Mylan & Perrigo:

It's Now All About The Immediate

Value For The Perrigo Shareholder

and Better Long-Term Sustainable

Growth and Value Creation For

The Combined Company

October 2015

Filed

by

Mylan

N.V.

Pursuant

to

Rule

425

under

the

Securities

Act

of

1933

Subject

Company:

Perrigo

Company

plc

Commission

File

No.

001-36353

Legal Matters

IRISH

LAW

RESTRICTIONS

ON

CERTAIN

INFORMATION

Mylan

N.V.’s

(“Mylan”)

offer

for

Perrigo

Company

plc

(“Perrigo”)

is

governed

by

the

Irish

Takeover

Panel

Act,

1997,

Takeover

Rules

2013

(the

“Irish

Takeover

Rules”).

Under

the

Irish

Takeover

Rules,

Mylan

management

is

prohibited

from

discussing

any

material

information

or

significant

new

opinions

which

have

not

been

publicly

announced.

Any

person

interested

in

shares

of

Mylan

or

Perrigo

is

encouraged

to

consult

their

professional

advisers.

FORWARD-LOOKING

STATEMENTS

2

This communication contains “forward-looking statements.” Such forward-looking statements may include, without limitation, statements about the proposed acquisition of Perrigo by Mylan

(the “Perrigo Proposal”), Mylan’s acquisition (the “EPD Transaction”) of Mylan Inc. and Abbott Laboratories’ non-U.S. developed markets specialty and branded generics business (the

“EPD Business”), the benefits and synergies of the Perrigo Proposal or EPD Transaction, future opportunities for Mylan, Perrigo, or the combined company and products, and any other

statements regarding Mylan’s, Perrigo’s, or the combined company’s future operations, anticipated business levels, future earnings, planned activities, anticipated growth, market

opportunities, strategies, competition, and other expectations and targets for future periods. These may often be identified by the use of words such as “will,” “may,” “could,” “should,”

“would,” “project,” “believe,” “anticipate,” “expect,” “plan,” “estimate,” “forecast,” “potential,” “intend,” “continue,” “target” and variations of these words or comparable words. Because

forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements.

Factors that could cause or contribute to such differences include, but are not limited to: uncertainties related to the Perrigo Proposal, including as to the timing of the offer and a

compulsory acquisition, whether Perrigo will cooperate with Mylan and whether Mylan will be able to consummate the offer and a compulsory acquisition, the possibility that competing

offers will be made, the possibility that the conditions to the consummation of the offer will not be satisfied, and the possibility that Mylan will be unable to obtain regulatory approvals for

the offer or be required, as a condition to obtaining regulatory approvals, to accept conditions that could reduce the anticipated benefits of the offer; the ability to meet expectations

regarding the accounting and tax treatments of a transaction relating to the Perrigo Proposal and the EPD Transaction; changes in relevant tax and other laws, including but not limited to

changes in healthcare and pharmaceutical laws and regulations in the U.S. and abroad; the integration of Perrigo and the EPD Business being more difficult, time-consuming, or costly

than expected; operating costs, customer loss, and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients, or

suppliers) being greater than expected following the Perrigo Proposal and the EPD Transaction; the retention of certain key employees of Perrigo and the EPD Business being difficult; the

possibility that Mylan may be unable to achieve expected synergies and operating efficiencies in connection with the Perrigo Proposal and the EPD Transaction within the expected time-

frames or at all and to successfully integrate Perrigo and the EPD Business; expected or targeted future financial and operating performance and results; the capacity to bring new

products to market, including but not limited to where Mylan uses its business judgment and decides to manufacture, market, and/or sell products, directly or through third parties,

notwithstanding the fact that allegations of patent infringement(s) have not been finally resolved by the courts (i.e., an “at-risk launch”); any regulatory, legal, or other impediments to our

ability to bring new products to market; success of clinical trials and our ability to execute on new product opportunities; the scope, timing, and outcome of any ongoing legal proceedings

and the impact of any such proceedings on financial condition, results of operations, and/or cash flows; the ability to protect intellectual property and preserve intellectual property rights;

the effect of any changes in customer and supplier relationships and customer purchasing patterns; the ability to attract and retain key personnel; changes in third-party relationships; the

impact of competition; changes in the economic and financial conditions of the businesses of Mylan, Perrigo, or the combined company; the inherent challenges, risks, and costs in

identifying, acquiring, and integrating complementary or strategic acquisitions of other companies, products, or assets and in achieving anticipated synergies; uncertainties and matters

beyond the control of management; and inherent uncertainties involved in the estimates and judgments used in the preparation of financial statements, and the providing of estimates of

financial measures, in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and related standards or on an adjusted basis. For more

detailed information on the risks and uncertainties associated with Mylan’s business activities, see the risks described in Mylan’s Quarterly Reports on Form 10-Q for the quarters ended

March 31, 2015 and June 30, 2015 and our other filings with the Securities and Exchange Commission (“SEC”). These risks, as well as other risks associated with Mylan, Perrigo, and the

combined company are also more fully discussed in the Registration Statement on Form S-4 (which includes an offer to exchange/prospectus and was declared effective on September

10, 2015, the “Registration Statement”) in connection with the Perrigo Proposal. You can access Mylan’s filings with the SEC through the SEC website at www.sec.gov, and Mylan strongly

encourages you to do so. Except as required by applicable law, Mylan undertakes no obligation to update any statements herein for revisions or changes after the date of this

communication.

Legal Matters

RESPONSIBILITY

STATEMENT

The

directors

of

Mylan

accept

responsibility

for

the

information

contained

in

this

communication,

save

that

the

only

responsibility

accepted

by

the

directors

of

Mylan

in

respect

of

the

information

in

this

communication

relating

to

Perrigo,

Perrigo’s

subsidiaries

and

subsidiary

undertakings,

the

Perrigo

board

of

directors

and

the

persons

connected

with

them,

which

has

been

compiled

from

published

sources,

has

been

to

ensure

that

such

information

has

been

correctly

and

fairly

reproduced

or

presented

(and

no

steps

have

been

taken

by

the

directors

of

Mylan

to

verify

this

information).

To

the

best

of

the

knowledge

and

belief

of

the

directors

of

Mylan

(who

have

taken

all

reasonable

care

to

ensure

that

such

is

the

case)

the

information

contained

in

this

communication

is

in

accordance

with

the

facts

and

does

not

omit

anything

likely

to

affect

the

import

of

such

information.

DEALING

DISCLOSURE

REQUIREMENTS

Under

the

provisions

of

Rule

8.3

of

the

Irish

Takeover

Rules,

if

any

person

is,

or

becomes,

‘interested’

(directly

or

indirectly)

in,

1%

or

more

of

any

class

of

‘relevant

securities’

of

Perrigo

or

Mylan,

all

‘dealings’

in

any

‘relevant

securities’

of

Perrigo

or

Mylan

(including

by

means

of

an

option

in

respect

of,

or

a

derivative

referenced

to,

any

such

‘relevant

securities’)

must

be

publicly

disclosed

by

not

later

than

3:30

pm

(New

York

time)

on

the

‘business’

day

following

the

date

of

the

relevant

transaction.

This

requirement

will

continue

until

the

date

on

which

the

‘offer

period’

ends.

If

two

or

more

persons

co-operate

on

the

basis

of

any

agreement,

either

express

or

tacit,

either

oral

or

written,

to

acquire

an

‘interest’

in

‘relevant

securities’

of

Perrigo

or

Mylan,

they

will

be

deemed

to

be

a

single

person

for

the

purpose

of

Rule

8.3

of

the

Irish

Takeover

Rules.

Under

the

provisions

of

Rule

8.1

of

the

Irish

Takeover

Rules,

all

‘dealings’

in

‘relevant

securities’

of

Perrigo

by

Mylan

or

‘relevant

securities’

of

Mylan

by

Perrigo,

or

by

any

party

acting

in

concert

with

either

of

them,

must

also

be

disclosed

by

no

later

than

12

noon

(New

York

time)

on

the

‘business’

day

following

the

date

of

the

relevant

transaction.

A

disclosure

table,

giving

details

of

the

companies

in

whose

‘relevant

securities’

‘dealings’

should

be

disclosed,

can

be

found

on

the

Irish

Takeover

Panel’s

website

at

www.irishtakeoverpanel.ie.

Interests

in

securities

arise,

in

summary,

when

a

person

has

long

economic

exposure,

whether

conditional

or

absolute,

to

changes

in

the

price

of

securities.

In

particular,

a

person

will

be

treated

as

having

an

‘interest’

by

virtue

of

the

ownership

or

control

of

securities,

or

by

virtue

of

any

option

in

respect

of,

or

derivative

referenced

to,

securities.

Terms

in

quotation

marks

are

defined

in

the

Irish

Takeover

Rules,

which

can

also

be

found

on

the

Irish

Takeover

Panel’s

website.

If

you

are

in

any

doubt

as

to

whether

or

not

you

are

required

to

disclose

a

dealing

under

Rule

8,

please

consult

the

Irish

Takeover

Panel’s

website

at

www.irishtakeoverpanel.ie

or

contact

the

Irish

Takeover

Panel

on

telephone

number

+353

1

678

9020

or

fax

number

+353

1

678

9289.

Goldman

Sachs,

which

is

authorized

by

the

Prudential

Regulation

Authority

and

regulated

by

the

Financial

Conduct

Authority

and

the

Prudential

Regulation

Authority

in

the

United

Kingdom,

is

acting

for

Mylan

and

no

one

else

in

connection

with

the

Perrigo

Proposal

and

will

not

be

responsible

to

anyone

other

than

Mylan

for

providing

the

protections

afforded

to

clients

of

Goldman

Sachs,

or

for

giving

advice

in

connection

with

the

Perrigo

Proposal

or

any

matter

referred

to

herein.

Goldman

Sachs

does

not

accept

any

responsibility

whatsoever

for

the

contents

of

this

communication

or

for

any

statement

made

or

purported

to

be

made

by

them

or

on

their

behalf

in

connection

with

the

offer.

Goldman

Sachs

accordingly

disclaims

all

and

any

liability

whether

arising

in

tort,

contract

or

otherwise

which

it

might

otherwise

have

in

respect

of

this

communication

or

any

such

statement.

3

Legal Matters

ADDITIONAL

INFORMATION

In

connection

with

the

Perrigo

Proposal,

Mylan

has

filed

certain

materials

with

the

SEC

(and

anticipates

filing

further

materials),

including,

among

other

materials,

the

Registration

Statement.

In

connection

with

the

Perrigo

Proposal,

Mylan

also

filed

with

the

SEC

on

September

14,

2015

a

Tender

Offer

Statement

on

Schedule

TO,

which

includes

the

offer

to

exchange

/

prospectus

(the

“Offer

to

Exchange

/

Prospectus”),

form

of

letter

of

transmittal

and

other

related

offer

documents.

Mylan

has

mailed

the

Offer

to

Exchange

/

Prospectus

to

Perrigo

shareholders

in

connection

with

the

Perrigo

Proposal.

