Pershing Square Activist Presentation Deck

Durable Portfolio Comparables Range: 19x - 29x 2014 EPS If Val-gan's durable portfolio were valued similar to businesses that we believe to be comparable, then its resulting range of multiples could be as follows: Perrigo and Zoetis Trading Multiples Global Beauty Trading Multiples OTC M&A Multiples - Adj. for Control Premium¹ 19x 20x Comparables Range (1) Multiples adjusted downward for a hypothetical 25% control premium. 21x 22x 28x There is no assurance that Val-gan's durable portfolio would trade within this range 79 29x

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