Bausch + Lomb : 2023 Report

GROWTH IN SIGHT

2023 Sustainability Impact Report

CONTENTS

01

Introduction

02

Governance

03

Environment

CEO letter	3		Business conduct	9		Global governance,	16
						principles and policies
Global VP, Environment, Health,			Cybersecurity and data privacy	11
4			Energy, GHG emissions
Safety + Sustainability letter					17
		12
			Research and development		and climate change
Company overview	5
	Supplier engagement	15		Resource use and circular economy	19
Sustainability impacts at Bausch + Lomb	6

04

Social

05

Appendix

Employee health and safety	22
Talent attraction, engagement,
retention and development	24
Diversity, equity and inclusion	27
Customer and patient well-being	29
Communities	32

SASB Index	33
GRI Index	39
Data Tables	50

INTRODUCTION

Bausch + Lomb	3
	Growth In Sight

01

CEO letter

Bausch + Lomb is a company dedicated to innovation and advancing eye health to help people see better to live better.

How we do that matters. We always

strive for safer and more sustainable operations and hold ourselves to the highest standards of business conduct and ethical behavior.

The 2023 Sustainability Impact Report focuses on our overall efforts in these areas and highlights several initiatives we're particularly proud of. These include our commitment to reducing greenhouse gas (GHG)

emissions, prioritizing energy efficiency and expanding our ONE by ONE and Biotrue® Eye Care recycling programs-the first and only contact lens, eye care and lens care recycling programs in the United States.

We understand not every action or activity may have an "impact," but taken collectively, impact can-andwill-be measured by the difference we make in communities around the world and our shared environment.

Thank you for your interest in how we operate. We're excited for what the future holds and look forward to building on our positive impacts and sharing that progress with you.

Sincerely,

Brent Saunders

CEO and Chairman of the Board

We always strive for safer and more sustainable operations and hold ourselves to the highest standards of business conduct and ethical behavior.

Global VP, Environment, Health, Safety + Sustainability (EHS+S) letter

Bausch + Lomb	4
	Growth In Sight

With 170 years of company history to guide us, I am excited to share 2023 was a year of transition and change aimed at ensuring our patients, customers, employees and

stakeholders continue to receive the best Bausch + Lomb experience. There is further Growth in Sight in 2024, which is projected to have more new product launches than ever before. We look forward to introducing new products for dry eye disease, contact lenses, intraocular lenses, surgical equipment and consumer products. Through our products, equipment, instruments and services, we strive to be the best eye health company and to deliver on our mission: helping people see better to live better, and doing so sustainably.

We recognize the importance of continually evaluating our business and sustainability risks, opportunities and impacts-both positive and negative. In 2023, we conducted a double materiality assessment to help us identify and prioritize the environmental, social and governance

topics which have the greatest effect on our business and our stakeholders. This report shares our current management of and performance related to these topics, and we plan to further develop our short-, medium- and long-term strategies in 2024.

With Growth in Sight, we look forward to 2024 and beyond as we continue to integrate sustainability into everything we do, enhance our transparency and leverage our double materiality assessment as a key strategic driver of our roadmap to success while giving back to the communities where we live and work. Our vision is keenly focused, and our commitment is crystal clear.

Amy Butler

Global Vice President, Environment,

Health, Safety + Sustainability

Stay safe.

With Growth in Sight, we look forward to 2024 and beyond as we continue to integrate sustainability into everything we do…

Company overview

Bausch + Lomb Corporation (Bausch + Lomb) is a leading global eye health company dedicated to protecting and enhancing the gift of sight for millions of people around the world-from birth through every phase of life. Our mission is simple, yet powerful: helping you see better to live better. Our iconic and enduring brand is built on the deep trust and loyalty of our customers established over our more than 170-year history.

