#1BAUSCH See better. Live better. + LOMB Investor Presentation April 28, 2022 A second amended and restated preliminary base PREP prospectus containing important information relating to the securities described in this presentation has been filed with the securities regulatory authorities in each of the provinces and territories of Canada other than Quebec. A copy of the second amended and restated preliminary base PREP prospectus, and any amendment, is required to be delivered with this presentation. The second amended and restated preliminary base PREP prospectus is still subject to completion. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the (final) base PREP prospectus has been issued. This presentation does not provide full disclosure of all material facts relating to the securities offered. Investors should read the second amended and restated preliminary base PREP prospectus, the (final) base PREP prospectus, the supplemented PREP prospectus and any amendment for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.#2Disclaimer Unless the context requires otherwise, (a) references to "Bausch + Lomb," the "Company," "we," "us," and "our" refer to Bausch+Lomb Corporation and its consolidated subsidiaries after giving effect to the separation (the "Separation") from BHC and (b) references to "BHC," and "Bausch Health" refer to Bausch Health Companies Inc. and its consolidated subsidiaries other than Bausch+Lomb and Bausch + Lomb's subsidiaries. Unless the context requires otherwise, statements relating to our history describe the history of the Bausch+Lomb segment of BHC and forward-looking statements assume the completion of the Separation. In this presentation, unless otherwise specified, references to "$" are to United States dollars. This presentation contains "forward-looking information within the meaning of applicable U.S. and Canadian securities laws, including, but not limited to, Bausch Health's plan to spin off or separate its eye health business, including the timeline for such transaction (including the timing of the initial public offering and spinoff); Bausch + Lomb's future prospects, performance, competitive position, expenses, business strategies and plans; the anticipated growth of the eye health market and segments therein (including the estimated compound annual growth rates (CAGRS) of these markets); the anticipated mega trends driving the eye health market; expectations regarding Bausch + Lomb's product pipeline, including expected regulatory filings and anticipated product launches (and the timing of same) and the transformational capabilities of such pipeline; the planned global expansion for certain of its products; expectations respecting Adjusted EBITDA margins, revenue growth, and capex; our anticipated tax rate; our liquidity and leverage targets; any change in our dividend policy; our M&A and BD&L strategy; and our growth opportunities. Forward-looking statements may generally be identified by the use of the words "anticipates," "hopes," "expects," "intends," "plans," "should," "could," "would," "may," "believes," "estimates," "potential," "target," or "continue" and variations or similar expressions, and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result, and similar such expressions also identify forward-looking information. These forward-looking statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in the "Risk Factors" section of the Company's Registration Statement on Form S-1 (File No. 333- 262148) (the "Registration Statement") with respect to U.S. investors and the second amended and restated preliminary PREP prospectus with respect to Canadian investors, which risks and uncertainties are incorporated herein by reference. They also include, but are not limited to, risks and uncertainties caused by or relating to the evolving COVID-19 pandemic, the fear of that pandemic, the availability and effectiveness of vaccines for COVID-19 (including with respect to current or future variants), COVID-19 vaccine immunization rates, new lockdowns in certain countries, the emergence of variant strains of COVID-19 and the potential effects of that pandemic, the severity, duration and future impact of which are highly uncertain and cannot be predicted, and which may have a material adverse impact on the Company, including but not limited to its supply chain, third-party suppliers, project development timelines, employee base, liquidity, stock price, financial condition and costs (which may increase) and revenue and margins (both of which may decrease). They also include, but are not limited to, risks and uncertainties relating to our proposed plan to spin off or otherwise separate the eye health business, including the expected benefits and costs of such transaction, the expected timing of completion of such transaction and its terms, our ability to complete such transaction considering the various conditions to the completion of such transaction (some of which are outside of our control, including conditions related to regulatory matters and a possible BHC shareholder vote, if applicable), that market or other conditions are no longer favorable to completing the transaction, that any shareholder, stock exchange, regulatory or other approval (if required) is not obtained on the terms or timelines anticipated or at all, business disruption during the pendency of or following such transaction, diversion of management time on transaction-related issues, retention of existing management team members, the reaction of customers and other parties to such transaction, the qualification of such transaction as a tax-free transaction for Canadian and/or U.S. federal income tax purposes (including whether or not an advance ruling from either or both of the Canada Revenue Agency and the Internal Revenue Service will be sought or obtained), potential dissynergy costs between the spun off or separated entity and the remainder of Bausch Health, the impact of such transaction on relationships with customers, suppliers, employees and other business counterparties, general economic conditions, conditions in the markets we are engaged in, behavior of customers, suppliers and competitors, technological developments and legal and regulatory rules affecting our business. In particular, we can offer no assurance that any spinoff or other separation transaction will occur at all, or that any such transaction will occur on the terms and timelines anticipated. Given these uncertainties, readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information, there can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this presentation represents our expectations as of the date of this presentation (or as the date it is otherwise given), and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward- looking information whether as a result of new information, future events or otherwise, except as required under applicable U.S. or Canadian securities laws. The Company has filed the Registration Statement, which includes a preliminary prospectus, with the U.S. Securities and Exchange Commission (the "SEC") in connection with the offering in the U.S. to which this presentation relates. The Registration Statement has not yet been declared effective by the SEC. Securities of the Company may not be sold nor may offers to buy be accepted prior to the time that the Registration Statement becomes effective. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any securities of the Company in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering will be made only by means of a prospectus. This presentation is not intended to form the basis of any investment decision by the recipient and does not constitute investment, tax or legal advice. Before you invest, you should read the Registration Statement, including the preliminary prospectus and other documents that the Company has filed with the SEC for more complete information about the Company and this offering. You can obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the preliminary prospectus related to the offering may be obtained from Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, N.Y. 10014 or Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, N.Y. 10282, by telephone at (866) 471-2526 or by email at [email protected]. This presentation includes certain financial measures, such as organic revenue growth, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flows and Free Cash Flow Margin, that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America ("non-GAAP"). Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to such similarly titled non- GAAP measures of other companies. We caution investors not to place undue reliance on such non-GAAP measures, but instead to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation. These Non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. See the Appendix for a reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure as well as certain definitions. Bausch+Lomb is in the process of completing its closing procedures for the quarter ended March 31, 2022 and, therefore, our financial information for the quarter ended March 31, 2022 included in the presentation is preliminary and subject to change. Bausch + Lomb's independent registered public accounting firm, PricewaterhouseCoopers LLP, has not yet reviewed, and does not express an opinion with respect to, any of the financial information or data for the quarter ended March 31, 2022 included in this presentation. Our actual results may differ materially from the financial information included in this presentation due to the completion of our financial closing procedures, final adjustments, completion of the review of our financial statements referenced above and other developments that may arise between now and the time such review is completed. The comparable information about other issuers was obtained from public sources and has not been verified by the Company or the underwriters. Comparable means information that compares an issuer to other issuers. The information is a performance summary of the relevant attributes of certain companies that are considered to be an appropriate basis for comparison with the Company based on a variety of factors, including size, operating metrics, revenue growth and business model. This information has been included to provide the prospective investor an overview of the performance or market condition of what are expected to be comparable issuers. The comparable issuers face different risks from those applicable to the Company. Investors are cautioned that past performance is not indicative of future performance and the performance of the Company may be materially different from the comparable issuers. If the comparables contain a misrepresentation, investors do not have a remedy under securities legislation in any province or territory of Canada. Investors are cautioned to not put undue reliance on the comparables in making an investment decision. BAUSCH + LOMB N#3IPO Offering Summary Issuer Ticker / Exchange Base Offering Size Filing Range Gross Proceeds Overallotment Option Expected Pricing Use of Proceeds Lock-Up Lead Bookrunners Joint Bookrunners Co-Managers BAUSCH + LOMB Bausch + Lomb Corporation BLCO/NYSE and TSX¹ 35,000,000 $21.00 $24.00 $735MM - $840MM ($845MM - $966MM incl. overallotment) 15% (100% Secondary) May 5th, 2022 All proceeds will be received by a wholly-owned subsidiary of Bausch Health Companies, Inc. ("BHC") 125 days for BHC, directors and executive officers, subject to price-based early release Morgan Stanley, Goldman Sachs & Co. LLC Citigroup, J.P. Morgan, Barclays, BofA Securities, Guggenheim Securities, Jefferies, Evercore ISI, Wells Fargo Securities, Deutsche Bank Securities DNB Markets, HSBC, Truist Securities, AmeriVet Securities, Loop Capital Markets, Ramirez & Co., Inc., R. Seelaus & Co., LLC, Siebert Williams Shank, Stern 1. Listing is subject to the approval of the NYSE and TSX in accordance with their initial listing requirements. The TSX has not conditionally approved the listing application and there is no assurance that the TSX will approve the listing application, 3#4Today's presenters Joseph Papa Chief Executive Officer PRIOR EXPERIENCE: Perrigo Cardinal Heat & NOVARTIS BAUSCH+ LOMB Sam Eldessouky Chief Financial Officer PRIOR EXPERIENCE: tyco pwc Joseph Gordon President, Global Consumer, Surgical and Vision Care PRIOR EXPERIENCE: Wyeth Pfizer Chuck Hess VP & General Manager, Bausch+ Lomb US Surgical 37-YEAR TENURE AT BAUSCH+ LOMB#5BAUSCH+ LOMB Our Company#6Key Investment Highlights¹ Global leader with a fully integrated eye care portfolio to holistically approach solving eye health problems Highest brand awareness in eye care, with 168-year history of market-leading innovation and trusted patient outcomes Growing share in large addressable markets with demographic and lifestyle megatrends leading to enduring tailwinds More than 90% of our products are not subject to branded pharmaceuticals pricing issues in the U.S. Expect growth in large durable markets with opportunity to grow, driven by new products Launch new innovations into high-growth markets (Premium IOLS, SiHy Daily lenses, Dry Eye Disease, wet AMD) Potential for margin expansion based on new products and supply chain efficiencies with critical mass Balance sheet flexibility to bolt on additional strategic product opportunities Long-term build-out of B+L Educational Ecosystem BAUSCH+ LOMB 1. See Slide 2 for further information on forward-looking statements. 6#7Our Mission Helping you see better to live better Our Vision To protect and enhance the gift of sight - through every phase of life#877% BAUSCH + LOMB BAUSCH+ LOMB 68% highest brand awareness among peers $1,3 ESSILOR LUXOTTICA 54% Johnson Johnson 1. Source: TechSci Research, May 2021, Survey of 200 respondents across the globe. 2. Others include Menicon Co., Ltd., CooperVision, Inc., Carl Zeiss Meditec AG, Novartis AG, Pfizer, Inc., etc. 3. See Slide 2 for further information about comparable information. 43% Alcon 34% HOYA 24% Others 2 8#9Bausch+Lomb at a glance -$3.8B FY21 Revenue BAUSCH+ LOMB 9 consecutive quarters organic growth (non-GAAP) pre-Covid ¹,3 Fully integrated eye care company 1. Organic growth during pre-COVID period (Q4 2017 to Q4 2019) 2. Source: Third party market research, 2019 and management estimates 3. See Slide 2 and Appendix for further non-GAAP information. ~$50B addressable market driven by megatrends² 80+% world population has access to B+L products ii ~100 countries and -12,500 employees PO 168 years of success as a leading eye health brand#10Legacy of first-in-class, market-leading innovation History of innovating products that meet patient needs...and more opportunities to accelerate innovation as an independent company 1861 1949 DO First Vulcanite eye glass 1800s First patented iris diaphragm and shutter 1887 First ultraviolet microscope optics BAUSCH + LOMB 1900s SofLens - first mass-produced soft lens 1971 1987 1. At time of launch nu reNu® - first all-in-one lens cleaning solution Prese'Asse 2000 to present ARGOS 2 2012 VICTUS® - first cataract and refractive femtosecond laser 2001 PreserVision® - ocular vitamin with BiotrueⓇ daily 20 years of disposable lenses success 2012 2014 BAUSCH 1.100 LIVEK 175 LOND ULTRA® - first FRP lens with MoistureSeal Technology Artelac® - a market leading moisturizing eye drop 2014 2017 lege #G Vyzulta® - first single-agent, dual- activity glaucoma drop¹ LUMIFY LUMIFYⓇ - first OTC redness relief brimonidine tartare drop with 2018 2019 BAUSCH LOMB ULTRA ULTRA® - first multifocal toric lens with MoistureSeal technology STE INFUSE 2019 Lotemax® SM with novel SubMicron technology INFUSEⓇ / ULTRA ONE DAY - only SiHy daily disposable with next-gen material infused with ProBalance Technology™ 2020 Bio true TAGPUR 2011 Biotrue® Eye Hydration - first BiotrueⓇ dry eye product 2021 2021 LUXSMART START Lux Premium IOL portfolio In 1954, the Academy of Motion Picture Arts and Sciences bestowed B+L with an Honorary Award, an Oscar® statuette, for their contributions to the advancement of the motion picture industry eye Telligence ™M digital ecosystem software 2021 10#1180+% of the world's population has access to B+L products Substantial global footprint and commercial platform with presence in ~100 countries BAUSCH+ LOMB FY 2021 Revenue by Region O 30% 22% Americas APAC 48% EMEA 11#12Large and growing ~$50B addressable market Global addressable market revenue, 2019, $B 41% Vision Care¹ $16B Contact Lens BAUSCH+ LOMB 59% Consumer Health ~4% Ophthalmic Pharmaceuticals² 35% $26B AMD 18% Glaucoma Dry Eye / Other 2019-2025 Market CAGR4 ~4% 47% Source: Third party market research and management estimates 1. Vision care includes: sales from contact lenses, lens care solutions, and off-the-shelf eye care products; Consumer includes: sales from eye drops and eye vitamins 46% Implantables Surgical³ $8B 54% Capital Equipment / Other ~5% 2. AMD includes: sales from products for the treatment of wet age-related macular degeneration ("AMD") and dry AMD; Glaucoma includes: sales from products for the treatment of glaucoma; Dry Eye / Other includes: sales from products for the treatment of dry eye, diabetic macular edema ("DME"), conjunctivitis, ocular pain and inflammation, other corneal and external eye disorders, other retinal disorders, uveitis, and inherited retinal disorders, and other ophthalmology treatments 3. Implantables includes: sales from implantables; Capital Equipment / Other includes: sales from capital equipment, instruments and procedure fees 4. Expected. See Slide 2 for further information regarding forward-looking statements. 12#13Megatrends driving significant unmet need in eye health Aging global population -1.8x increase in world's population over age 65 in next 30 years¹ 10x more eye care products used by ages 65+ in U.S.6 BAUSCH+ LOMB 1. 