Bausch Health Companies Shareholder Engagement Presentation Deck

11 Approach for Future Spin-off of Bausch + Lomb PHASE 1: Announcement and Preparations Aug. 2020-May 2022 Financial segmentation / reporting changes Leadership appointments ● ● ● Other preparations and planning for B+L IPO BAUSCH- Health TODAY PHASE 2: B+L Initial Public Offering May 2022 B+L began operating separately, but still as a majority Bausch Health- owned entity • Working towards requirement for a target net leverage ratio (~6.5x- 6.7x) PHASE 3: Future Spin-Off of B+L Timing TBD Contingent on achieving target leverage Flexibility to monetize ~8% of BLCO ● Future distribution of remaining shares of BLCO to existing Bausch Health shareholders

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