May 8, 2018

2018 Annual Meeting of Stockholders

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2018 Annual Meeting of Stockholders

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Introductions and Meeting Procedures

2018 Annual Meeting

Proposals

Baxter Overview

Voting Results

Questions and

Answers

Adjournment

?

May 8, 2018

2018 Annual Meeting of Stockholders

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Baxter’s Board of Directors

All Directors up for reelection at the 2018 Annual Meeting

José (Joe) E. Almeida

Munib Islam

Thomas T. Stallkamp

Michael F. Mahoney

Thomas F. Chen

Stephen N. Oesterle, M.D.

John D. Forsyth

Carole J. Shapazian

James R. Gavin III, M.D., Ph.D.

Cathy R. Smith

Peter S. Hellman

Albert P.L. Stroucken

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Baxter’s Senior Leadership Team

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Giuseppe AccogliSVP and President, Global Businesses

Laura AngeliniGM, Renal Care

Scott BohaboySVP, Treasurer and Head of Global Planning

Wil BorenGM, Advanced Surgery

Dennis CrowleySVP, Business Development & Licensing

Stacey EisenSVP, Communications

Brik EyreSVP and President, Americas

Robert FelicelliPresident, Pharmaceuticals

David Ferguson, Ph.D.GM, Medication Delivery

Cristiano FranziSVP and President, Europe, Middle East, Africa

Andrew (Andy) FryeSVP and President, Asia Pacific

Caroline KarpSVP and Controller

Jacqueline Kunzler, Ph.D.SVP, Chief Quality Officer

Scott LuceGM, U.S. Hospital Products

Paul MartinSVP and Chief Information Officer

Sean MartinSVP and General Counsel

Jeanne Mason, Ph.D.SVP, Human Resources

Ellen McIntoshSVP, Corporate Secretary

Scott PleauSVP, Operations

Sumant Ramachandra, M.D., Ph.D.SVP, Chief Science and Technology Officer

Reaz RasulGM, Acute Therapies

David RomanVP, Strategy

James (Jay) SaccaroEVP and Chief Financial Officer

Cathy SkalaVP, Business Transformation

Clare TrachtmanVP, Investor Relations

Jorge VasseurGM, Nutrition

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Safe Harbor Statement

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This presentation includes forward-looking statements concerning the company’s financial results, business development activities, capitalstructure, cost savings initiatives, and R&D pipeline including results of clinical trials and planned product launches. The statements are basedon assumptions about many important factors, including the following, which could cause actual results to differ materially from those in theforward-looking statements: demand for and market acceptance of risks for new and existing products; product development risks; productquality or patient safety concerns; continuity, availability and pricing of acceptable raw materials and component supply; inability to createadditional production capacity in a timely manner or the occurrence of other manufacturing or supply difficulties (including as a result of a naturaldisaster or otherwise); breaches or failures of the company’s information technology systems, including by cyberattack; future actions ofregulatory bodies and other governmental authorities, including FDA, the Department of Justice, the New York Attorney General and foreignregulatory agencies; failures with respect to compliance programs; future actions of third parties, including payers; U.S. healthcare reform andother global austerity measures; pricing, reimbursement, taxation and rebate policies of government agencies and private payers; the impact ofcompetitive 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 therecent acquisitions of Claris Injectables and two surgical products from Mallinckrodt plc); the ability to enforce owned or in-licensed patents orthe patents of third parties preventing or restricting manufacture, sale or use of affected products or technology; the impact of global economicconditions; fluctuations in foreign exchange and interest rates; any change in law concerning the taxation of income (including current or futuretax reform), including income earned outside the United States; actions taken by tax authorities in connection with ongoing tax audits; loss of keyemployees or inability to identify and recruit new employees; the outcome of pending or future litigation; the adequacy of the company’s cashflows from operations to meet its ongoing cash obligations and fund its investment program; and other risks identified in Baxter’s most recentfiling on Form 10-K and other Securities and Exchange Commission filings, all of which are available on Baxter’s website. Baxter does notundertake to update its forward-looking statements.

