Mike Mahoney Chairman and Chief Executive Officer Safe harbor for forward-looking statements

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like “anticipate,” “expect,” “project,” “believe,” “plan,” “estimate,” “intend” and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could differ materially from the expectations and projections expressed or implied by our forward-looking statements.

Factors that may cause such differences can be found in our most recent Form 10-K and Forms 10-Q filed or to be filed with the Securities and Exchange Commission under the headings “Risk Factors” and “Safe Harbor for Forward-Looking Statements.” Accordingly, you are cautioned not to place undue reliance on any of our forward-looking statements. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions, or circumstances on which they may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.

2 Regulatory disclaimers

Product Regulatory Disclaimer

WATCHMAN FLX™ CE Marked. U.S.: Caution: Investigational Device. Limited by Federal (or U.S.) law to investigational use only. Not available for sale.

ACURATE neo2™ Self-Expanding Valve Platform Pending CE Mark. U.S.: Caution: Investigational Device. Limited by Federal (or U.S.) law to investigational use only. Not available for sale.

Millipede Mitral Repair Technology Device under development. Not available for use or sale worldwide.

LOTUS Mantra™ Valve System Device under development. Not available for use or sale worldwide.

EXALT™ Model D Pending CE Mark. Not available for sale outside of the U.S.

SpyGlass™ Discover Device under development. Not available for use or sale worldwide.

EXALT™ Model B Device under development. Not available for use or sale worldwide. EXALT™ Model Bx Device under development. Not available for use or sale worldwide.

EXALT™ Model TG Device under development. Not available for use or sale worldwide.

SpyGlass™ DS III Device under development. Not available for use or sale worldwide.

PEG Scope Device under development. Not available for use or sale worldwide. iNod™ Ultrasound Guided Needle Device under development. Not available for use or sale worldwide.

3 Financial disclaimers

Market Estimates: Unless noted otherwise, all references to market sizes, market share positions, and market growth rates are BSX internal estimates. Non-GAAP Financial Measures: This presentation contains non-GAAP measures (denoted with *) in talking about our company’s performance. The reconciliations of those non-GAAP measures to their most comparable GAAP measures are contained within this document including appendices attached to the end of this presentation. Revenue Growth: All growth rates are operational unless otherwise noted. Operational growth rates are non-GAAP measures that exclude the impact of foreign currency fluctuations. Organic growth rates are non-GAAP measures that exclude the impact of foreign currency fluctuations and the sales from the acquisitions of the electrophysiology business of C.R. Bard Inc., the Interventional Division of Bayer AG, the American Medical Systems male urology portfolio, EndoChoice Holdings, Inc., Symetis SA, NxThera, Inc., Claret Medical, Inc., Augmenix, Inc., Vertiflex, Inc. and BTG plc (BTG) in the periods for which there are no prior period related sales. Organic revenue growth also excludes the impact of the divestiture of our global embolic microspheres portfolio, a transaction entered into in connection with obtaining the antitrust clearances required to complete the BTG transaction. Medical Devices: We have three historic reportable segments comprised of Medical Surgical (MedSurg), Rhythm and Neuro, and Cardiovascular, which represent an aggregation of our operating segments that generates revenues from the sale of medical devices (Medical Devices). As part of our BTG acquisition, which closed on August 19, 2019, we acquired an Interventional Medicine business, which is now included in our Peripheral Interventions’ operating segment's 2019 revenues from August 19, 2019 through December 31, 2019. Specialty Pharmaceuticals: As part of our BTG acquisition, which closed on August 19, 2019, we acquired a Specialty Pharmaceuticals business (Spec Pharma). Subsequent to acquisition, Spec Pharma is a stand-alone operating segment presented alongside our Medical Device reportable segments. Spec Pharma net sales are substantially U.S. based. Our chief operating decision maker (CODM) reviews financial information of our globally managed Spec Pharma operating segment at the worldwide level without further disaggregation into regional results. As such, Spec Pharma net sales are presented globally, and our Medical Devices reportable segments regional net sales results do not include Spec Pharma. Emerging Markets: We define Emerging Markets as the 20 countries that we believe have strong growth potential based on their economic conditions, healthcare sectors and our global capabilities in our Medical Devices business. Periodically, we assess our list of Emerging Markets; effective January 1, 2019, we updated our list of Emerging Market countries. Our current list is comprised of the following countries: Argentina, Brazil, Chile, China, Colombia, Czech Republic, India, Indonesia, Malaysia, Mexico, Philippines, Poland, Russia, Saudi Arabia, Slovakia, South Africa, South Korea, Thailand, Turkey and Vietnam. The revision had an immaterial impact on prior year sales.

