Pershing Square Activist Presentation Deck

Why is Now the Right Time to Make a Large Acquisition? ► We are dubious that Allergan shareholders would be better off paying a premium for another company than receiving a premium for their own business ►Given Allergan's poor M&A history, we expect shareholders will be skeptical of the value-creation potential of any acquisition ► Unlike Valeant, Allergan has no experience integrating a large acquisition ► Shareholders will likely be especially leery of acquisitions of pipeline assets, which are speculative in nature and have been particularly value-destructive for Allergan historically ► Any "value-creating" acquisitions would have most likely been available for years before the Valeant bid 112

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