Pershing Square Activist Presentation Deck

We Believe Recent Option Trading also Suggests Meaningful Downside if the Deal Breaks Open interest contracts (100 shares / contract) A number of investors have purchased put option protection at prices materially below where AGN is currently trading Allergan Options October Open Interest 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 18 5,943 $145/ (13%) 37 893 $150/ (10 %) Source: Bloomberg as of July 14, 2014 Note: Open interest equais number of contracts 41 427 $155/ (7%) 916 897 $160/ Current AGN trading price: $167.02 174 472₁ $165/1 (1%) 319 205 98 142, Strike price/Premium (discount) to current 350 $170/ $175/ +3% +6% 87 10 $180/ +9% Puts Calls 196 11 $185/ +12% 414 33 $190/ +15%

View entire presentation