Valeant Pharmaceutical

International, Inc.

November 19, 20141

Jefferies 2014 Global Healthcare Conference

Forward-Looking StatementsThis communication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Canadian securities laws. These

forward-looking statements include, but are not limited to, statements regarding Valeant offer to acquire Allergan, its financing of the proposed transaction, its expected future

performance (including expected results of operations and financial guidance), and the combined company’s future financial condition, operating results, strategy and plans.

Forward-looking statements may be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,”

“potential,” “target,” “opportunity,” “tentative,” “positioning,” “designed,” “create,” “predict,” “project,” “seek,” “ongoing,” “upside,” “increases” or “continue” and variations or similar

expressions. These statements are based upon the current expectations and beliefs of management and are subject to numerous assumptions, risks and uncertainties that

change over time and could cause actual results to differ materially from those described in the forward-looking statements. These assumptions, risks and uncertainties include,

but are not limited to, assumptions, risks and uncertainties discussed in the company’s most recent annual or quarterly report filed with the SEC and the Canadian Securities

Administrators (the “CSA”) and assumptions, risks and uncertainties relating to the proposed merger, as detailed from time to time in Valeant’s filings with the SEC and the CSA,

which factors are incorporated herein by reference. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this

communication are set forth in other reports or documents that we file from time to time with the SEC and the CSA, and include, but are not limited to:

• the ultimate outcome of the offer and the second-step merger, including the ultimate removal or the failure to render inapplicable the obstacles to consummation of the

offer and the second-step merger described in the offer to exchange;

• the ultimate outcome and results of integrating the operations of Valeant and Allergan, the ultimate outcome of Valeant’s pricing and operating strategy applied to Allergan

and the ultimate ability to realize synergies;

• the effects of the proposed combination of Valeant and Allergan, including the combined company’s future financial condition, operating results, strategy and plans;

• the effects of governmental regulation on our business or potential business combination transactions;

• the ability to obtain regulatory approvals and meet other conditions to the offer, including the necessary stockholder approval, on a timely basis;

• Valeant’s ability to sustain and grow revenues and cash flow from operations in our markets and to maintain and grow our customer base, the need for innovation and the

related capital expenditures and the unpredictable economic conditions in the United States and other markets;

• the impact of competition from other market participants;

• the development and commercialization of new products;

• the availability and access, in general, of funds to meet our debt obligations prior to or when they become due and to fund our operations and necessary capital

expenditures, either through (i) cash on hand, (ii) free cash flow, or (iii) access to the capital or credit markets;

• our ability to comply with all covenants in our indentures and credit facilities, any violation of which, if not cured in a timely manner, could trigger a default of our other

obligations under cross-default provisions; and

• the risks and uncertainties detailed by Allergan with respect to its business as described in its reports and documents filed with the SEC.

All forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. Readers are cautioned

not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Valeant undertakes no obligation to

update any of these forward-looking statements to reflect events or circumstances after the date of this communication or to reflect actual outcomes.

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Who We Are

Focused, multinational specialty pharmaceutical company

$45B+ Market Cap

Headquartered in Laval, Quebec, Canada (NYSE/TSX: VRX)

What makes Valeant different?

Unique decentralized operating model

Geographical and product diversity

Track record of value-added M&A

Significant cash pay component / low exposure to government reimbursement

Limited patent risk

Substantial emerging market presence

Proven track record of delivering industry leading returns to

shareholders

Based on projected 2014 revenues excluding Aesthetic Injectables

Public Pay25%

1 Includes contact lens, and surgical devices

75

Asia

Latin

America

Central &

Eastern

Europe/

Middle East/

Africa

United

States

Canada /

Australia

By Geography By Business

47%

21%11%

7%

7%

17%

19%

43%

17%

Devices 1

Gx/BGx

OTC /

Solutions

Rx11%

Western

Europe

Emerging Markets = ~27%

Highly Diversified Business Portfolio

4

Strong Growth Platforms

Developed Markets Emerging Markets

Derm Rx

Consumer

Eye Health

Dental

Latin America

Brazil

Mexico

EMEA

Russia/ CIS

Poland

Turkey

Middle East

Asia/South Africa

China

Vietnam

Indonesia

South Africa

Aesthetics

Neuro & Other

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Valeant Operating Principles

