1. Overview of Tier 1 Potential Partners
($ USD in Billions)
Potential Partner:
Market Cap(1):
Debt & NCI(1):
Enterprise Value(1):
Leverage Ratio(1):
Strategic Fit:
Ability to Pay:
Cash(1):
Comments:
Primarily < $1B acquisitions in the past; rumors of Actavis and Forest Labs
$36.3
$8.7
$0.3
$44.7
3.6 x
Primarily < $100 million acquisitions, except for $10 billion Onyx deal
$84.6
$32.0
$19.8
$96.8
4.3 x
Last deals over $1 billion took place 2-3 years ago; smaller recent acquisitions
$81.7
$7.7
$7.1
$82.4
1.7 x
Last major deal was Pharmasset ($11 billion) two years ago
$121.0
$10.1
$6.5
$124.6
1.4 x
Typically does only very small “tuck-in” deals
$281.0
$17.3
$29.4
$268.9
0.7 x
Has completed primarily smaller, “tuck-in” M&A deals over the past 2-3 years
$62.9
$5.3
$5.2
$63.0
0.8 x
Last major deals were 5 years ago; rumors of interest in Cubist Pharmaceuticals
$160.2
$30.8
$20.5
$170.5
1.9 x
Mostly minor deals except for $8.7 billion acquisition of Bausch & Lomb last year
$44.0
$17.5
$0.6
$60.9
5.6 x
No major recent deals; announced $10 billion buy-back plan last year
$186.1
$37.5
$33.9
$189.6
1.7 x
(1) Financial data as of May 9, 2014.

2. Company Profile: Allergan
($ USD in Billions)
Business Description
Management Team
Allergan plc develops, manufactures, and distributes generic, branded, biosimilar, and over-the-counter (OTC) pharmaceutical products. It operates in three segments: North American Brands, North American Generics and International, and Anda Distribution.
The company also develops and out-licenses generic pharmaceutical products primarily in Europe through its third-party business, and it sells its generic and brand pharmaceutical products primarily to drug wholesalers, retailers, and distributors.
Paul Bisaro Executive Chairman
Brenton Saunders CEO
Maria Hilado CFO
James D’Arecca CAO
A. Robert Bailey CLO
Jonathon Kellerman EVP
John Kelly EVP
Sigurd Kirk EVP, Bus. Dev.
Allergan
Headquarters: Parsippany, NJ
Employees: 21,600
Founded: 1983
Financial Information(1)
Business Segments and Product Lines
Key Partners
Market Cap: $36.3
Cash: $0.3
Debt, Preferred & NCI: $8.7
LTM Revenue: $9.4
LTM EBITDA: $2.4
CY 2014E Revenue: $12.9
CY 2014E EBITDA: $3.8
CY 2015E Revenue: $13.5
CY 2015E EBITDA: $4.2
North American Brands – Provides patented and off-patent trademarked pharmaceutical products primarily under the Dalvance, Bystolic, Canasa, Carafate, Daliresp, Fetzima, Linzess, Namenda, Namenda XR, Saphris, Teflaro, Viibryd, Actonel, Asacol HD, Atelvia, Delzicol, Doryx, Estrace Cream, Enablex, Lo Loestrin Fe, and Minastrin 24 Fe brands.
North American Generics and International – Develops, manufactures, and sells generic, branded generic, and OTC pharmaceutical products.
Anda Distribution – Distributes generic and brand pharmaceutical products primarily to independent pharmacies, pharmacy chains and buying groups, and physician’s offices.
Amgen – Biosimilar versions of Herceptin, Avastin, Rituxan/Mab Thera, and Erbitux
Ironwood Pharmaceuticals – Commercial development of Linzessfor
Sanofi-Aventis
Trevena – Development of TRV027
One-Year Price History(1)
(1) Financial data as of May 9, 2014.

