Pershing Square Activist Presentation Deck

Valeant Pharmaceuticals International (VRX) ► Multinational specialty pharmaceutical company ► Leader in dermatology, ophthalmology, branded generics, and gastroenterology VALEANT Stock price: $111.50 (1): Valeant company website. ► Significant presence in both developed and emerging markets ► Market cap of ~$40bn and TEV of ~$68bn ▸ Approximately 40 manufacturing plants worldwide ► ~18,000 employees(¹) 3

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