#1Alcon Investor Presentation March 2019#2Legal Disclaimers Alcon Forward-Looking Statements This presentation contains "forward-looking statements" that involve risks and uncertainties. These statements can be identified by the fact that they do not relate strictly to historical or current facts, but rather are based on current expectations, estimates, assumptions and projections about the eye care industry and our business and financial results. Forward-looking statements often include words such as "anticipates," "estimates," "expects," "projects," "intends," "plans," "believes" and words and terms of similar substance in connection with discussions of future operating or financial performance. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Our actual results may vary materially from those expressed or implied in our forward-looking statements. Accordingly, undue reliance should not be placed on any forward-looking statement made by us or on our behalf. Important factors that could cause our actual results to differ materially from those in our forward-looking statements include government regulation, economic, strategic, political and social conditions and other factors, including but not limited to: uncertainties regarding the commercial success of our products and our ability to maintain our share of the markets in which we compete; our ability to keep pace with the advances in the highly competitive eye care devices market; the success of our research and development efforts; uncertainties regarding the success of our separation and spin-off from Novartis, including our ability to achieve our expected benefits; pricing pressure from changes in third-party coverage and reimbursement methodologies; general political and economic conditions; consolidation among our distributors and retailers; uncertainties regarding actual or potential legal proceedings and government investigations; potential product recalls or voluntary market withdrawals in connection with defects in or unanticipated use of our products; regulatory actions or delays or government regulation generally; changes in tax laws; changes in IFRS as issued by the International Accounting Standards Board or other applicable accounting policies; the potential volatility in the price of our shares; uncertainties regarding future sales or dispositions of our shares; and other risks and uncertainties detailed in the section titled "Risk Factors," "Legal Proceedings" and other sections of the Alcon Inc. Form 20-F Registration Statement filed with the Securities and Exchange Commission ("SEC") and available on the SEC's website at http://www.sec.gov. We caution you that the foregoing list of important factors is not intended to be exhaustive and may not contain all the material factors that are important to you. Any forward-looking statements made by us in this presentation speak only as of the date on which they are made. We are under no obligation to, and expressly disclaim any obligation to, update any forward-looking statements as a result of new information or future events or developments, except as required by law. Non-IFRS Financial Measures We have prepared our financial results in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. In addition, we have discussed in this presentation our results using certain non-IFRS financial measures. Management believes that these non-IFRS financial measures provide an additional means of analyzing the results of the periods presented against corresponding results from other periods. However, these non-IFRS financial measures should be viewed in addition to, and not as a substitute for, Alcon's reported results prepared in accordance with IFRS. Our non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with our combined financial statements prepared in accordance with IFRS. Please refer to the appendix of this presentation for definitions and reconciliations of non-IFRS financial measures. In addition, non-IFRS measures are footnoted, where applicable, in each slide herein. Notice Regarding Financial Information The business of Alcon did not form a separate legal group of companies in all years for which historical financial information is presented in this presentation. As a result, the historical financial information contained in this presentation was prepared on a carve-out basis derived from Novartis' consolidated financial statements and accounting records. This financial information includes certain expenses of Novartis that were allocated to us for certain corporate functions. These shared expenses may not represent the amounts that would have been incurred had we operated autonomously or as an entity independent of Novartis. Consequently, the