Pershing Square Activist Presentation Deck

Executive Summary There are two principal reasons we are calling for a special meeting 1) To fix the special meeting provisions in Allergan's bylaws, which are unduly onerous and anti-shareholder 2) To remove directors and propose the appointment of new directors who will engage with Valeant on its compelling and certain offer to acquire Allergan at a 50%+ premium to Allergan's unaffected share price

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