We develop, manufacture and market a comprehensive portfolio of approximately 400 products built to serve our customers across the full spectrum of their eye health needs and their lives. As a fully integrated eye health business,

Bausch + Lomb has four business units: Consumer, Pharmaceutical, Surgical, and Vision Care. We provide customers and patients with an established line of contact lenses, intraocular lenses and other medical devices, surgical systems and devices, vitamin and mineral supplements, lens care products, prescription eye-medications and other consumer health products that position us to compete in all areas of the eye health market. We have long been associated with many significant and innovative advances in eye health, and

we anticipate 2024 will be one of the most active product launch years in our company's history.

Our headquarters are located in Vaughan, Ontario, and we have an additional corporate office in Bridgewater, New Jersey. We have a significant global research, development, manufacturing and commercial footprint of approximately 13,000 employees and a presence in over 100 countries, extending our reach to billions of potential customers across the globe.

In 2022, we launched our initial public offering and began trading under the ticker "BLCO" on the New York Stock Exchange and Toronto Stock Exchange.

Throughout 2023, we navigated this transition while enhancing our position as a leading global eye health company through the delivery of high quality, innovative products. We believe there is further business growth in sight as we continue to serve our customers and strengthen our sustainability programs and practices.

	Bausch + Lomb 5
Our mission, vision and values	Growth In Sight

Our mission is to help people see better to live better all over the world-that's why

1. Bausch and Henry Lomb started our company in 1853 and what we still strive for today. Through an unwavering focus rooted in innovation, quality and craftsmanship, we continue to pursue our vision of protecting and enhancing the gift of sight through every phase of life.

Our six core values, known internally as our FOCUS, define what we stand for and how we interact with employees, customers, vendors, shareholders and others:

Accountability Agility

Results FOCUS Courage orientation

Teamwork Integrity

Bausch + Lomb

Sustainability impacts at Bausch + Lomb

6

Growth In

About this report

Our 2023 Sustainability Impact Report outlines Bausch + Lomb's approach for managing environmental, social and governance matters across our global footprint and the progress made between January 1, 2023, and December 31, 2023.

This report was developed with reference

to the Global Reporting Initiative (GRI) standards. Additionally, we report information pertaining to the Sustainability Accounting Standards Board (SASB) standards for Biotechnology and Pharmaceuticals and for Medical Equipment and Supplies.

If you wish to share feedback on this report, please contact us at [e-mail].

Our approach to sustainability impact

Bausch + Lomb is committed to implementing, maintaining and enhancing sustainable practices that drive value for our business and our stakeholders-including customers, consumers, eye care professionals, patients, employees communities and shareholders. We believe pursuing sustainable business growth and strong environmental, social and governance performance best positions us to fulfill our mission: helping people see better to live better.

In 2023, we partnered with an independent firm to conduct a double materiality assessment and formally identify the environmental, social and governance topics material to our business. To determine these topics, we leveraged guidance from the European Union's Corporate Sustainability Reporting Directive (CSRD) and the draft European Sustainability Reporting Standards (ESRS), as well as findings from peer benchmarking, other environmental, social and governance standards and frameworks, industry reports, key corporate documents and input from internal and external stakeholders. The 22 topics identified by the assessment informed the content of this report and will be the focus of our governance, environmental and social efforts going forward.

Sight

RESULTS OF BAUSCH + LOMB'S DOUBLE MATERIALITY ASSESSMENT, FALL 2023

		MATERIAL IMPACT, RISK OR OPPORTUNITY TYPE
DIMENSION	MATERIAL TOPIC	Financial Materiality	Impact Materiality
		Risk	Opportunity	Positive	Negative
		Impact	Impact
Governance	Business Conduct*	X		X
	Cybersecurity and Data Privacy	X
	Management of Relationships	X
	With Suppliers
	Product Development, R&D,			X
	Investment and Innovation
Environment	Climate Change*	X			X
	Energy	X
	Microplastics				X
	Resource Inflows, Including				X
	Resource Use
	Resource Outflows Related				X
	to Products and Services
	Waste			X	X
Social	Compensation and Benefits*		X	X
	Personal Safety of Consumers	X
	and/or End-Users
	Equal Treatment and
	Opportunities for All			X
	(Own Workforce)
	Equal Treatment and
	Opportunities for All			X
	(Workers in the Value Chain)

