Pershing Square Activist Presentation Deck

Independent Investment Research Validates Pershing Square's Valuation Methodology (Cont.) Louise Chen, Guggenheim; "Pershing Square and VRX Getting More Aggressive on Consummating AGN Deal", June 2, 2014: "We also think it is compelling that AGN shareholders can get the $180 deal they wanted now (without assuming an increase in VRX's stock price) and this excludes the DARPin CVR as well as any potential upside from an increase in VRX's stock price driven by certainty of a deal. We estimate AGN shares could be worth as much as $225 if the Street appropriately values the combined entity, and it would be hard for AGN to trump this with other potential options, in our view." 36

View entire presentation