1. IBI

2. 3. Barr & Ivax 4. 7,000% 5. IBI CitiBank 6. 05 5002 : 54 04 53 03 52 02 6002 : 51 01 2030 40 50 6070 20 30 405060 70 7. Barr 8. - IBI - UBS Barr -- 9. 8002 :00042 8002 : 00022 000020008100061000410002100001 70 80 80 90 90 01 01 11 10. :09 5002.3.71:08 07 4002.11.51: 5002.01.72:06 %21 %03 05 04030201 0 99 10 20 40 60 70 11 90 30 80 11. We believe the deal should be accretive in fiscal 2006 The deal is not a transforming event We think the move is a long-term positive for Perrigo We are surprised the company is doing such a large dealfor such a small generic operation 12. 605040302010 0 13. -50.0%46.0%42.0%38.0%34.0%30.0%2005 2006 2007 2008A 2009A 2010A 2011E 14. 05001051002052 00340 404040 40 50 5050 5050 52 60 6060 6060 60 70707070 7080 808080 80 90 9090 90 90 01 0101 0101 01 15. 400 20.0%18.0%35016.0%30014.0%250 12.0%200 10.0%367 3318.0%150 289288223 6.0%1004.0% 120 127 50 2.0%0 0.0%2004 2005 2006 2007 2008 2009 2010E 16. - 17. 000200910081007100610051004100310021 01 01 01 01 01 11 18. S&P