GAAP/Non-GAAP Reconciliation and Financial Package October 27, 2016

GAAP/Non-GAAP Reconciliation and Financial Package October 27, 2016 The World Leader in Serving Science

Use of Non-GAAP Financial Measures In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-gaap financial measures, including adjusted EPS, adjusted operating income and adjusted operating margin, which exclude certain acquisition-related costs, including charges for the sale of inventories revalued at the date of acquisition and significant transaction costs; restructuring and other costs/income; and amortization of acquisition-related intangible assets. Adjusted EPS also excludes certain other gains and losses that are either isolated or cannot be expected to occur again with any predictability, tax provisions/benefits related to the previous items, benefits from tax credit carryforwards, the impact of significant tax audits or events and the results of discontinued operations. We exclude the above items because they are outside of our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods. We also use a non-gaap measure, free cash flow, which is operating cash flow, net of capital expenditures, and also excludes operating cash flows from discontinued operations to provide a view of the continuing operations ability to generate cash for use in acquisitions and other investing and financing activities. We believe that the use of non-gaap measures helps investors to gain a better understanding of our core operating results and future prospects, consistent with how management measures and forecasts the company s performance, especially when comparing such results to previous periods or forecasts. For example: We exclude costs and tax effects associated with restructuring activities, such as reducing overhead and consolidating facilities. We believe that the costs related to these restructuring activities are not indicative of our normal operating costs. We exclude certain acquisition-related costs, including charges for the sale of inventories revalued at the date of acquisition and significant transaction costs. We exclude these costs because we do not believe they are indicative of our normal operating costs. We exclude the expense and tax effects associated with the amortization of acquisition-related intangible assets because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have lives of 5 to 20 years. Exclusion of the amortization expense allows comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses and with both acquisitive and non-acquisitive peer companies. We also exclude certain gains/losses and related tax effects, benefits from tax credit carryforwards and the impact of significant tax audits or events (such as the effect on deferred tax balances of enacted changes in tax rates), which are either isolated or cannot be expected to occur again with any predictability and that we believe are not indicative of our normal operating gains and losses. For example, we exclude gains/losses from items such as the sale of a business or real estate, significant litigationrelated matters, curtailments of pension plans, the early retirement of debt and discontinued operations. We also report free cash flow, which is operating cash flow, net of capital expenditures, and also excludes operating cash flows from discontinued operations to provide a view of the continuing operations ability to generate cash for use in acquisitions and other investing and financing activities. Thermo Fisher s management uses these non-gaap measures, in addition to GAAP financial measures, as the basis for measuring the company s core operating performance and comparing such performance to that of prior periods and to the performance of our competitors. Such measures are also used by management in their financial and operating decision-making and for compensation purposes. The non-gaap financial measures of Thermo Fisher s results of operations and cash flows included herein are not meant to be considered superior to or a substitute for Thermo Fisher s results of operations prepared in accordance with GAAP. Reconciliations of such non-gaap financial measures to the most directly comparable GAAP financial measures are set forth in the accompanying tables.

