BHC

SEC source: 0001127602-17-026209 · form4.xml · nonDerivative · entry 1

APPIO THOMAS · CIK 0001683323 · EVP, COMPANY GROUP CHAIRMAN

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 89,188

F1 · shares: This number represents common shares withheld to satisfy the tax withholding obligations due upon vesting of Restricted Share Units.

SEC source: 0001140361-17-031183 · doc1.xml · nonDerivative · entry 1

Paulson John · CIK 0001394923 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · By Managed Funds

Disclosed balance after: 20,839,035

F1 · ownership.direct: John Paulson, the controlling person of Paulson & Co. Inc. ("Paulson"), serves on the board of directors of the Issuer. Paulson is an investment advisor registered under the Investment Advisors Act of 1940. Paulson is the investment manager of investment funds (the "Funds"). John Paulson may be deemed an indirect beneficial owner of the securities, which are directly owned by the Funds. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Act"), the reporting person disclaims beneficial ownership of any securities reported herein, except to the extent that the reporting person has a pecuniary interest therein. This report shall not be deemed an admission that such reporting person is the beneficial owner of any securities not directly owned by such reporting person.

F2 · ownership.direct: These Common Stock sales are due to rebalancing of our portfolios based on asset flows and represent approximately 4.5% of the Reporting Person's Common Stock holding.

F1 · ownership.nature: John Paulson, the controlling person of Paulson & Co. Inc. ("Paulson"), serves on the board of directors of the Issuer. Paulson is an investment advisor registered under the Investment Advisors Act of 1940. Paulson is the investment manager of investment funds (the "Funds"). John Paulson may be deemed an indirect beneficial owner of the securities, which are directly owned by the Funds. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Act"), the reporting person disclaims beneficial ownership of any securities reported herein, except to the extent that the reporting person has a pecuniary interest therein. This report shall not be deemed an admission that such reporting person is the beneficial owner of any securities not directly owned by such reporting person.

F2 · ownership.nature: These Common Stock sales are due to rebalancing of our portfolios based on asset flows and represent approximately 4.5% of the Reporting Person's Common Stock holding.

SEC source: 0001127602-17-025507 · form4.xml · nonDerivative · entry 1

ACKERMANN CHRISTINA · CIK 0001681871 · EVP AND GENERAL COUNSEL

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 62,373

F1 · shares: This number represents common shares withheld to satisfy the tax withholding obligations due upon vesting of Restricted Share Units.

SEC source: 0001140361-17-027223 · doc1.xml · nonDerivative · entry 1

Paulson John · CIK 0001394923 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,166

F1 · shares: Represents Restricted Share Units ("RSUs") representing a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0001127602-17-023071 · form4.xml · nonDerivative · entry 1

ROBERTSON RUSSEL C · CIK 0001677301 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 51,438

F1 · shares: Represents Restricted Share Units ("RSUs") representing a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0001127602-17-023065 · form4.xml · nonDerivative · entry 1

WECHSLER AMY B · CIK 0001677300 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 49,362

F1 · shares: Represents Restricted Share Units ("RSUs") representing a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0001127602-17-023000 · form4.xml · nonDerivative · entry 1

DE SCHUTTER RICHARD U · CIK 0001083205 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 72,379

F1 · shares: Represents Restricted Share Units ("RSUs") representing a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0001127602-17-021083 · form4.xml · nonDerivative · entry 1

Eldessouky Sam · CIK 0001558676 · SVP, CHIEF ACCOUNTING OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 60,431

F1 · shares: This number represents common shares withheld to satisfy the tax withholding obligations due upon vesting of Restricted Share Units.

SEC source: 0001127602-17-018110 · form4.xml · nonDerivative · entry 1

DE SCHUTTER RICHARD U · CIK 0001083205 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 70,572

F1 · price: Represents volume-weighted average price of purchases of 20,000 shares of common stock ("Shares") of Valeant Pharmaceuticals International, Inc. (the "Company") at prices ranging from $13.88 to $13.96. Upon request by the Commission staff, the Company, or a security holder of the Company, the reporting person will provide full information regarding the number of Shares purchased by the reporting person at each separate price within the range set forth in this footnote.

SEC source: 0001127602-17-017764 · form4.xml · nonDerivative · entry 1

APPIO THOMAS · CIK 0001683323 · EVP, COMPANY GROUP CHAIRMAN

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 94,875

F1 · shares: This number represents common shares withheld to satisfy the tax withholding obligations due upon vesting of Restricted Share Units.

SEC source: 0000885590-17-000034 · primary_doc.xml · nonDerivative · entry 2

DE SCHUTTER RICHARD U · CIK 0001083205 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 50,572

F2 · shares: This number represents common shares withheld to satisfy the tax withholding obligations due upon vesting of Restricted Share Units.

