Pershing Square Activist Presentation Deck

Allergan Management was Granted Options only Months before Revised Guidance was Announced Management's 2014 options grant was struck at an Allergan share price of $124 in February 2014, three months before management chose to announce its revised guidance ►This implies one of the following: ■ Management was under-reporting the profit potential of the business at the time of the options grant, or ■ Management's current estimate of Allergan's long-term earnings is unrealistically high ► In February, David Pyott was granted 257,756 options worth a Black-Scholes value of $13 million¹ ■ These options are worth $22 million at Allergan's current $167 share price¹ (1) Option values calculated using a volatility of 27.5% 91

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