Pershing Square Activist Presentation Deck

Allergan Shareholders Will Participate in Ongoing Value Creation ► The Transaction gives Allergan shareholders ~43% ownership of Val-gan ► We believe the combination of Valeant and Allergan will create enormous shareholder value ▸ Between now and the close of the Transaction, Allergan shareholders will participate in any increase in Valeant's share price ► Over the short, intermediate, and long-term, we expect the Transaction will generate significant shareholder value 69

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