SEC source: 0001418812-17-000033 · primary_doc.xml · nonDerivative · entry 2

Hale David Robert · CIK 0001635643 · Director · See Remarks

ValueAct Holdings, L.P. · CIK 0001418814 · Director · See Remarks

ValueAct Capital Master Fund, L.P. · CIK 0001464912 · Director · See Remarks

ValueAct Co-Invest Master Fund, L.P. · CIK 0001579734 · Director · See Remarks

VA Partners I, LLC · CIK 0001418812 · Director · See Remarks

ValueAct Capital Management, L.P. · CIK 0001351069 · Director · See Remarks

ValueAct Capital Management, LLC · CIK 0001351073 · Director · See Remarks

ValueAct Holdings GP, LLC · CIK 0001418813 · Director · See Remarks

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 38,209

F4 · shares: Regular annual Restricted Share Units (RSUs) equal to $250,000 granted to non-employee directors in office on the third trading day following the Annual Meeting of Shareholders based on the closing price of registrant common stock on the date prior to the grant. RSUs represent a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

F2 · ownership.direct: All board compensation accrues to the benefit of the investors in ValueAct Capital Master Fund, L.P., and not to any individual. Under an agreement with ValueAct Capital, D. Robert Hale is deemed to hold the restricted share units for the benefit of the limited partners of ValueAct Capital Master Fund, L.P. and indirectly for (i) VA Partners I, LLC as General Partner of ValueAct Capital Master Fund, L.P., (ii) ValueAct Capital Management, L.P. as the manager of ValueAct Capital Master Fund, L.P., (iii) ValueAct Capital Management, LLC as General Partner of ValueAct Capital Management, L.P., (iv) ValueAct Holdings, L.P. as the sole owner of the limited partnership interests of ValueAct Capital Management, L.P. and the membership interests of ValueAct Capital Management, LLC and as the majority owner of the membership interests of VA Partners I, LLC and (v) ValueAct Holdings GP, LLC as General Partner of ValueAct Holdings, L.P.

F3 · ownership.direct: Each reporting person listed herein disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000885590-17-000030 · primary_doc.xml · nonDerivative · entry 1

KAVANAGH SARAH B · CIK 0001681171 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 39,864

F1 · shares: Regular annual Restricted Share Units (RSUs) equal to $250,000 granted to non-employee directors in office on the third trading day following the Annual Meeting of Shareholders based on the closing price of registrant common stock on the date prior to the grant. RSUs represent a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0000885590-17-000029 · primary_doc.xml · nonDerivative · entry 1

ROBERTSON RUSSEL C · CIK 0001677301 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 49,271

F1 · shares: Regular annual Restricted Share Units (RSUs) equal to $250,000 granted to non-employee directors in office on the third trading day following the Annual Meeting of Shareholders based on the closing price of registrant common stock on the date prior to the grant. RSUs represent a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0000885590-17-000028 · primary_doc.xml · nonDerivative · entry 1

KARABELAS ARGERIS N · CIK 0001191229 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 46,132

F1 · shares: Regular annual Restricted Share Units (RSUs) equal to $250,000 granted to non-employee directors in office on the third trading day following the Annual Meeting of Shareholders based on the closing price of registrant common stock on the date prior to the grant. RSUs represent a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0000885590-17-000027 · primary_doc.xml · nonDerivative · entry 1

WECHSLER AMY B · CIK 0001677300 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 47,556

F1 · shares: Regular annual Restricted Share Units (RSUs) equal to $250,000 granted to non-employee directors in office on the third trading day following the Annual Meeting of Shareholders based on the closing price of registrant common stock on the date prior to the grant. RSUs represent a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0000885590-17-000026 · primary_doc.xml · nonDerivative · entry 1

Ross Thomas W. Sr. · CIK 0001669396 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 52,288

F1 · shares: Regular annual Restricted Share Units (RSUs) equal to $250,000 granted to non-employee directors in office on the third trading day following the Annual Meeting of Shareholders based on the closing price of registrant common stock on the date prior to the grant. RSUs represent a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0000885590-17-000025 · primary_doc.xml · nonDerivative · entry 2

ESHELMAN FREDRIC N · CIK 0001033409 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 38,298

F2 · shares: Regular annual Restricted Share Units (RSUs) equal to $250,000 granted to non-employee directors in office on the third trading day following the Annual Meeting of Shareholders based on the closing price of registrant common stock on the date prior to the grant. RSUs represent a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0000885590-17-000034 · primary_doc.xml · nonDerivative · entry 1

DE SCHUTTER RICHARD U · CIK 0001083205 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 52,720