2. 3. 4. 5. Growing middle class -60% of world will be middle class in 2030² Access to greater disposable income drives demand for higher quality of life, including correction of vision loss Source: United Nations, National Eye Institute, National Institutes of Heath (2019) Source: The Unprecedented Expansion of the Global Middle Class. Brookings Institution (2017) Source: World Health Organization (WHO). The impact of myopia and high myopia (2015) Source: International Diabetes Federation (Global and Regional Diabetes Prevalence) (2019) Source: Market Scope, includes China, India, Latin America, other developing countries -1.6x worldwide increase of myopia prevalence between 2020-503 Risk factor for glaucoma, macular degeneration and retinal detachment7 6. 6789 Increasing myopia 8. 9. Rising diabetes prevalence ~1.5x increase in diabetes prevalence from 2019-454 14.6M Americans projected to have diabetic retinopathy (the leading cause of blindness in adults aged 20-74) by 20308 Improving access to practitioners ~6% annual growth in cataract surgeries in developing countries from 2021-265 Demand for ~22,000 ophthalmic surgeons in U.S. by 2025⁹ Source: Internal estimates; Young, Alex. "Supply and Demand: Navigating the Future of Ophthalmology." Healio, Ocular Surgery News, 10 July 2021 Source: Aldama, Zigor. "China's Myopia Epidemic: Why the Solution Is Being Ignored. South China Morning Post, Post Magazine, 8 April 2017 Source: National Eye Institute (2019) Source: Health Resources and Services Administration (2016) 13#14+ Integrated platform uniquely positions B+L to serve eye care needs BAUSCH+ LOMB Optometrists Lenses Highest brand awareness Significant patient & consumer needs Consumer Health All access points Key Retailers All phases of life Helping you see better to live better Surgical Ophthalmic Pharma E-Commerce Ophthalmologists 14#15...and creates a distinct advantage among eye care competitors³ Vision Care Consumer Surgical Ophthalmic Pharmaceuticals Diversified BAUSCH + LOMB Alcon Johnson Johnson BAUSCH+LOMB Alcon 2 1. Announced acquisition of distribution rights for Simbrinza in April 2021 2. Announced plan to separate consumer division on November 12, 2021 3. See Slide 2 for further information about comparable information. Vision Care CooperVision Focus Areas ZEISS Surgical HOYA Rayner Ophthalmic Pharmaceuticals Our robust and synergistic product portfolio allows us to build strong brand loyalty, engage with patients and consumers throughout the entire continuum of their eye health needs, and have a compelling offering for our physicians and retailers REGENERON Allergan & NOVARTIS 15#16Comprehensive portfolio to treat the entire eye through all phases of life¹ Vision Care Ophthalmic Pharmaceuticals Surgical BAUSCH+ LOMB Ocavite 1. Range of phases is indicative and for illustrative purposes INFURN REPREVE Comuger LETDAAY F envistatoric < 25 years Daily disposable lenses Frequent replacement lenses Specialty & cosmetic lenses Contact lens solutions Consumer eye health products Conjunctivitis Rx Anti Viral Rx 25-40 years Retina Macular edema Rx associated with uveitis 40-60 years Ocular pain & inflammation Rx Refractive Glaucoma Rx Cataract > 60 years Wet AMD RX 16#17Global leader with iconic portfolio of brands Revenue¹ TAM / CAGR² Key Stats Key Products BAUSCH+ LOMB -$2.3B $16B/-4% 7 Franchises each generating over $100M in revenue #1 in key emerging markets³ Vision Care PreserVision. INFUSE LUMIFY REDNESS BELIEVER EYE CROPS AUSCH LOMB re- nu Biotrue Boston Artelac Source: Third party market research and management estimates 1. For the year ended December 31, 2021 2. Expected market CAGR 2019-2025 3. Includes China, Thailand and India, representing -40% of the world's population Ophthalmic Pharmaceuticals $704M $26B/-4% Industry leading broad portfolio of largest ocular categories Transformational growth opportunity driven by new categories and new products WYZATK La Boka Visudyne Minims Surgical $718M $8B/-5% Presence in ~100 Countries Pipeline well-positioned to transform portfolio over the medium term enVistatoric storz. Ophthalmic Instruments O CALVINE LUXGOOD PE 17#18Bausch + Lomb: Leading position in Vision Care market B+L has a significant platform and scale... Global Vision Care, $B6 All Other Johnson Johnson BAUSCH + LOMB VISION $16B¹ CooperVision' 1,2 $2.3B3 B+L Alcon 1. ReAnin, Contact Lenses Market, 2017-2027 and management estimates 2. Passport as of November 2021 and management estimates 3. For the twelve months ended December 31, 2021 4. Bausch + Lomb Consumer Data Science, IRI Data, Mulo. Latest Data Ending 11-14-21. 5. Third party data 6. See Slide 2 for further information about comparable information, ...with strong market positions in key geographies 2020 Market Position, Rank #1 Redness relief, eye vitamins, multi purpose solutions4 VISION CARE #1 Vision Care in China, India, Thailand5 Eye drop brand in China5 * #1 Multipurpose Solution in EMEA, Japan, Latin America (Brazil, Mexico)5 18#19Top franchises drive revenue growth PreserVisionⓇ | Ocuvite PreserVision AREDS 2 Ocuvite 50+ Dovile $351m Revenue¹ #1 in US² BAUSCH+ LOMB BIO Biotrue Ⓡ Bio true Bio Bio true true $336m Revenue¹ #1 MPS5 in Canada³ SofLensⓇ $265m Revenue¹ #1 in China4 1. For the year ended December 31, 2021 2. For US. Bausch+Lomb Consumer Data Science, IRI Data, Mulo. Latest Data Ending 11-14-21 3. Moving Average Total Oct. 2021. Nielsen, National GB+DR+MM. 4. FY2020. Euromonitor Renu® re nu **O re nu ROVANCED FORMULA $186m Revenue¹ #1 in China6 and Japan7 Bausch + Lomb Ultra® BAUSCH+ LOMB ULTRA porad $170m Revenue¹ 5. Multipurpose solution. 6. FY2019. Third party data, 7. YTD Oct 2021. Intage SRI+ for OTC market (off-take). Artelac® Artelac Rebalance VISION CARE hast Aricket tyl $113m Revenue¹ LumifyⓇ LUMIFY LITTIES $108m Revenue ¹ #1 in US² 19#20INFUSEⓇ / ULTRA ONEday: Addressing unmet market need 53% Still experience contact lens dryness¹ 69% Settle for less comfort to wear their lenses for the entire day¹ 82% Are interested in a lens that can reduce contact lens dryness¹ BAUSCH+ LOMB INFUSE® is the first and only daily SiHy lens with a next-generation material infused with ProBalance Technology™ to help minimize symptoms of contact lens dryness. BAUSCH&LOME INFUSE BAUSCE COM INFUSE NEXT-GENERATION MATERIAL + PROBALANCE TECHNOLOGY™ WORKING TOGETHER TO HELP MAINTAIN OCULAR SURFACE HOMEOSTASIS BAUSCH LOM BAUSCH&LOMBY ULTRA Giz Next Generation Material A unique silicone hydrogel daily disposable lens material designed to help minimize impact on the ocular surface one one Ocular Surface Homeostasis Balanced ocular environment to help reduce contact lens dryness and discomfort 1. Results of a consumer symptoms survey of 318 silicone hydrogel daily disposable contact lens wearers. Kadence International, April 2019 2. Results of an online survey with patients who completed an evaluation program for Bausch + Lomb INFUSE™ contact lenses and wore their trial lenses for 27 days (n=777) Survey results include patients who strongly agreed, agreed, or slightly agreed (on a 6-point agreement scale) with the surveyed statement, with a margin of error ±1.7%. ProBalance Technology" Proprietary combination of ingredients infused into the lens material and released to help maintain ocular surface homeostasis VISION CARE 94% of patients agree Bausch + Lomb INFUSE® contact lenses do not feel dry² 94% 16 of patients can comfortably wear Bausch +Lomb INFUSEⓇ contact lenses all day² \I/ 97% of patients agree Bausch + Lomb INFUSE® contact lenses provide crisp, clear vision throughout the day² 20#21SALONS BIO true Og SAUSCHLOS Bio true TO Bausch + Lomb U.S. contact lens share has grown by ~50% since 2017 BAUSCH LOMD FETT U.S. Contact Lens Market Share¹ . Continuous growing partnerships with optometry Growing E-Commerce presence • Sales and marketing execution Partnerships with retailers and buying groups BiotrueⓇ ONEday 2012 Biotrue® ONEday for Presbyopia 2014 Bausch + Lomb ULTRAⓇ 2014 BAUSCH+ LOMB 8.9% 2015 1. Third party data on file. 9.0% 2016 BAUSCH+LOMB ULTRA gortact Bausch + Lomb ULTRA® for Presbyopia BAUSCH + LOMB ONE by ONE RECYCLING PROGRAM 9.7% 2017 SEVIGN LONG Bio true Biotrue ONEday for Astigmatism BAUSCH LOMB contact ULTRA Bausch+Lomb ULTRA® for Astigmatism 11.8% 2018 12.6% 2019 BAUSCH LOMB ULTRA konses Bausch + Lomb ULTRA® Multifocal for Astigmatism 14.0% 2020 INFUSE VISION CARE Bausch + Lomb INFUSEⓇ 14.5% 2021 21#22Global Contact Lens Market Based on Reported Revenue¹,2 Year-over-Year Growth Rate BAUSCH + LOMB CooperVision® Alcon Johnson & Johnson Total Group BAUSCH+ LOMB 1. Based on FY21 reported numbers. 