UNITED STATES OF AMERICA

UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

ADMINISTRATIVE PROCEEDING

File No. 3-19899

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Valeant Pharmaceuticals International,

Inc. n/k/a Bausch Health Companies Inc., :

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Respondent.

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In the Matter of

ADMINISTRATIVE PROCEEDING

File No. 3-19900

In the Matter of

J. Michael Pearson,

Respondent.

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ADMINISTRATIVE PROCEEDING

File No. 3-19901

In the Matter of

Howard B. Schiller,

Respondent.

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ADMINISTRATIVE PROCEEDING

File No. 3-19902

In the Matter of

Tanya R. Carro, CPA,

Respondent.

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PROPOSED PLAN OF DISTRIBUTION

I.

OVERVIEW

1.

The Division of Enforcement submits this Proposed Plan of Distribution (the

“Plan”) to the United States Securities and Exchange Commission (the “Commission”) pursuant

to Rule 1101 of the Commission’s Rules on Fair Fund and Disgorgement Plans (the

“Commission’s Rules”), 17 C.F.R. § 201.1101. This Plan provides for the distribution of a Fair

Fund (the “Fair Fund”), comprised of civil money penalties paid by Valeant Pharmaceuticals

International, Inc. n/k/a Bausch Health Companies (“Valeant”),1 J. Michael Pearson

(“Pearson”),2 Howard B. Schiller (“Schiller”),3 and Tanya R. Carro, CPA (“Carro”)4

(collectively, “Respondents”) pursuant to four separate, but related settled orders (collectively,

the “Orders”).

2.

As described more specifically below, the Plan seeks to compensate investors

who were harmed by the Respondents’ conduct described in the Orders, in connection with

improper revenue recognition and materially misleading disclosures. As calculated using the

methodology detailed in the Plan of Allocation (attached as Exhibit A), investors who purchased

Valeant common stock between October 20, 2014 and April 28, 2016, inclusive, and/or Valeant

bonds listed in Exhibit A between October 20, 2014 and October 29, 2015, inclusive, will be

compensated for their losses. In the view of the Commission staff, this methodology constitutes

a fair and reasonable allocation of the Fair Fund.

3.

The Commission has custody of the Fair Fund and will retain control of the assets

of the Fair Fund. The Plan is subject to approval by the Commission, and the Commission

retains jurisdiction over its implementation.

II.

BACKGROUND

4.

On July 31, 2020, the Commission issued the Orders instituting and

simultaneously settling proceedings against the Respondents. In the Orders, the Commission

found that beginning in 2014, when announcing certain GAAP and non-GAAP financial

measures, Valeant, among other things, misstated revenue transactions and included erroneous

revenue allocations. For example, the Orders found that for five consecutive quarters

Respondents touted double-digit same store organic growth, a non-GAAP financial measure that

represented growth rates for businesses owned for one year or more. Much of that growth came

from sales to Philidor, a mail order pharmacy Valeant helped establish, fund, and subsidize. The

1

See Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and

Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order,

Securities Act Rel. No. 10809 (July 31, 2020).

2

See Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and

Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order,

Securities Act Rel. No. 10810 (July 31, 2020).

3

See Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and

Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order,

Securities Act Rel. No. 10811 (July 31, 2020).

4

See Order Instituting Public Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the

Securities Act of 1933, Sections 4C and 21C of the Securities Exchange Act of 1934, and Rule 102(e) of the

Commission’s Rules of Practice, Making Findings, and Imposing a Cease-and-Desist Order, Securities Act Rel. No.

10812 (July 31, 2020).

2

Orders found that Valeant improperly recognized revenue relating to Philidor sales and did not

disclose its unique relationship with or risks related to Philidor in its SEC filings and earnings

and investor presentations. Valeant ended its ties to Philidor in October 2015 and restated its

2014 financial statements in April 2016, reducing the revenue that was improperly recognized.

5.

The Orders also found that Valeant failed to disclose the material impact of

certain revenue it received from drug wholesalers following a 500% increase of the price of a

single drug that Valeant acquired in April 2015. Valeant erroneously attributed the resulting

revenue to more than 100 unrelated products and did not record any as attributable to that drug.

Additionally, in its SEC filings and earnings presentations for the second and third quarters of

2015 and its 2015 year-end report, Valeant failed to disclose the impact of that allocation on its

GAAP and non-GAAP financial measures.

6.

In their respective orders, the Commission found that Respondents violated the

antifraud provisions of Sections 17(a)(2) and 17(a)(3) of the Securities Act and, with the

exception of Schiller, Rule 100(b) of Regulation G. The Commission also found that Valeant

violated the reporting, books and records, and internal accounting controls provisions of the

Exchange Act, and that the individual respondents caused some or all of these violations.

Valeant, Pearson, Schiller, and Carro were ordered, among other things, to pay civil penalties in

the amount of $45 million; $250,000; $100,000; and $75,000, respectively, for a total of

$45,425,000 to the Commission. In each of the Orders, the Commission also created a Fair

Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the penalties collected

can be distributed to harmed investors.

7.

Respondents have paid a collective total of $45,425,000.00 in civil penalties, as

ordered, into their respective Fair Funds. The Fair Funds are currently on deposit in

Commission-designated accounts at the United States Department of Treasury. Any interest

accrued will be added to the Fair Funds for the benefit of investors harmed by the conduct

described in the Orders.

8.

On January 8, 2024, the Commission ordered that the Fair Funds created in each

of the Orders be consolidated for the purposes of distribution administration.5

9.

Respondents have paid in full. The Fair Fund has been deposited in a

Commission-designated account at the United States Department of the Treasury, and any

accrued interest will be added to the Fair Fund.

III.

DEFINITIONS

As used in this Plan, the following definitions will apply:

10.

“Administrative Costs” means any administrative costs and expenses, including

without limitation the fees and expenses of the Tax Administrator and the Fund Administrator,

tax obligations, bond premium expenses, and investment and banking costs.

5

Order Consolidating Fair Funds and Setting Deadline to Submit Proposed Plan of Distribution, Exchange Act Rel.

No. 99284 (Jan. 8, 2024).

3

11.

“Claim Form” means the form designed by the Fund Administrator, in

consultation with the Commission staff, for the filing of claims in accordance with this Plan.

The Claim Form will require, at a minimum, sufficient documentation reflecting any Preliminary

Claimant’s purchases and dispositions of the Securities during the Relevant Period such that

eligibility under the Plan can be determined, tax identification and other related information from

the Preliminary Claimant as determined necessary by the Fund Administrator in coordination

with the Tax Administrator, and a certification that the Preliminary Claimant is not an Excluded

Party.

12.

“Claim Status Notice” means the notice sent by the Fund Administrator within

sixty (90) days of the Claims Bar Date to any Preliminary Claimant that submitted a deficient

Claim Form. The Claim Status Notice will provide to each Preliminary Claimant whose claim is

deficient, in whole or in part, the reason(s) for the deficiency and in the event the claim is denied,

the Claim Status Notice will state the reason(s) for such denial. The Claim Status Notice will

also notify the Preliminary Claimant of the opportunity to cure any deficiency, request

reconsideration, or dispute the determination made by the Fund Administrator and provide

instructions regarding what is required to do so.

13.

“Claims Bar Date” means the date established in accordance with this Plan by

which a Preliminary Claimant’s Claim Form must be postmarked or submitted electronically in

order to receive consideration under the Plan. The Claims Bar Date will be ninety (90) days after

the initial mailing of the Plan Notice. Claim Forms submitted by Preliminary Claimants

postmarked or received after the Claims Bar Date will not be accepted unless the Fund

Administrator is directed to do so by the Commission staff.

14.

“Determination Notice” means the written notice sent by the Fund Administrator

to all Preliminary Claimants who timely submitted a Claim Form notifying the Preliminary

Claimant of its eligibility determination. The Determination Notice will further provide each

Preliminary Claimant that is determined to be an Eligible Claimant with his, her, or its calculated

Recognized Loss. The Determination Notice will constitute the Fund Administrator’s final

ruling regarding the eligibility status of the claim.

15.

“Distribution Payment” means a payment from the Fair Fund to a Payee in

accordance with the terms of this Plan.

16.

“Eligible Claimant” means a Preliminary Claimant, who is not an Excluded

Party, who submitted a valid Claim Form and has suffered a Recognized Loss, as calculated in

accordance with the Plan of Allocation.

17.

“Excluded Party” means:

(a)

The Respondents;

(b)

Present or former officers or directors of Respondents or any assigns,

creditors, heirs, distributees, spouses, parents, dependent children or

4

controlled entities of any of the foregoing Persons or entities;

(c)

Any employee or former employee of the Respondents or any of its

affiliates who has been terminated for cause or has otherwise resigned, in

connection with the conduct described in the Order;

(d)

Any Person who, as of the Claims Bar Date, has been the subject of

criminal charges related to the conduct described in the Order or any

related Commission action;

(e)

Any firm, trust, corporation, officer, or other entity in which Respondents

has or had a controlling interest;

(f)

The Fund Administrator, its employees, and those Persons assisting the

Fund Administrator in its role as the Fund Administrator; or

(g)

Any purchaser or assignee of another Person’s right to obtain a recovery

from the Fair Fund for value; provided, however, that this provision will

not be construed to exclude those Persons who obtained such a right by

gift, inheritance or devise.

The Claim Form will require claimants to certify that they are not an Excluded Party. All

Excluded Parties will be deemed ineligible to participate in the distribution of the Fair Fund.