Bausch + Lomb

		MATERIAL IMPACT, RISK OR OPPORTUNITY TYPE
DIMENSION	MATERIAL TOPIC	Financial Materiality	Impact Materiality
		Risk	Opportunity	Positive	Negative
		Impact	Impact
Social (Cont.)	Talent Attraction,			X
	Engagement and Retention
	Health and Safety			X
	(Own Workforce)
	Diversity			X
	Communities' Economic,			X
	Social and Cultural Rights
	Training and Skills Development			X
	(Own Workforce)
	Information-Related Impacts for			X
	Consumers and/or End-Users
	Working Conditions			X
	(Own Workforce)
	Social Inclusion of Consumers			X
	and/or End-Users

Double Materiality: Double materiality has two dimensions: impact materiality and financial materiality. A sustainability matter meets the criterion of double materiality if it is material from the impact perspective or the financial perspective or both.[1]

Financial Materiality: A sustainability matter is material from a financial perspective if it generates risks or opportunities that affect (or could reasonably be expected to affect) the undertaking's financial position, financial performance, cash flows, access to finance or cost of capital over the short, medium or long term.[1]

Impact Materiality: A sustainability matter is material from an impact perspective when it pertains to the undertaking's material actual or potential, positive or negative impacts on people or the environment over the short-, medium and long-term. A material sustainability matter from an impact perspective includes impacts connected with the undertaking's own operations and upstream and downstream value chain, including through its products and services, as well as through its business relationships.[1]

*Topic is material from both impact and financial perspectives.

[1] European Sustainability Reporting Standards

7

Growth In Sight

Our approach to sustainability impact

(continued)

Defined governance and oversight structures enable us to understand, manage and hold ourselves accountable for our performance across our material topics. At the highest level of our organization, namely the Board of Directors (Board), three committees share responsibility for our environmental, social and governance practices and programs: the Audit and Risk Committee, the Nominating and Corporate Governance Committee and the Talent and Compensation Committee.

• The Audit and Risk Committee oversees our compliance and ethics programs, legal and regulatory requirements, independent auditing and the company's compliance with our Code of Conduct;
• The Nominating and Corporate
  Governance Committee oversees Board governance practices, corporate governance policies, management's plans for identification and measurement of short- and long-term sustainability-relatedobjectives for the company and reviews our sustainability impact reporting; and
• The Talent and Compensation Committee oversees human capital management programs for talent and succession planning and the processes, policies and governance related to our executive compensation practices.

In its oversight role, the full Board receives regular updates from each of these standing Committees, the Executive Leadership Team (ELT) and additional leadership representatives. The ELT was enhanced in 2023 to bring our commercial business Presidents closer to our CEO as direct reports and enable more visibility to our customers. In addition to the Presidents for Vision Care, Surgical, Pharmaceutical and Consumer business units, the ELT consists of the Executive Vice Presidents for Supply Chain & Operations, Legal, Human Resources (HR), Corporate Development, Finance, Communications and Research & Development (R&D).

The Nominating and Corporate Governance Committee receives a quarterly environmental, social and governance status update that includes progress on the company's sustainability programs. Beginning in 2023, Bausch + Lomb's EHS+S organization, which reports into the Supply Chain & Operations group, maintains responsibility for the functional management of sustainability matters across our business.

We look forward to leveraging our materiality results and enhanced governance structures to continue to drive focused growth and impactful improvements into the future.

Bausch + Lomb	8
	Growth In Sight

GOVERNANCE

Business conduct

Bausch + Lomb	9
	Growth In Sight

02

Proper business conduct is a critical part of our culture, influencing every action we take. We understand ethical behavior and compliance with both internal and third-party standards enable us to best serve our customers and consumers, protect our employees, maintain key external relationships and uphold our business reputation and success.

