Pershing Square Activist Presentation Deck

Capital Allocation at Valeant Valeant's capital allocation strategy reflects management's focus on creating shareholder value ► Acquisitions ■ Management has completed 100+ acquisitions and licenses, investing $19bn+ since 2008 ■ These acquisitions have been highly accretive due to superior cost structure and operating model ■ Valeant management expects the majority of the company's future free cash flow will be allocated to its value-creating acquisition strategy ►Share Repurchases ■ Valeant has been an aggressive buyer of its stock ■ Between 2008 and 2012, Valeant repurchased $2.5bn of stock and convertible bonds Source: Management Interviews 54

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