Pershing Square Activist Presentation Deck

Disclaimer The analyses and conclusions of Pershing Square Capital Management, L.P. ("Pershing Square") contained in this presentation are based on publicly available information. Pershing Square recognizes that there may be nonpublic information in the possession of Valeant Pharmaceuticals International, Inc. (VRX) or other companies discussed in this presentation that could lead others to disagree with Pershing Square's analyses, conclusions and opinions. This presentation and the information contained herein are not investment advice This presentation does not recommend the purchase or sale of any security nor is it intended to be, nor should it be construed as, an offer to sell or a solicitation to buy any securities. All investments involve risk, including the loss of principal. The analyses provided may include certain forward-looking statements, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of VRX and the other companies discussed in this presentation, access to capital markets, market conditions and the values of assets and liabilities. Such statements, estimates, and projections reflect various assumptions by Pershing Square concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and may, as a result, prove to be inaccurate. Such statements, estimates, and projections have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, estimates or projections or with respect to any other materials herein and Pershing Square disclaims any liability with respect thereto. Actual results may vary materially from the estimates and projected results contained herein. The information contained in this presentation may not contain all of the information required in order to evaluate the value of VRX and other companies discussed in this presentation. The opinions, analyses, conclusions and proposals presented herein represent the views of Pershing Square and not those of any third party. This presentation is intended to be read with reference to any and all footnotes and appendices. Funds managed by Pershing Square and its affiliates are invested in securities of VRX. Pershing Square manages funds that are in the business of trading - buying and selling - securities and other financial instruments. It is possible that there will be developments in the future that cause Pershing Square to change its position regarding VRX or any other companies mentioned. Pershing Square may buy, sell, cover or otherwise change the form of its investment in these companies, at any time, for any or no reason. Pershing Square hereby disclaims any duty to provide any updates or changes to the data, analyses, or opinions contained herein including, without limitation, the manner or type of any Pershing Square investment. 1

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