Pershing Square Activist Presentation Deck

Track Record of R&D Productivity Valeant's superior R&D productivity is indicative of its investment discipline and cost-focused culture ► 19 planned launches in 2014 ■ Peak sales potential: $1.3 -2.3 billion ► 7 late-stage pipeline projects ■ Peak sales potential: $1.4 - 3.4 billion ► Valeant standalone estimated 2015 R&D spend: -$200 million ■ ~2% of revenue ■ Industry-leading productivity Source: Company public presentation April 22, 2014. Pershing Square estimate of 2015 R&D spending is based off of Valeant's -$200mm run-rate end of 2014 spending rate 37

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