Pershing Square Activist Presentation Deck

History of Losses Outside of Low-Risk Projects Allergan has had at least 35 R&D failures since 1998 Abandoned / Suspended R&D Projects by Phase Research project Pre-Clinical Phase I Phase II Phase III Source: Valeant April 2014 investor presentation 3 5 6 10 11 • Ophthalmic RNAI . . . . • • . Examples • Retinoic Acid Metabolism AGN/NRX 194310 AGN 197075 AGN 199981 PS388023 AGN-207281 AGN 195795 AGN 201781 AGN 210669 AGN 210676 AGN818 NRX 195183 Sima-027 (AGN 745)

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