Pershing Square Activist Presentation Deck

Allergan's Elevated SG&A Expense Allergan's SG&A spending is well above other specialty and global pharmaceutical companies SG&A Expense as % of Total Revenue (2013) 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 38.5% Allergan 30.4% Shire Source Company filings, Pershing Square estimates Over 800 bps above next highest peer and over 1,200 bps above peer average 29.5% UCB SA 27.5% Pfizer 74 26.5% Merck 26.0% Merck KGaA Avg. (ex-AGN) = 26.2% 22.4% 21.4% Valeant Actavis

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