This

communication

is

not

intended

to

be,

and

is

not,

a

substitute

for

such

filings

or

for

any

other

document

that

Mylan

may

file

with

the

SEC

in

connection

with

the

Perrigo

Proposal.

INVESTORS

AND

SECURITYHOLDERS

OF

MYLAN

AND

PERRIGO

ARE

URGED

TO

READ

THE

DOCUMENTS

FILED

WITH

THE

SEC

CAREFULLY

AND

IN

THEIR

ENTIRETY

(IF

AND

WHEN

THEY

BECOME

AVAILABLE)

BEFORE

MAKING

AN

INVESTMENT

DECISION

BECAUSE

THEY

WILL

CONTAIN

IMPORTANT

INFORMATION

ABOUT

MYLAN,

PERRIGO

AND

THE

PERRIGO

PROPOSAL.

Such

documents

will

be

available

free

of

charge

through

the

website

maintained

by

the

SEC

at

www.sec.gov

or

by

directing

a

request

to

Mylan

at

724-514-1813

or

investor.relations@mylan.com.

Any

materials

filed

by

Mylan

with

the

SEC

that

are

required

to

be

mailed

to

shareholders

of

Perrigo

and/or

Mylan

will

also

be

mailed

to

such

shareholders.

This

communication

has

been

prepared

in

accordance

with

U.S.

securities

law,

Irish

law,

and

the

Irish

Takeover

Rules.

A

copy

of

this

communication

will

be

available

free

of

charge

at

the

following

website:

perrigotransaction.mylan.com.

Such

website

is

neither

endorsed,

nor

sponsored,

nor

affiliated

with

Perrigo

or

any

of

its

affiliates.

PERRIGO®

is

a

registered

trademark

of

L.

Perrigo

Company.

NON-SOLICITATION

This

communication

is

not

intended

to,

and

does

not,

constitute

or

form

part

of

(1)

any

offer

or

invitation

to

purchase

or

otherwise

acquire,

subscribe

for,

tender,

exchange,

sell

or

otherwise

dispose

of

any

securities,

(2)

the

solicitation

of

an

offer

or

invitation

to

purchase

or

otherwise

acquire,

subscribe

for,

sell,

or

otherwise

dispose

of

any

securities,

or

(3)

the

solicitation

of

any

vote

or

approval

in

any

jurisdiction

pursuant

to

this

communication

or

otherwise,

nor

will

there

be

any

acquisition

or

disposition

of

the

securities

referred

to

in

this

communication

in

any

jurisdiction

in

contravention

of

applicable

law

or

regulation.

No

offer

of

securities

shall

be

made

except

by

means

of

a

prospectus

meeting

the

requirements

of

Section

10

of

the

Securities

Act

of

1933,

as

amended.

FURTHER

INFORMATION

The

distribution

of

this

communication

in

certain

jurisdictions

may

be

restricted

or

affected

by

the

laws

of

such

jurisdictions.

Accordingly,

copies

of

this

communication

are

not

being,

and

must

not

be,

mailed

or

otherwise

forwarded,

distributed

or

sent

in,

into,

or

from

any

such

jurisdiction.

Therefore,

persons

who

receive

this

communication

(including,

without

limitation,

nominees,

trustees

and

custodians)

and

are

subject

to

the

laws

of

any

such

jurisdiction

will

need

to

inform

themselves

about,

and

observe,

any

applicable

restrictions

or

requirements.

Any

failure

to

do

so

may

constitute

a

violation

of

the

securities

laws

of

any

such

jurisdiction.

To

the

fullest

extent

permitted

by

applicable

law,

Mylan

disclaims

any

responsibility

or

liability

for

the

violations

of

any

such

restrictions

by

any

person.

4

Legal Matters

NON-GAAP

FINANCIAL

MEASURES

This

communication

includes

the

presentation

and

discussion

of

certain

financial

information

that

differs

from

what

is

reported

under

GAAP.

Mylan’s

non-GAAP

financial

measures,

including,

but

not

limited

to,

adjusted

diluted

earnings

per

share

(“adjusted

diluted

EPS”),

are

presented

in

order

to

supplement

investors'

and

other

readers'

understanding

and

assessment

of

Mylan's

financial

performance.

Mylan

has

also

presented

certain

non-GAAP

financial

measures

for

Perrigo,

including,

but

not

limited

to,

adjusted

diluted

EPS

and

adjusted

EBITDA

margin,

which

have

been

taken

from

published

sources.

Management

uses

non-GAAP

financial

measures

internally

for

forecasting,

budgeting

and

measuring

its

operating

performance.

In

addition,

primarily

due

to

acquisitions,

Mylan

believes

that

an

evaluation

of

its

ongoing

operations

(and

comparisons

of

its

current

operations

with

historical

and

future

operations)

would

be

difficult

if

the

disclosure

of

its

financial

results

were

limited

to

financial

measures

prepared

only

in

accordance

with

GAAP.

Also,

set

forth

in

this

presentation,

Mylan

has

provided

reconciliations

of

such

non-GAAP

financial

measures

to

the

most

directly

comparable

GAAP

financial

measures

(which

in

the

case

of

Perrigo’s

reconciliations,

have

been

taken

from

published

sources),

other

than

Perrigo’s

2015E

adjusted

diluted

EPS

company

guidance

and

Thomson

Reuters

consensus

estimates

of

adjusted

EBITDA

and

adjusted

diluted

EPS

which

cannot

be

reconciled

as

they

are

from

a

third

party

source.

Mylan

does

not

endorse

or

adopt

Thomson

Reuters

consensus

estimates.

Investors

and

other

readers

are

encouraged

to

review

the

related

GAAP

financial

measures

and

the

reconciliations

of

the

non-GAAP

measures

to

their

most

directly

comparable

GAAP

measures,

and

investors

and

other

readers

should

consider

non-GAAP

measures

only

as

supplements

to,

not

as

substitutes

for

or

as

superior

measures

to,

the

measures

of

financial

performance

prepared

in

accordance

with

GAAP.

TRADEMARK

DISCLAIMER

All

trademarks,

trade

names,

product

names,

graphics

and

logos

of

Mylan

or

any

of

its

affiliates

contained

herein

are

trademarks,

registered

trademarks

or

trade

dress

of

Mylan

or

such

affiliate

in

the

United

States

and/or

other

countries.

This

communication

is

neither

endorsed,

nor

sponsored,

nor

affiliated

with

Perrigo

or

any

of

its

affiliates.

Perrigo

is

a

registered

trademark

of

L.

Perrigo

Company.

Abbott

is

a

registered

trademark

of

Abbott

Laboratories.

Actavis

is

a

registered

trademark

of

Actavis,

Inc.

Abbvie

is

a

registered

trademark

of

Abbvie

Inc.

Akorn

is

a

registered

trademark

of

Akorn,

Inc.

Allergan

is

a

registered

trademark

of

Allergan,

Inc.

APP

is

a

registered

trademark

of

Fresenius

Kabi

USA,

LLC.

Bayer

is

a

registered

trademark

of

Bayer

Aktiengesellschaft.

Biogen

is

a

registered

trademark

of

Biogen

Idec

MA

Inc.

Brystol-Myers

Squibb

is

a

registered

trademark

of

Bristol-Myers

Squibb

Company.

Celgene

is

a

registered

trademark

of

Celgene

Corporation.

Colgate

is

a

registered

trademark

of

the

Colgate

Palmolive

Company.

Endo

is

a

registered

trademark

of

Endo

Pharmaceuticals

Inc.

Famy

Care

Ltd

is

a

trademark

of

Famy

Care

Limited.

Fresenius

Kabi

is

a

trademark

of

Fresenius

Kabi

AG.

GSK

is

a

registered

trademark

of

SmithKline

Beecham

Limited.

Hospira

is

a

registered

trademark

of

Hospira,

Inc.

Jazz

is

a

registered

trademark

of

Jazz

Pharmaceuticals,

Inc.

Mallinckrodt

is

a

registered

trademark

of

Mallinckrodt

Brand

Pharmaceuticals,

Inc.

Mead

Johnson

Nutrition

is

a

registered

trademark

of

Mead

Johnson

&

Company,

LLC.

Merck

is

a

registered

trademark

of

Merck

Sharpe

&

Dohme

Corp.

Mitsubishi

is

a

registered

trademark

of

Mitsubishi

Corporation.

Nerventra

is

a

trademark

of

Teva

Pharmaceutical

Industries

Ltd.

Novartis

is

a

registered

trademark

of

Novartis

AG

Corporation.

Novator

is

a

registered

trademark

of

Novator

International

Holdings

Ltd.

Omega

Pharma

is

a

trademark

of

Omega

Pharma

Invest

NV.

Par

is

a

registered

trademark

of

Par

Pharmaceutical

Companies,

Inc.

Pfizer

is

a

registered

trademark

of

Pfizer

Inc.

Regeneron

is

a

registered

trademark

of

Regeneron

Pharmaceuticals,

Inc.

Roche

is

a

registered

trademark

of

Hoffmann-La

Roche

Inc.

Shire

is

a

registered

trademark

of

Shire

Pharmaceuticals

Holdings

Ireland

Limited.

Teva

is

a

registered

trademark

of

Teva

Pharmaceutical

Industries

Ltd.

Tysabri

is

a

registered

trademark

of

Biogen

MA

Inc.

United

Therapeutics

Corporation

is

a

registered

trademark

of

United

Therapeutics

Corporation.

Valeant

is

a

registered

trademark

of

Valeant

Pharmaceuticals

International.

Zibryta

is

a

trademark

of

Biogen

MA

Inc.

Zoetis

is

registered

trademark

of

Zoetis

Products

LLC.

All

other

trademarks,

trade

names,

product

names

and

logos

contained

herein

are

the

property

of

their

respective

owners.

The

use

or

display

of

other

parties'

trademarks,

trade

names,

product

names

or

logos

is

not

intended

to

imply,

and

should

not

be

construed

to

imply,

a

relationship

with

or

endorsement

or

sponsorship

of

Mylan

by

such

other

party.

5

Legal Matters

NO

PROFIT

FORECAST

/

ASSET

VALUATIONS

Save

for

the

Mylan

calendar

year

2015

guidance

(in

respect

of

which

additional

information

required

by

the

Irish

Takeover

Rules

has

been

mailed

to

Perrigo

shareholders,

to

the

extent

required),

no

statement

in

this

communication

is

intended

to

constitute

a

profit

forecast

for

any

period

nor

should

any

statements

be

interpreted

to

mean

that

earnings

or

earnings

per

share

will

necessarily

be

greater

or

lesser

than

those

for

the

relevant

preceding

financial

periods

for

Mylan

or

Perrigo

as

appropriate.

No

statement

in

this

communication

constitutes

an

asset

valuation.

