Safe Harbor and Non-GAAP Measures

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2 Safe Harbor and Non-GAAP Measures Forward-Looking Statements This presentation contains forward-looking statements. All statements other than statements of historical fact included in this presentation are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be preceded by, followed by or include the words aim, anticipate, believe, estimate, expect, forecast, intend, likely, outlook, plan, potential, projection, continue, goal, objective, opportunity, near-term, long-term, assumption, project, guidance, target, trend, seek, can, could, may, should, would, will, the negatives thereof and other words and terms of similar meaning. Forward-looking statements are inherently subject to risks, uncertainties and assumptions; they are not guarantees of performance. You should not place undue reliance on these statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that our assumptions made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be correct. Factors that could contribute to these risks, uncertainties and assumptions include, but are not limited to, the factors described in Risk Factors in our most recently filed Annual Report on Form 10-K and our Form 10-Q that will be filed later today. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. In addition, all forward-looking statements speak only as of the date of this presentation. We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws. Non-GAAP Measures To evaluate our performance, we monitor a number of key indicators at the consolidated level and, in certain cases, at the segment level. As appropriate, we supplement our results of operations determined in accordance with U.S. generally accepted accounting principles ( GAAP ) with certain non-gaap financial measurements that are used my management, and which we believe are useful to investors, as supplemental operational measurements to evaluate our financial performance. These measurements should not be considered in isolation or as a substitute for reported GAAP results because they may include or exclude certain items as compared to similar GAAPbased measurements, and such measurements may not be comparable to similarly-titled measurements reported by other companies. Rather, these measurements should be considered as an additional way of viewing aspects of our operations that provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements in their entirety and not rely solely on any one, single financial measurement. See Use of Non-GAAP Financial Measures in our press release issued today. A reconciliation of non-gaap measures can be found at the back of the deck. 2 2

3 2Q17 Performance Summary 3n 2.3% organic growth driven by timing of Easter. 1H17 organic revenue growth of 3.3%. Americas 2.1% & EMEA-APAC 2.7% organic growth Interest expense $20.6M, vs $20.7 in 2Q16 Operating Cash Flow of $20.5M vs. $77.6M in 2Q16 Adjusted EPS of $0.49 up 16.7% vs $0.42 in 2Q16 3 3

4 2Q17 EMEA-APAC Revenues ($M) $455 $449 2Q16 2Q17 OI ($M) $41 $39 2Q16 2Q17 Revenues declined 1.3% on a reported basis. Currency reduced reported revenues by 3.6%. 2Q17 organic revenue growth 2.7% Timing of Easter resulted in 2.5 fewer billing days in 2Q17, reducing revenues by ~4% Acquisitions increased revenues by 1.6%. Disposition of Aus/NZ reduced revenues 1.9%. 2Q17 OI of $38.5M 2Q17 OI impacted by restructuring charges of $1.8M, Avantor transaction costs of $1.3M, and $1.6M earn-out adjustment gain Excluding these items & amortization, 2Q17 adj. OI was $47.4M, vs. $47.9M in 2Q16 4 4

5 2Q17 EMEA-APAC: Impacted by the timing of Easter in 2017 Customer Segment Biopharma Healthcare Education Government Industrial Revenues by Product Consumables Chemicals Equip. & Instruments % Chg. +HSD -MSD -HSD -LSD +LSD % Chg. +LSD Flat +LSD 5

6 2Q17 Americas Revenues ($M) Americas revenues increased 4.5% $695 $726 2Q17 revenues up 2.1% on an organic basis 2.7% contribution from acquisitions 0.3% negative impact from foreign currency 2Q16 2Q17 2Q17 OI of $42.2M OI ($M) $44 $42 OI Margin down 50bps due to $0.9M restructuring charges, $9.0M Avantor transaction costs, $0.5M purchase accounting adjustment charges, $2.5M earn-out adjustment loss Adjusted OI (excluding amortization and other items) increased $12.4M or 21.2% YoY 2Q16 2Q17 6 6

7 2Q17 Americas Customer Segment Biopharma Healthcare Education Government Industrial % Chg. +LSD +MSD +MSD +MSD +MSD Revenues by Product Consumables Chemicals Equip. & Instruments % Chg. +LSD +MSD +HSD 7 7