May 8, 2018

2018 Annual Meeting of Stockholders

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2018 Annual Meeting Proposals

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Election of Directors

Advisory Vote to Approve NamedExecutive Officer Compensation

Ratification of IndependentRegistered Public Accounting Firm

Independent Board Chairman

Right to Act by Written Consent

PROPOSAL PROPOSAL PROPOSAL PROPOSAL PROPOSAL

1 2 3 4 5

May 8, 2018

2018 Annual Meeting of Stockholders

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Delivering on our Mission

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Baxter Profile

Renal Care 33%

Medication Delivery 26%

Pharmaceuticals 18%

Nutrition 8%

Advanced Surgery 7%

Acute Therapies 4%

Other 4%

Americas 54%

EMEA 26%

Asia Pacific 20%

GlobalPresence

ContinuousInnovation

Industry-LeadingPortfolio

OperationalExcellence

2017 Revenue By Region By Business

$10.6BGlobal

Net Sales

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Full-Year 2017 Financial Snapshot

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Adjusted Operating Margin

2016 2017

+250Basis Points

Adjusted Earnings per Diluted Share

2016 2017

+27%

Global Reported Revenues

2016 2017

+5%Operational Growth1

Free Cash Flow3

2016 2017

$10.2B

$10.6B

13.8%16.3%

$1.96

$2.48

$905M

$1.2B

+35%

See www.baxter.com for information regarding non-GAAP financial metrics used in this chart, including operational sales, adjusted operating margin, adjusted diluted EPS and free cash flow. 1FY 2017 operational sales growth excludes the impact of Claris and strategic product exits of approximately 1% each and a negligible impact of foreign currency and Cyclo competition; GAAP sales growth for the period was approximately 4% compared to FY 2016. 2FY 2016 and FY 2017 adjusted operating margin as restated. For FY 2016, adjusted operating margin (as reported) was 13.6%. Adjusted operating margin (as reported) for FY 2017 was 16.0%. See www.baxter.com for a reconciliation of FY 2016 and FY 2017 adjusted operating margin to FY 2016 and FY 2017 operating margin (as reported).”2Operating cash flow less capital expenditures.

(Restated)2

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Focused on Achieving Sustained Top Quartile Performance

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Quality and patient safety

Industry-leading performance

Best place to work

Drive improved performance to deliver optimal results for patients, customers, stockholders and employees

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Investing in quality systems and processes to help ensure the highest standards

Demonstrating strong progress on key quality metrics‒ Positive performance in Medical

Device Reports, Field Alert Reports, Conversions

‒ Warning letters closed in Irvine, Round Lake

Parenteral nutrition patient (left) and family, Lincoln, Nebraska

Quality and Patient Safety

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Baxter’s inclusive culture and diverse workforce help advance our mission and fuel innovation

Best Place to Work

Recognized by

Baxter manufacturing facility, Cuernavaca, Mexico 15

2018 Women’s Choice AwardThe Voice of

Women

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Baxter is making a difference in our communities by supporting increased access to care, disaster relief, STEM education, and other efforts

We drive sustainability throughout our operations

Hurricane Maria disaster relief, Puerto Rico

Best Place to Work: Commitment to the Community

Recognized by

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Industry-Leading Performance

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Portfolio and Innovation

Management

Operational Excellence

Capital Allocation

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Shifting greater R&D investment to new product development

Executed on robust pipeline with more than 50 launches1 in 2017

Accelerating portfolio and pipeline through collaborations with Mayo Clinic, Ramot at Tel Aviv University/Tel Aviv Sourasky Medical Center

Industry-Leading Performance

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Portfolio and Innovation Management

1Launches include new products, geographic expansions and line extensions

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Transforming cost structure, eliminating waste and increasing efficiency

Optimizing organizational structure to drive improved performance

Simplifying portfolio and optimizing manufacturing footprint

Industry-Leading Performance

Operational Excellence

Baxter R&D facility, Alliance Park, Belgium 19

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Just announced a 19% increase to the dividend this morning─ Represents a 65% increase from

post-Baxalta spin-off dividend rate1

Executed selective share repurchases Investing in growth through

acquisitions of Claris Injectables, Wound Care Technologies, and the RECOTHROM and PREVELEAK assets from Mallinckrodt, among others

Industry-Leading Performance

Capital Allocation

Peritoneal dialysis patient, Hong Kong 20

1Rate increased from $0.115/share (as first declared in October 2015) to $0.19/share (as announced on May 8, 2018)

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Delivering Significant Value for Investors

211Source: Bloomberg*Partial Month of May

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Continuing Strong Momentum in 2018 and Beyond

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► Increasing innovation to drive accelerated revenue growth

► Maintaining strong cadence of product launches and geographic expansions

► Realizing ongoing benefits of cost reduction initiatives and organization optimization

► Strategically deploying capital to enhance value and improve profitability

► Anticipating long-term guidance update during 2018 investor conference

May 8, 2018

2018 Annual Meeting of Stockholders