform,asummaryofanynon-ministerialcommunicationorinquiry,thatitoranyofitsAffiliatesreceivesfromanyGovernmentalAuthorityrelatingtomattersthatarethesubjectofthisAgreement;and(iii)coordinateandreasonablycooperatewiththeotherpartyinexchangingsuchinformationandprovidingsuchotherassistanceastheotherpartymayreasonablyrequestinconnectionwiththisSection8.02(includinginseekingearlyterminationofanyapplicablewaitingperiodsundertheHSRAct).SubjecttoSection8.02(c),noneoftheCompany,ParentortheirrespectiveRepresentativesshallagreetoparticipateinanymeetingornon-ministerialconference(includingbytelephone)withanyGovernmentalAuthority,oranymemberofthestaffofanyGovernmentalAuthority,inrespectofanyFiling,proceeding,investigation(includingthesettlementofanyinvestigation),litigationorotherinquiryregardingtheMergeroranyoftheothertransactionscontemplatedherebyunlessitconsultswiththeotherpartyinadvanceand,totheextentpermittedbysuchGovernmentalAuthority,allowstheotherpartytoparticipate;provided,however,materialsprovidedtotheotherpartypursuanttothisSection8.02mayberedactedtoremovereferencesconcerningthevaluationofParent,theCompanyoranyoftheirSubsidiaries.

(g)NotwithstandinganythinginthisAgreementtothecontrary,innoeventshall(i)ParentoranyofitsAffiliatesortheCompanyoranyofitsAffiliatesberequiredtoagreetotakeorenterintoanyactionwhichisnotconditionedupon,andshallbecomeeffectivefromandafter,theClosing,or(ii)theCompanyoranyofitsAffiliatesagreetoanyobligation,restriction,requirement,limitation,qualification,condition,remedyorotheractioninconnectionwithobtainingtheConsentsunderAntitrustLawsrequiredtobeobtainedbythepartiesortheirrespectiveSubsidiariesinconnectionwiththeMergerwithoutthepriorwrittenconsentofParent(includinginconnectionwithobtaininganyofthegovernmentalapprovalsdescribedinSection8.02(b))(whichconsentshallnotbewithheld,delayedorconditionedifdoingsowouldbeinconsistentwithParent’sobligationsunderthisSection8.02),but,ifrequestedbyParentinwriting,theCompanyshall,andshallcauseitsSubsidiariesto,subjecttoclause(i)ofthisSection8.02(g),takeanysuchactionstoobtainanyofthegovernmentalapprovalsdescribedinSection8.02(b).

Section8.03CertainFilings;SECMatters.

(a)AspromptlyaspracticablefollowingthedateofthisAgreement,(i)theCompanyandParentshalljointlyprepareandfilewiththeSECaproxystatementrelatingtotheCompanyStockholderMeetingandtheParentStockholderMeeting(togetherwithallamendmentsandsupplementsthereto,the“JointProxyStatement/Prospectus”)inpreliminaryform,and(ii)ParentshallprepareandfilewiththeSECaRegistrationStatementonFormS-4whichshallincludetheJointProxyStatement/Prospectus(togetherwithallamendmentsandsupplementsthereto,the“RegistrationStatement”)relatingtotheregistrationofthesharesofParentCommonStocktobeissuedtothestockholdersoftheCompanypursuanttotheParent

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ShareIssuanceandtheNewCVRstobeissuedtothestockholdersoftheCompanyinconnectionwiththeMerger.TheJointProxyStatement/ProspectusandtheRegistrationStatementshallcomplyastoforminallmaterialrespectswiththeapplicableprovisionsofthe1933Act,the1934ActandotherApplicableLaw.

(b)EachoftheCompanyandParentshalluseitsreasonablebesteffortstohavetheJointProxyStatement/ProspectusclearedbytheSECaspromptlyaspracticableafteritsfiling,andParentshalluseitsreasonablebesteffortstohavetheRegistrationStatementdeclaredeffectiveunderthe1933ActaspromptlyaspracticableafteritsfilingandkeeptheRegistrationStatementeffectiveforsolongasnecessarytoconsummatetheMergerand,ifrequiredbyApplicableLaw,tohavetheNewCVRAgreementbecomequalifiedundertheTrustIndentureAct.EachoftheCompanyandParentshall,aspromptlyaspracticableafterthereceiptthereof,providetheotherpartywithcopiesofanywrittencommentsandadvisetheotherpartyofanyoralcommentswithrespecttotheJointProxyStatement/ProspectusandtheRegistrationStatementreceivedbysuchpartyfromtheSECoranyotherGovernmentalAuthority,includinganyrequestfromtheSECforamendmentsorsupplementstotheJointProxyStatement/ProspectusandtheRegistrationStatement,andshallprovidetheotherwithcopiesofallmaterialorsubstantivecorrespondencebetweenitanditsRepresentatives,ontheonehand,andtheSECoranyotherGovernmentalAuthority,ontheotherhand,relatedtotheforegoing.Notwithstandingtheforegoing,priortofilingtheRegistrationStatementormailingtheJointProxyStatement/ProspectusorrespondingtoanycommentsoftheSECwithrespectthereto,eachoftheCompanyandParentshallreasonablycooperateandprovidetheotherpartyanditscounselareasonableopportunitytoreviewsuchdocumentorresponse(includingtheproposedfinalversionofsuchdocumentorresponse)andconsideringoodfaiththecommentsoftheotherpartyorsuchotherparty’sRepresentativesinconnectionwithanysuchdocumentorresponse.NoneoftheCompany,ParentoranyoftheirrespectiveRepresentativesshallagreetoparticipateinanymaterialorsubstantivemeetingorconference(includingbytelephone)withtheSEC,oranymemberofthestaffthereof,inrespectoftheRegistrationStatementortheJointProxyStatement/Prospectusunlessitconsultswiththeotherpartyinadvanceand,totheextentpermittedbytheSEC,allowstheotherpartytoparticipate.ParentshalladvisetheCompany,promptlyafterreceiptofnoticethereof,ofthetimeofeffectivenessoftheRegistrationStatement,andtheissuanceofanystoporderrelatingtheretoorthesuspensionofthequalificationofsharesofParentCommonStockforofferingorsaleinanyjurisdiction,andeachoftheCompanyandParentshalluseitsreasonablebesteffortstohaveanysuchstoporderorsuspensionlifted,reversedorotherwiseterminated.

(c)EachoftheCompanyandParentshalluseitsreasonablebesteffortstotakeanyotheractionrequiredtobetakenbyitunderthe1933Act,the1934Act,theDGCLandtherulesoftheNYSEandNasdaqinconnectionwiththefilinganddistributionoftheJointProxyStatement/ProspectusandtheRegistrationStatement,andthesolicitationofproxiesfromthestockholdersofeachoftheCompanyandParentthereunder.SubjecttoSection6.02,theJointProxyStatement/ProspectusshallincludetheCompanyBoardRecommendation,and,subjecttoSection7.02,theJointProxyStatement/ProspectusshallincludetheParentBoardRecommendation.

(d)Parentshalluseitsreasonablebesteffortstotake,orcausetobetaken,allactions,andtodoorcausetobedoneallthings,necessary,properoradvisableunderApplicableLawsandtherulesandpoliciesoftheNYSEandtheSECtoenablethelistingoftheParentCommonStockandtheNewCVRsbeingregisteredpursuanttotheRegistrationStatementontheNYSE(orothernationalsecuritiesexchange)nolaterthantheMergerEffectiveTime,subjecttoofficialnoticeofissuance.Parentshallalsouseitsreasonablebesteffortstoobtainallnecessarystatesecuritieslawor“bluesky”permitsandapprovalsrequiredtocarryoutthetransactionscontemplatedbythisAgreement(providedthatinnoeventshallParentberequiredtoqualifytodobusinessinanyjurisdictioninwhichitisnotnowsoqualifiedorfileageneralconsenttoserviceofprocess).

(e)EachoftheCompanyandParentshall,uponrequest,furnishtotheotherallinformationconcerningitself,itsSubsidiaries,directors,officersand(totheextentreasonablyavailabletotheapplicableparty)stockholdersandsuchothermattersasmaybereasonablynecessaryoradvisableinconnectionwithanystatement,Filing,noticeorapplicationmadebyoronbehalfoftheCompany,ParentoranyoftheirrespectiveSubsidiaries,totheSECortheNYSEinconnectionwiththeMergerandtheothertransactionscontemplatedbythisAgreement,includingtheRegistrationStatementandtheJointProxyStatement/Prospectus:provided,however,thatneitherpartyshalluseanysuchinformationforanypurposes

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otherthanthosecontemplatedbythisAgreementunlesssuchpartyobtainsthepriorwrittenconsentoftheother.Inaddition,eachoftheCompanyandParentshalluseitsreasonablebesteffortstoprovideinformationconcerningitnecessarytoenabletheCompanyandParenttopreparerequiredproformafinancialstatementsandrelatedfootnotesinconnectionwiththepreparationoftheRegistrationStatementand/ortheJointProxyStatement/Prospectus.

(f)IfatanytimepriortothelateroftheCompanyApprovalTimeandtheParentApprovalTime,anyinformationrelatingtotheCompanyorParent,oranyoftheirrespectiveAffiliates,officersordirectors,shouldbediscoveredbytheCompanyorParentthatshouldbesetforthinanamendmentorsupplementtoeitheroftheRegistrationStatementortheJointProxyStatement/Prospectus,sothateitherofsuchdocumentswouldnotincludeanymisstatementofamaterialfactoromittostateanymaterialfactnecessarytomakethestatementstherein,inlightofthecircumstancesunderwhichtheyweremade,notmisleading,thepartythatdiscoverssuchinformationshallpromptlynotifytheotherpartyhereto,andeachpartyshallusereasonablebesteffortsto,andreasonablycooperatewiththeotherto,promptlyprepareandfilewiththeSECanappropriateamendmentorsupplementdescribingsuchinformationand,totheextentrequiredunderApplicableLaw,disseminatesuchamendmentorsupplementtothestockholdersofeachoftheCompanyandParent.

Section8.04StockholderMeetings.

(a)PromptlyfollowingtheeffectivenessoftheRegistrationStatement(and,inthecaseofclause(iii),withinforty(40)daysoftheCompanyRecordDate),theCompanyshall,inconsultationwithParent,inaccordancewithApplicableLawandtheCompanyOrganizationalDocuments,(i)establisharecorddate(the“CompanyRecordDate”)for,dulycallandgivenoticeofameetingofthestockholdersoftheCompanyentitledtovoteontheMerger(the“CompanyStockholderMeeting”)atwhichmeetingtheCompanyshallseektheCompanyStockholderApproval(andwillusereasonablebesteffortstoconduct“brokersearches”inamannertoenabletheCompanyRecordDatetobeheldpromptlyfollowingtheeffectivenessoftheRegistrationStatement),(ii)causetheJointProxyStatement/Prospectus(andallotherproxymaterialsfortheCompanyStockholderMeeting)tobemailedtoitsstockholdersand(iii)dulyconveneandholdtheCompanyStockholderMeeting.SubjecttoSection6.02,theCompanyshalluseitsreasonablebesteffortstotake,orcausetobetaken,allactions,anddoorcausetobedoneallthings,necessary,properoradvisableonitsparttocausetheCompanyStockholderApprovaltobereceivedattheCompanyStockholderMeetingoranyadjournmentorpostponementthereof,andshallcomplywithalllegalrequirementsapplicabletotheCompanyStockholderMeeting.TheCompanyshallnot,withoutthepriorwrittenconsentofParent,adjourn,postponeorotherwisedelaytheCompanyStockholderMeeting;providedthattheCompanymay,notwithstandingtheforegoing,withoutthepriorwrittenconsentofParent,adjournorpostponetheCompanyStockholderMeeting(A)if,afterconsultationwithParent,theCompanybelievesingoodfaiththatsuchadjournmentorpostponementisreasonablynecessarytoallowreasonableadditionaltimeto(1)solicitadditionalproxiesnecessarytoobtaintheCompanyStockholderApproval,or(2)distributeanysupplementoramendmenttotheJointProxyStatement/ProspectusthattheBoardofDirectorsoftheCompanyhasdeterminedingoodfaithafterconsultationwithoutsidelegalcounselisnecessaryunderApplicableLawandforsuchsupplementoramendmenttobereviewedbytheCompany’sstockholderspriortotheCompanyStockholderMeeting,(B)foranabsenceofaquorumor(C)iftheParentStockholderMeetinghasbeenadjournedorpostponedbyParentinaccordancewithSection8.04(b),totheextentnecessarytoenabletheCompanyStockholderMeetingandtheParentStockholderMeetingtobeheldwithinasingleperiodoftwenty-four(24)consecutivehoursascontemplatedbySection8.04(d).Notwithstandingtheforegoing,theCompanymaynot,withoutthepriorwrittenconsentofParent(suchconsentnottobeunreasonablywithheld,conditionedordelayed),postponetheCompanyStockholderMeetingmorethanatotalofthree(3)timespursuanttoclause(A)(1)or(B)oftheimmediatelyprecedingsentence,andnosuchpostponementoradjournmentpursuanttoclause(A)(1)or(B)oftheimmediatelyprecedingsentenceshallbe,withoutthepriorwrittenconsentofParent(suchconsentnottobeunreasonablywithheld,conditionedordelayed),foraperiodexceedingten(10)BusinessDays.WithoutthepriorwrittenconsentofParent,thematterscontemplatedbytheCompanyStockholderApprovalshallbetheonlymatters(otherthanmattersofprocedureandmatersrequiredbyApplicableLawtobevotedonbytheCompany’sstockholdersinconnectiontherewith)thattheCompanyshallproposetobevotedonbythestockholdersoftheCompanyattheCompanyStockholderMeeting.

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(b)PromptlyfollowingtheeffectivenessoftheRegistrationStatement(and,inthecaseofclause(iii),withinforty(40)daysoftheCompanyRecordDate,subjecttoanextensionofuptofifteen(15)additionalBusinessDaysascontemplatedbythelastsentenceofthisSection8.04(b)),Parentshall,inconsultationwiththeCompany,inaccordancewithApplicableLawandtheParentOrganizationalDocuments,(i)establisharecorddate(whichdateshallbethesameastheCompanyRecordDate)for,dulycallandgivenoticeofameetingofthestockholdersofParententitledtovoteontheParentShareIssuance(the“ParentStockholderMeeting”)atwhichmeetingParentshallseektheParentStockholderApproval(andwillusereasonablebesteffortstoconduct“brokersearches”inamannertoenablethesuchrecorddatetobeheldonsuchdate),(ii)causetheJointProxyStatement/Prospectus(andallotherproxymaterialsfortheParentStockholderMeeting)tobemailedtoitsstockholdersand(iii)dulyconveneandholdtheParentStockholderMeeting.SubjecttoSection7.02,Parentshalluseitsreasonablebesteffortstotake,orcausetobetaken,allactions,anddoorcausetobedoneallthings,necessary,properoradvisableonitsparttocausetheParentStockholderApprovaltobereceivedattheParentStockholderMeetingoranyadjournmentorpostponementthereof,andshallcomplywithalllegalrequirementsapplicabletotheParentStockholderMeeting.Parentshallnot,withoutthepriorwrittenconsentoftheCompany,adjourn,postponeorotherwisedelaytheParentStockholderMeeting;providedthatParentmay,notwithstandingtheforegoing,withoutthepriorwrittenconsentoftheCompany,adjournorpostponetheParentStockholderMeeting(A)if,afterconsultationwiththeCompany,Parentbelievesingoodfaiththatsuchadjournmentorpostponementisreasonablynecessarytoallowreasonableadditionaltimeto(1)solicitadditionalproxiesnecessarytoobtaintheParentStockholderApproval,or(2)distributeanysupplementoramendmenttotheJointProxyStatement/ProspectusthattheBoardofDirectorsofParenthasdeterminedingoodfaithafterconsultationwithoutsidelegalcounselisnecessaryunderApplicableLawandforsuchsupplementoramendmenttobereviewedbyParent’sstockholderspriortotheParentStockholderMeeting,(B)foranabsenceofaquorumor(C)iftheCompanyStockholderMeetinghasbeenadjournedorpostponedbytheCompanyinaccordancewithSection8.04(a),totheextentnecessarytoenabletheCompanyStockholderMeetingandtheParentStockholderMeetingtobeheldwithinasingleperiodoftwenty-four(24)consecutivehoursascontemplatedbySection8.04(d).Notwithstandingtheforegoing,Parentmaynot,withoutthepriorwrittenconsentoftheCompany(suchconsentnottobeunreasonablywithheld,conditionedordelayed),postponetheParentStockholderMeetingmorethanatotalofthree(3)timespursuanttoclause(A)(1)or(B)oftheimmediatelyprecedingsentence,andnosuchpostponementoradjournmentpursuanttoclause(A)(1)or(B)oftheimmediatelyprecedingsentenceshallbe,withoutthepriorwrittenconsentoftheCompany(suchconsentnottobeunreasonablywithheld,conditionedordelayed),foraperiodexceedingten(10)BusinessDays.WithoutthepriorwrittenconsentoftheCompany,thematterscontemplatedbytheParentStockholderApprovalshallbetheonlymatters(otherthanmattersofprocedureandmattersrequiredbyApplicableLawtobevotedonbyParent’sstockholdersinconnectiontherewith)thatParentshallproposetobevotedonbythestockholdersofParentattheParentStockholderMeeting;provided,that,subjecttoApplicableLaw,theParentOrganizationalDocumentsandSection8.04(d),theParentStockholderMeetingmay,inthesolediscretionofParentalsoconstituteitsannualmeetingofstockholderssolongas(i)doingsowouldnotdelaytheParentStockholderMeetingbymorethanfifteen(15)BusinessDaysbeyondthedateonwhichParentwouldotherwisebeabletoholdtheParentStockholderMeetingand(ii)theannualmeetingdoesnotcontainanymatterstobevotedonthatarenotmatterscustomarilysubmittedtoavoteofstockholdersatanannualmeetinginvolvingonlyanuncontestedelectionofdirectorsandotherroutinematters(includingdulysubmittedstockholderproposalspursuanttoRule14a-8undertheExchangeActthatarenoteligibletobeexcluded).

(c)Notwithstanding(i)anyCompanyAdverseRecommendationChangeorParentAdverseRecommendationChange,(ii)thepublicproposalorannouncementorothersubmissiontotheCompanyoranyofitsRepresentativesofaCompanyAcquisitionProposalorthepublicproposalorannouncementorothersubmissiontoParentoranyofitsRepresentativesofaParentAcquisitionProposalor(iii)anythinginthisAgreementtothecontrary,unlessthisAgreementisterminatedinaccordancewithitsterms,theobligationsoftheCompanyandParentunderSection8.03andthisSection8.04shallcontinueinfullforceandeffect.

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(d)Notwithstandinganythingtothecontraryherein,itistheintentionofthepartiesthat,andeachofthepartiesshallreasonablycooperateandusetheircommerciallyreasonableeffortstocause,thedateandtimeoftheCompanyStockholderMeetingandtheParentStockholderMeetingbecoordinatedsuchthattheyoccurwithinasingleperiodoftwenty-four(24)consecutivehours(andinanyeventascloseintimeaspossible).

Section8.05PublicAnnouncements.TheinitialpressreleaseconcerningthisAgreementandthetransactionscontemplatedherebyshallbeajointpressreleasetobeintheformagreeduponbytheCompanyandParentpriortotheexecutionofthisAgreement.Followingsuchinitialpressrelease,ParentandtheCompanyshallconsultwitheachotherbeforeissuinganyadditionalpressrelease,makinganyotherpublicstatementorschedulinganypressconference,conferencecallormeetingwithinvestorsoranalystswithrespecttothisAgreementorthetransactionscontemplatedherebyand,exceptasmayberequiredbyApplicableLaworanylistingagreementwithorruleofanynationalsecuritiesexchangeorassociation,shallnotissueanysuchpressrelease,makeanysuchotherpublicstatementorscheduleanysuchpressconference,conferencecallormeetingbeforesuchconsultation(and,totheextentapplicable,shallprovidecopiesofanysuchpressrelease,statementoragreement(oranyscriptsforanyconferencecalls)totheotherpartyandshallconsideringoodfaiththecommentsoftheotherparty);providedthattherestrictionssetforthinthisSection8.05shallnotapplytoanyreleaseorpublicstatement(a)madeorproposedtobemadebytheCompanyincompliancewithSection6.02withrespecttothematterscontemplatedbySection6.02,ormadeorproposedtobemadebyParentinresponseorrelatedtoanysuchreleaseorpublicstatementthatisnotinviolationofSection7.02,(b)madeorproposedtobemadebyParentincompliancewithSection7.02withrespecttothematterscontemplatedbySection7.02,ormadeorproposedtobemadebytheCompanyinresponseorrelatedtoanysuchreleaseorpublicstatementthatisnotinviolationofSection6.02,(c)inconnectionwithanydisputebetweenthepartiesregardingthisAgreement,theMergerortheothertransactionscontemplatedherebyor(d)iftheinformationcontainedthereinsubstantiallyreiterates(andisnotinconsistentwith)previousreleasesorpublicstatementsmadebytheCompanyandParentincompliancewiththisSection8.05.

Section8.06NoticesofCertainEvents.EachoftheCompanyandParentshallusecommerciallyreasonableeffortstopromptlynotifytheotherof(a)anymaterialwrittennoticeorothermaterialwrittencommunicationreceivedbysuchpartyfromanyPersonallegingthattheconsentofsuchPersonisormayberequiredinconnectionwiththetransactionscontemplatedbythisAgreement,(b)anymaterialwrittennoticeorothermaterialwrittencommunicationreceivedbysuchpartyfromanyGovernmentalAuthorityinconnectionwiththetransactionscontemplatedbythisAgreement,(c)totheknowledgeofsuchparty,anyevent,change,effect,developmentoroccurrencethatwouldhaveCompanyMaterialAdverseEffect,inthecaseoftheCompany,oraParentMaterialAdverseEffect,inthecaseofParent,or(d)totheknowledgeofsuchparty,anyevent,change,developmentoroccurrencehasoccurredthatwouldreasonablybeexpectedtocauseorresultinanyoftheconditionssetforthinArticleIXnotbeingsatisfied;providedthat,notwithstandingtheforegoing,afailuretocomplywiththisSection8.06shallnotconstitutethefailureofanyconditionsetforthinArticleIXtobesatisfiedunlesstheunderlyingchangeoreventwouldindependentlyresultinthefailureofaconditionsetforthinArticleIXtobesatisfied.

Section8.07Section16Matters.PriortotheMergerEffectiveTime,ParentandtheCompanyshalltakeallsuchstepsasmayberequired(totheextentpermittedunderApplicableLaw)tocauseanydispositionsofCompanyCommonStock(includingderivativesecuritieswithrespecttoCompanyCommonStock)oracquisitionsofParentCommonStock(includingderivativesecuritieswithrespecttoParentCommonStock)resultingfromthetransactionscontemplatedbythisAgreementbyeachindividualwhoissubjecttothereportingrequirementsofSection16(a)ofthe1934ActwithrespecttotheCompany,orwillbecomesubjecttosuchreportingrequirementswithrespecttoParent,tobeexemptunderRule16b-3promulgatedunderthe1934Act.

Section8.08TransactionLitigation.SubjecttothelastsentenceofthisSection8.08,eachoftheCompanyandParentshallpromptlynotifytheotherofanystockholderdemands,litigations,arbitrationsorothersimilarclaims,actions,suitsorproceedings(includingderivativeclaims)commencedagainstit,itsSubsidiariesand/oritsoritsSubsidiaries’respectivedirectorsorofficersrelatingtothisAgreementoranyofthetransactionscontemplatedherebyoranymattersrelatingthereto(collectively,“TransactionLitigation”)andshallkeeptheotherpartyinformedregardinganyTransactionLitigation.OtherthanwithrespecttoanyTransactionLitigationwherethepartiesareadversetoeachotherorinthecontextofanyTransactionLitigationrelatedtoorarisingoutofaCompanyAcquisitionProposaloraParentAcquisitionProposal,eachoftheCompanyandParentshall

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reasonablycooperatewiththeotherinthedefenseorsettlementofanyTransactionLitigation,andshallgivetheotherpartytheopportunitytoconsultwithitregardingthedefenseandsettlementofsuchTransactionLitigation,shallconsideringoodfaiththeotherparty’sadvicewithrespecttosuchTransactionLitigationand,inthecaseofanyTransactionLitigationinvolvingtheCompany,itsSubsidiariesortheirrespectivedirectorsorofficers,theCompanyshallgiveParenttheopportunitytoparticipatein(butnotcontrol),atParent’sexpense,inthedefenseandsettlementofsuchTransactionLitigation.PriortotheMergerEffectiveTime,otherthanwithrespecttoanyTransactionLitigationwherethepartiesareadversetoeachotherorinthecontextofanyTransactionLitigationrelatedtoorarisingoutofaCompanyAcquisitionProposaloraParentAcquisitionProposal,noneoftheCompanyoranyofitsSubsidiariesshallsettleoroffertosettleanyTransactionLitigationwithoutthepriorwrittenconsentofParent(whichconsentshallnotbeunreasonablywithheld,conditionedordelayed).NotwithstandinganythingtothecontraryinthisSection8.08,(a)intheeventofanyconflictwithanyothercovenantoragreementcontainedinSection8.02thatexpresslyaddressesthesubjectmatterofthisSection8.08,Section8.02shallgovernandcontrol,and(b)nothinginthisSection8.08shalllimitorotherwisemodifythepartiesobligationsunderSection6.02,Section7.02oranyotherprovisionsofthisAgreement.

Section8.09StockExchangeDelisting.EachoftheCompanyandParentagreestocooperatewiththeotherpartyintaking,orcausingtobetaken,allactionsnecessarytodelisttheCompanyCommonStockfromtheNasdaqandterminateitsregistrationunderthe1934Act;providedthatsuchdelistingandterminationshallnotbeeffectiveuntiltheMergerEffectiveTime.

Section8.10Governance.Parentshalltakeallnecessarycorporateactiontocause,effectiveattheMergerEffectiveTime,(a)thenumberofmembersoftheBoardofDirectorsofParenttobeincreasedbytwo(2)and(b)thevacanciescreatedbytheforegoingclause(b)tobefilledbytwo(2)individualswhoareservingasdirectorsoftheCompanyimmediatelypriortotheMergerEffectiveTime,whoarejointlydesignatedbytheCompanyandParentpriortotheClosing.

Section8.11StateTakeoverStatutes.EachofParent,MergerSubandtheCompanyshall(a)takeallactionnecessarysothatno“moratorium,”“controlshareacquisition,”“fairprice,”“supermajority,”“affiliatetransactions”or“businesscombinationstatuteorregulation”orothersimilarstateanti-takeoverlawsorregulations,oranysimilarprovisionoftheCompanyOrganizationalDocumentsortheParentOrganizationalDocuments,asapplicable,isorbecomesapplicabletotheMergeroranyoftheothertransactionscontemplatedhereby,and(b)ifanysuchanti-takeoverlaw,regulationorprovisionisorbecomesapplicabletotheMergeroranyothertransactionscontemplatedhereby,cooperateandgrantsuchapprovalsandtakesuchactionsasarereasonablynecessarysothatthetransactionscontemplatedherebymaybeconsummatedaspromptlyaspracticableonthetermscontemplatedherebyandotherwiseacttoeliminateorminimizetheeffectsofsuchstatuteorregulationonthetransactionscontemplatedhereby.

ARTICLE IX

CONDITIONS TO THE MERGER

Section9.01ConditionstotheObligationsofEachParty.TheobligationsoftheCompany,ParentandMergerSubtoconsummatetheMergeraresubjecttothesatisfaction(or,totheextentpermittedbyApplicableLaw,waiver)ofthefollowingconditions:

(a)theCompanyStockholderApprovalshallhavebeenobtained;

(b)theParentStockholderApprovalshallhavebeenobtained;

(c)noinjunctionorotherOrdershallhavebeenissuedbyanycourtorotherGovernmentalAuthorityofcompetentjurisdictionandremainineffectthatenjoins,preventsorprohibitstheconsummationoftheMerger;

(d)theRegistrationStatementshallhavebeendeclaredeffective,nostopordersuspendingtheeffectivenessoftheRegistrationStatementshallbeineffectandnoproceedingsforsuchpurposeshallbependingbeforetheSEC;

(e)thesharesofParentCommonStocktobeissuedintheParentShareIssuanceandtheNewCVRstobeissuedintheMergershallhavebeenapprovedforlistingontheNYSE,subjecttoofficialnoticeofissuance;and

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(f)anyapplicablewaitingperiodundertheHSRActshallhaveexpiredorbeenterminatedandanyapplicablewaitingperiodorotherConsentundereachForeignAntitrustLawsetforthonSection9.01(f)oftheCompanyDisclosureSchedulerelatingtothetransactionscontemplatedbythisAgreementshallhaveexpired,beenterminatedorobtained,asapplicable.

Section9.02ConditionstotheObligationsofParentandMergerSub.TheobligationsofParentandMergerSubtoconsummatetheMergerissubjecttothesatisfaction(or,totheextentpermittedbyApplicableLaw,waiverbyParent)ofthefollowingfurtherconditions:

(a)theCompanyshallhaveperformed,inallmaterialrespects,allofitsobligationshereunderrequiredtobeperformedbyitatorpriortotheMergerEffectiveTime;

(b)(i)therepresentationsandwarrantiesoftheCompanycontainedinSection4.01(otherthanthethirdsentencethereof),Section4.02(otherthanthelastsentenceofSection4.02(b)),Section4.04(a),Section4.05(a),Section4.05(b),Section4.26,Section4.27andSection4.28shallbetrueandcorrectinallmaterialrespectsatandasofthedateofthisAgreementandatandasoftheClosingasifmadeatandasoftheClosing(or,ifsuchrepresentationsandwarrantiesaregivenasofanotherspecificdate,atandasofsuchdate);(ii)therepresentationsandwarrantiesoftheCompanycontainedinSection4.10(a)(ii)shallbetrueandcorrectinallrespectsatandasofthedateofthisAgreementandatandasoftheClosingasifmadeatandasoftheClosing;and(iii)theotherrepresentationsandwarrantiesoftheCompanycontainedinthisAgreement,disregardingallqualificationsandexceptionscontainedthereinrelatingtomaterialityorCompanyMaterialAdverseEffect,shallbetrueandcorrectatandasofthedateofthisAgreementandatandasoftheClosingasifmadeatandasoftheClosing(or,ifsuchrepresentationsandwarrantiesaregivenasofanotherspecificdate,atandasofsuchdate),except,inthecaseofthisclause(iii)only,wherethefailureofsuchrepresentationsandwarrantiestobetrueandcorrecthasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aCompanyMaterialAdverseEffect(or,inthecaseofSection4.16,aParentMaterialAdverseEffect);and

(c)ParentshallhavereceivedacertificatefromanexecutiveofficeroftheCompanyconfirmingthesatisfactionoftheconditionssetforthinSection9.02(a)andSection9.02(b).

Section9.03ConditionstotheObligationsoftheCompany.TheobligationsoftheCompanytoconsummatetheMergeraresubjecttothesatisfaction(or,totheextentpermittedbyApplicableLaw,waiverbytheCompany)ofthefollowingfurtherconditions:

(a)eachofParentandMergerSubshallhaveperformed,inallmaterialrespects,allofitsobligationshereunderrequiredtobeperformedbyitatorpriortotheMergerEffectiveTime;

(b)(i)therepresentationsandwarrantiesofParentcontainedinSection5.01(otherthanthethirdandlastsentencesthereof),Section5.02(otherthanthelastsentenceofSection5.02(b)),Section5.04(a),Section5.05,Section5.23,Section5.24andSection5.25shallbetrueandcorrectinallmaterialrespectsatandasofthedateofthisAgreementandatandasoftheClosingasifmadeatandasoftheClosing(or,ifsuchrepresentationsandwarrantiesaregivenasofanotherspecificdate,atandasofsuchdate);(ii)therepresentationsandwarrantiesofParentcontainedinSection5.10(a)(ii)shallbetrueandcorrectinallrespectsatandasofthedateofthisAgreementandatandasoftheClosingasifmadeatandasoftheClosing;and(iii)theotherrepresentationsandwarrantiesofParentcontainedinthisAgreement,disregardingallqualificationsandexceptionscontainedthereinrelatingtomaterialityorParentMaterialAdverseEffect,shallbetrueandcorrectatandasofthedateofthisAgreementandatandasoftheClosingasifmadeatandasoftheClosing(or,ifsuchrepresentationsandwarrantiesaregivenasofanotherspecificdate,atandasofsuchdate),except,inthecaseofthisclause(iii)only,wherethefailureofsuchrepresentationsandwarrantiestobetrueandcorrecthasnothadandwouldnotreasonablybeexpectedtohave,individuallyorintheaggregate,aParentMaterialAdverseEffect;and

(c)theCompanyshallhavereceivedacertificatefromanexecutiveofficerofParentconfirmingthesatisfactionoftheconditionssetforthinSection9.03(a)andSection9.03(b).

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ARTICLE X

TERMINATION

Section10.01Termination.ThisAgreementmaybeterminatedandtheMergerandtheothertransactionscontemplatedherebymaybeabandonedatanytimepriortotheMergerEffectiveTime(notwithstandingreceiptoftheCompanyStockholderApprovalortheParentStockholderApproval):

(a)bymutualwrittenagreementoftheCompanyandParent;

(b)byeithertheCompanyorParent,if:

(i)theMergerhasnotbeenconsummatedonorbeforeJanuary2,2020(assuchdatemaybeextendedpursuanttothefollowingproviso,the“EndDate”);providedthat,(A)ifonsuchdate,theconditionstotheClosingsetforthinSection9.01(f)orSection9.01(c)(iftheinjunctionorotherOrderrelatestothemattersreferencedinSection9.01(f))shallnothavebeensatisfied,butallotherconditionstotheClosingshallhavebeensatisfied(orinthecaseofconditionsthatbytheirtermsaretobesatisfiedattheClosing,shallbecapableofbeingsatisfiedonsuchdate)orwaived,thentheEndDatemaybeextendedbyeitherParentortheCompanyforaperiodofsixty(60)daysbywrittennoticetotheotherpartyand(B)ifonsuchdateasextendedbytheimmediatelyprecedingclause(A),theconditionstotheClosingsetforthinSection9.01(f)orSection9.01(c)(iftheinjunctionorotherOrderrelatestothemattersreferencedinSection9.01(f))shallnothavebeensatisfied,butallotherconditionstotheClosingshallhavebeensatisfied(orinthecaseofconditionsthatbytheirtermsaretobesatisfiedattheClosing,shallbecapableofbeingsatisfiedonsuchdate)orwaived,thentheEndDatemaybefurtherextendedbyeitherParentortheCompanyforanotherperiodofsixty(60)daysbywrittennoticetotheotherparty;provided,further,thattherighttoterminatethisAgreementortoextendtheEndDate,asapplicable,pursuanttothisSection10.01(b)(i)shallnotbeavailabletoanypartywhosebreachofanyprovisionofthisAgreementhasbeentheproximatecauseofthefailureoftheMergertobeconsummatedbysuchtime;

(ii)acourtorotherGovernmentalAuthorityofcompetentjurisdictionshallhaveissuedaninjunctionorotherOrderthatpermanentlyenjoins,preventsorprohibitstheconsummationoftheMergerandsuchinjunctionorotherOrdershallhavebecomefinalandnon-appealable;providedthattherighttoterminatethisAgreementpursuanttothisSection10.01(b)(ii)shallnotbeavailabletoanypartywhosebreachofanyprovisionofthisAgreementhasbeentheproximatecauseofsuchinjunctionorotherOrder;

(iii)theCompanyStockholderApprovalshallnothavebeenobtaineduponavotetakenthereonattheCompanyStockholderMeeting(includinganyadjournmentorpostponementthereof);or

(iv)theParentStockholderApprovalshallnothavebeenobtaineduponavotetakenthereonattheParentStockholderMeeting(includinganyadjournmentorpostponementthereof);or

(c)byParent:

(i)priortothereceiptoftheCompanyStockholderApproval,if(A)aCompanyAdverseRecommendationChangeshallhaveoccurred,or(B)atanytimeafteraCompanyAcquisitionProposalshallhavebeenpubliclydisclosedtheBoardofDirectorsoftheCompanyshallhavefailedtopubliclyconfirmtheCompanyBoardRecommendationwithinten(10)BusinessDaysafterawrittenrequestbyParentthatitdoso(providedthatParentmaynotmakesucharequestmorethanonceforeach(x)CompanyAcquisitionProposalor(y)materialmodificationthereto);

(ii)ifabreachofanyrepresentationorwarrantyorfailuretoperformanycovenantoragreementonthepartoftheCompanysetforthinthisAgreementshallhaveoccurredthatwouldcauseanyconditionsetforthinSection9.02(a)orSection9.02(b)nottobesatisfied,andsuchbreachorfailuretoperform(A)isincapableofbeingcuredbytheEndDateor(B)hasnotbeencuredbytheCompanywithintheearlierof(x)thirty(30)daysfollowingwrittennoticetotheCompanyfromParentofsuchbreachorfailuretoperformand(y)theEndDate;providedthatthisAgreementmaynotbeterminated

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pursuanttothisSection10.01(c)(ii)ifParentorMergerSubistheninbreachofanyofitsrepresentations,warranties,covenantsoragreementssetforthinthisAgreement,whichbreachbyParentorMergerSubwouldcauseanyconditionsetforthinSection9.03(a)orSection9.03(b)nottobesatisfied;or

(iii)priortoobtainingtheParentStockholderApproval,inordertoenterintoadefinitiveagreementprovidingforaParentSuperiorProposalinaccordancewith,andsubjecttothetermsandconditionsof,Section7.02;or

(d)bytheCompany:

(i)priortothereceiptoftheParentStockholderApproval,if(A)aParentAdverseRecommendationChangeshallhaveoccurred,or(B)atanytimeafteraParentAcquisitionProposalhasbeenpubliclydisclosedtheBoardofDirectorsofParentshallhavefailedtopubliclyconfirmtheParentBoardRecommendationwithinten(10)BusinessDaysafterawrittenrequestbytheCompanythatitdoso(providedthattheCompanymaynotmakesucharequestmorethanonceforeach(x)ParentAcquisitionProposalor(y)materialmodificationthereto);

(ii)ifabreachofanyrepresentationorwarrantyorfailuretoperformanycovenantoragreementonthepartofParentorMergerSubsetforthinthisAgreementshallhaveoccurredthatwouldcauseanyconditionsetforthinSection9.03(a)orSection9.03(b)nottobesatisfied,andsuchbreachorfailuretoperform(A)isincapableofbeingcuredbytheEndDateor(B)hasnotbeencuredbyParentorMergerSub,asapplicable,withintheearlierof(x)thirty(30)daysfollowingwrittennoticetoParentfromtheCompanyofsuchbreachorfailuretoperformand(y)theEndDate;providedthatthisAgreementmaynotbeterminatedpursuanttothisSection10.01(d)(ii)iftheCompanyistheninbreachofanyofitsrepresentations,warranties,covenantsoragreementssetforthinthisAgreement,whichbreachbytheCompanywouldcauseanyconditionsetforthinSection9.02(a)orSection9.02(b)nottobesatisfied;or

(iii)priortoobtainingtheCompanyStockholderApproval,inordertoenterintoadefinitiveagreementprovidingforaCompanySuperiorProposalinaccordancewith,andsubjecttothetermsandconditionsof,Section6.02.

