Pershing Square Activist Presentation Deck

Large Margin of Safety Val-gan would need to trade at only 7.4x 2014 Pro-Forma Cash EPS¹ in order for the Transaction value to exceed Allergan's unaffected price P/E Ratio: 2014 Pro-Forma EPS Earnings Multuple Valeant* Stock Price x (Exchange Ratio) + Stock Value + Cash Value/Share = Total Value (Stock + Cash) % Change vs. Unaffected Price Source: Valeant Presentation April 22, 2014 2014 Pro-Forma Cash EPS Mid-Point *Erratum: Original presentation referred to "Venus" 103 $ 11.08 7.4x 82 0.83 68 $ $ 7.4x $ 48 $ 116 0%

View entire presentation