F1 · shares: Regular annual Restricted Share Units (RSUs) equal to $250,000 granted to non-employee directors in office on the third trading day following the Annual Meeting of Shareholders based on the closing price of registrant common stock on the date prior to the grant. RSUs represent a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0000885590-17-000033 · primary_doc.xml · nonDerivative · entry 1

POWER ROBERT N · CIK 0001187303 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 58,228

F1 · shares: Regular annual Restricted Share Units (RSUs) equal to $250,000 granted to non-employee directors in office on the third trading day following the Annual Meeting of Shareholders based on the closing price of registrant common stock on the date prior to the grant. RSUs represent a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0001418812-17-000033 · primary_doc.xml · nonDerivative · entry 1

Hale David Robert · CIK 0001635643 · Director · See Remarks

ValueAct Holdings, L.P. · CIK 0001418814 · Director · See Remarks

ValueAct Capital Master Fund, L.P. · CIK 0001464912 · Director · See Remarks

ValueAct Co-Invest Master Fund, L.P. · CIK 0001579734 · Director · See Remarks

VA Partners I, LLC · CIK 0001418812 · Director · See Remarks

ValueAct Capital Management, L.P. · CIK 0001351069 · Director · See Remarks

ValueAct Capital Management, LLC · CIK 0001351073 · Director · See Remarks

ValueAct Holdings GP, LLC · CIK 0001418813 · Director · See Remarks

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,803

F1 · shares: This number represents common shares withheld to satisfy the tax withholding obligations due upon vesting of Restricted Share Units.

F2 · ownership.direct: All board compensation accrues to the benefit of the investors in ValueAct Capital Master Fund, L.P., and not to any individual. Under an agreement with ValueAct Capital, D. Robert Hale is deemed to hold the restricted share units for the benefit of the limited partners of ValueAct Capital Master Fund, L.P. and indirectly for (i) VA Partners I, LLC as General Partner of ValueAct Capital Master Fund, L.P., (ii) ValueAct Capital Management, L.P. as the manager of ValueAct Capital Master Fund, L.P., (iii) ValueAct Capital Management, LLC as General Partner of ValueAct Capital Management, L.P., (iv) ValueAct Holdings, L.P. as the sole owner of the limited partnership interests of ValueAct Capital Management, L.P. and the membership interests of ValueAct Capital Management, LLC and as the majority owner of the membership interests of VA Partners I, LLC and (v) ValueAct Holdings GP, LLC as General Partner of ValueAct Holdings, L.P.

F3 · ownership.direct: Each reporting person listed herein disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

SEC source: 0000885590-17-000025 · primary_doc.xml · nonDerivative · entry 1

ESHELMAN FREDRIC N · CIK 0001033409 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,892

F1 · shares: This number represents common shares withheld to satisfy the tax withholding obligations due upon vesting of Restricted Share Units.

SEC source: 0000885590-17-000022 · primary_doc.xml · nonDerivative · entry 1

ROBERTSON RUSSEL C · CIK 0001677301 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,865

F1 · shares: Represents Restricted Share Units (RSUs) representing a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0000885590-17-000023 · primary_doc.xml · nonDerivative · entry 1

WECHSLER AMY B · CIK 0001677300 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,150

F1 · shares: Represents Restricted Share Units (RSUs) representing a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0000885590-17-000021 · primary_doc.xml · nonDerivative · entry 1

INGRAM ROBERT ALEXANDER · CIK 0001219890 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 92,046

F1 · shares: Represents Restricted Share Units (RSUs) representing a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0000885590-17-000020 · primary_doc.xml · nonDerivative · entry 1

DE SCHUTTER RICHARD U · CIK 0001083205 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,314

F1 · shares: Represents Restricted Share Units (RSUs) representing a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0000885590-17-000019 · primary_doc.xml · nonDerivative · entry 1

APPIO THOMAS · CIK 0001683323 · EVP, COMPANY GROUP CHAIRMAN

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 98,149

F1 · shares: Represents the award of Restricted Share Units (RSUs) which will vest one-third (1/3) on August 17, 2017, one-third (1/3) on August 17, 2018 and one-third (1/3) on August 17, 2019. Vested RSUs are settled in common shares, no par value (Common Shares), of Valeant Pharmaceuticals International, Inc. (Valeant).

SEC source: 0000885590-17-000018 · primary_doc.xml · nonDerivative · entry 1

DE SCHUTTER RICHARD U · CIK 0001083205 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,190

F1 · shares: Represents volume-weighted average price of purchases of 10,000 shares of common stock (Shares) of Valeant Pharmaceuticals International, Inc. (the Company) at prices ranging from $10.79 to $10.81. Upon request by the Commission staff, the Company, or a security holder of the Company, the reporting person will provide full information regarding the number of Shares purchased by the reporting person at each separate price within the range set forth in this footnote.