SYNERGY

STATEMENT

There

are

various

material

assumptions

underlying

the

statement

relating

to

“at

least

US

$800

million

of

annual

pre-tax

operational

synergies”

(the

“Synergy

Statement”),

which

may

result

in

the

value

in

the

Synergy

Statement

being

materially

greater

or

less

than

estimated.

The

Synergy

Statement

should

therefore

be

read

in

conjunction

with

the

key

assumptions

underlying

such

estimates

which

are

set

out

in

Mylan’s

announcement

pursuant

to

Rule

2.5

of

the

Irish

Takeover

Rules

on

April

24,

2015.

The

Synergy

Statement

should

not

be

construed

as

a

profit

forecast

or

interpreted

to

mean

that

the

combined

earnings

of

Mylan

and

Perrigo

in

any

period

following

this

communication

would

necessarily

match

or

be

greater

than

or

be

less

than

those

of

Mylan

and/or

Perrigo

for

the

relevant

preceding

financial

period

or

any

other

period.

AVAILABILITY

OF

THE

OFFER

TO

EXCHANGE

/

PROSPECTUS

(OFFER

DOCUMENT)

A

copy

of

the

Offer

to

Exchange

/

Prospectus

(being

the

offer

document

for

the

purposes

of

the

Irish

Takeover

Rules)

is

available

for

inspection

at

the

offices

of

Arthur

Cox,

Earlsfort

Centre,

Earlsfort

Terrace,

Dublin

2,

Ireland.

6

Sustainable Value for Perrigo And Mylan Shareholders

Offer

Represents

a

Highly

Attractive

Multiple

and

Premium

to

Standalone

Value

Transaction

is

Meaningfully

and

Immediately

Accretive

to

Perrigo

Shareholder

Adjusted Diluted EPS and Adjusted Diluted EPS Growth

Mylan

Well

Positioned

to

Integrate

Complementary

Businesses,

Aligned

with

Its

Core

Competencies

Transaction

Delivers

Immediate

Value

to

Perrigo

Shareholders

1

2

3

4

7

Mylan

Offer

for

Perrigo

Represents

A

Highly

Attractive

Multiple

1

2

3

Mylan Current

Share Price

October 9, 2015

Mylan Average

Share Price

Last 30 Trading Days

As of October 9, 2015

Mylan Closing

Price Prior to

Release of Initial Proposal

April 7, 2015

Mylan Share Price

$ 42.55

$ 46.04

$ 59.57

Implied Value of Mylan

Offer for Perrigo

$ 172.87

$ 180.89

$ 212.01

Implied Perrigo

Enterprise Value

(in billions)

$ 30.0

$ 31.1

$ 35.7

Implied

EV / 2015E

Perrigo Adjusted EBITDA

(Calendar Year)

19 x

19 x

22 x

Source:

Public

filings,

Thomson

Reuters

consensus

estimates

for

Perrigo

CY2015E

adjusted

EBITDA

as

of

October

9,

2015

and

April

7,

2015.

Mylan

does

not

endorse

or

adopt

Thomson

Reuters

consensus

estimates,

which

are

used

for

illustrative

purposes

only.

Nothing

on

this

slide

is

intended

to

be

a

profit

forecast

or

a

target.

Note:

Adjusted

EBITDA

is

a

non-GAAP

financial

measure.

Reflects

CY2015E

Perrigo

adjusted

EBITDA

of

$1.6bn

per

Thomson

Reuters

consensus

estimates

as

of

October

9,

2015.

Mylan

does

not

endorse

or

adopt

Thomson

Reuters

consensus

estimates.

Cash

and

debt

as

of

latest

Perrigo

Annual

Report

on

Form

10-K

filed

August

13,

2015

of

$0.8bn

and

$5.3bn

respectively.

Assumes

147mm

diluted

Perrigo

shares

outstanding.

8

1

Source: SDC, public company filings and other publicly available information. Adjusted EBITDA is a non-GAAP financial measure and a company’s use of this non-GAAP financial measure

may differ from an adjusted EBITDA measure used by other companies, and should not be assumed to be calculated on the same basis.

¹ Mylan / Perrigo offer based on Mylan current and undisturbed share prices of $42.55 and $59.57 as of October 9, 2015 and April 7, 2015, respectively, as well as Perrigo’s CY2015E adjusted EBITDA based on

Thomson Reuters consensus estimates as of October 9, 2015, which are used for illustrative purposes only. Mylan does not endorse or adopt Thomson Reuters consensus estimates. Nothing on this slide is intended to

be a profit forecast or a target.

²  Adjusted EBITDA for Allergan Generics transaction represents disclosed 2015E adjusted EBITDA of $2.4bn as per Allergan investor presentation “Accelerating Transformation to

Branded Growth Pharma Leader,” dated July 27, 2015.

³  Assumes Enterprise Value of €3.6bn from 06-Nov-2014 Perrigo press release.

Assumes adjusted EBITDA of €265mm from 2014 Omega Annual Report. Assumes EUR/USD exchange rate of 1.25.

4

For Perrigo,

2015E

adjusted

EBITDA

based

on

Thomson

Reuters

consensus

estimates

as

of

October

9,

2015.

Mylan

does

not

endorse

or

adopt

Thomson

Reuters

consensus

estimates,

which are

used for illustrative purposes only. Nothing on this slide is intended to be a profit forecast or a target.

No Other Bidder for Perrigo Has Yet Emerged

9

Mylan Offer for Perrigo Represents A Highly Attractive Multiple

Selected Specialty Pharma Acquisitions ($ in billions)

1

2015

Nov-14

May-14

Jul-15

Jul-08

Jul-15

May-15

May-07

May-07

Nov-14

Mylan

Actavis

Bayer

Pfizer

Fresenius Kabi

Teva

Endo

Novator

Mylan

Perrigo

Perrigo

Allergan

Merck Consumer

Hospira

APP

Allergan

Generics

Par

Actavis

Merck KGaA

Omega

Pharma

³

¹

$30.0–

$35.7

$66.0

$14.2

$17.0

$4.6

$40.5

$8.1

$6.4

$6.6

$4.5

4

$1.6

$2.6

$0.7

$0.8

$0.3

$2.4²

$0.5

$0.4

$0.4

$0.3

Perrigo Undisturbed

2016E

P/E Multiple on April 7, 2015

3

18.3 x

Change in

Selected Peer

Average 2016E P/E since

April 7, 2015

(28.0)%

4

Implied Perrigo

Unaffected

2016E P/E

13.2 x

Perrigo 2016E Adjusted

Diluted EPS

3

as of October 9,

2015

$ 8.90

Implied Hypothetical

Unaffected Perrigo

Share Price

$117.48

Implied 2015E EV / EBITDA

5

14 x

Perrigo Undisturbed

2016E

P/E Multiple on April 7,

2015

3

18.3 x

Change in

Perrigo Proxy Peer

Average 2016E P/E since

April 7, 2015

(14.7)%

Implied Perrigo

Unaffected

2016E P/E

15.6 x

Perrigo 2016E Adjusted

Diluted EPS

3

as of October 9,

2015

$ 8.90

Implied Hypothetical

Unaffected Perrigo

Share Price

$ 138.84

Implied 2015E EV / EBITDA

5

16 x

Perrigo Undisturbed

Share Price

(as of April 7, 2015)

$ 164.71

S&P Pharmaceuticals

Index

(since April 7, 2015)

(20.6)%

Implied Hypothetical

Unaffected Perrigo

Share Price

$ 130.78

Implied 2015E EV /

EBITDA

5

15 x

10

EV/

2015E EBITDA

Selected Peers

Valeant

15.9 x

Mead Johnson

13.0 

Endo

12.4 

Jazz

11.4 

Teva

11.4 

Akorn

10.3 

Mallinckrodt

9.4 

Peer Average

12.0 x

Average HUSP of ~$129

Implies ~15x EV/2015E

Adjusted EBITDA

5

for Perrigo

Premier Consumer / OTC

Colgate

14.8 x

Procter & Gamble

12.1 

GSK

10.4 

Consumer / OTC

Average

12.4 x

Change in Perrigo’s Proxy Peers

Average

2

2016E P/E Multiple

Share Price Indexed to S&P

Pharmaceuticals Index

Change in Selected Peer

Average

1

2016E P/E Multiple

1

Perrigo Average Implied Hypothetical Unaffected Stock Price Based on:

A

B

C

Perrigo’s Average Implied Hypothetical Unaffected Stock Price (“HUSP”) is

~$129 Per Share

Mylan’s Offer Has Been Supporting The Perrigo Share Price

Source: Thomson Reuters as of October 9, 2015

Note: Average hypothetical share price is based on the average of abovementioned three calculation methods outlined on this slide. Undisturbed share price and P/E are as of April 7, 2015. Average change in share price and

changes in average P/E multiplies shown in A,B,C above are for the period starting April 7, 2015 and ending October 9, 2015. Other factors also impact Perrigo’s share price and Mylan’s offer should not be considered to be the

sole factor impacting Perrigo’s share price. Mylan does not endorse or adopt Thomson Reuters consensus estimates, which are used for illustrative purposes only. Nothing on this slide is intended to be a profit forecast or a

target. 2016 P/E multiple calculated as share price divided by 2016E Thomson Reuters consensus estimate adjusted diluted EPS as of October 9, 2015. Adjusted diluted EPS is a non-GAAP measure.

1

Based on Selected Peer Average 2016E P/E Multiple to Thomson Reuters’s Current 2016E Adjusted Diluted EPS Estimate for Perrigo. Selected peers consist of Valeant, Mallinckrodt, Endo, Jazz, Teva, Akorn and Mead

Johnson.

2

Based on Perrigo’s public Proxy Peers Average 2016E P/E Multiple to Thomson Reuters’s Current 2016E Adjusted Diluted EPS Estimate for Perrigo. Perrigo’s Peers per Perrigo’s definitive proxy statement, 

filed September 25, 2015, and consist of Abbvie, Mallinckrodt, Actavis, Mead Johnson, Allergan, Mylan, Bristol-Myers Squibb, Regeneron, Celgene, Cubist, Shire, United Therapeutics, 

Endo, Valeant, Hospira, Zoetis, and Jazz Pharmaceuticals. Excludes Allergan due to sale of generics business to Teva as well as recently acquired Actavis, Cubist and Hospira.  

3

Thomson Reuters consensus estimate as of October 9, 2015. Mylan does not endorse or adopt Thomson Reuters consensus estimates, which are used for illustrative purposes only. 

Nothing on this slide is intended to be a profit forecast or a target. Adjusted diluted EPS and adjusted EBITDA are non-GAAP financial measures.  

4

Please refer to the next slide for further detail. 

5

Calculated as [(HUSP * diluted shares outstanding) + net debt] / 2015E adjusted EBITDA. Reflects CY2015E Perrigo adjusted EBITDA of $1.6bn per Thomson Reuters consensus estimates as of April 7, 2015 

and October 9, 2015. Mylan does not endorse or adopt Thomson Reuters consensus estimates. Adjusted EBITDA is a non-GAAP financial measure. Cash and debt as of latest Perrigo Annual Report on 

Form 10-K filed August 13, 2015 of $0.8bn and $5.3bn respectively. Assumes 147mm diluted Perrigo shares outstanding.

