Pershing Square Activist Presentation Deck

Misperceptions Regarding Calling a Special Meeting ► Allergan's bylaws as written provide onerous burdens ► There are, however, misperceptions that should be dismissed ■ Shareholders are required to represent that they intend to hold shares through the special meeting ■ Shareholders are still permitted to sell their shares after announcing their intention to hold them, but any shares sold will not count towards the 25% requirement to call a special meeting While the sale of a share revokes that share from the special meeting solicitation, the remainder of that investor's position will continue to qualify in support for the meeting 16

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