Pershing Square Activist Presentation Deck

Durable Franchise with Attractive Growth Organic growth has consistently been mid to high single-digit Pro-Forma Organic Growth Excluding the impact of generic entry, FX adjusted 14% 12% 10% 8% 6% 4% 2% 0% 8% 11% 2011 9% 9% 13% 2012 Developed Markets Emerging Markets 10% Source: 2011, 2012, 2013 Year End Earnings Press Release 6% 12% 7% 2013 Total Product Sales 31 Valeant's pro-forma organic growth, excluding the impact of generic entry, highlights the ongoing growth potential of the durable business (~85% of total)

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