Pershing Square Activist Presentation Deck
Legal Disclaimer
This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. This communication relates to Pershing
Square Capital Management, LP's ("Pershing Square") solicitation of written requests to call a special meeting of shareholders of Allergan, Inc.
("Allergan") in connection with the proposal which Valeant Pharmaceuticals International, Inc. ("Valeant") has made for a business combination
transaction with Allergan. In furtherance of this proposal and subject to future developments, Pershing Square has filed a definitive solicitation
statement with the Securities and Exchange Commission (the "SEC") on July 11, 2014 (the "solicitation statement"). Valeant has filed a registration
statement on Form S-4 (the "Form S-4") and a tender offer statement on Schedule TO (including the offer to exchange, the letter of election and
transmittal and other related offer materials) with the SEC on June 18, 2014 (together with the Form S-4, the "Schedule TO"), and a preliminary
proxy statement on June 24, 2014 with respect to a meeting of Valeant shareholders. Pershing Square and Valeant (and, if a negotiated
transaction is agreed, Allergan) may file one or more solicitation statements, registration statements, proxy statements, tender or exchange offer
documents or other documents with the SEC. This communication is not a substitute for the solicitation statement, the Schedule TO, or any other
solicitation statement, proxy statement, registration statement, prospectus, tender or exchange offer document or other document Pershing Square,
Valeant and/or Allergan may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF
VALEANT AND ALLERGAN ARE URGED TO READ THE SOLICITATION STATEMENT, PROXY STATEMENT(S), REGISTRATION
STATEMENT, PROSPECTUS, TENDER OR EXCHANGE OFFER DOCUMENTS AND OTHER DOCUMENTS FILED WITH THE SEC
CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
THE PROPOSED TRANSACTION. The solicitation statement is currently being mailed to stockholders of Allergan. Any definitive solicitation
statement or proxy statement(s) or definitive tender or exchange offer documents (if and when available) will be mailed to stockholders of Allergan
and/or Valeant, as applicable. Investors and security holders will be able to obtain free copies of the solicitation statement and the Schedule TO
and will be able to obtain free copies of these other documents filed with the SEC by Pershing Square and/or Valeant through the web site
maintained by the SEC at http://www.sec.gov.
Information regarding the names and interests in Allergan and Valeant of Pershing Square and persons related to Pershing Square who may be
deemed participants in any solicitation of Allergan or Valeant shareholders in respect of a Valeant proposal for a business combination with
Allergan is available in the solicitation statement. The solicitation statement can be obtained free of charge from the sources indicated.View entire presentation