On April 9, 2018, PDL BioPharma, Inc. announced that on March 9, 2018, it received a notice of stockholder nomination and nomination packages with respect to Michael P. Cole and Shlomo Yanai and Georgia L. Erbez from SevenSaoi Capital. On March 26 and 27, 2018, members of the Nominating and Governance Committee held interviews with Shlomo Yanai to further discuss his qualifications and interest in becoming a director. After these interviews and review of his candidacy, the Nominating and Governance Committee and the Board concluded that Shlomo Yanai’s skills, experience and capabilities would be beneficial to the Board. Further, the Company added that Shlomo Yanai has consented to being named in this proxy statement, has agreed to withdraw his consent from being named as a nominee of SevenSaoi in SevenSaoi’s notice of stockholder nomination and in any proxy materials submitted by SevenSaoi and has agreed to serving as a Class II director if elected. Further, the Company added that from March 29 until April 5, 2018, the Company engaged in discussions with Michael Cole for the possible settlement and withdrawal of SevenSaoi Capital’s notice of stockholder nomination. However, the Company added that it and SevenSaoi Capital did not reach agreement on mutually agreeable terms.