Pershing Square Activist Presentation Deck

Pershing Square Performed Independent Due Diligence on Valeant Pershing Square presented a comprehensive white paper on April 22nd, 2014, titled "The Outsider," disclosing its findings about Valeant's business model and accounting practices, as well as the strategic and financial merits of this combination Pershing Square has committed to take all stock in the transaction at an exchange ratio inferior to the offer available to other Allergan shareholders, representing ~$600mm of immediate value contribution to other shareholders in the transaction (1) Pershing's all stock election increased cash available to other shareholders by ~$2bn (1) $600mm is measured as of May 30, 2014. 53

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