Pershing Square Activist Presentation Deck

Pricing has Driven Growth Allergan has relied on large price increases to drive revenue growth, both historically and in 2014 7-9% Price Increases in 2014 ■ Acuvail ■ Elestat Lastacraft ■ Betagan ■ Zymaxid 10%+ Price Increases in 2014 ■ Alphagan ■ Combigan Lumigan ■ Restasis ■ Aczone ■ Tazorac ■ Avage ■ Azalex Source: Wolters Kluwer: Med-Span Price Rx and Valeant management estimates. 60 100% + Price Increases in 2014 ■ Pred-G ■ Pred Miled FML Forte Bleph-10

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