Pershing Square Activist Presentation Deck

Higher Guidance Appears Driven by the Valeant Bid, not a Fundamental Change in the Business (Cont.) Source of Improved SG&A Ratio Unclear Given Modest Increase in Revenue Growth And No Announced Major Cost Cuts David Pyott, Allergan Chairman and CEO; Q4 2013 Earnings Call: "Going back to SG&A leverage, we've always stated that our target in the midterm is the mid-30s, so I'd reiterate that." David Pyott, Allergan Chairman and CEO; May 12, 2014 Special Call (After Valeant's Proposal): "Now we're really cranking this in terms of [SG&A] leverage. And by the end of this period, it will get to the mid- to the high-20s. 103

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