Pershing Square Activist Presentation Deck

Core Competency in Licensing & Acquisitions Valeant is a nimble acquirer of attractive businesses, large and small Larger acquisitions of traditional pharma / device companies with bloated cost structures and unproductive R&D spending ▸ Smaller, bolt-on acquisitions of products easily integrated into Valeant's efficient, international distribution infrastructure ■ In-licenses from one-product companies ■ Acquisitions of sub-scale companies without adequate distribution ■ Declining products neglected by other companies that can return to growth with promotion ► Effective acquisition and integration process ■ CEO Mike Pearson is personally involved in evaluation, negotiation and execution of transactions 39

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