Pershing Square Activist Presentation Deck slide image

Pershing Square Activist Presentation Deck

Allergan's Special Meeting Provision Provides a Heavily Restricted Right (Cont.) To frustrate shareholder action, Allergan designed unnecessary restrictions to calling a special meeting ► Allergan's special meeting timing restrictions effectively limit the special meeting window to only one meeting per year within a narrow three and a half-month period May 7: ■ Allergan's board can delay a special meeting by up to 120 days from the date requested Illustrative Timeline: Solicitation period; a. Late May- No requests are allowed from 90 days prior to the anniversary of the previous AGM until the adjournment of the next AGM b. Mid June- a.~2 weeks for SEC clearance b. -4 weeks for proxy solicitation Jun Jul Assumes request is made the first day after the AGM Management can delay up to 120 days Aug Sep Oct Mid October -3.5 months Special meeting window Nov 14 Dec Jan Early February Feb 90-days prior to anniversary of AGM Apr May Mar May 6: ▸ Anniversary of previous AGM
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