Pershing Square Activist Presentation Deck

Track Record of R&D Productivity ► Line extensions and re-formulations ■ Example: Acanya ►New indications and strengths for existing drugs ■ Example: Retin-A Micro .08% ►New branded generics ■ Example: 300 new product launches expected in 2014 ► Prescription to OTC switches ■ Example: Bedoyecta ► High-probability development programs (Phase Ills) ■ Example: Luzu ► Low-risk New Chemical Entities (NCE's) ■ Example: Jublia 36

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