X0306 4 2016-01-26 0 0000885590 Valeant Pharmaceuticals International, Inc. VRX 0001595698 Kellen Ari 400 SOMERSET CORPORATE BOULEVARD BRIDGEWATER NJ 08807 0 1 0 0 EVP, Company Group Chairman Common Stock, no par value 2016-01-26 4 F 0 3317 88.98 D 535450 D This number represents common shares withheld to satisfy the tax withholding obligations due upon vesting of Matching Restricted Share Units. This number includes the maximum number of Common Shares that may be delivered in settlement of performance-based Restricted Share Units ("PSUs") that were previously reported on Form 4 in Table II. See notes (3) and (4). Includes unvested PSUs for up to 225,000 Common Shares that vest based on total shareholder return ("TSR") between a price of $107.96 starting on January 9, 2014 and the average stock price for the 20 trading days starting on each measurement dates: 25% on October 9, 2016, 50% January 9, 2017 and 25% on April 9, 2017 (or 25% on October 9, 2017, 50% on January 9, 2018 and 25% on April 9, 2018, if applicable). Unit vesting is contingent on TSR performance between 10% and 30% into between one and three shares of common stock, respectively, with early vesting possible at higher TSR levels. Includes unvested PSUs for up to 225,000 Common Shares that vest based on TSR between a price of $54.15 starting on February 21, 2014 and the average stock price for the 20 trading days starting on each measurement dates: 25% on November 21, 2018, 50% February 21, 2019 and 25% on May 21, 2019 (or 25% on November 21, 2019, 50% on February 21, 2020 and 25% on May 21, 2020, if applicable). Unit vesting is contingent on TSR performance between 10% and 30% into between one and three shares of common stock, respectively, with early vesting possible at higher TSR levels. by: Nicholas Zanoni for Ari Kellen 2016-01-28