Pershing Square Activist Presentation Deck

Higher Guidance Appears Driven by the Valeant Bid, not a Fundamental Change in the Business (Cont.) David Pyott, Allergan Chairman and CEO; June 23rd, 2014 "Our goal now is to give them most of what they want... We will raise earnings guidance further." - Pyott as quoted by Reuters at the BIO International Convention; emphasis added ► Why is this the goal "now"? ► How does raising guidance increase shareholder value? 105

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