#1ADM in 686089 Baxter RENAL CARE LEE ANN SCHUETTE President, Renal Care 2022 Investor Conference#2Forward-Looking Statements The presentations being made on May 25, 2022 include forward-looking statements concerning Baxter's financial results, R&D pipeline, including planned product launches (many of which are subject to regulatory approval and may require additional investment) and results of clinical trials, business development activities (including anticipated cost and revenue synergies), capital structure, cost savings initiatives, Baxter's long range plan (which includes financial outlook for 2022 and 2022-2025) and other growth strategies. These forward-looking 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: the impact of global economic conditions (including the ongoing war in Ukraine and the related economic sanctions being imposed globally in response to the conflict and potential trade wars) and public health crises and epidemics, such as the ongoing coronavirus (COVID-19) pandemic, on the company and its employees, customers and suppliers, including foreign governments in countries in which the company operates; demand for and market acceptance of risks for new and existing products; product development risks (including satisfactory clinical performance and obtaining required regulatory approvals); product quality or patient safety concerns; continuity, availability and pricing of acceptable raw materials and component supply (including impacts from COVID-19); 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, public health crises and epidemics/pandemics, geopolitical crises, regulatory actions or otherwise); accurate identification of and execution on business development and R&D opportunities and realization of anticipated benefits (including the acquisitions of Cheetah Medical, Seprafilm Adhesion Barrier, specified OUS rights to Caelyx/Doxil, full U.S. and specific OUS rights to Transderm Scop, PerClot, Hillrom and certain rights to Zosyn in the U.S. and Canada); breaches or failures of Baxter's information technology systems or products, including by cyberattack, unauthorized access or theft; the adequacy of Baxter's cash flows from operations and other sources of liquidity to meet its ongoing cash obligations and fund its investment program; loss of key employees or inability to identify and recruit new employees; future actions of regulatory bodies and other governmental authorities, including FDA, the Department of Justice, the SEC, the New York Attorney General and foreign regulatory agencies, including the continued delay in lifting the warning letter at Baxter's Ahmedabad facility; the outcome of pending or future litigation, including the opioid litigation and current and future ethylene oxide litigation or other claims; proposed regulatory changes of the U.S. Department of Health and Human Services in kidney health policy and reimbursement, which may substantially change the U.S. end-stage renal disease market and demand for the company's peritoneal dialysis products, necessitating significant multiyear capital expenditures, which are difficult to estimate in advance; 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; fluctuations in foreign exchange and interest rates; the ability to enforce owned or in-licensed patents or the prevention or restriction of the manufacture, sale or use of products or technology affected by patents of third parties; global, trade and tax policies; any change in laws concerning the taxation of income (including current or future tax reform), including income earned outside the United States and potential taxes associated with the Base Erosion and Anti-Abuse Tax or the Build Back Better framework; actions taken by tax authorities in connection with ongoing tax audits; 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 | 2022 Investor Conference 105#3Baxter Renal Care: Who We Are 70+ year history as an innovator in Renal Care A recognized global leader in Peritoneal Dialysis and Hemodialysis Focus on innovation to broaden access to care in underserved and undiagnosed patients edo Enhancing connected care and remote patient management to improve patient outcomes ~1M patients treated annually using Baxter Renal Care products ● theranova ● 0 S O O O D O#4Global Market Expected To Grow ~4% Through 2025 ~$14B ~$3.5B ~$10.5B 2022E CAGR ~4% Peritoneal Dialysis (PD) ~6% Hemodialysis (HD)¹ -3% Baxter 2022 Investor Conference ~$16B ~$4.3B ~$11.5B 2025E Market Dynamics Opportunities Substantial shift globally to home dialysis driven by: o Accelerating patient preference to conduct therapy at home, rise in telemedicine & innovation of connected health solutions o New policies incentivizing innovation and shift to home (e.g., AAKHI, TPNIES) Challenges Significant near-term adverse mortality impact on overall dialysis patient population ¹Includes hemodialysis performed in-center and at home. 107#5Market-Leading Portfolio Peritoneal Dialysis Enhance PD therapy adoption and extend time on therapy through innovation and market expansion to help improve patient outcomes PD Cyclers & Solutions Sharesource Ecosystem +00 Remote Patient Management Cham Baxter MyPD Patient App O 84% 86% T 7% 93% Analytics and Decision Support Adequest Prescription Mgmt Baxter | 2022 Investor Conference PD 71% FY 2021 Revenue¹ $3.9B HD 29% Hemodialysis Increase Expanded Hemodialysis (HDx) therapy adoption through market expansion and improve profitability S HD Monitor Systems, Dialyzers, Bloodlines, and Ancillaries Water Systems Digital Health Solutions Dialy Sync YOUR EMR IIIII... O IIIII - O O EMR Connectivity and Fleet Management 12021 PD revenue includes sales from Renal Technical Services and HD revenue includes sales from Renal Care Services. 