Pershing Square Activist Presentation Deck

Allergan Share Buyback - Too Little, Too Late Why didn't Allergan buy back stock at materially lower prices? Amount Repurchased (SMM) $1,000 $900 $800 $700 $600 $500 3 year average price: $91.80 $400 $300 $200 $100 SO $163 $136 $76 2011 Q1 Q2 Q3 Q4 588 Source: Company filings and Factset $217 Q1 $332 $174 $185 Q2 Q3 Q4 2012 Amount repurchased $645 115 Q1 50.7 Q2 - Stock price 2013 50.2 $398 $1.4 Q3 Q4 Q1 2014 July 14th closing price: $167.02 $200.00 $180,00 $160.00 $140.00 $120.00 $100.00 $80.00 $60.00 $40.00 $20.00 $0.00 82% premium

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