18.

“Fair Fund” means the fund created by the Commission pursuant to Section

308(a) of the Sarbanes-Oxley Act of 2002, for the benefit of investors harmed by Respondents’

violations described in the Order.

19.

“Net Available Fair Fund” means the Fair Fund, plus any interest or earnings,

less Administrative Costs.

20.

“Payee” means an Eligible Claimant whose Recognized Loss calculates, in

accordance with the Plan of Allocation, to a distribution amount equal to or greater than $10.00

who will receive a Distribution Payment.

21.

“Person” means natural individuals as well as legal entities such as corporations,

partnerships, or limited liability companies.

22.

“Plan Notice” means a written notice from the Fund Administrator to Preliminary

Claimants informing them of the Fair Fund; the Plan and its eligibility requirements; explaining

how to submit a claim, including instructions for any online claims process; and how to obtain a

copy of the approved Plan and Claim Form by request or from the Fair Fund’s website. The Plan

Notice will also be available on the Fair Fund’s website that is maintained by the Fund

Administrator. The initial mailing of the Plan Notice is the mailing sent by the Fund

Administrator in accordance with paragraph 40.

5

23.

“Plan of Allocation” means the methodology used by the Fund Administrator to

calculate whether a Preliminary Claimant has suffered a Recognized Loss. The Plan of

Allocation is attached as Exhibit A.

24.

“Preliminary Claimant” means a Person, or their lawful successors, identified

by the Fund Administrator as having a possible claim to recover from the Fair Fund under this

Plan, or a Person asserting prior to the Claims Bar Date that he, she, or it has a possible claim to

recover from the Fair Fund under this Plan, as a result of transactions in the Securities during the

Relevant Period.

25.

“Recognized Loss” means the amount of loss calculated in accordance with the

Plan of Allocation.

26.

“Relevant Period” means:

(a) October 20, 2014 through April 28, 2016, inclusive, for investors in

Valeant common stock; and

(b) October 20, 2014 through October 29, 2015, inclusive, for investors in

Valeant bonds listed in Table C of the Plan of Allocation.

27.

“Securities” means shares of Valeant common stock traded during the Relevant

Period and/or bonds issued by Valeant during the Relevant Period.

28.

“Summary Notice” means the notice published in internet media that includes, at

a minimum, a statement of the purpose of the Fair Fund and the Plan, the means of obtaining a

Claim Form, and the Claims Bar Date. The Summary Notice will be published electronically

within ten (10) days of the initial mailing of the Plan Notice.

29.

“Third-Party Filer” means a third party, including without limitation a nominee,

custodian, or an intermediary holding in street name, who is authorized to submit and submits a

claim(s) on behalf of one or more Preliminary Claimants. Third-Party Filer does not include

assignees or purchasers of claims that are excluded from receiving Distribution Payments under

paragraph 17 above.

IV.

TAX COMPLIANCE

30.

On February 5, 2024, the Commission appointed Miller Kaplan Arase LLP as the

tax administrator (the “Tax Administrator”) for the Fair Fund to handle the tax obligations of the

Fair Fund.4 The Tax Administrator will be compensated for reasonable fees and expenses from

the Fair Fund in accordance with its 2022-2024 Engagement Letter Agreement with the

Commission.6

4

See Order Appointing Tax Administrator, Exchange Act Rel. No. 99468 (Feb. 5, 2024).

See Omnibus Order Directing the Engagement of Two Tax Administrators for Appointment on a Case-By-Case

Basis in Administrative Proceedings that Establish Distribution Funds, Exchange Act Rel. No. 94845 (May 4, 2022).

6

6

31.

The Fair Fund constitutes a Qualified Settlement Fund (“QSF”) under Section

468B(g) of the Internal Revenue Code of 1986, as amended, 26 U.S.C. § 468B(g), and related

regulations, 26 C.F.R. §§ 1.468B-1 through 1.468B-5. The Tax Administrator is the

administrator of such QSF, for purposes of Treas. Reg. § 1.468B-2(k)(3)(I) and will satisfy the

tax-related administrative requirements imposed by Treas. Reg. § 1.468B-2, including, but not

limited to:

(a)

Obtaining a taxpayer identification number;

(b)

Requesting funds necessary for the timely payment of all applicable taxes,

the payment of taxes for which the Tax Administrator has received funds,

and the filing of applicable returns; and

(c)

Fulfilling any information reporting or withholding requirements required

for distributions from the Fair Fund.

32.

All tax obligations will be paid from the Fair Fund, subject to the review and

approval of Commission staff.

V.

FUND ADMINISTRATOR

33.

On February 12, 2024, the Commission appointed KCC Class Action Services,

LLC as the fund administrator for the Fair Fund (the “Fund Administrator”) and the Fund

Administrator has obtained a bond in the amount of $45,425,000, as ordered.7 Pursuant to Rule

1105(a) of the Commission’s Rules, 17 C.F.R. § 201.1105(a), the Fund Administrator may be

removed at any time by order of the Commission or hearing officer.

34.

The Fund Administrator will be responsible for administering the Fair Fund in

accordance with the Plan. This will include, among other things, taking reasonable steps to

identify and contact Preliminary Claimants; obtaining mailing information for Preliminary

Claimants; establishing a website and staffing a call center to address inquiries during the claims

process; developing a claims database; preparing accountings; cooperating with the tax

administrator appointed by the Commission to satisfy any tax liabilities and to ensure

compliance with income tax reporting requirements, including but not limited to Foreign

Account Tax Compliance Act (FATCA); advising Preliminary Claimants of deficiencies in

claims and providing an opportunity to cure any documentary defects; taking antifraud measures,

such as identifying false, ineligible and overstated claims; making determinations under the

criteria established herein as to Preliminary Claimants’ eligibility; advising Preliminary

Claimants of final claim determinations; disbursing the Fair Fund in accordance with this Plan,

as ordered by the Commission; and researching and reconciling errors and reissuing payments,

when possible.

35.

To carry out the purposes of this Plan, the Fund Administrator is authorized to

make and implement immaterial changes to the Plan upon agreement of the Commission staff. If

7

See Order Appointing Fund Administrator and Setting Bond Amount, Exchange Act Rel. No. 99468 (Feb. 12,

2024).

7

a change is deemed to be material by the Commission staff, Commission approval is required

prior to implementation by amending the Plan.

36.

The Fund Administrator may extend any procedural deadline contained in the

Plan for good cause shown, if agreed upon by the Commission staff.

37.

The Fund Administrator is authorized to enter into agreements with third parties

as may be appropriate or necessary in the administration of the Fair Fund, provided such third

parties are not excluded pursuant to other provisions of this Plan. In connection with such

agreements, the third parties will be deemed to be agents of the Fund Administrator under this

Plan.

38.

The Fund Administrator will be entitled to payment from the Fair Fund of

reasonable fees and expenses, including the bond premium, incurred in the performance of its

duties (including any such fees and expenses incurred by agents, consultants or third parties

retained by the Fund Administrator in furtherance of its duties).

VI.

ADMINISTRATION OF THE FAIR FUND

Identification of and Notification to Preliminary Claimants

39.

The Fund Administrator will, insofar as practicable, use its best efforts to

identify Preliminary Claimants from a review of trading records, obtaining records from

registered broker-dealers and investment advisors, and seeking information from any other

source available to it. The Fund Administrator may also engage a third-party firm, after

consultation with and approval of the Commission staff, to assist in identifying Preliminary

Claimants to maximize the participation rate in the Fair Fund.

40.

Within sixty (60) days after Commission approval of the Plan, the Fund

Administrator will:

(a)

design and submit the Plan Notice and the Claim Form to the Commission

staff for review and approval;

(b)

create a mailing and claim database of all Preliminary Claimants based

upon information identified by the Fund Administrator;

(c)

run a National Change of Address search to retrieve updated addresses for

all records in the database, thereby ensuring the mailing information for

Preliminary Claimants is up-to-date;

(d)

email and/or mail a Plan Notice to each Preliminary Claimant identified

by the Fund Administrator and to the Fund Administrator’s list of banks,

brokers, and other nominees in accordance with paragraph 45 below;

(e)

establish and maintain a website devoted solely to the Fair Fund. The Fair

8

Fund’s website will make available a copy of the approved Plan; provide

information regarding the claims process and eligibility requirements for

participation in the Fair Fund in the form of frequently asked questions;

include in downloadable form, the Claim Form and other related

materials; an online portal through which claims may be submitted; and

such other information the Fund Administrator believes will be beneficial

to Preliminary Claimants;

(f)

establish and maintain a toll-free telephone number for Preliminary

Claimants to call to speak to a live representative of the Fund

Administrator during its regular business hours or, outside of such hours,

to hear prerecorded information about the Fair Fund. The toll-free number

will be listed on all correspondence from the Fund Administrator to

Preliminary Claimants as well as on the Fair Fund’s website; and

(g)

establish and maintain a traditional mailing address and an email address

which will be listed on all correspondence from the Fund Administrator to

Preliminary Claimants as well as on the Fair Fund’s website.

41.

The Fund Administrator will publish the Summary Notice electronically within

ten (10) days of the initial mailing of the Plan Notice

42.

The Commission staff retains the right to review and approve any material posted

on the Fair Fund’s website, any material mailed, and any scripts used in connection with any

communication with Preliminary Claimants.

43.

