Pershing Square Activist Presentation Deck

Valeant's Acquisitions Have Created Value We believe that Valeant's track record of value-creating acquisitions is a sustainable competitive advantage that should be reflected in the company's market value ► Conservatively underwrite attractive returns ■ Target 20% unlevered IRR, before tax synergies (est. 30% after-tax) ■ Target < 6-year payback ■ Pipeline value of acquisition target assigned zero value ► Rapid integration with synergies at or exceeding budget ■ Have met or exceeded synergy budget on all announced acquisitions ■ Typically, ~80% of synergies achieved within first year Source: Management interviews 92

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