Baxter Hillrom Acquisition Presentation

Meaningful value creation opportunity Scale & Growth Cost Synergies A stronger partner for our customers with broadened product and service offering globally ■ Multiple opportunities to expand WAMGR and accelerate growth through an increased presence across connected care, hospital, non-acute and home care settings, as well as in international markets ■ Expected to realize $250M of cost synergies by year 3, with additional opportunities thereafter ▪ Largely expense focused on back-office optimization, manufacturing & supply chain infrastructure, and certain other G&A savings Robust Shareholder Returns ■ Adjusted earnings accretion of low double digits expected in year 1 post close, increasing to 20%+ by year 3 and expanding thereafter, excluding any potential revenue growth opportunities ■ High-single digit Return on Invested Capital (ROIC) expected by year 5 Balance Sheet Implications ■ Projected net leverage ratio of ~4.2x Net Debt / LTM Adjusted EBITDA at close ■Committed to maintaining a solid investment grade credit rating with a priority to de-lever over time Capital Allocation Committed to dividend payment ■ Expect to moderate share repurchase program in the near-term to focus on de-levering Baxter H Hillrom 17

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