ThepartydesiringtoterminatethisAgreementpursuanttothisSection10.01(otherthanpursuanttoSection10.01(a))shallgivewrittennoticeofsuchterminationtotheotherparty.

Section10.02EffectofTermination.IfthisAgreementisterminatedpursuanttoSection10.01,thisAgreementshallbecomevoidandofnoeffectwithoutliabilityofanyparty(oranyofitsAffiliatesoritsortheirrespectivestockholdersorRepresentatives)totheotherpartyhereto,exceptasprovidedinSection10.03;providedthat,subjecttoSection10.03(f),neitherParentnortheCompanyshallbereleasedfromanyliabilitiesordamagesarisingoutofany(i)fraudbyanypartyor(ii)theWillfulBreachofanycovenantoragreementsetforthinthisAgreement.TheprovisionsofSection6.03(a),thefirstsentenceofSection8.01(a),thisSection10.02,Section10.03,ArticleXI(otherthanSection11.13,excepttotheextentthatSection11.13relatestothespecificperformanceoftheprovisionsofthisAgreementthatsurvivetermination)andSection1.01(totheextentrelatedtotheforegoing)shallsurviveanyterminationofthisAgreementpursuanttoSection10.01.Inaddition,theterminationofthisAgreementshallnotaffecttheparties’respectiveobligationsundertheConfidentialityAgreement.

Section10.03TerminationFees.

(a)IfthisAgreementisterminated:(i)byParentpursuanttoSection10.01(c)(i);(ii)bytheCompanypursuanttoSection10.01(d)(iii);(iii)bytheCompanyorParentpursuanttoSection10.01(b)(iii),andinthecaseofclause(iii)ofthissentence:(I)atorpriortotheCompanyStockholderMeetingaCompanyAcquisitionProposalshallhavebeenpubliclydisclosedorannouncedandshallnothavebeenpubliclyandirrevocablywithdrawnatleastfour(4)dayspriortotheCompanyStockholderMeeting;and(II)withinthefirst(1st)anniversaryofsuchterminationofthisAgreement:(1)atransactionrelatingtoanyCompanyAcquisitionProposalisconsummated;or(2)adefinitiveagreementrelatingtoanyCompanyAcquisitionProposalisenteredintobytheCompanyoranyofitsAffiliates;or(iv)byParentpursuanttoSection10.01(c)(ii)asaresultofamaterialbreachbytheCompanyofitsobligationssetforthinSection6.02orSection8.04(a)and,atthetimeofsuchtermination,theCompanyStockholderApproval

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shallnothavebeenobtained,andinthecaseofclause(iv)ofthissentence:(I)atorpriortothedateofsuchterminationaCompanyAcquisitionProposalshallhavebeenmadeandshallnothavebeenpubliclyandirrevocablywithdrawnatleastfour(4)dayspriortotheCompanyStockholderMeeting;and(II)withinthefirst(1st)anniversaryofsuchterminationofthisAgreement:(1)atransactionrelatingtoanyCompanyAcquisitionProposalisconsummated;or(2)adefinitiveagreementrelatingtoanyCompanyAcquisitionProposalisenteredintobytheCompanyoranyofitsSubsidiaries,then(x)inthecaseofeachoftheforegoingclauses(i),(ii)and(iv),theCompanyshallpaytoParent(oritsdesignee),incashatthetimespecifiedinthefollowingsentence,afeeinanamountequalto$2.2billion(the“CompanyTerminationFee”)and(y)inthecaseoftheforegoingclause(iii),theCompanyshallpaytoParent(oritsdesignee),incashatthetimespecifiedinthefollowingsentence,afeeinanamountequaltotheCompanyTerminationFee,lessanyamountspaidtoParent(oritsdesignee)asofsuchtimewithrespecttotheParentFeeReimbursement.TheCompanyTerminationFeeshallbepaidasfollows:(x)inthecaseofclause(i)oftheprecedingsentence,withinthree(3)BusinessDaysafterthedateofterminationofthisAgreement,(y)inthecaseofclause(ii)oftheprecedingsentence,onorpriortothedateofsuchterminationand(z)inthecaseofclause(iii)or(iv)oftheprecedingsentence,onorpriortotheearlierofthedateoftheconsummationoftheapplicabletransactionandthedateuponwhichthedefinitiveagreementisenteredinto.“CompanyAcquisitionProposal”forpurposesofthisSection10.03(a)shallhavethemeaningassignedtheretointhedefinitionthereofsetforthinSection1.01,exceptthatreferencesinthedefinitionto“twentypercent(20%)”shallbereplacedby“fiftypercent(50%)”.

(b)IfthisAgreementisterminated:(i)bytheCompanypursuanttoSection10.01(d)(i);(ii)byParentpursuanttoSection10.01(c)(iii),(iii)bytheCompanyorParentpursuanttoSection10.01(b)(iv),andinthecaseofclause(iii)ofthissentence:(I)atorpriortotheParentStockholderMeetingaParentAcquisitionProposalshallhavebeenpubliclydisclosedorannouncedandshallnothavebeenpubliclyandirrevocablywithdrawnatleastfour(4)dayspriortotheParentStockholderMeeting;and(II)withinthefirst(1st)anniversaryofsuchterminationofthisAgreement:(1)atransactionrelatingtoanyParentAcquisitionProposalisconsummated;or(2)adefinitiveagreementrelatingtoanyParentAcquisitionProposalisenteredintobyParentoranyofitsSubsidiaries;or(iv)bytheCompanypursuanttoSection10.01(d)(ii)asaresultofamaterialbreachbyParentorMergerSubofitsobligationssetforthinSection7.02orSection8.04(b)and,atthetimeofsuchtermination,theParentStockholderApprovalshallnothavebeenobtained,andinthecaseofclause(iv)ofthissentence:(I)atorpriortothedateofsuchterminationaParentAcquisitionProposalshallhavebeenmadeandshallnothavebeenpubliclyandirrevocablywithdrawnatleastfour(4)dayspriortotheParentStockholderMeeting;and(II)withinthefirst(1st)anniversaryofsuchterminationofthisAgreement:(1)atransactionrelatingtoanyParentAcquisitionProposalisconsummated;or(2)adefinitiveagreementrelatingtoanyParentAcquisitionProposalisenteredintobyParentoranyofitsSubsidiaries,then(x)inthecaseofeachoftheforegoingclauses(i),(ii)and(iv),ParentshallpaytotheCompany,incashatthetimespecifiedinthefollowingsentence,afeeinanamountequalto$2.2billion(the“ParentTerminationFee”)and(y)inthecaseoftheforegoingclause(iii),ParentshallpaytotheCompany(oritsdesignee),incashatthetimespecifiedinthefollowingsentence,afeeinanamountequaltotheParentTerminationFee,lessanyamountspaidtotheCompany(oritsdesignee)asofsuchtimewithrespecttotheCompanyFeeReimbursement.TheParentTerminationFeeshallbepaidasfollows:(x)inthecaseofclause(i)oftheprecedingsentence,withinthree(3)BusinessDaysafterthedateofterminationofthisAgreement,(y)inthecaseofclause(ii)oftheprecedingsentence,onorpriortothedateofsuchtermination,and(z)inthecaseofclause(iii)or(iv)oftheprecedingsentence,onorpriortotheearlierofthedateoftheconsummationoftheapplicabletransactionandthedateuponwhichthedefinitiveagreementisenteredinto.“ParentAcquisitionProposal”forpurposesofthisSection10.03(b)shallhavethemeaningassignedtheretointhedefinitionthereofsetforthinSection1.01,exceptthatreferencesinthedefinitionto“twentypercent(20%)”shallbereplacedby“fiftypercent(50%)”.

(c)IfthisAgreementisterminatedbyParentortheCompanypursuanttoSection10.01(b)(iii),thentheCompanyshallpaytoParent(oritsdesignee)anamountequaltoallout-of-pocketcosts,feesandexpenses(includinglegalfeesandexpenses)incurredbyParentandanyofitsAffiliatesinconnectionwiththisAgreementandthetransactionscontemplatedhereby(includingobtainingtheDebtFinancing),subject

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tocaponsuchreimbursementof$40,000,000(“ParentFeeReimbursement”),withinoneBusinessDayafterthedateoftheterminationoftheAgreement(inthecaseofanysuchterminationbyParent)oratorpriorto,andasaconditionprecedentto,theterminationoftheAgreement(inthecaseofanysuchterminationbytheCompany).

(d)IfthisAgreementisterminatedbyParentortheCompanypursuanttoSection10.01(b)(iv),thenParentshallpaytotheCompany(oritsdesignee)anamountequaltoallout-of-pocketcosts,feesandexpenses(includinglegalfeesandexpenses)incurredbytheCompanyandanyofitsAffiliatesinconnectionwiththisAgreementandthetransactionscontemplatedhereby,subjecttocaponsuchreimbursementof$40,000,000(the“CompanyFeeReimbursement”),withinoneBusinessDayafterthedateoftheterminationoftheAgreement(inthecaseofanysuchterminationbytheCompany)orconcurrentlywith,andasaconditionprecedentto,theterminationoftheAgreement(inthecaseofanysuchterminationbyParent).

(e)AnypaymentoftheCompanyTerminationFee,theParentTerminationFee,theParentFeeReimbursementortheCompanyFeeReimbursementshallbemadebywiretransferofimmediatelyavailablefundstoanaccountdesignatedinwritingbyParentortheCompany,asapplicable.

(f)Thepartiesagreeandunderstandthat(x)innoeventshalltheCompanyberequiredtopaytheCompanyTerminationFeeonmorethanoneoccasion,andinnoeventshallParentberequiredtopaytheParentTerminationFeeonmorethanoneoccasion,ineachcase,underanycircumstances,and(y)exceptinthecaseoffraudorWillfulBreachofanycovenantoragreementsetforthinthisAgreementbytheotherparty,(1)innoeventshallParentbeentitled,pursuanttothisSection10.03,toreceiveanamountgreaterthantheCompanyTerminationFeeandanyapplicableadditionalamountspursuantthelasttwosentencesofthisSection10.03(f)(suchadditionalamounts,collectively,the“ParentAdditionalAmounts”),and(2)innoeventshalltheCompanybeentitled,pursuanttothisSection10.03,toreceiveanamountgreaterthantheParentTerminationFeeandanyapplicableadditionalamountspursuanttoSection6.03(a)and/orthelasttwosentencesofthisSection10.03(f)(suchadditionalamounts,collectively,the“CompanyAdditionalAmounts”).NotwithstandinganythingtothecontraryinthisAgreement,exceptinthecaseoffraudorWillfulBreachofanycovenantoragreementsetforthinthisAgreementbytheotherparty,(i)ifParentreceivestheCompanyTerminationFeeandanyapplicableParentAdditionalAmountsfromtheCompanypursuanttothisSection10.03,oriftheCompanyreceivestheParentTerminationFeeandanyapplicableCompanyAdditionalAmountsfromParentpursuanttothisSection10.03,suchpaymentshallbethesoleandexclusiveremedyofthereceivingpartyagainstthepayingpartyanditsSubsidiariesandtheirrespectiveformer,currentorfuturepartners,equityholders,managers,members,AffiliatesandRepresentatives,andnoneofthepayingparty,anyofitsSubsidiariesoranyoftheirrespectiveformer,currentorfuturepartners,equityholders,managers,members,AffiliatesorRepresentativesshallhaveanyfurtherliabilityorobligation,ineachcaserelatingtoorarisingoutofthisAgreementorthetransactionscontemplatedhereby,and(ii)if(A)ParentorMergerSubreceiveanypaymentsfromtheCompanyinrespectofanybreachofthisAgreementandthereafterParentreceivestheCompanyTerminationFeepursuanttothisSection10.03or(B)theCompanyreceivesanypaymentsfromParentorMergerSubinrespectofanybreachofthisAgreementandthereaftertheCompanyreceivestheParentTerminationFee,theamountofsuchCompanyTerminationFeeorsuchParentTerminationFee,asapplicable,shallbereducedbytheaggregateamountofsuchpaymentsmadebythepartypayingtheCompanyTerminationFeeortheParentTerminationFee,asapplicable,inrespectofanysuchbreaches(ineachcase,aftertakingintoaccountanyParentAdditionalAmountsorCompanyAdditionalAmounts,asapplicable).ThepartiesacknowledgethattheagreementscontainedinthisSection10.03areanintegralpartofthetransactionscontemplatedhereby,that,withouttheseagreements,thepartieswouldnotenterintothisAgreementandthatanyamountspayablepursuanttothisSection10.03donotconstituteapenalty.Accordingly,ifanypartyfailstopromptlypayanyamountduepursuanttothisSection10.03,suchpartyshallalsopayanyout-of-pocketcostsandexpenses(includingreasonablelegalfeesandexpenses)incurredbythepartyentitledtosuchpaymentinconnectionwithalegalactiontoenforcethisAgreementthatresultsinajudgmentforsuchamountagainstthepartyfailingtopromptlypaysuchamount.AnyamountnotpaidwhenduepursuanttothisSection10.03shallbearinterestfromthedatesuchamountisdueuntilthedatepaidatarateequaltotheprimerateaspublishedinThe Wall Street Journal, Eastern Edition ineffectonthedateofsuchpayment.

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(g)NoneoftheFinancingSourcesshallhaveanyliabilitytotheCompanyoranyPersonthatisanAffiliateoftheCompanyrelatingtoorarisingoutofthisAgreementortheDebtFinancing,whetheratlaw,orequity,incontract,intortorotherwise,andneithertheCompanynoranyPersonthatisanAffiliateoftheCompanyshallhaveanyrightsorclaimsdirectlyagainstanyoftheFinancingSourceshereunderorthereunder.Theforegoingshallnotimpair,supplement,orotherwisemodifyanyofthecommitmentsandotherobligationsthattheFinancingSourceshaveunderanyDebtCommitmentLetterand/oranydefinitiveagreementrelatedtotheDebtFinancingtoParentorMergerSuboranyoftherightsofParentorMergerSubagainstanyoftheFinancingSourcesunderanyDebtCommitmentLetterand/oranydefinitiveagreementrelatedtotheDebtFinancingandthisSection10.03(g)shallnotlimittherightsoftheCompanyoranyPersonthatisanAffiliateoftheCompanyfromandaftertheMergerEffectiveTimeunderanyDebtCommitmentLetteroranydefinitiveagreementrelatedtotheDebtFinancing(butnot,fortheavoidanceofdoubt,underthisAgreement)totheextenttheCompanyoranyPersonthatisanAffiliateoftheCompanyarepartythereto.

ARTICLE XI

MISCELLANEOUS

Section11.01Notices.Allnotices,requestsandothercommunicationstoanypartyhereundershallbeinwriting(includingfacsimileoremailtransmission,thereceiptofwhichisconfirmedinwriting)andshallbegiven, IftotheCompany,to: CelgeneCorporation 86MorrisAvenue Summit,NewJersey07901 Attention: ExecutiveVicePresidentandGeneralCounsel Email: jbiller@celgene.com withacopyto(whichshallnotconstitutenotice): Wachtell,Lipton,Rosen&Katz 51West52ndStreet NewYork,NewYork10019 Attention: StevenA.Cohen DavidK.Lam EdwardJ.Lee Facsimile: (212)4032000 Email: SACohen@wlrk.com DKLam@wlrk.com EJLee@wlrk.com

IftoParentorMergerSubor,post-Closing,theSurvivingCorporation,to: Bristol-MyersSquibbCompany 430E.29thStreet,14thFloor NewYork,NewYork10016 Attention: ExecutiveVicePresident,GeneralCounsel Email: sandra.leung@bms.com

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withacopyto(whichshallnotconstitutenotice): Bristol-MyersSquibbCompany Route206&

ProvinceLineRoad Princeton,New

Jersey08540 Attention: SeniorVicePresidentandDeputyGeneralCounsel,

TransactionalPracticeGroup Email: joseph.campisi@bms.com withacopyto(whichshallnotconstitutenotice): Kirkland&EllisLLP 601LexingtonAvenue NewYork,NewYork10022 Attention: DavidFox,P.C. DanielWolf,P.C. JonathanDavis,P.C. Facsimile: (212)446-4900 Email: david.fox@kirkland.com daniel.wolf@kirkland.com jonathan.davis@kirkland.com

ortosuchotheraddress,facsimilenumberoremailaddressassuchpartymayhereafterspecifyforthepurposebynoticetotheotherpartieshereto.Allsuchnotices,requestsandothercommunicationsshallbedeemedreceivedonthedateofreceiptbytherecipientthereofifreceivedpriorto5:00p.m.onaBusinessDay.Otherwise,anysuchnotice,requestorcommunicationshallbedeemedtohavebeenreceivedonthenextsucceedingBusinessDay.

Section11.02Survival.Therepresentations,warranties,covenantsandagreementscontainedinthisAgreementandinanycertificateorotherwritingdeliveredpursuantheretoshallnotsurvivetheMergerEffectiveTime,exceptforthecovenantsandagreementssetforthinArticleII,Section7.04,Section7.05,Section8.10andthisArticleXI.

Section11.03AmendmentsandWaivers.

(a)AnyprovisionofthisAgreementmaybeamendedorwaivedpriortotheMergerEffectiveTimeif,butonlyif,suchamendmentorwaiverisinwritingandissigned,inthecaseofanamendment,byeachpartytothisAgreementor,inthecaseofawaiver,byeachpartyagainstwhomthewaiveristobeeffective;providedthat,aftertheCompanyStockholderApprovalortheParentStockholderApprovalhasbeenobtained,thereshallbenoamendmentorwaiverthatwouldrequirethefurtherapprovalofthestockholdersoftheCompanyorthestockholdersofParentunderApplicableLawwithoutsuchapprovalhavingfirstbeenobtained.

(b)NotwithstandinganythingtothecontraryinthisAgreement,theprovisionsinSection10.03(g),thisSection11.03(b),Section11.06(a),Section11.07,Section11.08(b)orSection11.09maynotbeamendedinamannerthatisadversetotheFinancingSourceswithoutthepriorwrittenconsentoftheapplicableFinancingSource.

(c)Nofailureordelaybyanypartyinexercisinganyright,powerorprivilegehereundershalloperateasawaiverthereof,norshallanysingleorpartialexercisethereofprecludeanyotherorfurtherexercisethereofortheexerciseofanyotherright,powerorprivilege.TherightsandremediesprovidedinthisAgreementshallbecumulativeandnotexclusiveofanyrightsorremediesprovidedbyApplicableLaw.

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Section11.04Expenses.ExceptasotherwiseprovidedinthisAgreement,allcostsandexpensesincurredinconnectionwiththisAgreementshallbepaidbythepartyincurringsuchcostorexpense.

Section11.05DisclosureScheduleReferencesandSECDocumentReferences.

(a)ThepartiesheretoagreethateachsectionorsubsectionoftheCompanyDisclosureScheduleortheParentDisclosureSchedule,asapplicable,shallbedeemedtoqualifythecorrespondingsectionorsubsectionofthisAgreement,irrespectiveofwhetherornotanyparticularsectionorsubsectionofthisAgreementspecificallyreferstotheCompanyDisclosureScheduleortheParentDisclosureSchedule,asapplicable.Thepartiesheretofurtheragreethatdisclosureofanyitem,matteroreventinanyparticularsectionorsubsectionofeithertheCompanyDisclosureScheduleortheParentDisclosureScheduleshallbedeemeddisclosurewithrespecttoanyothersectionorsubsectionoftheCompanyDisclosureScheduleortheParentDisclosureSchedule,asapplicable,towhichtherelevanceofsuchdisclosurewouldbereasonablyapparent,notwithstandingtheomissionofacross-referencetosuchothersectionorsubsections.

(b)Thepartiesheretoagreethat,forpurposeofclause(i)ofthelead-intoArticleIVandclause(i)ofthelead-intoArticleV,asapplicable,innoeventshallanydisclosurecontainedinanypartofanyCompanySECDocumentorParentSECDocumententitled“RiskFactors”,“Forward-LookingStatements”,“CautionaryStatementRegardingForward-LookingStatements”,“SpecialNoteRegardingForwardLookingStatements”or“NoteRegardingForwardLookingStatements”oranyotherdisclosuresinanyCompanySECDocumentorParentSECDocumentthatarecautionary,predictiveorforward-lookinginnaturebedeemedtobeanexceptionto(oradisclosureforpurposesoforotherwisequalify)anyrepresentationsandwarrantiesofanypartycontainedinthisAgreement.

Section11.06BindingEffect;Benefit;Assignment.

(a)TheprovisionsofthisAgreementshallbebindinguponandshallinuresolelytothebenefitofthepartieshereto,exceptfor:(i)onlyfollowingtheMergerEffectiveTime,(w)therightoftheCompany’sstockholderstoreceivetheMergerConsiderationinrespectofsharesofCompanyCommonStockpursuanttoArticleII,(v)therightoftheholdersofCompanyStockOptionstoreceivetheAssumedIn-the-MoneyOptionsand/ortheAssumedOut-of-the-MoneyOptionsinrespectofCompanyStockOptionspursuanttoSection2.06(a),(w)therightoftheholdersofCompanyRSUAwardstoreceivetheAssumedRestrictedUnitAwardsinrespectoftheCompanyRSUAwardspursuanttoSection2.06(b),(x)therightoftheholdersofCompanyPSUAwardstoreceivetheAssumedPerformanceUnitAwardsinrespectoftheCompanyPSUAwardspursuanttoSection2.06(c),(y)therightoftheholdersofCompanyRSAstoreceivetheAssumedRestrictedUnitAwardsinrespectoftheCompanyRSAspursuanttoSection2.06(d),and(z)therightofholdersofunvestedIn-the-MoneyOptions,CompanyRSUAwards,CompanyPSUAwardsandCompanyRSAstoreceivetheUnvestedEquityAwardCVRConsiderationpursuanttoSection2.06(e),(ii)therightoftheD&OIndemnifiedPartiestoenforcetheprovisionsofSection7.04only,and(iii)therightofeachoftheFinancingSourcesasanexpressthird-partybeneficiaryofSection10.03(g),Section11.03(b),thisSection11.06(a),Section11.07,Section11.08(b)andSection11.09.

(b)Nopartymayassign,delegateorotherwisetransferanyofitsrightsorobligationsunderthisAgreementwithoutthepriorwrittenconsentofeachotherpartyhereto,exceptthatParentmaytransferorassignitsrightsandobligationsunderthisAgreement,inwholeorfromtimetotimeinpart,tooneormoreofitswhollyownedSubsidiariesatanytimeoranyotherPersonaftertheClosing,andMergerSubmaytransferorassignitsrightsandobligationsunderthisAgreement,inwholeorfromtimetotimeinpart,toanyotherwhollyownedSubsidiaryofParentthatisaDelawarecorporation;providedthatsuchtransferorassignmentbyParentorMergerSubshallnotrelieveParentorMergerSubofitsobligationshereunderorotherwisealterorchangeanyobligationofanyotherpartyheretoordelaytheconsummationoftheMergeroranyoftheothertransactionscontemplatedhereby.

Section11.07GoverningLaw.ThisAgreement,andalldisputes,claims,actions,suitsorproceedingsbasedupon,arisingoutoforrelatedtothisAgreementorthetransactionscontemplatedhereby,shallbegovernedbyandconstruedinaccordancewiththelawsoftheStateofDelaware,withoutregardtotheconflictsoflawrulesorprinciplesthatwouldresultintheapplicationofthelawofanyotherstate.

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Section11.08Jurisdiction/Venue.

(a)Eachofthepartieshereto(i)irrevocablyconsentstotheserviceofthesummonsandcomplaintandanyotherprocesswithrespecttoanydispute,claim,action,suitorproceedingbasedupon,arisingoutoforrelatedtothisAgreementoranyofthetransactionscontemplatedhereby,onbehalfofitselforitsproperty,inaccordancewithSection11.01orinsuchothermannerasmaybepermittedbyApplicableLaw,andnothinginthisSection11.08shallaffecttherightofanypartytoservelegalprocessinanyothermannerpermittedbyApplicableLaw,(ii)irrevocablyandunconditionallyconsentsandsubmitsitselfanditspropertywithrespecttoanysuchdispute,claim,action,suitorproceedingtotheexclusivegeneraljurisdictionoftheDelawareCourtofChanceryandanystateappellatecourttherefromwithintheStateofDelaware(or,onlyiftheDelawareCourtofChancerydeclinestoacceptjurisdictionoveraparticularmatter,anyfederalcourtwithintheStateofDelaware),andforrecognitionandenforcementofanyjudgmentinrespectthereof,(iii)agreesthatitshallnotattempttodenyordefeatsuchpersonaljurisdictionbymotionorotherrequestforleavefromanysuchcourt,(iv)irrevocablyandunconditionallyagreesthatanydispute,claim,action,suitorproceedingbasedupon,arisingoutoforrelatedtothisAgreementoranyofthetransactionscontemplatedherebyshallbebrought,triedanddeterminedonlyintheDelawareCourtofChancery(or,onlyiftheDelawareCourtofChancerydeclinestoacceptjurisdictionoveraparticularmatter,anyfederalcourtwithintheStateofDelaware),(v)waivesanyobjectionthatitmaynoworhereafterhavetothevenueofanysuchactionorproceedinginanysuchcourtorthatanysuchdispute,claim,action,suitorproceedingwasbroughtinaninconvenientcourtandagreesnottopleadorclaimthesameand(vi)agreesthatitshallnotbringanydispute,claim,action,suitorproceedingbasedupon,arisingoutoforrelatedtothisAgreementoranyofthetransactionscontemplatedherebyinanycourtotherthantheaforesaidcourts.EachofParent,MergerSubandtheCompanyagreesthatafinaljudgmentinanyactionorproceedinginsuchcourtasprovidedaboveshallbeconclusiveandmaybeenforcedinotherjurisdictionsbysuitonthejudgmentorinanyothermannerprovidedbyApplicableLaw.

(b)Notwithstandinganythinghereintothecontrary,thepartiesheretoacknowledgeandirrevocablyagree(i)thatanyactionorproceeding,whetherinlaworinequity,whetherincontractortortorotherwise,involvingtheFinancingSourcesarisingoutoforrelatedtothetransactionscontemplatedhereby,theDebtFinancingortheperformanceofservicesthereunderorrelatedtheretoshallbesubjecttotheexclusivejurisdictionofanystateorfederalcourtsittingintheBoroughofManhattan,NewYork,NewYork,andanyappellatecourtthereofandeachpartyheretosubmitsforitselfanditspropertywithrespecttoanysuchactionorproceedingtotheexclusivejurisdictionofsuchcourtand(ii)that,exceptasexpresslycontemplatedbythetermsofanyDebtCommitmentLetter,anysuchactionorproceedingshallbegovernedby,andconstruedinaccordancewith,thelawsoftheStateofNewYork,withoutregardtotheconflictsoflawrulesofsuchStatethatwouldresultintheapplicationofthelawsofanyotherState.

Section11.09WAIVEROFJURYTRIAL.EACHPARTYACKNOWLEDGESANDAGREESTHATANYCONTROVERSYWHICHMAYARISEUNDERTHISAGREEMENTISLIKELYTOINVOLVECOMPLICATEDANDDIFFICULTISSUES,ANDTHEREFOREEACHSUCHPARTYHEREBYIRREVOCABLYANDUNCONDITIONALLYWAIVESANYRIGHTSUCHPARTYMAYHAVETOATRIALBYJURYINRESPECTOFANYLITIGATIONDIRECTLYORINDIRECTLYARISINGOUTOFORRELATINGTOTHISAGREEMENT,THEMERGERORTHEOTHERTRANSACTIONSCONTEMPLATEDHEREBY(INCLUDINGWITHRESPECTTOTHEFINANCINGSOURCES).EACHPARTYCERTIFIESANDACKNOWLEDGESTHAT(i)NOREPRESENTATIVE,AGENTORATTORNEYOFANYOTHERPARTYHASREPRESENTED,EXPRESSLYOROTHERWISE,THATSUCHOTHERPARTYWOULDNOT,INTHEEVENTOFLITIGATION,SEEKTOENFORCETHEFOREGOINGWAIVER,(ii)EACHPARTYUNDERSTANDSANDHASCONSIDEREDTHEIMPLICATIONSOFTHISWAIVER,(iii)EACHPARTYMAKESTHISWAIVERVOLUNTARILY,AND(iv)EACHPARTYHASBEENINDUCEDTOENTERINTOTHISAGREEMENTBY,AMONGOTHERTHINGS,THEMUTUALWAIVERSANDCERTIFICATIONSINTHISSECTION11.09.

Section11.10Counterparts;Effectiveness.ThisAgreementmaybesignedinanynumberofcounterparts,includingbyfacsimileorbyemailwith.pdfattachments,eachofwhichshallbeanoriginal,withthesameeffectasifthesignaturestheretoandheretowereuponthesameinstrument.ThisAgreementshallbecomeeffectivewheneachpartyheretoshallhavereceivedacounterparthereofsignedanddelivered(byelectronic

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communication,facsimileorotherwise)byalloftheotherpartieshereto.Untilandunlesseachpartyhasreceivedacounterparthereofsignedbytheotherpartyhereto,thisAgreementshallhavenoeffect,andnopartyshallhaveanyrightorobligationhereunder(whetherbyvirtueofanyotheroralorwrittenagreementorothercommunication).

Section11.11EntireAgreement.ThisAgreementandtheConfidentialityAgreementconstitutetheentireagreementbetweenthepartieswithrespecttothesubjectmatterthereofandsupersedeallprioragreementsandunderstandings,bothoralandwritten,betweenthepartieswithrespecttothesubjectmatterthereof.

Section11.12Severability.Ifanyterm,provision,covenantorrestrictionofthisAgreementisheldbyacourtofcompetentjurisdictionorotherGovernmentalAuthoritytobeinvalid,voidorunenforceable,theremainderoftheterms,provisions,covenantsandrestrictionsofthisAgreementshallremaininfullforceandeffectandshallinnowaybeaffected,impairedorinvalidatedsolongastheeconomicorlegalsubstanceofthetransactionscontemplatedherebyisnotaffectedinanymannermateriallyadversetoanyparty.Uponsuchadetermination,thepartiesshallnegotiateingoodfaithtomodifythisAgreementsoastoeffecttheoriginalintentofthepartiesascloselyaspossibleinanacceptablemannerinorderthatthetransactionscontemplatedherebybeconsummatedasoriginallycontemplatedtothefullestextentpossible.

Section11.13SpecificPerformance.Thepartiesacknowledgeandagreethatirreparableharmwouldoccurandthatthepartieswouldnothaveanyadequateremedyatlaw(a)foranybreachofanyoftheprovisionsofthisAgreementor(b)intheeventthatanyoftheprovisionsofthisAgreementwerenotperformedinaccordancewiththeirspecificterms.Itisaccordinglyagreedthat,exceptwherethisAgreementisvalidlyterminatedinaccordancewithSection10.01,thepartiesshallbeentitledtoaninjunctionorinjunctionstopreventbreachesorthreatenedbreachesofthisAgreementandtospecificallyenforcethetermsandprovisionsofthisAgreement,withoutproofofactualdamages,andeachpartyfurtheragreestowaiveanyrequirementforthesecuringorpostingofanybondinconnectionwithsuchremedy.Thepartiesfurtheragreethat(x)byseekingtheremediesprovidedforinthisSection11.13,apartyshallnotinanyrespectwaiveitsrighttoanyotherformofreliefthatmaybeavailabletoapartyunderthisAgreement,including,subjecttoSection10.03(f),monetarydamagesintheeventthattheremediesprovidedforinthisSection11.13arenotavailableorotherwisearenotgranted,and(y)nothingcontainedinthisSection11.13shallrequireanypartytoinstituteanyproceedingfor(orlimitanyparty’srighttoinstituteanyproceedingfor)specificperformanceunderthisSection11.13beforeexercisinganyterminationrightunderSection10.01(and/orpursuingdamages),norshallthecommencementofanyactionpursuanttothisSection11.13oranythingcontainedinthisSection11.13restrictorlimitanyparty’srighttoterminatethisAgreementinaccordancewiththetermsofSection10.01orpursueanyotherremediesunderthisAgreementthatmaybeavailablethenorthereafter.Fortheavoidanceofdoubt,innoeventshalltheCompanyorParentbeentitledtoboth(i)specificperformancetocausetheotherpartytoconsummatetheClosingand(ii)thepaymentoftheParentTerminationFeeortheCompanyTerminationFee,asapplicable.

[Remainder of page intentionally left blank; signature pages follow ]

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INWITNESSWHEREOF,thepartiesheretohavecausedthisAgreementtobedulyexecutedbytheirrespectiveauthorizedofficersasofthedayandyearfirstabovewritten. BRISTOL-MYERSSQUIBBCOMPANY By: /s/GiovanniCaforio Name: GiovanniCaforio Title: ChiefExecutiveOfficer

BURGUNDYMERGERSUB,INC. By: /s/PaulBiondi Name: PaulBiondi Title: President

[SignaturePagetoMergerAgreement]

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CELGENECORPORATION By: /s/MarkJ.Alles Name: MarkJ.Alles Title: ChairmanandChiefExecutiveOfficer

[SignaturePagetoMergerAgreement]

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Annex B

CONFIDENTIAL

FORMOF

CONTINGENTVALUERIGHTSAGREEMENT

byandbetween

BRISTOL-MYERSSQUIBBCOMPANYand

[TRUSTEE]1

Datedasof[],[]

1 Note to Draft :TrusteetobedeterminedinaccordancewiththeMergerAgreement.

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TABLE OF CONTENTSArticle1DEFINITIONSANDOTHERPROVISIONSOFGENERALAPPLICATION B-1Section1.1 Definitions B-1Section1.2 ComplianceandOpinions B-5Section1.3 FormofDocumentsDeliveredtoTrustee B-6Section1.4 ActsofHolders B-6Section1.5 Notices,etc.,toTrusteeandCompany B-7Section1.6 NoticetoHolders;Waiver B-8Section1.7 ConflictwithTrustIndentureAct B-8Section1.8 EffectofHeadingsandTableofContents B-8Section1.9 BenefitsofAgreement B-8Section1.10 GoverningLaw B-8Section1.11 LegalHolidays B-9Section1.12 SeparabilityClause B-9Section1.13 NoRecourseAgainstOthers B-9Section1.14 Counterparts B-9Section1.15 AcceptanceofTrust B-9Section1.16 Termination B-9

Article2SECURITYFORMS B-9Section2.1 FormsGenerally B-9

Article3THESECURITIES B-10Section3.1 TitleandTerms B-10Section3.2 RegistrableForm B-10Section3.3 Execution,Authentication,DeliveryandDating B-11Section3.4 [IntentionallyOmitted] B-11Section3.5 Registration,RegistrationofTransferandExchange B-11Section3.6 Mutilated,Destroyed,LostandStolenSecurities B-13Section3.7 PaymentswithrespecttoCVRs B-13Section3.8 PersonsDeemedOwners B-13Section3.9 Cancellation B-13Section3.10 CUSIPNumbers B-14

Article4THETRUSTEE B-14Section4.1 CertainDutiesandResponsibilities B-14Section4.2 CertainRightsofTrustee B-14Section4.3 NoticeofDefault B-15Section4.4 NotResponsibleforRecitalsorIssuanceofSecurities B-15Section4.5 MayHoldSecurities B-15Section4.6 MoneyHeldinTrust B-16Section4.7 CompensationandReimbursement B-16Section4.8 Disqualification;ConflictingInterests B-16Section4.9 CorporateTrusteeRequired;Eligibility B-16Section4.10 ResignationandRemoval;AppointmentofSuccessor B-16Section4.11 AcceptanceofAppointmentofSuccessor B-17Section4.12 Merger,Conversion,ConsolidationorSuccessiontoBusiness B-18Section4.13 PreferentialCollectionofClaimsAgainstCompany B-18

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Article5HOLDERS’LISTSANDREPORTSBYTHETRUSTEEANDCOMPANY B-18Section5.1 CompanytoFurnishTrusteeNamesandAddressesofHolders B-18Section5.2 PreservationofInformation;CommunicationstoHolders B-18Section5.3 ReportsbyTrustee B-18Section5.4 ReportsbyCompany B-19

Article6AMENDMENTS B-19Section6.1 AmendmentsWithoutConsentofHolders B-19Section6.2 AmendmentswithConsentofHolders B-20Section6.3 ExecutionofAmendments B-20Section6.4 EffectofAmendments;NoticetoHolders B-20Section6.5 ConformitywithTrustIndentureAct B-20Section6.6 ReferenceinSecuritiestoAmendments B-20

Article7COVENANTS B-21Section7.1 PaymentofAmounts,ifany,toHolders B-21Section7.2 MaintenanceofOfficeorAgency B-21Section7.3 MoneyforSecurityPaymentstoBeHeldinTrust B-21Section7.4 CertainPurchasesandSales B-22Section7.5 BooksandRecords B-22Section7.6 ListingofCVRs B-22Section7.7 ProductTransfer B-22Section7.8 DiligentEfforts B-22Section7.9 Confidentiality B-22Section7.10 Non-UseofName B-23Section7.11 NoticeofDefault B-23

Article8REMEDIESOFTHETRUSTEEANDHOLDERSONEVENTOFDEFAULT B-23Section8.1 EventofDefaultDefined;WaiverofDefault B-23Section8.2 CollectionbytheTrustee;theTrusteeMayProvePaymentObligations B-24Section8.3 ApplicationofProceeds B-25Section8.4 SuitsforEnforcement B-26Section8.5 RestorationofRightsonAbandonmentofProceedings B-26Section8.6 LimitationsonSuitsbyHolders B-26Section8.7 UnconditionalRightofHolderstoInstituteCertainSuits B-26Section8.8 PowersandRemediesCumulative;DelayorOmissionNotWaiverofDefault B-26Section8.9 ControlbyHolders B-26Section8.10 WaiverofPastDefaults B-27Section8.11 TheTrusteetoGiveNoticeofDefault,ButMayWithholdinCertainCircumstances B-27Section8.12 RightofCourttoRequireFilingofUndertakingtoPayCosts B-27

Article9CONSOLIDATION,MERGER,SALEORCONVEYANCE B-27Section9.1 CompanyMayConsolidate,etc.,onCertainTerms B-27Section9.2 SuccessorPersonSubstituted B-28Section9.3 OpinionofCounseltotheTrustee B-28Section9.4 Successors B-28

Article10SUBORDINATION B-28Section10.1 AgreementtoSubordinate B-28Section10.2 Liquidation;Dissolution;Bankruptcy B-29Section10.3 DefaultonSeniorObligations B-29

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Section10.4 WhenDistributionMustBePaidOver B-29Section10.5 NoticebyCompany B-30Section10.6 SubordinationEffectiveNotwithstandingDeficiencieswithRespecttoSeniorObligations:Waiverof

RighttoContestSeniorObligation:ReinstatementofSubordinationProvisions B-30Section10.7 Subrogation B-30Section10.8 RelativeRights B-30Section10.9 SubordinationMayNotBeImpairedbyCompany B-31Section10.10 DistributionorNoticetoRepresentative B-31Section10.11 RightsoftheTrustee B-31Section10.12 AuthorizationtoEffectSubordination B-31Section10.13 Amendments B-31

AnnexA—FormofGlobalSecurity

Note:Thistableofcontentsshallnot,foranypurpose,bedeemedtobeapartofthisCVRAgreement.

