Pershing Square Activist Presentation Deck

Patent Cliffs + Concentration = High Risk In 2013, Allergan's stock fell by 19% within one week, in large part due to increased risk of loss of exclusivity for Restasis, one of Allergan's largest products Share Price Performance of AGN from 5/1/13 to 6/30/13 Share Price (USD) $105 $100 $95 $90 $85 $80 05/01/13 Source: Bloomberg 05/11/13 05/21/13 05/31/13 59 6/20/13: FDA issues guidance on Restasis generic pathway 06/10/13 06/20/13 06/30/13

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