Pershing Square Activist Presentation Deck

...Other Analysts Question Management's Views on the Standalone Value of Allergan Alex Arfaei, BMO; "Will Likely Go the Distance With AGN; But Should Gain More Support", June 10, 2014: "Allergan asserts that its current 26.8x P/E multiple is 'Due to Accelerated EPS Outlook from Mid-teens to Revised Guidance of 20% Five-Year EPS CAGR,' essentially saying that there is no take- out premium in AGN stock related to the VRX offer. Given the stock's reaction following Valeant's offers, we believe most investors would disagree. 107

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