Pershing Square Activist Presentation Deck

Cash Net Income Reconciliation: Restructuring Costs ($551mm, 2013) Valeant removes restructuring charges to better match Net Income with recurring Free Cash Flow ■ Valeant's restructuring charges are cash and non-cash expenses incurred in connection with corporate restructurings ■ The vast majority of these restructurings relate to realizing synergies at newly acquired companies ■ We believe that if acquisitions were to stop today, restructuring charges would drop to zero 108

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