financial information included in this presentation are not necessarily indicative of results that may be expected in the future. This presentation also contains estimates, projections and forecasts, including certain five-year outlook measures regarding Alcon's future financial performance. As with any projection or forecast, these five-year outlook measures are inherently susceptible to uncertainty and are based on various assumptions that may turn out to be incorrect. Our actual results may vary materially from our outlook due to risks and uncertainties including but not limited to those listed above under "Forward-Looking Statements". Accordingly, undue reliance should not be placed on the outlook included in this presentation. We are under no obligation to, and expressly disclaim any obligation to, update our outlook included in this presentation as a result of new information or future events or developments, except as required by law. Intellectual Property This report may contain reference to our proprietary intellectual property. All product names in this presentation are trademarks owned by or licensed to the Novartis Group. Miscellaneous This presentation is for informational purposes only and is not an offer to sell, or a solicitation of an offer to buy or sell, any securities of Novartis or, following the spin-off, of Alcon, and may not be relied upon in connection with the purchase or sale of any such security. Should you wish to invest in Alcon, you should do so solely on the basis of information Alcon will file with the SEC at or around the time of the spin-off, including the section "Risk Factors" included therein. The information filed with the SEC will be available on the SEC's website at http://www.sec.gov. Alcon is a Novartis Division. 2#3Alcon at a glance Alcon $7b sales growing eye care device leader $23b market growing at 4%¹ favorable market trends with significant opportunities to grow and expand #1 or #2 in all categories within Surgical & Vision Care¹ Note: Numbers are rounded for presentation purposes and based on 2018 sales 1. Market Scope, GfK, Nielsen, IQVIA, Euromonitor, Alcon internal estimates 140+ countries served by over 20,000 employees strong & experienced management team 3#4In 2016 we outlined a plan - and strong results have followed 1 Fix the foundation and strengthen execution 1 Sales have returned to growth1 3 2 Invest in promotion, capital and systems Reinvigorate the innovation pipeline 4 Strengthen the customer relationship over the last several quarters 6% 3% 4% 5% 5% 5% 4% 1% -1% 5 Develop a nimble medical device culture FY16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 3 Launched new products. (e.g. PanOptix, Ngenuity, DAILIES TOTAL1 multifocal) and expanded the pipeline 4 Service levels at a 3 year high; increased customer training and field service personnel by 10% 1. Sales growth figures presented in constant currency (cc), which is a non-IFRS measure. Note: Some quarterly growth rates have been impacted by inventory movements Alcon 2 Highest ranking of customer satisfaction in major markets; SAP now spans ~60% of sales; significant capital investment in contact lenses 5 Voluntary employee turnover at a 6 year low អ#5Sizeable opportunities with substantial unmet medical need Alcon People: 80% of visual impairment is preventable or curable¹ could be saved with $102b appropriate eye care services1 153 million with uncorrected refractive errors 1 1.7 billion have presbyopia² 1. World Health Organization (WHO), www.who.int/blindness 352 million 20 million are blind from cataracts¹ 93 million have diabetic retinopathy4 live with dry eye³ 2. Global Prevalence of Presbyopia and Vision Impairment, 2018 Oct;125(10): 1492-1499. doi: 10.1016/j.ophtha 3. Epi Database. Kantar Health. June 2015. Custom Dry Eye Self-Reported Prevalence ages 40+, 16 markets 67 million live with glaucoma 5 4. Global Prevalence and Major Risk Factors of Diabetic Retinopathy, Diabetes Care 2012 Mar; 35(3): 556-564 5. Glaucoma Foundation, http://glaucomafoundation.org/Get Involved.htm 5#6Eye care devices represent a large and growing $23b market Alcon Total Market Surgical O Vision Care REFRACTIVE ERRORS 6 PRESBYOPIA 2017 Industry Sales1 ($b) Implantables² Consumables² Equipment / Other² Contact Lenses Ocular Health² 6 RETINAL DRY EYE CATARACTS DISEASES 8 2 2018E-2023E Industry CAGR1 $23b 4% 3 6% $9b 4 3% CAGR: 4% 2% 4% $14b CAGR: 4% 4% GLAUCOMA 1. Market Scope, GfK, Nielsen, IQVIA, Euromonitor, Alcon internal Estimates, see "Legal Disclaimers" slide for more information about future industry growth projections 2. Implantables include IOLs, surgical glaucoma devices; Consumables include cataract, vitreoretinal, and refractive