2. See Slide 2 for further information about comparable information, +15% +16% +16% +17% VISION CARE +18% 22#23Multiple contact lens pipeline products focused on fast growing categories¹ ULTRAP 2022 EU, Japan, Canada Global rollout of daily SiHy lens in key international markets BAUSCH+ LOMB INFUSE ULTTA Multifocal Progressive Multifocal lens with technologies designed for the aging eye 1. See Slide 2 for further information on forward-looking statements. BAUSCH LOMS LACELLE Cosmetic Lenses 2023 Launch range of cosmetic contact lenses with improved color technology in high demand Asian markets BAUSCH+LOMB ARISE ORTHO-K SYSTEM Ortho-K Lens Platform for Myopia Technology-guided, virtual fitting platform that designs custom Ortho-K lenses based on corneal topography and patient data analysis. For adults and children with myopia VISION CARE 2024+ HURCHOR Toric INFUSE/ ULTRA ONEday toric Complete Daily SiHy family of lenses with launch of toric design Myopia Control Contact Lens Novel design with leading technologies to develop contact lens treatments designed to slow the progression of myopia in children 23#24Key consumer eye care products address customer needs Suite of Market-Leading, High-Growth Products PreserVisionⓇ BAUSCH+ LOMB PreserVision. NUTRITIONALS AREDS 2 TUBULA #1 in US1 OcuviteⓇ BAUSCH+ LOMB BAUSCH+COME Ocuvite ADULT 50+ #1 doctor recommended in U.S.6 J Ocuvite #1 in US1 LENS CARE Biotrue®, Renu® AR Bio Bio true frue #1 in China², Japan³ & Canada4 60% unit share in multipurpose solutions in U.S.7 Boston Gostar 1. Bausch + Lomb Consumer Data Science, IRI Data, Mulo US. Latest Data Ending 11-14-21 2. FY2019. Third party data. 3. YTD Oct 2021. Intage SRI+ for OTC market (off-take). 4. MAT Oct 2021. Nielsen, National GB+DR+MM 5. YTD June 2021, IQVIA Pharma 6. Bausch+Lomb Consumer Data Science, IQVIA ProVoice Total US, Data Ending Q3 2021 7. Source: B+L Consumer Data Science, IRI, Total US Omnichannel, Panel, Unit Sales, L52WE 10-31-2021. Futu ReNu LumifyⓇ 12 LUMIFY #1 in US¹1 LIFORY 45 SENTIM #1 doctor recommended in U.S.6 EN-E Camerejela Ja EYE DROPS Mioclear ™M WIE |萘敏维滴眼液 | GENSEREMEES BAUSCH LOND #1 in China5 TAMEN HOEK Bio true Spor CONSUMER HEALTH CARE 14 MIM 复方硫酸软骨素造| BAUSCH&LOME Artelac® Artelac Rebalance naHSONE Ariolet Kw SAUL Alaway 24#25LUMIFYⓇ: #1 Brand in redness reliever category BAUSCH + LOMB LUMIFY BRIMONIDINE TARTRATE OPHTHALMIC SOLUTION 0.025% REDNESS RELIEVER EYE DROPS • Works in 1 minute • Lasts up to 8 hours Sterile BAUSCH LOMB LUMIFY MONIDINE TARTRATE OPHTHALMIC SOLUTION 0.95 RESMESS RELEVER EYE DROPS Balle BAUSCH + LOMB #1 #1 97% in Redness Reliever category with -50% market share¹ Physician- recommended product in the Redness Reliever category² Satisfaction rating in a recent in-home- use-study with 243 participants3 Expect to launch LUMIFYⓇ in several international markets and grow franchise through line extensions 1. IRI Panel Omnichannel as of 12-31-2021; trademarks are property of respective owners. 2. IQVIA ProVoice Survey Data Ending Q3 2021 3. Data Source: Lieberman, Lumify Brand Health Monito, October 2021. 4. See Slide 2 for further information about comparable information. 38% 28% 16% 11% 8% 0% 1Q17 % of Weekly Market Share in Redness Reliever Category1,4 3Q17 Lumify 1Q18 3Q18 Clear Eyes 1Q19 3Q19 Private Label CONSUMER HEALTH CARE 1Q20 Visine 3Q20 1Q21 Rohto 3Q21 50% 25% 11% 7% 5% 2% All Other 25#26PreserVisionⓇ: Largest Bausch + Lomb brand BAUSCH + LOMB PreserVision EYE VITAMIN AND MINERAL SUPPLEMENT AREDS 2 FORMULA DOCTOR The Most Clinically Studied Eye Vitamin Brand** ACTUAL SIZE BAUSCH+ LOMB 60 12 Mini SOFT GELS PER DAY 95% Share of AREDS Category¹ #1 Doctor Recommended Brand² #1 Best-Selling Multivitamin³ item Over $300M in Retail Sales³ 6 Years of Double-Digit Growth³ Tripled Households Users since 20143 1. Bausch+Lomb Consumer Data Science, IRI Data, Mulo. Latest Data Ending 11-14-21 2. Bausch + Lomb Consumer Data Science, IQVIA ProVoice Total US, Data Ending Q3 2021 3. Bausch+Lomb Consumer Data Science, IRI Total US Omnichannel Ending 10-31-2021 4. Bausch + Lomb Consumer Data Science, IQVIA, AMD, 7 Year Longitudinal Study 2020 AMD Diagnosed4 vs PreserVision Users ³ -1M PreserVision Users 2014 CONSUMER HEALTH CARE Opportunity: -7.7M non-users -3.3M PreserVision Users 2021 Addressable Market ~11M 2021 26#27Continue to build franchises with high brand equity¹ Lens Care Eye Drops Vitamins Adjacent BAUSCH+ LOMB 2021 Alaway Procesive From Bio true Immune DUO Natural Immunity Support 1. See Slide 2 for further information on forward-looking statements. Artelac Stude 2022 www Bio true AREDS Artolac SENSCHTSOME PreserVision Line Extensions Ocuvite ADULT 50+ BAUSCH&LOME PROJECT WATSON 2023 Bio true Bio true WYORATION BO true Bio true CONSUMER HEALTH CARE Borate free + glycerin 2024 true TASICIONS LUMIFY MO PreserVision AREDS FORSLA Netleneration 1992 Borate free LUMIFY PRESERVATIVE FREE Next Generation 27#28B+L has an extensive product suite for all major eye health procedures Equipment 10% of Revenue¹ Instruments 12% of Revenue¹ Corneal set storz. Ophthalmic Instruments Femtosecond instrument set Synergetics Pinnacle 360 BAUSCH+ LOMB Osher set Syntrifugal Laser probe 1. Last year as of December 31, 2021 Stellaris Elite® Combined Cataract and Retina System ACE Diagnostic platform VictusⓇ Femtosecond for Corneal, cataract and refractive surgeries Teneo™ Excimer for refractive surgery Implantables 26% of Revenue ¹ Meta EnvistaⓇ Monofocal & Toric M crystalens EyeCee® Yellow & One Crystal Preloaded Optics TRULIGN LIL GEWET gat SURGICAL Consumables 52% of Revenue¹ Lux Range Preloaded Yellow and Crystal Optics Stellaris® Latest generation consumables Bi-Blade cutter 23/25/27 gauge AmVisc® Plus ClearVisc™ ARRIC Adato SIL-OL Cornea Oxane® Protect 28#29Invest in technologies to transform our business¹ B+L's vision is to be the most Surgeon- Centric provider in ophthalmology We support surgeons by providing them world-class technologies and support that improves surgical outcomes wherever they encounter patients - virtual engagements, in their offices, hospitals, surgery centers or office surgical suites BAUSCH + LOMB 1. See slide 2 for further information on forward-looking statements. Over Next 3 Years, we plan to: SURGICAL Launch three new surgical lasers Introduce an Advanced Portfolio of Premium Presbyopia Intraocular Lenses Launch eye Telligence TM digital ecosystem software Launch 3D ophthalmic microscope Debut an Advanced Dual Function Platform for Cataract and Retina Surgery 29#30Broad portfolio in large Ophthalmic Pharmaceuticals market Ophthalmic Pharmaceuticals is a large market, supported by strong mega trends... Addressable indications S Age-related macular degeneration² Glaucoma Dry eye Conjunctivitis Ocular pain & inflammation³ Other4 BAUSCH+ LOMB Global revenue, $B¹ 2 -2 -2 -2 5 12 -$26B¹ Mega Trends Aging population driving greater eye needs • Increasing myopia prevalence due to screen time Rising diabetes prevalence • Growing access to eye care and insurance 1. As of 2019. Source: OPHTHALMOLOGY COMPANY & DRUG INSIGHTS Clarivate publication May 2021; management estimates 2. Includes wet and dry AMD 3. Includes uveitis, in addition to ocular pain and Inflammation Largest portfolio of ~100 products5 drives diversity of revenue across indications (No product >15% of revenue) B+L Products CUTED 4. Includes other corneal and external eye disorders, myopia, other retinal disorders, inherited retinal diseases, and other ophthalmology treatments 5. Source: Evaluate Pharma Visudyne® VyzultaⓇ LacrisertⓇ Zylet® ProlensaⓇ In-market Istatol® Minims® Floxal® LotemaxⓇ Timoptic® BesivanceⓇ OPHTHALMIC PHARMACEUTICALS Yellox® Pipeline Ranibizumab Biosimilar Nov03 XIPERE Xipere ™ Launching Now Low dose atropine spray 30#31Only integrated eye care company with global presence and distinctive capabilities in Ophthalmic Pharmaceuticals Global presence • Serve customers across large, well- established commercial footprint • Leverage operational footprint to expand portfolio BAUSCH + LOMB 8-8 8 Extensive field force and commercial capabilities • Broad field force footprint covering large range of ophthalmologists and optometrists • Existing commercial infrastructure to allow for operating leverage and accelerated go-to-market model when launching pipeline products OPHTHALMIC PHARMACEUTICALS Strong infrastructure supporting market access • Established commercial structure to enable coverage wins and pull-through Industry leading patient access programs 31#32Significant opportunity Indication Dry eye Myopia Ocular inflammation Age-related macular degeneration BAUSCH+ LOMB for transformational growth Pipeline Product Hva OvdAS nally XIPERE NOV03 Expected Launch: 2023 Low dose atropine spray Expected Launch: 2027 Xipere ™M Launch: 1Q22 Ranibizumab biosimilar Expected Launch: 2023 OPHTHALMIC PHARMACEUTICALS Differentiation Potentially first-in-class eye drop with a novel mechanism of action to treat the signs and symptoms of dry eye disease associated with Meibomian gland dysfunction U.S. gross market for Rx dry eye products in 2020 = $3.09B¹ Potentially first-in-class topical treatment for the reduction of pediatric myopia progression. Microdose administration is designed to result in low systemic and ocular drug exposure Myopia affects ~25M U.S. children, with up to 3M considered to be at risk for high myopia² First and only therapy available in the U.S. that utilizes the suprachoroidal space to treat patients suffering from macular edema associated with uveitis Annual prevalence of treated Uveitis patients (18+) in U.S. -125K³ Participating in the growing biosimilar market with ranibizumab allows us to expand patient access to treatments for retinal vascular disorders U.S. anti-VEGF Revenue in 2020 = - $6.5B4 1. Source: 2020, IQVIA 2. Source: Theophanous C. Myopia Prevalence and Risk Factors in Children Clinical Ophthalmology. December 2018 and U.S. Census Bureau, Current Population Survey, Annual Social and Economic Supplement, 2019. 