Third Quarter 2013 Financial Results Conference Call

October 31, 2013

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Forward-looking StatementsForward-looking StatementsCertain statements made in this presentation may constitute forward-looking statements, including, but not limited to, statements regarding the performance of our business, synergies, pipeline approvals, patent risk and product exclusivity, strategy, research and development, and financial guidance. Forward-looking statements may be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “could,” “should,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in the Company's most recent annual or quarterly report filed with the Securities and Exchange Commission ("SEC") and other risks and uncertainties detailed from time to time in the Company's filings with the SEC and the Canadian Securities Administrators ("CSA"), which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. The Company undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect actual outcomes. Non-GAAP Information              To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the company uses non-GAAP financial measures that exclude certain items, such as amortization of inventory step-up, amortization of alliance product assets & property, plant and equipment step up, stock-based compensation step-up, contingent consideration fair value adjustments, restructuring, acquisition-related and other costs, In-process research and development, impairments and other charges, ("IPR&D"), legal settlements outside the ordinary course of business, the impact of currency fluctuations, amortization and other non-cash charges, amortization including intangible asset impairments and write-down of deferred financing costs, debt discounts and ASC 470-20 (FSP APB 14-1) interest, loss on extinguishment of debt, (gain) loss on assets held for sale/impairment, net, (gain) loss on investments, net, and adjusts tax expense to cash taxes. Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. By disclosing non-GAAP financial measures, management intends to provide investors with a meaningful, consistent comparison of the company’s core operating results and trends for the periods presented. Non-GAAP financial measures are not prepared in accordance with GAAP. Therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Non-GAAP reconciliations can be found in our press tables under the Investor Relations tab on www.valeant.com

Note 1: The guidance in this presentation is only effective as of the date given, October 31, 2013, and will not be updated or affirmed unless and until the Company

publicly announces updated or affirmed guidance.

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Agenda

1.Third Quarter Update

2.Bausch + Lomb Update

3.Financial Review and Guidance

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Strong Q3 2013 Earnings and Cash Generation Performance

Excluding Impact of B+L Financing

Pre-Close

Q3 2013*

Q3 2012

2013 vs

2012Q3

2013*

2013 vs.

2012

Total Revenue $1.542 B $884 M 74%

Product Sales $1.506 B $853 M 77%

Cash Net Income $486 M $358 M 35% $498 M 39%

Cash EPS $1.43 $1.15 24% $1.51 31%

Adjusted Cash Flow $408 M $241 M 69%

* Q3 Results also reflect the impact of an earlier than expected generic entrant for Retin-A Micro of $0.04 per share

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Revenue BreakoutBased on projected 2013 pro forma revenues

Public Pay25%75

41%

20%

18%24%*

21%

Devices

Gx/BGx

OTC / Solutions

Rx

76%

Durable Rx Products

Rx Products Subject to Patent Cliff

* 24% of Rx revenue but only 10% of total revenue

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Limited Patent Risk

2013* 2014 2015 2016 2017

Products 1) Bromday

2) Retin-A Micro3) Wellbutrin XL (CAD)

4) Vanos

1) Atralin

2) Lotemax Suspension

3) Alrex

1) Xenazine 1) Ziana

2) Zirgan

3) Targretin

1) Lotemax Gel

2) Macugen

Total 2013

Revenue

~$250 million ~$160 million ~$150 million ~$200 million ~$50 million

% of pro forma 2013

Revenue~3.1% ~2.0% ~2.0% ~2.6% ~0.6%

* Does not include Zovirax franchise

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U.S. Business Profile

Top 10 U.S. Products

Arestin CeraVe Dysport Elidel Lotemax PreserVision Restylane Solodyn Wellbutrin XL Xenazine

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Q3 2013 Organic Growth

Same Store Sales Excluding Zovirax Franchise, RAM, BenzaClin

U.S. 5%

ROW Developed 1%

Total Developed Markets 4%

Total Emerging Markets 14%

Total Company 7%

Pro Forma

U.S. 5%

ROW Developed 2%

Total Developed Markets 4%

Total Emerging Markets 13%

Total Company 6%

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Legacy Valeant - U.S.