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ReconciliationandtiebetweenTrustIndentureActof1939andContingentValueRightsAgreement,datedasof[],[].Trust Indenture Act Section Agreement SectionSection310 (a)(1) 4.9 (a)(2) 4.9 (a)(3) NotApplicable (a)(4) NotApplicable (a)(5) 4.9 (b) 4.8,4.10 (c) NotApplicable Section311 (a) 4.13 (b) 4.13 (c) NotApplicable Section312 (a) 5.1,5.2(a) (b) 5.2(b) (c) 5.2(c) Section313 (a) 5.3(a) (b) 5.3(a) (c) 5.3(a),8.11 (d) 5.3(b) Section314 (a) 5.4,7.11 (b) NotApplicable (c)(1) 1.2(a) (c)(2) 1.2(a) (c)(3) NotApplicable (d) NotApplicable (e) 1.2(b) (f) NotApplicable Section315 (a) 4.1(a),4.1(b) (b) 8.11 (c) 4.1(a) (d) 4.1(c) (d)(1) 4.1(a),4.1(b) (d)(2) 4.1(c)(ii) (d)(3) 4.1(c)(iii) (e) 8.12 Section316 (a)(lastsentence) NotApplicable (a)(1)(A) 8.9 (a)(1)(B) 8.10 (a)(2) NotApplicable (b) 8.7 (c) NotApplicable Section317 (a)(1) 8.2 (a)(2) 8.2 (b) 7.3 Section318 (a) 1.7

Note:Thisreconciliationandtieshallnot,foranypurpose,bedeemedtobeapartofthisCVRAgreement.

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THISCONTINGENTVALUERIGHTSAGREEMENT,datedasof[_____],[____](this“CVRAgreement”),byandbetweenBristol-MyersSquibbCompany,aDelawarecorporation(the“Company”),and[Trustee],a[______],astrustee(the“Trustee”),infavorofeachpersonwhofromtimetotimeholdsoneormoreContingentValueRights(the“Securities”or“CVRs”)toreceivecashpaymentsintheamountsandsubjecttothetermsandconditionssetforthherein.

WITNESSETH:

WHEREAS,thisCVRAgreementisenteredintopursuanttotheAgreementandPlanofMerger,datedasofJanuary3,2019(asamended,supplementedorotherwisemodifiedinaccordancewithitsterms,the“MergerAgreement”),byandamongtheCompany,BurgundyMergerSub,Inc.,aDelawarecorporationandwhollyownedSubsidiaryoftheCompany(“MergerSub”),andCelgeneCorporation,aDelawarecorporation(“Celgene”);

WHEREAS,pursuanttotheMergerAgreement,MergerSubwillmergewithandintoCelgene(the“Merger”),withCelgenebeingthesurvivingcorporationintheMergerandbecomingawholly-ownedSubsidiaryoftheCompany;

WHEREAS,theCVRsshallbeissuedinaccordancewithandpursuanttothetermsoftheMergerAgreement;and

WHEREAS,aregistrationstatementonFormS-4(No.333-[_____])withrespecttotheCVRshasbeenpreparedandfiledbytheCompanywiththeCommission(asdefinedbelow)andhasbecomeeffectiveinaccordancewiththeSecuritiesActof1933,asamended.

NOW,THEREFORE,inconsiderationoftheforegoingpremisesandtheconsummationofthetransactionscontemplatedbytheMergerAgreement,itiscovenantedandagreed,fortheequalandproportionatebenefitofallHoldersoftheSecurities,asfollows:

ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section1.1Definitions.ForallpurposesofthisCVRAgreement,exceptasotherwiseexpresslyprovidedorunlessthecontextotherwiserequires:

(a)thetermsdefinedinthisArticlehavethemeaningsassignedtotheminthisArticle,andincludethepluralaswellasthesingular;

(b)allcapitalizedtermsusedinthisCVRAgreementwithoutdefinitionshallhavetherespectivemeaningsascribedtothemintheMergerAgreement;

(c)allothertermsusedhereinwhicharedefinedintheTrustIndentureAct(asdefinedherein),eitherdirectlyorbyreferencetherein,havetherespectivemeaningsassignedtothemtherein;

(d)thewords“herein,”“hereof”and“hereunder”andotherwordsofsimilarimportrefertothisCVRAgreementasawholeandnottoanyparticularArticle,Sectionorothersubdivision;and

(e)wheneverthewords“include”,“includes”or“including”areusedinthisCVRAgreement,theyshallbedeemedtobefollowedbythewords“withoutlimitation”,whetherornottheyareinfactfollowedbythosewordsorwordsoflikeimport.

“Affiliate”ofanyspecifiedPersonmeansanyotherPersondirectlyorindirectlycontrollingorcontrolledbyorunderdirectorindirectcommoncontrolwithsuchspecifiedPerson.Forthepurposesofthisdefinition,“control”whenusedwithrespecttoanyspecifiedPersonmeansthepowertodirectthemanagementandpoliciesofsuchPerson,directlyorindirectly,whetherthroughtheownershipofvotingsecurities,bycontractorotherwise;andtheterms“controlling”and“controlled”havemeaningscorrelativetotheforegoing.

“AggregateMilestonePayment”shallhavethemeaningsetforthinSection3.1(c)ofthisCVRAgreement.

“ApplicableProcedures”means,withrespecttoanytransferorexchangeoforforbeneficialinterestsinanyGlobalSecurity,therulesandproceduresoftheDepositarythatapplytosuchtransferorexchange.

“BB2121”meansachimericantigenreceptor(“CAR”)TcelltherapytargetingB-cellmaturationantigen(BCMA).

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“BB2121Milestone”meansthefirstapprovalbytheFDAofabiologiclicenseapplication(BLA)thatgrantsCelgene,theCompanyoranyoftheirrespectiveAffiliates(ortheirrespectivesuccessorsandassigns)therighttocommerciallymanufacture,marketandsellBB2121intheUnitedStatesinaccordancewithapplicableLawforthetreatmentofrelapsed/refractorymultiplemyelomainhumans.

“BB2121MilestoneTargetDate”meansMarch31,2021.

“BoardofDirectors”meanstheboardofdirectorsoftheCompanyoranyotherbodyperformingsimilarfunctions,oranydulyauthorizedcommitteeofthatboard.

“BoardResolution”meansacopyofaresolutioncertifiedbythechairmanoftheBoardofDirectors,thechiefexecutiveofficer,thesecretaryoranyassistantsecretaryoftheCompany,tohavebeendulyadoptedbytheBoardofDirectorsandtobeinfullforceandeffectonthedateofsuchcertification,anddeliveredtotheTrustee.

“BusinessDay”meansanyday(otherthanaSaturdayoraSunday)onwhichbankinginstitutionsinTheCityofNewYork,NewYorkarenotauthorizedorobligatedbyLaworexecutiveordertocloseand,iftheCVRsarelistedonanationalsecuritiesexchange,electronictradingnetworkorothersuitabletradingplatform,suchexchange,electronicnetworkorothertradingplatformisopenfortrading.

“Code”meanstheU.S.InternalRevenueCodeof1986,asamended.

“Commission”meanstheSecuritiesandExchangeCommission,asfromtimetotimeconstituted,createdundertheExchangeAct(asdefinedherein),orifatanytimeaftertheexecutionofthisinstrumentsuchCommissionisnotexistingandperformingthedutiesnowassignedtoitundertheTrustIndentureAct,thenthebodyperformingsuchdutiesatsuchtime.

“CommonStock”shallhavethemeaningsetforthintheRecitalsofthisCVRAgreement.

“Company”meansthePerson(asdefinedherein)namedasthe“Company”inthefirstparagraphofthisCVRAgreement,untilasuccessorPersonshallhavebecomesuchpursuanttotheapplicableprovisionsofthisCVRAgreement,andthereafter“Company”shallmeansuchsuccessorPerson.TotheextentnecessarytocomplywiththerequirementsoftheprovisionsofTrustIndentureActSections310through317,inclusive,totheextentthattheyareapplicabletotheCompany,theterm“Company”shallincludeanyotherobligorwithrespecttotheSecuritiesforthepurposesofcomplyingwithsuchprovisions.

“CompanyRequest”or“CompanyOrder”meansawrittenrequestorordersignedinthenameoftheCompanybythechairmanoftheBoardofDirectors,thechiefexecutiveofficer,anyPresidentorVicePresident,thesecretaryoranyassistantsecretaryoranyotherindividualdulyauthorizedtoactonbehalfoftheCompanyforsuchpurposeorforanygeneralpurpose,anddeliveredtotheTrustee.

“ConfidentialInformation”shallhavethemeaningsetforthinSection7.9ofthisCVRAgreement.

“CorporateTrustOffice”meanstheofficeoftheTrusteeatwhichatanyparticulartimeitscorporatetrustbusinessshallbeprincipallyadministered,whichofficeatthedateofexecutionofthisCVRAgreementislocatedat[________].

“CVRs”shallhavethemeaningsetforthinthePreambleofthisCVRAgreement.

“CVRAgreement”meansthisinstrumentasoriginallyexecutedandasitmayfromtimetotimebesupplementedoramendedpursuanttotheapplicableprovisionshereof.

“DefaultInterestRate”meansarateequaltothesumofthreepercent(3%)plustheprimerateofinterestquotedintheMoneyRatessectionofThe Wall Street Journal (NewYorkEdition),orsimilarreputabledatasource,calculateddailyonthebasisofathreehundredsixty-five(365)dayyearor,iflower,thehighestratepermittedunderapplicableLaw.

“Depositary”shallhavethemeaningsetforthinSection3.2ofthisCVRAgreement.

“DiligentEfforts”means,withrespecttoanyProduct,effortsofaPersontocarryoutitsobligationsinadiligentmannerusingsucheffortandemployingsuchresourcesnormallyusedbysuchPersonintheexerciseofitsreasonablebusinessdiscretionrelatingtotheresearch,developmentorcommercializationofaproduct,thatisofsimilarmarketpotentialatasimilarstageinitsdevelopmentorproductlife,takingintoaccountissuesof

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marketexclusivity(includingpatentcoverage,regulatoryandotherexclusivity),safetyandefficacy,productprofile(includingtolerabilityandconvenience),thecompetitivenessofalternateproductsinthemarketplaceorunderdevelopment,thelaunchorsalesofoneormoregenericorbiosimilarproducts,actualorlikelypricing/reimbursementfortheproduct,thelikelytimingoftheproduct’sentryintothemarket,thelikelihoodofregulatoryapprovaloftheproductandapplicablelabeling,andtheprofitabilityoftheapplicableproduct,andotherrelevantfactors,includingtechnical,commercial,legal,scientific,and/ormedicalfactors,basedonconditionsthenprevailing.

“DirectRegistrationSecurities”meansSecurities,theownershipofwhichisrecordedontheDirectRegistrationSystem.Theterms“deliver,”“execute,”“issue,”“register,”“surrender,”“transfer”or“cancel,”whenusedwithrespecttoDirectRegistrationSecurities,shallrefertoanentryorentriesoranelectronictransferortransfersintheDirectRegistrationSystem.

“DirectRegistrationSystem”meansthesystemfortheuncertificatedregistrationofownershipofsecuritiesestablishedbytheSecurityRegistrarandutilizedbytheSecurityRegistrarpursuanttowhichtheSecurityRegistrarmayrecordtheownershipofCVRswithouttheissuanceofacertificate,whichownershipshallbeevidencedbyperiodicstatementsissuedbytheSecurityRegistrartotheHoldersentitledthereto.

“EventofDefault”shallhavethemeaningsetforthinSection8.1ofthisCVRAgreement.

“ExchangeAct”meanstheSecuritiesExchangeActof1934,asamended.

“ExchangeActDocuments”shallhavethemeaningsetforthinSection5.4(a)ofthisCVRAgreement.

“FDA”meanstheUnitedStatesFoodandDrugAdministrationoranysuccessoragency.

“GlobalSecurities”meansglobalsecuritiesinregisteredform,substantiallyintheformsetforthinAnnexA.

“GovernmentalEntity”meansanydomestic(federalorstate),orforeigncourt,commission,governmentalbody,regulatoryoradministrativeagencyorotherpoliticalsubdivisionthereof.

“Holder”meansaPersoninwhosenameaSecurityisregisteredintheSecurityRegister.

“IndirectParticipant”meansaPersonwhoholdsabeneficialinterestinaGlobalSecuritythroughaParticipant.

“InitialMilestoneTargetDate”meansDecember31,2020.

“JCAR017”meansaCARTcelltherapytargetingCD-19.

“JCAR017Milestone”meansthefirstapprovalbytheFDAofabiologiclicenseapplication(BLA)thatgrantsCelgene,theCompanyoranyoftheirrespectiveAffiliates(ortheirrespectivesuccessorsandassigns)therighttocommerciallymanufacture,marketandsellJCAR017intheUnitedStatesinaccordancewithapplicableLawforthetreatmentofanyrelapsed-refractorydiffuselargeBcelllymphomainhumans.

“JuniorObligations”hasthemeaningsetforthinSection10.1.

“Law”meansanyforeign,federal,state,localormunicipallaws,rules,judgmentsorders,regulations,statutes,ordinances,codes,decisions,injunctions,orders,decreesorrequirementsofanyGovernmentalEntity.

“MajorityHolders”means,atthetimeofdetermination,HoldersofatleastamajorityoftheOutstandingCVRs.

“Merger”shallhavethemeaningsetforthintheRecitalsofthisCVRAgreement.

“MergerAgreement”shallhavethemeaningsetforthintheRecitalsofthisCVRAgreement.

“MergerSub”shallhavethemeaningsetforthintheRecitalsofthisCVRAgreement.

“Milestone”meansthesatisfactionofall(butnotlessthanall)ofthefollowing:(i)theBB2121MilestonehasoccurredonorpriortotheBB2121MilestoneTargetDate;(ii)theJCAR017MilestonehasoccurredonorpriortotheInitialMilestoneTargetDate;and(iii)theOzanimodMilestonehasoccurredonorpriortotheInitialMilestoneTargetDate.

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“MilestonePayment”meansninedollars($9.00)perCVR.

“MilestonePaymentDate”means,withrespecttotheMilestone,thedatethatisselectedbytheCompanythatisnolatertwenty(20)BusinessDaysfollowingthefirstdateonwhichtheMilestoneisachieved.

“MilestonePaymentRecordDate”shallhavethemeaningsetforthinSection3.1(c)ofthisCVRAgreement.

“Officer’sCertificate”whenusedwithrespecttotheCompanymeansacertificatesignedbythechairmanoftheBoardofDirectors,thechiefexecutiveofficer,anyPresidentorVicePresident,thesecretaryoranyassistantsecretaryoranyotherindividualauthorizedtoactonbehalfoftheCompanydeliveredtotheTrustee.

“OpinionofCounsel”meansawrittenopinionofcounsel,whomaybecounselfortheCompany.

“Outstanding”whenusedwithrespecttoSecuritiesmeans,asofthedateofdetermination,allSecuritiestheretoforeauthenticated,asapplicable,anddeliveredunderthisCVRAgreement,except:(i)SecuritiestheretoforecancelledbytheTrusteeordeliveredtotheTrusteeforcancellationand(ii)SecuritiesinexchangefororinlieuofwhichotherSecuritieshavebeenauthenticated,asapplicable,anddeliveredpursuanttothisCVRAgreement,otherthananysuchSecuritiesinrespectofwhichthereshallhavebeenpresentedtotheTrusteeproofsatisfactorytoitthatsuchSecuritiesareheldbyabonafidepurchaserinwhosehandstheSecuritiesarevalidobligationsoftheCompany;provided,however,thatindeterminingwhethertheHoldersoftherequisiteOutstandingSecuritieshavegivenanyrequest,demand,direction,consentorwaiverhereunder,SecuritiesownedbytheCompanyoranyAffiliateoftheCompany,whetherheldastreasurysecuritiesorotherwise,shallbedisregardedanddeemednottobeOutstanding.

“Ozanimod”meansasmallmoleculesphingosine1-phosphatereceptormodulator,whichbindstosphingosine1-phosphatereceptors1and5.

“OzanimodMilestone”meansthefirstapprovalbytheFDAofanewdrugapplication(NDA)thatgrantsCelgene,theCompanyoranyoftheirrespectiveAffiliates(ortheirrespectivesuccessorsandassigns)therighttocommerciallymanufacture,marketandsellOzanimodintheUnitedStatesinaccordancewithapplicableLawforthetreatmentofrelapsingmultiplesclerosisinhumans.

“Participant”means,withrespecttotheDepositary,aPersonwhohasanaccountwiththeDepositary.

“Party”shallmeantheTrustee,theCompanyand/orHolder(s),asapplicable.

“PayingAgent”meansanyPersonauthorizedbytheCompanytopaytheamountdeterminedpursuanttoSection3.1,ifany,onanySecuritiesonbehalfoftheCompany.

“Person”meansanyindividual,corporation,partnership,jointventure,association,joint-stockcompany,trust,limitedliabilitycompany,unincorporatedorganizationorgovernmentoranyagencyorpoliticalsubdivisionthereof.

“President”whenusedwithrespecttotheCompanyortheTrustee,meansanypresident,whetherornotdesignatedbyanumberorawordorwordsaddedbeforeorafterthetitleof“president.”

“Products”meanseachof(a)BB2121,(b)JCAR017and(c)Ozanimod.

“Representatives”shallhavethemeaningsetforthinSection7.9ofthisCVRAgreement.

“ResponsibleOfficer”whenusedwithrespecttotheTrusteemeansanyofficerassignedtotheCorporateTrustOfficeandalsomeans,withrespecttoanyparticularcorporatetrustmatter,anyotherofficeroftheTrusteetowhomsuchmatterisreferredbecauseofhisknowledgeofandfamiliaritywiththeparticularsubject.

“Securities”shallhavethemeaningsetforthinthePreambleofthisCVRAgreement.

“SecurityRegister”shallhavethemeaningsetforthinSection3.5(a)ofthisCVRAgreement.

“SecurityRegistrar”shallhavethemeaningsetforthinSection3.5(a)ofthisCVRAgreement.

“SeniorObligations”meansanyexistingorfutureobligationsoftheCompany,includingtheprincipalof,premium(ifany),interest(includinganyinterestaccruingsubsequenttothefilingofapetitionofbankruptcyattherateprovidedforinthedocumentationwithrespectthereto,whetherornotsuchinterestisanallowedclaimunderapplicableLaw)on,andallotheramountsowingthereon,(i)withrespecttoborrowedmoney,

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(ii)evidencedbynotes,debentures,bondsorothersimilardebtinstruments,(iii)withrespecttothenetobligationsowedunderinterestrateswapsorsimilaragreementsorcurrencyexchangetransactions,(iv)reimbursementobligationsinrespectoflettersofcreditandsimilarobligations,(v)inrespectofcapitalleases,or(vi)guaranteesinrespectofobligationsreferredtoinclauses(i)through(v)above;unless,inanycase,theinstrumentcreatingorevidencingthesameorpursuanttowhichthesameisoutstandingprovidesthatsuchobligationsareparipassutoorsubordinateinrightofpaymenttotheSecurities.

Notwithstandingtheforegoing,“SeniorObligations”shallnotinclude:

(A) JuniorObligations;

(B) tradedebtincurredintheordinarycourseofbusiness;

(C) anyintercompanyindebtednessbetweentheCompanyandanyofitsSubsidiariesorAffiliates;

(D) indebtednessoftheCompanythatisexpresslysubordinatedinrightofpaymenttoSeniorObligations;

(E) indebtednessorotherobligationsoftheCompanythatbyitstermsranksequalorjuniorinrightofpaymenttotheJuniorObligations;

(F) indebtednessoftheCompanythat,byoperationofLaw,issubordinatetoanygeneralunsecuredobligationsoftheCompany;or

(G) indebtednessevidencedbyanyguaranteeofindebtednessrankingequalorjuniorinrightofpaymenttotheJuniorObligations.

“Subsidiary”means,withrespecttoanyPerson,anycorporation,limitedliabilitycompany,association,partnershiporotherbusinessentityofwhichmorethanfiftypercent(50%)ofthetotalvotingpowerofsharesofVotingSecuritiesisatthetimeownedorcontrolled,directlyorindirectly,by:(i)suchPerson;(ii)suchPersonandoneormoreSubsidiariesofsuchPerson;or(iii)oneormoreSubsidiariesofsuchPerson.

“Tax”meansanyfederal,state,localorforeignincome,profits,grossreceipts,license,payroll,employment,severance,stamp,occupation,premium,windfallprofits,environmental,customsduty,capitalstock,franchise,sales,socialsecurity,unemployment,disability,use,property,withholding,excise,transfer,registration,production,valueadded,alternativeminimum,occupancy,estimatedoranyothertaxofanykindwhatsoever,togetherwithanyinterest,penaltyoradditionthereto,imposedbyanyGovernmentalEntityresponsiblefortheimpositionofanysuchtax,whetherdisputedornot.

“TaxReturn”meansanyreturn,report,declaration,claimorotherstatement(includingattachedschedules)relatingtoTaxes.

“TerminationDate”shallhavethemeaningsetforthinSection1.16ofthisCVRAgreement.

“TrustIndentureAct”meanstheTrustIndentureActof1939,asamendedfromtimetotime.

“Trustee”meansthePersonnamedasthe“Trustee”inthefirstparagraphofthisCVRAgreement,untilasuccessorTrusteeshallhavebecomesuchpursuanttotheapplicableprovisionsofthisCVRAgreement,andthereafter“Trustee”shallmeansuchsuccessorTrustee.

“VicePresident”whenusedwithrespecttotheCompanyortheTrustee,meansanyvicepresident,whetherornotdesignatedbyanumberorawordorwordsaddedbeforeorafterthetitleof“vicepresident.”

“VotingSecurities”meanssecuritiesorotherinterestshavingvotingpower,ortheright,toelectorappointamajorityofthedirectors,oranyPersonsperformingsimilarfunctions,irrespectiveofwhetherornotstockorotherinterestsofanyotherclassorclassesshallhaveormighthavevotingpoweroranyrightbyreasonofthehappeningofanycontingency.

Section1.2ComplianceandOpinions.

(a)UponanyapplicationorrequestbytheCompanytotheTrusteetotakeanyactionunderanyprovisionofthisCVRAgreement,theCompanyshallfurnishtotheTrusteeanOfficers’Certificatestatingthat,intheopinionofthesignor,allconditionsprecedent,ifany,providedforinthisCVRAgreementrelatingtotheproposedactionhavebeencompliedwithandanOpinionofCounselstating,subjectto

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customaryexceptions,thatintheopinionofsuchcounselallsuchconditionsprecedent,ifany,havebeencompliedwith,exceptthat,inthecaseofanysuchapplicationorrequestastowhichthefurnishingofsuchdocumentsisspecificallyrequiredbyanyprovisionofthisCVRAgreementrelatingtosuchparticularapplicationorrequest,noadditionalcertificateoropinionneedbefurnished.

(b)EverycertificateoropinionwithrespecttocompliancewithaconditionorcovenantprovidedforinthisCVRAgreementshallinclude:(i)astatementthateachindividualsigningsuchcertificateoropinionhasreadsuchcovenantorconditionandthedefinitionshereinrelatingthereto;(ii)abriefstatementastothenatureandscopeoftheexaminationorinvestigationuponwhichthestatementsoropinionscontainedinsuchcertificateoropinionarebased;(iii)astatementthat,intheopinionofeachsuchindividual,heorshehasmadesuchexaminationorinvestigationasisnecessarytoenablehimtoexpressaninformedopinionastowhetherornotsuchcovenantorconditionhasbeencompliedwith;and(iv)astatementastowhether,intheopinionofeachsuchindividual,suchconditionorcovenanthasbeencompliedwith.

Section1.3FormofDocumentsDeliveredtoTrustee.

(a)Inanycasewhereseveralmattersarerequiredtobecertifiedby,orcoveredbyanopinionof,anyspecifiedPerson,itisnotnecessarythatallsuchmattersbecertifiedby,orcoveredbytheopinionof,onlyonesuchPerson,orthattheybesocertifiedorcoveredbyonlyonedocument,butonesuchPersonmaycertifyorgiveanopinionwithrespecttosomemattersandoneormoreothersuchPersonsastoothermatters,andanysuchPersonmaycertifyorgiveanopinionastosuchmattersinoneorseveraldocuments.

(b)AnycertificateoropinionofanofficeroftheCompanymaybebased,insofarasitrelatestolegalmatters,uponacertificateoropinionof,orrepresentationsby,counsel.AnysuchcertificateorOpinionofCounselmaybebased,insofarasitrelatestofactualmatters,uponacertificateoropinionof,orrepresentationsby,anofficerorofficersoftheCompanystatingthattheinformationwithrespecttosuchfactualmattersisinthepossessionoftheCompany.

(c)Anycertificate,statementoropinionofanofficeroftheCompanyorofcounselmaybebased,insofarasitrelatestoaccountingmatters,uponacertificateoropinionoforrepresentationsbyanaccountantorfirmofaccountantsintheemployoftheCompany.AnycertificateoropinionofanyindependentfirmofpublicaccountantsfiledwiththeTrusteeshallcontainastatementthatsuchfirmisindependent.

(d)WhereanyPersonisrequiredtomake,giveorexecutetwoormoreapplications,requests,consents,certificates,statements,opinionsorotherinstrumentsunderthisCVRAgreement,theymay,butneednot,beconsolidatedandformoneinstrument.

Section1.4ActsofHolders.

(a)Anyrequest,demand,authorization,direction,notice,consent,waiverorotheractionprovidedbythisCVRAgreementtobegivenortakenbyHoldersmaybeembodiedinandevidencedbyoneormoreinstrumentsofsubstantiallysimilartenorsignedbysuchHoldersinpersonorbyanagentdulyappointedinwriting;and,exceptashereinotherwiseexpresslyprovided,suchactionshallbecomeeffectivewhensuchinstrumentorinstrumentsaredeliveredtotheTrusteeand,whereitisherebyexpresslyrequired,totheCompany.Suchinstrumentorinstruments(andtheactionembodiedthereinandevidencedthereby)arehereinsometimesreferredtoasthe“Act”oftheHolderssigningsuchinstrumentorinstruments.ProofofexecutionofanysuchinstrumentorofawritingappointinganysuchagentshallbesufficientforanypurposeofthisCVRAgreementand(subjecttoSection4.1)conclusiveinfavoroftheTrusteeandtheCompany,ifmadeinthemannerprovidedinthisSection1.4.TheCompanymaysetarecorddateforpurposesofdeterminingtheidentityofHoldersentitledtovoteorconsenttoanyactionbyvoteorconsentauthorizedorpermittedunderthisCVRAgreement.IfnotpreviouslysetbytheCompany,(i)therecorddatefordeterminingtheHoldersentitledtovoteatameetingoftheHoldersshallbethedateprecedingthedatenoticeofsuchmeetingismailedtotheHolders,orifnoticeisnotgiven,onthedaynextprecedingthedaysuchmeetingisheld,and(ii)therecorddatefordeterminingtheHoldersentitledtoconsenttoanyactioninwritingwithoutameetingshallbethefirstdateonwhichasignedwrittenconsentsettingforththeactiontakenorproposedtobetakenisdeliveredtotheCompany.Ifarecorddateisfixed,thosePersonswhowereHoldersofSecuritiesatsuchrecorddate(ortheirdulydesignatedproxies),andonlythose

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Persons,shallbeentitledtotakesuchactionbyvoteorconsentor,exceptwithrespecttoclause(d)below,torevokeanyvoteorconsentpreviouslygiven,whetherornotsuchPersonscontinuetobeHoldersaftersuchrecorddate.Nosuchvoteorconsentshallbevalidoreffectiveformorethanonehundredtwenty(120)daysaftersuchrecorddate.

(b)ThefactanddateoftheexecutionbyanyPersonofanysuchinstrumentorwritingmaybeprovedinanyreasonablemannerwhichtheTrusteedeemssufficient.

(c)TheownershipofSecuritiesshallbeprovedbytheSecurityRegister.NeithertheCompanynortheTrusteenoranyagentoftheCompanyortheTrusteeshallbeaffectedbyanynoticetothecontrary.

(d)Atanytimepriorto(butnotafter)theevidencingtotheTrustee,asprovidedinthisSection1.4,ofthetakingofanyactionbytheHoldersoftheSecuritiesspecifiedinthisCVRAgreementinconnectionwithsuchaction,anyHolderofaSecuritytheserialnumberofwhichisshownbytheevidencetobeincludedamongtheserialnumbersoftheSecuritiestheHoldersofwhichhaveconsentedtosuchactionmay,byfilingwrittennoticeattheCorporateTrustOfficeanduponproofofholdingasprovidedinthisSection1.4,revokesuchactionsofarasconcernssuchSecurity.Anyrequest,demand,authorization,direction,notice,consent,waiverorotheractionbytheHolderofanySecurityshallbindeveryfutureHolderofthesameSecurityortheHolderofeverySecurityissuedupontheregistrationoftransferthereoforinexchangetherefororinlieuthereof,inrespectofanythingdone,sufferedoromittedtobedonebytheTrustee,anyPayingAgentortheCompanyinreliancethereon,whetherornotnotationofsuchactionismadeuponsuchSecurity.

Section1.5Notices,etc.,toTrusteeandCompany.Anyrequest,demand,authorization,direction,notice,consent,waiverorActofHoldersorotherdocumentprovidedorpermittedbythisCVRAgreementtobemadeupon,givenorfurnishedto,orfiledwith:

(a)theTrusteebyanyHolderorbytheCompanyshallbesufficientforeverypurposehereunderifmade,given,furnishedorfiled,inwriting,toorwiththeTrusteeatitsCorporateTrustOffice;or

(b)theCompanybytheTrusteeorbyanyHoldershallbesufficientforeverypurposehereunderifinwritingandmailed,first-classpostageprepaid,totheCompanyaddressedtoitat:

Bristol-MyersSquibbCompany430E.29thStreet,14thFloorNewYork,NewYork10016Attn:ExecutiveVicePresident,GeneralCounselwithcopiesto(whichshallnotconstitutenotice):Bristol-MyersSquibbCompanyRoute206&ProvinceLineRoadPrinceton,NewJersey08540Attn:SeniorVicePresidentandDeputyGeneralCounsel,TransactionalPracticeGroup

andKirkland&EllisLLP601LexingtonAvenueNewYork,NewYork10022

Attn: DavidFox,P.C.DanielWolf,P.C.JonathanDavis,P.C.

oratanyotheraddresspreviouslyfurnishedinwritingtotheTrusteebytheCompany.

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Section1.6NoticetoHolders;Waiver.

(a)WherethisCVRAgreementprovidesfornoticetoHoldersofanyevent,suchnoticeshallbesufficientlygiven(unlessotherwisehereinexpresslyprovided)ifinwritingandmailed,first-classpostageprepaid,toeachHolderaffectedbysuchevent,attheHolder’saddressasitappearsintheSecurityRegister,notlaterthanthelatestdate,andnotearlierthantheearliestdate,prescribedforthegivingofsuchnotice.InanycasewherenoticetoHoldersisgivenbymail,neitherthefailuretomailsuchnotice,noranydefectinanynoticesomailed,toanyparticularHoldershallaffectthesufficiencyofsuchnoticewithrespecttootherHolders.WherethisCVRAgreementprovidesfornoticeinanymanner,suchnoticemaybewaivedinwritingbythePersonentitledtoreceivesuchnotice,eitherbeforeoraftertheevent,andsuchwaivershallbetheequivalentofsuchnotice.WaiversofnoticebyHoldersshallbefiledwiththeTrustee,butsuchfilingshallnotbeaconditionprecedenttothevalidityofanyactiontakeninrelianceuponsuchwaiver.

(b)Incasebyreasonofthesuspensionofregularmailserviceorbyreasonofanyothercause,itshallbeimpracticabletomailnoticeofanyeventasrequiredbyanyprovisionofthisCVRAgreement,thenanymethodofgivingsuchnoticeasshallbesatisfactorytotheTrusteeshallbedeemedtobeasufficientgivingofsuchnotice.

Section1.7ConflictwithTrustIndentureAct.Ifanyprovisionhereoflimits,qualifiesorconflictswithanotherprovisionhereofwhichisrequiredtobeincludedinthisCVRAgreementbyanyoftheprovisionsoftheTrustIndentureAct,suchrequiredprovisionshallcontrol.

Section1.8EffectofHeadingsandTableofContents.TheArticleandSectionheadingshereinandtheTableofContentsareforconvenienceonlyandshallnotaffecttheconstructionhereof.

Section1.9BenefitsofAgreement.NothinginthisCVRAgreementorintheSecurities,expressorimplied,shallgivetoanyPerson(otherthanthePartiesheretoandtheirsuccessorshereunder,anyPayingAgentandtheHolders)anybenefitoranylegalorequitableright,remedyorclaimunderthisCVRAgreementorunderanycovenantorprovisionhereincontained,allsuchcovenantsandprovisionsbeingforsolebenefitofthePartiesheretoandtheirsuccessors,anyPayingAgentandoftheHolders.

Section1.10GoverningLaw.THISCVRAGREEMENTANDALLSUITS,ACTIONS,PROCEEDINGS,CLAIMSANDCAUSESOFACTION(WHETHERINCONTRACTORTORT)BASEDUPON,ARISINGOUTOFORRELATINGTOTHISCVRAGREEMENT,THENEGOTIATION,EXECUTIONORPERFORMANCEOFTHISCVRAGREEMENTORTHESECURITIES,SHALLBEGOVERNEDBYANDCONSTRUEDINACCORDANCEWITHTHELAWSOFTHESTATEOFNEWYORKINCLUDINGSECTIONS5-1401AND5-1402OFTHENEWYORKGENERALOBLIGATIONSLAWWITHOUTREGARDTOTHECONFLICTOFLAWSPRINCIPLESTHEREOF.EACHOFTHECOMPANY,THETRUSTEEANDEACHOFTHEHOLDERSBYTHEIRACCEPTANCEOFTHESECURITIES,HEREBYIRREVOCABLYSUBMITSTOTHEEXCLUSIVEJURISDICTIONOFANYNEWYORKSTATECOURTSITTINGINTHEBOROUGHOFMANHATTANINTHECITYOFNEWYORKORANYFEDERALCOURTSITTINGINTHEBOROUGHOFMANHATTANINTHECITYOFNEWYORKINRESPECTOFANYSUIT,ACTION,PROCEEDING,CLAIMORCAUSEOFACTION(WHETHERINCONTRACTORTORT)BASEDUPON,ARISINGOUTOFORRELATINGTOTHISCVRAGREEMENT,THENEGOTIATION,EXECUTIONORPERFORMANCEOFTHISCVRAGREEMENTORTHESECURITIES,ANDIRREVOCABLYACCEPTSFORITSELFANDINRESPECTOFITSPROPERTY,GENERALLYANDUNCONDITIONALLY,JURISDICTIONOFTHEAFORESAIDCOURTS.EACHOFTHECOMPANYANDTHETRUSTEEAGREESTHATPROCESSMAYBESERVEDUPONTHEMINANYMANNERAUTHORIZEDBYTHELAWSOFTHESTATEOFNEWYORKFORSUCHPERSONSANDIRREVOCABLYWAIVES,TOTHEFULLESTEXTENTITMAYEFFECTIVELYDOSOUNDERAPPLICABLELAW,ANYOBJECTIONITMAYNOWORHEREAFTERHAVETOSUCHSERVICEOFPROCESS,THELAYINGOFTHEVENUEOFANYSUCHSUIT,ACTIONORPROCEEDINGBROUGHTINANYSUCHCOURTANDANYCLAIMTHATANYSUCHSUIT,ACTIONORPROCEEDINGBROUGHTINANYSUCHCOURTHASBEENBROUGHTINANINCONVENIENTFORUM.

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Section1.11LegalHolidays.IntheeventthattheMilestonePaymentDateshallnotbeaBusinessDay,then(notwithstandinganyprovisionofthisCVRAgreementortheSecuritiestothecontrary)paymentontheSecuritiesneednotbemadeonsuchdate,butmaybemade,withouttheaccrualofanyinterestthereon,onthenextsucceedingBusinessDaywiththesameforceandeffectasifmadeontheMilestonePaymentDate.

Section1.12SeparabilityClause.IncaseanyprovisioninthisCVRAgreementorintheCVRsshallbeinvalid,illegalorunenforceable,thevalidity,legalityandenforceabilityoftheremainingprovisionsshallnotinanywaybeaffectedorimpairedthereby.

Section1.13NoRecourseAgainstOthers.Adirector,officer,employee,agentorrepresentativeoftheCompanyoranyAffiliateoftheCompanyortheTrusteeshallnothaveanyliabilityforanyobligationsoftheCompanyortheTrusteeundertheSecuritiesorthisCVRAgreementorforanyclaimbasedon,inrespectoforbyreasonofsuchobligationsortheircreation.ByacceptingaSecurityeachHolderwaivesandreleasesallsuchliabilityandallsuchclaims.ThewaiverandreleasearepartoftheconsiderationfortheissueoftheSecurities.

Section1.14Counterparts.ThisCVRAgreementshallbesignedinanynumberofcounterpartswiththesameeffectasifthesignaturestoeachcounterpartwereuponasingleinstrument,andallsuchcounterpartstogethershallbedeemedanoriginalofthisCVRAgreement.

Section1.15AcceptanceofTrust.[],theTrusteenamedherein,herebyacceptsthetrustsinthisCVRAgreementdeclaredandprovided,uponthetermsandconditionssetforthherein.

Section1.16Termination.ThisCVRAgreementwill,automaticallyandwithoutanyfurtheractionofanyParty,terminateandbeofnoforceoreffect,andthePartiesheretoshallhavenoliabilityorobligationshereunder,atthefollowingtime(the“TerminationDate”):(a)ifasoftheendofthedayontheInitialMilestoneTargetDate,eithertheJCAR017MilestoneortheOzanimodMilestonehasnotoccurred,12:01a.m.NewYorkCitytimeonthecalendardayfollowingtheInitialMilestoneTargetDate,(b)ifboththeJCAR017MilestoneandtheOzanimodMilestonehaveoccurredonorpriortotheInitialMilestoneTargetDatebut,asoftheendofthedayontheBB2121MilestoneTargetDate,theBB2121Milestonehasnotoccurred,12:01a.m.NewYorkCitytimeonthecalendardayfollowingtheBB2121MilestoneTargetDateor(c)iftheMilestonehasbeenachieved,thecalendardayfollowingthedateonwhichtheTrusteehaspaidtheMilestonePaymenttotheHoldersinaccordancewithSection3.1(c);provided,however,that(A)Sections1.5,1.6,1.7,1.8,1.9,1.10,1.12,1.13,4.7,7.5,7.9,7.10,Article8,thisSection1.16andSection1.1(totheextentrelatedtotheforegoing)shallsurviveterminationofthisCVRAgreementinaccordancewiththeirterms;and(B)theterminationofthisAgreementshallnotrelieveanyPartyofanyliabilityarisingfromanymaterialbreachofitsobligationsunderthisCVRAgreementoccurringpriortotheTerminationDate.

