----

**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 15 December, 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 “15 December 2006” in the last line thereof and replacing              it with “31 January 2007”; |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | (ii)              deleting              the full stop after the words "8 August 2006 " at the end of subparagraph              (xiv) and replacing it with a semi-colon;              and |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii)              inserting              new subparagraphs (xv) to (xxii), inclusive as follows: |
|--------|---------------------------------------------------------------------------------------------------|

|   | "(xv)              press              release, dated 29 September 2006; |
|--------|-------------------------------------------------------------------------|

|   | (xvi)              press              release dated 9 November, 2006; |
|--------|-----------------------------------------------------------------------|

|   | (xvii)              Form              8-K, filed 20 September, 2006 (Guarantor’s request to New York Stock              Exchange for additional trading period and commencement of second consent              solicitation on public debt); |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xviii)              Form              8-K, filed 28 September, 2008 (relating to public debt consent              solicitation); |
|--------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (xix)Form              8-K, filed 29 September, 2006 (completion of consent              solicitation); |
|--------|---------------------------------------------------------------------------------------------------------|

|   | (xx)              Form              8-K, filed 29 September, 2006 (grant of additional trading period from              New              York Stock Exchange); |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xxi)              Form              8-K, filed 9 November, 2006 (execution of Supplemental Indenture No.              8              extending waivers on Guarantor’s public debt, release of expected              financial results for the third quarter of 2006 and certain director              and              officer compensation matters); and |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (xxii)              Form              12b-25, filed 9 November, 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 1 December, 2006, and a subsequent monthly fee will be due on              2              January, 2007. 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 December 2006 under the 30              August,              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**