Derm Rx Increased generic penetration impacting total U.S. branded market Most Valeant brands continue to maintain/grow market share

e.g. Elidel; Acanya; Atralin; Carac; CeraVe

Solodyn stabilized at ~$200M per year Aesthetics

Another strong quarter Continues to gain market share – particularly Dysport MVP program well received

Benefits from Mentor relationship

OraPharma continues to deliver double digit growth Neuro & Other portfolio:

Strong double digit growth in Orphan drug portfolio and Xenazine Wellbutrin XL continues to be stable at ~$150M per year Partnered products* continue to decline

* Teva and Forest generic products

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Legacy Valeant - Emerging Markets

Central & Eastern Europe grew at 15% (same store sales) Two largest markets (Poland and Russia) continue to outpace

market growth

South East Asia/South Africa continues extremely strong growth trend Same store sales growth nearly 20%

Latin America continues to deliver double digit growth

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Key Take Aways on Bausch + Lomb

Businesses continue to perform extremely well during integration

Synergies tracking ahead of expectations Decentralization has been embraced across the

company – especially outside the U.S. Opportunity for additional synergies in supply chain

and manufacturing Opportunity for localized business/business

development strategies

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Key Take Aways on Bausch + Lomb Continued

As expected, R&D spend will be higher in first half of 2014 due to multiple Phase III programs reaching completion

A number of key R&D developments since announcement: Approved/Launched:

1) Peroxide Lens Cleaning Solution

2) Novel Silicone Hydrogel Monthly Disposable Contact Lens

3) Trulign Toric IOL

4) Soothe Long-lasting Dry Eye Therapy

5) PreserVision AREDS 2

6) PureVision 2 Multifocal for Presbyopia

7) BioTrueOne Day/PureVision2 Contact Lens (Japan)

8) Naturelle Contact Lens (China) Besivance patent extended to 2030

Bausch + Lomb Integration Update

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Integration and Synergy Update

>$850 million in synergies already identified Integrated 3 global Bausch + Lomb businesses into Valeant’s

decentralized structure Synergizing corporate, global, regional and back office

functions Rationalizing R&D portfolio

Cost to achieve synergies will be approximately half of full synergies Spent ~$128M to date

IP integration on track to be completed January 1, 2014

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Bausch + Lomb PerformanceSince Acquisition Close

Same Store Organic Growth

U.S. 15%

ROW Developed 3%

Total Developed Markets 9%

Total Emerging Markets 14%

Total Company 10%

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How We View Our Bausch + Lomb Businesses

Description Strategy Example Markets

Businesses performing well

Accelerate U.S.; Russia; China; Turkey; Middle East; Germany

Localized strategies to accelerate growth

Turbo Charge Japan; Mexico; Brazil; South East Asia;

Canada

Reinvigorate Turn Around U.K.; Italy; Spain; Nordics; Australia; South Africa

Financial Report

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Financial Summary

      Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013

Product Sales   $853M $942M $1,039M $1,064M $1,506M

Ongoing Service/Alliance Revenue $31M $44 M $29M $32M $35M

Total Revenue   $884M $986M $1,068M $1,096M $1,542M

Cost of Goods Sold% (% of product sales) 23% 24% 22% 23% 27%

SG&A% (% of total revenue) 20% 20% 23% 22% 23%

R&D Expense   $19M $20M $24M $24M $49M

Operating Margin (% of total revenue)

(excluding amortization) 54%  53%  52%  52%  47% 

Cash EPS (Reported)   $1.15 $1.22 $1.30 $1.34 $1.43

Adjusted Cash Flow from          

Operations   $241M $423M $345M $423M $408M

Fully Diluted Share Count 312 M 312 M 312 M 314 M 340 M

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3Q Headwinds

Negative currency impact on revenue and profit $20m+ revenue impact $0.03 Cash EPS impact Significant new currency exposures:

Euro; Yen; Chinese Renminbi; Turkish Lira; Argentinian Peso; Indian Rupee

Bausch + Lomb pre-close interest expense and additional share count Negative impact of $0.09

Retin-A Micro generic launched August 2013 Previous guidance assumed Q1 2014 launch

Negative Cash EPS impact of $0.04 in Q3 Negative Cash EPS impact of $0.08 expected in Q4

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Financial Guidance for 2013 as of October 31, 2013

Revenue $5.8 - $6.2 billion

$6.00 - $6.20 Adjusted Cash EPS

>$1.75 billion in Adjusted Cash Flow from Operations

Revenue $2.0 - $2.2 billion

$2.05 - $2.10 Adjusted Cash EPS

>$625 million in Adjusted Cash Flow from Operations

Revenue $5.7 - $5.9 billion

$6.11 - $6.16 Adjusted Cash EPS

>$1.8 billion in Adjusted Cash Flow from Operations

Implied Q4 2013New GuidancePrevious Guidance

See Note 1 regarding guidance

Third Quarter 2013 Financial Results Conference Call

October 31, 2013