Table of Contents Page 1. Annual Reconciliation of GAAP to Adjusted P&L (2010-2015) 3. Quarterly Reconciliation of GAAP to Adjusted P&L (2015-2016) 5. Free Cash Flow, Return on Invested Capital and Return on Equity (2010-2016) 6. Segment Data (2015-2016) 7. Balance Sheet and Leverage Ratios (2013-2016) 8. Debt (2013-2016) 9. Publicly Announced Acquisitions/Divestitures (2013-2016) 10. Capital Deployment (2013-2016) 11. Fiscal Calendar (2015-2016)

Annual Reconciliation of GAAP to Adjusted P&L (Dollars in millions except EPS) 2010 2011 2012 2013 2014 2015 GAAP Consolidated Revenues 10,393.1 11,558.8 12,509.9 13,090.3 16,889.6 16,965.4 Revenue Growth Acquisitions net of Divestitures Currency Translation Organic Revenue Growth 7% 3% 4% 11% 8% 5% 2% 3% 29% 25% 4% 1% -6% 5% Pro Forma Revenue Growth (a) Acquisitions net of Divestitures Currency Translation Pro Forma Organic Revenue Growth (a) 7% 1% 3% 1% 2% -2% 3% ** 4% $ % $ % $ % $ % $ % $ % GAAP Gross Margin 4,261.5 41. 4,794.0 41.5% 5,295.5 42.3% 5,529.1 42.2% 7,492.0 44.4% 7,755.9 45.7% Cost of Revenues Charges (b) 13.2 0.1% 72.6 0.6% 55.6 0.4% 28.6 0.2% 327.6 1.9% 9.1 0. Amortization of Acquisition-related Intangible Assets 129.2 1.3% 175.9 1.5% 221.4 1.8% 222.0 1.8% 427.0 2.5% 426.8 2.6% Adjusted Gross Margin 4,403.9 42.4% 5,042.5 43.6% 5,572.5 44.5% 5,779.7 44.2% 8,246.6 48.8% 8,191.8 48.3% GAAP SG&A Expense 2,728.8 26.3% 3,106.5 26.9% 3,354.9 26.8% 3,446.3 26.3% 4,896.1 29. 4,612.1 27.2% Selling, General and Administrative Costs (c) (3.0) 0. (61.5) -0.5% (12.5) -0.1% (73.5) -0.6% (130.7) -0.8% (46.3) -0.3% Amortization of Acquisition-related Intangible Assets (425.5) -4.2% (472.0) -4.1% (526.2) -4.2% (541.1) -4.1% (904.7) -5.3% (888.0) -5.2% Adjusted SG&A Expense 2,300.3 22.1% 2,573.0 22.3% 2,816.2 22.5% 2,831.7 21.6% 3,860.7 22.9% 3,677.8 21.7% GAAP R&D Expense 284.4 2.7% 340.2 2.9% 376.4 3. 395.5 3. 691.1 4.1% 692.3 4.1% GAAP Operating Income 1,188.1 11.4% 1,250.8 10.8% 1,482.1 11.8% 1,609.6 12.3% 2,503.0 14.8% 2,336.2 13.8% Cost of Revenues Charges (b) 13.2 0.1% 72.6 0.6% 55.6 0.4% 28.6 0.2% 327.6 1.9% 9.1 0. Selling, General and Administrative Costs (c) 3.0 0. 61.5 0.5% 12.5 0.1% 73.5 0.6% 130.7 0.8% 46.3 0.3% Restructuring and Other Costs (Income), Net (d) 60.2 0.6% 96.5 0.9% 82.1 0.7% 77.7 0.6% (598.2) -3.5% 115.3 0.7% Amortization of Acquisition-related Intangible Assets 554.7 5.4% 647.9 5.6% 747.6 6. 763.1 5.8% 1,331.7 7.9% 1,314.8 7.7% Adjusted Operating Income 1,819.2 17.5% 2,129.3 18.4% 2,379.9 19. 2,552.5 19.5% 3,694.8 21.9% 3,821.7 22.5% Add back Depreciation Expense 185.0 1.8% 211.7 1.9% 236.1 1.9% 236.8 1.8% 353.1 2.1% 373.4 2.2% Adjusted EBITDA 2,004.2 19.3% 2,341.0 20.3% 2,616.0 20.9% 2,789.3 21.3% 4,047.9 24. 4,195.1 24.7% ** Results do not sum due to rounding. (a) Revenue growth in 2011 and 2012 is calculated on a pro forma basis which includes the pre-acquisition results of 1) Dionex from the beginning of the second quarter 2011 and for the comparable prior year quarters; and 2) the pre-acquisition results of Phadia from the beginning of the third quarter 2011 and for the comparable prior year quarters. (b) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition and accelerated depreciation on assets to be abandoned as a result of real estate consolidation; and in 2014, charges to conform the accounting policies of Life Technologies with the company's accounting policies. (c) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and revisions of estimated contingent consideration for recent acquisitions; in 2010 and 2012 gains due to settlement of certain product liability-related matters; in 2011, 2012, 2013, 2014 and 2015, charges associated with product liability litigation; in 2014, charges to conform the accounting policies of Life Technologies with the company's accounting policies; and in 2015, accelerated depreciation on fixed assets to be abandoned due to integration synergies. (d) Restructuring and other costs (income) consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; significant gains and losses on litigation-related matters; curtailments/settlements of pension plans; and the sale of businesses, product lines and property. (Annual P&L Reconciliation continued on the next page)

