Pershing Square Activist Presentation Deck

Categories with Attractive Growth Drivers Valeant U.S. Category Mix (2014E) Derm Rx / Pod, 19% Dental, 4% Lens, 4% Generics, 6% Other, 12% Surgical, 6% Ophthamology Rx, 11% Neurology, 12% Source: Valeant Internal Documents. Management Interviews Consumer, 14% Aesthetics / PDT, 13% 28 ► Growing faster than global pharma market ► Doctors or patients make product choices ► Receptive to new products and line extensions ► Cash-pay or reimbursed through private insurance

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