Put patients and our customers first by maintaining the highest ethical standards in the

industry

Select high-growth business segments (therapeutic areas and geographies) where the

healthcare professional is still the primary decision maker

Maintain a bias toward durable products that are largely cash pay, or are reimbursed

through private insurance

Focus our resources on bringing new products to the market (output), not R&D spend

(input)

Maintain a decentralized operating model to ensure decisions are made close to the

customer

Focus our promotional spending on customer-facing activities

Measure all of our operating units on organic growth and cash flow generation

Require Internal Rates of Return (IRR) significantly above our cost of capital, coupled

with short-term cash paybacks for all of our deals

Directly link senior management compensation to long-term stockholder returns

Ensure tight controls and rigorous compliance standards while avoiding overspending

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Valeant’s Decentralized Model has Delivered Strong

Organic Growth Performance

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Great people who care about patients and doctors

Decisions made closer to the customer rather than

by centralized functions

A different operating model:

Committed to R&D, focused on “outputs” not

“inputs”

Lean cost structure

Decentralized organization

“International” not “global”

Durable products

High-growth markets

Therapeutic areas/geographies where

physician-patient relationships matter

Capital allocation decisions through

shareholder filter

Relentless focus on organic growth and creating

shareholder value

Shareholder friendly governance and

compensation program

Major institutional shareholder on the board

(ValueAct)

Stock based compensation tied to multi-year

returns in excess of cost of equity

~ 2,000%+ price adjusted increase in Valeant

share price since 2008 (1)

Organic growth of 7% on average since 2010

Aggregate growth of 49% in emerging markets

from 2011-2013

20 new product launches in 2014 – significantly

more than our competitors and Allergan

Maintained or accelerated revenue growth for

every platform acquisition

Bausch + Lomb’s organic growth has

accelerated from 4% to 10%+ since acquisition,

almost exclusively through volume growth

Attractive product and payor mix (85% durable

products portfolio; 75% cash/privately

reimbursed)

Valeant’s Strategy & Operating Model Proof Points

Note

(1) Total return analysis per Bloomberg based on a start date of 2 January 2008 to unaffected share prices of Valeant as of 10 April 2014 the day before Pershing

Square crossed the 5% schedule 13D ownership level

Valeant 2014 U.S. Launch Products –Peak Sales of $1.3 - $2.3 Billion

Product Description Source Est. peak sales ($M)