In all materials that refer to the Claims Bar Date, the filing deadline will be

clearly identified with the calendar date, which is ninety (90) days from the date of the initial

mailing of the Plan Notice.

44.

The Fund Administrator will promptly provide a Plan Notice and/or Claim Form

to any Preliminary Claimant upon request made via mail, phone, or email prior to the Claims Bar

Date.

45.

The Fund Administrator will send by mail, email, or other means, the Plan Notice

to the Fund Administrator’s list of banks, brokers, and other nominees, as well as any other

institutions identified during the outreach process, that may have records of the Securities during

the Relevant Period (collectively, the “Nominees or Custodians”). The Fund Administrator will

request that these entities, to the extent that they were record holders for beneficial owners of the

Securities:

(a)

within fourteen (14) days of the Nominees’ or Custodians’ receipt of the

Plan Notice, notify and send the Plan Notice to the respective beneficial

owner and as requested, provide to the beneficial owners a Claim Form, so

that the beneficial owners may timely file a claim. The burden will be on

the Nominees or Custodians to ensure the claims process information,

9

including, if requested, the Claims Form and other relevant materials, is

properly disseminated to the beneficial owners; and/or

(b)

provide to the Fund Administrator, within fourteen (14) days of receipt of

the Plan Notice, a list of last known names and addresses for all beneficial

owners for whom/which they held, as the record holder, the Securities

during the Relevant Period, so that the Fund Administrator can

communicate with the beneficial owners directly.

46.

An unlimited number of Plan Notices and Claim Forms may be downloaded by

Nominees or Custodians. In the event paper copies are needed, the Fund Administrator will

provide no more than fifty (50) additional copies of the materials relevant to submitting a claim

to any Nominee or Custodian requesting it for the purpose of distribution to beneficial owners.

47.

Documented reasonable out-of-pocket expenses incurred by the Nominees or the

Custodians, which would not have been incurred but for compliance with paragraph 45 above,

will be reimbursed from the Fair Fund. The amount of such expenses allowed will be at the

discretion of the Fund Administrator, in consultation with the Commission staff. Unless

otherwise determined by the Fund Administrator in consultation with the Commission staff, outof-pocket expenses based on the following rates will be considered reasonable:

(a)

a maximum of $0.03 per Plan Notice and/or Claim Form, plus postage at

the pre-sort postage rate per Plan Notice and/or Claim Form actually

mailed;

(b)

a maximum of $0.05 per email of the Plan Notice with a link to the Claim

Form; or

(c)

$0.20 per name, address, and email address provided to the Fund

Administrator, up to a maximum of amount of $1,500.00.

48.

The Fund Administrator will attempt to locate any Preliminary Claimant whose

mailing is returned as “undeliverable” and will document all such efforts. The Fund

Administrator will use its best efforts to make use of commercially available resources and other

reasonably appropriate means to obtain updated addresses in response to “undeliverable” notices

and forward any returned mail for which an updated address is provided or obtained. The Fund

Administrator will make available, upon request by the Commission staff, a list of all

Preliminary Claimants whose Plan Notices have been returned as “undeliverable” due to

incorrect addresses and for which the Fund Administrator has been unable to locate current

addresses.

Filing a Claim

49.

To avoid being barred from asserting a claim, on or before the Claims Bar Date,

each Preliminary Claimant must submit to the Fund Administrator a properly completed Claim

Form reflecting such Preliminary Claimant’s claim, together with all required supporting

10

documentation as the Fund Administrator, in its discretion, deems necessary or appropriate to

substantiate the claim. Without limitation, this information may include third party documentary

evidence of purchases and dispositions of Securities during the Relevant Period, as well as

holdings of Securities at pertinent dates.

50.

Electronic claim submission is encouraged; the Plan Notice will include

instructions on how Preliminary Claimants can submit their claims electronically via the Fair

Fund’s website. If using the web-based claim filing option, a Preliminary Claimant must submit

his, her, or its claim to the Fund Administrator by 11:59 p.m. on the Claims Bar Date. The Plan

Notice will also include instructions for submission of claims if the Preliminary Claimant is

unable to submit his, her, or its claim electronically.

51.

The burden will be upon the Preliminary Claimant to ensure that his, her or its

Claim Form has been properly and timely received by the Fund Administrator. A Claim Form

that is postmarked or otherwise received after the Claims Bar Date will not be accepted unless

the deadline is extended by the Fund Administrator for good cause shown, after consultation

with the Commission staff.

52.

All Claim Forms and supporting documentation necessary to determine a

Preliminary Claimant’s eligibility to receive a distribution from the Fair Fund under the terms of

the Plan must be endorsed by a declaration executed by the Preliminary Claimant under penalty

of perjury under the laws of the United States. The declaration must be executed by the

Preliminary Claimant, unless the Fund Administrator accepts such declaration from a Person

authorized to act on the Preliminary Claimant’s behalf, whose authority is supported by such

documentary evidence as the Fund Administrator deems necessary.

53.

When submitting claims to the Fair Fund on behalf of its clients, all Third-Party

Filers must use the electronic filing template provided by the Fund Administrator in this matter.

Third-Party Filers that do not comply with the template and format provided by the Fund

Administrator may be rejected. Third-Party Filers must also submit a signed master proof of

claim and release, as well as proof of authority to file on behalf of the claimant(s) at the time the

electronic file of transactions is submitted. Failure to do so may result in rejection of the claim.

54.

Each Third-Party Filer must establish the validity and amount of each claim in its

submission. Third-Party Filers must submit such supporting documentary evidence of

purchases, dispositions, and holdings of Securities as the Fund Administrator deems necessary or

appropriate to substantiate each individual claim. Without limitation, this includes the complete

name of the Preliminary Claimant (beneficial account owner) and its TIN (for individuals) or

EIN (for companies), sufficient contact information to confirm the identity of the beneficial

owner, and documentation from the original bank, broker or other institution of purchases and

dispositions of Securities (account statements, confirmations and other documentation of

purchases and dispositions), as well as holdings of the Securities on pertinent dates. The Fund

Administrator will have the right to request, and the Third-Party Filer will have the burden of

providing to the Fund Administrator, any additional information and/or documentation deemed

necessary by the Fund Administrator to substantiate the claim(s) contained in the submission.

Documentation from a Third-Party Filer that is not acceptable to the Fund Administrator will

11

result in the rejection of the affected claim(s). The determination of the Fund Administrator to

reject a claim for insufficient documentation, as reflected in the Determination Notice, is final

and within the discretion of the Fund Administrator.

55.

The receipt of Securities by gift, inheritance, devise, or operation of law will not

be deemed to be a purchase of Securities, nor will it be deemed an assignment of any claim

relating to the purchase of such Securities unless specifically so provided in the instrument of

inheritance. The recipient of Securities as a gift, inheritance, devise or by operation of law will

be eligible to file a Claim Form and participate in the distribution of the Fair Fund to the extent

the original purchaser would have been eligible under the terms of the Plan. Only one claim may

be submitted for the same transactions in Securities, and in cases where duplicative claims are

filed by the donor and donee, the donee claim will be honored, assuming it is supported by

proper documentation.

56.

Claims on behalf of a retirement plan covered by Section 3(3) of ERISA, 29

U.S.C.§ 1002(3), which do not include Individual Retirement Accounts and such plan’s

participants, are properly made by the administrator, custodian or fiduciary of the plan and not

by the plan’s participants. The Fund Administrator will distribute any payments on such claims

directly to the administrator, custodian or fiduciary of the retirement plan. The custodian or

fiduciary of the retirement plan will distribute any payments received in a manner consistent with

its fiduciary duties and the governing account or plan provisions.

57.

The Preliminary Claimant has the burden of notifying the Fund Administrator of a

change in his, her or its current address and other contact information, and ensuring that such

information is properly reflected on the Fund Administrator's records.

Review of Claims and Deficiency Process

58.

The Fund Administrator will review all claim submissions and determine the

eligibility of each Preliminary Claimant to participate in the Fair Fund by reviewing claim data

and supporting documentation (or the lack thereof) and verifying the claim. Each Preliminary

Claimant will have the burden of proof to establish the validity and amount of his, her or its

claim. The Fund Administrator will have the right to request, and the Preliminary Claimant will

have the burden of providing to the Fund Administrator, any additional information and/or

documentation deemed relevant by the Fund Administrator.

59.

The Fund Administrator will provide a Claim Status Notice within ninety (90)

days of the Claims Bar Date to each Preliminary Claimant who has filed a deficient Claim Form

with the Fund Administrator. The Claim Status Notice will provide to each Preliminary

Claimant whose claim is deficient, in whole or in part, the reason(s) for the deficiency (e.g.,

failure to provide required information or documentation). In the event the claim is denied, in

whole or in part, the Claim Status Notice will state the reason(s) for such denial. The Claim

Status Notice will also notify the Preliminary Claimant of the opportunity to cure any deficiency,

request reconsideration, or dispute the determination made by the Fund Administrator and

provide instructions regarding what is required to do so.

12

60.

Any Preliminary Claimant with a deficient claim will have thirty (30) days from

the date of the Claim Status Notice to cure any deficiencies identified in the Claim Status Notice.

61.

Any Preliminary Claimant seeking reconsideration of a denied claim must advise

the Fund Administrator in writing within thirty (30) days of the date of the Claim Status Notice.

All requests for reconsideration must include the necessary documentation to substantiate the

basis upon which the Preliminary Claimant is requesting reconsideration of his, her, or its claim.

62.

