Pershing Square Activist Presentation Deck

Valeant's GAAP Net Income Does Not Track Cash Flow GAAP Net Income has not been a good proxy for Valeant's free cash flow $mm $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 2011 $500 $- $(500) $(1,000) $(1,500) Source: 2011, 2012, 2013 Valeant Form 10-k. GAAP Net Income GAAP Cash From Operations 2012 60 2013 2011-2013 -$4.5bn Difference

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