Pershing Square Activist Presentation Deck

Patent Cliff Discounted Cash Flow Analysis Discounted Cash Flow model detail Undiscounted Cash Flows Case Low Base High % Annual Growth Case Low Base High Discounted Cash Flows 0.0% 2.5% 5.0% % Annual Growth Discount Rate 0.0% 2.5% 5.0% Year 1 Year 2 Year 3 1.0 1.0 1.0 1.1 1.0 1.1 Year 1 0.9 0.9 0.9 10% 1.0 1.0 1.1 Year 2 0.8 0.8 0.9 Year 3 0.8 0.8 0.8 Year 4 1.0 1.1 1.2 Year 4 0.7 0.7 0.8 Year 5 1.0 1.1 1.2 Year 5 110 0.6 0.7 0.8 Year 6 1.0 1.1 1.3 Year 6 0.6 0.6 0.7 Year 7 1.0 1.2 1.3 Year 7 0.5 0.6 0.7 Year 8 1.0 1.2 1.4 Year 8 0.5 0.6 0.7 Year 9 1.0 1.2 1.5 Year 9 0.4 0.5 0.6 Year 10 1.0 1.2 1.6 Year 10 Total/Sum 0.4 0.5 0.6 6.1x to 7.4x Year 1 Cash Flow 6.1x 6.8x 7.4x

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