William Blair & Company, L LC. MPORTANT DISCLOSURES William Blair is a market maker in the security of ARIAD Pharmaceuticals, Inc. and may have a long or short position. William Blair Intends to seek investment banking compensation in the next three months from the subject company covered in this report. Additional information is available upon request. This report is available in electronic form to registered users via Ft*Docs's at wivivxdoa.com or www.williamblair.com. Please contact us at or consult williamblair.com/Research-a nd-Insights/Equ ity-Research/Coverage.aspx for all disclosures. Y. Katherine Xu attests that 1) all of the views expressed in this research report accurately reflect his/her personal views about any and all of the securities and companies covered by this report, and 2) no part of his/her compensation was, is, or will be related, directly or indirectly, to the specific recommendations or views expressed by him/her in this report. We seek to update our research as appropriate, but various regulations may prohibit us from doing so. Other than certain periodical industry reports, the majority of reports are published at irregular intervals as deemed appropriate by the analyst DOW JONES: 16,221.14 S&P 500: 1,818.32 NASDAQ: 4,104.74 ARIAD Pharmaceuticals, Inc. (ARIA) 326 320 316 310 so 12/31/10 Dec 20, 2010 Dec 20, 2011 Previous Close: $6.43 9/30/13 - PT'$26 10/2. 12 - PT:$28 7/30/12 - I-0 - PT:$25 12130/11 12/31/12 SNoce FattSet .naViiism DS. legend I • Mutt:min. PeetwIPP II • Anel/%I thrOr PT • PrK, TirOr. Current Rating Distribution (as of 11/30/13) Coverage Universe Percent Inv. Banking Relationships* Percent Outperform (Buy) 61 Outperform (Buy) 11 Market Perform (Hold) 35 Market Perform (Hold) 1 Underperform (Sell) 1 Underperform (Sell) 0 'Percentage of companies in each rating category that are investment banking clients, defined as companies for which William Blair has received compensati