On May 9, 2024, Craig Reynolds, the Lead Independent Director of Masimo Corporation announced that he has issued a letter to Quentin Koffey of Politan Capital Management LP as he views it is critical that Politan Capital Management LP and the Company reach an agreement with respect to the upcoming 2024 Annual Meeting of Stockholders that allows them to avoid the significant distraction and expense of a proxy contest, as Politan Capital noted in its press release issued on March 25, 2024. Craig Reynolds added that he has written to reiterate the verbal settlement offer on May 6, 2024 where the Company is prepared to appoint Politan Capital director nominee William R. Jellison as a Class II Director if Politan will withdraw its other nominee and drop its proxy contest. Craig Reynolds stated that reaching a settlement would provide stockholders immediate clarity on the path forward, confidence that management can focus on operational execution and not be distracted by a proxy contest, and reassurance that the separation process will continue uninterrupted.

Craig Reynolds mentioned that Politan Capital will work with him to quickly finalize this settlement offer and focus on maximizing value for all of the Company stockholders and expects a response by May 10, 2024.