Bausch Health Announces Filing Of Supplement To Proxy Statement Revealing Carl Icahn's Cash-Settled Equity Swaps Covering 90.72M Shares, Boosting Economic Interest To 34% Of Common Shares

Supplement In Response to Company Learning that Carl Icahn and Affiliates Have Cash-Settled Equity Swaps for Approximately 90 Million of Its Common Shares

LAVAL, QC / ACCESS Newswire / April 22, 2025 / Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) (the "Company" or "Bausch Health") today announced that it has filed a supplement (the "Proxy Statement Supplement") to its proxy statement dated April 2, 2025 (the "Proxy Statement") in respect of the Company's upcoming annual general meeting of shareholders on May 13, 2025. The Company is updating the Proxy Statement to disclose, in addition to the 34,721,118 common shares reported as being beneficially owned (9.4%), Mr. Carl C. Icahn and his affiliates (collectively, "Icahn") had entered into cash-settled equity swap agreements covering 90,720,000 of the Company's common shares (24.6%), with a single maturity date of February 28, 2028. Taken together Icahn now has an economic interest covering approximately 34% of the Company's outstanding common shares.