Pershing Square Activist Presentation Deck

History of Losses Outside of Low-Risk Projects Opportunity to deliver same R&D output at lower cost $9.5B Cumulative Allergan R&D spend since 1998 Source: Valeant April 2014 investor presentation -$2.0B Estimated cost of delivering line extensions and lower-risk products under Valeant model 68 Examples ■ -10 Botox indications ■ Restasis ■ Combigan Latisse ■ Tazorac

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