SEC source: 0000885590-17-000017 · primary_doc.xml · nonDerivative · entry 1

Herendeen Paul · CIK 0001374175 · EVP and CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 174,000

F1 · shares: Represents volume-weighted average price of purchases of 24,000 shares of common stock (Shares) of Valeant Pharmaceuticals International, Inc. (the Company) at prices ranging from $10.60 to $10.87. Upon request by the Commission staff, the Company, or a security holder of the Company, the reporting person will provide full information regarding the number of Shares purchased by the reporting person at each separate price within the range set forth in this footnote.

SEC source: 0001418812-17-000022 · primary_doc.xml · nonDerivative · entry 2

ValueAct Holdings, L.P. · CIK 0001418814 · Director · See Remarks

ValueAct Capital Master Fund, L.P. · CIK 0001464912 · Director · See Remarks

ValueAct Co-Invest Master Fund, L.P. · CIK 0001579734 · Director · See Remarks

VA Partners I, LLC · CIK 0001418812 · Director · See Remarks

ValueAct Capital Management, L.P. · CIK 0001351069 · Director · See Remarks

ValueAct Capital Management, LLC · CIK 0001351073 · Director · See Remarks

ValueAct Holdings GP, LLC · CIK 0001418813 · Director · See Remarks

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 16,937,431

F2 · ownership.nature: Each reporting person listed herein disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

F3 · ownership.nature: The ValueAct entities referred to in this footnote 3 are collectively referred to herein as "ValueAct Capital." The securities reported herein are directly beneficially owned by ValueAct Capital Master Fund, L.P. and may be deemed to be indirectly beneficially owned by (i) VA Partners I, LLC as General Partner of ValueAct Capital Master Fund, L.P. , (ii) ValueAct Capital Management, L.P. as the manager of ValueAct Capital Master Fund, L.P. , (iii) ValueAct Capital Management, LLC as General Partner of ValueAct Capital Management, L.P., (iv) ValueAct Holdings, L.P. as the sole owner of the limited partnership interests of ValueAct Capital Management, L.P. and the membership interests of ValueAct Capital Management, LLC and as the majority owner of the membership interests of VA Partners I, LLC and (v) ValueAct Holdings GP, LLC as General Partner of ValueAct Holdings, L.P. Jeffrey W. Ubben is a member of the management board of ValueAct Holdings GP, LLC.

SEC source: 0001418812-17-000022 · primary_doc.xml · nonDerivative · entry 1

ValueAct Holdings, L.P. · CIK 0001418814 · Director · See Remarks

ValueAct Capital Master Fund, L.P. · CIK 0001464912 · Director · See Remarks

ValueAct Co-Invest Master Fund, L.P. · CIK 0001579734 · Director · See Remarks

VA Partners I, LLC · CIK 0001418812 · Director · See Remarks

ValueAct Capital Management, L.P. · CIK 0001351069 · Director · See Remarks

ValueAct Capital Management, LLC · CIK 0001351073 · Director · See Remarks

ValueAct Holdings GP, LLC · CIK 0001418813 · Director · See Remarks

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 14,437,431

F1 · balance_after: Reflects the transfer to ValueAct Capital Master Fund, L.P. of 1,849 shares, which were previously awarded to G. Mason Morfit on October 25, 2015, and of 1,114 shares, which were previously awarded to D. Robert Hale on August 19, 2015 pursuant to the Issuer's Director compensation policy. Under an agreement with ValueAct Capital, Mr. Morfit and Mr. Hale held these shares for the benefit of the limited partners of ValueAct Capital Master Fund, L.P. and as such the vested shares have been transferred.

F2 · ownership.nature: Each reporting person listed herein disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

F3 · ownership.nature: The ValueAct entities referred to in this footnote 3 are collectively referred to herein as "ValueAct Capital." The securities reported herein are directly beneficially owned by ValueAct Capital Master Fund, L.P. and may be deemed to be indirectly beneficially owned by (i) VA Partners I, LLC as General Partner of ValueAct Capital Master Fund, L.P. , (ii) ValueAct Capital Management, L.P. as the manager of ValueAct Capital Master Fund, L.P. , (iii) ValueAct Capital Management, LLC as General Partner of ValueAct Capital Management, L.P., (iv) ValueAct Holdings, L.P. as the sole owner of the limited partnership interests of ValueAct Capital Management, L.P. and the membership interests of ValueAct Capital Management, LLC and as the majority owner of the membership interests of VA Partners I, LLC and (v) ValueAct Holdings GP, LLC as General Partner of ValueAct Holdings, L.P. Jeffrey W. Ubben is a member of the management board of ValueAct Holdings GP, LLC.

