ROCHESTER, N.Y.--(BUSINESS WIRE)--May 19, 2006--Bausch & Lomb (NYSE: BOL - News) has received a Notice of Final Partnership Administrative Adjustment from the Internal Revenue Service relating to tax years ending June 24, 1999 and December 25, 1999, for Wilmington Partners L.P., a partnership formed in 1993 in which the majority of partnership interests are held by subsidiaries of the Company. The asserted adjustments, described in a Form 8-K filed with the Securities and Exchange Administration today, could, if sustained in full, increase the tax liabilities of the partnership's partners for the associated tax periods by more than $200 million, plus penalties and interest. Since 1999, the Company's consolidated financial statements have included a deferred tax liability relating to this partnership; which would offset the earnings impact of increased taxes resulting from the proposed adjustments, if sustained. As of December 24, 2004, this deferred tax liability equaled $162.8 million.
