Pershing Square Activist Presentation Deck

Why We Like Valeant Durable Products and Cash Flows ✓ Low % of products with patent cliffs Low product concentration risk ✓ Lower price and reimbursement risk Growth High-growth categories High-growth geographies New products Superior Operating Model Shareholder-Friendly Capital Allocation ✓ Lower-risk, higher- return R&D ✓ Platform for accretive acquisitions Share buybacks Highly decentralized Local managers determine product mix, pricing & distribution strategy Culture of cost efficiency ✓ Management incentives aligned with shareholders Management is focused on creating shareholder value 19

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