Pershing Square Activist Presentation Deck

Limited Project Level R&D Guidance While the sales potential from Allergan's R&D pipeline remains opaque, peers such as Astra Zeneca give more detailed disclosure: Oncology RIA CVMD MEDI4736 (incl.combination -$6.5bn therapies) AZD9291 (monotherapy) Olaparb PT003 PT010 Benralizumab Non-Risk Adjusted PYS Potential Saxa/Dapa FDC Source: Astra Zeneca May 2014 investor presentation -$3bn -$2bn -$4bn -$2bn -$3bn Non-Risk Adjusted Analyst PYS Range $2bn-$7bn $1bn-$2bn $1.5bn-$3bn $3.5bn-$4bn $1bn-$2bn Key Dates Advantage Q2:14 (Phl data) 65 02:14 (Phl data) 3 Oct 14 (PDUFA date) 01:15 (Phill results) 2015 (Phill start) 02:14 (Phil date) Q2:14 (Phill data) • Potential first-to-market PD-L1 in Stage III NSCLC following chemoradiation Novel targeted mechanism of action with breakthrough therapy designation Potential first to market PARP inhibitor . • Potential first-in-class LABAILAMA in COPD in a pMDI Triple therapy in development for both COPD and Asthma Anti-IL-SR with potential best-in-class efficacy for eosinophil depletion . Fixed dose combination with potential to develop triple combination A

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