The Fund Administrator will have the authority, in its sole discretion, to waive

technical claim deficiencies and approve claims on a case-by-case basis, or in groups of claims.

Claims Eligibility Determination

63.

Within two hundred forty (240) days of the Claims Bar Date, the Fund

Administrator will complete all claims determinations and send a Determination Notice to all

Preliminary Claimants who timely submitted a Claim Form notifying the Preliminary Claimant

of its eligibility determination. The Determination Notice will further provide to each

Preliminary Claimant that is determined to be an Eligible Claimant with his, her, or its calculated

Recognized Loss. The Determination Notice will constitute the Fund Administrator’s final

ruling regarding the eligibility status of the claim.

64.

The Fund Administrator may consider disputes of an Eligible Claimant’s

Recognized Loss calculation if notice of the dispute is presented in writing to the Fund

Administrator within thirty (30) days of the date of the Determination Notice. The Fund

Administrator will consult with Commission staff as appropriate. Within thirty (30) days of

receiving an Eligible Claimant’s notice of dispute, the Fund Administrator will notify the

Eligible Claimant, in writing, of its calculation of the Eligible Claimant’s Recognized Loss after

considering the dispute. This notice will constitute the Fund Administrator’s final ruling

regarding the loss calculations for the claim.

Third Party Review

65.

After the Fund Administrator has completed the process of analyzing the claims

and determining claim amounts in accordance with the Plan, and prior to the distribution of any

funds, the Fund Administrator will engage an independent, third-party firm, not unacceptable to

Commission staff, to perform a set of agreed upon procedures, review a statistically significant

sample of claims, and ensure accurate and comprehensive application of the Plan of Allocation.

The Fund Administrator will communicate the results of the review to Commission staff together

with any written analysis or reports related to the review, and, upon request, will make the firm

available to the Commission staff to respond to questions concerning the review.

Distribution Methodology

66.

Any Preliminary Claimant, who is not an Excluded Party, who submitted a valid

Claim Form and has suffered a Recognized Loss, as calculated in accordance with the Plan of

Allocation, will be deemed an Eligible Claimant.

13

67.

No Distribution Payments will be made for less than $10.00. If an Eligible

Claimant’s Recognized Loss, in accordance with the Plan of Allocation, calculates to a

distribution amount less than $10.00, that Eligible Claimant will be deemed ineligible to receive

a Distribution Payment and his, her, or its distribution amount will be reallocated on a pro rata

basis to Eligible Claimants whose distribution amounts are greater than or equal to $10.00. All

Eligible Claimants whose Recognized Loss calculates to a distribution amount equal to or greater

than $10.00 will be deemed a Payee and receive a Distribution Payment.

Establishment of a Reserve

68.

Before determining the amount of funds available for distribution and calculating

each Payee’s Distribution Payment, the Fund Administrator, in conjunction with the Tax

Administrator, will establish a reserve to pay Administrative Costs and to accommodate any

unexpected expenditures (the “Reserve”).

69.

After all disbursements and Administrative Costs are paid, any remaining

amounts in the Reserve will become part of the Residual described in paragraph 91 below.

Preparation of the Payment File

70.

Within sixty (60) days following the date of the Determination Notices described

above, paragraph 63, the Fund Administrator will compile and send to the Commission staff the

Payee information, including the name, address, calculated Recognized Loss, and the amount of

the Distribution Payment for all Payees (the “Payee List”). The Fund Administrator will also

provide a Reasonable Assurances Letter to the Commission staff, representing that the Payee

List: (a) was compiled in accordance with the approved Plan; (b) is accurate as to Payees’ names,

addresses, Recognized Losses and amounts of their Distribution Payment; (c) includes the

number of Payees compensated; (d) the percentage of the Payee’s Recognized Loss being

compensated by the disbursement from the Fair Fund, and if applicable, the total percentage to

include all prior disbursements; (e) the total amount of funds to be disbursed; and (f) provides all

information necessary to make a payment to each Payee.

The Escrow Account

71.

Prior to the disbursement of funds from the Net Available Fair Fund, the Fund

Administrator will establish an escrow account (the “Escrow Account”) with a United States

commercial bank that is a well-capitalized financial institution as defined by the Federal Reserve

Act, Subpart D, 12 C.F.R. 208.43 and that is not unacceptable to the Commission staff (the

“Bank”), pursuant to an escrow agreement (the “Escrow Agreement”) to be provided by

Commission staff.

72.

The Fund Administrator, pursuant to the Escrow Agreement, will also establish

with the Bank a separate deposit account (e.g., controlled distribution account, managed

distribution account, linked checking and investment account) (the “Distribution Account”),

insured by the Federal Deposit Insurance Corporation (“FDIC”) up to the guaranteed FDIC pass

through limit. The Distribution Account will be linked with the Escrow Account and will be

14

named, and records maintained, in accordance with the Escrow Agreement.

73. During the term of the Escrow Agreement, the portions of the Fair Fund transferred

to the Escrow Account (the “Escrow Property”), will be invested and reinvested in short-term

U.S. Treasury securities backed by the full faith and credit of the United States Government or

an agency thereof. The investment will be, of a type and term necessary to meet the cash

liquidity requirements for payments to Payees, tax obligations, and/or fees of the Tax

Administrator and/or Fund Administrator, including investment or reinvestment in a bank

account insured by the FDIC up to the guaranteed FDIC limit, or in money market mutual funds

registered under the Investment Company Act of 1940 that invest 100% of their assets in direct

obligations of the United States Government.

74. The Fund Administrator will provide duplicate original bank and/or investment

statements on any accounts established by the Fund Administrator to the Tax Administrator on a

monthly basis and will assist the Tax Administrator in obtaining mid-cycle statements, as

necessary.

75. The Fund Administrator will deposit or invest funds in the Escrow and Distribution

Accounts so as to result in the maximum reasonable net return, taking into account the safety of

such deposits or investments. In consultation with Commission staff, the Fund Administrator

will work with the Bank on an ongoing basis to determine an allocation of funds between the

Escrow and Distribution Account.

76. All interest, dividends, and/or income earned by the Escrow Property will accrue

for the benefit of the Escrow Property. All Administrative Costs associated with the Escrow and

Distribution Accounts will be the responsibility of the Fund Administrator, who may be

reimbursed for said costs as provided in this Plan. No such Administrative Costs may be paid to

the Bank, its agents, and/or its affiliates from the Escrow Property.

Distribution of the Fair Fund

77.

The Fund Administrator will seek to distribute the Net Available Fair Fund to all

Payees only after all Claim Forms have been processed and all Preliminary Claimants whose

claims have been rejected or disallowed, in whole or in part, have been notified and provided the

opportunity to contest or cure pursuant to the procedures set forth herein.

78. Upon the Commission’s staff’s receipt, review, and acceptance of the Payee List

and Reasonable Assurances Letter from the Fund Administrator, the Commission staff will seek

an Order from the Commission pursuant to Rule 1101(b)(6) of the Commission’s Rules, 17

C.F.R. § 210.1101(b)(6), to disburse funds from the Net Available Fair Fund to the Bank in

accordance with the Payee List for distribution by the Fund Administrator in accordance with the

Plan. All disbursements will be made pursuant to a Commission Order.

79. Upon issuance of an Order to disburse, the Commission staff will direct the transfer

of funds in accordance with the Payee List to the Bank. The Fund Administrator will then use its

best efforts to commence mailing Distribution Payment checks and/or effect wire transfers

15

within ten (10) business days of the release of the funds into the Escrow Account. All efforts

will be coordinated to limit the time between the Escrow Account’s receipt of the funds and the

issuance of Distribution Payments.

80.

All Distribution Payments will be issued by the Fund Administrator from the

Distribution Account. All checks will bear a stale date of one hundred twenty (120) days from

the date of issuance. Checks that are not negotiated by the stale date will be voided, and the

Bank will be instructed to stop payment on those checks. A Payee’s claim will be extinguished

if he, she, or it fails to negotiate his, her or its check by the stale date, and the funds will remain

in the Fair Fund, except if a check reissue has been requested before the stale date, such request

is governed by paragraph 87.

81.

All Distribution Payments will be preceded or accompanied by a communication

that includes, as appropriate: (a) a statement characterizing the distribution; (b) a statement that

the tax treatment of the distribution is the responsibility of each Payee and that the Payee should

consult his, her or its tax advisor for advice regarding the tax treatment of the distribution; (c) a

statement that checks will be void and cannot be reissued after one hundred twenty (120) days

from the date the original check was issued; and (d) contact information for the Fund

Administrator for questions regarding the Distribution Payment. The letter or other mailings to

Payees characterizing a Distribution Payment will be submitted to the Tax Administrator and

Commission staff for review and approval.

82.

All Distribution Payments, either on their face or in the accompanying mailing,

will clearly indicate that the money is being distributed from the Fair Fund established by the

Commission to compensate investors for harm from securities law violations.

83.

Distribution Payments must be made by check or electronic payment payable to

the Payee (the beneficial account owner). A Third-Party Filer will not be the payee of any

Distribution Payment check or electronic Distribution Payment. Compensation to a Third-Party

Filer for its services may not be paid or deducted from the Distribution Payment.

84.

The submission of a Claim Form and the receipt and acceptance of a Distribution

Payment by a Payee is not intended to be a release of a Payee’s rights and claims against any

party.

85.

