VALEANT FUND, L.P.

Private Offering Summary

Investment Objective
The objective of the Fund is to, over the long haul, beat all three major indices DJIA, S&P 500 and the Nasdaq Composite. I believe that in beating these three formidable benchmarks we will have also beaten 90+% of mutual and hedge fund managers.

Note: Refer to attached document for details on the Funds objective and motivation.

Investment Strategy
The investment manager will employ a disciplined investment process, utilizing his financial expertise, experience and investment techniques to research and evaluate fundamental factors, in seeking to achieve the objectives of the Fund.
The Fund will be a focused portfolio comprising of a few securities that the investment manager believes are undervalued.

Investment Strategy
The Fund
Will invest in publicly traded US equity, equity derivatives and

bonds. Has the ability to use leverage but limited to no more than 30% of total fund asset value. Will not engage in shorting of any security. Will not engage in trading of any form of futures or forward contracts.

Note: Refer to attached document for details on the investment

philosophy and partnership rules.

Alignment of Interest between the Investor and the Investment Manager

The investment manager will contribute at least 50% of

the initial Fund capital. The investment manager intends to reinvest all fees earned back into the Fund. The Fund fee structure is strictly performance based. The fees are subject to high-water marks.
The above guidelines are designed to provide complete

alignment of interests between the investor and the investment manager.

Fee Structure
No management fees are charged by the Fund unless

defined performance criteria are met. Management fees charged by the Fund are strictly performance-based. The first 6% of annual returns go to investors. The returns generated above 6% are split in a 3:1 ratio between investors and the fund management. All fees are subject to high-water marks. That is, the Fund must be at an all time high for any fee to be payable.

Suitability of Investment
The Fund is ideally suited for investors that have a longterm orientation in investing and are comfortable getting a few data points every year on their investment.

Fund Policies
Minimum Initial Investment: Redemption:

$20,000 Redeem all or portion of interest in increments of not less than $10,000. Redemptions are allowed once a year (on 12/31) with a 60 day advance notice. Follow-on subscriptions are allowed every quarter (1/1, 4/1, 7/1,10/1) with a minimum of $10,000 The Fund does not intend to make current distributions of income.

Subscription:

Fund Distributions:

About the Investment Manager

8 years investment experience managing family portfolio Chartered Financial Analyst Level II certification MBA (in progress) at Leeds, UCB MS at Texas A&M University with background in Statistics and

Probability Theory