Pershing Square Activist Presentation Deck

The Revised Plan Does Not Support Certain Standalone Analyst Price Target Increases... Certain analysts have increased their near-term price targets by up to 67% based on a 24% increase in EPS five years from now ▸ Management's increased guidance from a 15% EPS CAGR to a 20% EPS CAGR implies a 24% increase in 2019 EPS $250 $200 $150 $100 $50 $0 +44%, $140 $202 BMO +57%, $115 Source: Allergan June 10, 2014 investor presentation. (1) Represents midpoint of price target range $180 +67%/ BTIG $124 Buckingham Old Price Target $207 106 +44%/ New Price Target $135 (1) $195 Guggenheim +47%/ I 1 $124 $183 Leerink Swann

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