At the discretion of the Fund Administrator, certain costs that were not factored

into the Reserve, such as bank fees for the return of a payment, may reduce the Payee’s

Distribution Payment. In such situations, the Fund Administrator will immediately notify the

Tax Administrator of the reduction in the Distribution Payment.

Post Distribution; Handling of Returned or Uncashed Checks; and Reissues

86.

The Fund Administrator will use its best efforts to make use of commercially

available resources and other reasonably appropriate means to locate all Payees whose checks

are returned to the Fund Administrator as “undeliverable.” If new address information becomes

available, the Fund Administrator will repackage the distribution check and send it to the new

16

address. If new address information is not available after a diligent search (and in no event no

later than one hundred twenty (120) days after the initial mailing of the original check) or if the

distribution check is returned again, the check will be voided, and the Fund Administrator will

instruct the issuing financial institution to stop payment on such check. If the Fund

Administrator is unable to find a Payee’s correct address, the Fund Administrator, in its

discretion, may remove such Payee from the distribution and the allocated Distribution Payment

will remain in the Fair Fund for distribution, if feasible, to the remaining Payees.

87.

The Fund Administrator will reissue checks to Payees upon the receipt of a valid,

written request from the Payee prior to the initial stale date. In cases where a Payee is unable to

endorse a Distribution Payment check as written (e.g., name changes, IRA custodian changes, or

recipient is deceased) and the Payee or a lawful representative requests the reissuance of a

Distribution Payment check in a different name, the Fund Administrator will request, and must

receive, documentation to support the requested change. The Fund Administrator will review the

documentation to determine the authenticity and propriety of the change request. If, in the

discretion of the Fund Administrator, such change request is properly documented, the Fund

Administrator will issue an appropriately redrawn Distribution Payment to the requesting party.

Reissued checks will be void at the later of one hundred twenty (120) days from issuance of the

original check or ninety (90) days from the reissuance, and in no event will a check be reissued

after one hundred twenty (120) days from the date of the original issuance without the approval

of Commission staff.

88.

The Fund Administrator will make reasonable efforts to contact Payees who have

failed to negotiate their Distribution Payment check and take appropriate action to follow up on

the status of uncashed checks at the request of Commission staff. The Fund Administrator may

reissue such checks subject to the time limits detailed herein. If a Distribution Payment remains

uncashed after the stale date the Fund Administrator will instruct the Bank to issue a stop

payment on the check. The Fund Administrator, in its discretion, may remove such Payee from

the distribution, and the allocated Distribution Payment will remain in the Fair Fund for

distribution, if feasible, to the remaining Payees.

Administrative Costs

89.

All Administrative Costs will be paid from the Fair Fund in accordance with the

Commission’s Rules. Upon completion of the final distribution, the Fund Administrator will

make arrangements, in consultation with the Commission staff, for the final payment of all

Administrative Costs.

Disposition of Undistributed Funds

90.

If funds remain following the initial distribution, the Fund Administrator, in

consultation with the Commission staff, may seek subsequent distribution of any remaining

funds, pursuant to the Commission’s Rules.

91.

A residual will be established for any amounts remaining after the final

disbursement to Payees from the Fair Fund (the “Residual”). The Residual may include funds

17

from, among other things, amounts remaining the Reserve, distribution checks that have not been

cashed, checks or electronic payments that were not delivered or were returned to the

Commission, and tax refunds received due to the Fair Fund’s overpayment of taxes or for waiver

of IRS penalties.

92.

Once the Fund Administrator, in consultation with the Commission staff, deems

further distribution of the Fair Fund to investors infeasible, the Fund Administrator will direct

the Bank to stop payment on all uncashed distribution payments, and return any funds remaining

in the Escrow and Distribution Accounts to the Commission to become part of the Residual.

93.

All funds remaining in the Residual that are infeasible to distribute to investors

will be returned to the Commission and transferred to the U.S. Treasury after the final

accounting is approved by the Commission.

Filing of Reports and Accountings

94.

In accordance with Rule 1105(f) of the Commission’s Rules, the Fund

Administrator will provide to the Commission staff a progress report and a quarterly account

statement in a format to be provided by Commission staff, within forty-five (45) days of the

Commission’s approval of the Plan and will provide to Commission staff additional reports and

quarterly account statements within ten (10) days after the end of every calendar quarter. Such

progress reports will inform the Commission staff of the activities and status of the Fair Fund

during the reporting period, and will specify, at a minimum, the location of the account(s)

comprising the Fair Fund, including among other things, an interim accounting of all monies in

the Fair Fund.

95.

When the final distribution is completed, the Fund Administrator will provide to

Commission staff a final report summarizing all tasks undertaken and the outcome of its

administrative efforts. The Fund Administrator will make arrangement for the final payment of

all Administrative Costs, and submit a final accounting of all monies received, earned, spent, and

distributed in connection with the administration of the Plan in a format provided by the

Commission staff. The Fund Administrator will also submit a report to the Commission staff

containing the final distribution statistics regarding distributions to individuals and entities, and

such other information requested by the Commission staff.

Miscellaneous

96.

When administering this Plan, the Fund Administrator, and/or each of its

designees, agents, and assigns, may rely on all applicable laws; orders issued by the

Commission, including orders issued by delegated authority; orders issued by an administrative

law judge, if any, appointed in this proceeding; and any records, including records containing

investor information, provided by Commission staff.

97.

Should any additional funds be received pursuant to Commission or Court order,

agreement, or otherwise, prior to the Commission’s termination of the Fair Fund, such funds will

be added to the Fair Fund and distributed, if feasible, in accordance with the Plan, pursuant to the

18

Commission’s Rules.

Wind-down and Document Retention

98.

The Fund Administrator will shut down the website, P.O. Box and customer

service telephone line(s) established specifically for the administration of the Fair Fund six (6)

months after the transfer of any remaining funds to the Commission, or at such earlier time as the

Fund Administrator determines with the concurrence of the Commission staff.

99.

The Fund Administrator will retain all materials submitted by Preliminary

Claimants in either paper or electronic form for a period of six (6) years from the date of

approval of a final fund accounting. Materials maintained in electronic form must be accessible

and readable for the duration of retention. Pursuant to the Commission staff's direction, the Fund

Administrator will either turn over to the Commission or destroy all materials, including

documents in any media, upon expiration of this period.

Termination of the Fair Fund

100. Once the Commission has approved the final accounting, the Commission staff

will seek an order from the Commission authorizing: (a) the transfer of any amounts remaining

in the Fair Fund that is infeasible to return to investors, and any amounts returned to the Fair

Fund in the future that is infeasible to return to investors, to the U.S. Treasury, subject to Section

21F(g)(3) of the Exchange Act; (b) discharge of the Fund Administrator; (c) cancellation of the

Fund Administrator’s bond; and (d) termination of the Fair Fund.

101. The Fair Fund will be eligible for termination and the Fund Administrator will be

eligible for discharge after all of the following have occurred (a) a final accounting, in a standard

accounting format provided by the Commission staff, has been submitted by the Fund

Administrator and approved by the Commission; (b) all Administrative Costs have been paid;

and (c) any amount remaining in the Fair Fund has been returned to the Commission for transfer

to U.S. Treasury.

102. Once the Fair Fund has been terminated and funds, if any, are transferred to the

U.S. Treasury, no further claims will be allowed and no additional payments will be made

whatsoever.

VII.

NOTICE AND COMMENT PERIOD

103. The Notice of Proposed Plan of Distribution and Opportunity to Comment (the

“Notice”) will be published on the Commission’s website at

http://www.sec.gov/litigation/fairfundlist.htm. Any Person wishing to comment on the Plan

must do so in writing by submitting their comments to the Commission within thirty (30) days of

the publication of the Notice: (a) to the Office of the Secretary, United States Securities and

Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090; (b) by using the

Commission’s Internet comment form (www.sec.gov/litigation/admin.shtml); or (c) by sending

an email to rule-comments@sec.gov. Comments submitted by email or via the Commission’s

19

website should include “Administrative Proceeding File Numbers 3-19899, 3-19900, 3-19901,

and 3-19902” in the subject line. Comments received will be available to the public. Persons

should only submit comments that they wish to make publicly available.

20

Exhibit A

PLAN OF ALLOCATION

This Plan of Allocation1 is designed to compensate investors based on their losses, due to

the misconduct of the Respondent, on (1) shares of Valeant Pharmaceuticals International, Inc.

common stock purchased on October 20, 2014 through April 28, 2016, inclusive (the “Stock

Relevant Period”) and (2) Valeant Pharmaceuticals International, Inc. bonds2 purchased on

October 20, 2014 through October 29, 2015, inclusive (the “Bond Relevant Period”).3 Investors

who did not purchase shares of Valeant Pharmaceuticals International, Inc. common stock or

bonds (the “Securities”) during the respective Relevant Periods, or who are an Excluded Party,

are ineligible to recover under this Plan.

Artificial inflation in the prices of the Securities over various date ranges surrounding

corrective disclosures and average closing prices of the Securities have been calculated by

Commission staff economists. Artificial share price inflation and the average closing price for

common stock are reflected below in Tables A and B, respectively. Artificial bond price inflation

and the average closing prices for bonds are reflected in Tables C and Table D, respectively.

I.

The Methodology

The Fund Administrator will calculate the amount of loss (“Recognized Loss per Share”

and “Recognized Loss per $100 Par Value”) as follows:

Common Stock

For each share of Valeant Pharmaceuticals International, Inc. common stock purchased

during the Stock Relevant Period and

1

A.

