Pershing Square Activist Presentation Deck

Licensing & Acquisition Track Record ► Licenses & Acquisitions ■ Management has completed 100+ acquisitions and licenses, investing $19bn+ since 2008 ■ Acquisitions have been highly accretive ■ Collectively, since 2008, Valeant has earned a >20% unlevered return (before tax efficiencies) on its acquisitions ■ Valeant management expects the majority of the company's future free cash flow will be allocated to its value-creating acquisition strategy Source: Management interviews 40

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