2016E P/E

18.3 x

2016E P/E

(28.0)%

2016E P/E

13.2 x

$8.90

Perrigo Hypothetical Unaffected Share Price

$ 117.48

Perrigo’s HUSP Based on Selected Peer Average 2016E P/E Change

Source:  Thomson Reuters as of October 9, 2015

1

Thomson Reuters consensus estimates as of October 9, 2015. Mylan does not endorse or adopt Thomson Reuters consensus estimates, which are used for illustrative

purposes only. Nothing on this slide is intended to be a profit forecast or a target. Adjusted diluted EPS is a non-GAAP financial measure.

2

2016E P/E multiple is calculated as share price divided by 2016E Thomson Reuters consensus estimate adjusted diluted EPS.

Lower P/E multiples for selected peers results in a hypothetical unaffected share price

of ~$117 / share based on average selected peer multiple decline.

Average 2016 P/E Multiples for Selected Peers Have Declined by 28%

(Since April 7, 2015)

Pre-Announcement 2016E P/E Multiple (As of April 7, 2015) and Current 2016E P/E Multiple

2016 P/E

Pre-Announcement Selected Peer Average 2016E P/E

16.3 x

Current

Selected Peer Average 2016E P/E

11.8 x

in 2016E P/E Average

(4.6)x

in 2016E P/E Average

(28.0)%

11

18.3 x

23.2 x

20.1 x

18.1 x

14.3 x

13.4 x

12.8 x

12.5 x

13.2 x

18.1 x

12.6 x

10.7 x

11.5 x

10.9 x

8.2 x

10.3 x

Pre-Announcement

2016E P/E Multiple

Current 2016E P/E

Multiple

Implied

Perrigo

Current

2016E P/E Multiple

Mylan Offer: An Attractive Premium to Perrigo Standalone Value

Based on Undisturbed

Share Prices as of April 7, 2015

Based on Average Implied Hypothetical Unaffected

Perrigo Share Price as of October 9, 2015

As

shown

above,

the

offer

provides

$44

–

$47

per

share

of incremental value to Perrigo shareholders

Source: Bloomberg and Thomson Reuters as of October 9, 2015

¹  For calculation of Perrigo’s Average Implied Hypothetical Unaffected Share Price please refer to slide 10.

2

Assumes 147mm diluted Perrigo shares outstanding.

Attractive Premium When Calculated on Consistent and Comparable Dates

12

1

Here’s Another Way for Perrigo Shareholders to Think About it…

…You Get to “Buy” Mylan Shares Below Market at $23 per Mylan Share !

1

See slide 10 for calculation of Perrigo Average Implied Hypothetical Unaffected Stock Price.

2

Represents Exchange Ratio of Mylan Offer Assumed at 2.3 Mylan Shares + $75.00 Cash Per Perrigo Ordinary Share.

3

This

information

is

based

on

targets

provided

by

various

analysts.

The

information

is

not

intended

to

constitute

a

profit

forecast

for

any

period,

nor

should

it

be

interpreted to mean that earnings or earnings per share will necessarily be  greater or lesser than those for the relevant preceding financial periods for Mylan or

Perrigo as appropriate.  Average analyst price target estimate per Thomson Reuters as of October 9, 2015. Analyst price is calculated by taking the average of the

following price target estimates: $57 (Barclays), $58 (Citi), $60 (Leerink), $60 (Bernstein), $64 (RBC), $65 (Cowen and Company), $66 (Deutsche Bank), $68

(Susquehanna), $72 (Evercore), $75 (Bank of America), $77 (UBS), $85 (BTIG).

13

1

2

3

Perrigo’s Average Implied Hypothetical Unaffected Stock Price

1

$ 129

Less: Cash Per Share Received in the Offer

$(75)

Offer Value Received in Mylan Stock for Each Perrigo Share

$54

Number of Mylan Shares Received for Each Perrigo

Share

2.3

Implied Value at Which Perrigo Shareholders Receive Mylan Share

$23

Mylan Share Price (as of

October 9, 2015)

$ 43

Implied

Discount

to

Mylan

Share

Price

(as

of

October

9,

2015)

47%

Average Analyst Price Target for Mylan (as of October 9, 2015)

$67

Implied Discount to Average Analyst

Price Target for Mylan (as of October 9, 2015)

66%

Perrigo View of Mylan Pro-Forma Adjusted Diluted EPS Showcases

Transaction is Highly Accretive to Perrigo Shareholders

Note: This is a Pro-Forma estimate and indicative only and not a target or profit forecast. Nothing in this slide is intended to be a profit forecast. Pro-Forma values are illustrative only and

any references to value per share, adjusted diluted EPS, share price and P/E should not be treated as targets or profit forecasts. Value per share, adjusted diluted EPS, share price and

P/E will not necessarily change as a result of the Perrigo transaction. Mylan standalone adjusted diluted EPS as per Perrigo September 17, 2015 Investor Presentation, which used the

then current Thomson Reuters Consensus Estimates of Mylan standalone adjusted diluted EPS for the years 2016E-2019E (inclusive) for the purposes of its calculations. Mylan does not

endorse

or

adopt

Thomson

Reuters

consensus

estimates

as

used

by

Perrigo

in

its

calculations

which

are

repeated

in

this

slide

for

illustrative

purposes

only

and

to

refute

certain

arguments

put forward by Perrigo in its September 17, 2015 Investor Presentation which are based on such calculations.Accretion / (dilution) and phasing in of synergies assumed per Perrigo

investor presentation, September 17, 2015.  Full run-rate synergies are not expected to be realized until the end of year four following the consummation of the offer. Pro-Forma adjusted

diluted EPS implied from Thomson Reuters consensus estimates as used by Perrigo, Mylan standalone adjusted diluted EPS and assumed accretion/(dilution). Adjusted diluted EPS is a

non-GAAP financial measure. Implied Mylan Pro-Forma adjusted diluted EPS assumes that Mylan acquires 100% of Perrigo’s ordinary shares in the offer and that Mylan shareholders

realize the benefit of all synergies realized in the transaction. Undisturbed share price as of April 7, 2015 ($59.57 for Mylan; $164.71 for Perrigo). Share price as of October 9, 2015 was

$42.55 for Mylan and $160.60 for Perrigo.

Perrigo Board Calculation of Mylan Adjusted Diluted

EPS Impact vs. Thomson Reuters Consensus

Estimates Over Time 

Implied Mylan Pro-Forma adjusted diluted EPS

Estimates With Phased-In Synergies

(Per Perrigo Board’s Methodology)

14

Actual Page 9 from Perrigo Presentation…

…Which Implies Mylan Adjusted Diluted EPS of

2

2016E

2017E

2018E

2019E

16-'19

CAGR

Mylan Standalone Adj.

Diluted EPS

(Thomson Reuters

Consensus Estimate

as Used by Perrigo as

of September 16,

2015)

$

4.72

$

5.11

$

5.54

$

5.82

7

%

Acc. / Dil. (Phased-In

Synergies per Perrigo

Presentation page 9)

Implied Mylan PF Adj.

Diluted EPS

(Phased-In Synergies)

$

4.15

$

4.75

$

5.42

$

5.93

13

%

Perrigo View of Mylan Pro-Forma Adjusted Diluted EPS Showcases

Transaction is Highly Accretive to Perrigo Shareholders

Note:

This

is

a

Pro-Forma

estimate

and

indicative

only

and

not

a

target

or

profit

forecast.

Nothing

in

this

slide

is

intended

to

be

a

profit

forecast.

Pro-Forma

values

are

illustrative

only

and

any references to value per share, adjusted diluted EPS, share price and P/E should not be treated as targets or profit forecasts. Value per share, adjusted diluted EPS, share price and

P/E will not necessarily change as a result of the Perrigo transaction. Mylan standalone adjusted diluted EPS as per Perrigo September 17, 2015 Investor Presentation, which used the

then current Thomson Reuters Consensus Estimates of Mylan standalone adjusted diluted EPS for the years 2016 to 2019 (inclusive) for the purposes of its calculations. Mylan does not

endorse

or

adopt

Thomson

Reuters

consensus

estimates

as

used

by

Perrigo

in

its

calculations

which

are

repeated

in

this

slide

for

illustrative

purposes

only

and

to

refute

certain

arguments

put forward by Perrigo in its September 17, 2015 Investor Presentation which are based on such calculations.Accretion / (dilution) and phasing in of synergies assumed per Perrigo

investor presentation, September 17, 2015.  Full run-rate synergies are not expected to be realized until the end of year four following the consummation of the offer. Pro-Forma adjusted

diluted EPS implied from Thomson Reuters consensus estimates as used by Perrigo, Mylan standalone adjusted diluted EPS and assumed accretion/(dilution). Adjusted diluted EPS is a

non-GAAP financial measure. Implied Mylan Pro-Forma adjusted diluted EPS assumes that Mylan acquires 100% of Perrigo’s ordinary shares in the offer and that Mylan shareholders

realize

the

benefit

of

all

synergies

realized

in

the

transaction.

Undisturbed

share

price

as

of

April

7,

2015

($59.57

for

Mylan;

$164.71

for

Perrigo).

Share

price

as

of

October

9,

2015

was

$42.55 for Mylan and $160.60 for Perrigo.

¹ See calculation of accretion on the following slides.

²

4.06x exchange rate assumes $75 / share is used to purchase additional Mylan shares at the price of $42.55, Mylan’s share price on October 9, 2015. See calculation of accretion on

slide 17.

Implied Mylan Pro-Forma Adjusted Diluted EPS

Estimates With Phased-In Synergies

(Per Perrigo Board’s Methodology)

What Does This Mean for Perrigo Shareholders?

Implied Pro-Forma 2016E adjusted

diluted EPS to Perrigo Shareholders: 

$4.15

x

2.30

=

$9.55

(+7%

accretion)

1

+ $75/Perrigo Ordinary Share in Cash

OR

Implied Pro-Forma 2016E adjusted

diluted EPS to Perrigo Shareholders

(with Cash Reinvestment)²: 

$4.15

x

4.06

=

$16.85

(+89%

accretion)

1

15

Implied Perrigo Pro-Forma Adjusted Diluted

EPS Estimates

With Phased-In Synergies

(Per Perrigo Board’s Methodology)

2016E

2019E

2017E

2018E

A

B

2

$ 4.15

$ 4.75

$ 5.42

$ 5.93

$ 8.90

$ 9.86

$ 10.99

$ 11.91

Pro-Forma Adjusted Diluted EPS Accretion for Perrigo Shareholders Based on

Source: Perrigo public filings and Thomson Reuters consensus estimates as used by Perrigo in its September 17, 2015 Investor Presentation. Mylan does not endorse or adopt Thomson Reuters consensus estimates, which are used for

illustrative purposes only. This is a Pro-Forma estimate and indicative only and not a target or profit forecast. Nothing in this slide is intended to be a profit forecast. Pro-Forma values are illustrative only and any references to value per

share, adjusted diluted EPS, share price and P/E should not be treated as targets or profit forecasts. Adjusted diluted EPS is a

non-GAAP financial measure

1

Mylan

Pro-Forma

adjusted

diluted

EPS

based

on

accretion

/

(dilution)

and

phasing

in

of

synergies

per

Perrigo’s

presentation

released

September

17,

2015,

titled

“Responding

to

Mylan’s

Inadequate

Tender

Offer.”

