Pershing Square Activist Presentation Deck
Legal Disclaimer (Cont.)
The information in this presentation is for informational purposes only, and this presentation shall not constitute an offer to sell or a
solicitation of an offer to purchase any security or investment product, nor does it constitute professional advice. This presentation and the
information contained herein is not investment advice or a recommendation or solicitation to buy or sell any securities. All investments
involve risk, including the loss of principal. Pershing Square recognizes that there may be confidential information in the possession of the
companies discussed in this presentation that could lead these companies to disagree with Pershing Square's conclusions. The
information contained in this presentation is subject in all respects to the disclosure set forth in the reports filed by Allergan and Valeant
with the SEC. Except where otherwise indicated, the information in this presentation speaks only as of the date of this
presentation. Permission to quote third-party reports in this presentation has been neither sought nor obtained, nor was consent obtained
or sought with respect to third party statements referenced in this presentation.
This presentation is not all inclusive and may not contain all of the information that you require in order to evaluate Allergan and Valeant
and the transactions described in this presentation. You should review Valeant's and Allergan's most recent annual and quarterly reports
and other reports filed by Valeant and Allergan with the SEC. You should rely on your own independent analysis to assess the accuracy
and completeness of all information contained herein. No representation, warranty or undertaking, expressed or implied, is or will be
made and no responsibility or liability is or will be accepted by Pershing Square or its affiliates or associates, or any of their respective
directors, officers, employees, agents, shareholders or advisors, as to, or in relation to, the accuracy or completeness of the information
contained in the presentation, or any other information, errors therein or omissions therefrom.
By presenting this information, none of Pershing Square or its affiliates or associates, or any of their respective directors, officers,
employees, agents, shareholders or advisors, is providing investment, legal, tax, financial, accounting or other advice to you or to any
other party. None of Pershing Square or its affiliates or associates, or any of their respective directors, officers, employees, agents,
shareholders or advisors, is acting as an advisor or fiduciary in any respect in connection with providing this information.
Funds managed by Pershing Square and its affiliates are invested in Allergan common stock and other securities. Pershing Square
manages funds that are in the business of trading - buying and selling - securities and financial instruments. It is possible that there will
be developments in the future that cause Pershing Square to change its position regarding Allergan, Valeant and the proposed Valeant-
Allergan business combination. Pershing Square may buy, sell, cover or otherwise change the form of its investment in Allergan for any
reason. Pershing Square hereby disclaims any duty to provide any updates or changes to the analyses contained here including, without
limitation, the manner or type of any Pershing Square investment.View entire presentation