Pershing Square Activist Presentation Deck

We Believe Valeant Offers More Value in One Year than Standalone Allergan is Projected to Offer in Five Years The Valeant proposal offers ~$15.50 of EPS in 2014. Allergan offers -$14 of EPS in 2019 What Valeant's proposal offers: If $72 of cash is reinvested in additional VRX shares at $121/share: 2014 $15.46 earnings per AGN share(1) ► + DARPin CVR (1) $15.46 = 1.425 x 10.85 2014 Pro Forma VRX EPS 42 What standalone AGN offers: (2019 EPS Guidance = $14 ► $0 cash

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