4 Our Mission and Values

Boston Scientific is dedicated to transforming lives through innovative medical solutions that improve the health of patients around the world.

Meaningful High Global Diversity & Winning Caring Innovation Performance Collaboration Inclusion Spirit

5 What to expect from BSX 2020+

1. Highly engaged and driven team – patient-centric, motivated and innovative global culture

2. Continued execution of category leadership strategy and portfolio diversification into higher growth, adjacent markets

3. Compelling and differentiated pipeline driven by meaningful innovation

4. Commitment to corporate social responsibility and sustainable business models

5. Consistent, high performance to deliver shareholder value; long term financial goals for 6-9% organic revenue growth and margin expansion to drive double-digit adj EPS growth

6 Category leadership driving growth 2019 revenue1 $10.7B, 11.1% op* growth, 7.3% organic* growth

Interventional Cardiology Cardiac Rhythm (incl. Structural Heart) Management $2.8B, +11%, +10% $1.9B, +1%

Structural Heart Electrophysiology

High end of $329M, +7% $700-725M guidance2

Peripheral Interventions Neuromodulation (incl. IM, excl. Spec Pharma) $1.4B, +19%, +8% $873M, +13%, +7%

Endoscopy Urology & Pelvic Health

$1.9B, +9% $1.4B, +15%, +8% +Spec Pharma $81M Growth rates listed are operational*, organic*7 Endo, CRM and EP operational and organic growth rates are equivalent Driving global expansion Building scale and capabilities

Strong, balanced growth in every region Emerging Markets remain a key growth driver 2020+

LACA $0.4B, +7% +15%

APAC $1.9B, +12%

$1.25B, +19% 2019 US Revenue1t $6.1B, +10% EMEA $2.3B, +9%

20192 2020E 2021E 2022E t Excludes Spec Pharma Growth rates are operational* 8 Track record of delivering high performance: Organic revenue growth

Driving market share, entering new high growth segments and expanding geographic reach

Est Organic* CAGR 6-9% Organic* CAGR 7% Organic* CAGR 6%

Organic* CAGR (1%)

2011 2012 2013 2014 2015 2016 2017 2018 20191 2020E- 2022E

9 Track record of delivering high performance: Operating margin improvement and EPS growth

Delivering on adjusted operating Consistent double digit adjusted EPS* growth margin* expansion goals ’15-’19E CAGR: 14%

Adj. operating margin* goal Adj. EPS* growth goal +DD% Y/Y +50-100 $1.55- $1.58 26- bps Y/Y 26.25% $1.47 +11- 25.5% 5 25.0% $1.26 13% 24.1% +17% $1.11 +13% 22.3% $0.93 +20% $0.84 20.2% $0.73 +11% $0.66 19.2% 18.8% 18.9% $0.67 +15% +10% (3%) (2%)

2011 2012 2013 2014 2015 2016 2017 2018 2019E3 2020E 2011 2012 2013 2014 2015 2016 2017 20184 2019E 3 2020E - 2022E - 2022E

