Pershing Square Activist Presentation Deck

Long-Term Investors See Risk We believe that recent sellers of AGN shares include long-term investors who fear that Allergan's board and management will not act to maximize shareholder value ► 88% (¹) of Allergan's float has changed hands since the initial VRX bid, likely indicating that many long-term AGN investors have sold shares ■ We believe selling shareholders recognize that the standalone value of Allergan is below the current AGN share price ■ We believe selling shareholders also recognize that value- destructive actions taken by Allergan management to scuttle the Valeant deal remain a risk ► Recent buyers of Allergan shares likely support the transaction ■ Recent buyers have paid >$160 per share ■ We believe these buyers likely support the Valeant transaction and believe in the value creation of the business combination 97 (1) % of float traded excludes shares owned by Pershing Square and Valeant

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