Pershing Square Activist Presentation Deck

Presentation Summary I. Why We Like Valeant's Business Model ✓ Durable Products and Cash Flows ✓ Growing Markets & Categories ✓ R&D and Acquisition Strategy ✓ Superior Operating Model ✔Organic Growth ✓ Shareholder-Oriented Culture and Incentive Structure II. Accounting Considerations III. How We Evaluate the Transaction ✓ Valuing "Val-gan" ✓ Platform Value IV. Summary V. Appendix

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