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Statement on J. Michael Pearson’s Stock Ownership

July 13, 2016

J. Michael Pearson’s employment at Valeant Pharmaceuticals International, Inc. was terminated in May 2016 and as such, the Company no longer files stock transactions on behalf of Mr. Pearson.  Recently, Mr. Pearson exercised certain options that were due to expire. Under the terms of his contract, Mr. Pearson is required to hold 1 million shares for 2 years following termination of employment and he continues to retain a significant ownership position in Valeant.

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