Pershing Square Activist Presentation Deck

Organic Growth Measuring Underlying Growth at Valeant Investors who do not adjust for the impact of new generic competition will underestimate the growth rate of the durable portfolio ■ As the portfolio subject to new generic competition winds down, reported corporate growth will approach the growth rate of the durable portfolio Temporary effect of new generic competition Reported corporate growth rate Durable portfolio growth rate Only ~7% of Valeant's revenue (-1/2 of the total patent cliff revenue) will face new generic competition by 2016, and thereafter a relatively small percentage of the business is at risk in any year¹ (1) Valeant Public Presentation January 14, 2014 at JPMorgan Conference 50

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