10 Consistent portfolio diversification into higher growth markets

BSX portfolio revenue mix

High growth markets (≥8% CAGR): IC (Structural Heart), RM (EP), PI (Drug Eluting, Venous, $11B ~35% Therapeutic Oncology), NM, Endo (TIPs, Endoluminal Surgery), UroPH (Prostate Health) $8B ~25% $7B ~15% ~10% Moderate growth markets (3-7% CAGR): ~45% ~50% ~45% ~45% Endo (Core), PI (Core Arterial + Core Oncology), UroPH (Core), IC (Complex PCI), RM (ICM)

~45% ~35% ~30% ~20% Low growth markets (<3% CAGR): RM (Pacers, Defibrillators), IC (DES)

1 Served 2012 2016 2019 2022E Market Growth (~1%) ~4% ~5% ~6% Excludes Spec Pharma

11 Multiple sources of innovation drive compelling pipeline

Internal adjusted R&D* % of Disciplined and balanced Strategic investments & revenue at the high end of peers approach to M&A partnerships

~10.5% • Tuck-ins across multiple • Active venture capital portfolio 10.5-11% businesses 10.8% – 40+ investments in mixed stages ~$1.2B • Strong integration track record of opportunity ~$1.0B • Healthy pipeline augmented by – 5 of 12 most recently closed deals from VC portfolio VC portfolio • Employee engagement 2017 2019E 6 2021E – “Imagine If” program • Multiple incubators + spin outs + LithoVue™ single-use ureteroscope EXALT™ D single-use strategic partnerships duodenoscope HeartLogic™ Heart Failure Alert

WaveWriter™ Tsinghua University Spinal Cord Stimulator Vercise™ Deep Brain Stimulator

12 Large and compelling high growth markets across the portfolio

1 2019 BSX Sales Mkt Growth Key Products / New Markets Operational* Growth 2019 – 2022 CAGR

• LAAC Global Expansion (WATCHMAN™) Interventional $2.8B • TAVR (ACURATE neo™, LOTUS Edge™) +6% ™ Cardiology +11% and Embolic Protection (Sentinel ) • Mitral Repair Technologies

Peripheral $1.4B • Therapeutic Oncology +6% • Venous Stenting & Pulmonary Embolism Interventions +19% • Drug-eluting (ELUVIA™ DES, Ranger™ DCB)

Rhythm • HeartLogic™ Heart Failure Alert $2.3B Management +4% • Mapping and Navigation (RHYTHMIA™) +2% (CRM + EP) • Single Shot for Pulmonary Vein Isolation

$0.9B • Expanding pain treatment continuum Neuromodulation +8-10% Superion™ for Lumbar Spinal Stenosis +13% • DBS for Parkinson’s Disease and Tremor

$1.9B • Pancreaticobiliary Disease Endoscopy +5% • Infection Prevention and Pathology +9% • Therapeutic Imagingt

™ ™ Urology & $1.4B • LithoVue Flexible Ureteroscope, StoneSmart +6% • SpaceOAR™ Hydrogel Pelvic Health +15% • MIT benign prostatic hyperplasia (BPH)

t Therapeutic Imaging excluded from Market/CAGR $10.7B ~6% Excludes BTG Spec Pharma 13 Strong product pipeline supports top tier growth

