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  "documentTitle": "Pershing Square | Activist Presentation Deck | 120 slides",
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  "authorName": "Pershing Square Capital Management, L.P.",
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  "presentationDate": "2014-07-01 00:00:00",
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  "notes": "Uses a comparison frame to highlight the superior value of the Valeant proposal.",
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      "kind": "callout",
      "text": "The Valeant proposal offers ~$15.50 of EPS in 2014. Allergan offers ~$14 of EPS in 2019",
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      "text": "What standalone AGN offers: 2019 EPS Guidance = ~$14 $0 cash",
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      "text": "What Valeant's proposal offers: If $72 of cash is reinvested in additional VRX shares at $121/share: 2014 $15.46 earnings per AGN share(1) + DARPin CVR",
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      "text": "(1) $15.46 = 1.425 x 10.85 2014 Pro Forma VRX EPS",
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      "text": "We Believe Valeant Offers More Value in One Year than Standalone Allergan is Projected to Offer in Five Years",
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