Pershing Square Activist Presentation Deck

Substantial Overlap of Ownership The large percentage of Allergan shareholders that also own Valeant stock indicates their confidence in Valeant's currency Alex Arfaei, BMO; "New Offer in Line With Our Expectations; Good Sale of Assets, Impressive Presentation", May 28, 2014: "We believe this deal will eventually go to AGN shareholders, who are interested in maximizing value. Given the reported over 50% overlap in VRX/AGN shareholders, we believe that most AGN shareholders are familiar enough with Valeant's business model to invest in the combined entity." 48

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