#1Baxter eaning Differ 18 Curion An TIK BUN Curren Baxter PERFORMANCE AND TRAJECTORY José (Joe) E. Almeida Chairman, President and CEO May 21, 2018#2Safe Harbor Statement This presentation includes forward-looking statements concerning Baxter's financial results, R&D pipeline, including planned product launches (many of which are subject to regulatory approval) and results of clinical trials, business development activities, capital structure, cost savings initiatives, Baxter's long range plan (which includes financial outlook for 2018, 2020 and 2023) and other growth strategies. The statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward- looking statements: demand for and market acceptance of risks for new and existing products; product development risks; product quality or patient safety concerns; continuity, availability and pricing of acceptable raw materials and component supply; inability to create additional production capacity in a timely manner or the occurrence of other manufacturing or supply difficulties (including as a result of a natural disaster or otherwise); breaches or failures of Baxter's information technology systems, including by cyberattack; future actions of regulatory bodies and other governmental authorities, including FDA, the Department of Justice, the New York Attorney General and foreign regulatory agencies; failures with respect to compliance programs; future actions of third parties, including payers; U.S. healthcare reform and other global austerity measures; pricing, reimbursement, taxation and rebate policies of government agencies and private payers; the impact of competitive products and pricing, including generic competition, drug reimportation and disruptive technologies; global, trade and tax policies; accurate identification of and execution on business development and R&D opportunities and realization of anticipated benefits (including the recent acquisitions of Claris Injectables and two surgical products from Mallinckrodt plc); the ability to enforce owned or in-licensed patents or the patents of third parties preventing or restricting manufacture, sale or use of affected products or technology; the impact of global economic conditions; fluctuations in foreign exchange and interest rates; any change in law concerning the taxation of income (including current or future tax reform), including income earned outside the United States; actions taken by tax authorities in connection with ongoing tax audits; loss of key employees or inability to identify and recruit new employees; the outcome of pending or future litigation; the adequacy of Baxter's cash flows from operations to meet its ongoing cash obligations and fund its investment program; and other risks identified in Baxter's most recent filing on Form 10-K and other Securities and Exchange Commission filings, all of which are available on Baxter's website. Baxter does not undertake to update its forward-looking statements. Baxter 12#385+ year heritage of saving and sustaining lives One of the most trusted brands in medical products Unique opportunity to create shareholder value Strong global business with great people Established market leadership across portfolio Baxter | 3 10 ol#4Baxter Profile 60M+ patients treated annually Products in 100+ countries Baxter Global Revenue¹ $10.6B 2017 Sales Revenue by Region¹ O Americas 54% EMEA 26% Asia Pacific 20% ¹Sales and related figures represent FY 2017 I 4#5Baxter Profile Market-leading positions Broad reach and channel strength Baxter 33% away ww RENAL CARE Chichea clearers Content des cybe www. S wird. OLIMEL 8% storimay tales en kcal Calories non protéiques env. 1260 kcal 13,5 q Azote Ratio calories non protéiques/aaple fusion Glucose Lipides Ratio calories glucidiques/ MOR : 93 kcal/g 165,0 g 60 g Revenue by Business¹ CLINICAL NUTRITION 281322 HOC 03-01 DA 0.9% Sodium Chloride Injection USP 26%* ETERNITY Dr H SEAS OF CLEAR H QUESARAY TO USE VIAFLE BANT JANT fo MEDICATION DELIVERY F Homostati ADVANCED SURGERY 18% 50 mL Iso-osmotic 68 dmt contains: Oxactlin Sodium equivalent Dextrose hydrous, USP added to adjus are Hydrous USP added as a bulter, pl have been adjusted with sodium b aucht so.dis USE PHARMACEUTICALS 4% ACUTE THERAPIES ¹Sales and related figures represent FY 2017; Other sales represent ~4%. | 5#6Baxter 2020: Focused On Sustained Top Quartile Performance Baxter Quality and patient safety Best place to work Industry leading performance Driving Improved Performance To Deliver Optimal Results For Patients, Customers, Shareholders And Employees | 6#7¿ Baxter Driving Results: Quality and Patient Safety Investing in quality systems and processes Improving key quality metrics Three warning letters closed Strengthening relationships with global regulators 108 A 64 3.6 | 7 3:35 1.9#8Baxter QUAL 16 Driving Results: Best Place to Work Recognized as an outstanding employer Forbes 2018 AMERICA'S BEST LARGE EMPLOYERS POWERED BY STATISTA EMPLOYER AON® BESTEMPLOYERS WGEA Employer of Choice for Gender Equality 3BLIA Corporate Responsibility Magazine's 100 BEST CORPORATE CITIZENS 2018 CHINA | 2017 BEST OF THE T BEST 2018 FTSE4Good HISPANIC STEM WORKFORCE DIVERSITY network 2018 Women's Choice Award The Voice of Women THE CIVIC 150 READERS CHOICE TOP 50 EMPLOYERS RIGHTS CAMPAIGN A noted leader in corporate social responsibility E BEST ITU MAN PLACES TO WORK 2018 for LGBTQ Equality 100% CORPORATE EQUALITY INDEX MEMBER OF Dow Jones Sustainability Indices In Collaboration with RobecoSAM | 8#9Baxter Driving Results: Industry Leading Performance STRONG PROGRESS ACROSS THREE CRITICAL DRIVERS Portfolio and Innovation Management Operational Excellence Capital Allocation 19