SEC source: 0000899243-17-007445 · doc4.xml · derivative · entry 2

Pershing Square Capital Management, L.P. · CIK 0001336528 · Director

PS Management GP, LLC · CIK 0001336477 · Director

ACKMAN WILLIAM A · CIK 0001056513 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Common Stock · 9,120,000 shares

Expires 2019-01-18

F5 · kind: The Reporting Persons for the accounts of the Pershing Square Funds unwound listed American-style call options (with 100 multiplier) and unwound over-the-counter European-style put options, each referencing a total of 9,120,000 shares of the Issuer's common stock which had an expiration date of January 18, 2019.

F5 · shares: The Reporting Persons for the accounts of the Pershing Square Funds unwound listed American-style call options (with 100 multiplier) and unwound over-the-counter European-style put options, each referencing a total of 9,120,000 shares of the Issuer's common stock which had an expiration date of January 18, 2019.

F5 · price: The Reporting Persons for the accounts of the Pershing Square Funds unwound listed American-style call options (with 100 multiplier) and unwound over-the-counter European-style put options, each referencing a total of 9,120,000 shares of the Issuer's common stock which had an expiration date of January 18, 2019.

F5 · derivative.exercise_date: The Reporting Persons for the accounts of the Pershing Square Funds unwound listed American-style call options (with 100 multiplier) and unwound over-the-counter European-style put options, each referencing a total of 9,120,000 shares of the Issuer's common stock which had an expiration date of January 18, 2019.

F1 · ownership.nature: In addition to Pershing Square Capital Management, L.P., a Delaware limited partnership ("Pershing Square"), this Form 4 is being filed jointly by PS Management GP, LLC, a Delaware limited liability company ("PS Management"), and William A. Ackman, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Pershing Square and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities").

F2 · ownership.nature: Pershing Square advises the accounts of Pershing Square, L.P., a Delaware limited partnership ("PS"), Pershing Square II, L.P., a Delaware limited partnership ("PS II"), Pershing Square International, Ltd., a Cayman Islands exempted company ("PS International"), and Pershing Square Holdings, Ltd., a limited liability company incorporated in Guernsey ("PSH" and together with PS, PS II and PS International, the "Pershing Square Funds").

F3 · ownership.nature: Pershing Square, as the investment adviser to the Pershing Square Funds, may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934. As the general partner of Pershing Square, PS Management may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). By virtue of William A. Ackman's position as Chief Executive Officer of Pershing Square and managing member of PS Management, William A. Ackman may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein.

F4 · ownership.nature: William A. Ackman and Stephen Fraidin, each a member of the board of directors of the Issuer, were elected to the board as representatives of the Reporting Persons, the Pershing Square Funds and Pershing Square GP, LLC. As a result, each of those persons are directors by deputization for purposes of Section 16 of the Securities Exchange Act of 1934

F5 · ownership.nature: The Reporting Persons for the accounts of the Pershing Square Funds unwound listed American-style call options (with 100 multiplier) and unwound over-the-counter European-style put options, each referencing a total of 9,120,000 shares of the Issuer's common stock which had an expiration date of January 18, 2019.

SEC source: 0000899243-17-007445 · doc4.xml · derivative · entry 3

Pershing Square Capital Management, L.P. · CIK 0001336528 · Director

PS Management GP, LLC · CIK 0001336477 · Director

ACKMAN WILLIAM A · CIK 0001056513 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Common Stock · 9,120,000 shares

Expires 2019-01-18

F5 · kind: The Reporting Persons for the accounts of the Pershing Square Funds unwound listed American-style call options (with 100 multiplier) and unwound over-the-counter European-style put options, each referencing a total of 9,120,000 shares of the Issuer's common stock which had an expiration date of January 18, 2019.

F5 · shares: The Reporting Persons for the accounts of the Pershing Square Funds unwound listed American-style call options (with 100 multiplier) and unwound over-the-counter European-style put options, each referencing a total of 9,120,000 shares of the Issuer's common stock which had an expiration date of January 18, 2019.

F5 · price: The Reporting Persons for the accounts of the Pershing Square Funds unwound listed American-style call options (with 100 multiplier) and unwound over-the-counter European-style put options, each referencing a total of 9,120,000 shares of the Issuer's common stock which had an expiration date of January 18, 2019.

F5 · derivative.exercise_date: The Reporting Persons for the accounts of the Pershing Square Funds unwound listed American-style call options (with 100 multiplier) and unwound over-the-counter European-style put options, each referencing a total of 9,120,000 shares of the Issuer's common stock which had an expiration date of January 18, 2019.

