Pershing Square Activist Presentation Deck

Illustrative Valeant Transaction: 98% Value Creation, Unlevered Sales Gross Profit % Margin SG&A % Margin R&D % Margin EBIT % Margin Taxes % Tax Rate Net Income Intrinsic Value: Earnings Multiple Value % Acquisition Premium % Restructuring Costs Stand Alone Financials $100 $75 75% 30 30% Purchase Price Source: Company data. Management Interviews 20 20% $25 25% $8 30% $18 16x $280 25% 4% $363 Pro Forma $100 $75 75% 22 22% 3 3% $50 50% $5 10% $45 16x $720 97 Consistent with synergies achieved historically Year 1, 12% Unlevered yield $45 / $363 = 12% (Pro Forma Net Income/Purchase Price) 98% Value creation $720 / $363 = 98% (Pro-Forma Value/Purchase Price)

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