Pershing Square Activist Presentation Deck

Valeant's Proven Integration Track Record BIOVAIL Synergies Announced "...The second year after close, we expect to achieve at minimum $175 million in cost synergies." "...We expect to realize annual run MEDICIS rate constant synergies of greater than $225 million." "...We expect to achieve at least BAUSCH + LOMB $800 million in annual cost savings." Source: Company data 93 Synergies Realized "By the end of the fourth quarter [of 2011] we expect to achieve approximately $350 million synergy run rate for the Company." "We now expect to achieve greater than $300 million in run rate synergies by the end of the year [2013]." "We have now identified greater than $900 million in synergies"

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