F1 · ownership.nature: In addition to Pershing Square Capital Management, L.P., a Delaware limited partnership ("Pershing Square"), this Form 4 is being filed jointly by PS Management GP, LLC, a Delaware limited liability company ("PS Management"), and William A. Ackman, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Pershing Square and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities").

F2 · ownership.nature: Pershing Square advises the accounts of Pershing Square, L.P., a Delaware limited partnership ("PS"), Pershing Square II, L.P., a Delaware limited partnership ("PS II"), Pershing Square International, Ltd., a Cayman Islands exempted company ("PS International"), and Pershing Square Holdings, Ltd., a limited liability company incorporated in Guernsey ("PSH" and together with PS, PS II and PS International, the "Pershing Square Funds").

F3 · ownership.nature: Pershing Square, as the investment adviser to the Pershing Square Funds, may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934. As the general partner of Pershing Square, PS Management may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). By virtue of William A. Ackman's position as Chief Executive Officer of Pershing Square and managing member of PS Management, William A. Ackman may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein.

F4 · ownership.nature: William A. Ackman and Stephen Fraidin, each a member of the board of directors of the Issuer, were elected to the board as representatives of the Reporting Persons, the Pershing Square Funds and Pershing Square GP, LLC. As a result, each of those persons are directors by deputization for purposes of Section 16 of the Securities Exchange Act of 1934

F5 · ownership.nature: The Reporting Persons for the accounts of the Pershing Square Funds unwound listed American-style call options (with 100 multiplier) and unwound over-the-counter European-style put options, each referencing a total of 9,120,000 shares of the Issuer's common stock which had an expiration date of January 18, 2019.

SEC source: 0000899243-17-007445 · doc4.xml · nonDerivative · entry 1

Pershing Square Capital Management, L.P. · CIK 0001336528 · Director

PS Management GP, LLC · CIK 0001336477 · Director

ACKMAN WILLIAM A · CIK 0001056513 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

F1 · ownership.nature: In addition to Pershing Square Capital Management, L.P., a Delaware limited partnership ("Pershing Square"), this Form 4 is being filed jointly by PS Management GP, LLC, a Delaware limited liability company ("PS Management"), and William A. Ackman, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Pershing Square and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities").

F2 · ownership.nature: Pershing Square advises the accounts of Pershing Square, L.P., a Delaware limited partnership ("PS"), Pershing Square II, L.P., a Delaware limited partnership ("PS II"), Pershing Square International, Ltd., a Cayman Islands exempted company ("PS International"), and Pershing Square Holdings, Ltd., a limited liability company incorporated in Guernsey ("PSH" and together with PS, PS II and PS International, the "Pershing Square Funds").

F3 · ownership.nature: Pershing Square, as the investment adviser to the Pershing Square Funds, may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934. As the general partner of Pershing Square, PS Management may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). By virtue of William A. Ackman's position as Chief Executive Officer of Pershing Square and managing member of PS Management, William A. Ackman may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein.

F4 · ownership.nature: William A. Ackman and Stephen Fraidin, each a member of the board of directors of the Issuer, were elected to the board as representatives of the Reporting Persons, the Pershing Square Funds and Pershing Square GP, LLC. As a result, each of those persons are directors by deputization for purposes of Section 16 of the Securities Exchange Act of 1934

SEC source: 0001681871-17-000006 · primary_doc.xml · derivative · entry 1

ACKERMANN CHRISTINA · CIK 0001681871 · EVP AND GENERAL COUNSEL

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 60,345

Underlying: Common Shares, no par value · 60,345 shares

Expires 2027-03-01

F1 · derivative.exercise_date: The options vest in equal installments on each of the first three anniversaries of the date of grant.

SEC source: 0001681871-17-000010 · primary_doc.xml · derivative · entry 3

Eldessouky Sam · CIK 0001558676 · SVP, CHIEF ACCOUNTING OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,430

Underlying: Common Shares, no par value · 31,430 shares

Expires 2027-03-01

F3 · derivative.exercise_date: The options vest in equal installments on each of the first three anniversaries of the date of grant.

SEC source: 0001681871-17-000008 · primary_doc.xml · derivative · entry 1

Humphries William D. · CIK 0001674278 · EVP, COMPANY GROUP CHAIRMAN

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 150,859

Underlying: Common Shares, no par value · 150,859 shares

Expires 2027-03-01

F1 · derivative.exercise_date: The options vest in equal installments on each of the first three anniversaries of the date of grant.

SEC source: 0001681871-17-000007 · primary_doc.xml · derivative · entry 1

APPIO THOMAS · CIK 0001683323 · EVP, COMPANY GROUP CHAIRMAN

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,174

Underlying: Common Shares, no par value · 30,174 shares

Expires 2027-03-01

F1 · derivative.exercise_date: The options vest in equal installments on each of the first three anniversaries of the date of grant.