ARTICLE 2 SECURITY FORMS

Section2.1FormsGenerally.

(a)(i)TheGlobalSecuritiesandtheTrustee’scertificateofauthenticationshallbeinsubstantiallytheformssetforthinAnnexA,attachedheretoandincorporatedhereinbythisreference,withsuchappropriateinsertions,omissions,substitutionsandothervariationsasarerequiredorpermittedbythisCVRAgreementandmayhavesuchletters,numbersorothermarksofidentificationandsuchlegendsorendorsementsplacedthereonasmayberequiredtocomplywiththerulesofanysecuritiesexchangeorasmayberequiredbyLaworanyruleorregulationpursuantthereto,allasmaybedeterminedbytheofficersexecutingsuchGlobalSecurities,asevidencedbytheirexecutionoftheGlobalSecurities.AnyportionofthetextofanyGlobalSecuritymaybesetforthonthereversethereof,withanappropriatereferencetheretoonthefaceoftheGlobalSecurity.

(ii)TheGlobalSecuritiesshallbetypewritten,printed,lithographedorengravedonsteelengravedbordersorproducedbyanycombinationofthesemethodsormaybeproducedinanyothermannerpermittedbytherulesofanysecuritiesexchangeonwhichtheSecuritiesmaybelisted,allasdeterminedbytheofficersexecutingsuchGlobalSecurities,asevidencedbytheirexecutionofsuchGlobalSecurities.

(b)TheDirectRegistrationSecuritiesshallbeuncertificatedandshallbeevidencedbytheDirectRegistrationSystemmaintainedbytheSecurityRegistrar.

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ARTICLE 3 THE SECURITIES

Section3.1TitleandTerms.

(a)TheaggregatenumberofCVRswhichmaybeauthenticated,asapplicable,anddeliveredunderthisCVRAgreementislimitedtoanumberequalto[_____],exceptforSecuritiesauthenticated,asapplicable,anddelivereduponregistrationoftransferof,orinexchangefor,orinlieuof,otherSecuritiespursuanttoSection3.5,3.6or6.6.FromandaftertheMergerEffectiveTime,theCompanyshallnotbepermittedtoissueanyCVRsthathavetherighttoreceiveanyportionoftheMilestonePayment,exceptasprovidedandinaccordancewiththetermsandconditionsoftheMergerAgreement.

(b)TheSecuritiesshallbeknownanddesignatedasthe“SeriesBContingentValueRights”oftheCompany.

(c)IftheMilestoneisachieved,then,onorpriortotheMilestonePaymentDate,theCompanyshallpay,orcausetobepaid,totheTrustee,bywiretransfertotheaccountdesignatedinwritingbytheTrustee,anamountequaltotheproductof(A)theMilestonePayment,multipliedby(B)thenumberofSecuritiesOutstandingasofsuchtime(the“AggregateMilestonePayment”),andtheTrusteeshallpromptly(andinanyeventwithintwo(2)BusinessDaysofthereceiptoftheAggregateMilestonePaymentfromtheCompany)paytoeachHolderofrecordoftheSecuritiesasof5:00p.m.NewYorkCitytime,three(3)BusinessDayspriortotheMilestonePaymentDate(the“MilestonePaymentRecordDate”)anamountequaltotheproductof(x)theMilestonePayment,multipliedby(y)thenumberofSecuritiesheldofrecordbysuchHolderasoftheMilestonePaymentRecordDate.SubjecttoSection1.16,theCompany’sobligationstopaytheMilestonePaymentshallterminateinitsentiretyontheTerminationDate.

(d)TheHoldersoftheCVRs,byacceptancethereof,agreethatnojointventure,partnershiporotherfiduciaryrelationshipiscreatedherebyorbytheSecurities.

(e)OtherthaninthecaseofinterestonamountsdueandpayableaftertheoccurrenceofanEventofDefault,nointerestordividendsshallaccrueonanyamountspayableinrespectoftheCVRs.

(f)ThePartiesheretoagreetotreattheCVRsforallTaxpurposesasadditionalconsiderationforthesharesofCommonStock,theCompanyStockOptions,theCompanyRSUAwards,theCompanyPSUAwardsandCompanyRSAs,asapplicable,pursuanttotheMergerAgreement,andnoneofthePartiesheretowilltakeanypositiontothecontraryonanyTaxReturnorforotherTaxpurposesexceptasotherwiserequiredbyapplicableLaw.TheCompanyshallreportimputedinterestontheCVRspursuanttoSection483oftheCode,exceptasotherwiserequiredbyapplicableLaw.

(g)TheCVRsandanyinterestthereonmaybesold,assigned,pledgedencumberedorinanymannertransferredordisposedof,inwholeorinpart,onlyincompliancewithapplicableUnitedStatesfederalandstatesecuritiesLawsand,totheextentapplicable,inaccordancewithSection3.5.

(h)TheHolderofanyCVRisnot,andshallnot,byvirtuethereof,beentitledtoanyrightsofaholderofanyVotingSecuritiesorotherequitysecurityorotherownershipinterestoftheCompany,inanyconstituentcompanytotheMergerorinanyoftheirrespectiveAffiliates,eitheratLaworinequity,andtherightsoftheHoldersarelimitedtothosecontractualrightsexpressedinthisCVRAgreement.

(i)ExceptasprovidedinthisCVRAgreement,noneoftheCompanyoranyofitsAffiliatesshallhaveanyrighttoset-offanyamountsowedorclaimedtobeowedbyanyHoldertoanyofthemagainstsuchHolder’sSecuritiesortheMilestonePaymentorotheramountpayabletosuchHolderinrespectofsuchSecurities.

Section3.2RegistrableForm.TheSecuritiesshallbeissuableonlyinregisteredform.TheCVRsshallbeissuedinitiallyintheformof(a)oneormorepermanentGlobalSecurities,depositedwiththeTrustee,asthecustodianforTheDepositoryTrustCompany,itsnomineesandsuccessors(the“Depositary”),or(b)oneormoreDirectRegistrationSecurities.EachGlobalSecuritywillrepresentsuchoftheoutstandingCVRsaswillbespecifiedthereinandeachshallprovidethatitrepresentstheaggregatenumberofoutstandingCVRsfromtimetotimeendorsedthereonandthattheaggregatenumberofoutstandingCVRsrepresentedtherebymayfromtimetotimebereducedorincreased,asappropriate,toreflectexchangesand/orissuancesasprovidedandinaccordancewiththetermsandconditionsoftheMergerAgreement.

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Section3.3Execution,Authentication,DeliveryandDating.

(a)TheGlobalSecuritiesshallbeexecutedonbehalfoftheCompanybyitschairmanoftheBoardofDirectors,itschiefexecutiveofficer,anyPresidentorVicePresidentoranyotherindividualdulyauthorizedtoactonbehalfoftheCompanyforsuchpurposeoranygeneralpurpose,butneednotbeattested.ThesignatureofanyoftheseindividualsontheGlobalSecuritiesmaybemanualorfacsimile.

(b)GlobalSecuritiesbearingthemanualorfacsimilesignaturesofindividualswhowere,atthetimeofexecution,theproperofficersoftheCompanyshallbindtheCompany,notwithstandingthatsuchindividualsoranyofthemhaveceasedtoholdsuchofficespriortotheauthenticationanddeliveryofsuchGlobalSecuritiesordidnotholdsuchofficesatthedateofsuchGlobalSecurities.

(c)AtanytimeandfromtimetotimeaftertheexecutionanddeliveryofthisCVRAgreement,theCompanymaydeliveraCompanyOrderfortheauthentication,asapplicable,anddeliveryofSecurities,andtheTrustee,inaccordancewithsuchCompanyOrder,shallauthenticate,asapplicable,anddeliversuchSecuritiesasprovidedinthisCVRAgreementandnototherwise.InthecaseofGlobalSecurities,suchCompanyOrdershallbeaccompaniedbyGlobalSecuritiesexecutedbytheCompanyanddeliveredtotheTrusteeforauthenticationinaccordancewithsuchCompanyOrder.

(d)EachGlobalSecurityshallbedatedthedateofitsauthentication.

(e)NoGlobalSecurityshallbeentitledtoanybenefitunderthisCVRAgreementorbevalidorobligatoryforanypurposeunlessthereappearsonsuchSecurityacertificateofauthenticationsubstantiallyintheformprovidedforhereindulyexecutedbytheTrustee,bymanualorfacsimilesignatureofanauthorizedofficer,andsuchcertificateuponanySecurityshallbeconclusiveevidence,andtheonlyevidence,thatsuchGlobalSecurityhasbeendulyauthenticatedanddeliveredhereunderandthattheHolderisentitledtothebenefitsofthisCVRAgreement.

(f)DirectRegistrationSecuritiesneednotbeauthenticated,andshallbevalidandobligatoryforallpurposesandshallentitleeachHolderthereoftoallbenefitsofthisCVRAgreement.

Section3.4[IntentionallyOmitted].

Section3.5Registration,RegistrationofTransferandExchange.

(a)TheCompanyshallcausetobekeptattheofficeoftheTrusteearegister(theregistermaintainedinsuchofficeandinanyotherofficeoragencydesignatedpursuanttoSection7.2beinghereinsometimesreferredtoasthe“SecurityRegister”)inwhich,subjecttosuchreasonableregulationsasitmayprescribe,theCompanyshallprovidefortheregistrationofSecuritiesandoftransfersofSecurities.TheTrusteeisherebyinitiallyappointed“SecurityRegistrar”forthepurposeofregisteringSecuritiesandtransfersofSecuritiesashereinprovided.

(b)(i)AGlobalSecuritymaynotbetransferredexceptasawholebytheDepositarytoanomineeoftheDepositary,byanomineeoftheDepositarytotheDepositaryortoanothernomineeoftheDepositary,orbytheDepositaryoranysuchnomineetoasuccessorDepositaryoranomineeofsuchsuccessorDepositary.AllGlobalSecuritieswillbeexchangedbytheCompanyforDirectRegistrationSecuritiesif(1)theCompanydeliverstotheSecurityRegistrarnoticefromtheDepositarythatitisunwillingorunabletocontinuetoactasDepositaryorthatitisnolongeraclearingagencyregisteredundertheExchangeActand,ineithercase,asuccessorDepositaryisnotappointedbytheCompanywithin120daysafterthedateofsuchnoticefromtheDepositary,(2)theCompanyinitssolediscretiondeterminesthattheGlobalSecurities(inwholebutnotinpart)shouldbeexchangedforDirectRegistrationSecuritiesanddeliversawrittennoticetosucheffecttotheSecurityRegistraror(3)anEventofDefaulthasoccurredandiscontinuingandtheSecurityRegistrarhasreceivedarequestfromtheDepositarytoissueDirectRegistrationSecurities.Upontheoccurrenceofeitheroftheprecedingeventsin(1)or(2)above,DirectRegistrationSecuritiesshallbeissuedinsuchnamesastheDepositaryshallinstructtheTrustee.GlobalSecuritiesalsomaybeexchangedorreplaced,inwholeorinpart,asprovidedinSection3.6hereof.EveryGlobalSecurityauthenticatedanddeliveredinexchangefor,orinlieuof,aGlobalSecurityoranyportionthereof,pursuanttothisSections3.5or3.6hereof,shallbeauthenticatedand

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deliveredintheformof,andshallbe,aGlobalSecurity.AGlobalSecuritymaynotbeexchangedforanotherGlobalSecurityotherthanasprovidedinthisSection3.5(b)(i),however,beneficialinterestsinaGlobalSecuritymaybetransferredandexchangedasprovidedinSection3.5(b)(ii)or(iii)hereof.

(ii)ThetransferandexchangeofbeneficialinterestsintheGlobalSecuritieswillbeeffectedthroughtheDepositary,inaccordancewiththeprovisionsofthisCVRAgreementandtheApplicableProcedures.BeneficialinterestsinanyGlobalSecuritymaybetransferredtoPersonswhotakedeliverythereofintheformofabeneficialinterestinGlobalSecurity.NowrittenordersorinstructionsshallberequiredtobedeliveredtotheSecurityRegistrartoeffectthetransfersdescribedinthisSection3.5(b)(ii).

(iii)IfanyholderofabeneficialinterestinaGlobalSecurityproposestoexchangesuchbeneficialinterestforaDirectRegistrationSecurityortotransfersuchbeneficialinteresttoaPersonwhotakesdeliverythereofintheformofaDirectRegistrationSecurity,thentheSecurityRegistrarwillcausetheaggregatenumberofCVRsrepresentedbytheapplicableGlobalSecuritytobereducedaccordinglypursuanttoSection3.5(b)(vi)hereof,andtheSecurityRegistrarwilldelivertothePersondesignatedintheinstructionsaDirectRegistrationSecurityintheappropriatenumberofCVRs.AnyDirectRegistrationSecurityissuedinexchangeforabeneficialinterestpursuanttothisSection3.5(b)(iii)willberegisteredinsuchnameornamesandinsuchauthorizeddenominationordenominationsastheholderofsuchbeneficialinterestrequeststhroughinstructionstotheSecurityRegistrarfromorthroughtheDepositaryandtheParticipantorIndirectParticipant.

(iv)AHolderofaDirectRegistrationSecuritymayexchangesuchDirectRegistrationSecurityforabeneficialinterestinaGlobalSecurityortransfersuchDirectRegistrationSecuritytoaPersonwhotakesdeliverythereofintheformofabeneficialinterestinaGlobalSecurityatanytime.Uponreceiptofarequestforsuchanexchangeortransfer,theSecurityRegistrarwillcanceltheapplicableDirectRegistrationSecurityandincreaseorcausetobeincreasedtheaggregatenumberofCVRsrepresentedbyoneoftheGlobalSecurities.

(v)UponrequestbyaHolderofDirectRegistrationSecuritiesandsuchHolder’scompliancewiththeprovisionsofthisSection3.5(b)(v),theSecurityRegistrarwillregisterthetransferorexchangeofDirectRegistrationSecurities.Priortosuchregistrationoftransferorexchange,therequestingHoldermustpresenttotheSecurityRegistrarawritteninstructionoftransferinformsatisfactorytotheSecurityRegistrardulyexecutedbysuchHolderorbyitsattorney,dulyauthorizedinwriting.AHolderofDirectRegistrationSecuritiesmaytransfersuchDirectRegistrationSecuritiestoaPersonwhotakesdeliverythereofintheformofDirectRegistrationSecurities.Uponreceiptofarequesttoregistersuchatransfer,theSecurityRegistrarshallregistertheDirectRegistrationSecuritiespursuanttotheinstructionsfromtheHolderthereof.

(vi)AtsuchtimeasallbeneficialinterestsinaparticularGlobalSecurityhavebeenexchangedforDirectRegistrationSecuritiesoraparticularGlobalSecurityhasbeenrepurchasedorcanceledinwholeandnotinpart,eachsuchGlobalSecuritywillbereturnedtoorretainedandcanceledbytheSecurityRegistrarinaccordancewithSection3.9hereof.Atanytimepriortosuchcancellation,ifanybeneficialinterestinaGlobalSecurityisexchangedforortransferredtoaPersonwhowilltakedeliverythereofintheformofabeneficialinterestinanotherGlobalSecurityorforDirectRegistrationSecurities,theaggregatenumberofCVRsrepresentedbysuchGlobalSecuritywillbereducedaccordinglyandanendorsementwillbemadeonsuchGlobalSecuritybytheSecurityRegistrarorbytheDepositaryatthedirectionoftheSecurityRegistrartoreflectsuchreduction;andifthebeneficialinterestisbeingexchangedforortransferredtoaPersonwhowilltakedeliverythereofintheformofabeneficialinterestinanotherGlobalSecurity,suchotherGlobalSecuritywillbeincreasedaccordinglyandanendorsementwillbemadeonsuchGlobalSecuritybytheSecurityRegistrarorbytheDepositaryatthedirectionoftheSecurityRegistrartoreflectsuchincrease.

(vii)(A)Topermitregistrationsoftransfersandexchanges,theCompanywillexecuteandtheTrusteewillauthenticateGlobalSecuritiesuponreceiptofaCompanyOrderinaccordancewithSection3.3hereoforattheSecurityRegistrar’srequest.

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(B)NoservicechargewillbemadetoaHolderofabeneficialinterestinaGlobalSecurityortoaHolderofaDirectRegistrationSecurityforanyregistrationoftransferorexchange,buttheCompanymayrequirepaymentofasumsufficienttocoveranytransfertaxorsimilargovernmentalchargepayableinconnectiontherewith.

(C)AllGlobalSecuritiesandDirectRegistrationSecuritiesissueduponanyregistrationoftransferorexchangeofGlobalSecuritiesorDirectRegistrationSecuritieswillbethevalidobligationsoftheCompany,evidencingthesamerights,andentitledtothesamebenefitsunderthisCVRAgreement,astheGlobalSecuritiesorDirectRegistrationSecuritiessurrendereduponsuchregistrationoftransferorexchange.

(D)TheTrusteewillauthenticateGlobalSecuritiesinaccordancewiththeprovisionsofSection3.3hereof.

Section3.6Mutilated,Destroyed,LostandStolenSecurities.

(a)If(i)anymutilatedGlobalSecurityissurrenderedtotheTrustee,or(ii)theCompanyandtheTrusteereceiveevidencetotheirsatisfactionofthedestruction,lossortheftofanyGlobalSecurity,andthereisdeliveredtotheCompanyandtheTrusteesuchsecurityorindemnityasmayberequiredbythemtosaveeachofthemharmless,then,intheabsenceofnoticetotheCompanyortheTrusteethatsuchGlobalSecurityhasbeenacquiredbyabonafidepurchaser,theCompanyshallexecuteand,upondeliveryofaCompanyOrder,theTrusteeshallauthenticate,asapplicable,anddeliver,inexchangeforanysuchmutilatedGlobalSecurityorinlieuofanysuchdestroyed,lostorstolenGlobalSecurity,anewCVR,intheformofeitheraGlobalSecurityoraDirectRegistrationSecurity,ofliketenorandamountofCVRs,bearinganumbernotcontemporaneouslyoutstanding.

(b)Incaseanysuchmutilated,destroyed,lostorstolenGlobalSecurityhasbecomeoristobecomefinallydueandpayablewithinfifteen(15)days,theCompanyinitsdiscretionmay,insteadofissuinganewCVR,paytotheHolderofsuchSecurityontheMilestonePaymentDateallamountsdueandpayablewithrespectthereto.

(c)EverynewSecurityissuedpursuanttothisSection3.6inlieuofanydestroyed,lostorstolenGlobalSecurityshallconstituteanoriginaladditionalcontractualobligationoftheCompany,whetherornotthedestroyed,lostorstolenGlobalSecurityshallbeatanytimeenforceablebyanyone,andshallbeentitledtoallbenefitsofthisCVRAgreementequallyandproportionatelywithanyandallotherSecuritiesdulyissuedhereunder.

(d)TheprovisionsofthisSection3.6areexclusiveandshallpreclude(totheextentlawful)allotherrightsandremedieswithrespecttothereplacementorpaymentofmutilated,destroyed,lostorstolenGlobalSecurities.

Section3.7PaymentswithrespecttoCVRs.PaymentofanyamountspursuanttotheCVRsshallbemadeinsuchcoinorcurrencyoftheUnitedStatesofAmericaasatthetimeislegaltenderforthepaymentofpublicandprivatedebts.TheCompanymay,atitsoption,paysuchamountsbywiretransferorcheckpayableinsuchmoney.

Section3.8PersonsDeemedOwners.Priortothetimeofduepresentmentforregistrationoftransfer,theCompany,theTrusteeandanyagentoftheCompanyortheTrusteemaytreatthePersoninwhosenameanySecurityisregisteredastheownerofsuchSecurityforthepurposeofreceivingpaymentonsuchSecurityandforallotherpurposeswhatsoever,whetherornotsuchSecuritybeoverdue,andneithertheCompany,theTrusteenoranyagentoftheCompanyortheTrusteeshallbeaffectedbynoticetothecontrary.

Section3.9Cancellation.AllSecuritiessurrenderedforpayment,registrationoftransferorexchangeshall,ifsurrenderedtoanyPersonotherthantheTrustee,bedeliveredtotheTrusteeandshallbepromptlycanceledbyit.TheCompanymayatanytimedelivertotheTrusteeforcancellationanyGlobalSecuritiespreviouslyauthenticatedanddeliveredhereunderwhichtheCompanymayhaveacquiredinanymannerwhatsoever,andallGlobalSecuritiessodeliveredshallbepromptlycanceledbytheTrustee.NoSecuritiesshallbeauthenticatedinlieuoforinexchangeforanySecuritiescanceledasprovidedinthisSection,exceptasexpresslypermittedbythisCVRAgreement.AllcancelledGlobalSecuritiesheldbytheTrusteeshallbedestroyedandacertificateofdestructionshallbeissuedbytheTrusteetotheCompany,unlessotherwisedirectedbyaCompanyOrder.

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Section3.10CUSIPNumbers.TheCompanyinissuingtheCVRsmayuse“CUSIP”numbers(ifthengenerallyinuse),and,ifso,theTrusteeshalluse“CUSIP”numbersinnoticestotheHoldersasaconveniencetotheHolders;providedthatanysuchnoticemaystatethatnorepresentationismadeastothecorrectnessofsuchnumberseitherasprintedontheCVRsorascontainedinanynoticesandthatreliancemaybeplacedonlyontheotheridentificationnumbersprintedontheCVRs,andanysuchnoticeshallnotbeaffectedbyanydefectinoromissionofsuchnumbers.TheCompanywillpromptlynotifytheTrusteeofanychangeinthe“CUSIP”numbers.

ARTICLE 4 THE TRUSTEE

Section4.1CertainDutiesandResponsibilities.

(a)WithrespecttotheHolders,theTrustee,priortotheoccurrenceofanEventofDefault(asdefinedinSection8.1)withrespecttotheSecuritiesandafterthecuringorwaivingofallEventsofDefaultwhichmayhaveoccurred,undertakestoperformsuchdutiesandonlysuchdutiesasarespecificallysetforthinthisCVRAgreementandnoimpliedcovenantsshallbereadintothisCVRAgreementagainsttheTrustee.IncaseanEventofDefaultwithrespecttotheSecuritieshasoccurred(whichhasnotbeencuredorwaived),theTrusteeshallexercisesuchoftherightsandpowersvestedinitbythisCVRAgreement,andusethesamedegreeofcareandskillintheirexercise,asareasonablyprudentpersonwouldexerciseoruseunderthecircumstancesintheconductofhisorherownaffairs.

(b)Intheabsenceofbadfaithonitspart,priortotheoccurrenceofanEventofDefaultandafterthecuringorwaivingofallsuchEventsofDefaultwhichmayhaveoccurred,theTrusteemayconclusivelyrely,astothetruthofthestatementsandthecorrectnessoftheopinionsexpressedtherein,uponcertificatesoropinionsfurnishedtotheTrusteewhichconformtotherequirementsofthisCVRAgreement;butinthecaseofanysuchcertificatesoropinionswhichbyanyprovisionhereofarespecificallyrequiredtobefurnishedtotheTrustee,theTrusteeshallbeunderadutytoexaminethesametodeterminewhetherornottheyconformtotherequirementsofthisCVRAgreement.

(c)NoprovisionofthisCVRAgreementshallbeconstruedtorelievetheTrusteefromliabilityforitsownnegligentaction,itsownnegligentfailuretoact,oritsownwillfulmisconduct,exceptthat(i)thisSubsection(c)shallnotbeconstruedtolimittheeffectofSubsections(a)and(b)ofthisSection4.1;(ii)theTrusteeshallnotbeliableforanyerrorofjudgmentmadeingoodfaithbyaResponsibleOfficer,unlessitshallbeprovedthattheTrusteewasnegligentinascertainingthepertinentfacts;and(iii)theTrusteeshallnotbeliablewithrespecttoanyactiontakenoromittedtobetakenbyitingoodfaithinaccordancewiththedirectionoftheHolderspursuanttoSection8.9relatingtothetime,methodandplaceofconductinganyproceedingforanyremedyavailabletotheTrustee,orexercisinganytrustorpowerconferredupontheTrustee,underthisCVRAgreement.

(d)Whetherornotthereinexpresslysoprovided,everyprovisionofthisCVRAgreementrelatingtotheconductoraffectingtheliabilityoforaffordingprotectiontotheTrusteeshallbesubjecttotheprovisionsofthisSection4.1.

Section4.2CertainRightsofTrustee.SubjecttotheprovisionsofSection4.1,includingthedutyofcarethattheTrusteeisrequiredtoexerciseupontheoccurrenceofanEventofDefault:

(a)theTrusteemayrelyandshallbeprotectedinactingorrefrainingfromactinguponanyresolution,certificate,statement,instrument,opinion,report,notice,request,direction,consent,order,bond,debenture,note,otherevidenceofindebtednessorotherpaperordocumentreasonablybelievedbyittobegenuineandtohavebeensignedorpresentedbytheproperpartyorpartiesandtheTrusteeneednotinvestigateanyfactormatterstatedinthedocument;

(b)anyrequestordirectionororderoftheCompanymentionedhereinshallbesufficientlyevidencedbyaCompanyRequestorCompanyOrderandanyresolutionoftheBoardofDirectorsmaybesufficientlyevidencedbyaBoardResolutionandtheTrusteeshallnotbeliableforanyactionittakesoromitstotakeingoodfaithreliancethereon;

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(c)wheneverintheadministrationofthisCVRAgreementtheTrusteeshalldeemitdesirablethatamatterbeprovedorestablishedpriortotaking,sufferingoromittinganyactionhereunder,theTrustee(unlessotherevidencebehereinspecificallyprescribed)may,intheabsenceofbadfaithonitspart,relyuponanOfficers’CertificateandtheTrusteeshallnotbeliableforanyactionittakesoromitstotakeingoodfaithreliancethereonoranOpinionofCounsel;

(d)theTrusteemayconsultwithcounselandthewrittenadviceofsuchcounseloranyOpinionofCounselshallbefullandcompleteauthorizationandprotectioninrespectofanyactiontaken,sufferedoromittedbyithereunderingoodfaithandinaccordancewithsuchadviceorOpinionofCounsel;

(e)theTrusteeshallbeundernoobligationtoexerciseanyoftherightsorpowersvestedinitbythisCVRAgreementattherequestordirectionofanyoftheHolderspursuanttothisCVRAgreement,unlesssuchHoldersshallhaveofferedtotheTrusteereasonablesecurityorindemnityagainstthecosts,expensesandliabilitieswhichmightbeincurredbyitincompliancewithsuchrequestordirection;

(f)theTrusteeshallnotbeboundtomakeanyinvestigationintothefactsormattersstatedinanyresolution,certificate,statement,instrument,opinion,report,notice,request,consent,order,approval,appraisal,bond,debenture,note,coupon,security,orotherpaperordocument,buttheTrusteeinitsdiscretionmaymakesuchfurtherinquiryorinvestigationintosuchfactsormattersasitmayseefit,andiftheTrusteeshalldeterminetomakesuchfurtherinquiryorinvestigation,itshallbeentitledtoexaminethepertinentbooksandrecordsoftheCompany,personallyorbyagentorattorney,asmaybereasonablynecessaryforsuchinquiryorinvestigationandinamannersoastonotunreasonablyinterferewiththenormalbusinessoperationsoftheCompanyoranyofitsAffiliates;provided,however,thatCompanyshallnotberequiredtoprovideanybooksorrecordstotheextentthattheprovisionthereof(i)would,asreasonablydeterminedbasedontheadviceofoutsidecounsel,jeopardizeanyattorney-clientprivilegeor(ii)wouldcontraveneanyLaworanycontractoragreementtowhichtheCompanyoranyofitsAffiliatesissubjectorbound;

(g)theTrusteemayexecuteanyofthetrustsorpowershereunderorperformanydutieshereundereitherdirectlyorbyorthroughagentsorattorneysandtheTrusteeshallnotberesponsibleforanymisconductornegligenceonthepartofanyagentorattorneyappointedwithduecarebyithereunder;

(h)theTrusteeshallnotbeliableforanyactiontaken,sufferedoromittedtobetakenbyitingoodfaithandreasonablybelievedbyittobeauthorizedorwithinthediscretionorrightsorpowersconferreduponitbythisCVRAgreement;and

(i)theTrusteeshallnotbedeemedtohavenoticeofanydefaultorEventofDefaultunlessaResponsibleOfficeroftheTrusteehasactualknowledgethereoforunlesswrittennoticethereofhasbeenreceivedbysuchResponsibleOfficerattheofficesoftheTrusteeandsuchnoticereferencestheCVRsandthisCVRAgreementandthefactthatsuchnoticeconstitutesnotificationofdefault.

Section4.3NoticeofDefault.IfadefaultoccurshereunderwithrespecttotheSecurities,theTrusteeshallgivetheHoldersnoticeofanysuchdefaultactuallyknowntoitasandtotheextentapplicableandprovidedbytheTrustIndentureAct;provided,however,thatinthecaseofanydefaultofthecharacterspecifiedinSection8.1(b)withrespecttotheSecurities,nonoticetoHoldersshallbegivenuntilatleastthirty(30)daysaftertheoccurrencethereof.ForthepurposeofthisSection4.3,theterm“default”meansanyeventthatis,orafternoticeorlapseoftimeorbothwouldbecome,anEventofDefaultwithrespecttotheSecurities.

Section4.4NotResponsibleforRecitalsorIssuanceofSecurities.TheTrusteeshallnotbeaccountablefortheCompany’suseoftheSecurities.TherecitalscontainedhereinandintheSecurities,excepttheTrustee’scertificatesofauthentication,shallbetakenasthestatementsoftheCompany,andtheTrusteeassumesnoresponsibilityfortheircorrectness.TheTrusteemakesnorepresentationsastothevalidityorsufficiencyofthisCVRAgreementoroftheSecurities.

Section4.5MayHoldSecurities.TheTrustee,anyPayingAgent,SecurityRegistraroranyotheragentoftheCompany,initsindividualoranyothercapacity,maybecometheownerorpledgeeofSecurities,and,subjecttoSections4.8and4.13,mayotherwisedealwiththeCompanywiththesamerightsitwouldhaveifitwerenotTrustee,PayingAgent,SecurityRegistrarorsuchotheragent.

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Section4.6MoneyHeldinTrust.MoneyheldbytheTrusteeintrusthereunderneednotbesegregatedfromotherfundsexcepttotheextentrequiredbyLaw.TheTrusteeshallbeundernoliabilityforinterestonanymoneyreceivedbyithereunder,exceptasotherwiseagreedbytheTrusteeinwritingwiththeCompany.

Section4.7CompensationandReimbursement.TheCompanyagrees:

(a)topaytotheTrusteefromtimetotimereasonablecompensationforallservicesrenderedbyithereunderinsuchamountastheCompanyandtheTrusteeshallagreefromtimetotime(whichcompensationshallnotbelimitedbyanyprovisionofLawinregardtothecompensationofatrusteeofanexpresstrust);

(b)exceptasotherwiseexpresslyprovidedherein,toreimbursetheTrusteeuponitsrequestforallreasonableandout-of-pocketexpenses,disbursementsandadvancesincurredormadebytheTrusteeinaccordancewithanyprovisionofthisCVRAgreement(includingthereasonablecompensationandthereasonableexpensesanddisbursementsofitsagentsandcounsel),exceptanysuchexpense,disbursementoradvanceasmaybeattributabletotheTrustee’snegligence,badfaithorwillfulmisconduct;and

(c)toindemnifytheTrusteeandeachofitsagents,officers,directorsandemployees(eachan“indemnitee”)for,andtoholditharmlessagainst,anyloss,liabilityorreasonableandout-of-pocketexpense(includingreasonableandout-of-pocketattorneys’feesandexpenses)incurredwithoutnegligence,badfaithorwillfulmisconductonitspart,arisingoutoforinconnectionwiththeacceptanceoradministrationofthistrustandtheperformanceofitsdutieshereunder,includingthereasonableandout-of-pocketcostsandexpensesofdefendingitselfagainstanyclaimorliabilityinconnectionwiththeexerciseorperformanceofanyofitspowersordutieshereunder.TheCompany’spaymentobligationspursuanttothisSection4.7shallsurvivetheterminationofthisCVRAgreement.WhentheTrusteeincursreasonableandout-of-pocketexpensesaftertheoccurrenceofanEventofDefaultspecifiedinSection8.1(c)or8.1(d)withrespecttotheCompany,theexpensesareintendedtoconstituteexpensesofadministrationunderbankruptcyLaws.

Section4.8Disqualification;ConflictingInterests.

(a)Ifapplicable,totheextentthattheTrusteeortheCompanydeterminesthattheTrusteehasaconflictinginterestwithinthemeaningoftheTrustIndentureAct,theTrusteeshallimmediatelynotifytheCompanyofsuchconflictand,withinninety(90)daysafterascertainingthatithassuchconflictinginterest,eithereliminatesuchconflictinginterestorresigntotheextentandinthemannerprovidedby,andsubjecttotheprovisionsof,theTrustIndentureActandthisCVRAgreement.TheCompanyshalltakepromptstepstohaveasuccessorappointedinthemannerprovidedinthisCVRAgreement.

(b)IftheTrusteefailstocomplywithSection4.8(a),theTrusteeshall,withinten(10)daysoftheexpirationofsuchninety(90)dayperiod,transmitanoticeofsuchfailuretotheHoldersinthemannerandtotheextentprovidedintheTrustIndentureActandthisCVRAgreement.

(c)IftheTrusteefailstocomplywithSection4.8(a)afterwrittenrequestthereforebytheCompanyoranyHolder,thenanyHolderofanySecuritywhohasbeenabonafideHolderforatleastsix(6)monthsmayonbehalfofhimselfandallotherssimilarlysituated,petitionanycourtofcompetentjurisdictionfortheremovalofsuchTrusteeandtheappointmentofasuccessorTrustee.

Section4.9CorporateTrusteeRequired;Eligibility.ThereshallatalltimesbeaTrusteehereunderwhichsatisfiestheapplicablerequirementsofSections310(a)(1)and(5)oftheTrustIndentureActandhasacombinedcapitalandsurplusofatleastonehundredfiftymilliondollars($150,000,000).Ifsuchcorporationpublishesreportsofconditionatleastannually,pursuanttoLawortotherequirementsofasupervisingorexaminingauthority,thenforthepurposesofthisSection4.9,thecombinedcapitalandsurplusofsuchcorporationshallbedeemedtobeitscombinedcapitalandsurplusassetforthinitsmostrecentreportofconditionsopublished.IfatanytimetheTrusteeshallceasetobeeligibleinaccordancewiththeprovisionsofthisSection4.9,itshallresignimmediatelyinthemannerandwiththeeffecthereinafterspecifiedinthisArticle4.

Section4.10ResignationandRemoval;AppointmentofSuccessor.

(a)NoresignationorremovaloftheTrusteeandnoappointmentofasuccessorTrusteepursuanttothisArticle4shallbecomeeffectiveuntiltheacceptanceofappointmentbythesuccessorTrusteeunderSection4.11.

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(b)TheTrustee,oranytrusteeortrusteeshereafterappointed,mayresignatanytimebygivingwrittennoticethereoftotheCompany.IfaninstrumentofacceptancebyasuccessorTrusteeshallnothavebeendeliveredtotheTrusteewithinthirty(30)daysafterthegivingofsuchnoticeofresignation,theresigningTrusteemaypetitionanycourtofcompetentjurisdictionfortheappointmentofasuccessorTrustee.

(c)TheTrusteemayberemovedatanytimebyanactoftheMajorityHolders,deliveredtotheTrusteeandtotheCompany.

(d)Ifatanytime:

(i)theTrusteeshallfailtocomplywithSection4.8afterwrittenrequestthereforbytheCompanyorbyanyHolderwhohasbeenabonafideHolderofaSecurityforatleastsix(6)months,or

(ii)theTrusteeshallceasetobeeligibleunderSection4.9andshallfailtoresignafterwrittenrequestthereforbytheCompanyorbyanysuchHolder,or

(iii)theTrusteeshallbecomeincapableofactingorshallbeadjudgedabankruptorinsolvent,orareceiveroftheTrusteeorofitspropertyshallbeappointed,oranypublicofficershalltakechargeorcontroloftheTrusteeorofitspropertyoraffairsforthepurposeofrehabilitation,conservationorliquidation,

then,inanycase,(A)theCompany,byaBoardResolutionoranactionofthechiefexecutiveofficeroftheCompany,mayremovetheTrustee,or(B)theHolderofanySecuritywhohasbeenabonafideHolderofaSecurityforatleastsix(6)monthsmay,onbehalfofhimselfandallotherssimilarlysituated,petitionanycourtofcompetentjurisdictionfortheremovaloftheTrusteeandtheappointmentofasuccessorTrustee.

(e)IftheTrusteeshallresign,beremovedorbecomeincapableofacting,orifavacancyshalloccurintheofficeofTrusteeforanycause,theCompany,byaBoardResolutionoranactionofthechiefexecutiveofficeroftheCompany,shallpromptlyappointasuccessorTrustee.If,withinoneyearafteranyremovalbytheMajorityHolders,asuccessorTrusteeshallbeappointedbyactoftheMajorityHoldersdeliveredtotheCompanyandtheretiringTrustee,thenthesuccessorTrusteesoappointedshall,forthwithuponitsacceptanceofsuchappointmentinaccordancewithSection4.11,becomethesuccessorTrusteeandsupersedethesuccessorTrusteeappointedbytheCompany.IfnosuccessorTrusteeshallhavebeensoappointedbytheCompanyortheMajorityHoldersandacceptedappointmentwithinsixty(60)daysaftertheretiringTrusteetendersitsresignationorisremoved,theretiringTrusteemay,or,theHolderofanySecuritywhohasbeenabonafideHolderforatleastsix(6)monthsmayonbehalfofhimselfandallotherssimilarlysituated,petitionanycourtofcompetentjurisdictionfortheappointmentofasuccessorTrustee.

(f)TheCompanyshallgivenoticeofeachresignationandeachremovaloftheTrusteeandeachappointmentofasuccessorTrusteebymailingwrittennoticeofsucheventbyfirst-classmail,postageprepaid,totheHoldersofSecuritiesastheirnamesandaddressesappearintheSecurityRegister.EachnoticeshallincludethenameofthesuccessorTrusteeandtheaddressofitsCorporateTrustOffice.IftheCompanyfailstosendsuchnoticewithinten(10)daysafteracceptanceofappointmentbyasuccessorTrustee,itshallnotbeadefaulthereunderbutthesuccessorTrusteeshallcausethenoticetobemailedattheexpenseoftheCompany.

Section4.11AcceptanceofAppointmentofSuccessor.