disposable instruments; Equipment includes cataract and vitreoretinal consoles and accessories, FLACS lasers, refractive lasers, equipment service & maintenance, microscopes, diagnostics, and drops for mydriatics, cycloegics, diagnostics, and anesthetics; Ocular Health includes non-Rx dry eye drops, contact lens care solutions, ocular vitamins, non-Rx allergy drops, and non-Rx red eye drops 6#7Favorable megatrends underpin strong market potential Alcon Aging population with growing eye care needs Innovation improving the quality of eye care Increasing wealth and growth from emerging economies Myopia prevalence is growing; increased screen time and mobile device use is impacting vision Population over age 60 will double by 2050 (>1b people) 1 Patients have more options and better outcomes Middle class will grow by ~1.5b people in the next 10-15 years² By 2050, half the world, ~5b people, will be myopic ³ 1. United Nations (UN), http://www.un.org/en/sections/issues-depth/ageing/ 2. The unprecedented expansion of the global middle class an update, Kharas 2017 3. Global Prevalence of Myopia and High Myopia and Temporal Trends from 2000 through 2050, Holden, Brien A. et al., Ophthalmology, Volume 123, Issue 5, 1036 - 1042 7#8Diversified portfolio across businesses and geographies Alcon Vision Care $3.1b 27% Contact Lenses 17% 16% Implantables Alcon 2018 Sales $7.1b Ocular Health 9% Equipment / Other Surgical $4.0b 31% Consumables International $4.2b 59% Alcon 2018 Sales $7.1b 41% U.S. $2.9b 8#9Leading position in the global Surgical market 2018 Global Surgical Sales¹ ($b) Others Alcon 2017 Industry Sales1 ($b) 2018E-2023E Industry CAGR1 Implantables 3 6% B+L -$9b Market 4.0 Alcon Consumables 4 3% Equipment/Other 2 2% ZEISS Johnson Johnson VISION 1. Market Scope; Alcon internal estimates; see "Legal Disclaimers" on slide 2 for more information about future industry growth projections Total 9 4% 9#10The most complete line of ophthalmic surgical devices Surgical sales $b 4.0 Market position Products AcrySof brand IOLs #1 1.2 Implantables Globally UltraSert pre-loaded IOL Clareon AutonoMe pre-loaded IOL Cataract consumables Alcon AcrySof. IQ PanOptix. PRESBYOPIA-CORRECTING IOL ACRYLIQ TORIC Cleras L Vitreoretinal instruments & consumables Consumables #1 2.2 Globally Custom surgical packs DucVisc Refractive consumables Cataract Refractive Suite 0.6 Equipment / Other #1 Globally Vitreoretinal Constellation Vision System Refractive Wavelight System 2018 9 Source: Market Scope, Alcon internal estimates Note: Implantables include IOLs, surgical glaucoma devices; Consumables include cataract, vitreoretinal, and refractive disposable instruments; Equipment includes cataract and vitreoretinal consoles and accessories, FLACS lasers, refractive lasers, equipment service & maintenance, microscopes, diagnostics, and drops for mydriatics, cycloegics, diagnostics, and anesthetics 10#11Focusing on 2 near term growth drivers 1 Advanced Technology IOLs 2 Vitreoretinal PanOptix® constellationi VISION SYSTEM Mivs THE MICROINCISIONAL EDGE • Build on new product launches to drive AT-IOL share and increase margins • Deepen technology penetration in key markets • Address barriers to adoption with new technologies and business models Alcon · • Advance smaller incision surgery and safer vitrectomy instruments Accelerate conversion from optical to digital surgery 11#12Leading global IOL share with room to grow AT-IOLs Alcon Global IOL Segment Share %, 2017 Segment Description % of Market units Value per lens Johnson Johnson Vision Care B+L 0 ZEISS 4 31 222 22 Source: Market Scope quarterly Note: All trademarks are property of the respective owner Presbyopia Correcting (multi-focal) 5-8x Alcon % of Market revenue AT-IOLS 8% 30% Astigmatism Correcting (toric) 3-4x Monofocals Myopia/Hyperopia Correcting 92% Base Value 70% PanOptix® 12#13Unmatched equipment installed base Alcon equipment installed base (2001-2018) 7th gen 1st gen 2017 installed base share (%) Alcon 2017 new installs 2001 3rd gen 1st gen 2001 3rd gen 1st gen 2001 Phaco machines 2018 52% J&J B+L #1 48% B+L Vitrectomy machines1 2018 34% J дад ZEISS Refractive lasers² 2018 Source: Market Scope; Alcon internal estimate Note: All trademarks are property of the respective owner 1. Includes combined units that can perform both cataract and vitrectomy procedures 2. Includes excimer and femtosecond lasers 3. Refers to new installs of excimer lasers DORC Globally #1 Globally #1³ Globally 13#14Equipment footprint delivers a recurring consumable contribution Consumables that work with Alcon equipment 40% Alcon Custom Surgical Packs combining Alcon & 3rd party products Flexible contracting methods that enable adoption of latest technology