Pershing Square Activist Presentation Deck

Valeant has Low Product Concentration Risk Unlike most traditional pharmaceutical companies, Valeant has a highly diversified product portfolio minimizing product concentration risk Revenue Contribution by Products 2014E Rest of Portfolio 70% Top 10 Products 18% Products 11 - 20 12% Source: Company presentation January 14, 2014 at JPMorgan Conference 25 The top 10 products of Merck and Pfizer represent -50% of revenues

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