Pershing Square Activist Presentation Deck

Organic Revenue Growth Disclosure Valeant is the only major pharmaceutical company that discloses organic growth Valeant provides detailed organic growth transparency, reporting growth in four different ways to assist investors in valuing different components of the business Same Store 1) Including the effect of generic entry 2) Excluding the effect of generic entry Pro-Forma For Acquisitions (Assumes acquired companies were purchased at the beginning of the prior reporting period) 3) Including the effect of generic entry 4) Excluding the effect of generic entry 49

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