SEC source: 0001681871-17-000005 · primary_doc.xml · derivative · entry 2

APPIO THOMAS · CIK 0001683323 · EVP, Company Groupo Chairman

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,192

Underlying: Common Stock · 8,192 shares

Expires 2020-01-06

F3 · derivative.exercise_price: Represents a grant of performance-based RSUs. The target number of performance-based RSUs granted to the reporting person was 4,096 and the maximum number that can be distributed is 8,192. The performance-based RSUs shall vest and be distributed between 0-200% of target based on Valeant's Total Shareholder Return ("TSR") as measured on January 6, 2020 (the "Measurement Date"). If Valeant's TSR for the period between the grant date and the Measurement Date is below the 50th percentile ranking of the TSR for the applicable peer group, the reporting person will receive no more than the number of Common Shares equal to the target number of performance-based RSUs subject to the award.

F3 · derivative.exercise_date: Represents a grant of performance-based RSUs. The target number of performance-based RSUs granted to the reporting person was 4,096 and the maximum number that can be distributed is 8,192. The performance-based RSUs shall vest and be distributed between 0-200% of target based on Valeant's Total Shareholder Return ("TSR") as measured on January 6, 2020 (the "Measurement Date"). If Valeant's TSR for the period between the grant date and the Measurement Date is below the 50th percentile ranking of the TSR for the applicable peer group, the reporting person will receive no more than the number of Common Shares equal to the target number of performance-based RSUs subject to the award.

SEC source: 0001681871-17-000005 · primary_doc.xml · nonDerivative · entry 1

APPIO THOMAS · CIK 0001683323 · EVP, Company Groupo Chairman

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 34,407

F1 · shares: Represents the award of Restricted Share Units ("RSUs") which will vest one-third on each of the three anniversaries following the date of grant, subject to the reporting person's continued service subject to continued service. Vested RSUs are settled in common shares, no par value ("Common Shares"), of Valeant Pharmaceuticals International, Inc. ("Valeant").

F2 · balance_after: The total number of shares excludes the 25,425 performance-vesting RSUs previously included in Column 2 of the reporting person's Form 3 filed on September 1, 2016.

SEC source: 0001681871-17-000004 · primary_doc.xml · derivative · entry 2

ACKERMANN CHRISTINA · CIK 0001681871 · EVP and General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,384

Underlying: Common Stock · 16,384 shares

Expires 2020-01-06

F3 · derivative.exercise_price: Represents a grant of performance-based RSUs. The target number of performance-based RSUs granted to the reporting person was 8,192 and the maximum number that can be distributed is 16,384. The performance-based RSUs shall vest and be distributed between 0-200% of target based on Valeant's Total Shareholder Return ("TSR") as measured on January 6, 2020 (the "Measurement Date"). If Valeant's TSR for the period between the grant date and the Measurement Date is below the 50th percentile ranking of the TSR for the applicable peer group, the reporting person will receive no more than the number of Common Shares equal to the target number of performance-based RSUs subject to the award.

F3 · derivative.exercise_date: Represents a grant of performance-based RSUs. The target number of performance-based RSUs granted to the reporting person was 8,192 and the maximum number that can be distributed is 16,384. The performance-based RSUs shall vest and be distributed between 0-200% of target based on Valeant's Total Shareholder Return ("TSR") as measured on January 6, 2020 (the "Measurement Date"). If Valeant's TSR for the period between the grant date and the Measurement Date is below the 50th percentile ranking of the TSR for the applicable peer group, the reporting person will receive no more than the number of Common Shares equal to the target number of performance-based RSUs subject to the award.

SEC source: 0001681871-17-000004 · primary_doc.xml · nonDerivative · entry 1

ACKERMANN CHRISTINA · CIK 0001681871 · EVP and General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 68,419

F1 · shares: Represents the award of Restricted Share Units ("RSUs") which will vest one-third on each of the three anniversaries following the date of grant, subject to the reporting person's continued service subject to continued service. Vested RSUs are settled in common shares, no par value ("Common Shares"), of Valeant Pharmaceuticals International, Inc. ("Valeant").

F2 · balance_after: The total number of shares excludes the 78,918 performance-vesting RSUs previously included in Column 5 of the reporting person's Form 4 filed on August 10, 2016, the target number of which granted to the reporting person was 26,306 and the maximum number of which that can be distributed is 78,918.