2020E 2021E 2022E+

Coronary Therapies Coronary Therapies Coronary Therapies • SYNERGY XD, 48 mm, MEGATRON – U.S. • AVVIGO Guidance System • NG Atherectomy System • SYNERGY XD – Japan • ROTAWIRE Drive - US and Japan • SYNERGY XD – China • Comet II pressure wire Structural Heart Structural Heart Structural Heart • ACURATE neo2 – U.S. • Millipede Mitral Valve Repair – EU • WATCHMAN FLX (LAAC) – U.S. • WATCHMAN FLX (LAAC) – China • LOTUS Mantra – U.S. & EU • ACURATE neo2 (TAVR) – EU • ACURATE neo2 – Japan • LOTUS Edge (TAVR) – Japan Peripheral Interventions • ACURATE PRIME – expanded sizes U.S. & EU • Ranger DCB SFA – Japan Peripheral Interventions • Interventional Oncology Coils Peripheral Interventions • Ranger DCB SFA – U.S. • Athletis PTA Balloon • SAVAL DES BTK • OptiCross 35 IVUS Catheter • CLI Catheter • AngioJet Clothunter CRM/EP CRM/EP • Resonate 2.0 CRM/EP • RHYTHMIA 5.0 • POLARx (Cryo Single Shot) – U.S. • POLARx (Cryo Single Shot) – EU • Ingevity+ Pacing Lead – EU • LUMINIZE (RF Single Shot) – U.S. • LUX-Dx ICM – U.S. • Empower leadless pacing/mCRM – U.S. • Ingevity+ Pacing Lead – U.S. Neuromodulation • Force-Sensing Catheter – U.S. • DIRECTSENSE – U.S. • SCS/DBS next gen systems • Next gen CRM pulse generator • Force-Sensing Catheter – EU • LUMINIZE (RF Single Shot) – EU Endoscopy Neuromodulation • 3300 Programmer • Single-use scope platform expansion • SCS indication expansion Neuromodulation • AXIOS expanded indications – U.S. • DBS next gen visualization platform Endoscopy Urology/Pelvic Health • Single-use scope platform expansion Endoscopy • LithoVue Ureteroscope next gen • Endoluminal surgery toolkit expansion • Exalt Model D single-use scope – U.S. • AMS 700 IPP enhancements • SpyGlass Discover single-use scope • Core Stone enhancements Urology/Pelvic Health • ORISE ProKnife • StoneSmart expansion • Resolution 360 Ultra hemostasis clip • Rezūm enhancements

Urology/Pelvic Health • Tria Ureteral Stents – U.S. & EU • SpaceOAR & Rezūm – Int’l expansion • SpaceOAR Vue Hydrogel 14 Key portfolio growth drivers 2020+ Selected product spotlights

Structural BTG Single-use Heart Venous & Scopes Interventional Oncology

15 1) Structural Heart Differentiated portfolio stands out in $6B market

BSX Structural Heart revenue $900M to $1B in 2020E

™ WATCHMAN™ LAAC SENTINEL Cerebral Prevent WATCHMAN FLX US H2:20E Protection System Stroke CHAMPION AF trial (H2H DOAC) launch 2020E PROTECTED TAVR trial launch H1:20E

Match Aortic LOTUS Edge™ TAVR ACURATE neo2™ TAVR Valve to Need 150 US accounts open by Q2:20 CE Mark mid-2020E Mantra 29mm clinical trial H2:20E FDA Approval YE 2021E

Cornerstone Repair of MILLIPEDE TMVr Mitral Annulus Initiated feasibility study

Prevent ™ SAFARI2™ Pre-Shaped Vascular iSLEEVE Expandable Guidewire Complications Introducer Sheath

16 WATCHMAN Expanding clinical investments: CHAMPION-AF

Estimated GlobalEstimated Global LAAC Market Size LAAC Market Size CHAMPION-AF Study

 A randomized, controlled trial studying WATCHMAN FLX vs. DOACs  Lower bleeding risk patients with 2025E+ non-vascular atrial fibrillation (NVAF) 2023E $2B+ 2018 ~$1B  Expecting ~2,000 NVAF patients ~$400M and ~150 sites  Anticipate to begin enrolling in H2:2020  Co-Chairmen: Dr. Marty Leon and Penetration into Penetration into Dr. Ken Ellenbogen high-bleed risk NVAF patient low-to-moderate-bleed risk population NVAF patient population  Principal Investigators: Dr. Shephal Doshi and Dr. Saibal Kar 17 2) BTG: Venous & Interventional Oncology Strong strategic fit, high growth adjacencies

Significant operational & Access to BTG IM high growth adjacencies commercial synergies

