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These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Pershing Square believes that the presentation of these financial measures enhances an investor's understanding of Valeant's and Allergan's financial performance. Pershing Square further believes that these financial measures are useful financial metrics to assess operating performance from period to period by excluding certain items that it believes are not representative of Valeant's and Allergan's respective core businesses. Pershing Square also believes that these financial measures provide investors with a useful tool for assessing the comparability between periods of Valeant's and Allergan's respective abilities to generate cash from operations sufficient to pay taxes, to service debt and to undertake capital expenditures. 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Considerations in valuating this asset include management's ability to (1) identify new acquisitions, (2) execute those acquisitions on reasonable terms, and (3) integrate them effectively.\n\nThere is always a risk that acquisitions may be too difficult to accomplish or otherwise be unsuccessful\n\nWe are not aware of any recognized authority for valuing Platform Value, but we believe that the market should assign value to Platform Value. It is possible that the market will not assign any Platform Value to Valeant or Val-gan. 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Why We Like Valeant's Business Model\n- Durable Products and Cash Flows\n- Growing Markets & Categories\n- R&D and Acquisition Strategy\n- Superior Operating Model\n- Organic Growth\n- Shareholder-Oriented Culture and Incentive Structure\nII. Accounting Considerations\nIII. How We Evaluate the Transaction\n- Valuing \"Val-gan\"\n- Platform Value\nIV. Summary\nV. 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