Pershing Square Activist Presentation Deck

Durable Portfolio: Few Healthcare Trading Comparables Val-gan's durable business would have few peers among publicly traded pharmaceutical companies x Big Pharma x Few durable assets x High exposure to competitive, low-growth categories x Biotech x High product concentration x Large R&D investment 74 * Specialty Pharmaceuticals x High product concentration x Few durable assets x Generic Pharmaceuticals x Focused on commodity categories x Low secular growth

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