See

slide

14

for

calculations. Assumes phased-in synergies per Perrigo presentation. Full run-rate synergies are not expected to be realized until the end of year four following the consummation of the offer.

Mylan pro-forma adjusted diluted EPS assumes that Mylan acquires 100% of Perrigo ordinary shares in the offer and that Mylan shareholders realize the benefit of all synergies realized in the transaction.

Perrigo

standalone

adjusted

diluted

EPS

as

per

Perrigo

September

17,

2015

Investor

Presentation,

which

used

the

then

current

Thomson

Reuters

consensus

estimates

of

Perrigo

standalone

adjusted

diluted

EPS for the years 2016-2019 (inclusive) for the purposes of its calculations. Mylan does not endorse or adopt Thomson Reuters consensus estimates as used

by

Perrigo in its calculations which are repeated

in this slide for illustrative purposes only and to refute certain arguments put forward by Perrigo in its September 17, 2015 Investor Presentation which are based on such calculations.

2

Assumes $75 / share is received by Perrigo shareholders and remains as cash; not reinvested.

Based on Perrigo’s own math and assumptions, Perrigo shareholders receive double-digit accretion by

exchanging their shares for 2.3 Mylan shares (plus they get $75 Cash per share!)

Perrigo Stand-Alone Thomson

Reuters Consensus Adjusted Diluted EPS

Per Perrigo’s Board Methodology

Adj. Diluted EPS to Perrigo Shareholders from 2.3 Mylan

Shares Based on Perrigo’s Use of Broker

Estimates for Mylan Adjusted Diluted EPS

16

2016E

2017E

2018E

2019E

“Gives”

“Gets”

$ 9.55

$ 10.93

$ 12.47

$ 13.64

2

A

2016E

2017E

2018E

2019E

Mylan Pro-Forma Adjusted Diluted EPS

(per Methodology Used in Perrigo Presentation)¹

$

4.15

$

4.75

$

5.42

$

5.93

(x) Exchange Ratio²

2.30

x

2.30

x

2.30

x

2.30

x

Implied Pro Forma Adjusted Diluted EPS to Perrigo Shareholders

$

9.55

$

10.93

$

12.47

$

13.64

Accretion to Perrigo Shareholders

7.2

%

10.8

%

13.5

%

14.5

%

(+) Cash Consideration

$

75.00

$

75.00

$

75.00

$

75.00

Perrigo

Board’s Presentation of Mylan

Adjusted Diluted EPS

Deal is Even More Accretive if Perrigo Shareholders Remain Fully Invested

by Rolling Their $75 / Share in Cash into Additional Mylan Shares

1

Mylan Pro-Forma adjusted diluted EPS based on accretion / (dilution) and phasing in of synergies per Perrigo’s presentation released September 17, 2015, titled “Responding to Mylan’s Inadequate Tender Offer.”

See

slide

14

for

calculations.

Assumes

phased-in

synergies

per

Perrigo

presentation.

Full

run-rate

synergies

are

not

expected

to

be

realized

until

the

end

of

year

four

following

the

consummation

of

the

offer.

Mylan

pro-forma

adjusted

diluted

EPS

assumes

that

Mylan

acquires

100%

of

Perrigo

ordinary

shares

in

the

offer

and

that

Mylan

shareholders

realize

the

benefit

of

all

synergies

realized

in

the

transaction.

Perrigo standalone adjusted diluted EPS as per Perrigo September 17, 2015 Investor Presentation, which used the then current Thomson Reuters consensus estimates of Perrigo standalone adjusted

diluted EPS for the years 2016-2019 (inclusive) for the purposes of its calculations. Mylan does not endorse or adopt Thomson Reuters consensus estimates as used by Perrigo in its calculations

which are repeated in this slide for illustrative purposes only and to refute certain arguments put forward by Perrigo in its September 17, 2015 Investor Presentation which are based on such calculations.

2

Assumes $75 / share is used to purchase additional Mylan shares at the price of $42.55, Mylan’s share price on October 9, 2015.

3

Based on Perrigo’s use of broker estimates for Mylan adjusted diluted EPS.

Based on Perrigo’s own math and assumptions, Perrigo shareholders who, in addition to exchanging their Perrigo shares for

2.3 Mylan shares, use their $75 / share cash consideration to purchase additional Mylan shares at a price of $42.55

would realize adjusted diluted EPS accretion of ~89-102% per share!

$75 in cash

would allow

Perrigo

shareholders

to purchase

incremental

1.76 Mylan

shares at a

price of $42.55

per share

Perrigo Stand-Alone Thomson

Reuters Consensus Adjusted Diluted EPS

Per Perrigo’s Board’s Methodology

Adjusted Diluted EPS to Perrigo Shareholders from

2.3 Mylan Shares And Using $75 / Share to

Buy Additional Mylan

Shares

3

17

2016E

2017E

2018E

2019E

“Gives”

“Gets”

Source: Perrigo public filings and Thomson Reuters consensus estimates. Mylan does not endorse or adopt Thomson Reuters consensus estimates, which are used for illustrative purposes only. This is a Pro-Forma

estimate and indicative only and not a target or profit forecast. Nothing in this slide is intended to be a profit forecast. Pro-Forma values are illustrative only and any references to value per share, adjusted diluted EPS,

share price and P/E should not be treated as targets or profit forecasts. Adjusted diluted EPS is a non-GAAP financial measure.

2

B

2016E

2017E

2018E

2019E

Mylan Pro-Forma Adjusted Diluted EPS

(per Methodology Used in Perrigo Presentation)¹

$

4.15

$

4.75

$

5.42

$

5.93

(x) Exchange Ratio²

4.06

x

4.06

x

4.06

x

4.06

x

Implied Pro Forma Adjusted Diluted EPS to Perrigo Shareholders

$

16.85

$

19.29

$

22.01

$

24.08

Accretion to Perrigo Shareholders

89.3

%

95.6

%

100.3

%

102.1

%

(+) Cash Consideration

$

0.00

$

0.00

$

0.00

$

0.00

$ 16.85

$ 19.29

$ 22.01

$ 24.08

$ 8.90

$ 9.86

$ 10.99

$ 11.91

But Perrigo’s Math Shows Combined Mylan + Perrigo Would

Have Higher Long-Term Adjusted Diluted EPS Growth

Perrigo Shareholders Receive More Earnings and a Higher Growth Rate

from a Higher Base as Synergies Ramp Up

Source: Perrigo investor presentation (September 17, 2015); Thomson Reuters as of September 2013 and September 2015

Note: Adjusted diluted EPS is a non-GAAP financial measure. Mylan does not endorse or adopt Thomson Reuters consensus estimates, which are used for

illustrative purposes only. This is a Pro-Forma estimate and indicative only and not a target or profit forecast.

1

Perrigo’s projected long-term adjusted diluted EPS growth based on compound annual growth rate over fiscal year 2 through fiscal year 5 of Perrigo Adjusted

Diluted EPS

median estimates (per Thomson Reuters consensus estimates as of September 2013 and September 2015).

² Adjusted Diluted EPS growth rate of combined Mylan + Perrigo as calculated on previous page.

Perrigo’s Projected Long-Term

Adjusted Diluted EPS Growth is Decelerating¹

Using

Perrigo’s

own

math,

the

transaction

delivers

greater

earnings

AND

faster earnings growth

to Perrigo shareholders

18

3

14 %

10 %

As of September

2013

As of September

2015

10 %

13 %

Perrigo Standalone

As of September 2015

Mylan + Perrigo²

As of September 2015

In Contrast, Perrigo Stand-Alone Has Been Struggling to Grow

Perrigo’s Own Presentation Shows Organic Year-on-Year Revenues Declining in

2015

Source: Perrigo investor presentation (September 17, 2015)

¹ Represents year-on-year organic revenue growth per Perrigo’s presentation released September 17, 2015, titled “Responding to Mylan’s Inadequate Tender Offer.”

Perrigo

Year-on-Year

Organic

Growth

Has

Slowed

Since

2013

and

Turned

Negative

in

2015

1

Organic growth rates calculated based on organic revenues displayed on

page 23 of Perrigo’s Investor Presentation as of September 17, 2015

Organic growth rates calculated based on organic revenues displayed on

page 23 of Perrigo’s Investor Presentation as of September 17, 2015

Perrigo Organic Revenue (per Perrigo Presentation p.23¹)

$ 2.2bn

$ 2.3bn

$ 2.5bn

$ 2.7bn

$ 2.6bn

19

3

Growth by Segment

FY2012

FY2013

FY2014

FY2015

Private Label Manufacturing

6 %

12 %

7 %

(3)%

Omega

NA 

NA 

NA 

NA 

Generics

80 %

15 %

31 %

8 %

Non-Core Royalty Asset

NA 

NA 

NA 

NM

API

6 %

(4)%

(14)%

(22)%

Mylan Well Positioned to Integrate Complementary Businesses, Aligned

with Its Core Competencies

Source: Perrigo Annual Reports on Form 10-K filed August 13, 2015 and August 14, 2014, Perrigo Company (“Perrigo Co”) Annual Reports on Form 10-K filed on

August 15, 2013 and August 16, 2012, and Perrigo investor presentation dated September 17, 2015, titled “Responding to Mylan’s Inadequate Tender Offer”

1

Consumer Healthcare segment in FY2012 and FY2013 comprised of Healthcare Consumer, Nutritionals and Other segments as reported in Perrigo Co’s

Annual Reports on Form 10-K filed

August 16, 2012 and August 15, 2013. Net sales by segment for 2015 include trailing twelve months of Omega, amounting

to 24% of total net sales of ~$5.5bn per page 12 of Perrigo investor presentation dated September 17, 2015, titled “Responding to Mylan’s Inadequate Tender Offer”.

