Pershing Square Activist Presentation Deck

Legal Disclaimer (Cont.) Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures, including but not limited to cash net income and EBITDA (collectively. "non-GAAP financial measures). These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Pershing Square believes that the presentation of these financial measures enhances an investor's understanding of Valeant's and Allergan's financial performance. Pershing Square further believes that these financial measures are useful financial metrics to assess operating performance from period to period by excluding certain items that it believes are not representative of Valeant's and Allergan's respective core businesses. Pershing Square also believes that these financial measures provide investors with a useful tool for assessing the comparability between periods of Valeant's and Allergan's respective abilities to generate cash from operations sufficient to pay taxes, to service debt and to undertake capital expenditures. Pershing Square believes these financial measures are commonly used by investors to evaluate companies' performance. However, the use of these non- GAAP financial measures in this presentation may vary from that of other companies in Valeant's and Allergan's industry. These non- GAAP financial measures should not be considered as alternatives to performance measures derived in accordance with GAAP.

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