8 2Q17 P&L ($M, except per share amounts) 2Q17 2Q16 % Chg. Net Sales $1,175.3 $1, % Cost of Goods Sold % Gross Profit % SG&A* % Operating Income (4.6%) Interest (20.6) (20.7) Other (2.8) 0.1 Pre-Tax Income Tax (20.3) (22.2) Net Income $37.0 $41.8 Diluted EPS $0.28 $0.32 Non-GAAP Adjusted EPS $0.49 $ % *2Q17 SG&A includes restructuring charges of $2.7M, earn-out adjustment loss of $0.9M, purchase accounting adjustment charges of $0.5M, and Avantor transaction costs of $10.3M. 2Q16 SG&A included $0.4M of secondary offering transaction expenses. 8 8

9 Selected Cash Flow Information ($M) 2Q17 2Q16 1H17 1H16 Cash From Operations $20.5 $77.6 $87.0 $119.6 Capital Expenditures $12.7 $15.5 $25.9 $

10 Non-GAAP Reconciliation Adjusted EBITDA ($ in millions, except per share amounts) Reconciliation of net income, as adjusted FY12 FY13 FY14 FY15 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 Net income $ 3.8 $ 14.1 $ $ $ 38.8 $ 41.8 $ 40.6 $ 27.0 $ $ 38.5 $ 37.0 Amortization of acquired intangible assets Net foreign currency remeasurement loss (gain) from financing activities (90.9) (45.4) 0.6 (0.1) Restructuring charges Legacy facility exit charges Impairment charges Gain on disposition of business - - (11.1) Loss on extinguishment of debt Charges associated with executive departures Secondary equity offering costs (Income) loss from changes to estimated fair value of contingent consideration (1.3) - - (1.1) (1.7) 0.9 Purchase accounting adjustment charges** Avantor transaction costs Income tax (benefit) provision applicable to adjustments, net (55.4) (57.3) 2.4 (26.7) (7.8) (7.5) (8.2) (12.6) (36.1) (9.6) (12.4) Deferred tax rate change related to amortizable intangible assets (4.5) Net income, as adjusted* $ $ $ $ $ 53.2 $ 55.9 $ 58.1 $ 58.9 $ $ 57.8 $ 64.9 Reconciliation of Adjusted EBITDA FY12 FY13 FY14 FY15 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 Net income, as adjusted* $ $ $ $ $ 53.2 $ 55.9 $ 58.1 $ 58.9 $ $ 57.8 $ 64.9 Interest expense Depreciation expense Share-based compensation expense Income tax provision applicable to net income, as adjusted Adjusted EBITDA $ $ $ $ $ $ $ $ $ $ $ Adjusted EBITDA Margin 9.7% 10.0% 10.3% 10.6% 10.2% 10.4% 10.8% 11.2% 10.7% 10.9% 11.5% * Net income, as adjusted and Adjusted EPS include share-based compensation expense. ** Purchase accounting adjustments include acquisition related inventory step-up charges to cost of goods sold and deferred revenue fair value charges to net sales. 10

11 Non-GAAP Reconciliation Adjusted EPS (shares in millions) Reconciliation of diluted earnings per share to Adjusted EPS FY12 FY13 FY14 FY15 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 Diluted earnings per share (GAAP) $ (417.00) $ (338.00) $ 2.49 $ 1.17 $ 0.29 $ 0.32 $ 0.31 $ 0.20 $ 1.12 $ 0.29 $ 0.28 Recapitalization, IPO and related effects (1.33) Amortization of acquired intangible assets Net foreign currency remeasurement loss (gain) from financing activities (0.69) (0.34) Restructuring charges Legacy facility exit charges Impairment charges Gain on disposition of business - - (0.08) Loss on extinguishment of debt Charges associated with executive departures Secondary equity offering costs (Income) loss from changes to estimated fair value of contingent consideration (0.01) - - (0.01) (0.01) 0.01 Purchase accounting adjustment charges Avantor transaction costs Income tax (benefit) provision applicable to adjustments, net (0.42) (0.44) 0.02 (0.20) (0.06) (0.06) (0.06) (0.10) (0.27) (0.07) (0.09) Deferred tax rate change related to amortizable intangible assets (0.03) Adjusted EPS (non-gaap)* $ 0.77 $ 0.94 $ 1.20 $ 1.52 $ 0.40 $ 0.42 $ 0.44 $ 0.45 $ 1.72 $ 0.44 $ 0.49 Adjusted weighted average shares outstanding * Calculated result may not foot/cross-foot due to rounding. 11

