Pershing Square Activist Presentation Deck

Table of Contents I || IV V VI A Special Meeting is Warranted Given Allergan's Record of Poor Corporate Governance The Current Offer Justifies Board Engagement and Meets Investors' "Asking Price" The Valeant Offer Satisfies the Prevailing M&A Proxy Fight Analytical Framework Investors and Research Analysts Are Confident in Valeant's Operating Model and the Strategic Combination Risks in Allergan's Business Model Allergan's History of Poor Cost Management, Poor Capital Allocation, and Shareholder Unfriendly Compensation Policies VII We Believe There is Significant Downside to Allergan's Standalone Stock Price

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