Segment Overview

Perrigo

FY

2015

Net

Sales

by

Segment

1

Private Label

Manufacturing

(Consumer

Healthcare)

•

US consumer

healthcare

contract

manufacturing portfolio

•

Mylan’s global supply chain and

manufacturing

platform

represents

a

core

competency of Mylan with the highest level

of operational excellence serving the same

customer base

Omega

(Branded

Consumer

Healthcare)

•

Legacy Omega

operations

•

Mylan’s established commercial platform

in Europe (Rx and Gx)

in both the physician

and

retail

channels

allows

Mylan

to

optimize

Omega’s OTC product portfolio

Generics

(Rx

Pharmaceuticals)

•

Prescription generic pharmaceuticals

business

•

Mylan has been a generics leader for

decades and is well-equipped to enhance

Perrigo’s

prescription portfolio and its

specialty sales force

Non-Core

Royalty Asset

(Specialty

Sciences)

•

Primarily the Tysabri

royalty stream from

the

Elan acquisition

•

Mylan could

maximize the use of cash from

this asset by better reinvesting in the business

API

(Other)

•

Can be effectively integrated with Mylan’s

existing API business, which includes

sourcing within

our internal network and

external customers

20

3

Private Label

Manufacturing

49 %

Omega

24 %

Generics

19 %

Non-Core

Royalty Asset

6 %

API

2 %

“Specialty Sciences” Estimated to Represent ~30%

of Perrigo Standalone Adjusted Diluted EPS¹

Perrigo Adjusted Diluted EPS is heavily reliant on the performance of Tysabri, a non-core asset.

On a pro-forma basis, the Tysabri

concentration would be significantly reduced

Perrigo Standalone

Mylan + Perrigo

In FY2015, “Specialty Sciences” Provided a 500bps

Boost to Perrigo’s Adjusted EBITDA Margins

21

Primarily

Tysabri

28 %

72 %

“Specialty

Sciences”

Other

8 %

92 %

“Specialty

Sciences”

Other

3

Perrigo Results Depend Significantly on the Profit Contribution from a

Third Party Royalty

22%

24%

25%

27%

30%

25%

25%

FY 11

FY 12

FY 13

FY 14

FY 15

Perrigo

(incl. "Specialty Sciences")

Perrigo

(excl. "Specialty Sciences")

Source: Perrigo 10-K, filed August 13, 2015, Mylan Inc 10-K filed March 2, 2015 and Mylan Prospectus Supplement dated March 30, 2015.

Note: 2015E adjusted EBITDA for Perrigo based on midpoint of guidance. Mylan adjusted EBITDA guidance as per Mylan second quarter 2015 earnings release (filed on

Form 8-K) dated August 6, 2015. Perrigo 2015E adjusted EBITDA based on adjusted operating margin guidance and 2014A adjusted D&A as a % revenue. Adjusted

EBITDA margin for Perrigo is a non-GAAP financial measure and is calculated as adjusted EBITDA divided by revenue. See supplemental materials for a computation of

Perrigo’s EBITDA margin, including and excluding Specialty Sciences.

¹ Assumes ~$314mm net income impact of Specialty Sciences in CY2015. Net income impact calculated as post tax adjusted EBITDA assuming 1% tax rate of Specialty

Sciences and FY15 revenue contribution of Specialty Sciences applied to CY15 revenue for Perrigo based on midpoint of company guidance. Adjusted diluted EPS impact

of Specialty Sciences assumes Perrigo standalone adjusted diluted EPS of $7.75 (midpoint of 2015E adjusted diluted EPS company guidance) and Perrigo share 

count of 144mm (based on company guidance). Adjusted diluted EPS impact of Specialty Sciences on Pro-Forma adjusted diluted EPS assumes Pro-Forma adjusted 

diluted  EPS of $4.45 including full run-rate synergies of $800mm in 2015 and Pro-Forma share count of 838mm. Full run-rate synergies are not expected to 

be realized until the end of year four following the consummation of the offer. Mylan & Perrigo adjusted diluted EPS assumes  that Mylan acquires 100% of 

Perrigo ordinary shares in the offer and that Mylan shareholders realize the benefit of all synergies realized in the transaction. Please refer to the supplemental 

materials for further detail on the calculation of the Pro-Forma adjusted diluted EPS. Nothing on this slide is intended to be a profit forecast or a target.

MS landscape becoming increasingly crowded, with new therapies which may have negative

implications for Tysabri

Highly priced product, with growth dependent on price increases

Key

competing

product

–

Roche’s

Ocrelizumab

–

may

launch

as

early

as

2017

1

Furthermore, outcomes are uncertain for potential new indications

–

Expecting Phase 3 top-line data for secondary progressive MS in late 2015

22

3

Mylan

Mitigates

Standalone

Tysabri

Risk

While

Allowing

Perrigo

Shareholders

to

Participate

in

Upside

Perrigo shareholders can still participate in ~40% of any upside Tysabri

might have

Perrigo shareholders can still participate in ~40% of any upside Tysabri

might have

Source: Wall Street research, Perrigo filings and press releases.

¹ Ocrelizumab is perceived to be the biggest competitive threat to Tysabri per Wall Street research.

Pro-Forma Perrigo Value

Pro-Forma Mylan Value

Analysis is again based on Perrigo’s own calculation methods which imply a Pro-Forma 2016

Adjusted Diluted EPS of $4.15 for Mylan² and shows the transaction creates significant value

Perrigo’s

average

hypothetical

unaffected

share price

of ~$129¹

23

Perrigo Assumption Includes only 25% of Mylan’s estimated run-rate synergies of at least $800mm

4

Transaction Results in Immediate Value Creation Across a Range of Pro-

Forma P/E Multiples

$ 50

$ 58

$ 66

12 x

14 x

16 x

$ 190

$ 209

$ 228

12 x

14 x

16 x

$61

$80

$99

2016E P/E Applied to Adjusted Diluted EPS per Perrigo Math

2016E P/E Applied to Adjusted Diluted EPS per Perrigo Math

Note: This is a Pro-Forma estimate and indicative only and not a target or profit forecast. Nothing in this slide is intended to be a profit forecast. Pro-Forma values are illustrative only and any references to value per share,

adjusted diluted EPS, share price and P/E should not be treated as targets or profit forecasts. Value per share, adjusted diluted EPS, share price and P/E will not necessarily change as a result of the Perrigo transaction.

Mylan standalone adjusted diluted EPS as per Perrigo September 17, 2015 Investor Presentation, which used the then current Thomson Reuters Consensus Estimates of Mylan standalone adjusted diluted EPS for the

years 2016 to 2019 (inclusive) for the purposes of its calculations. Mylan does not endorse or adopt Thomson Reuters consensus estimates as used by Perrigo in its calculations which are repeated in this slide for

illustrative purposes only and to refute certain arguments put forward by Perrigo in its September 2015 Investor Presentation which are based on such calculations. Accretion / (dilution) and phasing in of  synergies assumed

per Perrigo investor presentation, September 17, 2015.  Full run-rate synergies are not expected to be realized until the end of year four following the consummation of the offer. Pro-Forma adjusted diluted 

EPS implied from Thomson Reuters consensus estimates as used by Perrigo, Mylan standalone adjusted diluted EPS as referred to above and assumed accretion/(dilution). Adjusted diluted EPS is a

non-GAAP financial measure.

Implied Mylan Pro-Forma adjusted diluted EPS assumes that Mylan acquires 100% of Perrigo’s ordinary shares in the offer and that Mylan shareholders realize the benefitof all synergies realized

in the transaction. Undisturbed share price as of April 7, 2015 ($59.57 for Mylan; $164.71 for Perrigo). Share price as of October 9, 2015 was $42.55 for Mylan and $160.60 for Perrigo.

¹ Refers to Perrigo’s average hypothetical unaffected share price. Please refer to slide 10 for further information.

² See slide 14 for further detail.

Value to Mylan Shareholders

Implied Value to Perrigo Shareholders¹

Based on Perrigo Presentation which Implies Pro-Forma Mylan Adjusted Diluted EPS as Illustrated on page 14

24

Perrigo Assumes 25%, 50%, 75% and 100% of Mylan’s estimated run-rate synergies of

at least

$800mm for 2016, 2017, 2018, and 2019 respectively

As per Perrigo’s Math, Value per Share Increases Over Time as Synergies

Are Achieved

Mylan

PF

Adjusted

Diluted

EPS

with

Phased-in

Synergies

(see

slide

14)

Calculated

Per

Perrigo

Presentation

$

4.15

$

4.75

$

5.42

$

5.93

2016

2017

2018

2019

16 x

$

66

$

76

$

87

$

95

14 x

$

58

$

67

$

76

$

83

12 x

$

50

$

57

$

65

$

71

Perrigo

PF

Adjusted

Diluted

EPS

with

Phased-in

Synergies

(see

slide

16)

Calculated

Per

Perrigo

Presentation

$

9.55

$

10.93

$

12.47

$

13.64

2016

2017

2018

2019

16

x

$

228

$

250

$

275

$

293

14

x

$

209

$

228

$

250

$

266

12

x

$

190

$

206

$

225

$

239

Source: Perrigo public filings and Thomson Reuters consensus estimates as of September 16, 2015.

Note: This is a Pro-Forma estimate and indicative only and not a target or profit forecast. Nothing in this slide is intended to be a profit forecast. Pro-forma values are illustrative only and any references

to value per share, adjusted diluted EPS, share price and P/E should not be treated as targets or profit forecasts. Mylan pro-forma adjusted diluted EPS based on accretion / (dilution) and phasing of

synergies per Perrigo’s presentation released September 17, 2015, titled “Responding to Mylan’s Inadequate Tender Offer.” Mylan standalone adjusted diluted EPS as per Perrigo  September 17, 2015

Investor Presentation, which used the then current Thomson Reuters Consensus Estimates of Mylan standalone adjusted diluted EPS for the years 2016 to 2019 (inclusive) for the purposes of its

calculations. Mylan does not endorse or adopt Thomson Reuters consensus estimates as used by Perrigo in its calculations which are repeated in this slide for illustrative purposes only and to refute

certain arguments put forward by Perrigo in its September  17, 2015 Investor Presentation which are based on such calculations. Adjusted diluted EPS is a non-GAAP financial measure. Nothing on this

slide is intended to be a profit forecast or a target. Assumes phased-in synergies per Perrigo presentation. Full run-rate synergies are not expected to be realized until the end of year four following the

consummation of the offer. Pro-Forma value for Mylan shareholders assumes that Mylan acquires 100% of Perrigo ordinary shares in the offer and that Mylan shareholders realize the benefit of all of the

synergies realized in the transaction.

1

Assumes $75 / share is received by Perrigo shareholders and remains as cash; not reinvested.