Every Bausch + Lomb employee is responsible for practicing proper business conduct. The Audit and Risk Committee of the Board has oversight of

business ethics and compliance, which includes considering specific business and geographical risks. Our Chief Ethics & Compliance Officer provides quarterly presentations to the Committee on the function's performance against our annual plan; the status of specific programmatic and special initiatives; and the overall effectiveness

of the company's compliance program. The Committee also receives quarterly performance updates from our business unit leaders.

In 2023, >99.5% of Bausch + Lomb global employees, including all our senior leaders, completed the required corporate governance training-which covers our anti-bribery, ethics reporting, corporate disclosure and insider trading policies.

Bausch + Lomb's Board of Directors

Our Board plays an important role in instilling and advancing business conduct-related best practices at Bausch + Lomb. The Board also provides leadership that drives value and growth in other areas of our business.

Bausch + Lomb's Board comprises nine independent directors and our Chief Executive Officer and maintains the following committees:

• Audit and Risk: Monitors and oversees the integrity of our financial reporting, compliance with our Code of Conduct and legal requirements and our risk assessment process, including cybersecurity, regulatory and compliance risks.
• Nominating and Corporate Governance: Nominates qualified and independent directors, recommends competencies the Board should possess and annually reviews our corporate governance approach. The committee also reviews our environmental, social and governance-relatedobjectives and sustainability reporting.
• Talent and Compensation: Advises the Board on executive compensation, talent management and succession planning.
• Science and Technology: Advises the Board on our scientific strategy and investments in R&D and technology.

The Board has adopted, and reviews on a periodic basis, our Corporate Governance Guidelines.

In 2023, we refined the structure of our Office of Ethics & Compliance to align with the new organizational structure of our four core business units (Consumer, Pharmaceutical, Surgical, and Vision Care), which vary in customer reach, impact, geography and risks and opportunities. Our updated structure now has separate legal and compliance leaders within each business so they can focus on challenges specific to their markets. This change allows us to develop relevant compliance programs and training both on a broad enterprise basis as well as on business unit and local country levels. The reorganization also improves direct accountability for business conduct. While our business unit leads retain oversight of their own divisions, they also collaborate across business units to plan and execute strategic risk mitigation and governance.

We offer both mandatory and supplemental training for our employees to learn about, stay updated

on and comply with our policies and expectations related to business conduct. All employees

and contractors are required to complete annual training on key corporate governance and compliance policies, including our Code of Conduct, Business Ethics Reporting Policy, Insider Trading Policy and Global Anti-Bribery Policy. We also offer training specific to individual business units and geographic locations.

Bausch + Lomb

Bausch + Lomb's robust Code of Conductestablishes and reinforces our approach to business conduct and defines our expectations on critical topics, such as conflicts of interest, privacy, confidentiality and anti-bribery. Our Global Anti-Bribery Policy, Insider Trading Policy and Business Ethics Reporting Policy are also important elements of our approach.

We maintain an anonymous, global Business Ethics Hotline for all employees to report suspected violations of our Code of Conduct, corporate governance and compliance policies and applicable laws and regulations, as well as to ask questions and/or seek advice. As part of our "Speak Up" culture, employees are encouraged to report allegations, real or perceived, that may be a violation of our company policies and/or laws and regulations-and

we explicitly prohibit retaliation against those who raise concerns. All hotline submissions are reported to, and reviewed by, the Chief Ethics & Compliance Officer as part of our process to investigate allegations, report on findings, identify root causes and oversee implemented corrective and preventative measures. There are also robust guidelines for immediately escalating material finance, accounting and HR matters to the Audit and Risk Committee and appropriate ELT members. Monitoring the nature, root cause, products, geographies and trends associated with hotline submissions is a key tool we use to measure our business conduct performance.

10

Growth In Sight