Pershing Square Activist Presentation Deck

Allergan's Largest Acquisitions, Using -$5 Billion of Capital, Have All Disappointed The largest acquisitions of Pyott's tenure have all disappointed LAP-BAND SYSTEM Natrelle SANCTURA XR¹ MAP PHARMACEUTICALS INC Semprana (Levadex) Date Tx value $3.3Bn 3/23/06 3/23/06 $3.3Bn 10/16/07 $371M 3/1/13 $872M "Lap-Band and Natrelle were acquired as part of the Inamed acquisition 89 x 80% of net book value written off * Sales have fallen >30% short of expectations at the time of the acquisition * 99.6% of purchase price written off as impairment charge * Three FDA CRLs and resulting multi-year delay has significantly impaired the value of the asset

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