Mylan commenced the tender offer for Perrigo shares on September 14, 2015

The offer and withdrawal rights are scheduled to expire on November 13, 2015 at

8:00am ET

The acceptance condition for the offer requires more than 50% of Perrigo ordinary

shares to be tendered into the offer

Mylan remains on track to receive antitrust approval in advance of the expiration date

Once the offer has become unconditional in all respects, Mylan is obliged to

purchase all

Perrigo ordinary shares tendered

with the goal to achieve 100%

ownership of Perrigo

Mylan believes it will reach at least 80% acceptances once it crosses the 50%

acceptance condition

—

Otherwise, Mylan

is prepared to manage the business as a controlled subsidiary

Mylan is confident it will maintain an investment grade credit profile

25

Clear Path to Completion

Compelling Profile

Large, Diversified Global

Generics and OTC Platform with

Strong

Performance

Track Record

Regional OTC Company with

Challenges Around Standalone

Operating and Growth Profile

Value Realization

Benefits Immediately

Upon

Transaction

Close

Uncertain and Dependent on M&A

and Multi-Year Execution Risk

Higher Value Per Share

Incremental

Value of $44 per Share (~$6.5bn)

(34% Premium vs. Stand-Alone Value)¹

Drop

to Stand-Alone Value

Hypothetical

Perrigo

Value

Per

Share

at Mylan’s Current Share Price

$173

1

~$129

2

Illustrative Value per Perrigo Share Over Time

~$190 -

$293

3

Perrigo Stand-Alone Value

2016 Adjusted Diluted EPS

for Perrigo Shareholders

No

Reinvestment:

$9.55

+

$75

in

Cash

4

$8.90

6

Reinvestment:

$16.85

+

$0

in

Cash

5

$8.90

6

Higher

Adjusted

Diluted

EPS

CAGR

off

Higher

Base

13%

4

10%

4

“Specialty

Sciences”

(Primarily

Tysabri)

Contribution to Adjusted Diluted EPS

8%

7

28%

7

Pro-Forma Ownership of Mylan / Perrigo Entity

40%

8

0%

Perrigo:

“Base plus plus

plus”

Mylan Offers

Perrigo

PLUS!

26

Note:

This

slide

is

a

summary

of

the

information

contained

in

the

previous

slides.

All

information

should

be

read

in

the

context

in

which

it

was

provided

in

the

earlier

slides.

¹ Please refer to slide 12 for more detail. Premium calculated by reference to Perrigo’s average implied hypothetical share price of $129.

2

Please refer to slide 10 for further detail.

3

Please refer to slide 23 for further detail. As per slide 24, Perrigo value range is calculated by reference to the Pro-Forma Mylan adjusted diluted EPS for 2016E, as implied by

Perrigo’s own calculation methodologies using illustrative P/E multiples of 12x and 16x. These valuations are for illustrative purposes only and are not intended to represent a profit

forecast or a target.

4

Please refer to slide 16 for further detail.

5

Assumes reinvestment of $75.00 cash portion in Mylan Pro-Forma and phased-in synergies. Please refer to slide 17 for further detail.

6

Thomson Reuters consensus estimate as of October 9, 2015. Mylan does not endorse or adopt Thomson Reuters consensus estimates, which are used for illustrative purposes

only. Nothing on this slide is intended to be a profit forecast or a target. Adjusted diluted EPS is a non-GAAP financial measure.

7

Please refer to slide 21 for further detail.

8

40% ownership assumes base deal of $75 cash + 2.3 Mylan shares per Perrigo share with no reinvestment of the $75.00 cash portion.

Mylan’s Offer is a Clear Choice for Perrigo Shareholders 

Mylan

Offers

Perrigo

PLUS! vs. Perrigo’s

“Base plus plus

plus”

Supplemental Materials

27

Leading portfolio and pipeline, complemented by a powerful commercial platform

~1,400 global marketed products, 3,400 product submissions pending regulatory approval globally,

more than 260 ANDAs pending FDA approval and 50 potential first-to-file opportunities

Value-creating M&A and business development, ensuring future financial flexibility

Acquisitions and partnerships driving synergistic growth with existing core operations

Track record of execution driving exceptional shareholder return

27% Adjusted diluted EPS CAGR since 2008¹ and strong focus on optimal capital allocation

Significant investment in future growth drivers

Billions of anticipated spend fueling an extensive technology platform

Differentiated, large-scale global operating platform

World Class Global Supply Chain with excellent service record

High quality, vertically integrated development and manufacturing operations

1

Source: Mylan prospectus supplement dated March 30, 2015 and earnings release dated August 6, 2015. Note: 2015 figure represents the mid-point of the

updated

2015

financial

guidance

range.

Note:

CAGR

is

calculated

based

on

2008

–

2015

guidance

mid-point

data.

Adjusted

diluted

EPS

is

a

non-GAAP

financial

measure. See Supplemental Materials for reconciliation of adjusted diluted EPS to the most directly comparable GAAP measure.

28

Mylan’s Long-Standing Strategy and Track Record of Success

Mylan’s

Strategy

for Success

Generics and specialty

pharmaceutical business

Non-US developed

markets specialty

and branded generics

business

2007

2010

2013

2015

Next

2015

$0.80

$1.30

$1.61

$2.04

$2.59

$2.89

$3.56

$4.25

2008-2015 adjusted diluted

EPS Growth = 27% CAGR¹

²

29

Mylan’s Long-Standing Strategy and Track Record of Success

Outstanding Shareholder Returns by Looking Years Ahead and Executing

2008

2009

2010

2011

2012

2013

2014

2015E

1

Source: Mylan prospectus supplement dated March 30, 2015 and earnings release dated August 6, 2015. Note: 2015 figure represents the mid-point of the updated 2015 financial 

  guidance range. Note: CAGR is calculated based on 2008 – 2015 guidance mid-point data. Adjusted diluted EPS is a non-GAAP financial measure. See Supplemental Materials for 

  reconciliation of adjusted diluted EPS to the most directly comparable GAAP measure. 

2

Acquisition of Famy Care Ltd. expected to close in the fourth quarter of 2015.

Existing Debt

$

11,616

$

11,616

New Debt

10,239

5,529

Total Debt

$

21,855

$

17,146

2015E Adjusted EBITDA - MYL

$

3,100

$

3,100

2015E Adjusted  EBITDA - PRGO

1,602

1,602

Total Adjusted  EBITDA (Excl. Synergies)

$

4,702

$

4,702

Leverage (No Synergies)

4.6

x

3.6

x

Illustrative 50% Synergy Ramp

$

400

$

400

Total Adjusted EBITDA (Ramped Synergies)

5,102

5,102

Leverage (Ramped Synergies)

4.3

x

3.4

x

Source:  Mylan 10Q dated August 6, 2015 and Perrigo 10K dated August 13, 2015 for latest balance sheet information.

Note: 2015E adjusted EBITDA for Mylan and Perrigo based on midpoint of guidance. Adjusted EBITDA is a non-GAAP financial measure. Mylan adjusted EBITDA guidance as per

Mylan second quarter 2015 earnings release (filed on Form 8K) dated August 6, 2015. Perrigo 2015E adjusted EBITDA based on adjusted operating margin guidance and 2014A

adjusted D&A as a % revenue. See Supplemental Materials for each company’s adjusted EBITDA to the most directly comparable GAAP measure. This is a Pro-Forma estimate

and indicative only and not a target or profit forecast. Nothing in this slide is intended to be a profit forecast. Pro-Forma values are illustrative only and any references should not be

treated as targets or profit forecasts. Assumes Mylan has access to 100% of Perrigo Adjusted EBITDA for financing purposes in 50.1% acquisition scenario.

1

Adjusted EBITDA is a non-GAAP financial measure. See slides 34 and 35 for a reconciliation of adjusted EBITDA to the most directly comparable GAAP measure for

Mylan

and Perrigo, respectively.

2

For illustrative purposes only, assumes $400mm of estimated pre-tax operational synergies in 2015. Full run-rate synergies are not expected to be realized until the

end of year four following the consummation of the offer.

100% Acquisition

50.1% Acquisition Case Reduces Mylan's Leverage at Close, Since Less Debt is Required to

Fund the Acquisition of 50% Fewer Shares. Perrigo’s Cash Can  Be Used to Pay Down

Existing Perrigo Debt ($5.3bn) Over Time

50.1% Acquisition

30

2

1

1

Buying Less Than 100% Does Not Harm the Pro-Forma Credit

Note: This is a Pro-Forma estimate and indicative only and not a target or profit forecast. Nothing in this slide is intended to be a profit forecast. Pro-Forma values are

illustrative only and any references to value per share, adjusted diluted EPS, share price and P/E should not be treated as targets or profit forecasts. Adjusted diluted EPS and

adjusted net income are non-GAAP financial measures. Assumes $800mm of estimated pre-tax operational synergies in 2015 taxed at 19% for illustrative purposes only. Full

run-rate synergies are not expected to be realized until the end of year four following the consummation of the offer. Assumes acquisition of 100% of Perrigo ordinary shares.

¹  Assumes 500mm and 144mm of weighted average diluted shares outstanding in CY2015 for Mylan and Perrigo, based on respective company guidance. Mylan weighted

average

diluted

shares

outstanding

calculated

based

on

the

midpoint

of

Mylan’s

2015

net

income

and

EPS

guidance.

² Mylan and Perrigo Adjusted Net Income calculated as respective standalone adjusted diluted EPS based on midpoint of respective company guidance multiplied by

respective diluted shares outstanding implied from company guidance.

³ Assumes

transaction

debt

interest

rate

at

L

+

1.5%

per

bridge

commitment.

Assumes

3m

libor

of

0.2936%.

Assumes

Perrigo

debt

is

not

refinanced.

Assumes

transaction

debt of $11.0bn based on Perrigo diluted shares outstanding as of October 9, 2015 of 147mm.

4

2.3x Perrigo’s current diluted shares outstanding of 147mm as of October 9, 2015.

31

Pro Forma Adjusted Diluted EPS Calculation Based on Midpoint of

Company Guidance¹

(unaudited; USD in millions, except per share amounts)

4

2015E

Mylan Adjusted Diluted EPS

$

4.25

(x)

Mylan Diluted Shares Outstanding

¹

500

Mylan Adjusted Net Income

²

$

2,125

Perrigo Adjusted Diluted EPS

$

7.75

(x)

Perrigo

Share Count

¹

144

Perrigo Adjusted Net Income

²

$

1,116

100% of Annual Synergies, after-

tax

650

Interest Expense, after-tax

³

(161)

Pro Forma Adjusted Net Income

$

3,730

Mylan

Standalone Share Count

500

Mylan

Shares Issued to Perrigo

338

Pro Forma Share Count

838

Pro Forma Adjusted Diluted EPS

$4.45

Mylan Ownership %

60

%

Perrigo Ownership %

40

%

(Unaudited; USD in millions, except per share amounts)

GAAP net earnings (loss) attributable to Mylan N.V. and GAAP

diluted EPS

929

$          

2.34

$         

624

$          

1.58

$         

641

$          

1.52

$         

537

$          

1.22

$         

224

$          

0.68

$         

94

$            

0.30

$         

(335)

$        

(1.10)

$       

     Purchase accounting related amortization (primarily included

     in cost of sales) (a)

419

371

391

365

309

283

489

     Goodwill Impairment Charges

-

-

-

-

-

-

385

     Bystolic Revenue

-

-

-

-

-

-

(468)

     Litigation settlements, net

48

(10)

(3)

49

127

226

17

     Interest expense, primarily amortization of convertible

     debt discount

46

38

36

49

60

43

30

     Non-cash accretion and fair value adjustments of contingent

     consideration liability

35

35

39

-

-

-

-

     Clean energy investments pre-tax loss (b)

79

22

17

-

-

-

-

     Financing related costs (included in other income (expense),

     net)

33

73

-

34

37

-

-

     Acquisition related costs (primarily included in cost of sales

     and selling, general and administrative expense)

140

50

-

-

-

-

-

     Acceleration of deferred revenue

-

-

-

-

-

(29)

-

     Non-controlling interest

-

-

-

-

-

9

-

Restructuring and other special items included in:

     Cost of sales

45

49

66

8

7

33

53

     Research and development expense

18

52

12

4

10

49

14

     Selling, general and administrative expense

67

71

105

45

63

22

89

     Other income (expense), net

(11)

25

(1)

-

1

(13)

1

     Tax effect of the above items and other income tax

     related items (c)

(432)

(260)

(216)

(198)

(253)

(273)

(31)

     Preferred dividend (d)

-

-

-

-

122

139

-

Adjusted net earnings attributable to Mylan N.V. and adjusted

diluted EPS

1,416

$       

3.56

$         

1,140

$       

2.89

$         

1,087

$       

2.59

$         

893

$          

2.04

$         

707

$          

1.61

$         

583

$          

1.30

$         

244

$          

0.80

$         

Year Ended December 31,

2014

2013

2012

2011

2010

2009

2008

(a) Adjustment for purchase accounting related amortization expense for the year ended December 31, 2014, 2013, 2012, and 2011, respectively include $28 million, $18 million, $42 million and $16

million of intangible asset impairment charges.

