Pershing Square Activist Presentation Deck

Limited Visibility of R&D Creates Uncertainty Lack of visibility and risk inherent in an early-stage R&D model creates uncertainty for Allergan investors Shibani Malhotra, RBC Capital Markets; Q1 2013 Earnings Call: "Given you had to set back both these expectations of products [Latisse for Scalp and DARPin] since you talked about last year at your R&D day. How should we think about your commitment to this growth and are you going to have to look elsewhere to drive this? Or are you still confident that you can grow Allergan organically from a revenue and earnings standpoint?" 66

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