Pershing Square Activist Presentation Deck

Allergan Insiders have Sold a Significant Number of Shares at Prices Much Lower than the Current Offer Allergan Insider Annual Open Market Sales 176K Shares $12mm $72 1,054K Shares $76mm 2010 Source: FactSet $83 As of July 14, 2014 628K Shares $53mm 338K Shares $27mm 2011 Non-10b5-1 Shares Sold (000's) $92 689K Shares $65mm 622K Shares $56mm 2012 110b5-1 Shares Sold (000's) 99 $172.50¹) Look-Through Price $103 $223 Fair Value 192K Shares $21mm $121 108K Shares $12mm Includes 252k shares sold by David Pyott at $123.12 per share (not 10b5-1), for total proceeds of $31mm 623K Shares $76mm 156K Shares $15mm 2013 Weighted Average Sale Price 84% premium Q1 2014 43% premium

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