Pershing Square Activist Presentation Deck

Organic Growth Measuring Underlying Growth Organic growth, excluding the impact of new generic competition, has been consistently mid to high single-digit Pro-Forma Organic Growth Excluding the impact of generic entry, FX-adjusted Developed Markets Emerging Markets Total Product Sales 2011 8% 11% 9% 2012 9% 13% 10% 2013 6% 51 12% 7% Q1 1% 11% 4% Q2 2013 3% 12% 6% Q3 4% 13% 6% Q4 10% 13% 11% Note: 2011 and 2012 organic growth rates are not adjusted to exclude the impact of generic entry. The impact of generic entry was immaterial in 2011 and 2012. Growth rates for all periods are pro forma for acquisitions completed during the period but not for acquisitions completed in future periods (e.g. 2011 is not pro forma for 2013 acquisitions). Source: 2011, 2012, Q1-Q4 2013 Valeant Earnings Press Release

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