Pershing Square Activist Presentation Deck

We Believe a Combination with Valeant Reduces Portfolio Risk The combined drug portfolio is expected to be more durable and more diversified Durability More durable 60% Standalone Allergan Source: Valeant management estimates 74% PF Allergan + Valeant 62 Product Concentration: Top 4 Drugs % of Total Sales 64% Standalone Allergan More diversified 29% PF Allergan + Valeant

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