Pershing Square Activist Presentation Deck

Novartis: A Recent Case Study Implications for Novartis ▸ On Oct. 27, 2015, Novartis announced it has reached a settlement in principle with the DOJ in the amount of $390 million Novartis acknowledges the seriousness of the alleged conduct ► ► Novartis states that they intend to continue to use the Specialty Pharmacy channel ▸ It is unclear if any new Corporate Integrity Agreement will be put in place, but Novartis does not believe the settlement will impact their business "Novartis said it cannot say much, but it does not expect any problems that would relate to Entresto [newly launching product], nor does it expect any significant impact on other businesses. Bernstein, October 28, 2015 99 24

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