Annual Reconciliation of GAAP to Adjusted P&L (Dollars in millions except EPS) 2010 2011 2012 2013 2014 2015 $ % $ % $ % $ % $ % $ % GAAP Tax Provision 101.6 9.3% 109.4 9.7% 11.0 0.9% 40.4 3.1% 191.7 9.2% (43.9) -2.3% Tax Effect of Adjusted Items (f) 242.6 10.4% 269.1 9.4% 351.7 15.8% 300.7 11.6% 283.3 5.3% 515.8 16. Adjusted Tax Provision 344.2 19.7% 378.5 19.1% 362.7 16.7% 341.1 14.7% 475.0 14.5% 471.9 13.7% GAAP Net Income 1,035.6 1,329.9 1,177.9 1,273.3 1,894.4 1,975.4 Cost of Revenues Charges (b) 13.2 72.6 55.6 28.6 327.6 9.1 Selling, General and Administrative Costs (c) 3.0 61.5 12.5 73.5 130.7 46.3 Restructuring and Other Costs (Income), Net (d) 60.2 96.5 82.1 77.7 (598.2) 115.3 Amortization of Acquisition-related Intangible Assets 554.7 647.9 747.6 763.1 1,331.7 1,314.8 Other Expense (Income) (e) 28.3 (31.8) 5.3 60.4 (3.1) 21.5 Income Tax Benefit (f) (242.6) (269.1) (351.7) (300.7) (283.3) (515.8) (Income) Loss from Discontinued Operations, Net of Tax (49.5) (306.5) 80.5 5.8 1.1 4.9 Adjusted Net Income 1,402.9 1,601.0 1,809.8 1,981.7 2,800.9 2,971.5 GAAP Diluted EPS 2.53 3.46 3.21 3.48 4.71 4.92 GAAP Diluted EPS Growth 26% 37% -7% 8% 35% 4% Cost of Revenues Charges, Net of Tax (b) 0.02 0.13 0.11 0.05 0.55 0.01 Selling, General and Administrative Costs, Net of Tax (c) 0.01 0.13 0.03 0.16 0.24 0.05 Restructuring and Other Costs, Net of Tax (d) 0.10 0.16 0.15 0.16 (0.79) 0.19 Amortization of Acquisition-related Intangible Assets, Net of Tax 0.89 1.12 1.36 1.45 2.27 2.27 Other Expense (Income), Net of Tax (e) 0.04 (0.05) 0.00 0.09 (0.01) 0.03 Income Tax (Benefit) Provision (f) (0.04) 0.01 (0.14) 0.01 (0.01) (0.09) (Income) Loss from Discontinued Operations, Net of Tax (0.12) (0.80) 0.22 0.02 0.00 0.01 Adjusted Diluted EPS 3.43 4.16 4.94 5.42 6.96 7.39 Adjusted Diluted EPS Growth 17% 21% 19% 1 28% 6% (a) Revenue growth in 2011 and 2012 is calculated on a pro forma basis which includes the pre-acquisition results of 1) Dionex from the beginning of the second quarter 2011 and for the comparable prior year quarters; and 2) the pre-acquisition results of Phadia from the beginning of the third quarter 2011 and for the comparable prior year quarters. (b) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition and accelerated depreciation on assets to be abandoned as a result of real estate consolidation; and in 2014, charges to conform the accounting policies of Life Technologies with the company's accounting policies. (c) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and revisions of estimated contingent consideration for recent acquisitions; in 2010 and 2012 gains due to settlement of certain product liability-related matters; in 2011, 2012, 2013, 2014 and 2015, charges associated with product liability litigation; in 2014, charges to conform the accounting policies of Life Technologies with the company's accounting policies; and in 2015, accelerated depreciation on fixed assets to be abandoned due to integration synergies. (d) Restructuring and other costs (income) consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; significant gains and losses on litigation-related matters; curtailments/settlements of pension plans; and the sale of businesses, product lines and property. (e) The excluded items from other expense (income), net, represent amortization of acquisition-related intangible assets and restructuring charges of the company's equity-method investments; gains and losses on equity and available-for-sale investments; in 2010, 2011, 2013 and 2014, costs to obtain short-term financing commitments related to acquisitions; in 2010, 2012, and 2015, losses on the extinguishment of debt; and in 2015, costs associated with entering into interest rate swap arrangements. (f) The excluded items from income tax benefit/provision include the tax benefits/provisions related to the above excluded items, benefit from tax credit carryforwards, the impact of the resolution of significant tax audits and the tax benefit from adjusting the company's deferred tax balances as a result of tax rate changes.

