Pershing Square Activist Presentation Deck

High Risk "Traditional" R&D Model The New York Times December 4, 2006 "End of Drug Trial Is a Big Loss for Pfizer" THE WALL STREET JOURNAL. July 30, 2008 "Elan, Wyeth tumble on Alzheimer's study" Bloomberg May 7, 2012 "Roche Drops After Halting Cholesterol Drug Development" Source: Bloomberg Market Data 34 Market Cap Decline Day of Announcement -$21bn -$14bn -$5bn

View entire presentation