Pershing Square Activist Presentation Deck

Valeant: Lower-Risk, Higher-Productivity R&D ► Focused on lower-risk, higher-reward programs ■ Line extensions and re-formulations ■ New indications and strengths for existing drugs ■ New branded generics ■ Prescription to OTC switches ■ High-probability development programs (Phase IIIs) ▸ No high-risk discovery R&D ▸ No pre-set R&D spend as a percentage of revenue ► Low, fixed-cost R&D Infrastructure ■ Outsource non-core R&D functions 35

View entire presentation