Sold prior to October 21, 2015,4 the Recognized Loss per Share is $0.00.

B.

Sold on or after October 21, 2015, and prior to the close of trading on April 28,

2016, the Recognized Loss per Share is the lesser of:

i.

the amount of inflation per share on the purchase/acquisition date as set forth in

Table A minus the amount of inflation per share on the sale date as set forth in

Table A; or

ii.

the purchase/acquisition price minus the sale price.

All capitalized terms used herein but not defined have the same meanings ascribed to them in the Plan.

The bonds listed in Table C are the only bonds eligible for recovery under this Plan.

3

The Stock Relevant Period is longer than the Bond Relevant Period because Valeant’s common stock price was

affected by an additional misstatement that did not affect bond prices.

4

On October 21, 2015, Valeant’s share price fell 19.2% after Citron Research published a report suggesting Valeant

used a secretive relationship with Philidor to record fictitious sales.

2

C.

D.

Sold after the close of trading on April 28, 2016 and prior to the close of trading on

July 27, 2016 (i.e., during the “Stock Lookback Period”), the Recognized Loss per

Share is the least of:

i.

the amount of inflation per share on the purchase/acquisition date as set forth in

Table A; or

ii.

the purchase/acquisition price minus the sale price; or

iii.

the purchase/acquisition price minus the moving average closing share price of

the common stock on the sale date as set forth in Table B.

Held as of the close of trading on July 27, 2016, the last day of the Stock Lookback

Period, the Recognized Loss per Share is the lesser of:

i.

the amount of inflation per share on the purchase/acquisition date as set forth in

Table A; or

ii.

the purchase/acquisition price minus $25.26, the average closing share price of

the common stock during the Stock Lookback Period, as shown in the last row

in Table B.

If the Recognized Loss per Share calculates to a negative number, reflecting a gain, the

Recognized Loss per Share will be $0.00.

Bonds

For each $100 par value of eligible Valeant Pharmaceuticals International, Inc. bonds

purchased during the Bond Relevant Period and

A.

B.

Sold prior to the close of trading on October 29, 2015, the Recognized Loss per

$100 Par Value5 is the lesser of:

i.

the amount of inflation per $100 par value on the purchase/acquisition date as

set forth in Table C minus the amount of inflation per $100 par value on the

sale date as set forth in Table C; or

ii.

the purchase/acquisition price minus the sale price.

Sold after the close of trading on October 29, 2015 and prior to the close of trading

on January 27, 2016 (i.e., during the “Bond Lookback Period”), the Recognized

Loss per $100 Par Value is the least of:

i.

the amount of inflation per $100 par value on the purchase/acquisition date as

5

CUSIPs EK8066186 and EK7990790 are denominated in EUR. For those bonds, the phrase per $100 par value

should be read as per 100 EUR par value.

2

set forth in Table C; or

C.

ii.

the purchase/acquisition price minus the sale price; or

iii.

the purchase/acquisition price minus the moving average closing price of the

bond on the sale date as set forth in Table D.

Held as of the close of trading on January 27, 2016, the last day of the Bond

Lookback Period, the Recognized Loss per $100 Par Value is the lesser of:

i.

the amount of inflation per $100 par value on the purchase/acquisition date as

set forth in Table C; or

ii.

the purchase/acquisition price minus the average closing price of the bond

during the Bond Lookback Period, as shown in the last row in Table D.

If the Recognized Loss per $100 Par Value calculates to a negative number, reflecting a

gain, the Recognized Loss per $100 Par Value will be $0.00.

All prices mentioned in the calculations exclude all taxes, fees, commissions, mark-ups,

and mark-downs. Bond prices mentioned in the calculations also exclude accrued interest from

coupon payments (i.e., bond prices are “clean” prices). Purchases/acquisitions and sales will be

deemed to have occurred on the “contract” or “trade” date as opposed to the “settlement” or

“payment” date.

Recognized Loss calculated in a currency other than U.S. dollars will be converted to

U.S. dollars using the exchange rate as of 8:00 PM Eastern Daylight Time on July 27, 2016.

II.

Additional Provisions

A.

FIFO Methodology

Multiple purchases and sales of Securities during their respective Relevant Periods will

be matched to transactions in the same Security according to the first-in, first-out (“FIFO”)

method. For each Security separately, the earliest sales during the respective Relevant Period

will be matched first against any holdings at the opening of the respective Relevant Period.

Once the beginning holdings all have been matched, or in the event that there are no beginning

holdings, then any further sales will be matched against the earliest purchases in the respective

Relevant Period and chronologically thereafter.

B.

Acquisitions

The receipt or grant of the Securities by gift, devise, inheritance, or operation of law

during the respective Relevant Periods is not considered an eligible purchase if the original

purchase did not occur during the respective Relevant Period. Securities acquired outside their

respective Relevant Period will be excluded from the calculation of the Recognized Loss.

3

C.

Options and Derivatives

Valeant Pharmaceuticals International, Inc. common stock and the Valeant

Pharmaceuticals International, Inc. bonds listed in Tables C and D are the only securities eligible

for recovery under this Plan. Option contracts to purchase or sell the Securities are not eligible

for recovery under the Plan. With respect to the Securities purchased or sold through the

exercise of an option, the purchase/sale date is the options’ exercise or assignment date, and the

purchase/sale price is the option’s strike price at the time of exercise or assignment.

Transactions in the Securities during the respective Relevant Periods that are pursuant to, or in

connection with, a swap or another derivative will not be eligible for a recovery and will be

excluded from the calculation of the Recognized Loss.

D.

Short Sales

Shares purchased during the Stock Relevant Period to cover short positions held at the

beginning of the Stock Relevant Period or to cover short positions opened during the Stock

Relevant Period will have a Recognized Loss per Share of $0.00. Bonds purchased during the

Bond Relevant Period to cover short positions held at the beginning of the Bond Relevant Period

or to cover short positions opened during the Bond Relevant Period will have a Recognized Loss

per $100 Par Value of $0.00. The date of a “short sale” is deemed to be the date of sale of the

Securities and the date of covering a short sale is deemed to be the date of purchase of the

Securities. The earliest purchases during the respective Relevant Period will be matched against

any short position existing at the opening of that Relevant Period until that short position is fully

covered.

III.

Calculating Recognized Loss

Recognized Loss for common stock will be the sum of the Recognized Loss per Share, as

calculated above, on all shares of the Security purchased or acquired during the Stock Relevant

Period. If the Recognized Loss for common stock calculates to a negative number, reflecting a

gain, then the Recognized Loss for common stock will be $0.00.

Recognized Loss for each bond will be the sum of the Recognized Loss per $100 Par

Value, as calculated above, for all par value of that bond purchased or acquired during the Bond

Relevant Period. If the Recognized Loss for any bond calculates to a negative number, reflecting

a gain, then the Recognized Loss for that bond will be $0.00.

The Recognized Loss for each Security is subject to the “Market Loss Limitation”

provision below. If a Preliminary Claimant transacted in more than one Security, the

Recognized Loss will be the sum of the Recognized Losses for each Security, after their

respective applications of the Market Loss Limitation.

4

A.

Market Loss Limitation

For each Security separately, the Recognized Loss may be limited to actual market loss.

If a Preliminary Claimant’s actual market loss on purchases of a Security during the Security’s

Relevant Period is less than his, her or its Recognized Loss for that Security, then the

Recognized Loss for that Security will be limited to the actual market loss amount of that

Security. If the actual market loss of that Security calculates to a gain, then the Recognized Loss

for that Security will be $0.00.

The actual market loss will be calculated as (a) the total purchase amount for shares or

par value of the Security purchased during the Security’s Relevant Period,6 less the sum of (b)

the sales proceeds from shares or par value of the Security purchased during the Security’s

Relevant Period and sold during the Security’s Relevant Period or during the Security’s

Lookback Period,7 and (c) the holding value on the remaining of those shares or par value

purchased during the Security’s Relevant Period, which for the purposes of this calculation will

be the average closing price of the Security during the Security’s Lookback Period, as shown on

the last row in Table B or Table D.8

IV.

Becoming An Eligible Claimant

A Preliminary Claimant, who is not an Excluded Party, who submits a valid Claim Form

and has suffered a Recognized Loss, as calculated above, will be deemed an Eligible Claimant.

V.

Allocation of Funds

If the Net Available Distribution Fund is equal to or exceeds the sum of Recognized

Losses of all Eligible Claimants, each Eligible Claimant’s distribution amount will equal his, her,

or its Recognized Loss, plus any “Reasonable Interest” awarded. If the Net Available

Distribution Fund is less than the sum of the Recognized Losses of all Eligible Claimants, each

Eligible Claimant’s distribution amount will equal his, her or its “Pro Rata Percentage” of the

Net Available Distribution Fund. In either case, the distribution amount will be subject to the

“Offset for Prior Recovery” and “Minimum Distribution Amount.”

A.

Calculating an Eligible Claimant’s Pro Rata Percentage

This computation is intended to measure Eligible Claimants’ Recognized Losses against

one another. Each Eligible Claimant’s Pro Rata Percentage will be calculated for each Eligible

Purchases during the Security’s Relevant Period to cover short positions will be included in the calculation of

actual market loss if the purchase is matched to a short sale during the Security’s Relevant Period.

Purchases/acquisitions that are not eligible for recovery will not be considered for purposes of calculating the actual

market loss.