3. Source: Thorne JE, et al. 2016. JAMA Ophthalmology, Chu, et al 2013 Journal of Ophthalmic Inflammation and Infection 2013 4. Source: Based on reported 2020 sales of EYLEA and Lucentis per Regeneron and Roche public filings, respectively 32#33Our Opportunities plan ww www#34An integrated approach to innovation Research & Development >260 New Products introduced in ~60 countries since 2017 BAUSCH + LOMB >100 projects in various stages of pre-clinical and clinical development in the pipeline -$1.0B R&D (2018-2021) ~850 dedicated R&D employees engineers, scientists & other specialized personnel principally located at 24 sites in 10 countries G PIPELINE Product Development Approach Culture of innovation engages R&D, supply chain and commercial teams at every phase of product development Cross-functional expertise of R&D, quality, clinical, medical & regulatory affairs, supply chain & commercial representatives throughout development Significant number of recently launched products and robust pipeline of products at various stages of development across business from early concept to late-stage development Prioritize and address the changing needs of our consumers and patients, leveraging deep relationships with physicians and optometrists Long history of being a leader in the eye health market with ground-breaking innovations 34#35Growth momentum today with potential to accelerate with pipeline of innovation Pipeline of >100 projects across all B+L segments TODAY Vision Care Ophthalmic Pharmaceuticals Surgical BAUSCH + LOMB PreserVision LUMIFY REDNESS RELIEVER EYE SHOPS INFUSE Biotrue re- nu Boston Artelac FIZUALIN FLOMB Minims Visudyne LUX GOOD enVistatoric storz Ophthalmic Instruments 1. Potential treatment to slow progression of myopia in children 2. Indication for treatment of macular edema associated with uveitis slivecom LUIT A Daily SiHy (International) XIPERE Launching Now Xipere™ - Macular edema² eyeTELLIGENCE PIPELINE TO ACCELERATE GROWTH 3. Investigational treatment for dry eye disease (DED) associated with Meibomian gland dysfunction (MGD) 4. Investigational treatment for reduction of pediatric myopía progression in children ages 3 to 12 INFUSE Multifocal & Toric lenses Bio true Eye hydration line NOV03 Dry eye treatment³ Cosmetic lenses Eyetelligence TM 3D Microscope Lux Premium Envista Premium digital ecosystem IOL Expansion IOL Expansion Ranibizumab biosimilar PIPELINE Wet AMD BAUSCH+LOME Virtual fitting platform for Ortho-K lenses ARISE ORTHO-K SYSTE Novel contact lenses for myopia in children¹ Low dose atropine spray Myopia progression4 Femto Excimer Laser (US) Cataract Laser Flap Laser Cataract / Retina Platform 35#36Solving complex eye health problems with integrated approach BAUSCH+LOME ARISE ORTHO-K SYSTEM Cloud-based lens fitting software Vision Care Myopia Control Contact Lens² BAUSCH+ LOMB Myopia Studies have predicted that the global prevalence of myopia will rise from 28% of the world's population, or 2B people, in 2010 to 50% of the world's population, or 5B people, in 2050¹ Ophthalmic Rx Teneo™M excimer laser for refractive surgery 5. American Optometric Association. 6. Centers for Disease Control and Prevention. enVista® Surgical Low dose atropine spray² Atropine ophthalmic solution Bio true Lubricant Eye Drops Consumer Artelac Hebalance Artela Show 1. Holden BA, Fricke TR, Wilson DA, et al. Global Prevalence of Myopia and High Myopia and Temporal Trends from 2000 through 2050: Ophthalmology 2016;123(5):1036-42. 2. Investigational. 3. Farrand et al. Prevalence of Diagnosed Dry Eye Disease in the United States Among Adults Aged 18 Years and Older. Am J Ophthalmol 2017; 182:90-98. National Institutes of Health PIPELINE NOV03 For dry eye disease associated with meibomian gland dysfunction² Dry Eye Ophthalmic Rx . It is estimated that more than 16M patients in the U.S. are diagnosed with Dry Eye Disease³ • Contact lens dryness is experienced by approximately half of the 45M lens wearers in the U.S.4.5.6 Contact Lenses INFUSE INFUSE SiHy Daily Contact Lenses 36#37Key focus areas to accelerate growth in large addressable market 1 2 3 BAUSCH+ LOMB Continue momentum in current portfolio Invest in categories growing faster than market Expand into new product categories 1. Third party data 2. Source: Market Scope, 2021 IOL Market Report 3. Source: Market Scope, 2020 Ophthalmic OR Microscopes Market Report 4. Source: 2020 Allied Market Research Report for Ophthalmic Device Market 5. Source: 2020 Allied Market Research Report for Ophthalmic Device Market . Daily SiHy contact lenses¹ • Premium IOLS (~7% CAGR 2021-2026)² • Advanced digital microscopes (-6% CAGR 2020-2025)³ Combined cataract / retina platform (~6% CAGR 2021-2026)4 U.S. Prescription dry eye market (11.8% CAGR 2016-2020)5 Digital surgical ecosystem software Pharma and contact lens pathways for slowing myopia progression Pharma treatment for dry eye associated with MGD . • First and only U.S. suprachoroidal injection therapy for macular edema associated with uveitis ● Diversified and durable portfolio Global infrastructure to maximize commercial reach Leverage strong brand equity to expand into adjacent product lines • Latest technology in US LASIK/PRK market Next generation Femto / Cataract combined platform Biosimilars ● . 37#38Financial Performance#39Strong fundamentals supporting durable growth Organic revenue growth¹ of +9% in FY 2021 $MM Leading Growth 3,665 FY18 Market Growth? B+L REVENUE FY2018-2021 3,778 +6%1 FY19 +5% Recovery 3,412 -9%1 FY20 -6% 3,765 +9%1 FY21 +5% B+L QUARTERLY REVENUE FY2021 881 Resume Sequential Growth 934 949 Q1-21 Q2-21 Q3-21 BAUSCH + LOMB 1. Organic revenue growth (non-GAAP). See Slide 2 and Appendix for further information regarding non-GAAP measures 1,001 Q4-21 FINANCIAL PERFORMANCE Resumed sequential quarter growth in FY 2021 Substantial growth momentum in contact lens portfolio (daily SiHy, ULTRA, Biotrue®) Continued strength of key consumer health brands (PreserVision®, Artelac®) Category leader LUMIFY® extending market leadership position Market share gains and strong recovery in Vyzulta® and Minims® franchise Post Covid, broad and steady recovery with backlog of demand 2. Third party market research. Market growth comprised of Vision Care, Surgical, Ophthalmic Pharmaceuticals segments. Q3-20 LTM and Q3-21 LTM market growth reflects full calendar year 2020 and 2021E 39#40Robust EBITDA and cash generation with opportunity for expansion¹ Continuing to invest in growth and leverage platform ● BAUSCH+ LOMB Net Income was $182M for full year 2021, as compared to Net (loss) of $18M for full year 2020 Adjusted EBITDA (non-GAAP)1 was $821M for full year 2021, as compared to $824M for full year 2020 Cash flows from operating activities was $873M for full year 2021, as compared to $522M for full year 2020 Free cash flows (non-GAAP)¹ was $680M for full year 2021, as compared to $269M for full year 2020 1. FINANCIAL PERFORMANCE See Slide 2 and Appendix for more information regarding non-GAAP measures Accelerated investment in 2021 to position business for market share gains in broader Covid recovery Invested in commercial infrastructure and marketing activities to continue momentum of recent launches and to successfully launch existing pipeline products to drive future margin expansion opportunity Targeting efficient tax structure, with 12-14% tax rate Disciplined working capital management For 2020 and 2021, on average -60% free cash flow margin (non-GAAP) as a percentage of Adjusted EBITDA (non-GAAP) -22% FY21 Adjusted EBITDA margin (non- GAAP)¹, does not reflect all stand-alone costs 40#41Invested -$2.1B in all areas of B+L since 20181 Diversified portfolio with tailored strategic investments specific to needs of each business ~$60M Strategic Alliance / Partnerships BAUSCH+ LOMB -$300M -$727M -$1.0B $2.1B R&D Product Capital Launch Costs Expenditures 1. Investment reflects FY 2018-FY 2021 period Total Investment Since 2018 FINANCIAL PERFORMANCE Invested in robust R&D capabilities in Surgical business to drive innovation and continue to shift portfolio to premium category Made significant capital expenditure investments in Vision Care to increase contact lens manufacturing capacity to support increasing demand and launch daily SiHy Invested in launch products, including key Vision Care products LUMIFYⓇ and INFUSEⓇ Invested in strategic alliances / partnerships to create transformational growth opportunity in Ophthalmic Pharmaceuticals segment and accelerate commercial efficiencies 41#42Opportunity to gain share in large, growing addressable markets Expand into new categories Invest in fast growing categories Continue momentum in current portfolio Total addressable market B+L Market Share BAUSCH+ LOMB PreserVision. LUMIFY -$50B -7% 2019 they INFUSE Biotrue envistatoric Artelac -$48B -7% 2020 Bio true -$50B ~8% ULTTRE 2021 eyeTELLIGENCE La XIPERE Preseran Opportunity to Accelerate Growth Ocuvile ADULT SO -$53B 2022 ARIS NOV03 Ranibizumab biosimilar ( -$56B 2023 UITHE LLNIFY -$59B 2024 KED FINANCIAL PERFORMANCE ~$62B 88 2025 Preseren AREDS Opportunity to Accelerate Growth 2026+ 42#43Multiple levers for potential margin expansion² Shift Surgical portfolio to premium categories Launch high-margin Pharmaceutical products Continue to increase scale in Vision Care Operational efficiencies Adj. EBITDA Margin¹ (% revenue) BAUSCH+ LOMB 1. 