Pershing Square Activist Presentation Deck

Pershing Square Due Diligence on Valeant In the four months since our initial contact with Valeant, we have performed significant due diligence on the company ► Reviewed public company information for Valeant and Allergan On February 9th, 2014 we executed a confidentiality agreement with Valeant, which allowed us to conduct substantial due diligence ■ In-person meeting with board of directors ■ Extensive management interviews ■ Selective local due diligence at the country level ■ Review of parent and regional business plans ■ Review of historical and projected organic growth by business unit and region ■ Review of business development pipeline ■ Review of R&D pipeline ■ Review of global tax structure ■ Review of bear thesis 18

View entire presentation