Pershing Square Activist Presentation Deck

Allergan's Board has Taken Steps to Obstruct a Special Meeting (Cont.) It takes up to four procedural steps to call a special meeting but only one step to support a revocation ►Allergan shareholders must comply with a series of up to four procedural steps, each requiring extensive disclosure and documentation, to submit a request to call a special meeting ► The Allergan board has launched a revocation campaign against calling a special meeting ■ To support a revocation, shareholders need only submit a simple proxy card providing their name and checking a box in one step Steps 4 1 Allergan management is soliciting against a fundamental right it has supposedly granted shareholders

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