2. 2019 enVista toric INFUSE Bio true Low to Mid 20% 2020 2021 XIPERE LAN ARE 2 Opportunity for Margin Expansion 2022 Ocuvile ADAILT NO Ranibizumab biosimilar NOV03 el 2023 Adjusted EBITDA margin (non-GAAP) does not reflect stand-alone costs. See slide 2 and Appendix for more information regarding non-GAAP measures. See Slide 2 for further information regarding forward-looking statements. Wom 2024 DIE FINANCIAL PERFORMANCE hu Opportunity for margin expansion 2025 Preser We AREDS 2026+ 43#44Financial flexibility and availability of liquidity¹ ER BAUSCH+ LOMB Targeting investment-grade credit rating at spin-off/ distribution • Targeting net leverage -2.9x at IPO and maintain leverage consistent with investment-grade profile ● Strong Balance Sheet Balance sheet provides flexibility to invest in future (B+L platform, M&A) • M&A to drive future growth and margin expansion ● Investment Grade ● ● -$800M Liquidity Assuming cash balance of $300M (on a pro forma basis) Targeting -$500M multi-year revolving credit facility FINANCIAL PERFORMANCE 1. See slide 2 for further information on forward-looking statements 44#45Preliminary Q1'22 Earnings¹ (in millions and estimated) Revenue (GAAP)² Gross Profit (GAAP)³ Operating Income (GAAP)5 Depreciation and amortization of intangible assets Specified expenses4 BAUSCH+ LOMB Low $880M $470M $50M For the three months ended March 31, 2022 $90M $21M High $890M $475M $55M $95M $21M 1.We have provided ranges of certain preliminary results because our closing procedures for our fiscal quarter ended March 31, 2022 are not yet complete. Our actual results remain subject to the completion of management's final review and our other closing procedures, or subsequent events, as well as the completion of the review of our combined financial statements. See slide 2 for additional information. 2.Revenues were adversely impacted by foreign exchange headwinds in the amount of $29M for the three months ended March 31, 2022 compared to the prior year period. 3.Gross profit represents Revenues less Costs of goods sold (excluding amortization of intangible assets) less Cost of other revenues less Amortization of intangible assets as presented in the Combined Statements of Operations 4.Primarily composed of: (i) stock-based compensation of -$16M; (ii) other operating expenses included in GAAP operating income of -$7M; and (iii) Other expenses below operating income of (-$2M). 5.GAAP operating income includes amortization of -$65M for three months ended 2022. 6. Includes depreciation of -$30M and amortization of -$65M 45#46B+L Transaction summary¹ BAUSCH+ LOMB 1. 2. Two steps to creating independent B+L Step 1 - Expect to enter into new credit facilities in connection with IPO FINANCIAL PERFORMANCE Step 2 - tax-free distribution to shareholders following IPO lockup period and subject to regulatory, stock exchange and other approvals² Dual listing on NYSE and TSX B+L head office in Ontario, Canada with administrative office in New Jersey See slide 2 regarding further information on forward-looking statements. Subject to receipt of applicable shareholder and other necessary approvals and the achievement of target net leverage ratios. 46#47An independent B+L expected to elevate the power of our integrated platform BAUSCH+ LOMB Increases focus on eye care and significant unmet patient need Unlocks full power of Bausch + Lomb brand to enhance position as the source for all eye care Enables accelerated eye care innovation to serve patients around the world Yields flexible balance sheet to provide investment optionality 47#48Key Investment Highlights¹ Global leader with a fully integrated eye care portfolio to holistically approach solving eye health problems Highest brand awareness in eye care, with 168-year history of market-leading innovation and trusted patient outcomes Growing share in large addressable markets with demographic and lifestyle megatrends leading to enduring tailwinds More than 90% of our products are not subject to branded pharmaceuticals pricing issues in the U.S. Expect growth in large durable markets with opportunity to grow, driven by new products Launch new innovations into high-growth markets (Premium IOLS, SiHy Daily lenses, Dry Eye Disease, wet AMD) Potential for margin expansion based on new products and supply chain efficiencies with critical mass Balance sheet flexibility to bolt on additional strategic product opportunities Long-term build-out of B+L Educational Ecosystem BAUSCH+ LOMB 1. See Slide 2 for further information on forward-looking statements. 48#49BAUSCH+ LOMB Appendix 49#50Leader in eye health for 168 years... By linking the innovation, quality, and craftsmanship inherent in its culture, with the passion and spirit of collaboration of its people, Bausch + Lomb continues. to be inspired by its commitment to help you see better to live better. BAUSCH + LOMB 1853: A Partnership Formed in Rochester, NY When John Jacob Bausch needed more money to keep his small optical goods shop going, he borrowed $60 from his good friend, Henry Lomb. Bausch promised that if the business grew, Lomb would be made a full partner. The business grew and the partnership was formed. 1903: A Leader in Optical Science With a focus on optical products that required a high degree of manufacturing precision, by 1903 the firm had been issued patents for microscopes, binoculars, and even a camera shutter based on the eye's reaction to light. Through the Years: A History of Ground-breaking Technology Bausch+Lomb produced the first optical quality glass made in America, developed ground-breaking sunglasses for the military in World War I, and created the lenses used on the cameras that took the first satellite pictures of the moon. In 1971, Bausch + Lomb introduced the first mass-produced soft contact lenses and is still one of the leading global providers of eye care products. Today: A Legacy of Innovation, Quality & Craftsmanship Throughout its 168-year history, Bausch + Lomb has remained focused on introducing product innovations that advance eye health, including contact lenses and solutions, eye vitamins, eye drops and pharmaceuticals, and surgical lenses and devices. 50#51Building an integrated eye health ecosystem Goal: The "Go To" Community for Eye Health Physician & Patient Education Helping to improve eye health through holistic approach powered by integrated platform Eye Health Solutions Across All Therapeutic Areas Breadth of product portfolio provides multiple access points to patients along continuum of care BAUSCH+ LOMB + Bausch ↑ Lomb Ecosystem ฿ ก Patient Lifetime Eye Health Needs Addressed Within the B+L Ecosystem OUR PLATFORM Provider Relationships Providing ophthalmologists and optometrists access to comprehensive eye health solutions and unparalleled patient insights R&D Focused on Unmet Needs Using insights from patients and KOL relationships to direct and inform scientific research and product development 51#52Building a solid track record in quality compliance and efficient production Sustaining E²C (Effectiveness, Efficiency, Compliance) Effectiveness for Patients Consistently meet or exceed customer requirements with robust quality systems to deliver products and services that are available when needed, price competitive, safe and effective. BAUSCH+ LOMB Efficiency for our Shareholders ● Integrated ESG Program • Cross-functional ESG Steering Committee . ESG Scorecard ESG Reporting Strategy jij Achieve operational excellence by right-first-time design, execution and optimization of resources and lean. processes. Compliance for our Regulators Consistently meet the evolving quality standards and regulatory requirements by continuous improvement of systems and processes. 