SEC source: 0001681871-17-000010 · primary_doc.xml · derivative · entry 2

Eldessouky Sam · CIK 0001558676 · SVP, CHIEF ACCOUNTING OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,534

Underlying: Common Stock · 8,534 shares

Expires 2020-01-06

F2 · derivative.exercise_price: Represents a grant of performance-based RSUs. The target number of performance-based RSUs granted to the reporting person was 4,267 and the maximum number that can be distributed is 8,534. The performance-based RSUs shall vest and be distributed between 0-200% of target based on Valeant's total shareholder return (TSR) as measured on January 6, 2020 (the Measurement Date). If Valeant's TSR for the period between the grant date and the Measurement Date is below the 50th percentile ranking of the TSR for the applicable peer group, the reporting person will receive no more than the number of Common Shares equal to the target number of performance-based RSUs subject to the award.

F2 · derivative.exercise_date: Represents a grant of performance-based RSUs. The target number of performance-based RSUs granted to the reporting person was 4,267 and the maximum number that can be distributed is 8,534. The performance-based RSUs shall vest and be distributed between 0-200% of target based on Valeant's total shareholder return (TSR) as measured on January 6, 2020 (the Measurement Date). If Valeant's TSR for the period between the grant date and the Measurement Date is below the 50th percentile ranking of the TSR for the applicable peer group, the reporting person will receive no more than the number of Common Shares equal to the target number of performance-based RSUs subject to the award.

SEC source: 0001681871-17-000010 · primary_doc.xml · nonDerivative · entry 1

Eldessouky Sam · CIK 0001558676 · SVP, CHIEF ACCOUNTING OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 66,590

F1 · shares: Represents the award of restricted share units (RSUs) which will vest one-third on each of the first three anniversaries following the date of grant, subject to the reporting person's continued service. Vested RSUs are settled in common shares, no par value ("Common Shares"), of Valeant Pharmaceuticals International, Inc. ("Valeant").

SEC source: 0001681871-17-000003 · primary_doc.xml · nonDerivative · entry 1

DE SCHUTTER RICHARD U · CIK 0001083205 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,190

F1 · shares: Represents Restricted Share Units ("RSUs") representing a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

F2 · shares: Prorated annual grant of restricted stock units equal to $170,547.95. Pricing is based on the closing price of registrant common stock on the date of grant.

SEC source: 0001674278-17-000004 · primary_doc.xml · derivative · entry 2

Humphries William D. · CIK 0001674278 · EVP, Company Group Chairman

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 41,002

Underlying: Common Stock · 41,002 shares

Expires 2020-01-02

F2 · derivative.exercise_price: Represents a grant of performance-based RSUs. The target number of performance-based RSUs granted to the reporting person was 20,501 and the maximum number that can be distributed is 41,002. The performance-based RSUs shall vest and be distributed between 0-200% of target based on Valeant's Total Shareholder Return ("TSR") as measured on January 2, 2020 (the "Measurement Date"). If Valeant's TSR for the period between the grant date and the Measurement Date is below the 50th percentile ranking of the TSR for the applicable peer group, the reporting person will receive no more than the number of Common Shares equal to the target number of performance-based RSUs subject to the award.

F2 · derivative.exercise_date: Represents a grant of performance-based RSUs. The target number of performance-based RSUs granted to the reporting person was 20,501 and the maximum number that can be distributed is 41,002. The performance-based RSUs shall vest and be distributed between 0-200% of target based on Valeant's Total Shareholder Return ("TSR") as measured on January 2, 2020 (the "Measurement Date"). If Valeant's TSR for the period between the grant date and the Measurement Date is below the 50th percentile ranking of the TSR for the applicable peer group, the reporting person will receive no more than the number of Common Shares equal to the target number of performance-based RSUs subject to the award.

SEC source: 0001674278-17-000004 · primary_doc.xml · nonDerivative · entry 1

Humphries William D. · CIK 0001674278 · EVP, Company Group Chairman

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 129,838

F1 · shares: Represents the award of Restricted Share Units ("RSUs") which will vest one-third on each of the three anniversaries following the date of grant, subject to the reporting person's continued service subject to continued service. Vested RSUs are settled in common shares, no par value ("Common Shares"), of Valeant Pharmaceuticals International, Inc. ("Valeant").

SEC source: 0001677300-17-000001 · primary_doc.xml · nonDerivative · entry 1

WECHSLER AMY B · CIK 0001677300 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,690

F1 · shares: Represents Restricted Share Units ("RSUs") representing a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0001219890-17-000001 · primary_doc.xml · nonDerivative · entry 1

INGRAM ROBERT ALEXANDER · CIK 0001219890 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 89,926

F1 · shares: Represents Restricted Share Units ("RSUs") representing a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.

SEC source: 0001677301-17-000001 · primary_doc.xml · nonDerivative · entry 1

ROBERTSON RUSSEL C · CIK 0001677301 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,738

F1 · shares: Represents Restricted Share Units ("RSUs") representing a contingent right to receive one share of common stock, no par value, of Valeant Pharmaceuticals International, Inc.