Pershing Square Activist Presentation Deck

Research Analysts' Recommendations Suggest that Valeant's Stock is Undervalued Median analyst price target of $168 per share is a 39% premium to Valeant's current share price Broker Aegis Capital Corp. BMO Capital Markets Canaccord Genuity Corp Cantor Fitzgerald CIBC World Markets CRT Capital Group FBR Capital Markets Guggenheim Securities LLC Jefferies JPMorgan Morningstar, Inc Paradigm Capital Inc Piper Jaffray Stifel Susquehanna Financial Group TD Securities Source: Bloomberg Note: Price Target ΝΑ Most recent recommendations and price targets as of July 14, 2014 $165 $168 $180 $160 $170 $153 $154 $151 $178 $180 $175 $165 $170 $160 $209 Rec. Buy Outperform Buy Buy Sector Outperform Buy Outperform Buy Buy Overweight Buy Buy Neutral Buy Positive Buy

View entire presentation