Pershing Square Activist Presentation Deck

Valeant: Context on the Company In February 2008, when Mike Pearson was named CEO, Valeant was a small, struggling company ► Pearson changed Valeant's strategy to incorporate: ■ A durable, diverse portfolio of products in specialties where doctors are decision makers, with limited government reimbursement ■ Decentralized, efficient, nimble organizational structure ■ Return-driven capital allocation framework (M&A, high ROI R&D, buybacks) ■ Rapid growth ■ Diverse portfolio of products ■ Numerous drivers of value creation ■ Numerous acquisitions • Purchased distressed assets, inherited multiple Corporate Integrity Agreements ■ Utilized leverage 4

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