SRAE Alc US L340 715 AIM of consumables sales from dedicated items¹ • Reduces operating room complexity, improves inventory management • Alcon delivers over 11,000 configurations using >2,500 components worldwide 1. Dedicated items include fluidic management system (FMS) packs and patient interfaces DuoVisc 14#15A leading position in the global Vision Care market 2018 Global Vision Care Sales¹ ($b) Others Alcon 2017 Industry Sales1 ($b) 2018E-2023E Industry CAGR1 Contact Lenses 8 4% B+L ~$14b market 3.1 Alcon Ocular 6 4% Health CooperVision Johnson Johnson VISION Total 14 4% 1. Source: GFK, Nielsen, IQVIA, CBG, Euromonitor data, Market Scope, Company filings, Alcon internal estimates; see "Legal Disclaimers" on slide 2 for more information about future industry growth projections Note: All trademarks are property of the respective owner 15#16A leading portfolio of recognizable brands Vision Care sales $b 3.1 Market position¹ Portfolio includes: 1.9 Contact Lenses #2 Globally DAILIES TOTAL1 water gradient lenses DAILIES AquaComfort Plus AIR OPTIX monthly reusable lenses AIR OPTIX COLORS cosmetic lenses FreshLook cosmetic lenses SYSTANE family of Dry Eye products CLEAR CARE cleaning 1.2 Ocular Health #1 Globally and disinfecting solution MULTIFOCAL DAILIES TOTAL1 WATER BEAR DAY CONTACT LEHETE Alcor Systane COMPLETE OPTIMAL BRY IVE RECE NEW Systane ULTRA LUCANEYE DROPS HYDRATION Pukegelonging 2018 OPTI-FREE family of multi-purpose solution and rewetting drops Note: Numbers may not add up due to rounding 1. Source: Nielsen, IQVIA, CBG, Euromonitor data, Market Scope, third party research, and Alcon internal estimates Alcon nano - Freshlook ILLUMINATE Alcontr Alcon Alcon Freshlook COLORS AIR OPTIX COLORS Alcor for ASTIGMATISM AIR OPTIX™ DAILIES AquaComfort PLUS ONE BAY CONTACTLESS Alcon CLEAR CARE HYDROGEN PEROXIDE TRIPLE ACTION 10ml Alcori Alcori 90 Alcon Enhanced Comfort OPTI- FREE Replenish puremoist. OPTI- FREE OPTI- FREE Express. All Day Comfort eryday Comfort Mistre Cafe Megt Alcori Alcon 16#17Breakdown of Contact Lens Market sub-categories MODALITY Reusable $8b Daily 2017 Contact Lens Market Breakdown¹ % Sales DESIGN . Market shifting from reusable to daily disposable lenses . . Sales per patient increases 2-3x • for daily disposable wearers 1. Source: GfK, third party research, and Alcon internal estimates Sphere Cosmetic $8b Toric Multi-Focal Increasing demand for premium lenses (Toric, Multi-Focal, Cosmetic) Premium lenses command ~15-30% premium over spherical lenses due to added benefits • • GEOGRAPHY Alcon International $8b US Accelerating growth in under- penetrated international markets North America, Western Europe, and Japan remain highest penetration markets 17#18Significant opportunity for growth in Ocular Health 2017 Ocular Health Market Breakdown¹ % Sales Alcon #1 Market position #1 Market position Dry Eye Contact Lens Care (CLC) Vitamins Allergy Red Eye Market forces Increased awareness of treatment options drives demand Growth in daily lenses inversely impacts CLC in developed markets Aging population leads to uptick in consumption 1. Source: Nielsen, IQVIA, CBG, Euromonitor data, Market Scope, third party research, and Alcon internal estimates Growth in market with younger population and increased economic means Alcon New technology revitalizing growth, disadvantages older mechanisms 18#19Focusing on 2 near term growth drivers 1 DAILIES TOTAL1 DAILIES TOTAL1® ONE DAY CONTACT LENSES DAILIES TOTALL 2 Dry Eye Systane COMPLETE LUBRICANT EYE DROPS Systane COMPLETE nane Sestand • Grow DAILIES TOTAL1 family of products • Continue global roll-out of SYSTANE Complete • Expand presbyopia category through increased consumer awareness, lens comfort and quality • Leverage #1 position in Dry Eye Capitalize on market shift to daily disposable • Alcon Grow consumer demand with investments in DTC marketing 19#20VISION CARE SURGICAL Rich pipeline to fuel growth into the future SELECTED LAUNCHES Recent 2018-2020 2020+ Alcon Clareon with Autonome (Intl) Ultra Sert PanOptix Trifocal (Intl) ReSTOR Toric with ACTIVEFOCUS (US) NGENUITY 3D Pan Optix Trifocal (US) Non-diffractive presbyopia correcting IOL Clareon with AutonoMe (US) ORA System with VerifEye Lynk CENTURION Active Sentry Handpiece Alcon first Digital Health Platform 4 major new IOL platforms (e.g. accommodating) Next generation cataract and vitreoretinal technology platforms Integrative technologies to connect the clinic to the operating room AIR OPTIX plus HydraGlyde DAILIES Total1 Multifocal Clear Care plus HydraGlyde SYSTANE Complete FRESHLOOK - 5 new designs AIR OPTIX plus HydraGlyde (Toric and Multifocal lenses) PRECISION 1 new daily disposable contact lens platform DAILIES Total1 for