----

**LETTER      WAIVER**

**Company**

**Guarantor**

**US$375,000,000      credit agreement dated 29 November 2005 (as amended) between (among others)      the      Company, the Guarantor and Citibank International plc as facility agent      (**
**Agreement)**

| **1.  ** | **Background** |
|--------------------|----------------|

| (a)   | This              letter is supplemental to and amends the              Agreement. |
|-----------------|------------------------------------------------------------------------------------|

| (b)   | Pursuant              to Clause 25 (Amendments and Waivers) of the Agreement, the Majority              Lenders have consented to the amendments to the Agreement contemplated              by              this letter. Accordingly, we are authorised to execute this letter              on              behalf of the Finance Parties. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.  ** | **Interpretation** |
|--------------------|--------------------|

| (a)   | Capitalised              terms defined in the Agreement have the same meaning when used in this              letter unless expressly defined in this              letter. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The              provisions of Clause 1.2 (Construction) of the Agreement apply to this              letter as though they were set out in full in this letter except that              references to the Agreement are to be construed as references to this              letter. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | **Effective              Date**              means 6:00 p.m. (Rochester, New York time) 2 October, 2006, provided              that              the Facility Agent shall have given notification to the Obligors that              it              has received a copy of this letter countersigned by the Company and              the              Guarantor. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **3.  ** | **Amendments** |
|--------------------|----------------|

| (a)   | Subject              to subparagraph (b) below, the Agreement will be amended from the              Effective Date in accordance with subparagraph (c)              below. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | The              Agreement will not be amended by this letter unless the Facility Agent              has              received a copy of this letter countersigned by the Company and the              Guarantor on or before the Effective Date. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | The              Agreement will be amended as follows: |
|-----------------|--------------------------------------------------------|

| (i)   | Clause              19.11(a)(ii) (BLIO Matters) of the Agreement shall be amended by deleting              the reference to “2 October” in the last line thereof and replacing it              with “15 December”; |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | the              definition of **Other              Announcements**              shall be amended as follows: |
|------------------|---------------------------------------------------------------------------------------------------------------|

|   | ** **(i)              deleting              the word “and” at the end of subparagraph (ix); |
|--------|--------------------------------------------------------------------------------------------------------------|

|   | (ii)              deleting              the full stop after the words "15 May, 2006 press release" at the end              of              subparagraph (x) and replacing it with a semi-colon;              and |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii)              inserting              new subparagraphs (xi) to (xiv), inclusive as follows: |
|--------|--------------------------------------------------------------------------------------------------|

|   | "(xi)              press              release dated 19 May, 2006 (IRS Notice of Administrative Adjustment              for              1999 Tax Year); |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xii)              Form              8-K, filed 19 May, 2006; |
|--------|---------------------------------------------------------------|

|   | (xiii)              Form              8-K, filed 8 August, 2006; and |
|--------|----------------------------------------------------------------------|

|   | (xiv)              Form              12b-25, filed 8 August 2006."; and |
|--------|-------------------------------------------------------------------------|

| (iii)   | the              definition of **Waiver              Termination Date**              in              Clause 19.11(b) of the Agreement shall be deleted in its entirety and              replaced with the following: |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Waiver      Termination Date**

|   | (ii)              the              date (if any) on which the trustee or holders of not less than 25 per              cent. of the principal amount of outstanding securities under any series              with an outstanding principal amount of at least US$50,000,000 under              the              Indenture have given to the Guarantor notice that the principal amount              of              such securities is due and payable              immediately.". |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **4.  ** | **Guarantee** |
|--------------------|---------------|

| (a)   | agrees              to the amendment of the Agreement as contemplated by this letter;              and |
|-----------------|--------------------------------------------------------------------------------------------------------|

| (b)   | with              effect from the Effective Date, confirms that the guarantee given by              it              under the Agreement will: |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) continue              in full force and effect; and |
|--------|--------------------------------------------------------------|

|    | (ii)              extend to the liabilities and obligations of the Company to the Finance              Parties under the Finance Documents as amended by this              letter. |
|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **5.  ** | **Amendment              fee** |
|--------------------|--------------------------------|

| (a)   | In              further consideration for the matters contemplated by this letter,              the              Company must pay to the Facility Agent for the account of the Lenders              which consented on or before the date of this letter to the amendments              to              the Agreement contemplated by this letter (the **Consenting              Lenders**)              a              monthly fee equal to 0.10 per cent. of the total Commitments of the              Consenting Lenders. The first such monthly fee shall be payable no              later              than 3 October, 2006, and subsequent monthly fees will be due on the              first              Business Day of each month thereafter that the Guarantor is delayed              in              filing its financial statements prior to the Waiver Termination Date.              Payments will be made to the account notified to the Company by the              Facility Agent for this purpose. Any payment that would have otherwise              been due and payable for October 2006 under the 17 May, 2006 amendment              to              this Agreement shall be covered by the above              payment. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | All              amounts payable under this letter are exclusive of any value added              tax or              other taxes of any nature and will not be subject to counterclaim or              set-off for, or be otherwise affected by, any claim or dispute relating              to              any matter whatsoever and all such payments shall be made free and              clear              and without deduction for or on account of any present or future taxes,              charges, deductions or withholdings. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **6.  ** | **Miscellaneous** |
|--------------------|-------------------|

| (a)   | This              letter is a Finance Document and a Fee              Letter. |
|-----------------|-------------------------------------------------------------------------------|

| (b)   | From              the Effective Date, the Agreement and this letter will be read and              construed as one document. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Except              as otherwise provided in this letter, the Finance Documents remain              in full              force and effect. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | Except              to the extent expressly waived in this letter, no waiver of any provision              of any Finance Document is given by the terms of this letter and the              Finance Parties expressly reserve all their rights and remedies in              respect              of any breach of, or other Default under, the Finance              Documents. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **7.  ** | **Governing              law** |
|--------------------|--------------------------------|

**CITIBANK      INTERNATIONAL PLC**

**BAUSCH      & LOMB B.V.**

**BAUSCH      & LOMB INCORPORATED**