Pershing Square Activist Presentation Deck

Allergan Has Revised Its Long-Term Plan But Not Its Compensation Policy Notably, management has not tied long-term compensation to the new long-term financial plan Valeant is "all in" on aligning compensation with performance - we challenge Allergan to do the same Valeant Management Compensation Structure: Annual Cash Incentive Compensation ■Up to 200% of base salary possible if goals are achieved Long-Term Incentive Compensation ■ 50% time-vested stock options ■ 50% performance share units; three-year annualized Total Shareholder Return (TSR) vesting Source: Valeant 2014 proxy statement. 92 Michael Pearson & Howard Schiller Annualized TSR (IRR) <10% 10% 20% 30% % of PSUS vesting 0% 100% 200 300%

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