Pershing Square Activist Presentation Deck

We Believe the Current Offer Meets Investors' "Asking Price" ► J. P. Morgan's May 16th May 20th survey suggests investors are seeking a $160 to $200 per share acquisition price: ■ Following Allergan's May 12th revised long-term plan announcement, J.P. Morgan conducted a survey of 123 Allergan investors ■ ~77% of those surveyed believe an offer of $160-$200 per share will be sufficient Based on the surveyed investors' expected value of the combined company, Valeant's current offer is worth $188-$221 Investor View of Value - J.P. Morgan Survey (1) Combined Company Stock Price $140 $180 (160% of survey respondents believe the combined company would be worth $140 to $180 per share 37 Implied Offer Value $188 $221

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