SUMMARY

OF RECOMMENDATIONS TO DENDREONS RICHARD BREWER 2/22/2011

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Dendreon should add one or two new members to its board of directors who come from the ranks of outside shareholders. The board should become more active in the company and increase its oversight of managements guidance and disclosures. Dendreon and its board should recognize that the disclosure of bad or negative news is just as important as the disclosure of good news. Dendreon and the board should more vigorously defend the PROVENGE brand in the media and should consider doing direct-to-patient advertising. Dendreon and its board should present shareholders with a long-term plan in regards to how it intends to use its cash and how it plans to manage its financing activities. The board should decrease the volume of stock handed out to insiders and increase the strike price of option incentives to a higher level than the price on the date of issuance. Dendreon should review its internal controls and make sure that information is always distributed in a way that is fair to every investor. Dendreon should take lawsuit settlements seriously, especially when they are brought about by shareholders.
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