Bensal HP® Dermatitis, wound healing Partnered from SMG 25-75

Luzu®Topical antifungal for athlete’s

footMedicis 50-75

Neotensil™Topical product for under-eye

bagsPartnered from Living Proof 80-100

Obagi360™ SystemSkincare kit for women in their

30’sIn-house 10-30

Retin-A Micro® .08% Topical treatment for acne In-house 20-30

Jublia®Topical antifungal for

onychomycosisIn-house 300-800

Ideal Implants Breast implant Partnered from Ideal Implant 25-75

Hyaluronic acid for lips Small particle filler Medicis 20-30

Onexton™ Topical treatment for acne In-house 50-75

enVista™ inserter (lens) Further enhancements Bausch + Lomb 40-50

PureVision2 for Presbyopia Daily contact lens Bausch + Lomb 20-30

Victus™ enhancements Multiple enhancements Bausch + Lomb 100-200

Ultra™ Silicone hydrogel monthly lens Bausch + Lomb 300-400

BioTrue® multifocal Daily contact lens Bausch + Lomb 60-80

Trulign™ expanded ranges

(lens)Broader range of powers Bausch + Lomb 40-60

CeraVe® baby line OTC moisturizer In-house 15-20

Peroxiclear™Peroxide based contact lens

solution Bausch + Lomb 50-70

Ossix® Plus Dental membrane Partnered from Datum Dental 10-20

Onset® Dental analgesic Acquired from Onset 40-50

Total $1,255M-2,270M

Source: Valeant management estimates 8

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asd

Physician Website

Physician

eBlast/BannersPhysician Journal Ads

Speaker Programs

Webinars

Medical Education

Ad Boards

Consumer Website Consumer Banners Consumer Print

Physician Campaign

JUBLIA Growth Accelerating by Comprehensive Campaign

Print and digital advertising rolled out 2H Q3

TV advertising materials recently began to air

Salesforce focused on Jublia

U.S.: ~60 person podiatry and ~90 dermatology reps; Canada: ~ 25 dermatology reps

Decision to shift spend from a contracted primary care sales force to additional dermatology reps

and consumer advertising

Consumer Campaign

Update on Other U.S. Product Launches

Bausch + Lomb Ultra

Expanding sales force by 50% to reach peak distribution

Lines 1 and 2 being installed; lines 3 and 4 ordered

Commercial quantities from line 1 expected Q2 2015

Selling to capacity (pilot line)

BioTrue ONEday – contact lens

2nd consecutive quarter with greater than 90% growth

BioTrue Multi-purpose Solution

Grew 56% Q/Q pro forma

TrulignTM Toric IOL

213% Q/Q pro forma growth

Victus

28 Victus machines expected to be installed in 2014, compared

with 14 installed in 2013

CeraVe BabyTM (Q1), Peroxiclear (Q2) ® and SootheXPTM (Q3)

Continue to promote to and gain recommendations from

dermatologists and eye care professionals

Sales and market share building

Focusing on R&D Output Rather than Input

Traditional Big Pharma input-driven

approach

▪ Focus on shots on goal

▪ Higher spend levels assumed to

generate more new products

▪ Incentives linked to investment levels

▪ High fixed cost/in-house model

– All capabilities in-house

– Staff for peak workloads

Valeant’s output focused approach

▪ Focus on productivity – outputs

measured against inputs

– Lower risk projects

– Decentralization helps ensure right

products for right markets

– Focus on line extensions and new

indications

▪ Portfolio prioritization via rigorous,

unbiased peer scientific review

▪ Leveraging industry capacity

– Outsourcing commodity services

– Staff for base needs, outsource for

peak workloads

With overall industry R&D

productivity steadily declining,

traditional bets on R&D are unlikely

to pay off

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Valeant Late Stage R&D Portfolio

Product Category Description Expected launch year

Cirle 3D Navigation Eye HealthCataract and refractory surgical

navigations2015

EnVista Toric Eye Health Toric IOL 2015/2016

Brimonidine Eye Health Eye Whitening OTC 2016

Vesneo Eye Health Glaucoma 2016

Lotemax Gel Nex Gen (.38) Eye HealthPost-Operative Inflammation and

Pain2016

Ultra Multi Focal, Toric, and Plus

PowersEye Health Contact Lens 2015/2016

IDP-118 Derm Psoriasis 2017

Emerade Allergy Anaphylaxis 2016

Ocuvite Gummy ConsumerGummy formulation of leading

vitamin2015

CeraVe Consumer Cleansing bar 2015

CeraVe Consumer

SA Cleanser, Baby Cream, Baby

Sunscreen SPF 45, Night

Cream, Anti-Itch

2015-2016

Source: Valeant management estimates 12

Q3 2014 Results

Q3 2014 Q3 2013 % Growth

Total Revenue $2.1 B $1.5 B 33%

Cash EPS $2.11 $1.43 48%

GAAP Cash Flow from Operations $619 M $202 M 207%

Adjusted Cash Flow from Operations $771 M $408 M 89%

Cash Conversion 107% 84%

Q3 2014 Organic Growth Including All Generic Impact

(a) As reported.

