Pershing Square Activist Presentation Deck

Platform Specialty Products (NYSE:PAH) PAH's share price has nearly doubled in the six months since the MacDermid acquisition was announced What are the possible explanations for this value creation? x Did PAH purchase MacDermid at materially less than its fair value? x PAH paid ~10x LTM EBITDA x The seller was a private equity firm with no urgency to sell OR Did Investors begin to ascribe Platform Value to PAH? ✓ Investors recognize the Platform Value of PAH ✓ PAH's stock price move implies a 100% platform premium 89

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