Pershing Square Activist Presentation Deck

NG PERSHING SQUARE Filed by: Pershing Square Capital Management, L.P. Subject Company: Valeant Pharmaceuticals International, Inc. SEC File No. of Valeant Pharmaceuticals International, Inc.: 001-14956 The Outsider Perspectives from Allergan's Largest Shareholder Filing under Rule 425 under the Securities Act of 1933 and deemed filed under Rule 14a-12 of the Securities Exchange Act of 1934 Pershing Square Capital Management, L.P.

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