Bausch + Lomb Corporation (NYSE/TSX: BLCO) ("Bausch + Lomb" or the "Company"), a leading global eye health company dedicated to helping people see better to live better, is pleased to announce that it has expanded its Board of Directors (the "Board") to add two designees to the Board from Carl C. Icahn and affiliated entities (the "Icahn Group"). Brett Icahn and Gary Hu have joined the Board effective immediately.

The Company has entered into an amended and restated Director Appointment and Nomination Agreement (as amended and restated, the "Icahn Agreement"), between the Company and the Icahn Group. As previously disclosed in the Company's Registration Statement on Form S-1, the Icahn Agreement had previously provided that the Company agreed to, among other things, appoint to the Board two individuals identified by the Icahn Group and reasonably acceptable to the Company as soon as practicable following the written election of the Icahn Group after the consummation of the previously announced distribution by Bausch Health Companies Inc. ("Bausch Health") of approximately 80% of the Company's common shares to existing Bausch Health shareholders. As amended and restated, the Icahn Agreement provides that the Icahn Group is permitted to have two individuals appointed to the Board immediately.

"We are pleased to welcome Messrs. B. Icahn and Hu to our Board of Directors," said Joseph C. Papa, chairman and CEO, Bausch + Lomb. "Messrs. B. Icahn and Hu will both serve Bausch + Lomb well as we and Bausch Health continue to work toward our previously announced spinoff, which we continue to believe will unlock value for shareholders and enable us to further focus on building out our fully integrated eye health company that serves patients and consumers through all phases of their lives to meet unmet needs in eye health."

Mr. Icahn has been a portfolio manager for Icahn Capital LP since October 2020. Icahn Capital LP is a subsidiary of Icahn Enterprises L.P., a diversified holding company engaged in a variety of businesses, including investment, automotive, energy, food packaging, metals, real estate and home fashion. Mr. Icahn has held a variety of investment advisory roles at Icahn Enterprises L.P. since 2002, including as an investment strategy consultant from 2017 to 2020, and as portfolio manager of the Sargon Portfolio from 2010 to 2017. He has served on the board of Bausch Health since 2021 (where he serves on the Finance and Transactions and Special Transactions Committees) and has also served on the board of Icahn Enterprises L.P., a private entity since 2020. He has also been a director of Newell Brands Inc., a publicly traded global marketer of consumer and commercial products, since 2018 and Dana Inc., a supplier of automotive products and services, since January 2022. Mr. Icahn was previously a director of Nuance Communications, Inc., a provider of voice and language solutions, from 2013 to 2016. He also previously served on the boards of American Railcar Industries, Inc., Take-Two Interactive Software Inc., The Hain Celestial Group, Inc. and Voltari Corporation. Mr. Icahn received a B.A. from Princeton University.

Mr. Hu has been a portfolio manager for Icahn Capital LP since October 2020. Prior to joining Icahn Capital LP, Mr. Hu held a variety of investment management roles from 2012 to 2020 at Silver Point Capital LP, a credit-focused investment firm, and from 2010 to 2012 at Stockbridge Investors, the public securities affiliate of Berkshire Partners LLC. Mr. Hu has served on the board of Dana Incorporated since January 2022. He was previously on the boards of Occidental Petroleum Corporation from 2021 to March 2022 and Cloudera Inc. from January to October 2021. Mr. Hu graduated from the University of Pennsylvania with a B.S. Econ in Finance and Accounting from The Wharton School and a B.A.S. in Computer Science from the School of Engineering and Applied Science.