1979 T/A 403 Olds
 

Can someone tell me what attaches to these 2 bolts?

On your car, nothing. The 403 (and 350 olds) were built already setup to suit various GM applications straight from the production line. There's various accessory studs from the water pump and the head bolts, to suit different setups and different brackets at the same time.

There's also two on the other side of the water pump top. On some A, B and X models without A/C it is where the alternator bracket runs off. On Firebird models and some others, it supports the bracket for the smog pump. Your alternator bracket uses the same stud but on the RH side at top of pic. I think the Cadillac 350 was one that required those also.

Yours appear to have been swapped, can't tell if they are studs or threaded rod with nuts. I can't see what holds your timing tag on. As long as they work, the tags can crack easily if overtightened which is why they are on a separate stud to that holding the water pump to backing plate.

I thought some Oldsmobile engines had a timing pointer that bolted on. However, it may be on the opposite side.

timing pointer is visible on lower stud, plastic with tool holder.