Interventional Oncology Venous Disease • Engaging customers as a newly 2018 Market: $1.6B 2018 Market: $1.4B combined entity with complementary ’19-’22 CAGR: ~8% ’19-’22 CAGR: ~8% portfolio • Expect ~$175M in synergies by year 3 Category Leader in Cancer Therapeutics Scaled Player - Integration on plan DVT, PE, SVI - Leveraging BSX global footprint Future indications: - Est. 80% synergies by end of year 2 Prostate Cancer Brain Cancer Lung Cancer 2019 Global Revenue Distribution

Y90 Radiotherapy Cryo, Microwave Thrombolysis Vena Cava for Liver Cancer Therapy Treatment Filter

18 3) Single-use endoscopes: $2B+ market opportunity Reduce infection, enhance efficiency, and improve availability

EXALT MODEL D COMPREHENSIVE SINGLE-USE THERAPEUTIC IMAGING PORTFOLIO

Exalt™ Model D Exalt™ Model B Duodenoscope Bronchoscope 1.5M ERCPs 3M procedures

SpyGlass™ Discover Exalt™ Model Bx Choledochoscope 2M procedures 40K procedures

SpyGlass™ DS III iNod™ Ultrasound Cholangioscope Guided Needle 150K procedures 150K procedures US Proven commercial channel

Market leading device portfolio Exalt™ Model TG PEG Scope Therapeutic Gastroscope for Gastroscope PEG Placement Favorable market conditions 800K procedures 530k procedures

19 Strong cash flow generation outlook

Capital structure facilitates Compelling adj. free cash flow*: 10% CAGR 2019E-2022E growth strategy

• Closed $4B BTG acquisition +10% ~$2.8B August 2019 ~$2.5B ~$2.3B ~$2.1B • Expect to repay $1.6B debt over 16 months post-BTG close

• Targeting BBB+ credit ratings

• Flexibility to return cash to 2019E3 2020E 2021E 2022E shareholders post debt paydown Debt-to- - - - Long-term - - - EBITDA ~3.3x ~2.6x goal ~2.25x

20 Consistent top tier financial performance & outlook

Goals 2019E 2020E-2022E

Organic Revenue* +7.3%1 +6-9% CAGR

Operational Revenue* +11.1%1 TBD

Adj. Operating Margin* +50-75bps3 Y/Y +50-100 bps Improvement annually

7 Adj. Tax Rate* ~9%3 ~11% Less ~100bps stock comp benefit

Adj. EPS* Growth 11%-13% Double-digit growth ex. 2018 IRS settlement3,5

Adj. Free Cash Flow*/Growth $2.1B3 +10% CAGR

21 Ongoing commitment to Corporate Social Responsibility

PEOPLE PLANET PRACTICES

Ranked 47% 87 th greenhouse Product 28 gas emissionst launches 30% Progress on 10/20/40 95% of solid water $1B+ D&I goals waste diverted consumptiont from landfillst 114 Invested in R&D 99.9% Active Clinical Trials 55 Awareness & Gender pay Education Events equityt Newsweek 2020 Most 35K 40K Responsible Volunteer Carbon Neutral 46% Employees Company hours in Costa Rica Green Real Estate t 2018 figure, greenhouse gas emissions and water consumption compared to 2009 manufacturing operations baseline. 22

Acronym Reference Guide

Afib Atrial Fibrillation IO Interventional Oncology

BPH Benign Prostatic Hyperplasia MIT Minimally Invasive Techniques

CRM Cardiac Rhythm Management NM Neuromodulation

DBS Deep Brain Stimulation NVAF Non-valvular Atrial Fibrillation

DCB Drug Coated Balloon PCI Percutaneous Coronary Intervention

DES Drug-eluting Stent PE Pulmonary Embolism

DVT Deep Vein Thrombosis PI Peripheral Interventions

Endo Endoscopy RF Radiofrequency

EP Electrophysiology RM Rhythm Management

ERCP Endoscopic Retrograde Cholangiopancreatography SCS Spinal Cord Stimulation

EUS Endoscopic Ultrasound SVI Superficial Venous Insufficiency

GI Gastrointestinal TAVR Transcatheter Aortic Valve Replacement

IC Interventional Cardiology TIPs Therapeutic Imaging Platforms

ICM Insertable Cardiac Monitor TMVr Transcatheter Mitral Valve Repair

IM Interventional Medicine UroPH Urology & Pelvic Health

24 References

*Non-GAAP measure; for reconciliations of non-GAAP financial measures to the most directly comparable GAAP figures, please refer to Appendix A of this document.

