Valeant Board Shake-Up

Following the appointment of Joseph C. Papa as Valeant's Chairman, five current independent directors have informed the company's Board that they will not be standing for re-election: Ronald H. Farmer, Colleen Goggins, Theo Melas-Kyriazi, G. Mason Morfit and Norma A. Provencio.

Nominated for re-election to the Board are William A. Ackman, Dr. Frederic Eshelman, Stephen Fraidin, D. Robert Hale and Thomas W. Ross, Sr. In addition, the Nominating and Governance Committee has recommended three additional independent directors: Dr. Argeris N. Karabelas, Russel C. Robertson and Amy B. Wechsler, M.D.

As previously announced, J. Michael Pearson will step down as CEO and as a director upon Papa's arrival as CEO. Neither Mr. Pearson nor Howard B. Schiller will be standing for re-election.