Pershing Square Activist Presentation Deck

Pershing Square's Rapid Accumulation Program Beginning on the morning of April 11th and lasting through the close of trading on April 21st, Pershing Square engaged in a rapid accumulation program ▸ During these six trading days, volume averaged 6.6mm shares and Pershing Square's notional shares underlying its derivative contracts represented 35% of the average daily volume ▸ During these six trading days, Pershing Square acquired 14.0mm deep in the money Allergan call options and Allergan forward contracts representing 4.7% of Allergan shares outstanding During the period of Pershing Square's rapid accumulation program, Allergan's stock price rose from an unaffected price of $116.63 to $142.00, a 22% increase 67

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