Pershing Square Activist Presentation Deck
Disclaimer
DISCLAIMER
The information in this presentation is for informational purposes only, and this presentation shall not constitute an offer to sell or a solicitation of an offer to purchase
any security or investment product, nor does it constitute professional advice. This presentation and the information contained herein is not investment advice or a
recommendation or solicitation to buy or sell any securities. All investments involve risk, including the loss of principal. Pershing Square recognizes that there may be
confidential information in the possession of the companies discussed in this presentation that could lead these companies to disagree with Pershing Square's
conclusions. The information contained in this presentation is subject in all respects to the disclosure set forth in the reports filed by Allergan and Valeant with the SEC.
Except where otherwise indicated, the information in this presentation speaks only as of the date of this presentation. Permission to quote third-party reports in this
presentation has been neither sought nor obtained.
This presentation is not all inclusive and may not contain all of the information that you require in order to evaluate Allergan and Valeant and the transactions described
in this presentation. You should review Valeant's and Allergan's most recent annual and quarterly reports and other reports filed by Valeant and Allergan with the SEC.
You should rely on your own independent analysis to assess the accuracy and completeness of all information contained herein. No representation, warranty or
undertaking, expressed or implied, is or will be made and no responsibility or liability is or will be accepted by Pershing Square or its affiliates or associates, or any of
their respective directors, officers, employees, agents, shareholders or advisors, as to, or in relation to, the accuracy or completeness of the information contained in
the presentation, or any other information, errors therein or omissions therefrom.
By presenting this information, none of Pershing Square or its affiliates or associates, or any of their respective directors, officers, employees, agents, shareholders or
advisors, is providing investment, legal, tax, financial, accounting or other advice to you or to any other party. None of Pershing Square or its affiliates or associates, or
any of their respective directors, officers, employees, agents, shareholders or advisors, is acting as an advisor or fiduciary in any respect in connection with providing
this information.
Funds managed by Pershing Square and its affiliates are invested in Allergan common stock and other securities. Pershing Square manages funds that are in the
business of trading - buying and selling - securities and financial instruments. It is possible that there will be developments in the future that cause Pershing Square to
change its position regarding Allergan, Valeant and the proposed Valeant-Allergan business combination. Pershing Square may buy, sell, cover or otherwise change
the form of its investment in Allergan for any reason. Pershing Square hereby disclaims any duty to provide any updates or changes to the analyses contained here
including, without limitation, the manner or type of any Pershing Square investment.
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