Pershing Square Activist Presentation Deck

The Expected, Re-Revised Allergan Operating Plan ► Allergan's management has indicated they will re-revise their long-term guidance at the time of their Q2 earnings announcement ► The re-revised plan is reactive both to the Valeant proposal and to shareholder's disappointment with their initial revised plan presented in May ► The new plan is not credible given management's previous statements and actions in addressing the considerable cost opportunity at Allergan Any new plan further validates Valeant's assertion that Allergan has significant waste in its SG&A and R&D spending ► Allergan's history of poor cost management indicate a lack of appropriate management oversight by the Allergan board 110

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