Pershing Square Activist Presentation Deck

The Vast Majority of Valeant's Revenue is Durable Durable healthcare products are more comparable to high-margin consumer products than to traditional, patented pharma products % of 2014E Revenue 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% Prescription ("Rx") 41% Devices 21% Over-the- Counter ("OTC") 20% Generics 18% Patent Cliff Rx 15% 0% Source: Valeant Presentations, April 22, 2014 and January 14, 2014 at JPMorgan Conference 23 Durable Products 85%

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