Pershing Square Activist Presentation Deck

Benefits of Specialty Pharmacies Why patients and doctors like specialty pharmacies: Specialty pharmacies help patients get the drug their doctor prescribed and reduce administrative burden ■ Patients receive their medication quickly by mail, sometimes before claim has been adjudicated Benefits to doctors and patients have made specialty pharmacies an increasingly popular drug distribution channel Examples of Dermatology Rx manufacturers with specialty pharmacy relationships(¹): Allergan (1): Valeant investor presentation. October 26, 2015. Colle v NOVARTIS PHARMADERM Nestle Good Food, Good Life GALDERMA Committed to the future of dermatology I I 9

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