12 Non-GAAP Reconciliation Leverage & FCF (dollars in millions) Reconciliation of Net Debt and Net Leverage FY12 FY13 FY14 FY15 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 Debt** $ 3,148.6 $ 2,854.4 $ 2,111.9 $ 1,989.0 $ 2,108.1 $ 2,024.9 $ 2,017.6 $ 2,017.0 $ 2,017.0 $ 2,181.0 $ 2,228.8 Less: Cash and cash equivalents (139.8) (135.6) (118.0) (136.3) (129.7) (112.9) (141.7) (168.7) (168.7) (141.5) (112.2) Compensating cash balance (246.9) (25.9) (2.5) Net Debt $ 2,761.9 $ 2,692.9 $ 1,991.4 $ 1,852.7 $ 1,978.4 $ 1,912.0 $ 1,875.9 $ 1,848.3 $ 1,848.3 $ 2,039.5 $ 2,116.6 Trailing twelve month Adjusted EBITDA $ $ $ $ $ $ $ $ $ $ $ Net Leverage 6.9x 6.4x 4.4x 4.1x 4.3x 4.1x 3.9x 3.8x 3.8x 4.1x 4.2x Cash Flow Details FY12 FY13 FY14 FY15 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 Cash flow from operations $ 34.7 $ $ $ $ 42.0 $ 77.6 $ 66.5 $ 80.1 $ $ 66.5 $ 20.5 Cash flow from investing (160.9) (89.5) (123.0) (97.9) (43.2) (31.6) (31.5) (96.4) (202.7) (170.1) (44.4) Cash flow from financing 98.3 (117.9) (71.8) (96.1) (10.3) (60.4) (7.5) 51.4 (26.8) 74.5 (10.4) Reconciliation of Free Cash Flow FY12 FY13 FY14 FY15 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 Cash flow from operations $ 34.7 $ $ $ $ 42.0 $ 77.6 $ 66.5 $ 80.1 $ $ 66.5 $ 20.5 Less: capital expenditures (51.8) (45.3) (33.6) (40.9) (14.3) (15.5) (15.7) (14.4) (59.9) (13.2) (12.7) Free Cash Flow $ (17.1) $ $ $ $ 27.7 $ 62.1 $ 50.8 $ 65.7 $ $ 53.3 $ 7.8 ** As of December 31, 2015, the Company adopted a new accounting standard which changed the presentation of deferred debt issuance costs on our balance sheet as a reduction to debt instead of as a component of other assets. In this table, we have not revised the reported amount of debt for any periods prior to the adoption. For reference, the relevant amount of deferred debt issuance costs as of December 31, 2014 was $11.7 million. 12

13 Non-GAAP Reconciliation Adjusted OI (dollars in millions) Americas FY15 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 Operating Income $ $ 43.4 $ 43.6 $ 47.2 $ 40.7 $ $ 41.9 $ 42.2 Adjustments: Amortization of acquired intangible assets Restructuring charges Legacy facility exit charges Secondary equity offering costs (Income) loss from changes to estimated fair value of contingent consideration (0.9) Purchase accounting adjustment charges Avantor transaction costs Americas Non-GAAP Operating Income $ $ 58.4 $ 58.4 $ 65.7 $ 57.8 $ $ 60.1 $ 70.8 EMEA-APAC FY15 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 Operating Income $ $ 36.3 $ 41.0 $ 36.0 $ 27.4 $ $ 39.6 $ 38.5 Adjustments: Amortization of acquired intangible assets Restructuring charges Impairment charges (Income) loss from changes to estimated fair (0.2) 1.2 value of contingent consideration (1.7) (1.6) Avantor transaction costs EMEA-APAC Non-GAAP Operating Income $ $ 42.9 $ 47.9 $ 42.8 $ 53.7 $ $ 49.1 $ 47.4 Consolidated FY15 1Q16 2Q16 3Q16 4Q16 FY16 1Q17 2Q17 Operating Income $ $ 79.7 $ 84.6 $ 83.2 $ 68.1 $ $ 81.5 $ 80.7 Adjustments: Amortization of acquired intangible assets Restructuring charges Legacy facility exit charges Impairment charges Secondary equity offering costs (Income) loss from changes to estimated fair value of contingent consideration (1.1) (1.7) 0.9 Purchase accounting adjustment charges Avantor transaction costs Consolidated Non-GAAP Operating Income $ $ $ $ $ $ $ $

14 VWR Investor Contact John Sweeney, CFA VP Investor Relations Phone: (610)