3. Company Profile: Allergan
($ USD in Billions)
Business Description
Management & Board
Allergan plc develops, manufactures, and distributes generic, branded, biosimilar, and over-the-counter (OTC) pharmaceutical products. It operates in three segments: North American Brands, North American Generics and International, and Anda Distribution.
The company also develops and out-licenses generic pharmaceutical products primarily in Europe through its third-party business, and it sells its generic and brand pharmaceutical products primarily to drug wholesalers, retailers, and distributors.
Allergan provides products in areas including women's health, gastroenterology, urology, and dermatology. Key products include the Dalvance, Bystolic, Canasa, Carafate, Daliresp, Fetzima, Linzess, Namenda, and Saphris brands.
Paul Bisaro Executive Chairman
Brenton Saunders CEO
Maria Hilado CFO
James D’Arecca CAO
A. Robert Bailey CLO
Jonathon Kellerman EVP
John Kelly EVP
Sigurd Kirk EVP, Bus. Dev.
Chris Bodine NewSpring Capital
Ronald Taylor Cardinal Health 301
Fred Weiss FGW Associates
Michael Gallagher Playtex
James Bloem Humana
Allergan
Headquarters: Parsippany, NJ
Employees: 21,600
Founded: 1983
Financial Information(1)
Business Segments and Product Lines
Key Partners
Market Cap: $36.3
Cash: $0.3
Debt, Preferred & NCI: $8.7
Enterprise Value: $44.7
Leverage Ratio: 3.6 x
LTM Revenue: $9.4
CY 2014E Revenue: $12.9
CY 2015E Revenue: $13.5
LTM EBITDA: $2.4
CY 2014E EBITDA: $3.8
CY 2015E EBITDA: $4.2
LTM Net Income: ($0.5)
CY 2014E Net Income: ($1.6)
CY 2015E Net Income: ($1.0)
North American Brands – Provides patented and off-patent trademarked pharmaceutical products primarily under the Dalvance, Bystolic, Canasa, Carafate, Daliresp, Fetzima, Linzess, Namenda, Namenda XR, Saphris, Teflaro, Viibryd, Actonel, Asacol HD, Atelvia, Delzicol, Doryx, Estrace Cream, Enablex, Lo Loestrin Fe, and Minastrin 24 Fe brands.
North American Generics and International – Develops, manufactures, and sells generic, branded generic, and OTC pharmaceutical products.
Anda Distribution – Distributes generic and brand pharmaceutical products primarily to independent pharmacies, pharmacy chains and buying groups, and physician’s offices.
Amgen – Biosimilar versions of Herceptin, Avastin, Rituxan/Mab Thera, and Erbitux
Ironwood Pharmaceuticals – Commercial development of Linzessfor
Sanofi-Aventis
Trevena – Development of TRV027
(1) Financial data as of May 9, 2014.

4. Company Profile: Allergan (cont’d)
(Acquisition Prices in Millions $ USD)
One-Year Price History: May 9, 2013 – May 9, 2014
Valuation Multiples(1)
LTM EV / Revenue: 4.8 x
CY 2014E EV / Revenue: 3.5 x
CY 2015E EV / Revenue: 3.3 x
LTM EV / EBITDA: 18.6 x
CY 2014E EV / EBITDA: 11.8 x
CY 2015E EV / EBITDA: 10.6 x
LTM P / E: NM
CY 2014E P / E: NM
CY 2015E P / E: NM
Pipeline Summary
# Pipeline Drugs (FY 2013): 195
# Pipeline Drugs (FY 2012): 185
# Pipeline Drugs (FY 2011): 130
Acquisition Strategy
FY 2013 Revenue and Operating Income by Segment
Recent Acquisitions
Primarily < $1B acquisitions in the past
Rumors of interest in Actavis and Forest Labs
Possible merger interest from Actavis
May be interested in spinning off portions of its generics business
Interested in both clinical-stage and commercial-stage companies
TARIS BioMedical – LiRIS (2014 – $588 million)
Development Milestone: $295 million
Commercial Milestone: $225 million
MAP Pharmaceuticals (2013 – $963 million)
100% cash offer for $25 / share
SkinMedica (2012 – $375 million)
100% cash offer
Commercial Milestone: $25 million
Revenue
by Segment:
Operating Income
by Segment:
Anda Distribution
North American
Anda Distribution
14% 3%
Brands
North American
12%
Brands
11%
North American
North American
Generics and
Generics and
International
International
74%
86%
(1) Financial data as of May 9, 2014.