(b) Adjustment represents exclusion of the pre-tax loss related to Mylan's clean energy investments, the activities of which qualify for income tax credits under section 45 of the U.S. Internal Revenue

Code. The amount is included in other expense (income), net.

(c)

Adjustment

for

other

income

tax

related

items

includes

the

exclusion

from

adjusted

net

earnings

for

the

year

ended

December

31,

2014

of

the

tax

benefit

of

approximately

$150

million

related

to

the

merger

of

the

Company's

wholly

owned

subsidiaries,

Agila

Specialties

Private

Limited

and

Onco

Therapies

Limited,

into

Mylan

Laboratories

Limited.

(d) Adjusted diluted EPS for the year ended December 31, 2010, includes the full effect of the conversion of the company's preferred stock into 125.2 million shares of common stock on November 15,

2010. Adjusted diluted EPS for the period ended December 31, 2009 was calculated under the "if-converted method" which assumes conversion of the Company's preferred stock into shares of

common stock, based on an average share price, and excludes the preferred dividend from the calculation, as the "if-converted method" is more dilutive.

32

Mylan: Reconciliation of Non-GAAP Metrics

(Unaudited; USD in millions, except per share amounts)

Twelve Months Ended December 31, 2015

Lower

Upper

GAAP net earnings attributable to Mylan N.V. and GAAP diluted EPS

$             1,055

$                 2.11

$            1,080

$           2.16

Purchase accounting related amortization

820

850

Interest expense, primarily amortization of convertible debt discount

70

80

Non-cash accretion of contingent consideration liability

35

40

Pre-tax loss of clean energy investments

80

100

Litigation settlements, net

17

17

Financing related

35

40

Restructuring, acquisition

and other special items

325

375

Tax effect of the above items and other income tax related items

(362)

(407)

Adjusted net earnings attributable to Mylan N.V. and adjusted diluted EPS

$            

2,075

$                  4.15

$             2,175

$

4.35

33

Mylan: Reconciliation of Forecasted Non-GAAP Metrics

(Unaudited; USD in millions)

Twelve Months Ended

December 31, 2015

Lower

Upper

GAAP net earnings

$

1,005

$

1,080

Add adjustments:

Net contribution attributable to the noncontrolling interest and equity method investees

80

100

Income taxes

245

300

Interest expense

285

335

Depreciation and amortization

1,000

1,090

EBITDA

$

2,615

$

2,905

Add adjustments:

Stock-based compensation expense

65

90

Restructuring

& other special items

200

260

Other expense, net

20

45

Adjusted EBITDA

$

2,900

$

3,300

34

Mylan: Reconciliation of Forecasted Non-GAAP Metrics

Source: Perrigo investor presentation dated April 21, 2015 “Perrigo Fiscal 2015 Third Quarter Earnings Slides”

1

Amounts may not sum or cross-foot due to rounding.

2

Ratios calculated using exact numbers.

³    Non-GAAP guidance for calendar 2015 excludes amortization of intangibles, restructuring, and unusual litigation charges, along with transaction and financing costs related to the Omega

Pharma Invest NV (“Omega”) acquisition. At this time, a reconciliation to GAAP earnings per share guidance for calendar 2015 is not available without unreasonable effort. As noted in Perrigo’s

third quarter 2015 press release dated April 21, 2015, Perrigo expects that the unavailable reconciling items,which primarily include the amortization of intangibles and non-cash charges related

to Omega, along with other expenses not related to Perrigo’s core operations, which may be related to the integration of Omega, Perrigo’s change in fiscal year and Mylan’s bid to acquire

Perrigo, could significantly impact Perrigo’s financial results.

4

D&A includes $502.2mm of depreciation and amortization net of acquisition related amortization expenses within cost of goods sold ($395.5mm), selling costs  ($22.4mm) and administration

costs ($6.2mm).

35

Perrigo Reconciliation of Non-GAAP Measures

Calendar Year 2014 Actuals and 2015 Guidance

Twelve Months Ended December 31, 2014

(in millions except per share)

(unaudited)

GAAP

(1)

Non-GAAP

Adjustments

(1)

As

Adjusted

(1)

Consolidated

Net sales

$

4,171.6

$

–

$

4,171.6

Cost of sales

2,735.3

395.5

(a)

2,339.7

Gross profit

$

1,436.3

$

395.5

$

1,831.9

(a)

Acquisition-related amortization expense

Operating expenses

(b)

Distribution

57.2

–

57.2

Research and development

172.6

10.0

(b)

162.6

(c)

Selling

206.4

22.4

(a)

184.0

Administration

343.7

44.8

(a,c,d,e,f)

298.9

(d)

Write-up of

contingent

Restructuring

34.1

34.1

(g)

–

(e)

Litigation settlement of $2.0 million

Total operating expenses

$

814.0

$

111.3

$

702.7

(f)

Loss contingency accrual of $15.0 million

Operating income

$

622.3

506.8

1,129.2

(g)

Interest expense, net

109.2

5.0

(h)

104.2

Other expense, net

69.3

63.6

(I,j,k)

5.7

(h)

Loss on sale of investment

12.7

12.7

–

(i)

Loss on extinguishment of debt

9.6

9.6

(l)

–

Income before income taxes

421.5

597.7

1,019.3

(j)

Income tax expense

75.2

101.5

(m)

176.6

Net income

$

346.3

$

496.2

$

842.7

(k)

Diluted earnings per share

2.57

6.27

Diluted weighted average shares outstanding

135.0

(0.6)

(n)

134.4

(l)

Selected ratios as a percentage of net sales

(2)

Distribution, selling, and adminstrative

14.6%

12.9%

(m)

Tax effect of non-GAAP adjustments

Research and development

4.1%

3.9%

(n)

Operating income

14.9%

27.1%

Effective tax rate

17.8%

17.3%

Calculation of adjusted diluted EPS guidance growth

Calendar Year 2014 adjusted diluted EPS

$

6.30

Calendar Year 2015 adjusted diluted EPS range

(3)

$

7.50 -

8.00

% change

20% -

28%

Calculation of adjusted EBITDA calculation

Calendar Year 2015 net sales range

(3)

$

5,400 -

5,700

Calendar Year 2015 adjusted operating margin

(3)

27.0%

Implied Calendar Year 2015 adjusted operating margin

1,458 -

1,539

Calendar Year 2014 D&A

(4)

$

78.1

Calendar Year 2014 D&A margin

1.9%

Implied Calendar Year 2015 adjusted EBITDA margin

28.9%

Implied Calendar Year 2015 adjusted EBITDA

$

1,602

Weighted average effect of 6.8 million

shares issued on November 26, 2014 to

finance the pending Omega acquisition

Income of $12.5 million from transfer of a

rights agreement

Bridge fees and extinguishment of debt in

connection with Omega financing

R&D payment of $10.0 million made in

connection with collaborative arrangement

Acquisition and integration-related charges

totaling $15.8 million related primarily to

Omega and Elan

Restructuring and other integration-related

charges due primarily to Elan

Omega financing fees

Elan equity method investment losses

totaling $11.4 million

Loss on derivatives associated with the

pending Omega acquisition totaling $64.7

million

Source: Perrigo Annual Reports on Form 10-K filed August 13, 2015 and August 14, 2014, Perrigo Co.’s Annual Reports on Form 10-K filed August 15, 2013 and

August 16, 2012, and Perrigo investor presentation dated

September 17, 2015, titled “Responding to Mylan’s Inadequate Tender Offer”

¹  Amortization of acquired intangible assets related to business combinations and asset acquisitions

36

Twelve Months Ended June

(Unaudited; USD in millions)

2011

2012

2013

2014

2015

Perrigo

Reported net sales

$

2,755

$

3,173

$

3,540

$

4,061

$

4,604

Reported operating income

$

490

$

569

$

679

$

567

$

748

Acquisition-related amortization (1)

47

75

94

281

464

Acquisition costs

3

9

10

109

34

Restructuring charges

1

9

3

47

7

Loss contingency accrual

-

-

-

15

2

Write-offs of in-process R&D

-

2

9

6

-

Litigation settlements

-

-

-

5

-

Contingent consideration adjustment

-

-

-

1

1

Escrow settlement

-

-

-

(3)

-

Inventory step-ups

-

27

11

-

16

Impairment of intangible asset

-

-

-

-

0

Impairment of fixed assets

-

-

-

-

-

Loss on asset exchange

-

-

-

-

-

Proceeds from sale of pipeline development projects

-

(5)

-

-

-

Legal and consulting fees related the Mylan N.V. defense

-

-

-

-

13

Initial payments made in connection with R&D arrangements

-

-

-

-

28

Year end change

-

-

-

-

1

Adjusted operating income

$

541

$

687

$

805

$

1,029

$

1,314

Depreciation and amortization excluding acquisition-related amortization (1)

56

61

66

78

85

Perrigo adjusted EBITDA

597

747

871

1,107

1,398

Perrigo adjusted EBITDA margin

22

%

24

%

25

%

27

%

30

%

Specialty Sciences

Reported net sales

-

-

-

$

147

$

344

Reported operating income

-

-

-

(69)

36

Depreciation and amortization

-

-

-

154

292

Transaction costs

-

-

-

12

0

Restructuring charges

-

-

-

39

0

Specialty Sciences adjusted EBITDA

-

-

-

137

328

Specialty Sciences adjusted EBITDA margin

-

-

-

93

%

95

%

Perrigo Excluding Specialty Sciences

Reported net sales

$

2,755

$

3,173

$

3,540

$

3,914

$

4,260

Adjusted EBITDA

597

747

871

971

1,070

Adjusted EBITDA margin

22

%

24

%

25

%

25

%

25

%

Perrigo: Reconciliation of Adjusted EBITDA Margin