108#6Strategy To Drive Above-Market Growth Of 4% - 5% Through 2025 Innovation Connected Care: • Deliver robust cadence of connected solutions to expand current ecosystem Core Therapies: Advance new technologies to simplify therapy, drive greater adoption and enhance profitability Baxter 2022 Investor Conference Market Development: ● Market Expansion Increase PD and Expanded Hemodialysis (HDx) therapy penetration through: Policy advocacy Education and awareness ● ● Expanding access in underserved markets .. Operational Efficiency Drive Efficiencies: ● Capacity investments to support PD therapy expansion Reduce total cost of delivering therapy Implement technology solutions across operations, commercial and development 109#7Building On Our Leadership In Connected Care Category Leader In Remote Patient Management Sharesource Home Dialysis Device Sharesource Cloud Baxter 2022 Investor Conference ▬▬▬▬▬▬▬▬▬▬▬ == ▬▬▬ Baxter == -- -- Hospital or Dialysis Unit ~32 Million Cumulative PD treatments managed with Sharesource across 50,000+ patients in 70+ countries ¹ Advancing Clinical Outcomes Robust set of clinical publications with 30+ peer-reviewed publications² Using Sharesource prolongs time on therapy by 3.4 months Associated with reduction of 39% in hospitalization rates and 54% in hospital days ¹Sharesource data points as of 12/31/2021. 2See references slide. 110#8Expanding Connected Care And Monitoring Ecosystem Shifting From Reactive to Personalized and Proactive Care: Analytics enabling proactive interventions to help address key causes of PD therapy dropout Adequest enabling HCPs to personalize therapy regimen 1 2 3 Making it Easier to Start and Stay on Therapy: myPD automating capture of key vital signs data for APD and CAPD into Sharesource PD Telecare remote service optimizing patient onboarding and reduce 90-day dropout Increasing Clinic Operational Efficiency: Decision Support with evidenced based best practices EMR Integration to enhance availability of insights within current clinical workflow Baxter 2022 Investor Conference K Adherence my PD JI Adherence P Adhes 77% 87% LT Days 19% Thes 81% Completed Tue 9% may 180 Cap 77% 68% 71% 73% Wildly Ally 77% 144 85 68 111#9Advancing The Standard Of Care With New Technologies Product design goals: Novel design to transform patient and customer experience Connected Care ecosystem expansion Remote service & troubleshooting Lower total cost of therapy to help expand access to Automated PD in developed and emerging markets ** Developing Next Generation Global APD Cycler Exploring Transformational Technologies ● Baxter | 2022 Investor Conference ● Prioritizing investments to drive new standards of care: Home PD solution generation Artificial Kidney technologies ● ● Investing In New Technologies To Help Simplify Therapy, Drive Greater PD Adoption, And Enhance Business Profitability 112#10Robust Innovation Pipeline Strengthens Baxter's Leadership Recent Launches Near Term Launches Homechoic Claria Homechoice Sharesource Analytics 1.0 Sharesource myPD PD Telecare ceClaria P Sharesource 84% 86% Las T Conped c 1% 10% my ( Baxter Baxter 2022 Investor Conference PA Sharesource Predictive Analytics Sharesource Adequest Geographic Expansion Patient Monitoring Suite Future Launches Next Generation Global APD Cycler Home PD Solution Generation Artificial Kidney Technology 113#11Investments In Market Expansion Expected To Accelerate PD Penetration Globally Market development efforts to further fuel PD growth: Advocacy for favorable policy and economics PD-favorable policies (AAKHI) • "Safer-at-Home" initiative ● Professional education & training on benefits of PD • "Modern PD" campaign highlights advantages in outcomes & quality of life • PD Excellence Academy - Digital training academy for nurses Patient education and shared decision-making (SDM) • SDM has been shown to drive up to 4x increase in patients choosing PD³ Reaching underserved patients • Corporate Responsibility Goal to double PD patients in developing markets by 20304 Baxter | 2022 Investor Conference U.S. Peritoneal Dialysis Penetration ¹,2 7.5% 2008 10.4% 2018 11.8% 2021 20%+ 2027+ ¹USRDS 2020 Annual Report (https://adr.usrds.org/2020/chronic-kidney-disease/1-ckd-in-the-general-population). 22027 estimates based on internal modeling, informed by AAKHI final 114 ruling. ³See references slide. 4Countries outside of the United States, Canada, Western Europe, Japan, Korea, Australia and New Zealand.#12We Are Driving Towards A Compelling Future State Patient care is proactive and personalized through innovation in connected care The patient and clinic experience is transformed through new therapy technologies Baxter | 2022 Investor Conference PD therapy penetration and growth is catalyzed globally Baxter's Renal Care Business Is Uniquely Positioned To Deliver This Vision 115#13References Slide 5 • Devoe, D et al. "Patient Education and Peritoneal Dialysis Modality Selection: A Systematic Review and Meta-analysis"; American Journal of Kidney Disease 2016; 68(3):422-433 Slide 6 "The use of Baxter's Sharesource remote patient management platform with an automated peritoneal dialysis (APD) cycler may improve the clinical effectiveness of home kidney patients care by extending their time on therapy by 3.4 months." Sanabria M et al. Time on Therapy in Automated Peritoneal Dialysis Patients with and without Remote Patient Monitoring Program: A Propensity Score Matching Cohort Study. Abstract presented at World Nephrology Congress. Virtual. 2022 [WCN22-0340] ● • A multicenter, retrospective cohort study matched n=63 APD patients without RPM to n=63 APD patients with RPM. Patients using APD with RPM had a 39% lower rate of hospitalization (p=0.029) and spent 54% fewer days in hospital (p=0.028) compared to APD without RPM. Sanabria et. al. Remote Patient Monitoring Program in Automated Peritoneal Dialysis Patients: Impact on Hospitalizations. Perit Dial Int. 2019; 39(5): 472-478. Baxter 2022 Investor Conference 116#14NORMAND P Baxter 2022 Investor Conference