(a)EverysuccessorTrusteeappointedhereundershallexecute,acknowledgeanddelivertotheCompanyandtotheretiringTrusteeaninstrumentacceptingsuchappointment,andthereupontheresignationorremovaloftheretiringTrusteeshallbecomeeffectiveandsuchsuccessorTrustee,withoutanyfurtheract,deedorconveyance,shallbecomevestedwithalltherights,powers,trustsanddutiesoftheretiringTrustee;but,uponrequestoftheCompanyorthesuccessorTrustee,suchretiringTrusteeshall,uponpaymentofitscharges,executeanddeliveraninstrumenttransferringtosuchsuccessorTrusteealltherights,powersandtrustsoftheretiringTrustee,andshalldulyassign,transferanddelivertosuchsuccessor

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TrusteeallpropertyandmoneyheldbysuchretiringTrusteehereunder.UponrequestofanysuchsuccessorTrustee,theCompanyshallexecuteanyandallinstrumentsformorefullyandcertainlyvestinginandconfirmingtosuchsuccessorTrusteeallsuchrights,powersandtrusts.

(b)NosuccessorTrusteeshallacceptitsappointmentunlessatthetimeofsuchacceptancesuchsuccessorTrusteeshallbequalifiedandeligibleunderthisArticle4.

Section4.12Merger,Conversion,ConsolidationorSuccessiontoBusiness.AnycorporationintowhichtheTrusteemaybemergedorconvertedorwithwhichitmaybeconsolidated,oranycorporationresultingfromanymerger,conversionorconsolidationtowhichtheTrusteeshallbeaparty,oranycorporationsucceedingtoallorsubstantiallyallofthecorporatetrustbusinessoftheTrustee,bysaleorotherwiseshallbethesuccessoroftheTrusteehereunder,providedsuchcorporationshallbeotherwisequalifiedandeligibleunderthisArticle4,withouttheexecutionorfilingofanypaperoranyfurtheractonthepartofanyofthePartieshereto.IncaseanySecuritiesshallhavebeenauthenticated,butnotdelivered,bytheTrusteetheninoffice,anysuccessorbymerger,conversion,saleorconsolidationtosuchauthenticatingTrusteemayadoptsuchauthenticationanddelivertheSecuritiessoauthenticatedwiththesameeffectasifsuchsuccessorTrusteehaditselfauthenticatedsuchSecurities;andsuchcertificateshallhavethefullforcewhichitisanywhereintheSecuritiesorinthisCVRAgreementprovidedthatthecertificateoftheTrusteeshallhave;providedthattherighttoadoptthecertificateofauthenticationofanypredecessorTrusteeshallapplyonlytoitssuccessororsuccessorsbymerger,conversionorconsolidation.

Section4.13PreferentialCollectionofClaimsAgainstCompany.IfandwhentheTrusteeshallbeorshallbecomeacreditor,directlyorindirectly,securedorunsecured,oftheCompany(oranyotherobligorupontheSecurities),excludinganycreditorrelationshipsetforthinSection311(b)oftheTrustIndentureAct,ifapplicable,theTrusteeshallbesubjecttotheapplicableprovisionsoftheTrustIndentureActregardingthecollectionofclaimsagainsttheCompany(oranysuchotherobligor).

ARTICLE 5 HOLDERS’ LISTS AND REPORTS BY THE TRUSTEE AND COMPANY

Section5.1CompanytoFurnishTrusteeNamesandAddressesofHolders.TheCompanywillfurnishorcausetobefurnishedtotheTrustee(a)promptlyaftertheissuanceoftheSecurities,andsemi-annuallythereafter,alist,insuchformastheTrusteemayreasonablyrequire,ofthenamesandaddressesoftheHoldersasofarecentdate,and(b)atsuchtimesastheTrusteemayrequestinwriting,withinthirty(30)daysafterreceiptbytheCompanyofanysuchrequest,alist,insuchformastheTrusteemayreasonablyrequire,ofthenamesandaddressesoftheHoldersasofadatenotmorethanfifteen(15)dayspriortothetimesuchlistisfurnished;provided,however,thatifandsolongastheTrusteeshallbetheSecurityRegistrar,nosuchlistneedbefurnished.

Section5.2PreservationofInformation;CommunicationstoHolders.

(a)TheTrusteeshallpreserve,inascurrentaformasisreasonablypracticable,thenamesandaddressesoftheHolderscontainedinthemostrecentlistfurnishedtotheTrusteeasprovidedinSection5.1andthenamesandaddressesofHoldersreceivedbytheTrusteeinitscapacityasSecurityRegistrar.TheTrusteemaydestroyanylistfurnishedtoitasprovidedinSection5.1uponreceiptofanewlistsofurnished.

(b)TherightsoftheHolderstocommunicatewithotherHolderswithrespecttotheirrightsunderthisCVRAgreementandthecorrespondingrightsandprivilegesoftheTrusteeshallbeasprovidedbySection312(b)(2)oftheTrustIndentureAct,ifapplicable.

(c)EveryHolderofSecurities,byreceivingandholdingthesame,agreeswiththeCompanyandtheTrusteethatneithertheCompanynortheTrusteeshallbedeemedtobeinviolationofLaworheldaccountablebyreasonofthedisclosureofanysuchinformationastothenamesandaddressesoftheHoldersmadepursuanttotheTrustIndentureAct(ifapplicable)regardlessofthesourcefromwhichsuchinformationwasderived.

Section5.3ReportsbyTrustee.

(a)Withinsixty(60)daysafterDecember31ofeachyearcommencingwiththeDecember31followingthedateofthisCVRAgreement,theTrusteeshalltransmittoallHolderssuchreportsconcerning

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theTrusteeanditsactionsunderthisCVRAgreementasmayberequiredpursuanttotheTrustIndentureActtotheextentandinthemannerprovidedpursuantthereto.TheTrusteeshallalsocomplywithSection313(b)(2)oftheTrustIndentureAct,ifapplicable.TheTrusteeshallalsotransmitbymailallreportsasrequiredbySection313(c)oftheTrustIndentureAct,ifapplicable.

(b)Acopyofeachsuchreportshall,atthetimeofsuchtransmissiontotheHolders,befiledbytheTrusteewitheachstockexchange,ifany,uponwhichtheSecuritiesarelisted,withtheCommissionandalsowiththeCompany.TheCompanywillpromptlynotifytheTrusteewhentheSecuritiesarelistedonanystockexchange.

Section5.4ReportsbyCompany.

(a)TheCompanyshallfilewiththeTrustee,withinfifteen(15)daysaftertheCompanyfilesorfurnishesthesamewiththeCommission,copiesofanannualreportfiledonForm10-KoraquarterlyreportsfiledonForm10-Qandoftheinformation,documentsandotherreports(orcopiesofsuchportionsofanyoftheforegoingastheCommissionmayfromtimetotimebyrulesandregulationsprescribe)whichtheCompanyisrequiredtofilewiththeCommissionpursuanttoSection13orSection15(d)oftheExchangeAct(suchannualandquarterlyreportsandrequiredinformation,documentsandotherreports,togetherthe“ExchangeActDocuments”).

(b)Deliveryofthereports,informationanddocumentsdescribedinSection5.4(a)shallnotconstituteconstructivenoticeofanyinformationcontainedthereinordeterminabletherefrom,includingtheCompany’scompliancewithanyofitscovenantsorotherobligationshereunderastowhichtheTrusteeisentitledtorelyexclusivelyonOfficer’sCertificates.

ARTICLE 6 AMENDMENTS

Section6.1AmendmentsWithoutConsentofHolders.WithouttheconsentofanyHolders,theCompanyandtheTrustee,atanytimeandfromtimetotime,mayenterintooneormoreamendmentsheretoortotheSecurities,foranyofthefollowingpurposes:

(a)toconvey,transfer,assign,mortgageorpledgetotheTrusteeassecurityfortheSecuritiesanypropertyorassets;

(b)toevidencethesuccessionofanotherPersontotheCompany,andtheassumptionbyanysuchsuccessorofthecovenantsoftheCompanyhereinandintheSecurities;

(c)toaddtothecovenantsoftheCompanysuchfurthercovenants,restrictions,conditionsorprovisionsastheCompanyandtheTrusteeshallconsidertobefortheprotectionoftheHoldersofSecurities,andtomaketheoccurrence,ortheoccurrenceandcontinuance,ofadefaultinanysuchadditionalcovenants,restrictions,conditionsorprovisionsanEventofDefaultpermittingtheenforcementofalloranyoftheseveralremediesprovidedinthisCVRAgreementashereinsetforth;provided,thatinrespectofanysuchadditionalcovenant,restriction,conditionorprovision,suchamendmentmayprovideforaparticularperiodofgraceafterdefault(whichperiodmaybeshorterorlongerthanthatallowedinthecaseofotherdefaults)ormayprovideforanimmediateenforcementuponsuchanEventofDefaultormaylimittheremediesavailabletotheTrusteeuponsuchanEventofDefaultormaylimittherightoftheMajorityHolderstowaivesuchanEventofDefault;

(d)tocureanyambiguity,ortocorrectorsupplementanyprovisionhereinorintheSecuritieswhichmaybedefectiveorinconsistentwithanyotherprovisionherein;provided,thatsuchprovisionsshallnotmateriallyreducethebenefitsofthisCVRAgreementortheSecuritiestotheHolders;

(e)tomakeanyotherprovisionswithrespecttomattersorquestionsarisingunderthisCVRAgreement;provided,thatsuchprovisionsshallnotadverselyaffecttheinterestsoftheHolders;

(f)tomakeanyamendmentsorchangesnecessarytocomplyormaintaincompliancewiththeTrustIndentureAct,ifapplicable;or

(g)makeanyotherchangethatdoesnotadverselyaffecttheinterestsoftheHolders.

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PromptlyfollowinganyamendmentofthisCVRAgreementortheSecuritiesinaccordancewiththisSection6.1,theTrusteeshallnotifytheHoldersoftheSecuritiesofsuchamendment;providedthatanyfailuresotonotifytheHoldersshallnotaffectthevalidityofsuchamendment.

Section6.2AmendmentswithConsentofHolders.WiththeconsentoftheMajorityHolders,byActofsaidHoldersdeliveredtotheCompanyandtheTrustee,theCompany(whenauthorizedbyaBoardResolutionorthechiefexecutiveofficeroftheCompany)andtheTrusteemayenterintooneormoreamendmentsheretoortotheSecuritiesforthepurposeofaddinganyprovisionstoorchanginginanymanneroreliminatinganyoftheprovisionsofthisCVRAgreementortotheSecuritiesorofmodifyinginanymannertherightsoftheHoldersunderthisCVRAgreementortotheSecurities;provided,however,thatnosuchamendmentshall,withouttheconsentoftheHolderofeachOutstandingSecurityaffectedthereby:

(a)modifyinamanneradversetotheHolders(i)anyprovisioncontainedhereinwithrespecttotheterminationofthisCVRAgreementortheSecurities,(ii)thetimeforpaymentandamountoftheMilestonePayment,orotherwiseextendthetimeforpaymentoftheSecuritiesorreducetheamountspayableinrespectoftheSecuritiesormodifyanyotherpaymenttermorpaymentdate;

(b)reducethenumberofCVRs,theconsentofwhoseHoldersisrequiredforanysuchamendment;or

(c)modifyanyoftheprovisionsofthisSection6.2,excepttoincreasethepercentageofHoldersfromwhomconsentorapprovalisrequiredortoprovidethatcertainotherprovisionsofthisCVRAgreementcannotbemodifiedorwaivedwithouttheconsentoftheHolderofeachSecurityaffectedthereby.

ItshallnotbenecessaryforanyActofHoldersunderthisSection6.2toapprovetheparticularformofanyproposedamendment,butitshallbesufficientifsuchActshallapprovethesubstancethereof.

Section6.3ExecutionofAmendments.InexecutinganyamendmentpermittedbythisArticle6,theTrustee(subjecttoSection4.1)shallbefullyprotectedinrelyinguponanOpinionofCounselstatingthattheexecutionofsuchamendmentisauthorizedorpermittedbythisCVRAgreement.TheTrusteeshallexecuteanyamendmentauthorizedpursuanttothisArticle6iftheamendmentdoesnotadverselyaffecttheTrustee’sownrights,dutiesorimmunitiesunderthisCVRAgreementorotherwise.Otherwise,theTrusteemay,butneednot,executesuchamendment.

Section6.4EffectofAmendments;NoticetoHolders.

(a)UpontheexecutionofanyamendmentunderthisArticle,thisCVRAgreementandtheSecuritiesshallbemodifiedinaccordancetherewith,andsuchamendmentshallformapartofthisCVRAgreementandtheSecuritiesforallpurposes;andeveryHolderofSecuritiestheretoforeorthereafterauthenticated,asapplicable,anddeliveredhereundershallbeboundthereby.

(b)PromptlyaftertheexecutionbytheCompanyandtheTrusteeofanyamendmentpursuanttotheprovisionsofthisArticle6,theCompanyshallmailanoticethereofbyfirstclassmailtotheHoldersofSecuritiesattheiraddressesastheyshallappearontheSecurityRegister,settingforthingeneraltermsthesubstanceofsuchamendment.AnyfailureoftheCompanytomailsuchnotice,oranydefecttherein,shallnot,however,inanywayimpairoraffectthevalidityofanysuchamendment.

Section6.5ConformitywithTrustIndentureAct.EveryamendmentexecutedpursuanttothisArticle6shallconformtotheapplicablerequirementsoftheTrustIndentureAct,ifany.

Section6.6ReferenceinSecuritiestoAmendments.IfanamendmentchangesthetermsofaSecurity,theTrusteemayrequiretheHolderoftheSecuritytodeliverittotheTrustee.GlobalSecuritiesauthenticatedanddeliveredaftertheexecutionofanyamendmentpursuanttothisArticle6may,andshallifrequiredbytheTrustee,bearanotationinformapprovedbytheTrusteeastoanymatterprovidedforinsuchamendment.IftheCompanyshallsodetermine,newSecuritiessomodifiedastoconform,intheopinionoftheTrustee,ontheonhand,andtheBoardofDirectorsorthechiefexecutiveofficeroftheCompany,ontheotherhand,toanysuchamendmentmaybepreparedandexecutedbytheCompany,asapplicable,andauthenticated,asapplicable,anddeliveredbytheTrusteeinexchangeforOutstandingSecurities.FailuretomaketheappropriatenotationortoissueanewSecurityshallnotaffectthevalidityofsuchamendment.

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ARTICLE 7 COVENANTS

Section7.1PaymentofAmounts,ifany,toHolders.TheCompanywilldulyandpunctuallypaytheamounts,ifany,ontheSecuritiesinaccordancewiththetermsofthisCVRAgreement.SuchamountsshallbeconsideredpaidontheMilestonePaymentDateifonorpriortosuchdatetheCompanymakes,orcausestobemade,thepaymentrequiredpursuanttoSection3.1(c)ofthisCVRAgreement.NotwithstandinganyotherprovisionofthisCVRAgreement,theCompanyoranyofitsAffiliates,theTrusteeorthePayingAgent,shallbeentitledtodeductandwithhold,orcausetobedeductedandwithheld,fromanyamountspayableorotherwisedeliverablepursuanttothisCVRAgreementtoanyPerson,suchamountsasarerequiredtobedeductedandwithheldtherefromundertheCode,oranyprovisionofstate,localorforeignTaxLaw.TotheextentthatamountsaresodeductedandwithheldbytheCompanyoranyofitsAffiliates,theTrusteeorthePayingAgent,suchwithheldamountsshallbe(a)paidovertotheapplicableGovernmentalEntityinaccordancewithapplicableLawand(b)treatedforallpurposesofthisCVRAgreementashavingbeenpaidtothePersoninrespectofwhichsuchdeductionandwithholdingwasmadebytheCompanyoranyofitsAffiliates,theTrusteeorthePayingAgent,asthecasemaybe.TheconsentofHoldershallnotberequiredforanysuchwithholding.

Section7.2MaintenanceofOfficeorAgency.

(a)AslongasanyoftheSecuritiesremainOutstanding,theCompanywillmaintainintheBoroughofManhattan,TheCityofNewYork,anofficeoragency(i)whereSecuritiesmaybepresentedorsurrenderedforpayment,(ii)whereSecuritiesmaybesurrenderedforregistrationoftransferorexchangeand(iii)wherenoticesanddemandstoorupontheCompanyinrespectoftheSecuritiesandthisCVRAgreementmaybeserved.TheofficeoragencyoftheTrusteeat[Address],NewYork,NewYork[ZipCode]shallbesuchofficeoragencyoftheCompany,unlesstheCompanyshalldesignateandmaintainsomeotherofficeoragencyforoneormoreofsuchpurposes.TheCompanyoranyofitsSubsidiariesmayactasPayingAgent,registrarortransferagent;providedthatsuchPersonshalltakeappropriateactionstoavoidthecomminglingoffunds.TheCompanywillgivepromptwrittennoticetotheTrusteeofanychangeinthelocationofanysuchofficeoragency.IfatanytimetheCompanyshallfailtofurnishtheTrusteewiththeaddressthereof,suchpresentations,surrenders,noticesanddemandsmaybemadeorservedattheCorporateTrustOfficeoftheTrustee,andtheCompanyherebyappointstheTrusteeasitsagenttoreceiveallsuchpresentations,surrenders,noticesanddemands.

(b)TheCompanymayfromtimetotimedesignateoneormoreotherofficesoragencies(inoroutsideofTheCityofNewYork)wheretheSecuritiesmaybepresentedorsurrenderedforanyorallsuchpurposes,andmayfromtimetotimerescindsuchdesignation;provided,however,thatnosuchdesignationorrescissionshallinanymannerrelievetheCompanyofitsobligationtomaintainanofficeoragencyintheBoroughofManhattan,TheCityofNewYorkforsuchpurposes.TheCompanywillgivepromptwrittennoticetotheTrusteeofanysuchdesignationorrescissionandanychangeinthelocationofanysuchofficeoragency.

Section7.3MoneyforSecurityPaymentstoBeHeldinTrust.

(a)IftheCompanyoranyofitsSubsidiariesshallatanytimeactasthePayingAgent,itwill,onorbeforetheMilestonePaymentDatesegregateandholdintrustforthebenefitoftheHoldersallsumsheldbysuchPayingAgentforpaymentontheSecuritiesuntilsuchsumsshallbepaidtotheHoldersashereinprovided,andwillpromptlynotifytheTrusteeofanydefaultbytheCompanyinmakingpaymentontheSecurities.

(b)WhenevertheCompanyshallhaveoneormorePayingAgentsfortheSecurities,itwill,onorbeforetheMilestonePaymentDatedepositwithaPayingAgentasuminsamedayfundssufficienttopaytheamount,ifany,sobecomingdue;suchsumtobeheldintrustforthebenefitofthePersonsentitledtosuchamount,and(unlesssuchPayingAgentistheTrustee)theCompanywillpromptlynotifytheTrusteeofsuchactionoranyfailuresotoact.

(c)TheCompanywillcauseeachPayingAgentotherthantheTrusteetoexecuteanddelivertotheTrusteeaninstrumentinwhichsuchPayingAgentshallagreewiththeTrustee,subjecttotheprovisionsofthisSection7.3,that(i)suchPayingAgentwillholdallsumsheldbyitforthepaymentofanyamountpayableonSecuritiesintrustforthebenefitofthePersonsentitledtheretountilsuchsumsshallbepaidto

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suchPersonsorotherwisedisposedofashereinprovidedandwillnotifytheTrusteeofthesumssoheldand(ii)thatitwillgivetheTrusteenoticeofanyfailurebytheCompany(orbyanyotherobligorontheSecurities)tomakeanypaymentontheSecuritieswhenthesameshallbedueandpayable.

(d)AnymoneydepositedwiththeTrusteeoranyPayingAgent,orthenheldbytheCompany,intrustforthepaymentonanySecurityandremainingunclaimedforoneyearaftertheMilestonePaymentDateshallbepaidtotheCompanyonCompanyRequest,or(ifthenheldbytheCompany)shallbedischargedfromsuchtrust;andtheHolderofsuchSecurityshallthereafter,asanunsecuredgeneralcreditor,lookonlytotheCompanyforpaymentthereof,andallliabilityoftheTrusteeorsuchPayingAgentwithrespecttosuchtrustmoneyshallthereuponcease.

Section7.4CertainPurchasesandSales.NothingcontainedhereinshallprohibittheCompanyoranyofitsSubsidiariesorAffiliatesfromacquiringinopenmarkettransactions,privatetransactionsorotherwise,anySecurities.

Section7.5BooksandRecords.DuringthetermofthisAgreementandforaperiodofthree(3)yearsaftertheTerminationDate,theCompanyshallusecommerciallyreasonableeffortstokeep,andshallcauseitsSubsidiariestousecommerciallyreasonableeffortstokeep,true,completeandaccuraterecordsinreasonablysufficientdetailtoenabletheHolderstodetermineiftheCompanyhascompliedwithitsobligationsunderthisCVRAgreement.

Section7.6ListingofCVRs.TheCompanyherebycovenantsandagreestousereasonablebesteffortstocausetheSecuritiestobeapprovedforlisting(subjecttonoticeofissuance)fortradingontheNewYorkStockExchangeorothernationalsecuritiesexchangeandwilluseitsreasonablebesteffortstomaintainsuchlistingforsolongasanyCVRsremainOutstanding.

Section7.7ProductTransfer.IftheCompanyoritsAffiliates,directlyorindirectly,byasaleorswapofassets,merger,reorganization,jointventure,lease,licenseoranyothertransactionorarrangement,sells,transfers,conveysorotherwisedisposesofitsrespectiverightsinandtoanyProducttoathirdparty(otherthantheCompanyoranyofitsSubsidiaries),thentheapplicableMilestoneforsuchProduct(e.g.,iftheProductisBB2121,thentheBB2121Milestone)shallbedeemedtohavebeensatisfiedforallpurposesunderthisCVRAgreementasoftheearlieroftheentryintoadefinitiveagreementwithrespectto,andtheconsummationof,thetransactionorarrangementinvolvingsuchsale,transfer,conveyanceorotherdisposition;provided,thatifsuchsale,transfer,conveyanceorotherdispositionispermittedbySection9.1,thenSection9.1shallgovern.Forthepurposesofclarification,andsubjecttoSection7.8,theCompanymayusecontractresearchorganizations,contractmanufacturingorganizations,contractsalesorganizations,subcontractorsanddistributorsintheordinarycourseofbusinesstoperformresearch,development,manufacturingandcommercializationactivities(includinggrantinganappropriatesublicensetotheextentnecessary),withouttriggeringtheapplicableMilestone.

Section7.8DiligentEfforts.TheCompanyshalluseDiligentEffortstoachievetheMilestone.

Section7.9Confidentiality.TheTrusteeandtheHoldersherebyagreethatanyconfidentialornon-publicinformationtheyreceivefromoronbehalfoftheCompanyoranyAffiliateoftheCompany,whichreceiptarisesoutofthetransactionscontemplatedbythisCVRAgreement(the“ConfidentialInformation”),shall:(a)notbeusedforanypurposeotherthanforpurposespermittedunderthisCVRAgreement;(b)notbeuseddirectlyorindirectlyinanywaythatisforcompetitivepurposes;and(c)notbedisclosedby,andbekeptconfidentialby,suchTrusteeandtheHoldersanditsdirectors,officers,members,managers,employees,affiliatesandagents(collectively,“Representatives”);provided,however,thatanysuchConfidentialInformationmaybedisclosedonlytotheirRepresentativeswho(i)needtoknowsuchConfidentialInformationand(ii)areboundinwritingtoanon-disclosureagreementnolessrestrictivethanthisSection7.9.ItisunderstoodthatsuchRepresentativesshallbeinformedbytheTrusteeortheapplicableHolderoftheconfidentialnatureofsuchConfidentialInformation,andthattheTrusteeorsuchHolder,asapplicable,shallberesponsibleforanydisclosureorusemadebyitsRepresentativesinbreachofobligationsunderthisCVRAgreementtothesameextentasifsuchdisclosureorusehadbeenmadedirectlybytheTrusteeorsuchHolder,asapplicable.EachoftheTrusteeandtheHolderswillassoonaspracticablenotifytheCompanyofanybreachofthisCVRAgreementofwhichtheybecomeaware,andwillusecommerciallyreasonableeffortstoassistandcooperatewiththeCompanyinminimizingtheconsequencesofsuchbreach.“ConfidentialInformation”shallnotincludeanyinformationthatis(A)publiclyavailableotherthanbecauseoforrelatedtoanydisclosurebytheTrusteeortheHoldersorany

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oftheirrespectiveRepresentativesor(B)islawfullydisclosedtotheTrusteeorHoldersbysources(otherthantheCompanyoritsAffiliates)rightfullyinpossessionoftheConfidentialInformationonanon-confidentialbasis.IftheTrustee,HoldersortheirrespectiveRepresentativesarelegallyrequiredorrequestedtodiscloseanyConfidentialInformation,theywillinadvanceofsuchdisclosure,unlessotherwiseprohibitedbyLaw,promptlynotifytheCompanyinwritingofsuchrequestorrequirementsothattheCompanymayseektoavoidorminimizetherequireddisclosureand/orobtainanappropriateprotectiveorderorotherappropriaterelieftoensurethatanyConfidentialInformationsodisclosedismaintainedinconfidencetothemaximumextentpossiblebythepersonreceivingthedisclosure,or,intheCompany’sdiscretion,towaivecompliancewiththeprovisionsofthisCVRAgreement.Inanysuchcase,theTrusteeandtheHoldersagreetocooperateandusereasonableeffortstoavoidorminimizetherequireddisclosureand/orobtainsuchprotectiveorderorotherrelief.If,intheabsenceofaprotectiveorderorthereceiptofawaiverhereunder,theTrustee,HoldersortheirrespectiveRepresentativesarelegallyobligatedtodiscloseanyConfidentialInformation,theywilldiscloseonlysomuchthereoftothepartycompellingdisclosureastheybelieveingoodfaith,onthebasisofadviceofcounsel,isrequiredbyLaw.TheTrusteeandHoldersshallgivetheCompanypriorwrittennoticeofthespecificConfidentialInformationthattheybelievetheyarerequiredtodiscloseundersuchcircumstances.AllConfidentialInformationdisclosedbyoronbehalfoftheCompanyoranyofitsAffiliatesshallbe,andshallremain,thepropertyoftheCompanyorsuchAffiliate.

Section7.10Non-UseofName.NeithertheTrusteenortheHoldersshallusethename,trademark,tradename,orlogooftheCompany,itsAffiliatesortheirrespectiveemployees,agentsorrepresentativesinanypublicityornewsreleaserelatingtothisCVRAgreementoritssubjectmatter,withoutthepriorexpresswrittenpermissionoftheCompany.

Section7.11NoticeofDefault.TheCompanyshallfilewiththeTrusteewrittennoticeoftheoccurrenceofanyEventofDefaultorotherdefaultunderthisCVRAgreementwithinfive(5)BusinessDaysofitsbecomingawareofsuchEventofDefaultorotherdefault.

ARTICLE 8 REMEDIES OF THE TRUSTEE AND HOLDERS

ON EVENT OF DEFAULT

Section8.1EventofDefaultDefined;WaiverofDefault.“EventofDefault”withrespecttotheSecurities,meanseachoneofthefollowingeventswhichshallhaveoccurredandbecontinuing(whateverthereasonforsuchEventofDefaultandwhetheritshallbevoluntaryorinvoluntaryorbeeffectedbyoperationofLaworpursuanttoanyjudgment,decreeororderofanycourtoranyorder,ruleorregulationofanyadministrativeorgovernmentalbody):

(a)defaultinthepaymentbytheCompanypursuanttothetermsofthisCVRAgreementofalloranypartoftheMilestonePaymentafteraperiodoften(10)BusinessDaysaftertheMilestonePaymentshallbecomedueandpayableontheMilestonePaymentDate;or

(b)materialdefaultintheperformance,orbreachinanymaterialrespect,ofanycovenantorwarrantyoftheCompanyinrespectoftheSecurities(otherthanacovenantorwarrantyinrespectoftheSecurities,adefaultinwhoseperformanceorwhosebreachiselsewhereinthisSection8.1specificallydealtwith),andcontinuanceofsuchdefaultorbreachforaperiodofninety(90)daysaftertherehasbeengiven,byregisteredorcertifiedmail,totheCompanybytheTrusteeortotheCompanyandtheTrusteebytheMajorityHolders,awrittennoticespecifyingsuchdefaultorbreachandrequiringittoberemediedandstatingthatsuchnoticeisa“NoticeofDefault”hereunder;or

(c)acourthavingjurisdictioninthepremisesshallenteradecreeororderforreliefinrespectoftheCompanyinaninvoluntarycaseunderanyapplicablebankruptcy,insolvencyorothersimilarLawnoworhereafterineffect,orappointingareceiver,liquidator,assignee,custodian,trusteeorsequestrator(orsimilarofficial)oftheCompanyorforanysubstantialpartofitspropertyororderingthewindinguporliquidationofitsaffairs,andsuchdecreeorordershallremainunstayedandineffectforaperiodofninety(90)consecutivedays;or

(d)theCompanyshallcommenceavoluntarycaseunderanyapplicablebankruptcy,insolvencyorothersimilarLawnoworhereafterineffect,orconsenttotheentryofanorderforreliefinaninvoluntary

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caseunderanysuchLaw,orconsenttotheappointmentofortakingpossessionbyareceiver,liquidator,assignee,custodian,trusteeorsequestrator(orsimilarofficial)oftheCompanyorforanysubstantialpartofitsproperty,ormakeanygeneralassignmentforthebenefitofcreditors.

IfanEventofDefaultdescribedaboveoccursandiscontinuing,then,andineachandeverysuchcase,eithertheTrusteebynoticeinwritingtotheCompanyortheTrusteeuponthewrittenrequestoftheMajorityHoldersbynoticeinwritingtotheCompany(andtotheTrusteeifgivenbytheMajorityHolders),shallbringsuittoprotecttherightsoftheHolders,includingtoobtainpaymentforanyamountsthendueandpayable,whichamountsshallbearinterestattheDefaultInterestRatefromthedatesuchamountsweredueandpayablehereunderuntilpaymentismadetotheTrustee.

TheforegoingprovisionsofthisSection8.1,however,aresubjecttotheconditionthatif,atanytimeaftertheTrusteeshallhavebegunsuchsuit,andbeforeanyjudgmentordecreeforthepaymentofthemoneysdueshallhavebeenobtainedorenteredashereinafterprovided,theCompanyshallpayorshalldepositwiththeTrusteeasumsufficienttopayallamountswhichshallhavebecomedue(withinterestuponsuchoverdueamountattheDefaultInterestRatetothedateofsuchpaymentordeposit)andsuchamountasshallbesufficienttocoverreasonablecompensationtotheTrustee,itsagents,attorneysandcounsel,andallotherexpensesandliabilitiesincurredandalladvancesmade,bytheTrustee,andifanyandallEventsofDefaultunderthisCVRAgreementshallhavebeencured,waivedorotherwiseremediedasprovidedherein,thenandineverysuchcasetheMajorityHolders,bywrittennoticetotheCompanyandtotheTrustee,maywaivealldefaultswithrespecttotheSecurities,butnosuchwaiverorrescissionandannulmentshallextendtoorshallaffectanysubsequentdefaultorshallimpairanyrightconsequentthereof.

Section8.2CollectionbytheTrustee;theTrusteeMayProvePaymentObligations.TheCompanycovenantsthatincasedefaultshallbemadeinthepaymentofalloranypartoftheSecuritieswhenthesameshallhavebecomedueandpayable,whetherattheMilestonePaymentDateorotherwise,thenupondemandoftheTrustee,theCompanywillpaytotheTrusteeforthebenefitoftheHoldersoftheSecuritiesthewholeamountthatthenshallhavebecomedueandpayableonallSecurities(withinterestfromthedatedueandpayabletothedateofsuchpaymentupontheoverdueamountattheDefaultInterestRate);andinadditionthereto,suchfurtheramountasshallbesufficienttocoverthecostsandexpensesofcollection,includingreasonablecompensationtotheTrusteeandeachpredecessorTrustee,theirrespectiveagents,attorneysandcounsel,andanyexpensesandliabilitiesincurred,andalladvancesmade,bytheTrusteeandeachpredecessorTrustee,exceptasaresultofitsnegligence,badfaithorwillfulmisconduct.

TheTrusteemayinitsdiscretionproceedtoprotectandenforceitsrightsandtherightsoftheHoldersbysuchappropriatejudicialproceedingsastheTrusteeshalldeemmosteffectualtoprotectandenforceanysuchrights,whetherforthespecificenforcementofanycovenantoragreementinthisCVRAgreementorinaidoftheexerciseofanypowergrantedherein,ortoenforceanyotherremedy.

IncasetheCompanyshallfailforthwithtopaysuchamountsuponsuchdemand,theTrustee,initsownnameandastrusteeofanexpresstrust,shallbeentitledandempoweredtoinstituteanyactionorproceedingsatLaworinequityforthecollectionofthesumssodueandunpaid,andmayprosecuteanysuchactionorproceedingstojudgmentorfinaldecree,andmayenforceanysuchjudgmentorfinaldecreeagainsttheCompanyorotherobligoruponsuchSecuritiesandcollectinthemannerprovidedbyLawoutofthepropertyoftheCompanyorotherobligoruponsuchSecurities,whereversituated,themoneysadjudgedordecreedtobepayable.

InanyjudicialproceedingsrelativetotheCompanyorotherobligorupontheSecurities,irrespectiveofwhetheranyamountisthendueandpayablewithrespecttotheSecurities,theTrusteeisauthorized:

(a)tofileandproveaclaimorclaimsforthewholeamountowingandunpaidinrespectoftheSecurities,andtofilesuchotherpapersordocumentsasmaybenecessaryoradvisableinordertohavetheclaimsoftheTrustee(includinganyclaimforreasonablecompensationtotheTrusteeandeachpredecessorTrustee,andtheirrespectiveagents,attorneysandcounsel,andforreimbursementofallexpensesandliabilitiesincurred,andalladvancesmade,bytheTrusteeandeachpredecessorTrustee,exceptasaresultofnegligence,badfaithorwillfulmisconduct)andoftheHoldersallowedinanyjudicialproceedingsrelativetotheCompanyorotherobligorupontheSecurities,ortotheirrespectiveproperty;

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(b)unlessprohibitedbyandonlytotheextentrequiredbyapplicableLaw,tovoteonbehalfoftheHoldersinanyelectionofatrusteeorastandbytrusteeinarrangement,reorganization,liquidationorotherbankruptcyorinsolvencyproceedingsorpersonperformingsimilarfunctionsincomparableproceedings;and

(c)tocollectandreceiveanymoneysorotherpropertypayableordeliverableonanysuchclaims,andtodistributeallamountsreceivedwithrespecttotheclaimsoftheHoldersandoftheTrusteeontheirbehalf;andanytrustee,receiver,orliquidator,custodianorothersimilarofficialisherebyauthorizedbyeachoftheHolderstomakepaymentstotheTrustee,and,intheeventthattheTrusteeshallconsenttothemakingofpaymentsdirectlytotheHolders,topaytotheTrusteesuchamountsasshallbesufficienttocoverreasonablecompensationtotheTrustee,eachpredecessorTrusteeandtheirrespectiveagents,attorneysandcounsel,andallotherexpensesandliabilitiesincurred,andalladvancesmade,bytheTrusteeandeachpredecessorTrustee,exceptasaresultofitsnegligence,badfaithorwillfulmisconduct,andallotheramountsduetotheTrusteeoranypredecessorTrusteepursuanttoSection4.6.Totheextentthatsuchpaymentofreasonablecompensation,expenses,disbursements,advancesandotheramountsoutoftheestateinanysuchproceedingsshallbedeniedforanyreason,paymentofthesameshallbesecuredbyalienon,andshallbepaidoutof,anyandalldistributions,dividends,moneys,securitiesandotherpropertywhichtheHoldersmaybeentitledtoreceiveinsuchproceedings,whetherinliquidationorunderanyplanofreorganizationorarrangementorotherwise.

NothinghereincontainedshallbedeemedtoauthorizetheTrusteetoauthorizeorconsenttoorvotefororacceptoradoptonbehalfofanyHolderanyplanofreorganization,arrangement,adjustmentorcompositionaffectingtheSecurities,ortherightsofanyHolderthereof,ortoauthorizetheTrusteetovoteinrespectoftheclaimofanyHolderinanysuchproceedingexcept,asaforesaid,tovotefortheelectionofatrusteeinbankruptcyorsimilarperson.

AllrightsofactionandofassertingclaimsunderthisCVRAgreement,orunderanyoftheSecurities,maybeenforcedbytheTrusteewithoutthepossessionofanyoftheSecuritiesortheproductionthereofandanytrialorotherproceedingsinstitutedbytheTrusteeshallbebroughtinitsownnameastrusteeofanexpresstrust,andanyrecoveryofjudgment,subjecttothepaymentoftheexpenses,disbursementsandcompensationoftheTrustee,eachpredecessorTrusteeandtheirrespectiveagentsandattorneys,shallbefortheratablebenefitoftheHolders.

InanyproceedingsbroughtbytheTrustee(andalsoanyproceedingsinvolvingtheinterpretationofanyprovisionofthisCVRAgreementtowhichtheTrusteeshallbeaparty)theTrusteeshallbeheldtorepresentalltheHolders,anditshallnotbenecessarytomakeanyHoldersofsuchSecuritiespartiestoanysuchproceedings.

Section8.3ApplicationofProceeds.AnymoniescollectedbytheTrusteepursuanttothisArticle8inrespectofanySecuritiesshallbeappliedinthefollowingorderatthedateordatesfixedbytheTrusteeuponpresentationoftheseveralSecuritiesinrespectofwhichmonieshavebeencollectedandstamping(orotherwisenoting)thereonthepaymentinexchangeforthepresentedSecuritiesifonlypartiallypaidoruponsurrenderthereofiffullypaid:

FIRST:Tothepaymentofcostsandexpensesinrespectofwhichmonieshavebeencollected,includingreasonablecompensationtotheTrusteeandeachpredecessorTrusteeandtheirrespectiveagentsandattorneysandofallexpensesandliabilitiesincurred,andalladvancesmade,bytheTrusteeandeachpredecessorTrustee,exceptasaresultofitsnegligence,badfaithorwillfulmisconduct,andallotheramountsduetotheTrusteeoranypredecessorTrusteepursuanttoSection4.7;

SECOND:TothepaymentofthewholeamountthenowingandunpaiduponalltheSecurities,withinterestattheDefaultInterestRateonallsuchamounts,andincasesuchmoniesshallbeinsufficienttopayinfullthewholeamountsodueandunpaidupontheSecurities,thentothepaymentofsuchamountswithoutpreferenceorpriorityofanysecurityoveranyotherSecurity,ratablytotheaggregateofsuchamountsdueandpayable;and

THIRD:Tothepaymentoftheremainder,ifany,totheCompanyoranyotherpersonlawfullyentitledthereto.

