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Institutional Shareholder Services (ISS) Recommends Allergan Shareholders Call A Special Meeting Of Shareholders
Date:8/6/2014

LAVAL, Quebec and NEW YORK, Aug. 6, 2014 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. ("Valeant") (NYSE: VRX) (TSX: VRX) and Pershing Square Capital Management, L.P. ("Pershing Square") today commented on Institutional Shareholder Services' ("ISS") recommendation in support of Pershing Square's effort to call a special meeting of Allergan shareholders.  Pershing Square is seeking to call a special meeting to address a number of important matters, including the removal of six incumbent directors from the Allergan Board, which has failed to do any reasonable investigation of the Valeant offer.

ISS has recommended that shareholders of Allergan, Inc. (NYSE: AGN) PROVIDE CONSENT and complete and return all necessary documents required to call a special meeting of Allergan shareholders. Earlier this week, Glass Lewis also supported Pershing Square's effort to call a special meeting.

In its report, ISS commented on Valeant's and Allergan's business models and track records:

"Many of the initiatives [Allergan] has announced, moreover—reducing R&D and SG&A expense, looking at acquisitions—are strategies Valeant has used to enormous success over the tenure of its current CEO. This suggests both that there is merit in these business strategies, if Allergan can choose as wisely and execute as well and as boldly as Valeant —and also, perhaps, that Allergan's relentless criticism of the Valeant business model is rooted less in the conviction Valeant's model is dangerously flawed than in the conviction anything outside of the defensive perimeter should be scorched."*

In addition, ISS criticized Allergan's bylaw provisions:

"As a response to the deeper question of why Allergan's bylaw con
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SOURCE Valeant Pharmaceuticals International, Inc.
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