Pershing Square Activist Presentation Deck

How Some Large Shareholders Are Thinking About The Transaction Valeant's revised proposal offers substantial value to AGN shareholders and is highly superior to AGN's standalone value What Valeant's proposal offers: ► $72 of cash per share ► $9.01 of Valeant 2014 earnings per AGN share(1) ► + DARPin CVR Or, if $72 of cash is reinvested in additional VRX shares at $121/share: $15.46 of Valeant 2014 earnings per AGN share (2) + DARPin CVR 41 What standalone AGN offers: $0 cash ► 2014 EPS Guidance = $5.69 272% increase in earnings per AGN share (1) $9.01=0.83 x 10.85 2014 Pro Forma VRX EPS (2) $15.46 = 1.425 x 10.85 2014 Pro Forma VRX EPS

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