January 7, 2019

Jay Saccaro

JP Morgan Healthcare Conference

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Safe Harbor StatementThis presentation includes forward-looking statements concerning Baxter’s financial results, business development activities, capital structure, cost savings initiatives, R&D pipeline, including results of clinical trials and planned product launches, Baxter’s long range plan (which includes financial outlook for 2018, 2020 and 2023) and other growth strategies. The 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: demand for and market acceptance of risks for new and existing products; product development risks; product quality or patient safety concerns; continuity, availability and pricing of acceptable raw materials and component supply; 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 or otherwise); breaches or failures of the company’s information technology systems, including by cyberattack; future actions of regulatory bodies and other governmental authorities, including FDA, the Department of Justice, the New York Attorney General and foreign regulatory agencies; 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; global, trade and tax policies; accurate identification of and execution on business development and R&D opportunities and realization of anticipated benefits (including the acquisitions of Claris Injectables and two surgical products from Mallinckrodt plc); the ability to enforce owned or in-licensed patents or the patents of third parties preventing or restricting manufacture, sale or use of affected products or technology; the impact of global economic conditions (including potential trade wars); fluctuations in foreign exchange and interest rates; any change in law 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; actions taken by tax authorities in connection with ongoing tax audits; loss of key employees or inability to identify and recruit new employees; the outcome of pending or future litigation; the adequacy of the company’s cash flows from operations to meet its ongoing cash obligations and fund its investment program; 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.

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Operating at the critical intersection where

innovations that save and sustain livesmeet the healthcare providers that make it happen

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1Sales and related figures represent FY 2017; Other sales represent ~$0.5B. Totals may not foot due to rounding.Baxter Confidential — Do not distribute without prior approval 5

Americas 54%EMEA 26%Asia Pacific 20%

$10.6B

2017 Global Revenue

Baxter Profile: A Diversified And Global Portfolio1

Acute Therapies

~$0.5B

Advanced Surgery

~$0.7B

Clinical Nutrition

~$0.9B ~$2.7B

Medication Delivery

~$1.9B ~$3.5B

Renal CarePharmaceuticals

6

Strengthen our portfolio and extend our impact through transformative innovation that spans prevention to recovery

Our Strategy

Industry leading performance

Best place to workProduct safety and Quality

Growth through innovation

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Prioritizing Patient Safety And Quality

Investing in quality systems and processes

Improving key quality metrics

Three warning letters closed

Strengthening relationships with global regulators

Building A Best Place To Work

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A noted leader in corporate social responsibility

Recognized as an outstanding employer

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Executing on pipeline opportunities and geographic expansion

Driving growth through evidence generation, physician education, and targeted market investments

Expanding beyond the core to unlock new therapies and markets

Multiple Avenues To Accelerate Growth

Market Development

EnterAdjacencies

PortfolioInnovation

Strengthening And Extending Our Impact

Culture of innovation with the right organization and talent in place

Resources aligned with high-growth opportunities

Accelerated pace of incremental and transformative innovation

Successful execution of commerciallaunches across business portfolio

1

2New product sales figures reflect guidance provided at May 21, 2018 Investor Conference. Graphic is intended as a visual representation.Baxter Confidential — Do not distribute without prior approval

All references to “new products” and “launches” in this presentation include new product launches, line extensions and geographic expansions, unless otherwise noted.10

Robust Pipeline Accelerating Growth1

New Products, New Indications, And Geographic Expansion Driving $1.7B In 2023 Sales2

New Product Launches Powered By:

200+ Launches In 2018-2023

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20192018

Prismax

Spectrum IQ Infusion System Point of Care

New Pump Platform

Floseal Fast Prep

2020

Olimel N12

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Near-Term Launches Fueling Long-Term GrowthPipeline Highlights:

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Zero-Based OrganizationRightsizing organization with reduced spans and layers

Zero-Based SpendingEmploying disciplined cost assessment to eliminate waste

Portfolio ManagementOptimizing manufacturing footprint, R&D operations and supply chain network

Global Business ServicesCentralizing and streamlining support functions

Cumulative Savings vs. 2015

~$0.4B

~$0.9B~$1.1B ~$1.2B

2016 2018 2020 2023

Focused on sustainability of business

transformation initiatives1

2024+1Not to scale.

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Driving Operational Excellence Through Business Transformation

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Delivering sustainable, profitable growth with a reinvigorated pipeline

Currently targeting ~35% dividend payout ratio of adjusted net income over time

Executing strategic acquisitions and collaborations to generate enhanced returns

Selective share repurchases to return value to shareholders

REINVEST IN BUSINESS DIVIDENDS M&ASHARE

REPURCHASE

Strategically Deploying Capital To Create Value For Shareholders

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Drive Category Leadership

Rigorous Financial Criteria

Preserve InvestmentGrade Credit Rating

Capitalize On Core CapabilitiesM&A

Objectives

Disciplined Assessment Of Opportunities Considering Both Strategic Fit And Financial Criteria

Thoroughly Assessing Business Development Opportunities

FY 2018 FY 2020 FY 2023 FY 2018 FY 2020 FY 2023FY 2018 FY 2020 FY 2023

1

Baxter Confidential — Do not distribute without prior approval

See www.baxter.com for information regarding non-GAAP financial metrics used in this presentation, including constant currency sales, adjusted operating margin, adjusted diluted EPS, and free cash flow. 22018 figures reflect guidance provided in Q3 2018 Earnings Call (10/31/18); 2020 and 2023 figures reflect guidance provided in 2018 Investor Conference (5/21/18). 3Operating cash flow less capital expenditures. 15

Global Reported Revenue

Free Cash Flow3

Adjusted Diluted EPS

Adjusted Operating Margin

+600bps >10%

~$2.1B

~$2.65B

~$1.5B

>1.7x

20% - 21%

23% - 24%

17.3% $3.60-$3.75

$4.90-$5.05

$2.98-$3.00~5%

2018 – 2023 CAGRConstant Currency

5-year CAGR

Solid Long-Term Financial Outlook1,2

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• Increasing innovation to drive accelerated revenue growth

• Maintaining strong cadence of product launches and geographic expansions

• Realizing ongoing benefits of business transformation initiatives

• Strategically deploying capital to enhance value and improve profitability

Continuing Momentum In 2019 And Beyond