Baxter Hillrom Acquisition Presentation

Transaction summary Terms Financing Acquisition of 100% of outstanding Hillrom shares for $156.00 per share in cash Represents an equity value of $10.5 billion and enterprise value of $12.4 billion 26% premium to unaffected stock price as of July 27, 2021 ■ Assumption / repayment of all outstanding Hillrom debt Fully committed bridge facility of $11.4 billion in place ■ Permanent debt financing to be secured prior to close Baxter Timing Transaction expected to close in early 2022, subject to Hillrom shareholder approval and other customary closing conditions (including regulatory approvals) H Hillrom 16

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