Pershing Square Activist Presentation Deck

The Transaction Summary Terms: ► Cash Component: ■ $15bn; $48.30 per share (based on fully diluted share count) ■ Barclays and RBC Capital Markets financing commitment for 100% of cash component ► Stock Component: ■ Allergan shareholders will own -43% of the pro-forma company ■ Exchange ratio: 0.83 Valeant shares for every 1 Allergan share ► Pershing Square Will Elect To Receive 100% Stock 68

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