Pershing Square Activist Presentation Deck
Allergan Unaffected Share Price (Cont.)
During the 31-day trading period from February 25th through April 8th,
Pershing Square through its derivative counterparty accumulated a
4.99% economic stake¹ in Allergan
▸ During this period, Pershing Square's notional shares underlying its
options accounted for ~17% of Allergan's average daily volume
► Volume during this period averaged 2.8mm shares
► After reaching a 4.99% economic stake on the morning of April 8th,
Pershing Square stopped trading
▸ On April 9th and 10th Pershing Square did not trade Allergan stock or
derivatives
▸ During this period, average volume in Allergan shares declined to
1.9mm
▸ With Pershing Square out of the market, Allergan settled to its
unaffected price of $116.63 on the close of trading April 10th
¹Economic stake includes: Allergan common shares; 1% strike, deep in-the money Allergan call options; and Allergan forward contracts on common stock
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