7

Sales of the Security during the Security’s Relevant Period will be matched first against the opening position and

the proceeds of such sales will not be considered for purposes of calculating the actual market loss. Short sales will

be considered for purposes of calculating the actual market loss.

8

Any open short positions at the end of the Security’s Lookback Period will be ignored for purposes of calculating

the actual market loss.

6

5

Claimant as the ratio of his, her, or its Recognized Loss to the sum of Recognized Losses of all

Eligible Claimants.

B.

Offset for Prior Recovery

To avoid payment of a windfall, an Eligible Claimant’s distribution amount will be no

larger than his, her, or its Recognized Loss minus the amount of any compensation for the loss

that resulted from the conduct described in the Order that was received from another source (e.g.,

class action settlement), to the extent known by the Fund Administrator (“Prior Recovery”), plus

any Reasonable Interest awarded. That is, the distribution amount will be capped at the

Recognized Loss less the Prior Recovery, plus any Reasonable Interest awarded.

C.

Reasonable Interest

If the Net Available Distribution Fund exceeds the amount necessary to pay all Eligible

Claimants their Recognized Loss (minus any Prior Recovery) in full, the Fund Administrator, in

consultation with the Commission staff, may include interest in the distribution amount to compensate

for the time value of money. Reasonable Interest will be calculated using the Short-term Applicable

Federal Rate plus three percent (3%), compounded quarterly from the end of the Relevant Period

through the approximate date of the disbursement of the funds. If there are insufficient funds to pay

Reasonable Interest in full to all Eligible Claimants, Reasonable Interest will awarded on a pro rata

basis from the excess funds.

D.

Minimum Distribution Amount

The Minimum Distribution Amount will be $10.00. An Eligible Claimant whose

distribution amount is less than the Minimum Distribution Amount will be deemed ineligible and

his, her, or its distribution amount may be reallocated on a pro rata basis to Eligible Claimants

whose distribution amounts are greater than or equal to the Minimum Distribution Amount.

E.

Payee and Distribution Payment

An Eligible Claimant whose distribution amount equals or exceeds the Minimum

Distribution Amount will be deemed a Payee, and will receive a Distribution Payment equal to

his, her, or its calculated distribution amount.

6

Table A. Valeant Pharmaceuticals International, Inc. Common Stock Inflation Schedule.

Date Range

October 20, 2014 through July 22, 2015

July 23, 2015 through October 20, 2015

October 21, 2015 through October 25, 2015

October 26, 2015 through October 29, 2015

October 30, 2015 through April 28, 2016

On or after April 29, 2016

Inflation

per Share

$49.89

$61.60

$35.01

$28.52

$11.71

$0.00

Table B. Valeant Pharmaceuticals International, Inc. Common Stock Moving Average Closing

Price, April 29, 2016 – July 27, 2016

4/29/2016

5/2/2016

5/3/2016

5/4/2016

5/5/2016

5/6/2016

5/9/2016

5/10/2016

5/11/2016

5/12/2016

5/13/2016

5/16/2016

5/17/2016

5/18/2016

5/19/2016

5/20/2016

5/23/2016

5/24/2016

5/25/2016

5/26/2016

5/27/2016

Moving Average

Closing Price

from April 29,

2016 to Date

Shown

$33.36

$33.01

$33.93

$34.15

$34.22

$33.50

$32.72

$32.12

$31.48

$30.82

$30.38

$30.10

$30.02

$29.87

$29.63

$29.49

$29.30

$29.12

$29.02

$28.91

$28.89

Moving Average

Closing Price

from April 29,

2016 to Date

Shown

$28.87

$28.91

$28.93

$28.93

$28.92

$28.77

$28.59

$28.48

$28.34

$28.19

$28.07

$27.93

$27.77

$27.61

$27.47

$27.31

$27.16

$27.03

$26.86

$26.67

$26.51

Date

5/31/2016

6/1/2016

6/2/2016

6/3/2016

6/6/2016

6/7/2016

6/8/2016

6/9/2016

6/10/2016

6/13/2016

6/14/2016

6/15/2016

6/16/2016

6/17/2016

6/20/2016

6/21/2016

6/22/2016

6/23/2016

6/24/2016

6/27/2016

6/28/2016

7

Date

6/29/2016

6/30/2016

7/1/2016

7/5/2016

7/6/2016

7/7/2016

7/8/2016

7/11/2016

7/12/2016

7/13/2016

7/14/2016

7/15/2016

7/18/2016

7/19/2016

7/20/2016

7/21/2016

7/22/2016

7/25/2016

7/26/2016

7/27/2016

Moving Average

Closing Price

from April 29,

2016 to Date

Shown

$26.36

$26.22

$26.09

$25.96

$25.90

$25.85

$25.79

$25.74

$25.69

$25.61

$25.56

$25.51

$25.48

$25.44

$25.43

$25.41

$25.37

$25.32

$25.29

$25.26

Table C. Valeant Pharmaceuticals International, Inc. Bond Inflation Schedule (Inflation per

$100 Par Value)

Bond CUSIP (144A Offering / Reg S Offering)

Date Range

91831AAA9 / 91831AAB7 / 91831AAC5 / EK8066186 / 92912EAA1 / 92912EAC7 / 91829KAA1 / 91911KAD4 / 91911KAE2 / 91911XAM6 / 91911XAQ7 / 91911XAS3 /

EK8064983

EK8064801 EK8065162 EK7990790

EJ7382413

EJ7382611

EJ3752296

EJ9423611

EK7043582

EI4142986

EI5650532

EI5995440

10/20/2014 - 10/31/2014

$14.61

$12.52

$11.49

$13.82

$11.26

$9.02

$14.96

11/01/2014 - 11/30/2014

$14.58

$12.41

$11.50

$13.89

$11.18

$9.01

$14.93

12/01/2014 - 12/31/2014

$14.44

$12.10

$11.43

$13.81

$11.01

$8.95

$14.83

01/01/2015 - 01/14/2015

$14.54

$11.87

$11.46

$13.97

$10.93

$8.95

$14.89

01/15/2015 - 01/31/2015

$14.54

$11.87

$11.46

$13.97

$13.81

$10.93

$8.95

$14.89

02/01/2015 - 02/28/2015

$14.48

$11.70

$11.44

$13.96

$13.70

$10.84

$8.87

$14.76

03/01/2015 - 03/12/2015

$14.10

$11.37

$11.04

$13.52

$13.38

$10.63

$8.70

$14.50

03/13/2015 - 03/31/2015

$5.81

$11.97

$11.74

$14.97

$14.10

$11.37

$11.04

$13.52

$13.38

$10.63

$8.70

$14.50

04/01/2015 - 04/30/2015

$5.88

$12.15

$11.98

$15.04

$14.07

$11.17

$11.08

$13.69

$13.52

$10.55

$8.66

$14.48

05/01/2015 - 05/31/2015

$5.84

$12.01

$11.78

$14.78

$14.01

$10.92

$11.08

$13.63

$13.34

$10.40

$8.60

$14.44

06/01/2015 - 06/30/2015

$5.74

$11.83

$11.60

$14.48

$13.82

$10.63

$10.87

$13.41

$13.16

$10.26

$8.46

$14.27

07/01/2015 - 07/31/2015

$5.63

$11.81

$11.63

$14.24

$13.62

$10.36

$10.71

$13.28

$13.14

$10.07

$8.35

$14.01

08/01/2015 - 08/31/2015

$5.51

$11.70

$11.57

$14.21

$13.33

$10.10

$10.48

$13.08

$12.99

$9.91

$8.24

$13.83

09/01/2015 - 09/30/2015

$5.37

$11.40

$11.29

$13.70

$13.08

$9.80

$10.25

$12.66

$12.81

$9.75

$8.06

$13.60

10/01/2015 - 10/20/2015

$5.06

$10.63

$10.43

$12.65

$12.43

$9.33

$9.75

$11.95

$11.79

$9.49

$7.77

$13.16

10/21/2015 - 10/25/2015

-$1.97

$2.90

$2.59

$4.52

$3.40

$2.10

$3.53

$3.73

$3.36

$1.48

$6.82

$4.46

10/26/2015 - 10/29/2015

-$5.57

$1.33

$0.33

$2.25

$2.43

$0.99

$1.76

$1.79

$0.36

$0.99

$2.91

$2.68

On or after 10/30/2015

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

8

Table D. Moving Average Closing Prices for Valeant Pharmaceuticals International, Inc. Bonds,

from October 30, 2015 to Date Shown

Bond CUSIP (144A Offering / Reg S Offering)

91831AAA9 / 91831AAB7 / 91831AAC5 / EK8066186 / 92912EAA1 / 92912EAC7 / 91829KAA1 / 91911KAD4 / 91911KAE2 / 91911XAM6 / 91911XAQ7 / 91911XAS3 /

