Pershing Square Activist Presentation Deck

Durable Portfolio: Trading Comparables Outside of Healthcare We believe there are many similarities between the Global Beauty industry and Val-gan's durable portfolio Industry Global Beauty Merged Company's Durable Pharma High Gross Margins >70%1 >70% Strong Organic Growth 5-7% 6-8%* Brand Loyalty Efficacy Brand Prestige Efficacy Safety Brand Prestige Product Diversity 100s of products per company 1,000s of products Significant opportunity for low-risk, high-return innovation (1) Based on the average calendar 2013 gross margin for L'Oreal, Estee-Lauder, and Beiersdorf of 71.6%. *Erratum: Original presentation referred to "5-7%" 77

View entire presentation