Pershing Square Activist Presentation Deck

Allergan's June 30th Pipeline Update Highlighted Flawed R&D Strategy And Misunderstanding of Evolving Markets Despite spending $1.3 billion on product acquisitions and $2.8 billion on R&D over the last three years, it remains unclear whether Allergan has any late stage programs capable of moving the needle ► Anti-VEGF DARPin ■ Efficacy data, to date, lack sufficient clinical differentiation vs. incumbents ■ Significant safety concerns persist and may ultimately preclude adoption ■ Two entrenched market leaders with same the mechanism-of-action (anti-VEGF) limit market penetration if approved ■ Broad use of Avastin a major threat to marginally differentiated, late entrants ■ Anti-PDGF, gene therapy and combination products in others' pipelines competing for increasingly crowded AMD market Semprana/Levadex ■ Overpaid for an asset that lacks clinical differentiation ■ Approval delays eroding opportunity as generics and new branded products enter market ■ Development of highly effective prophylactics (GCRP mAbs) may shrink opportunity Ozuredex ■ Narrow label limits use to select patient sub-populations ■ Potential new competitor, lluvien, as early as year-end 2014 ▸ Bimatoprost Sustained-Release ■ Use will be limited to patients who prefer injection in eyeball to daily drops ■ Outstanding pricing question: similar to generics or branded agents? 71

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