EK8064983 EK8064801 EK8065162 EK7990790 EJ7382413

EJ7382611

EJ3752296

EJ9423611

EK7043582

EI4142986

EI5650532

EI5995440

Date

10/30/2015

$95.75

$84.25

$84.00

$81.33

$91.50

$95.50

$88.75

$85.25

$84.75

$91.50

$89.00

$89.50

11/2/2015

$91.69

$84.53

$84.22

$81.63

$91.47

$95.50

$89.00

$85.59

$84.56

$91.53

$88.72

$90.00

11/3/2015

$90.54

$85.10

$84.79

$82.39

$91.30

$95.71

$89.33

$85.85

$84.56

$91.94

$88.72

$90.42

11/4/2015

$89.63

$84.75

$84.66

$82.77

$91.47

$95.29

$89.31

$85.85

$84.42

$92.02

$89.06

$90.31

11/5/2015

$88.60

$84.28

$84.31

$82.36

$91.08

$94.80

$88.80

$85.20

$83.58

$91.50

$88.30

$89.40

11/6/2015

$88.21

$84.10

$84.18

$81.97

$90.90

$94.67

$88.58

$84.86

$83.16

$91.21

$87.84

$89.01

11/9/2015

$87.96

$84.13

$84.24

$81.76

$90.77

$94.68

$88.46

$84.72

$83.16

$91.18

$87.78

$88.83

11/10/2015

$87.97

$84.21

$84.34

$81.86

$90.90

$94.94

$88.59

$84.76

$83.35

$91.34

$87.96

$88.73

11/11/2015

$87.97

$84.21

$84.34

$81.88

$90.90

$94.94

$88.59

$84.76

$83.35

$91.34

$87.96

$88.73

$88.67

11/12/2015

$87.89

$84.02

$84.17

$81.86

$90.82

$94.99

$88.56

$84.76

$83.30

$91.39

$87.72

11/13/2015

$87.73

$83.79

$83.95

$81.66

$90.77

$95.05

$88.39

$84.60

$83.08

$91.39

$87.53

$88.43

11/16/2015

$87.59

$83.65

$83.74

$81.52

$90.63

$95.05

$88.33

$84.60

$82.84

$91.20

$87.40

$88.23

11/17/2015

$87.42

$83.51

$83.54

$81.37

$90.50

$95.03

$88.22

$84.39

$82.64

$91.09

$87.25

$88.05

11/18/2015

$87.31

$83.41

$83.43

$81.30

$90.38

$95.01

$88.13

$84.20

$82.57

$91.07

$87.21

$87.97

11/19/2015

$87.27

$83.41

$83.41

$81.23

$90.36

$95.01

$88.09

$84.09

$82.50

$91.07

$87.04

$87.97

11/20/2015

$87.23

$83.42

$83.50

$81.23

$90.37

$95.13

$88.16

$84.08

$82.58

$91.14

$87.04

$87.97

11/23/2015

$87.29

$83.55

$83.61

$81.35

$90.46

$95.29

$88.26

$84.08

$82.58

$91.22

$87.04

$88.05

11/24/2015

$87.43

$83.71

$83.78

$81.42

$90.46

$95.42

$88.39

$84.27

$82.74

$91.36

$87.04

$88.05

11/25/2015

$87.56

$83.85

$83.93

$81.48

$90.59

$95.52

$88.54

$84.27

$82.74

$91.53

$87.20

$88.05

11/27/2015

$87.56

$83.85

$83.93

$81.54

$90.59

$95.52

$88.54

$84.27

$82.74

$91.53

$87.20

$88.05

11/30/2015

$87.68

$84.03

$84.09

$81.66

$90.81

$95.64

$88.71

$84.48

$82.93

$91.53

$87.42

$88.21

12/1/2015

$87.84

$84.20

$84.26

$81.80

$91.03

$95.75

$88.92

$84.73

$83.12

$91.53

$87.42

$88.21

12/2/2015

$87.97

$84.34

$84.39

$81.80

$91.23

$95.83

$89.09

$84.73

$83.29

$91.73

$87.71

$88.41

12/3/2015

$88.08

$84.44

$84.47

$81.80

$91.40

$95.89

$89.27

$84.73

$83.29

$91.90

$87.71

$88.58

12/4/2015

$88.24

$84.55

$84.56

$81.91

$91.54

$95.98

$89.42

$84.73

$83.39

$91.90

$87.71

$88.58

12/7/2015

$88.36

$84.64

$84.63

$81.91

$91.69

$96.07

$89.57

$84.89

$83.49

$92.06

$87.71

$88.58

12/8/2015

$88.46

$84.68

$84.71

$81.94

$91.69

$96.13

$89.71

$85.07

$83.52

$92.06

$88.00

$88.72

12/9/2015

$88.58

$84.79

$84.82

$81.98

$91.85

$96.20

$89.86

$85.26

$83.58

$92.20

$88.19

$88.89

12/10/2015

$88.70

$84.88

$84.92

$82.04

$91.99

$96.27

$90.02

$85.45

$83.65

$92.35

$88.19

$89.09

12/11/2015

$88.74

$84.84

$84.89

$82.07

$92.06

$96.28

$90.09

$85.45

$83.71

12/14/2015

$88.75

$84.79

$84.88

$82.09

$92.10

$96.26

$90.12

$85.40

$83.64

$92.35

$92.39

$88.29

$88.35

$89.19

$89.27

12/15/2015

$88.90

$84.93

$85.03

$82.18

$92.27

$96.32

$90.28

$85.59

$83.79

$92.62

$88.63

$89.60

12/16/2015

$89.09

$85.11

$85.19

$82.18

$92.55

$96.43

$90.48

$85.87

$83.97

$92.86

$88.99

$89.95

12/17/2015

$89.26

$85.29

$85.33

$82.39

$92.81

$96.55

$90.71

$85.87

$84.14

$93.12

$89.31

$90.28

12/18/2015

$89.42

$85.43

$85.47

$82.59

$93.03

$96.65

$90.87

$86.12

$84.28

$93.36

$89.63

$90.60

12/21/2015

$89.56

$85.57

$85.60

$82.77

$93.25

$96.74

$91.03

$86.12

$84.28

$93.57

$89.92

$90.89

12/22/2015

$89.71

$85.71

$85.74

$82.92

$93.46

$96.82

$91.20

$86.38

$84.41

$93.57

$90.21

$91.17

12/23/2015

$89.84

$85.85

$85.89

$82.92

$93.66

$96.90

$91.35

$86.38

$84.56

$93.57

$90.21

$91.17

12/24/2015

$89.84

$85.97

$85.89

$82.92

$93.85

$96.90

$91.35

$86.38

$84.56

$93.57

$90.21

$91.17

12/28/2015

$89.84

$86.07

$86.00

$82.92

$93.85

$96.97

$91.35

$86.64

$84.70

$93.78

$90.21

$91.17

12/29/2015

$89.97

$86.19

$86.12

$82.92

$94.03

$97.04

$91.49

$86.86

$84.81

$94.02

$90.21

$91.42

$91.42

12/30/2015

$90.08

$86.29

$86.12

$82.92

$94.03

$97.04

$91.65

$86.86

$84.81

$94.23

$90.21

12/31/2015

$90.08

$86.37

$86.12

$82.92

$94.03

$97.10

$91.65

$86.86

$84.81

$94.23

$90.21

$91.42

1/4/2016

$90.17

$86.43

$86.19

$82.92

$94.19

$97.15

$91.76

$87.03

$84.90

$94.40

$90.45

$91.42

1/5/2016

$90.27

$86.51

$86.28

$83.04

$94.35

$97.21

$91.86

$87.20

$85.00

$94.56

$90.45

$91.66

1/6/2016

$90.38

$86.59

$86.37

$83.14

$94.51

$97.26

$91.97

$87.35

$85.09

$94.70

$90.45

$91.89

9

1/7/2016

$90.47

$86.64

$86.44

$83.22

$94.63

$97.31

$92.07

$87.50

$85.17

$94.84

$90.66

$91.89

1/8/2016

$90.55

$86.70

$86.48

$83.31

$94.74

$97.35

$92.19

$87.50

$85.25

$94.84

$90.66

$92.11

1/11/2016

$90.61

$86.72

$86.49

$83.38

$94.83

$97.38

$92.25

$87.58

$85.29

$94.94

$90.66

$92.11

1/12/2016

$90.67

$86.74

$86.52

$83.42

$94.83

$97.40

$92.32

$87.58

$85.33

$95.04

$90.66

$92.32

1/13/2016

$90.71

$86.75

$86.54

$83.46

$94.89

$97.41

$92.36

$87.58

$85.33

$95.04

$90.66

$92.47

1/14/2016

$90.76

$86.75

$86.55

$83.48

$94.89

$97.43

$92.42

$87.59

$85.33

$95.09

$90.80

$92.57

1/15/2016

$90.77

$86.74

$86.55

$83.46

$94.92

$97.43

$92.43

$87.60

$85.33

$95.11

$90.91

$92.57

1/19/2016

$90.78

$86.75

$86.56

$83.46

$94.97

$97.45

$92.46

$87.60

$85.34

$95.15

$90.91

$92.65

1/20/2016

$90.78

$86.76

$86.57

$83.44

$95.03

$97.45

$92.47

$87.59

$85.34

$95.18

$90.91

$92.71

1/21/2016

$90.83

$86.80

$86.62

$83.43

$95.09

$97.47

$92.52

$87.69

$85.40

$95.18

$91.06

$92.71

1/22/2016

$90.89

$86.86

$86.69

$83.47

$95.17

$97.51

$92.59

$87.79

$85.49

$95.26

$91.15

$92.77

1/25/2016

$90.95

$86.92

$86.75

$83.51

$95.25

$97.54

$92.65

$87.90

$85.58

$95.26

$91.32

$92.92

1/26/2016

$91.02

$86.99

$86.82

$83.55

$95.34

$97.58

$92.73

$88.03

$85.66

$95.34

$91.49

$92.92

1/27/2016

$91.08

$87.04

$86.89

$83.59

$95.41

$97.61

$92.80

$88.15

$85.74

$95.42

$91.49

$93.07

10