Astigmatism 2 innovative new contact lens platforms Accommodating contact lens SYSTANE product line expansion Note: Global launch unless otherwise indicated 20 20#21Alcon Q4 results update • Sales growth • Surgical Solid growth in Surgical and Vision Care 5% constant-currency growth for full year 2018 Double digit growth of AT-IOLs Robust consumables expansion . Double digit growth of Dailies Total1 Vision Care . Strong performance of Systane franchise Operating expense ■ Margin expansion • Alcon Continued investment behind long-term growth drivers, operational improvements and preparation for the spin-off Driven by higher sales and improved gross margin 21#222023 financial outlook Sales growth (% CAGR 2018-2023) Core operating margin² (%) Capex (as % of sales) Core tax rate² (%) 2023E1 Mid-single digit Low-to-mid 20s Mid-single digit High-teens 1. 5 year outlook is subject to various risks and uncertainties. See "Legal Disclaimers" on slide 2 2. Sales growth figures presented in constant currency (cc), which is a non-IFRS measure Alcon 22 22#23Committed to delivering significant margin expansion Core operating margin 1,2 (% of sales) Mid-to-high teens % 2018 Alcon Drivers of margin improvement Sales acceleration on the back of near term growth drivers and new innovation Low-to-mid 20% + Favorable product mix Gross Margin improvement Operational efficieny and P&L leverage 2023E 2.5 year outlook for our core operating margin expansion is subject to various risks and uncertainties. See "Legal Disclaimers" on slide 2 1. Core operating margin is a non-IFRS measure + Manufacturing efficiencies from new lower cost contact lens platforms SG&A improvement as we leverage existing infrastructure (built up during turnaround phase) Process & cost efficiencies from global business services and reaping benefits of SAP implementation 23 23#24Cash flow generation expected to increase 2.5x-3.0x by 2023 Free cash flow 1,2 ($) 2018 2.5 - 3.0x 2023E Including separation costs in 2019-2020 of -$0.3b 1. 5 year outlook for our free cash flow generation is subject to various risks and uncertainties. See "Legal Disclaimers" on slide 2. 2. Free cash flow is a non-IFRS measure Drivers Sales growth Alcon + Margin expansion Stabilization of capital and IT investments 24#25Clearly defined capital allocation framework Key priorities ③ Invest in organic growth drivers Invest in R&D Investment Organic growth Dividends Capital enhancements Disciplined BD&L and M&A о Return to shareholders Expect to pay regular cash dividend beginning in 2020 at approximately 10% of 2019 core net income¹ Alcon Returns to shareholders Operating cash flow Share buyback Business Development & Licensing (BD&L) Mergers & Acquisitions (M&A) Targeting investment grade credit rating 1. Future dividend policy, including potential dividend increases, will be subject to recommendation by the new Alcon Board of Directors and shareholder approval 25#26BD&L and M&A strategy primarily focused on new technologies Innovation driven with particular interest in next-generation technologies Focus on bolt-on acquisitions to surgical, vision care and adjacencies Agnostic to source of innovation Alcon Opportunity to leverage Alcon's global footprint/scale 9- Flexibility to execute different investment structures 26#27Maintaining flexibility with our balance sheet and investment grade profile 1 2 3 4 Alcon 5 Alcon will be externally financed at spin-off Financing at spin will be provided by bank debt / loans Part of this bank debt is expected to be re-financed in the capital markets Net financial debt of $3b at the time of spin Targeting investment grade credit rating from ratings agencies $ II II 具 27#28A 100% spinoff will be in the best interest of shareholders Alcon Alcon incorporated and headquartered in Switzerland; Fort Worth will continue to be a key location Dual listing on SIX Swiss Exchange and NYSE with one global share (Ticker: ALC) 1 Alcon share for every 5 Novartis shares / ADRs 1 Expected completion in Q2 2019 and earliest in April Novartis shareholders approved the spinoff at the 2019 Novartis Annual General Meeting on February 28. Completion remains subject to certain conditions precedents, such as no material adverse events and receipt of necessary authorizations 1. Any fractional interest will be compensated in cash 28#29In summary, the global market leader in eye care devices Alcon +11 Favorable market trends with significant opportunities to grow and expand World leading expertise, focused strategy and strong management team --- Strong pipeline filled with significant innovation Partner of choice to secure external technologies Disciplined capital allocation framework with growth on top and bottom line 29#30Alcon