Pershing Square Activist Presentation Deck
Even Adjusted For Peer Movements, the Offer is
a Large Premium
Peer movements since the unaffected date imply a 33% to 72%
premium over a standalone Allergan today
Dow Jones
S&P 500
S&P 1500 Pharma
Dow Jones
11-
Allergan Proxy Peers
(3)
04/10/2014
1.833.1
523.0
16,170.2
100.0
07/14/2014
1,977.1
564.7
17,055.4
111.4
% Change
7.9%
8.0%
5.5%
11.4%
Implied AGN
share price
$125.79
$125.93
$123.01
$129.92
Look-Through Price as
a % premium to
implied price
39
37.1%
37.0%
40.2%
32.8%
Fair Value as
a % premium to
implied price
77.3%
77.1%
81.3%
71.6%
Source: FactSet
Implied Allergan share price based on relative change in index price from unaffected price of $116 63 on April 10, 2014.
Per Allergan proxy statement dated March 26, 2014 (Abbott Laboratories, Amgen, Biogen Idec, Bristol-Myers Squibb, Celgene, Eli Lilly, Endo Health Solutions,
Gilead Sciences, Johnson & Johnson, St. Jude Medical, Stryker Corporation, and Valeant Pharmaceuticals). Excludes Forest Laboratories due to acquisition by Actavis
on July 1, 2014.View entire presentation