Pershing Square Activist Presentation Deck

International, Not Global Valeant executes product mix, distribution, and promotional strategies to drive growth in attractive geographies Patented Prescription Durable Prescription Over-the- Counter Branded Generic Generic Devices U.S./ Western Eastern Latin Canada Europe Japan Europe America China Source: Company Presentation, April 22, 2014. Management interviews. Emerging Asia -30% of 2014 estimated sales are in emerging markets 29 India

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