Recent Developments
In November 2013, we announced that our Board of Directors authorized management to pursue a potential tax-free spin-off of
our health care business, consisting primarily of the Health Care segment described below. A spin-off would create a stand-alone,
publicly traded health care company with approximately $1.6 billion in annual net sales, focused on the sale of surgical and infection
prevention products for the operating room and other medical supplies, and medical devices focused on pain management,
respiratory and digestive health. We expect that the spin-off would be in the form of a tax-free distribution of 100 percent of the
new company’s common stock to Kimberly-Clark shareholders