(b) Excludes injectables for Q1 in YTD organic growth.

Same Store Sales – YoY growth rates for businesses that have been owned for one year or more

Q1 2014(a) Q2 2014(a) Q3 2014 YTD 2014(b)

Total U.S. 2% 5% 29% 15%

Total Developed 1% 2% 22% 11%

Total Emerging Markets 3% 8% 12% 9%

Total Company 1% 4% 19% 11%

Pro Forma – YoY growth rates for entire business, including those that have been acquired within the last year

Q1 2014(a) Q2 2014 (a) Q3 2014 YTD 2014 (b)

Total U.S. 3% 9% 24% 13%

Total Developed 3% 7% 18% 10%

Total Emerging Markets 4% 10% 9% 8%

Total Company 4% 8% 16% 10%

Bausch + Lomb Organic Growth

(adjusted for only FX)

Country/Region Q3 2014

Product

Sales

Y/Y% Since

Ownership

(8/5/13)

CAGR

United States $369M 18% 12%

Consumer $104M 17% 13%

Rx Pharma $107M 25% 9%

Surgical $53M 10% 12%

Contact Lens $45M 23% 14%

Generics $60M 12% 17%

Other Developed

Markets

$256M 5% 5%

Emerging Markets $217M 11% 13%

Total $843M 12% 10%

Valeant Standalone Projections (1/2)

2013 2014

Midpoint

2015

Midpoint

2016

Revenue

Growth$5.8B

~$8.2B

41%

~$9.6B

17%

~$12.0B

25%

Cash EPS $6.24 ~$8.27 ~$10.35 ~$13.30

Growth 33% 25% 29%

Adj. Cash Flow from

Operations$1.8B ~$2.5B ~$3.2B ~$4.2B

We reviewed two cases: 1) Debt Repayment and 2) Acquisition

1) Debt Repayment Case:

2015/2016 high single-digit / low double-digit organic growth

Cash EPS growth of >20% in 2015 and 2016

90% of free cash flow used to pay down debt

Leverage decreases to 2.7x in 2015 and 1.8x in 2016

2) Acquisition Case:

Assumes acquisitions of ~$6B in 2015, ~$11B in 2016

Leverage stays at ~4.0x or below

Businesses acquired at ~3.0x sales, mid-year

Cash EPS growth of ~30% in 2015 and > 35% in 2016

Below shows the midpoint of the two cases

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Valeant Standalone Projections (2/2)

2013 2014 2015 2016

Debt Repayment Case

Revenue

Growth

$5.8B ~$8.2B

41%

~$9.1B

11%

~$9.9B

9%

Cash EPS $6.24 ~$8.27 ~$10.00 ~$12.05

Growth 33% 21% 21%

Adj. Cash Flow from

Operations$1.8B ~$2.5B ~$3.1B ~$3.8B

Net Debt $17.0B ~$15.4B ~$12.9B ~$9.4B

Acquisition Case

Acquisitions ~$6.3B ~$11.3B

Revenue

Growth$5.8B

~$8.2B

41%

~$10.1B

23%

~$14.0B

39%

Cash EPS $6.24 ~$8.27 ~$10.70 ~$14.50

Growth 33% 29% 36%

Adj. Cash Flow from

Operations$1.8B ~$2.5B ~$3.2B ~$4.5B

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$0

$20

$40

$60

$80

$100

$120

$140

1-Feb-08 1-Feb-09 1-Feb-10 1-Feb-11 1-Feb-12 1-Feb-13 1-Feb-14

VRX

Valeant’s Execution Track Record

Valeant Management Team Performance*

USD

>2,000% price

adjusted increase in

VRX share price

(Feb 2008 to today)

Consistently

exceeded

expectations

*Adjusted for Valeant/Biovail merger.

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