52#53Executive Officers and Management Team Perrigo Joe Papa Chief Executive Officer¹ & NOVARTIS Joe Gordon President, Global Consumer, Surgical and Vision Care¹ Wyeth Pfizer BAUSCH+ LOMB Cardinal Health Dr. Yehia Hashad EVP, Research & Development and Chief Medical Officer¹ abbvie tyco Allergan NOVARTIS Sam Eldessouky Chief Financial Officer¹ 1. Included as executive officer for the purposes of the Form S-1 Registration Statement. pwc Kelly Webber EVP, Chief Human Resources Officer citi EXPRESS SCRIPTS' Christina Ackermann EVP & General Counsel and President, Ophthalmic Pharmaceuticals¹ & NOVARTIS Bristol Myers Squibb Dr. Louis Yu EVP, Chief Quality Officer Perrigo CVTHERAPEUTICS Alcon DUPONT Dennis Asharin EVP, Chief Global Manufacturing and Supply Chain Officer SB ConAgra SmithKline Beecham Foods Food you love 53#54Biotrue®: Global mega brand platform Biotrue Inspired by the Biology of the Eye Contact Lens Solutions TWISATION Bio true AFRO PYTAN Biotrue® MPS² (Launched 2010) #1 Multi-Purpose Solution in U.S. Globally Distributed¹ HYDRATION PLUS SAUBEHLO Bio true NEW Biotrue® Hydration Plus MPS² (Launching in U.S. 2022) BAUSCH+ LOMB Contact Lenses BAUSCH LONE Bio true GNEce lever 2012 104 Biotrue® ONEday Contact Lenses (Launched in 2012) Globally Distributed Biotrue® Products are: 1. Bausch+Lomb Consumer Data Science, IRI Data, Mulo. Latest Data Ending 11-14-21 2. Multipurpose solution. LEDSCH-LONG Bio true Car Desa HYDRATION BOOST TOR IRRIED. ORY EY - Mo frus Biotrue® Hydration Boost PF Dry Eye Drops (Launched 2021) Naturally Inspired Features PRESERVATIVE FREE BAUSCHFLORS Bio true evedrops BAUSCHILONS Bio Dry Eye Relief true Dry Eye Relief 22 Biotrue® PF Dry Eye Drops (Canada) Biotrue Advance Dry Eye #unpuuta de sec w Created for Comfort TAUSCHFLOMB Advance Biotrue Advance Eye Drops (EU product, Artelac formula) Biotrue. Gel oculare Montale Idratazione profonda durante la rice VISION CARE Earth Conscious BAUSCH&LOME Bio true Caly Biotrue® Advanced Dry Biotrue® Daily Biotrue® Rewetting Eyelid Wipes Drops (Europe) (Europe) 20 30g ga BAUSCH+LOMB 0 Designed for Screen Users Bio true. Biotrue® Nighttime Gel (Europe) 54#55Artelac®: Leading eye drop in Europe Splash Artelac Splash • Hyaluronic acid • Single dose • Multi dose Moderate Hydration BAUSCH + LOMB Complete Artelac Complete • Hyaluronic acid • Lipids • Carbomer . COO • Single dose • Multi dose Spray Intensive Moisturisation Nighttime Ata Sed • Hyaluronic acid • Lipids • Carbomer • Glycerol Gel Overnight Moisturisation Artelac Rebalance Artelac Rebalance • Hyaluronic acid • PEG 8000 . • Multi dose Sensitive Eyes . . ● Lipids Artelac Lipids Artelac pids Carbomer Medium Chain Triglycerides Single dose . • Multi dose Long-Lasting Support Artelac ● Artelac fo 1944 LAriolac • Hypromellose Single dose • Multi dose Irritation Relief CONSUMER HEALTH CARE . ● Reactive Artelac Reacthe **LE Artwa Hyaluronic acid Ectoin Single dose • Multi dose Allergy Relief & Protection 55#56Key drivers of value creation IG Leverage the strength of our platform BAUSCH+ LOMB Innovative pipeline 56#57OUR PLATFORM Longstanding community engagement has yielded significant brand equity Through our rigorous customer partnership model, B+L has built loyal and enduring relationships with patients, consumers, and physicians BAUSCH + LOMB 168 years of brand loyalty Leading brand recognition Strategy team comprised of key thought leaders Well-recognized thought leaders yield insights on product development and marketing Investment in patient and customer education Trained employees who respond to consumer preferences, and educate them on their eye care needs Frequent physician engagement and education Continual engagement with professionals through training events led by scientists, physicians, and B+L teams. Engagement with physician and patient associations Broad network drives innovation and provides patient insights to inform further innovation 12,500 employees globally Uniquely positioned to meet customer needs across geographies 57#58Significant manufacturing capacity to support future growth Wilmington, MA Surgical Irvine, CA Manufacturing Manchester, MO Instruments St. Louis, MO R&D - Cataract / Vitreoretinal O'Fallon, MO Synergetics Rochester, NY Offices, R&D and manufacturing facility Lancaster, NY Alden specialty lenses Clearwater, FL Surgical / Vision Care BAUSCH+ LOMB Waterford, Ireland R&D and Manufacturing Facility Tampa, FL R&D, Manufacturing Worcestershire, England Greenville, SC 1. Investment reflects FY 2018-FY 2021 period Hastings, England Indaiatuba, Brazil Porto Alegre, Brazil Poland, Warsaw Aubenas, France Heidelberg, Germany Dr. Mann, Berlin, Germany Beijing, China Manufacturing Cheonan, South Korea R&D - Cosmetic Lenses Jinan, China Munich, Germany Technolas Perfect Vision Milan, Italy OUR PLATFORM • Global manufacturing base with 24 plants worldwide Vision Care / Consumer Invested -$727m in capital expenditures since 2018¹. Focused on modernizing, expanding capacity and building state-of-the-art manufacturing capabilities to meet needs of next generation pipeline products Internally manufacture key products which comprise a significant portion of overall portfolio . Additional partnerships with high quality third-party manufacturers Long track record of excellence in manufacturing based on the highest production and regulatory standards Ophthalmic Pharmaceuticals Surgical 58#59Reconciliation of Bausch + Lomb Reported Revenue to Organic Revenue ¹.2 and Organic Revenue Growth¹,2 ($M) Twelve Months Ended December 31, 2021 December 31, 2020 December 31, 2019 BAUSCH+ LOMB Revenue Changes in Exchange Rates ³ as Reported 3,765 3,412 3,778 (58) 16 88 Calculation of Bausch + Lomb Organic Revenue Organic Revenue (Non- GAAP)1,2 Twelve Months Ended December 31, 2020 3,707 3,428 December 31, 2019 3,866 December 31, 2018 Revenue as Divestitures and Reported Disconintuations 3,412 3,778 3,665 1. See Slide 2 and this Appendix for further non-GAAP information 2. Organic, a non-GAAP metric, is defined as a change on a period-over-period basis in revenues on a constant currency basis (if applicable) excluding the impact of acquisitions, divestitures and discontinuations. 3. The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period.. (10) (15) (22) Organic Revenue (Non- GAAP)¹,2 3,402 3,763 3,643 Change in Organic Revenue Amount 305 (335) 223 Pct. 9% -9% 6% 59#60Reconciliation of Reported Net (Loss)/Income to EBITDA (non-GAAP)¹ and Adjusted EBITDA (non-GAAP)¹ ($M) BAUSCH+ LOMB Net income (loss) attributable to Bausch + Lomb Interest income, net Provision for Income Taxes Depreciation and amortization EBITDA Adjustments: Asset impairments Share-based compensation Restructuring and integration costs Acquired in-process research and development costs Separation costs and separation-related costs Other adjustments: IT infrastructure investment Litigation and other matters Other Adjusted EBITDA (non-GAAP)¹ 1. See Slide 2 and this Appendix for further non-GAAP information. $ $ Twelve Months Ended December 31, 2021 182 $ 125 WONON NAN 415 722 9 (1) 7 821 $ LA 2020 (18) (3) 307 442 728 1 50 2 28 9 6 824 60#61Reconciliation of Reported Net Cash Provided by Operating Activities to Free Cash Flow¹ ($M) BAUSCH+ LOMB Net cash provided by operating activities Purchases of property, plant and equipment Free Cash Flow (non-GAAP)¹ 1. See Slide 2 and this Appendix for further non-GAAP information. Twelve Months Ended December 31, 2020 $ 2021 873 $ (193) 680 $ 522 (253) 269 61#62Non-GAAP Appendix Description of Non-GAAP Financial Measures To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Business uses certain non-GAAP financial measures and non-GAAP ratios, including: (i) Contribution (non-GAAP), (ii) Contribution margin (non-GAAP), (iii) Adjusted net income (non-GAAP), (iv) EBITDA (non-GAAP), (v) Adjusted EBITDA (non-GAAP), (vi) Adjusted EBITDA margin (non-GAAP) and (vii) Free cash flows (non-GAAP) to provide supplemental information to readers. Management believes that these non-GAAP financial measures and non-GAAP ratios, along with the U.S. GAAP measures used by management, reflect how the Business measures its business internally and sets operational goals and incentives. In particular, the Business believes that these non-GAAP financial measures and non-GAAP ratios are useful in evaluating current performance and focus management on the Business' underlying operational results. As a result, the Business uses these non-GAAP financial measures and non-GAAP ratios both to assess the actual financial performance of the Business and to forecast future results as part of its guidance. EBITDA/Adjusted EBITDA/EBITDA Margin/Adjusted EBITDA Margin EBITDA (non-GAAP) is Net income attributable to Bausch+Lomb (its most directly comparable U.S. GAAP financial measure) adjusted for interest income, income taxes, depreciation and amortization. Adjusted EBITDA (non-GAAP) is EBITDA (non-GAAP) further adjusted for the following items: Asset impairments: The Business