Pershing Square Activist Presentation Deck

The Majority of Prescription Drug Revenue is Durable ► Prescription ("Rx") revenues are expected to be 41% of total 2014 revenues ▶ -60% of Rx revenues (~26% of total) are durable: ■ Already off-patent o Example: Efudex ■ Too small to attract generic entrants o Example: Tetrix ■ Difficult to manufacture o Example: Retisert ■ Generics not physiologically equivalent o Example: Wellbutrin XL ■ Strong brands with patient/doctor loyalty o Example: Obagi Hydroquinone Source: Company Presentation, April 22, 2014. 24

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