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Section8.4SuitsforEnforcement.IncaseanEventofDefaulthasoccurred,hasnotbeenwaivedandiscontinuing,theTrusteemayinitsdiscretionproceedtoprotectandenforcetherightsvestedinitbythisCVRAgreementbysuchappropriatejudicialproceedingsastheTrusteeshalldeemmosteffectualtoprotectandenforceanyofsuchrights,eitheratLaworinequityorinbankruptcyorotherwise,whetherforthespecificenforcementofanycovenantoragreementcontainedinthisCVRAgreementorinaidoftheexerciseofanypowergrantedinthisCVRAgreementortoenforceanyotherlegalorequitablerightvestedintheTrusteebythisCVRAgreementorbyLaw.

Section8.5RestorationofRightsonAbandonmentofProceedings.IncasetheTrusteeoranyHoldershallhaveproceededtoenforceanyrightunderthisCVRAgreementandsuchproceedingsshallhavebeendiscontinuedorabandonedforanyreason,orshallhavebeendeterminedadverselytotheTrusteeortosuchHolder,thenandineverysuchcasetheCompanyandtheTrusteeandtheHoldersshallberestoredrespectivelytotheirformerpositionsandrightshereunder,andallrights,remediesandpowersoftheCompany,theTrusteeandtheHoldersshallcontinueasthoughnosuchproceedingshadbeentaken.

Section8.6LimitationsonSuitsbyHolders.SubjecttotherightsoftheholdersunderSection8.7,noHolderofanySecurityshallhaveanyrightbyvirtueorbyavailingofanyprovisionofthisCVRAgreementtoinstituteanyactionorproceedingatLaworinequityorinbankruptcyorotherwiseuponorunderorwithrespecttothisCVRAgreement,orfortheappointmentofatrustee,receiver,liquidator,custodianorothersimilarofficialorforanyotherremedyhereunder,unlesssuchHolderpreviouslyshallhavegiventotheTrusteewrittennoticeofdefaultandofthecontinuancethereof,ashereinbeforeprovided,andunlessalsotheMajorityHoldersshallhavemadewrittenrequestupontheTrusteetoinstitutesuchactionorproceedingsinitsownnameastrusteehereunderandshallhaveofferedtotheTrusteesuchreasonableindemnityasitmayrequireagainstthecosts,expensesandliabilitiestobeincurredthereinortherebyandtheTrusteeforfifteen(15)daysafteritsreceiptofsuchnotice,requestandofferofindemnityshallhavefailedtoinstituteanysuchactionorproceedingandnodirectioninconsistentwithsuchwrittenrequestshallhavebeengiventotheTrusteepursuanttoSection8.9.FortheprotectionandenforcementoftheprovisionsofthisSection8.6,eachandeveryHolderandtheTrusteeshallbeentitledtosuchreliefascanbegiveneitheratLaworinequity.

Section8.7UnconditionalRightofHolderstoInstituteCertainSuits.NotwithstandinganyotherprovisioninthisCVRAgreementandanyprovisionofanySecurity,therightofanyHolderofanySecuritytoreceivepaymentoftheamountspayableinrespectofsuchSecurityonoraftertherespectiveduedatesexpressedinsuchSecurity,ortoinstitutesuitfortheenforcementofanysuchpaymentonoraftersuchrespectivedates,shallnotbeimpairedoraffectedwithouttheconsentofsuchHolder.

Section8.8PowersandRemediesCumulative;DelayorOmissionNotWaiverofDefault.

(a)ExceptasprovidedinSection8.6,norightorremedyhereinconferreduponorreservedtotheTrusteeortotheHoldersisintendedtobeexclusiveofanyotherrightorremedy,andeveryrightandremedyshall,totheextentpermittedbyLaw,becumulativeandinadditiontoeveryotherrightandremedygivenhereunderornoworhereafterexistingatLaworinequityorotherwise.Theassertionoremploymentofanyrightorremedyhereunder,orotherwise,shallnotpreventtheconcurrentassertionoremploymentofanyotherappropriaterightorremedy.

(b)NodelayoromissionoftheTrusteeorofanyHoldertoexerciseanyrightorpoweraccruinguponanyEventofDefaultoccurringandcontinuingasaforesaidshallimpairanysuchrightorpowerorshallbeconstruedtobeawaiverofanysuchEventofDefaultoranacquiescencetherein;and,subjecttoSection8.6,everypowerandremedygivenbythisCVRAgreementorbyLawtotheTrusteeortotheHoldersmaybeexercisedfromtimetotime,andasoftenasshallbedeemedexpedient,bytheTrusteeorbytheHolders.

Section8.9ControlbyHolders.

(a)TheMajorityHoldersshallhavetherighttodirectthetime,methodandplaceofconductinganyproceedingforanyremedyavailabletotheTrustee,orexercisinganypowerconferredontheTrusteewithrespecttotheSecuritiesbythisCVRAgreement;providedthatsuchdirectionshallnotbeotherwisethaninaccordancewithLawandtheprovisionsofthisCVRAgreement;andprovidedfurtherthat(subjecttotheprovisionsofSection4.1)theTrusteeshallhavetherighttodeclinetofollowanysuchdirectioniftheTrustee,beingadvisedbycounsel,shalldeterminethattheactionorproceedingsodirectedmaynot

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lawfullybetakenoriftheTrusteeingoodfaithbyitsboardofdirectors,theexecutivecommittee,oracommitteeofdirectorsorResponsibleOfficersoftheTrusteeshalldeterminethattheactionorproceedingssodirectedwouldinvolvetheTrusteeinpersonalliabilityoriftheTrusteeingoodfaithshallsodeterminethattheactionsorforbearancesspecifiedinorpursuanttosuchdirectionwouldbeundulyprejudicialtotheinterestsofHoldersoftheSecuritiesnotjoininginthegivingofsaiddirection.

(b)NothinginthisCVRAgreementshallimpairtherightoftheTrusteeinitsdiscretiontotakeanyactiondeemedproperbytheTrusteeandwhichisnotinconsistentwithsuchdirectionordirectionsbyHolders.

Section8.10WaiverofPastDefaults.

(a)InthecaseofadefaultoranEventofDefaultspecifiedinclause(b),(c)or(d)ofSection8.1,theMajorityHoldersmaywaiveanysuchdefaultorEventofDefault,anditsconsequencesexceptadefaultinrespectofacovenantorprovisionshereofwhichcannotbemodifiedoramendedwithouttheconsentoftheHolderofeachSecurityaffected.Inthecaseofanysuchwaiver,theCompany,theTrusteeandtheHoldersoftheSecuritiesshallberestoredtotheirformerpositionsandrightshereunder,respectively;butnosuchwaivershallextendtoanysubsequentorotherdefaultorimpairanyrightconsequentthereon.

(b)Uponanysuchwaiver,suchdefaultshallceasetoexistandbedeemedtohavebeencuredandnottohaveoccurred,andanyEventofDefaultarisingtherefromshallbedeemedtohavebeencured,andnottohaveoccurredforeverypurposeofthisCVRAgreement;butnosuchwaivershallextendtoanysubsequentorotherdefaultorEventofDefaultorimpairanyrightconsequentthereon.

Section8.11TheTrusteetoGiveNoticeofDefault,ButMayWithholdinCertainCircumstances.TheTrusteeshalltransmittotheHolders,asthenamesandaddressesofsuchHoldersappearontheSecurityRegister(asprovidedunderSection313©oftheTrustIndentureAct,ifapplicable),noticebymailofalldefaultswhichhaveoccurredandareknowntotheTrustee,suchnoticetobetransmittedwithinninety(90)daysaftertheoccurrencethereof,unlesssuchdefaultsshallhavebeencuredbeforethegivingofsuchnotice(theterm“default”forthepurposesofthisSectionbeingherebydefinedtomeananyeventorconditionwhichis,orwithnoticeorlapseoftimeorbothwouldbecome,anEventofDefault);providedthat,exceptinthecaseofdefaultinthepaymentoftheamountspayableinrespectofanyoftheSecurities,theTrusteeshallbeprotectedinwithholdingsuchnoticeifandsolongastheboardofdirectors,theexecutivecommittee,oratrustcommitteeofdirectorsortrusteesand/orResponsibleOfficersoftheTrusteeingoodfaithdeterminesthatthewithholdingofsuchnoticeisintheinterestsoftheHolders.

Section8.12RightofCourttoRequireFilingofUndertakingtoPayCosts.AllPartiestothisCVRAgreementagree,andeachHolderofanySecuritybyhisacceptancethereofshallbedeemedtohaveagreed,thatanycourtmayinitsdiscretionrequire,inanysuitfortheenforcementofanyrightorremedyunderthisCVRAgreementorinanysuitagainsttheTrusteeforanyactiontaken,sufferedoromittedbyitastheTrustee,thefilingbyanypartylitigantinsuchsuitofanundertakingtopaythereasonableout-of-pocketcostsofsuchsuit,andthatsuchcourtmayinitsdiscretionassessreasonableout-of-pocketcosts,includingreasonableout-of-pocketattorneys’fees,againstanypartylitigantinsuchsuit,havingdueregardtothemeritsandgoodfaithoftheclaimsordefensesmadebysuchpartylitigant;buttheprovisionsofthisSection8.12shallnotapplytoanysuitinstitutedbytheTrustee,toanysuitinstitutedbyanyHolderorgroupofHoldersholdingintheaggregatemorethantenpercent(10%)oftheSecuritiesOutstandingortoanysuitinstitutedbyanyHolderfortheenforcementofthepaymentofanySecurityonoraftertheduedateexpressedinsuchSecurity.

ARTICLE 9 CONSOLIDATION, MERGER, SALE OR CONVEYANCE

Section9.1CompanyMayConsolidate,etc.,onCertainTerms.TheCompanycovenantsthatitwillnotmergeorconsolidatewithorintoanyotherPersonorsellorconveyallorsubstantiallyallofitsassetstoanyPerson,unless(a)either(i)theCompanyshallbethecontinuingPersonor(ii)thesuccessorPerson,orthePersonthatacquiresbysaleorconveyancesubstantiallyalltheassetsoftheCompanyshallbeaPersonorganizedundertheLawsoftheUnitedStatesofAmericaoranyStatethereof,anymemberoftheEuropeanUnionortheUnitedKingdomandshallexpresslyassume,byanassignmentandassumptionagreement,executedanddeliveredtotheTrustee,insubstantiallytheformattachedheretoasAnnexB,thedueandpunctualpaymentoftheMilestonePaymentandthedueandpunctualperformanceandobservanceofallcovenantsandconditionsofthisCVRAgreementtobeperformedorobservedbytheCompanyand(b)theCompany,suchsuccessor

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PersonorPersonthatacquiresbysaleorconveyancesubstantiallyalltheassetsoftheCompany,asthecasemaybe,shallnot,immediatelyaftersuchmergerorconsolidation,orsuchsaleorconveyance,beindefaultintheperformanceofanysuchcovenantorconditioninanymaterialrespect.

Section9.2SuccessorPersonSubstituted.

(a)IncaseofanassumptionpursuanttoSection9.1(a)(ii),suchassumingPersonshallsucceedtoandbesubstitutedfortheCompanywiththesameeffectasifithadbeennamedherein.SuchassumingPersonmaycausetobesigned,andmayissueeitherinitsownname(or,ifitisthesuccessortotheCompanyorsubstantiallyallassetsoftheCompany,inthenameoftheCompanypriortosuchsuccession)anyoralloftheSecuritiesissuablehereunder,inthecaseofGlobalSecurities,whichtheretoforeshallnothavebeensignedbytheCompanyanddeliveredtotheTrustee;and,upontheorderofsuchsuccessorcorporationinsteadoftheCompanyandsubjecttoalltheterms,conditionsandlimitationsinthisCVRAgreementprescribed,theTrusteeshallauthenticateandshalldeliveranySecuritieswhichpreviouslyshallhavebeensignedanddeliveredtotheTrusteeforauthentication,andanySecuritieswhichsuchassumingPersonthereaftershallcausetobesignedanddeliveredtotheTrusteeforthatpurpose.AlloftheSecuritiessoissuedshallinallrespectshavethesamelegalrankandbenefitunderthisCVRAgreementastheSecuritiestheretoforeorthereafterissuedinaccordancewiththetermsofthisCVRAgreementasthoughallofsuchSecuritieshadbeenissuedatthedateoftheexecutionhereof.

(b)Incaseofanysuchassumption,suchchangesinphraseologyandform(butnotinsubstance)maybemadeintheSecuritiesthereaftertobeissuedasmaybeappropriate.

(c)Intheeventofanysuchassumption,theassigningPersonshallbedischargedfromallobligationsandcovenantsunderthisCVRAgreementandtheSecuritiesandmaybeliquidatedanddissolved.

Section9.3OpinionofCounseltotheTrustee.TheTrustee,subjecttotheprovisionsofSections4.1and4.2,shallreceiveanOfficer’sCertificateandOpinionofCounsel,preparedinaccordancewithSection1.2andSection1.3,asconclusiveevidencethatanysuchconsolidation,merger,saleorconveyance,andanysuchassumption,andanysuchliquidationordissolution,complieswiththeapplicableprovisionsofthisCVRAgreement,andifasupplementalagreementisrequiredinconnectionwithsuchtransaction,suchsupplementalagreementcomplieswiththisArticleandthattherehasbeencompliancewithallconditionsprecedenthereinprovidedfororrelatingtosuchtransaction.

Section9.4Successors.Allcovenants,provisionsandagreementsinthisCVRAgreementbyorforthebenefitoftheCompany,theTrusteeortheHoldersshallbindandinuretothebenefitoftheirrespectivesuccessors,assigns,heirsandpersonalrepresentatives,whethersoexpressedornot.TheCompanymayassignthisCVRAgreementwithoutthepriorwrittenconsentoftheotherPartiestothisCVRAgreementtooneormoreofitsdirectorindirectSubsidiaries,provided,however,that,subjecttoSection9.2(a)and(b),intheeventofanysuchassignmenttheCompanyshallremainsubjecttoitsobligationsandcovenantshereunder,includingbutnotlimitedtoitsobligationtomaketheMilestonePayment.

ARTICLE 10 SUBORDINATION

Section10.1AgreementtoSubordinate.TheCompanyagrees,andeachHolderbyacceptingaSecurityhereunderagrees,thattheMilestonePayment,allotherobligationsunderthisCVRAgreementandtheSecuritiesandanyrightsorclaimsrelatingthereto(collectively,the“JuniorObligations”)aresubordinatedinrightofpayment,totheextentandinthemannerprovidedinthisArticle10,tothepriorpaymentinfullincashorcashequivalentsofallSeniorObligationsoftheCompany(whetheroutstandingonthedatehereoforhereaftercreated,incurred,assumedorguaranteed),andthatthesubordinationisforthebenefitoftheholdersofsuchSeniorObligations.

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Section10.2Liquidation;Dissolution;Bankruptcy.UponanydistributiontocreditorsoftheCompanyinaliquidationordissolutionoftheCompanyorinabankruptcy,reorganization,insolvency,receivershiporsimilarproceedingrelatingtotheCompanyoritsproperty,inanassignmentforthebenefitofcreditorsoranymarshalingoftheCompany’sassetsandliabilities:

(a)holdersofSeniorObligationswillbeentitledtoreceivepaymentinfullincashorcashequivalentsofallSeniorObligationsoftheCompany(includinginterestafterthecommencementofanybankruptcyproceedingattheratespecifiedintheapplicableSeniorObligation,whetherornotpermittedundersuchbankruptcyproceedings)beforetheHolderswillbeentitledtoreceiveanypaymentofanykindwithrespecttotheJuniorObligations;and

(b)untilallSeniorObligationsoftheCompany(asprovidedinclause(a)above)arepaidinfullincashorcashequivalents,anydistributiontowhichHolderswouldbeentitledbutforthisArticle10willbemadetoholdersofSeniorObligationsoftheCompany,astheirinterestsmayappear.

Section10.3DefaultonSeniorObligations.TheCompanymaynotmakeanypaymentordistributiontoanyHolderinrespectofJuniorObligationsoracquirefromanyHolderforcashorpropertyanyJuniorObligations:

(a)ifanydefaultonanySeniorObligationsexceedingtwenty-fivemilliondollars($25,000,000)inaggregateprincipalamountwouldoccurasaresultofsuchpayment,distributionoracquisition;

(b)duringthecontinuanceofanypaymentdefaultinrespectofanySeniorObligations(afterexpirationofanyapplicablegraceperiod)exceedingtwenty-fivemilliondollars($25,000,000)inaggregateprincipalamount;

(c)ifthematurityofanySeniorObligationsrepresentingmorethantwenty-fivemilliondollars($25,000,000)inaggregateprincipalamountisacceleratedinaccordancewithitstermsandsuchaccelerationhasnotbeenrescinded;or

(d)followingtheoccurrenceofanydefault(otherthanapaymentdefault,andaftertheexpirationofanyapplicablegraceperiod)withrespecttoanySeniorObligationswithanaggregateprincipalamountofmorethantwenty-fivemilliondollars($25,000,000),theeffectofwhichistopermittheholdersofsuchSeniorObligations(oratrusteeoragentactingontheirbehalf)tocause,withthegivingofnoticeifrequired,thematurityofsuchSeniorObligationstobeaccelerated,foraperiodcommencinguponthereceiptbytheTrustee(withacopytotheCompany)ofawrittennoticeofsuchdefaultfromtherepresentativeoftheholdersofsuchSeniorObligationsandendingwhensuchSeniorObligationsarepaidinfullincashorcashequivalentsor,ifearlier,whensuchdefaultiscuredorwaived.

Section10.4WhenDistributionMustBePaidOver.

(a)IntheeventthattheTrusteeoranyHolderreceivesanypaymentofanyJuniorObligationsatatimewhensuchpaymentisprohibitedbythisArticle10,suchpaymentwillbeheldbytheTrusteeorsuchHolder,intrustforthebenefitof,andwillbepaidforthwithoveranddelivered,uponwrittenrequest,to,theholdersofSeniorObligationsoftheCompanyastheirinterestsmayappearortheirrepresentativeundertheagreement,indentureorotherdocument(ifany)pursuanttowhichsuchSeniorObligationsmayhavebeenissued,astheirrespectiveinterestsmayappear,forapplicationtothepaymentofallsuchSeniorObligationsremainingunpaidtotheextentnecessarytopaysuchSeniorObligationsinfullinaccordancewiththeirterms,aftergivingeffecttoanyconcurrentpaymentordistributiontoorfortheholdersofSeniorObligations.

(b)AnyamountreceivedbyanyHolderasaresultofdirectorindirectcreditsupportfortheJuniorObligationsfromanyAffiliateoftheCompanyshallbetreatedaspaymentsreceivedbysuchHolderfromtheCompanythataresubjecttotheprovisionsofthisArticle10.

(c)WithrespecttotheholdersofSeniorObligations,theTrusteeundertakestoperformonlythoseobligationsonthepartoftheTrusteeasarespecificallysetforthinthisArticle10,andnoimpliedcovenantsorobligationswithrespecttotheholdersofSeniorObligationswillbereadintothisCVRAgreementagainsttheTrustee.TheTrusteewillnotbedeemedtooweanyfiduciarydutytotheholdersof

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SeniorObligations,andwillnotbeliabletoanysuchholdersiftheTrusteepaysoverordistributestooronbehalfofHoldersortheCompanyoranyotherPersonmoneyorassetstowhichanyholdersofSeniorObligationsarethenentitledbyvirtueofthisArticle10,exceptifsuchpaymentismadeasaresultofthewillfulmisconductorgrossnegligenceoftheTrustee.

Section10.5NoticebyCompany.TheCompanywillpromptlynotifytheTrusteeofanyfactsknowntotheCompanythatwouldcauseapaymentofanyJuniorObligationstoviolatethisArticle10,butfailuretogivesuchnoticewillnotaffectthesubordinationoftheJuniorObligationstotheSeniorObligationsasprovidedinthisArticle10.

Section10.6SubordinationEffectiveNotwithstandingDeficiencieswithRespecttoSeniorObligations:WaiverofRighttoContestSeniorObligation:ReinstatementofSubordinationProvisions.

(a)TheHoldersherebyagreethatsubordinationprovisionscontainedinthisArticle10areunconditional,irrespectiveofthevalidity,regularityorenforceabilityoftheSeniorObligations,theabsenceofanyactiontoenforcethesame,anywaiverorconsentbyanyholderofSeniorObligationswithrespecttoanyprovisionsthereof,therecoveryofanyjudgmentagainsttheCompany,anyactiontoenforcethesameoranyothercircumstancewhichmightotherwiseconstitutealegalorequitabledischargeordefense.Withoutlimitingtheforegoing,andnotwithstandinganythingtothecontrarycontainedelsewhereinthisCVRAgreement,intheeventthattheamountofSeniorObligationsarereducedordiminishedforanyreason(otherthanasaresultofthepaymentincashorcashequivalentsthereof),whetherbecauseoftheapplicabilityoffraudulentconveyanceorotherapplicableLaws,oranyotherinvalidityorlimitationontheamountofSeniorObligations,thesubordinationprovisionsthereofshallapplytothefullamountofSeniorObligations(withoutgivingeffecttoanyreduction,invalidityordiminutionthereof),andtheturnoverprovisionshereundershallbefullyenforceablewithrespecttothefullamountofSeniorObligations(withoutgivingeffecttoanysuchreduction,invalidityordiminutionthereof),eveniftheeffectthereofisthattherewillbeno(oralimitedamountof)SeniorObligationstowhichtheJuniorObligationsaresubrogatedafterthepaymentinfullincashofanyoftheremainingSeniorObligations(withoutgivingeffecttoanyreductions,invalidityordiminutionthereof,exceptforreductionsasaresultofpaymentsthereofincashorcashequivalents).

(b)TheTrusteeandtheHoldersagreethattheyshallnot(andherebywaiveanyrightto)takeanyactiontocontestorchallenge(orassistorsupportanyotherPersonincontestingorchallenging),directlyorindirectly,whetherornotinanyproceeding(includinginanyproceedingcommencedbyoragainstanyPersonunderanyprovisionofTitle11oftheUnitedStatesCode,asnowandhereinafterineffect,oranysuccessorstatuteorunderanyotherstateorfederalbankruptcyorinsolvencyLaw,assignmentsforthebenefitofcreditors,formalorinformalmoratoria,compositions,extensionsgenerallywithcreditors,orproceedingsseekingreorganization,arrangement,orothersimilarrelief),thevalidityorenforceabilityoftheSeniorObligations.

(c)IfanypaymentmadeorinrespecttotheSeniorObligationsmustbedisgorgedorreturnedforanyreason,theSeniorObligationsshallbereinstatedhereunderandforallpurposesofthisArticle10(includingtheturnoverprovisionshereof)suchpaymentshallbedeemedtohaveneverbeenmadewithrespecttotheSeniorObligations.

Section10.7Subrogation.AfterallSeniorObligationsarepaidinfullincashorcashequivalentsanduntiltheJuniorObligationsarepaidinfull,HolderswillbesubrogatedtotherightsofholdersofSeniorObligationstoreceivedistributionsapplicabletoSeniorObligationstotheextentthatdistributionsotherwisepayabletotheHoldershavebeenappliedtothepaymentofSeniorObligations.TheHoldersbyacceptingtheSecuritiesacknowledgethattotheextentthattheSeniorObligationsaredeterminedtobeunenforceable,ortheSeniorObligationsaresubordinatedtootherobligationsoftheCompany,suchsubrogationrightsmaybeimpaired.

Section10.8RelativeRights.ThisArticle10definestherelativerightsofHoldersandholdersofSeniorObligations.NothinginthisCVRAgreementwill:

(a)impair,asbetweentheCompanyandHolders,theobligationsoftheCompanyunderthisCVRAgreementandtheSecurities;or

(b)affecttherelativerightsofHoldersandcreditorsoftheCompanyotherthantheirrightsinrelationtoholdersofSeniorObligations.

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(c)IftheCompanyfailsbecauseofthisArticle10topayanyamountsdueinrespectoftheSecuritiesonaduedateinviolationofSection8.1,thefailureisstillanEventofDefault.

Section10.9SubordinationMayNotBeImpairedbyCompany.NorightofanyholderofSeniorObligationstoenforcethesubordinationoftheJuniorObligationsmaybeimpairedbyanyactorfailuretoactbytheCompanyoranyHolderorbythefailureoftheCompanyoranyHoldertocomplywiththisCVRAgreement.

Section10.10DistributionorNoticetoRepresentative.WheneveradistributionistobemadeoranoticegiventoholdersofSeniorObligations,thedistributionmaybemadeandthenoticegiventotheirrepresentativeinaccordancewiththetermsoftheinstrumentorotheragreementgoverningsuchSeniorObligations.UponanypaymentordistributionofassetsoftheCompanyreferredtointhisArticle10,theTrusteeandtheHolderswillbeentitledtorelyuponanyorderordecreemadebyanycourtofcompetentjurisdictionoruponanycertificateofsuchrepresentativeoroftheliquidatingtrusteeoragentorotherPersonmakinganydistributiontotheTrusteeortotheHoldersforthepurposeofascertainingthePersonsentitledtoparticipateinsuchdistribution,theholdersoftheSeniorObligationsandotherobligationsoftheCompany,theamountthereoforpayablethereon,theamountoramountspaidordistributedthereonandallotherfactspertinenttheretoortothisArticle10.

Section10.11RightsoftheTrustee.NotwithstandingtheprovisionsofthisArticle10oranyotherprovisionofthisCVRAgreement,theTrusteewillnotbechargedwithknowledgeoftheexistenceofanyfactsthatwouldprohibitthemakingofanypaymentordistributionbytheTrustee,andtheTrusteemaycontinuetomakepaymentsontheSecurities,unlesstheTrusteehasreceivedatitsaddressfornoticespecifiedinSection1.5atleastfive(5)BusinessDayspriortothedateofsuchpaymentwrittennoticeoffactsthatwouldcausethepaymentofanyJuniorObligationstoviolatethisArticle10.OnlytheCompanyorarepresentativeofSeniorObligationsmaygivethenotice.NothinginthisArticle10willimpairtheclaimsof,orpaymentsto,theTrusteeunderorpursuanttoSection4.7.TheTrusteeinitsindividualoranyothercapacitymayholdSeniorObligationswiththesamerightsitwouldhaveifitwerenottheTrustee.

Section10.12AuthorizationtoEffectSubordination.EachHolder,bytheHolder’sacceptanceoftheSecurities,authorizesanddirectstheTrusteeonsuchHolder’sbehalftotakesuchactionasmaybenecessaryorappropriatetoeffectuatethesubordinationasprovidedinthisArticle10,andappointstheTrusteetoactassuchHolder’sattorney-in-factforanyandallsuchpurposes.IftheTrustee(oranyotherPersonactingonbehalfofandatthedirectionoftheMajorityHolders)doesnotfileaproperproofofclaimorproofofdebtintheformrequiredinanyproceedingreferredtoinSection8.2hereofatleastthirty(30)daysbeforetheexpirationofthetimetofilesuchclaim,therepresentativesoftheSeniorObligationsareherebyauthorizedtofileanappropriateclaimforandonbehalfoftheHoldersoftheSecurities.

Section10.13Amendments.TheprovisionsofthisArticle10areexpresslymadeforthebenefitoftheholdersfromtimetotimeoftheSeniorObligations,andmaynotbeamendedormodifiedwithoutthewrittenconsentoftherepresentativesoftheholdersofallSeniorObligations.

[Signature Page Follows]

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INWITNESSWHEREOF,thePartiesheretohavecausedthisCVRAgreementtobedulyexecuted,allasofthedayandyearfirstabovewritten. BRISTOL-MYERSSQUIBBCOMPANY By: Name: Title: [____________],astheTrustee By: Name: Title:

[Signature Page to CVR Agreement]

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ANNEX A

THISSECURITYISAGLOBALSECURITYWITHINTHEMEANINGOFTHECONTINGENTVALUERIGHTSAGREEMENT(THE“CVRAGREEMENT”)HEREINAFTERREFERREDTOANDISREGISTEREDINTHENAMEOFADEPOSITARYORANOMINEEOFADEPOSITARYORASUCCESSORDEPOSITARYFORTHEBENEFITOFTHEBENEFICIALOWNERSHEREOF.THISSECURITYISNOTEXCHANGEABLEFORSECURITIESREGISTEREDINTHENAMEOFAPERSONOTHERTHANTHEDEPOSITARYORITSNOMINEEEXCEPTINTHELIMITEDCIRCUMSTANCESDESCRIBEDINTHECVRAGREEMENT,ANDNOTRANSFEROFTHISSECURITY(OTHERTHANATRANSFEROFTHISSECURITYASAWHOLEBYTHEDEPOSITARYTOANOMINEEOFTHEDEPOSITARYORBYANOMINEEOFTHEDEPOSITARYTOTHEDEPOSITARYORANOTHERNOMINEEOFTHEDEPOSITARY)MAYBEREGISTEREDEXCEPTINTHELIMITEDCIRCUMSTANCESDESCRIBEDINTHECVRAGREEMENT.

UNLESSANDUNTILITISEXCHANGEDINWHOLEORINPARTFORSECURITIESINDIRECTREGISTRATIONFORM,THISSECURITYMAYNOTBETRANSFERREDEXCEPTASAWHOLEBYTHEDEPOSITARYTOANOMINEEOFTHEDEPOSITARYORBYANOMINEEOFTHEDEPOSITARYTOTHEDEPOSITARYORANOTHERNOMINEEOFTHEDEPOSITARYORBYTHEDEPOSITARYORANYSUCHNOMINEETOASUCCESSORDEPOSITARYORANOMINEEOFSUCHSUCCESSORDEPOSITARY.UNLESSTHISSECURITYISPRESENTEDBYANAUTHORIZEDREPRESENTATIVEOFTHEDEPOSITORYTRUSTCOMPANY,ANEWYORKCORPORATION(“DTC”)TOTHEISSUERORITSAGENTFORREGISTRATIONOFTRANSFER,EXCHANGE,ORPAYMENT,ANDANYCERTIFICATEISSUEDISREGISTEREDINTHENAMEOFCEDE&CO.ORINSUCHOTHERNAMEASISREQUESTEDBYANAUTHORIZEDREPRESENTATIVEOFDTC(ANDANYPAYMENTISMADETOCEDE&CO.ORTOSUCHOTHERENTITYASISREQUESTEDBYANAUTHORIZEDREPRESENTATIVEOFDTC),ANYTRANSFER,PLEDGEOROTHERUSEHEREOFFORVALUEOROTHERWISEBYORTOANYPERSONISWRONGFULINASMUCHASTHEREGISTEREDOWNERHEREOF,CEDE&CO.,HASANINTERESTHEREIN.

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BRISTOL-MYERSSQUIBBCOMPANYNo. Certificatefor ContingentValueRightsCUSIP [________]

Thiscertifiesthat__________,orregisteredassigns(the“Holder”),istheregisteredholderofthenumberofContingentValueRights(“CVRs”or“Securities”)setforthabove.EachCVRentitlestheHolder,subjecttotheprovisionscontainedhereinandintheCVRAgreementreferredtoonthereversehereof,topaymentsfromBristol-MyersSquibbCompany,aDelawarecorporation(the“Company”),inanamountsandintheformsdeterminedpursuanttotheprovisionssetforthonthereversehereofandasmorefullydescribedintheCVRAgreementreferredtoonthereversehereof.SuchpaymentsshallbemadebytheCompanyontheMilestonePaymentDate,asdefinedintheCVRAgreementreferredtoonthereversehereof,inaccordancewiththetermsoftheCVRAgreement.

PaymentofanyamountspursuanttothisCVRcertificateshallbemadeonlytotheregisteredHolder(asdefinedintheCVRAgreement)ofthisCVRcertificate.SuchpaymentshallbemadeintheBoroughofManhattan,TheCityofNewYork,oratanyotherofficeoragencymaintainedbytheCompanyforsuchpurpose,insuchcoinorcurrencyoftheUnitedStatesofAmericaasatthetimeislegaltenderforthepaymentofpublicandprivatedebts;provided,however,theCompanymaypaysuchamountsbywiretransferorcheckpayableinsuchmoney.[Trustee]hasbeeninitiallyappointedasPayingAgentatitsofficeoragencyintheBoroughofManhattan,TheCityofNewYork.

ReferenceisherebymadetothefurtherprovisionsofthisCVRcertificatesetforthonthereversehereof,whichfurtherprovisionsshallforallpurposeshavethesameeffectasifsetforthatthisplace.

UnlessthecertificateofauthenticationhereonhasbeendulyexecutedbytheTrusteereferredtoonthereversehereofbymanualsignature,thisCVRcertificateshallnotbeentitledtoanybenefitundertheCVRAgreement,orbevalidorobligatoryforanypurpose.

INWITNESSWHEREOF,theCompanyhascausedthisinstrumenttobedulyexecuted.

Dated:[•] By: Name: Title:

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[FormofReverseofCVRcertificate]

1.ThisCVRcertificateisissuedunderandinaccordancewiththeContingentValueRightsAgreement,datedasof[______],[____](the“CVRAgreement”),betweentheCompanyand[Trustee],a[_______],astrustee(the“Trustee,”whichtermincludesanysuccessorTrusteeundertheCVRAgreement),andissubjecttothetermsandprovisionscontainedintheCVRAgreement,toallofwhichtermsandprovisionstheHolderofthisCVRcertificateconsentsbyacceptancehereof.TheCVRAgreementisherebyincorporatedhereinbyreferenceandmadeaparthereof.ReferenceisherebymadetotheCVRAgreementforafullstatementoftherespectiverights,limitationsofrights,duties,obligationsandimmunitiesthereunderoftheCompany,theTrusteeandtheHoldersoftheCVRs.AllcapitalizedtermsusedinthisCVRcertificatewithoutdefinitionshallhavetherespectivemeaningsascribedtothemintheCVRAgreement.CopiesoftheCVRAgreementcanbeobtainedbycontactingtheTrustee.

2.OntheMilestonePaymentDate,theCompanyshallmakethepaymentsrequiredbySection3.1(c)oftheCVRAgreementtotheTrustee,forfurtherdistributionbytheTrusteetotheHoldersinaccordancewithSection3.1(c)oftheCVRAgreement.

3.IntheeventofanyconflictbetweenthisCVRcertificateandtheCVRAgreement,theCVRAgreementshallgovernandprevail.

4.TheMilestonePayment,ifany,andinterestthereon,ifany,shallbepayablebytheCompanyinsuchcoinorcurrencyoftheUnitedStatesofAmericaasatthetimeislegaltenderforthepaymentofpublicandprivatedebts;provided,however,thatsuchamountsmaybepaidcheckorwiretransferpayableinsuchmoney.[Trustee]hasbeeninitiallyappointedasPayingAgentatitsofficeoragencyintheBoroughofManhattan,TheCityofNewYork.

5.IfanEventofDefaultoccursandiscontinuing,eithertheTrusteemayortheMajorityHolders,bynoticetotheCompanyandtotheTrusteeshallbringsuitinaccordancewiththetermsandconditionsoftheCVRAgreementtoprotecttherightsoftheHolders,includingtoobtainpaymentofallamountsthendueandpayable,withinterestattheDefaultInterestRatefromthedateoftheEventofDefaultthroughthedatepaymentismadeordulyprovidedfor.

6.NoreferencehereintotheCVRAgreementandnoprovisionofthisCVRcertificateoroftheCVRAgreementshallalterorimpairtheobligationoftheCompany,whichisabsoluteandunconditional,topayanyamountsdeterminedpursuanttothetermshereofandoftheCVRAgreementatthetimes,placeandamount,andinthemanner,hereinprescribed.

7.EachMilestonePaymentoranyotherright,claimorpaymentofanykindunderthisCVRcertificate,ifany,shallbesubordinatedinrightofpayment,assetforthinArticle10oftheCVRAgreement,tothepriorpaymentinfullincashorcashequivalentsofallSeniorObligationswhetheroutstandingonthedateoftheCVRAgreementorthereafterincurred.

8.AsprovidedintheCVRAgreementandsubjecttocertainlimitationsthereinsetforth,thetransferoftheCVRsrepresentedbythisCVRcertificateisregistrableontheSecurityRegister,uponsurrenderofthisCVRcertificateforregistrationoftransferattheofficeoragencyoftheCompanymaintainedforsuchpurposeintheBoroughofManhattan,TheCityofNewYork,dulyendorsedby,oraccompaniedbyawritteninstrumentoftransferinformsatisfactorytotheCompanyandtheSecurityRegistrardulyexecutedby,theHolderhereoforhisattorneydulyauthorizedinwriting,andthereupononeormorenewCVRcertificatesorDirectRegistrationSecurities,forthesameamountofCVRs,willbeissuedtothedesignatedtransfereeortransferees.TheCompanyherebyinitiallydesignatestheofficeof[Trustee]at[Address],NewYork,NewYork[ZipCode]astheofficeforregistrationoftransferofthisCVRcertificate.

9.AsprovidedintheCVRAgreementandsubjecttocertainlimitationsthereinsetforth,thisCVRcertificateisexchangeableforoneormoreCVRcertificatesorDirectRegistrationSecuritiesrepresentingthesamenumberofCVRsasrepresentedbythisCVRcertificateasrequestedbytheHoldersurrenderingthesame.

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10.NoservicechargewillbemadeforanyregistrationoftransferorexchangeofCVRs,buttheCompanymayrequirepaymentofasumsufficienttocoveralldocumentary,stamporsimilarissueortransfertaxesorothergovernmentalchargespayableinconnectionwithanyregistrationoftransferorexchange.

11.PriortothetimeofduepresentmentofthisCVRcertificateforregistrationoftransfer,theCompany,theTrusteeandanyagentoftheCompanyortheTrusteemaytreatthePersoninwhosenamethisCVRcertificateisregisteredastheownerhereofforallpurposes,andneithertheCompany,theTrusteenoranyagentshallbeaffectedbynoticetothecontrary.

12.NeithertheCompanynortheTrusteehasanydutyorobligationtotheholderofthisCVRcertificate,exceptasexpresslysetforthhereinorintheCVRAgreement.

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TRUSTEE’S CERTIFICATE OF AUTHENTICATION

ThisisoneoftheGlobalSecuritiesreferredtointhewithin-mentionedCVRAgreement. [__________],astheTrustee

Dated:[•] By: AuthorizedSignatory

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Annex B

FormofAssignmentandAssumptionAgreement

ASSIGNMENTANDASSUMPTIONAGREEMENT,madeasof[_____],[_____](this“Agreement”),betweenBristol-MyersSquibbCompany,aDelawarecorporation(“Assignor”),and[_____],a[___](“Assignee”).Unlessotherwisedefinedherein,capitalizedtermsusedinthisAgreementshallhavethemeaningsgiventothemintheCVRAgreementreferredtobelow.

WITNESSETH:

WHEREAS,Assignorand[Trustee],astrustee(the“Trustee”)arepartiestoaContingentValueRightsAgreementdatedasof[____],[_____](the“CVRAgreement”);and

WHEREAS,AssignorandAssigneedesiretoexecuteanddeliverthisAgreementevidencingtheassignmenttoAssigneeofdueandpunctualpaymentoftheMilestonePaymentandtheperformanceandobservanceofeverycovenantoftheCVRAgreementofAssignortobeperformedandobservedandtheassumptionthereofbyAssignee.