1Based on preliminary, unaudited sales results issued January 14, 2020 2Based on preliminary, unaudited internal estimates 3Based on 2019 guidance issued October 23, 2019 4Full year 2018 adjusted earnings per share of $1.47 and 17% growth includes a $0.07 net tax benefit. This net benefit includes the second quarter $0.06 benefit from settling the IRS Stipulation of Settled Issues for the 2001 through 2010 tax years offset by a fourth quarter $0.05 charge for our previously announced tax reinvestment strategy. In addition, the net benefit includes a $0.06 benefit in the fourth quarter for the settlement with the IRS of our 2011 through 2013 tax years. 52019E adjusted EPS growth excluding the 2018 net tax benefit $0.07 in the base, as described above in Reference No. 4 6Based on midpoint of 2019 guidance issued October 23, 2019 and preliminary, unaudited sales results issued January 14, 2020 7Estimated tax rate is operational and excludes discrete tax items, such as the benefit related to adoption of ASU 2016-09

25 Supplemental Non-GAAP Disclosures

Less: Impact of Less: Impact Foreign of Recent FY 2019 Divisional Revenue Growth1 (unaudited) compared to FY Currency Operational Acquisitions / Organic 2018 Reported Basis Fluctuations Basis Divestitures Basis Endoscopy 8% -2% 9% 0% 9% Urology & Pelvic Health 13% -1% 15% 6% 8% MedSurg 10% -2% 11% 3% 9% Cardiac Rhythm Management -1% -2% 1% 0% 1% Electrophysiology 6% -2% 7% 0% 7% Neuromodulation 12% -1% 13% 6% 7% Rhythm and Neuro 3% -2% 5% 2% 3% Interventional Cardiology 9% -2% 11% 1% 10% Peripheral Interventions 17% -2% 19% 11% 8% Cardiovascular 11% -2% 14% 4% 9% Medical Devices 8% -2% 10% 3% 7% Specialty Pharmaceuticals n/a n/a n/a n/a n/a Net Sales 9% -2% 11.1% 4% 7.3%

Less: Impact of Foreign Currency Operational FY 2019 Revenue Growth1 (unaudited) compared to FY 2018 Reported Basis Fluctuations Basis Rhythm Management (CRM & EP) 0% -2% 2%

26 Supplemental Non-GAAP Disclosures

Less: Impact of Foreign FY 2019 Regional Revenue Growth1 (unaudited ) compared to FY Currency Operational 2018 Reported Basis Fluctuations Basis

U.S. 10% 0% 10%

EMEA (Europe, Middle East and Africa) 4% -5% 9% APAC (Asia-Pacific) 10% -2% 12% LACA (Latin America and Canada) 3% -4% 7% International 6% -4% 10%

Medical Devices (a) 8% -2% 10% Specialty Pharmaceuticals (b) n/a n/a n/a Net Sales 9% -2% 11%

2 Emerging Markets 14% -5% 19%

(a) We have three historical reportable segments comprised of Medical Surgical (MedSurg), Rhythm and Neuro, and Cardiovascular, which represent an aggregation of our operating segments that generates revenues from the sale of medical devices (Medical Devices). As part of our acquisition of BTG on August 19, 2019, we acquired an Interventional Medicine business, which is now included in our Peripheral Interventions operating segment's 2019 revenues from August 19, 2019 through December 31, 2019.

