Pershing Square Activist Presentation Deck

Healthcare Regulatory and Legal Overview ► The healthcare industry is highly regulated ► All participants - manufacturers of pharmaceuticals/biologics/medical devices, doctors, pharmacies, hospitals, insurance companies are subject to extensive federal and state legal and regulatory requirements These regulatory regimes are not always intuitive Areas of inquiry have included: ■ Marketing practices (off-label marketing, unsubstantiated claims) Manufacturing / product safety issues Insurance fraud Medicare fraud Kickbacks False claims - ■ Misreporting of price information to CMS (Best Price requirements) HIPAA/Patient privacy Determination of compliance with the complex regulatory requirements is very fact specific 18

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