Pershing Square Activist Presentation Deck

Recent Business Performance Valeant's business has performed well in 2015 ► Strong organic revenue growth: 15% organic revenue growth YTD; 13% in Q3 ► Growth has been driven by a mix of volume and price: ■ In Q3 2015, volume increased ~8% and net realized price increased ~4% Strong revenue growth, cost management, and capital allocation have contributed to a significant increase in earnings expectations: ■ Consensus 2016 EPS expectations as of January 2015: $11.47(1) ■ Consensus 2016 EPS expectations as of October 2015: $16.15(2) (+~41%) (1): Bloomberg January 5th, 2015. (2): Bloomberg October 29th, 2015. 30

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