(b) As part of our acquisition of BTG on August 19, 2019, we acquired a specialty pharmaceuticals business (Specialty Pharmaceuticals). Subsequent to acquisition, Specialty Pharmaceuticals is now a stand-alone operating segment presented alongside our Medical Device reportable segments. Specialty Pharmaceuticals net sales are substantially U.S. based. Our chief operating decision maker (CODM) reviews financial information of our globally managed Specialty Pharmaceuticals operating segment at the worldwide level without further disaggregation into regional results. As such, Specialty Pharmaceuticals net sales are presented globally, and our Medical Devices reportable segments regional net sales results do not include Specialty Pharmaceuticals.

27 Supplemental Non-GAAP Disclosures

Revenue Growth 2019 1 2018 2017 2016 2015 2014 2013 2012 2011 Revenue growth, as reported 9% 9% 8% 12% 1% 3% -1% -5% -2% Less: Impact of foreign currency fluctuations -2% 1% 0% 0% -7% -3% -2% -2% 3% Operational Revenue Growth 11% 8% 8% 12% 8% 6% 1% -3% -5% Less: Impact of certain acquisitions and divestitures 4% 1% 1% 2% 3% 2% -1% 0% -3% Organic Revenue Growth 7% 7% 7% 10% 5% 4% 2% -3% -2%

Organic revenue growth (2011-2013) -1% Organic revenue growth (2014-2016) 6% Organic revenue growth (2017-20191) 7.0%

Adjusted R&D Margin 2019E3 2017 R&D Margin, as reported 11.0% Less: Non-GAAP adjustments 0.2% Adjusted R&D Margin 10.5-11% 10.8%

Adjusted R&D Margin is a non-GAAP measure that excludes the impact of acquisition and divestiture and restructuring related charges or credits.

Adjusted Operating Margin 2019E 3 2018 2017 2016 2015 2014 2013 2012 2011 Operating Margin, as reported 15.3% 14.2% 5.3% -3.8% -4.1% 1.7% -53.4% 11.9% Less: Non-GAAP adjustments -10.2% -10.8% -18.8% -26.1% -24.3% -17.2% -72.2% -7.3% Adjusted Operating Margin 26 - 26.25% 25.5% 25.0% 24.1% 22.3% 20.2% 18.9% 18.8% 19.2%

Growth in basis points (bps) year over year (2018-20193) 50-75

Adjusted operating margin, adjusted earnings per share and their related growth rates are non-GAAP measures that exclude the impacts of certain charges (credits) which may include medical device regulation charges, amortization expense, goodwill and intangible asset impairment charges, acquisition/divestiture-related net charges and credits, restructuring and restructuring-related net charges and credits, litigation related net charges and credits, pension termination charges, certain debt extinguishment net charges and credits, certain investment impairment charges, certain tax restructuring transaction net charges and credits and/or certain discrete tax items. 28 Supplemental Non-GAAP Disclosures

Earnings Per Diluted Share 2019E3,5 2018 4 2017 2016 2015 2014 2013 2012 2011 2010 GAAP net income (loss) per share $0.72 - $0.75 $ 1.19 $ 0.08 $ 0.25 $ (0.18) $ (0.09) $ (0.09) $ (2.89) $ 0.29 $ (0.70) Non-GAAP adjustments 0.83 0.28 1.18 0.86 1.11 (a) 0.93 (b) 0.82 (c) 3.55 (d) 0.38 1.39 (e) Adjusted net income (loss) per share $1.55 - $1.58 $ 1.47 $ 1.26 $ 1.11 $ 0.93 $ 0.84 $ 0.73 $ 0.66 $ 0.67 $ 0.69

Adjusted net income (loss) per share $ 1.47 Less: Impact of 2018 net tax benefit 4 0.07 Adjusted net income (loss) per share, excluding 2018 net tax benefit $ 1.40

Adjusted EPS growth from prior year 11-13% 17% 13% 20% 11% 15% 10% -2% -3%

Adjusted EPS CAGR 2015-2019E6 14%

(a) Assumes dilution of 21.5 million shares for the year ended December 31, 2015. (b) Assumes dilution of 23.7 million shares for the year ended December 31, 2014. (c) Assumes dilution of 19.5 million shares for the year ended December 31, 2013. (d) Assumes dilution of 7.7 million shares for the year ended December 31, 2012. (e) Assumes dilution of 10.0 million shares for the year ended December 31, 2010.