NOW,THEREFORE,inconsiderationofthepremisesandforothergoodandvaluableconsideration,thereceiptandsufficiencyofwhichisherebyacknowledged,AssignorandAssigneeherebyagreeasfollows:

1. Assignment.Effectiveasof[______](the“AssignmentDate”),AssignorherebyassignstoAssignee,andAssigneeherebyacceptstheassignmentof,thedueandpunctualpaymentoftheMilestonePaymentandtheperformanceandobservanceofallcovenantsandconditionsoftheCVRAgreementonthepartofAssignortobeperformedorobserved.

2. Assumption.EffectiveasoftheAssignmentDate,AssigneeherebyassumesthedueandpunctualpaymentoftheMilestonePaymentandtheperformanceandobservanceofallcovenantsandconditionsoftheCVRAgreementonthepartofAssignortobeperformedorobserved.

3. SuccessorsandAssigns.ThisAgreementshallbebindinguponandshallinuretothebenefitoftherespectivepartiesheretoandtheirrespectivesuccessorsandassigns.

4. GoverningLaw.ThisAgreementshallbegovernedby,construedandenforcedinaccordancewiththelawsofNewYork,withoutgivingeffecttotheprinciplesofconflictsoflawsthereof.

5. Counterparts.ThisAgreementmaybeexecutedinoneormorecounterparts,eachofwhichshallbedeemedanoriginalbutallofwhichtogetherwillconstituteoneandthesameinstrument.

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INWITNESSWHEREOF,thepartiesheretohavecausedthisAgreementtobedulyexecuted,allasofthedayandyearfirstabovewritten. BRISTOL-MYERSSQUIBBCOMPANY By: Name: Title: [ASSIGNEE] By: Name: Title:

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Annex C

January2,2019

TheBoardofDirectorsCelgeneCorporation86MorrisAvenueSummit,NewJersey07901

MembersoftheBoardofDirectors:

Youhaverequestedouropinionastothefairness,fromafinancialpointofview,totheholdersofcommonstock,parvalue$0.01pershare(the“CompanyCommonStock”),ofCelgeneCorporation(the“Company”)oftheconsiderationtobepaidtosuchholdersintheproposedmerger(the“Transaction”)oftheCompanywithawholly-ownedsubsidiaryofBristol-MyersSquibbCompany(the“Acquiror”).PursuanttotheAgreementandPlanofMerger,datedasofJanuary2,2019(the“Agreement”),amongtheCompany,theAcquiroranditssubsidiary,BurgundyMergerSub,Inc.(“MergerSub”),MergerSubwillmergewithandintotheCompany,whereupontheseparateexistenceofMergerSubshallcease,andtheCompanywillcontinueasthesurvivingcorporation,andeachoutstandingshareofCompanyCommonStock,otherthan(i)sharesofCompanyCommonStockheldbytheCompanyastreasurystockorownedbytheAcquiror,MergerSuboranyotherwhollyownedsubsidiaryofeithertheCompanyortheAcquirorand(ii)DissentingShares(asdefinedintheAgreement),willbeconvertedintotherighttoreceiveconsiderationpershareequalto(x)$50.00incash(the“CashConsideration”),(y)one(1)share(the“StockConsideration”)oftheAcquiror’scommonstock,parvalue$0.10pershare(the“AcquirorCommonStock”),and(z)onecontingentvaluerightissuedbytheAcquiror,whichwillentitletheholderthereoftoreceiveanadditional$9.00incash,payablecontingentupontheAcquirorachievingtheMilestone(asdefinedintheCVRAgreement(asdefinedbelow))withrespecttocertainproductsasspecifiedintheCVRAgreement(the“CVRConsideration”,and,togetherwiththeCashConsiderationandtheStockConsideration,the“Consideration”).

Inconnectionwithpreparingouropinion,wehave(i)reviewedtheAgreement,includingtheformContingentValueRightsAgreementattachedasExhibitAthereto(the“CVRAgreement”);(ii)reviewedcertainpubliclyavailablebusinessandfinancialinformationconcerningtheCompanyandtheAcquirorandtheindustriesinwhichtheyoperate;(iii)comparedtheproposedfinancialtermsoftheTransactionwiththepubliclyavailablefinancialtermsofcertaintransactionsinvolvingcompanieswedeemedrelevantandtheconsiderationpaidforsuchcompanies;(iv)comparedthefinancialandoperatingperformanceoftheCompanyandtheAcquirorwithpubliclyavailableinformationconcerningcertainothercompanieswedeemedrelevantandreviewedthecurrentandhistoricalmarketpricesoftheCompanyCommonStockandtheAcquirorCommonStockandcertainpubliclytradedsecuritiesofsuchothercompanies;(v)reviewedcertaininternalfinancialanalysesandforecastspreparedbyoratthedirectionofthemanagementoftheCompanyrelatingtotherespectivebusinessesoftheCompanyandtheAcquiror,includinginthecaseoftheCompany,theforecastsandassessmentsofthemanagementoftheCompanyrelatingtotheprobabilityofachievementoftheMilestone(the“CVRProbabilities”),aswellastheestimatedamountandtimingofthecostsavingsandrelatedexpensesandsynergiesexpectedbythemanagementoftheCompanytoresultfromtheTransaction(the“Synergies”);and(vi)performedsuchotherfinancialstudiesandanalysesandconsideredsuchotherinformationaswedeemedappropriateforthepurposesofthisopinion.

Inaddition,wehavehelddiscussionswithcertainmembersofthemanagementoftheCompanyandtheAcquirorwithrespecttocertainaspectsoftheTransaction,andthepastandcurrentbusinessoperationsoftheCompanyandtheAcquiror,thefinancialconditionandfutureprospectsandoperationsoftheCompanyandtheAcquiror,theeffectsoftheTransactiononthefinancialconditionandfutureprospectsoftheCompanyandtheAcquiror,andcertainothermatterswebelievednecessaryorappropriatetoourinquiry.

Ingivingouropinion,wehaverelieduponandassumedtheaccuracyandcompletenessofallinformationthatwaspubliclyavailableorwasfurnishedtoordiscussedwithusbytheCompanyandtheAcquirororotherwisereviewedbyorforus.Wehavenotindependentlyverifiedanysuchinformationoritsaccuracyorcompletenessand,pursuanttoourengagementletterwiththeCompany,wedidnotassumeanyobligationtoundertakeanysuchindependentverification.Wehavenotconductedorbeenprovidedwithanyvaluationorappraisalofanyassetsorliabilities,norhaveweevaluatedthesolvencyoftheCompanyortheAcquirorunderanystateorfederallawsrelatingtobankruptcy,insolvencyorsimilarmatters.Inrelyingonfinancialanalyses

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andforecastsprovidedtousorderivedtherefrom,includingtheSynergies,wehaveassumedthattheyhavebeenreasonablypreparedbasedonassumptionsreflectingthebestcurrentlyavailableestimatesandjudgmentsbymanagementastotheexpectedfutureresultsofoperationsandfinancialconditionoftheCompanyandtheAcquirortowhichsuchanalysesorforecastsrelate.Weexpressnoviewastosuchanalysesorforecasts(includingtheSynergies)ortheassumptionsonwhichtheywerebased.Inconnectionwithourfinancialanalyses,wehaveappliedtheCVRProbabilitiestoderiveavaluefortheCVRConsideration,whichvaluewasreviewedandapprovedbymanagementoftheCompanyforpurposesofperformingourfinancialanalysesinconnectionwithrenderingthisopinion.Inaddition,withrespecttothefinancialforecastsrelatingtotheCompanythatwereprovidedtousbytheCompany,weassignedprobabilityweightingsprovidedbytheCompanytoeachofcertainofsuchforecastsasdirectedbytheCompany,andtheresultingforecastcalculatedbasedonsuchprobabilityweightingwasreviewedandapprovedbymanagementoftheCompanyforpurposesofperformingourfinancialanalysesinconnectionwithrenderingthisopinion,andweexpressnoopinionwithrespecttoanyotherfinancialforecastsrelatingtotheCompanyprovidedtousbytheCompany.Further,wehavebeenadvisedbymanagementoftheCompany,andhaveassumedwiththeCompany’sconsent,thatsuchprobabilityweightingsreflectthebestcurrentlyavailableestimatesandjudgmentsbymanagementastotheexpectedfutureresultsofoperationsandfinancialconditionoftheCompany.WehavealsoassumedthattheTransactionandtheothertransactionscontemplatedbytheAgreementwillhavethetaxconsequencesdescribedindiscussionswith,andmaterialsfurnishedtousby,representativesoftheCompany,andwillbeconsummatedasdescribedintheAgreement,andthatthedefinitiveCVRAgreementwillnotdifferinanymaterialrespectsfromtheformthereoffurnishedtous.WehavealsoassumedthattherepresentationsandwarrantiesmadebytheCompanyandtheAcquirorintheAgreementandtherelatedagreementsareandwillbetrueandcorrectinallrespectsmaterialtoouranalysis.Wearenotlegal,regulatoryortaxexpertsandhavereliedontheassessmentsmadebyadvisorstotheCompanywithrespecttosuchissues.Wehavefurtherassumedthatallmaterialgovernmental,regulatoryorotherconsentsandapprovalsnecessaryfortheconsummationoftheTransactionwillbeobtainedwithoutanyadverseeffectontheCompanyortheAcquirororonthecontemplatedbenefitsoftheTransactioninanyrespectmaterialtoouranalysis.

Ouropinionisnecessarilybasedoneconomic,marketandotherconditionsasineffecton,andtheinformationmadeavailabletousasof,thedatehereof.Itshouldbeunderstoodthatsubsequentdevelopmentsmayaffectthisopinionandthatwedonothaveanyobligationtoupdate,revise,orreaffirmthisopinion.Ouropinionislimitedtothefairness,fromafinancialpointofview,oftheConsiderationtobepaidtotheholdersoftheCompanyCommonStockintheproposedTransactionandweexpressnoopinionastothefairnessofanyconsiderationtobepaidinconnectionwiththeTransactiontotheholdersofanyotherclassofsecurities,creditorsorotherconstituenciesoftheCompanyorastotheunderlyingdecisionbytheCompanytoengageintheTransaction.Furthermore,weexpressnoopinionwithrespecttotheamountornatureofanycompensationtoanyofficers,directors,oremployeesofanypartytotheTransaction,oranyclassofsuchpersonsrelativetotheConsiderationtobepaidtotheholdersoftheCompanyCommonStockintheTransactionorwithrespecttothefairnessofanysuchcompensation. WeareexpressingnoopinionhereinastothepriceatwhichtheCompanyCommonStock,theAcquirorCommonStockortheCVRswilltradeatanyfuturetime.

WehaveactedasfinancialadvisortotheCompanywithrespecttotheproposedTransactionandwillreceiveafeefromtheCompanyforourservices,asubstantialportionofwhichwillbecomepayableonlyiftheproposedTransactionisconsummated.Inaddition,theCompanyhasagreedtoindemnifyusforcertainliabilitiesarisingoutofourengagement.Duringthetwoyearsprecedingthedateofthisletter,weandouraffiliateshavehadcommercialorinvestmentbankingrelationshipswiththeCompanyandtheAcquiror,forwhichweandsuchaffiliateshavereceivedcustomarycompensation.SuchservicesduringsuchperiodhaveincludedactingasjointleadbookrunnerontheCompany’sbondofferingwhichclosedinOctober2017,asfinancialadvisoronanacquisitionmadebytheCompanyinMarch2018,asjointleadarrangerandbookrunnerontheCompany’srevolvingcreditfacilitywhichclosedinApril2018andasjointleadarrangerandbookrunnerontheAcquiror’srevolvingcreditfacilitywhichclosedinJune2018.Inaddition,ourcommercialbankingaffiliateisanagentbankandalenderunderoutstandingcreditfacilitiesoftheAcquiror,forwhichitreceivescustomarycompensationorotherfinancialbenefits.Inaddition,weandouraffiliateshold,onaproprietarybasis,lessthan1%oftheoutstandingcommonstockofeachoftheCompanyandtheAcquiror.Intheordinarycourseofour

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businesses,weandouraffiliatesmayactivelytradethedebtandequitysecuritiesorfinancialinstruments(includingderivatives,bankloansorotherobligations)oftheCompanyortheAcquirorforourownaccountorfortheaccountsofcustomersand,accordingly,wemayatanytimeholdlongorshortpositionsinsuchsecuritiesorotherfinancialinstruments.

Onthebasisofandsubjecttotheforegoing,itisouropinionasofthedatehereofthattheConsiderationtobepaidtotheholdersoftheCompanyCommonStockintheproposedTransactionisfair,fromafinancialpointofview,tosuchholders.

TheissuanceofthisopinionhasbeenapprovedbyafairnessopinioncommitteeofJ.P.MorganSecuritiesLLC.ThisletterisprovidedtotheBoardofDirectorsoftheCompany(initscapacityassuch)inconnectionwithandforthepurposesofitsevaluationoftheTransaction.ThisopiniondoesnotconstitutearecommendationtoanystockholderoftheCompanyastohowsuchstockholdershouldvotewithrespecttotheTransactionoranyothermatter.Thisopinionmaynotbedisclosed,referredto,orcommunicated(inwholeorinpart)toanythirdpartyforanypurposewhatsoeverexceptwithourpriorwrittenapproval.ThisopinionmaybereproducedinfullinanyproxyorinformationstatementmailedtostockholdersoftheCompanybutmaynototherwisebedisclosedpubliclyinanymannerwithoutourpriorwrittenapproval.

Verytrulyyours,

/s/J.P.MorganSecuritiesLLC

J.P.MORGANSECURITIESLLC

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Annex D

January2,2019

TheBoardofDirectorsCelgeneCorporation86MorrisAvenueSummit,NewJersey07901

MembersoftheBoard:

Youhaverequestedouropinionastothefairness,fromafinancialpointofview,totheholdersofthecommonstockofCelgeneCorporation(the“Company”)oftheMergerConsideration(definedbelow)tobereceivedbysuchholderspursuanttothetermsandsubjecttotheconditionssetforthinanAgreementandPlanofMerger,datedasofJanuary2,2019(the“MergerAgreement”),amongBristol-MyersSquibbCompany(“Parent”),BurgundyMergerSub,Inc.,awholly-ownedsubsidiaryofParent(“MergerSub”),andtheCompany.AsmorefullydescribedintheMergerAgreement,(i)MergerSubwillbemergedwithandintotheCompany,withtheCompanyasthesurvivingentityandcontinuingasawhollyownedsubsidiaryofParent(the“Merger”),and(ii)eachoutstandingshareofthecommonstock,parvalue$0.01pershare,oftheCompany(“CompanyCommonStock”),otherthan(i)sharesofCompanyCommonStockheldbytheCompanyastreasurystockorownedbyParent,MergerSuboranyotherwhollyownedsubsidiaryofeithertheCompanyorParent,and(ii)DissentingShares(asdefinedintheMergerAgreement),willbeconvertedintotherighttoreceive(x)$50.00incash(the“CashConsideration”),(y)one(1)share(the“StockConsideration”)ofthecommonstock,parvalue$0.10pershare,ofParent(“ParentCommonStock”)and(z)onecontingentvaluerightissuedbyParent,whichwillentitletheholderthereoftoreceiveanadditional$9.00incash,payablecontingentuponParentachievingtheMilestone(asdefinedintheCVRAgreement(asdefinedbelow))withrespecttocertainproductsasspecifiedintheCVRAgreement(the“CVRConsideration”,and,togetherwiththeCashConsiderationandtheStockConsideration,the“MergerConsideration”).

Inarrivingatouropinion,wereviewedanexecutioncopy,providedtousonJanuary2,2019,oftheMergerAgreement,includingtheformContingentValueRightsAgreementattachedasExhibitAthereto(the“CVRAgreement”),andhelddiscussionswithcertainseniorofficers,directorsandotherrepresentativesandadvisorsoftheCompanyandcertainseniorofficersandotherrepresentativesandadvisorsofParentconcerningthebusinesses,operationsandprospectsoftheCompanyandParent.WeexaminedcertainpubliclyavailablebusinessandfinancialinformationrelatingtotheCompanyandParentaswellascertainfinancialforecastsandotherinformationanddatarelatingtotheCompanyandParentwhichwereprovidedtousbymanagementoftheCompanyanddiscussedwithusbytherespectivemanagementsoftheCompanyandParent,includinginformationrelatingtothepotentialstrategicimplicationsandoperationalbenefits(includingtheamount,timingandachievabilitythereof)anticipatedbythemanagementoftheCompanytoresultfromtheMerger,includinginthecaseoftheCompany,theforecastsandassessmentsofthemanagementoftheCompanyrelatingtotheprobabilitiesofachievingtheMilestone(the“CVRProbabilities”).WereviewedthefinancialtermsoftheMergerassetforthintheMergerAgreementinrelationto,amongotherthings:currentandhistoricalmarketpricesandtradingvolumesofCompanyCommonStockandParentCommonStock;thehistoricalandprojectedearningsandotheroperatingdataoftheCompanyandParent;andthecapitalizationandfinancialconditionoftheCompanyandParent.Weconsidered,totheextentpubliclyavailable,thefinancialtermsofcertainothertransactionswhichweconsideredrelevantinevaluatingtheMergerandanalyzedcertainfinancial,stockmarketandotherpubliclyavailableinformationrelatingtothebusinessesofothercompanieswhoseoperationsweconsideredrelevantinevaluatingthoseoftheCompanyandParent.WealsoevaluatedcertainpotentialproformafinancialeffectsoftheMergeronParent.Inadditiontotheforegoing,weconductedsuchotheranalysesandexaminationsandconsideredsuchotherinformationandfinancial,economicandmarketcriteriaaswedeemedappropriateinarrivingatouropinion.Theissuanceofouropinionhasbeenauthorizedbyourfairnessopinioncommittee.

Inrenderingouropinion,wehaveassumedandrelied,withoutindependentverification,upontheaccuracyandcompletenessofallfinancialandotherinformationanddatapubliclyavailableorprovidedtoorotherwisereviewedbyordiscussedwithusandupontheassurancesoftherespectivemanagementsoftheCompanyandParentthattheyarenotawareofanyrelevantinformationthathasbeenomittedorthatremainsundisclosedtous.Inconnectionwithourfinancialanalyses,wehaveappliedtheCVRProbabilitiestoderiveavaluationrange

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fortheCVRConsideration,whichvaluationrangewasreviewedandapprovedbymanagementoftheCompanyforpurposesofourfinancialanalysesinconnectionwithrenderingthisopinion.Inaddition,withrespecttothefinancialforecastsrelatingtotheCompanythatwereprovidedtousbytheCompany,weassignedprobabilityweightingsprovidedbytheCompanytoeachofcertainofsuchforecastsasdirectedbytheCompany,andtheresultingforecastcalculatedbasedonsuchprobabilityweightingwasreviewedandapprovedbymanagementoftheCompanyforpurposesofperformingourfinancialanalysesinconnectionwithrenderingthisopinion.Further,wehavebeenadvisedbytheCompany,andhaveassumedwiththeCompany’sconsent,thatsuchprobabilityweightingsreflectthebestcurrentlyavailableestimatesandjudgmentsbymanagementastotheexpectedfutureresultsofoperationsandfinancialconditionoftheCompany.WithrespecttofinancialforecastsandotherinformationanddatarelatingtotheCompanyandParentprovidedtoorotherwisereviewedbyordiscussedwithus(includingtheprobabilitiesofachievingtheMilestone),wehavebeenadvisedbytherespectivemanagementsoftheCompanyandParent,asapplicable,thatsuchforecastsandotherinformationanddatawerereasonablypreparedonbasesreflectingthebestcurrentlyavailableestimatesandjudgmentsofthemanagementsoftheCompanyandParent,asapplicable,astothefuturefinancialperformanceoftheCompanyandParent,thepotentialstrategicimplicationsandoperationalbenefits(includingtheamount,timingandachievabilitythereof)anticipatedtoresultfromtheMergerandtheothermatterscoveredthereby,andhaveassumed,withyourconsent,thatthefinancialresults(includingthepotentialstrategicimplicationsandoperationalbenefitsanticipatedtoresultfromtheMergerandtheprobabilitiesofachievingtheMilestone)reflectedinsuchforecastsandotherinformationanddatawillberealizedintheamountsandatthetimesprojected.

Wehaveassumed,withyourconsent,thattheMergerwillbeconsummatedinaccordancewithitsterms,withoutwaiver,modificationoramendmentofanymaterialterm,conditionoragreementandthat,inthecourseofobtainingthenecessaryregulatoryorthirdpartyapprovals,consentsandreleasesfortheMerger,nodelay,limitation,restrictionorconditionwillbeimposedthatwouldhaveanadverseeffectontheCompany,ParentorthecontemplatedbenefitsoftheMergerinanyrespectmaterialtoouranalysis.RepresentativesoftheCompanyhaveadvisedus,andwefurtherhaveassumed,thatthefinaltermsoftheCVRAgreementwillnotvarymateriallyfromthosesetforthintheformreviewedbyus.WearenotexpressinganyopinionastowhatthevalueoftheParentCommonStockactuallywillbewhenissuedpursuanttotheMergerorwhatthevalueoftheCVRactuallywillbeupontheissuancethereof,orthepriceatwhichtheParentCommonStockortheCVRswilltradeatanytime.Wehavenotmadeorbeenprovidedwithanindependentevaluationorappraisaloftheassetsorliabilities(contingentorotherwise)oftheCompanyorParentnorhavewemadeanyphysicalinspectionofthepropertiesorassetsoftheCompanyorParent.

Ouropiniondoesnotaddress,theunderlyingbusinessdecisionoftheCompanytoeffecttheMerger,therelativemeritsoftheMergerascomparedtoanyalternativebusinessstrategiesthatmightexistfortheCompanyortheeffectofanyothertransactioninwhichtheCompanymightengage.Wealsoexpressnoviewasto,andouropiniondoesnotaddress,thefairness(financialorotherwise)oftheamountornatureoranyotheraspectofanycompensationtoanyofficers,directorsoremployeesofanypartiestotheMerger,oranyclassofsuchpersons,relativetotheMergerConsideration.Ouropinionisnecessarilybaseduponinformationavailabletous,andfinancial,stockmarketandotherconditionsandcircumstancesexisting,asofthedatehereof.

CitigroupGlobalMarketsInc.hasactedasfinancialadvisortotheCompanyinconnectionwiththeproposedMergerandwillreceiveafeeforsuchservices,asignificantportionofwhichiscontingentupontheconsummationoftheMerger.Wealsowillreceiveafeeinconnectionwiththedeliveryofthisopinion.Weandouraffiliatesinthepasthaveprovided,andcurrentlyprovide,servicestotheCompanyunrelatedtotheproposedMerger,forwhichservicesweandsuchaffiliateshavereceivedandexpecttoreceivecompensation,including,withoutlimitation,duringthetwoyearperiodpriortothedatehereof,havingacted(i)asfinancialadvisortotheCompanyinconnectionwithaconfidentialstrategictransactionin2018,(ii)asjointleadarrangerinconnectionwiththerefinancingofa$2billionrevolvingcreditfacilityinApril2018,(iii)asjointbookrunnerona$4.5billionseniornotesofferinginFebruary2018and(iv)asadministrativeagentandjointleadarrangerinconnectionwitha$2billionrevolvingcreditfacilityinApril2017.Inaddition,weandouraffiliatesinthepasthaveprovided,andcurrentlyprovide,servicestoParentunrelatedtotheproposedMerger,forwhichservicesweandsuchaffiliateshavereceivedandexpecttoreceivecompensation,including,withoutlimitation,duringthetwoyearperiodpriortothedatehereof,havingacted(i)asjointleadarrangerinconnectionwitha$1.5billionrevolvingcreditfacilityanda364-dayrevolvingcreditfacilityinJune2017,and(ii)asjointbookrunnerona$1.5billionseniornotesofferinginFebruary2017.Intheordinarycourseofourbusiness,weandouraffiliates

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mayactivelytradeorholdthesecuritiesoftheCompanyandParentforourownaccountorfortheaccountofourcustomersand,accordingly,mayatanytimeholdalongorshortpositioninsuchsecurities.Inaddition,weandouraffiliates(includingCitigroupInc.anditsaffiliates)maymaintainrelationshipswiththeCompany,Parentandtheirrespectiveaffiliates.

OuradvisoryservicesandtheopinionexpressedhereinareprovidedfortheinformationoftheBoardofDirectorsoftheCompanyinitsevaluationoftheproposedMerger,andouropinionisnotintendedtobeanddoesnotconstitutearecommendationtoanystockholderastohowsuchstockholdershouldvoteoractonanymattersrelatingtotheproposedMerger.

Baseduponandsubjecttotheforegoing,ourexperienceasinvestmentbankers,ourworkasdescribedaboveandotherfactorswedeemedrelevant,weareoftheopinionthat,asofthedatehereof,theMergerConsiderationisfair,fromafinancialpointofview,totheholdersoftheCompanyCommonStock.

Verytrulyyours,

/s/CitigroupGlobalMarketsInc.

CITIGROUPGLOBALMARKETSINC.

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Annex E 1585Broadway

NewYork,NY10036

 

January2,2019

BoardofDirectorsBristol-MyersSquibbCompany430East29thStreet14FloorNewYork,NY10016

MembersoftheBoard:

WeunderstandthatBristol-MyersSquibbCompany(the“Buyer”),CelgeneCorporation(the“Company”),andBurgundyMergerSub,Inc.,awhollyownedsubsidiaryoftheBuyer(“AcquisitionSub”),proposetoenterintoanAgreementandPlanofMerger,substantiallyintheformofthedraftdatedJanuary2,2019(the“MergerAgreement”),whichprovides,amongotherthings,forthemerger(the“Merger”)ofAcquisitionSubwithandintotheCompany,withtheCompanysurviving.PursuanttotheMerger,eachoutstandingshareofcommonstock,parvalue$0.01pershare,oftheCompany(the“CompanyCommonStock”),otherthanExcludedShares(asdefinedintheMergerAgreement(the“ExcludedShares”)),willbeconvertedintotherighttoreceive(A)$50.00pershareincash(the“CashConsideration”),(B)oneshareofcommonstock,parvalue$0.10pershare,oftheBuyer(the“BuyerCommonStock”),(the“StockConsideration”),and(C)onetradeableContingentValueRight(“CVR”),whichentitlesitsholdertoreceivea$9.00cashpaymentforfutureregulatorymilestonespursuanttothetermsoftheNewCVRAgreement(asdefinedintheMergerAgreement),substantiallyintheformannexedtotheMergerAgreement(collectivelywiththeCashConsiderationandtheStockConsideration,the“Consideration”).ThetermsandconditionsoftheMergeraremorefullysetforthintheMergerAgreement.

YouhaveaskedforouropinionastowhethertheConsiderationtobepaidbytheBuyerpursuanttotheMergerAgreementisfair,fromafinancialpointofview,totheBuyer.

Forpurposesoftheopinionsetforthherein,wehave:

1) ReviewedcertainpubliclyavailablefinancialstatementsandotherbusinessandfinancialinformationoftheCompanyandtheBuyer,respectively;

2) ReviewedcertaininternalfinancialstatementsandotherfinancialandoperatingdataconcerningtheCompanyandtheBuyer,respectively;

3) Reviewedcertainnon-publicprojectedfinancialdatarelatingtotheCompanypreparedbythemanagementoftheCompany,whichdatawasadjustedandextrapolatedbythemanagementoftheBuyer(the“CompanyProjections”);

4) Reviewedcertainnon-publicprojectedfinancialdatarelatingtotheBuyerpreparedandfurnishedtousbythemanagementoftheBuyer(togetherwiththeCompanyProjections,the“Projections”);

5) Reviewedinformationrelatingtocertainstrategic,financialandoperationalbenefitsanticipatedfromtheMerger,preparedbythemanagementoftheBuyer(the“Synergies”);

6) DiscussedthepastandcurrentoperationsandfinancialconditionandtheprospectsoftheCompanyandtheBuyer,includinginformationrelatingtotheSynergies,withseniorexecutivesoftheBuyer;

7) ReviewedtheproformaimpactoftheMergerontheBuyer’searningspershareandcashflow;

8) ReviewedthereportedpricesandtradingactivityfortheCompanyCommonStockandtheBuyerCommonStock;

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9) ComparedthefinancialperformanceoftheCompanyandtheBuyerandthepricesandtradingactivityoftheCompanyCommonStockandtheBuyerCommonStockwiththatofcertainotherpublicly-tradedcompaniescomparablewiththeCompanyandtheBuyer,respectively,andtheirsecurities;

10) Reviewedthefinancialterms,totheextentpubliclyavailable,ofcertaincomparableacquisitiontransactions;

11) ParticipatedincertaindiscussionsandnegotiationsamongrepresentativesoftheCompanyandtheBuyerandtheirfinancialandlegaladvisors;

12) ReviewedtheMergerAgreement,theNewCVRAgreementandcertainrelateddocuments;and

13) Performedsuchotheranalyses,reviewedsuchotherinformationandconsideredsuchotherfactorsaswehavedeemedappropriate.

Wehaveassumedandreliedupon,withoutindependentverification,theaccuracyandcompletenessoftheinformationthatwaspubliclyavailableorsuppliedorotherwisemadeavailabletousbytheCompanyandtheBuyer,andformedasubstantialbasisforthisopinion.Atyourdirection,ouranalysesrelatingtothebusinessandfinancialprospectsoftheCompanyandtheBuyerforpurposesofouropinionweremadeonthebasesoftheProjectionsandtheSynergies.WithrespecttotheProjectionsandtheSynergies,wehaveassumed,withyourconsent,thattheyhavebeenreasonablypreparedonbasesreflectingthebestcurrentlyavailableestimatesandjudgmentsofthemanagementoftheBuyerofthefuturefinancialperformanceoftheCompanyandtheBuyer,respectively.WeexpressnoviewastotheProjectionsortheSynergies,northeassumptionsuponwhichtheywerebased.WereviewedthepotentialvalueoftheCVRunderdifferentpossiblescenariosregardingthereceiptoftheregulatoryapprovalsuponwhichthecontingentconsiderationthatistobepaidpursuanttotheCVRisconditioned,and,forpurposesofouranalysisandopinion,atyourdirection,weutilizedanestimatedprobability-adjustednetpresentvalueoftheCVRbasedontheestimatedprobabilitiesandtimingoffutureregulatorymilestonesprovidedbythemanagementoftheBuyer.WeexpressnoviewastothelikelihoodofwhetheranyoftheregulatoryapprovalsuponwhichthecontingentconsiderationthatistobepaidpursuanttotheCVRareobtainedorwhetherthecontingentconsiderationthatistobepaidpursuanttotheCVRbecomespayable.Inaddition,wehaveassumed,withyourconsent,thattheMergerwillbeconsummatedinaccordancewithallapplicablelawsandregulationsandinaccordancewiththetermssetforthintheMergerAgreementwithoutanywaiver,amendmentordelayofanytermsorconditions,andthatthedefinitiveMergerAgreementwillnotdifferinanymaterialrespectfromthedraftthereoffurnishedtous.Wehaveassumed,withtheBuyer’sconsent,thatinconnectionwiththereceiptofanygovernmental,regulatoryorotherapprovals,consentsoragreementsrequiredinconnectionwiththeMerger,nodelays,limitations,conditionsorrestrictionswillbeimposedthatwouldhaveamaterialadverseeffectontheCompany,theBuyer,AcquisitionSuborthecontemplatedbenefitsexpectedtobederivedintheMerger.Wearenotlegal,taxorregulatoryadvisors.Wearefinancialadvisorsonlyandhavereliedupon,withoutindependentverification,theassessmentoftheBuyeranditslegal,taxorregulatoryadvisorswithrespecttolegal,taxorregulatorymatters.

WeexpressnoopinionwithrespecttothefairnessoftheamountornatureofanycompensationtobepaidtoanyoftheCompany’sofficers,directorsoremployees,oranyclassofsuchpersons,relativetotheConsiderationtobepaidtotheholdersofsharesoftheCompanyCommonStock(otherthanExcludedShares)intheMerger.WeexpressnoopinionastotherelativeproportionofBuyerCommonStockandcashincludedintheConsideration.Wehavenotbeenrequestedtomake,andhavenotmade,anyindependentvaluationorappraisaloftheassetsorliabilities(contingentorotherwise)oftheCompanyortheBuyer,norhavewebeenfurnishedwithanysuchvaluationsorappraisals.Ouropinionisnecessarilybasedonfinancial,economic,marketandotherconditionsasineffecton,andtheinformationmadeavailabletousasof,thedatehereof.Eventsoccurringafterthedatehereofmayaffectthisopinionandtheassumptionsusedinpreparingit,andwedonotassumeanyobligationtoupdate,reviseorreaffirmthisopinion.

Ouropinionislimitedtothefairness,fromafinancialpointofviewtotheBuyer,oftheConsiderationtobepaidbytheBuyerpursuanttotheMergerAgreement.Wehavenotbeenrequestedtoopineasto,andouropiniondoesnotinanymanneraddress,theBuyer’sunderlyingbusinessdecisiontoproceedwithoreffectthetransactionscontemplatedbytheMergerAgreement,orthelikelihoodthattheMergerisconsummated.Our

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opiniondoesnotaddresstherelativemeritsoftheMergerascomparedtoanyotheralternativebusinesstransaction,orotheralternatives,orwhetherornotsuchalternativescouldbeachievedorareavailable.

WehaveactedasfinancialadvisortotheBoardofDirectorsoftheBuyerinconnectionwiththeMergerandwillreceiveafeeforourservices,asubstantialportionofwhichiscontingentupontheclosingoftheMerger.Inaddition,Buyerhasagreedtoreimbursecertainofourexpensesandindemnifyusandcertainrelatedpartiesforcertainliabilitiesandotheritemsarisingoutoforrelatedtoourengagement.Inthetwoyearspriortothedatehereof,weandouraffiliateshaveprovidedfinancingservicestotheCompanyandfinancialadvisoryandfinancingservicestotheBuyerandhavereceivedfeesinconnectionwithsuchservices.Inaddition,itisanticipatedthatMorganStanleyoroneormoreofitsaffiliatesmayprovideorarrangefinancingfortheBuyerinconnectionwiththeconsummationoftheMerger,forwhichwewillreceivefeesfromtheBuyer.MorganStanleyanditsaffiliatesmayalsoseektoprovidefinancialadvisoryandfinancingservicestotheBuyerandtheCompanyandtheirrespectiveaffiliatesinthefutureandwouldexpecttoreceivefeesfortherenderingoftheseservices.

PleasenotethatMorganStanleyisaglobalfinancialservicesfirmengagedinthesecurities,investmentmanagementandindividualwealthmanagementbusinesses.Oursecuritiesbusinessisengagedinsecuritiesunderwriting,tradingandbrokerageactivities,foreignexchange,commoditiesandderivativestrading,primebrokerage,aswellasprovidinginvestmentbanking,financingandfinancialadvisoryservices.MorganStanley,itsaffiliates,directorsandofficersmayatanytimeinvestonaprincipalbasisormanagefundsthatinvest,holdlongorshortpositions,financepositions,andmaytradeorotherwisestructureandeffecttransactions,fortheirownaccountortheaccountsofitscustomers,indebtorequitysecuritiesorloansoftheBuyer,theCompany,oranyothercompany,oranycurrencyorcommodity,thatmaybeinvolvedintheMerger,oranyrelatedderivativeinstrument.

ThisopinionhasbeenapprovedbyacommitteeofMorganStanleyinvestmentbankingandotherprofessionalsinaccordancewithourcustomarypractice.ThisopinionisfortheinformationoftheBoardofDirectorsoftheBuyer(initscapacityassuch)inconnectionwithitsconsiderationoftheMergerandmaynotbeusedforanyotherpurposeordisclosedwithoutourpriorwrittenconsent,exceptthatacopyofthisopinionmaybeincludedinitsentiretyinanyfilingtheBuyerisrequiredtomakewiththeSecuritiesandExchangeCommissioninconnectionwiththeMergerifsuchinclusionisrequiredbyapplicablelaw.Inaddition,thisopiniondoesnotinanymanneraddressthepricesatwhichtheBuyerCommonStockwilltradefollowingconsummationoftheMergeroratanytimeandMorganStanleyexpressesnoopinionorrecommendationastohowtheshareholdersoftheBuyerandtheCompanyshouldvoteattheshareholders’meetingstobeheld,oractonanymatter,inconnectionwiththeMerger.

Basedonandsubjecttotheforegoing,weareoftheopiniononthedatehereofthattheConsiderationtobepaidbytheBuyerpursuanttotheMergerAgreementisfairfromafinancialpointofviewtotheBuyer. Verytrulyyours, MORGANSTANLEY&CO.LLC By: /s/EdwardA.Smith

EdwardA.SmithManagingDirector

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Annex FDyalCo.LLC152West57thStreet,25thfloorNewYork,NewYork10019Office:+1.212.321.4010Facsimile:+1.212.321.4020

DYAL CO. LLC

January2,2019

BoardofDirectorsBristol-MyersSquibbCompany430East29thStreet14FloorNewYork,NY10016

MembersoftheBoardofDirectors:

WeunderstandthatBristol-MyersSquibbCompany(the“Company”),BurgundyMergerSub,Inc.(“MergerSub”)andCelgeneCorporation(“Celgene”),proposetoenterintoanAgreementandPlanofMerger(the“MergerAgreement”),pursuanttowhich,amongotherthings,(i)MergerSubwillmergewithandintoCelgene(the“Merger”)withCelgeneasthesurvivingcorporationintheMerger,and(ii)uponeffectivenessoftheMerger,eachissuedandoutstandingshareofcommonstock,parvalue$0.01pershare,ofCelgene(the“CelgeneCommonStock”),otherthanExcludedShares(asdefinedintheMergerAgreement),willbeconvertedintotherighttoreceive(a)$50.00incash(the“CashConsideration”),(b)oneshareofcommonstock,parvalue$0.10,oftheCompany(the“CompanyCommonStock”),(the“StockConsideration”),and(c)onetradeablecontingentvalueright(the“CVR”),whichentitlesitsholdertoreceivea$9.00cashpaymentforfutureregulatorymilestonespursuanttothetermsoftheNewCVRAgreement(asdefinedintheMergerAgreement),(togetherwiththeCashConsiderationandtheStockConsideration,the“Consideration”),allasmorefullydescribedintheMergerAgreement(the“Transaction”).CapitalizedtermsusedbutnototherwisedefinedhereinshallhavethemeaningsgiventosuchtermsintheMergerAgreement.

DyalCo.LLC(“DyalCo.”or“we”)isafinancialservicesfirmengaged,directlyandthroughouraffiliatesandrelatedpersons,inM&Aadvisoryactivities.WehaveactedasfinancialadvisortotheCompanyinconnectionwith,andhaveparticipatedincertainofthenegotiationsleadingto,theTransaction.

YouhaverequestedouropinionastothefairnessfromafinancialpointofviewtotheCompanyoftheConsiderationtobepaidbytheCompanypursuanttotheMergerAgreement.

