Pershing Square Activist Presentation Deck

Conclusion ► At a special meeting, shareholders will be able to fix Allergan's onerous special meeting provisions and send a strong message to other companies that such onerous bylaws will not be tolerated by shareholders ► At the meeting, shareholders will also be able to vote on removing six of Allergan's nine current directors who are standing in the way of what is best for the company and its shareholders 117

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