has excluded the impact of impairments of finite-lived and indefinite-lived intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions and divestitures. The Business believes that the adjustments of these items correlate with the sustainability of the Business' operating performance. Although the Business excludes impairments of intangible assets from measuring the performance of its business, the Business believes that it is important for investors to understand that intangible assets contribute to revenue generation. Restructuring and integration costs: The Business has incurred restructuring costs as it implemented certain strategies, which involved, among other things, improvements to its infrastructure and operations, internal reorganizations and impacts from the divestiture of assets and businesses. With regard to infrastructure and operational improvements which the Business has taken to improve efficiencies in the businesses and facilities, these tend to be costs intended to right size the business or organization that fluctuate significantly between periods in amount, size and timing, depending on the improvement project, reorganization or transaction. The Business believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Business' operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors. Acquisition-related contingent consideration: The Business has excluded the impact of acquisition-related contingent consideration non-cash adjustments due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to fair value estimates, and the amount and frequency of such adjustments is not consistent and is significantly impacted by the timing and size of the Business' acquisitions, as well as the nature of the agreed- BAUSCH + LOMB upon consideration. Share-based compensation: The Business has excluded costs relating to share-based compensation. The Business believes that the exclusion of share-based compensation expense assists investors in the comparisons of operating results to peer companies. Share-based compensation expense is a recurring expense that can vary significantly from period to period based on the timing, size and nature of awards granted. Separation costs and separation-related costs: The Business has excluded certain costs incurred in connection with activities taken to: (i) separate the Bausch+Lomb business from the remainder of BHC and (ii) register the Bausch+Lomb business as an independent publicly traded entity. Separation costs are incremental costs directly related to effecting the Separation and include, but are not limited to, legal, audit and advisory fees, talent acquisition costs and costs associated with establishing a new Board of Directors and audit committee. Separation-related costs are incremental costs indirectly related to the Separation and include, but are not limited to, IT infrastructure and software licensing costs, rebranding costs and costs associated with facility relocation and/or modification. As these costs arise from events outside of the ordinary course of continuing operations, the Business believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Business' operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors. Other Non-GAAP adjustments: The Business has also excluded other certain costs such as IT infrastructure investment, legal and professional fees (in connection with legal and governmental proceedings, investigations and information requests regarding certain of our legacy distribution, marketing, pricing, disclosure and accounting practices), litigation and other matters, net gain on sale of assets and certain other amounts that are the result of other, non-comparable events to measure operating performance. These events arise outside of the ordinary course of continuing operations. Given the unique nature of the matters relating to these costs, the Business believes these items are not routine operating expenses. For example, legal settlements and judgments vary significantly, in their nature, size and frequency, and, due to this volatility, the Business believes the costs associated with legal settlements and judgments are not routine operating expenses. The Business has also excluded certain other costs, including settlement costs associated with the conversion of a portion of the Business defined benefit plan in Ireland to a defined contribution plan. The Business excluded these costs as this event is outside of the ordinary course of continuing operations and is infrequent in nature. The Business believes that the exclusion of such out-of-the- ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the Business from period to period and, therefore, provides useful supplemental information to investors. However, investors should understand that many of these costs could recur and that companies in our industry often face litigation. Adjusted EBITDA margin (non-GAAP) is Adjusted EBITDA (non-GAAP) divided by Revenues. Adjusted EBITDA (non-GAAP) is intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors. In addition, cash bonuses for the Business' executive officers and other key employees are based, in part, on the achievement of certain Adjusted EBITDA (non-GAAP) targets. 62#63Non-GAAP Appendix Organic Revenue Growth Organic revenue growth, a non-GAAP measure, is defined as a change on a period-over-period basis in revenues on a constant currency basis (if applicable) excluding the impact of recent acquisitions, divestitures and discontinuations. Organic revenue growth (non-GAAP) is growth in Revenue (its most directly comparable GAAP financial measure), adjusted for certain items, of businesses that have been owned for one or more years. Organic revenue (non-GAAP) is impacted by changes in product volumes and price. The price component is made up of two key drivers: (i) changes in product gross selling price and (ii) changes in sales deductions. The Business uses organic revenue (non-GAAP) and organic revenue growth (non-GAAP) to assess performance of its reportable segments, and the Business in total, without the impact of foreign currency exchange fluctuations and recent acquisitions, divestitures and product discontinuations. The Business believes that such measures are useful to investors as they provide a supplemental period-to-period comparison. Organic growth/organic change reflects adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates on revenues and (ii) the revenues associated with acquisitions, divestitures and discontinuations of businesses divested and/ or discontinued. These adjustments are determined as follows: Foreign currency exchange rates: Although changes in foreign currency exchange rates are part of our business, they are not within management's control. Changes in foreign currency exchange rates, however, can mask positive or negative trends in the business. The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period. Acquisitions, divestitures and discontinuations: In order to present period-over-period organic revenues (non-GAAP) on a comparable basis, revenues associated with acquisitions, divestitures and discontinuations are adjusted to include only revenues from those businesses and assets owned during both periods. Accordingly, organic revenue growth excludes from the current period, all revenues attributable to each acquisition for the twelve months subsequent to the day of acquisition, as there are no revenues from those businesses and assets included in the comparable prior period. Organic revenue growth (non-GAAP) excludes from the prior period (but not the current period), all revenues attributable to each divestiture and discontinuance during the twelve months prior to the day of divestiture or discontinuance, as there are no revenues from those businesses and assets included in the comparable current period. Free Cash Flows (non-GAAP)/Free Cash Flow Margin (non-GAAP) We define Free cash flows (non-GAAP) as Cash flows from operating activities (its most directly comparable U.S. GAAP financial measure) less cash payments for purchases of property, plant and equipment. Management believes that Free cash flows (non-GAAP) is a useful measure of the Business' ability to generate cash to make investments, repay debt (if and when incurred) and return capital to shareholders. Free cash flows (non-GAAP) adjusts for cash items that are ultimately within management's discretion to direct, and therefore, may imply that there is less or more cash that is available BAUSCH+ LOMB than most comparable GAAP measures. The Business believes that Free cash flows (non-GAAP) focuses management on the Business' underlying operational results and business performance. As a result, the Business uses Free cash flows (non-GAAP) to assess the actual financial performance of the Business and help forecast future results as part of its guidance. Free cash flow margin (non-GAAP) is free cash flows (non-GAAP) divided by Revenues. 63