Inconnectionwiththisopinion,wehave,amongotherthings:

1. reviewedadraftoftheMergerAgreementdatedJanuary2,2019,andcertainrelateddocuments,includingtheNewCVRAgreement;

2. reviewedpubliclyavailablefinancialstatementsandotherinformationofeachoftheCompanyandCelgene;

3. reviewedcertaininternalfinancialstatementsandotherfinancialandoperatinginformationofeachoftheCompanyandCelgene,respectively;

4. reviewedcertainnon-publicprojectedfinancialdatarelatingtoCelgenepreparedbythemanagementofCelgene,whichdatawasadjustedandextrapolatedbythemanagementoftheCompany(the“CelgeneProjections”);

5. reviewedcertainnon-publicprojectedfinancialdatarelatingtotheCompanypreparedandfurnishedtousbythemanagementoftheCompany(togetherwiththeCelgeneProjections,the“Projections”);

6. reviewedinformationrelatingtocertainstrategic,financialandoperationalbenefitsanticipatedfromtheTransaction,preparedbythemanagementoftheCompany(the“Synergies”);

Broker Dealer Services Provided through Dyal Co. LLC. Member FINRA SIPC

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7. discussedthepastandcurrentoperationsandfinancialconditionandtheprospectsofCelgeneandoftheCompanywithseniorexecutivesoftheCompany;

8. comparedthefinancialtermsoftheTransactionwiththepubliclyavailablefinancialtermsofcertaintransactionswhichwebelievetobegenerallyrelevant;

9. reviewedthehistoricaltradingpricesandtradingactivityfortheCelgeneCommonStockandCompanyCommonStockandcomparedsuchpricesandtradingactivitywiththatofsecuritiesofcertainpublicly-tradedcompanieswhichwebelievetobegenerallyrelevant;

10. comparedcertainfinancialinformationforCelgeneandtheCompanywithsimilarfinancialinformationforcertainothercompanieswithpubliclytradedsecurities;and

11. performedsuchotherstudiesandanalyses,reviewedsuchotherinformationandconsideredsuchotherfactorsaswedeemedappropriate.

Forpurposesofrenderingthisopinion,wehave,withyourconsent,relieduponandassumedtheaccuracyandcompletenessofallofthefinancial,legal,regulatory,tax,accountingandotherinformation(includingwithrespecttoforecasts,synergiesandvaluationestimates)providedto,discussedwithorreviewedby,us(includinginformationthatisavailablefromgenerallyrecognizedpublicsources),withoutassuminganyresponsibilityforindependentverificationthereof.Inthatregard,wehaveassumedwithyourconsentthattheProjectionsandtheSynergieshavebeenreasonablypreparedonabasisreflectingthebestcurrentlyavailableestimatesandjudgmentsofthemanagementoftheCompany.Atyourdirection,ouranalysesrelatingtothebusinessandfinancialprospectsofCelgeneandtheCompanyforpurposesofouropinionweremadeonthebasesoftheProjectionsandtheSynergies.WereviewedthepotentialvalueoftheCVRunderdifferentpossiblescenariosregardingthereceiptoftheregulatoryapprovalsuponwhichthecontingentconsiderationthatistobepaidpursuanttotheCVRisconditioned,and,forpurposesofouranalysisandopinion,atyourdirection,weutilizedanestimatedprobability-adjustednetpresentvalueoftheCVRbasedontheestimatedprobabilitiesandtimingoffutureregulatorymilestonesprovidedbythemanagementoftheCompany.WeexpressnoviewastothelikelihoodofwhetheranyoftheregulatoryapprovalsuponwhichthecontingentconsiderationthatistobepaidpursuanttotheCVRareobtainedorwhetherthecontingentconsiderationthatistobepaidpursuanttotheCVRbecomespayable.Wehavenotmadeanindependentevaluationorappraisaloftheassetsandliabilities(includinganycontingent,derivativeorotheroff-balance-sheetassetsandliabilities)ofCelgene,theCompanyoranyofitssubsidiariesandwehavenotbeenfurnishedwithanysuchevaluationorappraisal.WehaveassumedthatthefinalMergerAgreementwillnotdifferfromthedraftdatedJanuary2,2019inanywaywhichwouldbemeaningfultoouranalysis.Wehaveassumedthatallgovernmental,regulatoryandotherconsentsandapprovalsnecessaryfortheconsummationoftheTransactionwillbeobtainedwithoutanyadverseeffectontheCompanyorCelgeneorontheexpectedbenefitsoftheTransactioninanywaymeaningfultoouranalysis.WealsohaveassumedthattheTransactionwillbeconsummatedonthetermssetforthintheMergerAgreement,withoutthewaiverormodificationofanytermorconditiontheeffectofwhichwouldbeinanywaymeaningfultoouranalysis.

OuropiniondoesnotaddresstheunderlyingbusinessdecisionoftheCompanytoengageintheTransaction,ortherelativemeritsoftheTransactionascomparedtoanystrategicalternativesthatmaybeavailabletotheCompany;nordoesitaddressanylegal,regulatory,taxoraccountingmatters.ThisopinionaddressesonlythefairnessfromafinancialpointofviewtotheCompany,asofthedatehereof,oftheConsiderationtobepaidbytheCompanypursuanttotheMergerAgreement.Wedonotexpressanyviewon,andouropiniondoesnotaddress,anyothertermoraspectoftheMergerAgreement,theTransaction,CelgeneoranytermoraspectofanyotheragreementorinstrumentcontemplatedbytheMergerAgreementorenteredintooramendedinconnectionwiththeTransaction,includingthefairnessoftheamountornatureofanycompensationtobereceivedbyanyofficers,directorsoremployeesofanypartiestotheTransaction,oranyclassofsuchpersonsinconnectionwiththeTransaction,whetherrelativetotheConsiderationtobepaidbytheCompanyforCelgeneCommonStockpursuanttotheMergerAgreementorotherwise.WearenotexpressinganyopinionastothepricesatwhichanysecuritiesoftheCompanywilltradeatanytimeorastotheimpactoftheTransactiononthesolvencyorviabilityoftheCompanyorCelgeneortheabilityoftheCompanyorCelgenetopaytheirrespectiveobligationswhentheycomedue.Ouropinionisnecessarilybasedoneconomic,monetary,marketandotherconditionsasineffecton,andtheinformationmadeavailabletousasof,thedatehereofandweassumenoresponsibilityforupdating,revisingorreaffirmingthisopinionbasedoncircumstances,developmentsor

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eventsoccurringafterthedatehereof.OuradvisoryservicesandtheopinionexpressedhereinareprovidedfortheinformationoftheBoardofDirectorsoftheCompanyinconnectionwithitsconsiderationoftheTransaction,andtheopinionexpressedhereindoesnotconstitutearecommendationastohowanyholderofsharesofCompanyCommonStockshouldvotewithrespecttotheMergeroranyothermatter.ThisopinionhasbeenapprovedbyafairnesscommitteeofDyalCo.

WeexpecttoreceiveafeeforourservicesrenderedinconnectionwiththeTransaction,asubstantialportionofwhichiscontingentuponconsummationoftheTransaction,andtheCompanyhasagreedtoreimbursecertainofourexpensesarising,andindemnifyusagainstcertainliabilitiesthatmayarise,outofourengagement.Duringthetwo-yearperiodpriortothedatehereof,weandouraffiliateshaveprovidedcertainadvisoryservicestotheCompanyanditsaffiliatesinconnectionwithvariousstrategicandotherspecialprojects,forwhichweandouraffiliateshavenotreceivedcompensation.Duringthetwo-yearperiodpriortothedatehereof,nomaterialrelationshipexistedbetweenusandouraffiliatesandCelgenepursuanttowhichcompensationwasreceivedbyusorouraffiliates.WeandouraffiliatesmayalsointhefutureprovidefinancialadvisoryservicestotheCompany,Celgeneandtheirrespectiveaffiliatesforwhichweandouraffiliatesmayreceivecompensation.

Baseduponandsubjecttotheforegoing,itisouropinionthat,asofthedatehereof,theConsiderationtobepaidbytheCompanypursuanttotheMergerAgreementisfairfromafinancialpointofviewtotheCompany.

Verytrulyyours,DyalCo.LLC By: /s/GordonE.Dyal Name: GordonE.Dyal Title: FoundingPartner Date: January2,2019

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Annex G

 

January2,2019

TheBoardofDirectorsofBristol-MyersSquibbCompany430East29Street14FloorNewYork,NY10016

MembersoftheBoardofDirectors:

WeunderstandthatBristol-MyersSquibbCompany,aDelawarecorporation(the“Company”),proposestoenterintoanAgreementandPlanofMerger(the“MergerAgreement”)withCelgeneCorporation,aDelawarecorporation(“Celgene”),andBristol-MyersMergerSub,Inc,aDelawarecorporationandawhollyownedsubsidiaryoftheCompany(“MergerSub”),whichprovides,amongotherthings,forthemergerofMergerSubwithandintoCelgene,withCelgenesurviving(the“Transaction”).UnderthetermsoftheTransaction,eachshareofcommonstock,parvalue$0.01pershare,ofCelgene(the“CelgeneCommonStock”),otherthanExcludedShares(asdefinedintheMergerAgreement)willbeconvertedintotherighttoreceive(i)$50.00incash(the“CashConsideration”),(ii)1.0sharesofcommonstock,parvalue$0.10,oftheCompany(the“CompanyCommonStock”),(the“StockConsideration”),and(iii)onetradeablecontingentvalueright(the“CVR”),whichentitlesitsholdertoreceivea$9.00cashpaymentforfutureregulatorymilestonespursuanttothetermsoftheNewCVRAgreement(asdefinedintheMergerAgreement),(togetherwiththeCashConsiderationandtheStockConsideration,the“Consideration”).ThetermsandconditionsoftheTransactionaremorefullysetforthintheMergerAgreementandtermsusedhereinandnotdefinedshallhavethemeaningsascribedtheretointheMergerAgreement.

TheBoardofDirectorsoftheCompanyhasaskeduswhether,inouropinion,theConsiderationisfair,fromafinancialpointofview,totheCompany.

Inconnectionwithrenderingouropinion,wehave,amongotherthings:

(i) reviewedcertainpubliclyavailablebusinessandfinancialinformationrelatingtoCelgeneandtotheCompanythatwedeemedtoberelevant,includingpubliclyavailableresearchanalysts’estimates;

(ii) reviewedcertainnon-publicprojectedfinancialdatarelatingtoCelgenepreparedbythemanagementofCelgene,whichdatawasadjustedandextrapolatedbythemanagementoftheCompany(the“CelgeneProjections”);

(iii) reviewedcertainnon-publicprojectedfinancialdatarelatingtotheCompanypreparedandfurnishedtousbythemanagementoftheCompany(togetherwiththeCelgeneProjections,the“Projections”);

(iv) reviewedcertainnon-publicprojectedoperatingdatarelatingtoCelgeneandtotheCompanypreparedandfurnishedtousbymanagementoftheCompany;

(v) discussedthepastandcurrentoperations,financialprojectionsandcurrentfinancialconditionofCelgeneandoftheCompanywithmanagementoftheCompany(includingtheirviewsontherisksanduncertaintiesofachievingsuchprojections)andreviewedinformationrelatingtocertainstrategic,financialandoperationalbenefitsanticipatedfromtheTransaction,preparedbythemanagementoftheCompany(the“ProjectedSynergies”);

(vi) reviewedthereportedpricesandthehistoricaltradingactivityoftheCelgeneCommonStockandCompanyCommonStock;

 

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(vii) comparedthefinancialperformanceofCelgeneandoftheCompanyandtheirrespectivestockmarkettradingmultipleswiththoseofcertainotherpubliclytradedcompaniesthatwedeemedrelevant;

(viii) comparedthefinancialperformanceofCelgeneandthevaluationmultiplesrelatingtotheTransactionwiththoseofcertainothertransactionsthatwedeemedrelevant;

(ix) reviewedadraftoftheMergerAgreementdatedasofJanuary2,2019andcertainrelateddocuments,includingtheNewCVRAgreement;and

(x) performedsuchotheranalysesandexaminationsandconsideredsuchotherfactorsthatwedeemedappropriate.

Forpurposesofouranalysisandopinion,wehaveassumedandreliedupon,withoutundertakinganyindependentverificationof,theaccuracyandcompletenessofalloftheinformationpubliclyavailable,andalloftheinformationsuppliedorotherwisemadeavailableto,discussedwith,orreviewedbyus,andweassumenoliabilitytherefor.WithrespecttotheprojectedfinancialdatarelatingtoCelgeneandtheCompanyreferredtoabove,includingtheProjectionsandtheProjectedSynergies,wehaveassumedthattheyhavebeenreasonablypreparedonbasesreflectingthebestcurrentlyavailableestimatesandgoodfaithjudgmentsofmanagementoftheCompanyastothefuturefinancialperformanceofeachofCelgeneandtheCompanyundertheassumptionsreflectedtherein.Atyourdirection,ouranalysesrelatingtothebusinessandfinancialprospectsofCelgeneandtheCompanyforpurposesofouropinionweremadeonthebasesoftheProjectionsandtheProjectedSynergies.WeexpressnoviewastoanyprojectedfinancialdatarelatingtoCelgeneandtheCompanyortheProjectedSynergiesortheassumptionsonwhichtheyarebased.WereviewedthepotentialvalueoftheCVRunderdifferentpossiblescenariosregardingthereceiptoftheregulatoryapprovalsuponwhichthecontingentconsiderationthatistobepaidpursuanttotheCVRisconditioned,and,forpurposesofouranalysisandopinion,weutilizedanestimatedprobability-adjustednetpresentvalueoftheCVRbasedontheestimatedprobabilitiesandtimingoffutureregulatorymilestonesprovidedbythemanagementoftheCompany,asapprovedforourusebytheBoardofDirectorsoftheCompany.WeexpressnoviewastothelikelihoodofwhetheranyoftheregulatoryapprovalsuponwhichthecontingentconsiderationthatistobepaidpursuanttotheCVRareobtainedorwhetherthecontingentconsiderationthatistobepaidpursuanttotheCVRbecomespayable.

Forpurposesofrenderingouropinion,wehaveassumed,inallrespectsmaterialtoouranalysis,thatthefinalexecutedMergerAgreementwillnotdifferfromthedraftMergerAgreementreviewedbyus,thattherepresentationsandwarrantiesofeachpartycontainedintheMergerAgreementaretrueandcorrect,thateachpartywillperformallofthecovenantsandagreementsrequiredtobeperformedbyitundertheMergerAgreementandthatallconditionstotheconsummationoftheTransactionwillbesatisfiedwithoutmaterialwaiverormodificationthereof.Wehavefurtherassumedthatallgovernmental,regulatoryorotherconsents,approvalsorreleasesnecessaryfortheconsummationoftheTransactionwillbeobtainedwithoutanymaterialdelay,limitation,restrictionorconditionthatwouldhaveanadverseeffectontheCompany,CelgeneortheconsummationoftheTransactionormateriallyreducethebenefitstotheholdersoftheCompanyCommonStockoftheTransaction.

WehavenotmadenorassumedanyresponsibilityformakinganyindependentvaluationorappraisaloftheassetsorliabilitiesoftheCompanyorCelgene,norhavewebeenfurnishedwithanysuchappraisals,norhaveweevaluatedthesolvencyorfairvalueoftheCompanyorCelgeneunderanystateorfederallawsrelatingtobankruptcy,insolvencyorsimilarmatters.Ouropinionisnecessarilybaseduponinformationmadeavailabletousasofthedatehereofandfinancial,economic,marketandotherconditionsastheyexistandascanbeevaluatedonthedatehereof.Itisunderstoodthatsubsequentdevelopmentsmayaffectthisopinionandthatwedonothaveanyobligationtoupdate,reviseorreaffirmthisopinion.

Wehavenotbeenaskedtopassupon,andexpressnoopinionwithrespectto,anymatterotherthanthefairnesstotheCompany,fromafinancialpointofview,oftheConsideration.Wedonotexpressanyviewon,andouropiniondoesnotaddress,thefairnessoftheproposedtransactionto,oranyconsiderationreceivedinconnectiontherewithby,theholdersofanyothersecurities,creditorsorotherconstituenciesoftheCompanyorCelgene,norastothefairnessoftheamountornatureofanycompensationtobepaidorpayabletoanyoftheofficers,directorsoremployeesoftheCompanyorCelgene,oranyclassofsuchpersons,whetherrelativetotheConsiderationorotherwise.Wehaveassumedthatanymodificationtothestructureofthetransactionwillnot

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varyinanyrespectmaterialtoouranalysis.OuropiniondoesnotaddresstherelativemeritsoftheTransactionascomparedtootherbusinessorfinancialstrategiesthatmightbeavailabletotheCompany,nordoesitaddresstheunderlyingbusinessdecisionoftheCompanytoengageintheTransaction.Thisletter,andouropinion,doesnotconstitutearecommendationtotheBoardofDirectorsoftheCompanyortoanyotherpersonsinrespectoftheTransaction,includingastohowanyholderofsharesofCompanyCommonStockshouldvoteoractinrespectoftheTransaction.WeexpressnoopinionhereinastothepriceatwhichsharesoftheCompanyorCelgenewilltradeatanytime.Wearenotlegal,regulatory,accountingortaxexpertsandhaveassumedtheaccuracyandcompletenessofassessmentsbytheCompanyanditsadvisorswithrespecttolegal,regulatory,accountingandtaxmatters.

Wewillreceiveafeeforourservicesupontherenderingofthisopinion.TheCompanyhasalsoagreedtoreimburseourexpensesandtoindemnifyusagainstcertainliabilitiesarisingoutofourengagement.WewillalsobeentitledtoreceiveasuccessfeeiftheTransactionisconsummated.Priortothisengagement,we,EvercoreGroupL.L.C.,anditsaffiliatesprovidedfinancialadvisoryservicestotheCompanyandhadreceivedfeesfortherenderingoftheseservicesincludingthereimbursementofexpenses.Duringthetwoyearperiodpriortothedatehereof,nomaterialrelationshipexistedbetweenEvercoreGroupL.L.C.anditsaffiliatesandCelgenepursuanttowhichcompensationwasreceivedbyEvercoreGroupL.L.C.oritsaffiliatesasaresultofsucharelationship.WemayprovidefinancialorotherservicestotheCompany,Celgeneandtheirrespectiveaffiliatesinthefutureandinconnectionwithanysuchserviceswemayreceivecompensation.

Intheordinarycourseofbusiness,EvercoreGroupL.L.C.oritsaffiliatesmayactivelytradethesecurities,orrelatedderivativesecurities,orfinancialinstrumentsoftheCompany,Celgeneandtheirrespectiveaffiliates,foritsownaccountandfortheaccountsofitscustomersand,accordingly,mayatanytimeholdalongorshortpositioninsuchsecuritiesorinstruments.

Thisletter,andtheopinionexpressedhereinisaddressedto,andfortheinformationandbenefitof,theBoardofDirectorsoftheCompanyinconnectionwiththeirevaluationoftheproposedTransaction.TheissuanceofthisopinionhasbeenapprovedbyanOpinionCommitteeofEvercoreGroupL.L.C.

Baseduponandsubjecttotheforegoing,itisouropinionthat,asofthedatehereof,theConsiderationisfair,fromafinancialpointofview,totheCompany. Verytrulyyours, EVERCOREGROUPL.L.C. By: /s/FrancoisMaisonrouge FrancoisMaisonrouge SeniorManagingDirector

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Annex H

GENERAL CORPORATION LAW OF THE STATE OF DELAWARE

§ 262. Appraisal Rights

(a) AnystockholderofacorporationofthisStatewhoholdssharesofstockonthedateofthemakingofademandpursuanttosubsection(d)ofthissectionwithrespecttosuchshares,whocontinuouslyholdssuchsharesthroughtheeffectivedateofthemergerorconsolidation,whohasotherwisecompliedwithsubsection(d)ofthissectionandwhohasneithervotedinfavorofthemergerorconsolidationnorconsentedtheretoinwritingpursuantto§228ofthistitleshallbeentitledtoanappraisalbytheCourtofChanceryofthefairvalueofthestockholder’ssharesofstockunderthecircumstancesdescribedinsubsections(b)and(c)ofthissection.Asusedinthissection,theword“stockholder”meansaholderofrecordofstockinacorporation;thewords“stock”and“share”meanandincludewhatisordinarilymeantbythosewords;andthewords“depositoryreceipt”meanareceiptorotherinstrumentissuedbyadepositoryrepresentinganinterestin1ormoreshares,orfractionsthereof,solelyofstockofacorporation,whichstockisdepositedwiththedepository.

(b) Appraisalrightsshallbeavailableforthesharesofanyclassorseriesofstockofaconstituentcorporationinamergerorconsolidationtobeeffectedpursuantto§251(otherthanamergereffectedpursuantto§251(g)ofthistitle),§252,§254,§255,§256,§257,§258,§263or§264ofthistitle:

(1) Provided,however,that,exceptasexpresslyprovidedin§363(b)ofthistitle,noappraisalrightsunderthissectionshallbeavailableforthesharesofanyclassorseriesofstock,whichstock,ordepositoryreceiptsinrespectthereof,attherecorddatefixedtodeterminethestockholdersentitledtoreceivenoticeofthemeetingofstockholderstoactupontheagreementofmergerorconsolidation(or,inthecaseofamergerpursuantto§251(h),asofimmediatelypriortotheexecutionoftheagreementofmerger),wereeither:(i)listedonanationalsecuritiesexchangeor(ii)heldofrecordbymorethan2,000holders;andfurtherprovidedthatnoappraisalrightsshallbeavailableforanysharesofstockoftheconstituentcorporationsurvivingamergerifthemergerdidnotrequireforitsapprovalthevoteofthestockholdersofthesurvivingcorporationasprovidedin§251(f)ofthistitle.

(2) Notwithstandingparagraph(b)(1)ofthissection,appraisalrightsunderthissectionshallbeavailableforthesharesofanyclassorseriesofstockofaconstituentcorporationiftheholdersthereofarerequiredbythetermsofanagreementofmergerorconsolidationpursuantto§§251,252,254,255,256,257,258,263and264ofthistitletoacceptforsuchstockanythingexcept:

a. Sharesofstockofthecorporationsurvivingorresultingfromsuchmergerorconsolidation,ordepositoryreceiptsinrespectthereof;

b. Sharesofstockofanyothercorporation,ordepositoryreceiptsinrespectthereof,whichsharesofstock(ordepositoryreceiptsinrespectthereof)ordepositoryreceiptsattheeffectivedateofthemergerorconsolidationwillbeeitherlistedonanationalsecuritiesexchangeorheldofrecordbymorethan2,000holders;

c. Cashinlieuoffractionalsharesorfractionaldepositoryreceiptsdescribedintheforegoingparagraphs(b)(2)a.andb.ofthissection;or

d. Anycombinationofthesharesofstock,depositoryreceiptsandcashinlieuoffractionalsharesorfractionaldepositoryreceiptsdescribedintheforegoingparagraphs(b)(2)a.,b.andc.ofthissection.

(3) IntheeventallofthestockofasubsidiaryDelawarecorporationpartytoamergereffectedunder§253or§267ofthistitleisnotownedbytheparentimmediatelypriortothemerger,appraisalrightsshallbeavailableforthesharesofthesubsidiaryDelawarecorporation.

(4) Intheeventofanamendmenttoacorporation’scertificateofincorporationcontemplatedby§363(a)ofthistitle,appraisalrightsshallbeavailableascontemplatedby§363(b)ofthistitle,andtheproceduresofthissection,includingthosesetforthinsubsections(d)and(e)ofthissection,shallapplyasnearlyaspracticable,withtheword“amendment”substitutedforthewords“mergerorconsolidation,”andtheword“corporation”substitutedforthewords“constituentcorporation”and/or“survivingorresultingcorporation.”

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(c) Anycorporationmayprovideinitscertificateofincorporationthatappraisalrightsunderthissectionshallbeavailableforthesharesofanyclassorseriesofitsstockasaresultofanamendmenttoitscertificateofincorporation,anymergerorconsolidationinwhichthecorporationisaconstituentcorporationorthesaleofallorsubstantiallyalloftheassetsofthecorporation.Ifthecertificateofincorporationcontainssuchaprovision,theprovisionsofthissection,includingthosesetforthinsubsections(d),(e),and(g)ofthissection,shallapplyasnearlyasispracticable.

(d) Appraisalrightsshallbeperfectedasfollows:

(1) Ifaproposedmergerorconsolidationforwhichappraisalrightsareprovidedunderthissectionistobesubmittedforapprovalatameetingofstockholders,thecorporation,notlessthan20dayspriortothemeeting,shallnotifyeachofitsstockholderswhowassuchontherecorddatefornoticeofsuchmeeting(orsuchmemberswhoreceivednoticeinaccordancewith§255(c)ofthistitle)withrespecttosharesforwhichappraisalrightsareavailablepursuanttosubsection(b)or(c)ofthissectionthatappraisalrightsareavailableforanyorallofthesharesoftheconstituentcorporations,andshallincludeinsuchnoticeacopyofthissectionand,if1oftheconstituentcorporationsisanonstockcorporation,acopyof§114ofthistitle.Eachstockholderelectingtodemandtheappraisalofsuchstockholder’ssharesshalldelivertothecorporation,beforethetakingofthevoteonthemergerorconsolidation,awrittendemandforappraisalofsuchstockholder’sshares.Suchdemandwillbesufficientifitreasonablyinformsthecorporationoftheidentityofthestockholderandthatthestockholderintendstherebytodemandtheappraisalofsuchstockholder’sshares.Aproxyorvoteagainstthemergerorconsolidationshallnotconstitutesuchademand.Astockholderelectingtotakesuchactionmustdosobyaseparatewrittendemandashereinprovided.Within10daysaftertheeffectivedateofsuchmergerorconsolidation,thesurvivingorresultingcorporationshallnotifyeachstockholderofeachconstituentcorporationwhohascompliedwiththissubsectionandhasnotvotedinfavoroforconsentedtothemergerorconsolidationofthedatethatthemergerorconsolidationhasbecomeeffective;or

(2) Ifthemergerorconsolidationwasapprovedpursuantto§228,§251(h),§253,or§267ofthistitle,theneitheraconstituentcorporationbeforetheeffectivedateofthemergerorconsolidationorthesurvivingorresultingcorporationwithin10daysthereaftershallnotifyeachoftheholdersofanyclassorseriesofstockofsuchconstituentcorporationwhoareentitledtoappraisalrightsoftheapprovalofthemergerorconsolidationandthatappraisalrightsareavailableforanyorallsharesofsuchclassorseriesofstockofsuchconstituentcorporation,andshallincludeinsuchnoticeacopyofthissectionand,if1oftheconstituentcorporationsisanonstockcorporation,acopyof§114ofthistitle.Suchnoticemay,and,ifgivenonoraftertheeffectivedateofthemergerorconsolidation,shall,alsonotifysuchstockholdersoftheeffectivedateofthemergerorconsolidation.Anystockholderentitledtoappraisalrightsmay,within20daysafterthedateofmailingofsuchnoticeor,inthecaseofamergerapprovedpursuantto§251(h)ofthistitle,withinthelateroftheconsummationoftheoffercontemplatedby§251(h)ofthistitleand20daysafterthedateofmailingofsuchnotice,demandinwritingfromthesurvivingorresultingcorporationtheappraisalofsuchholder’sshares.Suchdemandwillbesufficientifitreasonablyinformsthecorporationoftheidentityofthestockholderandthatthestockholderintendstherebytodemandtheappraisalofsuchholder’sshares.Ifsuchnoticedidnotnotifystockholdersoftheeffectivedateofthemergerorconsolidation,either(i)eachsuchconstituentcorporationshallsendasecondnoticebeforetheeffectivedateofthemergerorconsolidationnotifyingeachoftheholdersofanyclassorseriesofstockofsuchconstituentcorporationthatareentitledtoappraisalrightsoftheeffectivedateofthemergerorconsolidationor(ii)thesurvivingorresultingcorporationshallsendsuchasecondnoticetoallsuchholdersonorwithin10daysaftersucheffectivedate;provided,however,thatifsuchsecondnoticeissentmorethan20daysfollowingthesendingofthefirstnoticeor,inthecaseofamergerapprovedpursuantto§251(h)ofthistitle,laterthanthelateroftheconsummationoftheoffercontemplatedby§251(h)ofthistitleand20daysfollowingthesendingofthefirstnotice,suchsecondnoticeneedonlybesenttoeachstockholderwhoisentitledtoappraisalrightsandwhohasdemandedappraisalofsuchholder’ssharesinaccordancewiththissubsection.Anaffidavitofthesecretaryorassistantsecretaryorofthetransferagentofthecorporationthatisrequiredtogiveeithernoticethatsuchnoticehasbeengivenshall,intheabsenceoffraud,beprimafacieevidenceofthefactsstatedtherein.Forpurposesofdeterminingthestockholdersentitledtoreceiveeithernotice,eachconstituentcorporationmayfix,inadvance,arecorddatethatshallbenot

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morethan10dayspriortothedatethenoticeisgiven,provided,thatifthenoticeisgivenonoraftertheeffectivedateofthemergerorconsolidation,therecorddateshallbesucheffectivedate.Ifnorecorddateisfixedandthenoticeisgivenpriortotheeffectivedate,therecorddateshallbethecloseofbusinessonthedaynextprecedingthedayonwhichthenoticeisgiven.

(e) Within120daysaftertheeffectivedateofthemergerorconsolidation,thesurvivingorresultingcorporationoranystockholderwhohascompliedwithsubsections(a)and(d)ofthissectionhereofandwhoisotherwiseentitledtoappraisalrights,maycommenceanappraisalproceedingbyfilingapetitionintheCourtofChancerydemandingadeterminationofthevalueofthestockofallsuchstockholders.Notwithstandingtheforegoing,atanytimewithin60daysaftertheeffectivedateofthemergerorconsolidation,anystockholderwhohasnotcommencedanappraisalproceedingorjoinedthatproceedingasanamedpartyshallhavetherighttowithdrawsuchstockholder’sdemandforappraisalandtoacceptthetermsoffereduponthemergerorconsolidation.Within120daysaftertheeffectivedateofthemergerorconsolidation,anystockholderwhohascompliedwiththerequirementsofsubsections(a)and(d)ofthissectionhereof,uponwrittenrequest,shallbeentitledtoreceivefromthecorporationsurvivingthemergerorresultingfromtheconsolidationastatementsettingforththeaggregatenumberofsharesnotvotedinfavorofthemergerorconsolidation(or,inthecaseofamergerapprovedpursuantto§251(h)ofthistitle,theaggregatenumberofshares(otherthananyexcludedstock(asdefinedin§251(h)(6)d.ofthistitle))thatwerethesubjectof,andwerenottenderedinto,andacceptedforpurchaseorexchangein,theofferreferredtoin§251(h)(2)),and,ineithercase,withrespecttowhichdemandsforappraisalhavebeenreceivedandtheaggregatenumberofholdersofsuchshares.Suchwrittenstatementshallbemailedtothestockholderwithin10daysaftersuchstockholder’swrittenrequestforsuchastatementisreceivedbythesurvivingorresultingcorporationorwithin10daysafterexpirationoftheperiodfordeliveryofdemandsforappraisalundersubsection(d)ofthissectionhereof,whicheverislater.Notwithstandingsubsection(a)ofthissection,apersonwhoisthebeneficialownerofsharesofsuchstockheldeitherinavotingtrustorbyanomineeonbehalfofsuchpersonmay,insuchperson’sownname,fileapetitionorrequestfromthecorporationthestatementdescribedinthissubsection.

(f) Uponthefilingofanysuchpetitionbyastockholder,serviceofacopythereofshallbemadeuponthesurvivingorresultingcorporation,whichshallwithin20daysaftersuchservicefileintheofficeoftheRegisterinChanceryinwhichthepetitionwasfiledadulyverifiedlistcontainingthenamesandaddressesofallstockholderswhohavedemandedpaymentfortheirsharesandwithwhomagreementsastothevalueoftheirshareshavenotbeenreachedbythesurvivingorresultingcorporation.Ifthepetitionshallbefiledbythesurvivingorresultingcorporation,thepetitionshallbeaccompaniedbysuchadulyverifiedlist.TheRegisterinChancery,ifsoorderedbytheCourt,shallgivenoticeofthetimeandplacefixedforthehearingofsuchpetitionbyregisteredorcertifiedmailtothesurvivingorresultingcorporationandtothestockholdersshownonthelistattheaddressesthereinstated.Suchnoticeshallalsobegivenby1ormorepublicationsatleast1weekbeforethedayofthehearing,inanewspaperofgeneralcirculationpublishedintheCityofWilmington,DelawareorsuchpublicationastheCourtdeemsadvisable.TheformsofthenoticesbymailandbypublicationshallbeapprovedbytheCourt,andthecoststhereofshallbebornebythesurvivingorresultingcorporation.

(g) Atthehearingonsuchpetition,theCourtshalldeterminethestockholderswhohavecompliedwiththissectionandwhohavebecomeentitledtoappraisalrights.TheCourtmayrequirethestockholderswhohavedemandedanappraisalfortheirsharesandwhoholdstockrepresentedbycertificatestosubmittheircertificatesofstocktotheRegisterinChanceryfornotationthereonofthependencyoftheappraisalproceedings;andifanystockholderfailstocomplywithsuchdirection,theCourtmaydismisstheproceedingsastosuchstockholder.Ifimmediatelybeforethemergerorconsolidationthesharesoftheclassorseriesofstockoftheconstituentcorporationastowhichappraisalrightsareavailablewerelistedonanationalsecuritiesexchange,theCourtshalldismisstheproceedingsastoallholdersofsuchshareswhoareotherwiseentitledtoappraisalrightsunless(1)thetotalnumberofsharesentitledtoappraisalexceeds1%oftheoutstandingsharesoftheclassorserieseligibleforappraisal,(2)thevalueoftheconsiderationprovidedinthemergerorconsolidationforsuchtotalnumberofsharesexceeds$1million,or(3)themergerwasapprovedpursuantto§253or§267ofthistitle.

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(h) AftertheCourtdeterminesthestockholdersentitledtoanappraisal,theappraisalproceedingshallbeconductedinaccordancewiththerulesoftheCourtofChancery,includinganyrulesspecificallygoverningappraisalproceedings.ThroughsuchproceedingtheCourtshalldeterminethefairvalueofthesharesexclusiveofanyelementofvaluearisingfromtheaccomplishmentorexpectationofthemergerorconsolidation,togetherwithinterest,ifany,tobepaidupontheamountdeterminedtobethefairvalue.Indeterminingsuchfairvalue,theCourtshalltakeintoaccountallrelevantfactors.UnlesstheCourtinitsdiscretiondeterminesotherwiseforgoodcauseshown,andexceptasprovidedinthissubsection,interestfromtheeffectivedateofthemergerthroughthedateofpaymentofthejudgmentshallbecompoundedquarterlyandshallaccrueat5%overtheFederalReservediscountrate(includinganysurcharge)asestablishedfromtimetotimeduringtheperiodbetweentheeffectivedateofthemergerandthedateofpaymentofthejudgment.Atanytimebeforetheentryofjudgmentintheproceedings,thesurvivingcorporationmaypaytoeachstockholderentitledtoappraisalanamountincash,inwhichcaseinterestshallaccruethereafterasprovidedhereinonlyuponthesumof(1)thedifference,ifany,betweentheamountsopaidandthefairvalueofthesharesasdeterminedbytheCourt,and(2)interesttheretoforeaccrued,unlesspaidatthattime.Uponapplicationbythesurvivingorresultingcorporationorbyanystockholderentitledtoparticipateintheappraisalproceeding,theCourtmay,initsdiscretion,proceedtotrialupontheappraisalpriortothefinaldeterminationofthestockholdersentitledtoanappraisal.Anystockholderwhosenameappearsonthelistfiledbythesurvivingorresultingcorporationpursuanttosubsection(f)ofthissectionandwhohassubmittedsuchstockholder’scertificatesofstocktotheRegisterinChancery,ifsuchisrequired,mayparticipatefullyinallproceedingsuntilitisfinallydeterminedthatsuchstockholderisnotentitledtoappraisalrightsunderthissection.

(i) TheCourtshalldirectthepaymentofthefairvalueoftheshares,togetherwithinterest,ifany,bythesurvivingorresultingcorporationtothestockholdersentitledthereto.Paymentshallbesomadetoeachsuchstockholder,inthecaseofholdersofuncertificatedstockforthwith,andthecaseofholdersofsharesrepresentedbycertificatesuponthesurrendertothecorporationofthecertificatesrepresentingsuchstock.TheCourt’sdecreemaybeenforcedasotherdecreesintheCourtofChancerymaybeenforced,whethersuchsurvivingorresultingcorporationbeacorporationofthisStateorofanystate.

(j) ThecostsoftheproceedingmaybedeterminedbytheCourtandtaxeduponthepartiesastheCourtdeemsequitableinthecircumstances.Uponapplicationofastockholder,theCourtmayorderalloraportionoftheexpensesincurredbyanystockholderinconnectionwiththeappraisalproceeding,including,withoutlimitation,reasonableattorney’sfeesandthefeesandexpensesofexperts,tobechargedprorataagainstthevalueofallthesharesentitledtoanappraisal.

(k) Fromandaftertheeffectivedateofthemergerorconsolidation,nostockholderwhohasdemandedappraisalrightsasprovidedinsubsection(d)ofthissectionshallbeentitledtovotesuchstockforanypurposeortoreceivepaymentofdividendsorotherdistributionsonthestock(exceptdividendsorotherdistributionspayabletostockholdersofrecordatadatewhichispriortotheeffectivedateofthemergerorconsolidation);provided,however,thatifnopetitionforanappraisalshallbefiledwithinthetimeprovidedinsubsection(e)ofthissection,orifsuchstockholdershalldelivertothesurvivingorresultingcorporationawrittenwithdrawalofsuchstockholder’sdemandforanappraisalandanacceptanceofthemergerorconsolidation,eitherwithin60daysaftertheeffectivedateofthemergerorconsolidationasprovidedinsubsection(e)ofthissectionorthereafterwiththewrittenapprovalofthecorporation,thentherightofsuchstockholdertoanappraisalshallcease.Notwithstandingtheforegoing,noappraisalproceedingintheCourtofChanceryshallbedismissedastoanystockholderwithouttheapprovaloftheCourt,andsuchapprovalmaybeconditioneduponsuchtermsastheCourtdeemsjust;provided,howeverthatthisprovisionshallnotaffecttherightofanystockholderwhohasnotcommencedanappraisalproceedingorjoinedthatproceedingasanamedpartytowithdrawsuchstockholder’sdemandforappraisalandtoacceptthetermsoffereduponthemergerorconsolidationwithin60daysaftertheeffectivedateofthemergerorconsolidation,assetforthinsubsection(e)ofthissection.

(l) Thesharesofthesurvivingorresultingcorporationtowhichthesharesofsuchobjectingstockholderswouldhavebeenconvertedhadtheyassentedtothemergerorconsolidationshallhavethestatusofauthorizedandunissuedsharesofthesurvivingorresultingcorporation.

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