29 Supplemental Non-GAAP Disclosures

Adjusted Free Cash Flow ( in billions) 2019E3 2018 2017 2016 Operating cash flow, reported $ 0.3 $ 1.4 $ 1.2 Less: Purchases of property, plant and equipment 0.3 0.3 0.4 Add: Proceed on disposals of property, plant and equipment - - - Free Cash Flow, as reported $ - $ 1.1 $ 0.8 Plus: Special Adjustments 2.1 0.6 0.8 Adjusted Free Cash Flow $ 2.1 $ 2.1 $ 1.7 $ 1.6

Adjusted free cash flow and its related growth rate are non-GAAP measures that exclude from free cash flow the cash component of certain charges (credits) that are also excluded from adjusted net income as well as any cash tax benefits of such charges. In addition, we exclude tax settlements payments and refunds that relate to prior periods. Free cash flow is a non-GAAP measure that excludes net purchases of property, plant and equipment from cash provided by (used for) operating activities on a GAAP basis. The GAAP measure that is most directly comparable to adjusted free cash flow and free cash flow is cash provided by (used for) operating activities on a GAAP basis.

Tax Rate 2019E3 2018 2017 Tax Rate, GAAP basis 1% -18% 89% Less: Non-GAAP adjustments -8% -24% 78% Tax Rate, Adjusted 9% 7% 11%

Adjusted Tax Rates are non-GAAP measures that exclude the impacts of certain charges (credits) which may include medical device regulation charges, amortization expense, intangible asset impairment charges, acquisition/divestiture-related net charges and credits, restructuring and restructuring-related net charges and credits, litigation related net charges and credits, certain investment impairment charges and/or certain discrete tax items.

30 Supplemental Non-GAAP Disclosures

The following is an explanation of the adjustments that management excluded from GAAP measures to calculate the following forward-looking non-GAAP financial measures:

Adjusted Gross Margin: Excludes from GAAP gross margin the impacts of forecasted acquisition- and divestiture- and restructuring-related charges or credits.

Adjusted SG&A: Excludes from GAAP SG&A the impacts of forecasted acquisition- and divestiture- and restructuring-related charges or credits.

Adjusted R&D: Excludes from GAAP R&D the impacts of forecasted acquisition- and divestiture- and restructuring-related charges or credits.

Adjusted Operating Margin and Adjusted Earnings (Loss) Per Share: Excludes from GAAP operating margin and GAAP net income (loss) the impacts of forecasted medical device regulation charges, acquisition- and divestiture- and restructuring- and restructuring-related charges or credits and amortization expense.

Adjusted Tax Rate: Excludes from GAAP tax rate the tax impacts related to forecasted medical device regulation charges, acquisition- and divestiture- and restructuring- and restructuring-related charges or credits and amortization expense.

Adjusted Free Cash Flow: Adjusts GAAP operating cash flow to include the impacts of forecasted medical device regulation charges, capital expenditures and excludes the impact of estimated after-tax acquisition- and divestiture-, restructuring- and litigation-payments.

2020E+ Operational Revenue and related growth rates: Excludes from GAAP revenue and related growth rates the forecasted impact of foreign currency fluctuations.

2020E+ Organic Revenue and related growth rates: Excludes from GAAP revenue and related growth rates the forecasted impact of foreign currency fluctuations and the forecasted impact of proposed and future acquisitions and divestitures with no comparable sales in the period.

Please refer to our Safe Harbor for forward-looking statements disclosure in conjunction with any forward looking information presented within.

31