Quarterly Reconciliation of GAAP to Adjusted P&L (Dollars in millions except EPS) Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Revenue Life Sciences Solutions Segment Analytical Instruments Segment Specialty Diagnostics Segment Laboratory Products and Services Segment Eliminations Total Revenue 1,019.9 727.4 785.2 1,513.4 (127.1) 3,918.8 1,129.3 777.0 817.1 1,693.3 (145.8) 4,270.9 1,080.4 778.5 776.9 1,638.2 (150.8) 4,123.2 1,209.8 925.3 864.7 1,816.6 (163.9) 4,652.5 1,133.0 759.3 854.6 1,724.6 (176.7) 4,294.8 1,277.6 793.9 851.3 1,802.2 (189.8) 4,535.2 1,231.5 898.0 798.9 1,746.2 (183.7) 4,490.9 Reported Revenue Growth Acquisitions net of Divestitures Currency Translation Organic Revenue Growth -1% 5% -1% -6% -6% 2% ** 6% -1% 4% 1% -6% -4% 4% ** 7% 1 1% -2% 1 ** 6% 3% 4% ** 9% 5% 4% $ % $ % $ % $ % $ % $ % $ % GAAP Cost of Goods Sold 2,096.3 53.5% 2,329.1 54.5% 2,239.9 54.3% 2,544.2 54.7% 2,336.9 54.4% 2,456.7 54.2% 2,437.0 54.3% Cost of Revenues Charges (a) (0.6) 0. (1.1) 0. (0.8) 0. (6.6) -0.2% (10.6) -0.2% (17.4) -0.4% (32.4) -0.7% Amortization of Acquisition-related Intangible Assets (107.7) -2.8% (107.1) -2.5% (107.7) -2.6% (104.3) -2.2% (101.0) -2.4% (107.3) -2.4% (109.8) -2.5% Adjusted Cost of Goods Sold 1,988.0 50.7% 2,220.9 52. 2,131.4 51.7% 2,433.3 52.3% 2,225.3 51.8% 2,332.0 51.4% 2,294.8 51.1% GAAP Gross Margin 1,822.5 46.5% 1,941.8 45.5% 1,883.3 45.7% 2,108.3 45.3% 1,957.9 45.6% 2,078.5 45.8% 2,053.9 45.7% Cost of Revenues Charges (a) 0.6 0. 1.1 0. 0.8 0. 6.6 0.2% 10.6 0.2% 17.4 0.4% 32.4 0.7% Amortization of Acquisition-related Intangible Assets 107.7 2.8% 107.1 2.5% 107.7 2.6% 104.3 2.2% 101.0 2.4% 107.3 2.4% 109.8 2.5% Adjusted Gross Margin 1,930.8 49.3% 2,050.0 48. 1,991.8 48.3% 2,219.2 47.7% 2,069.5 48.2% 2,203.2 48.6% 2,196.1 48.9% GAAP SG&A Expense 1,137.4 29. 1,151.0 26.9% 1,133.3 27.5% 1,190.4 25.6% 1,212.9 28.2% 1,223.1 27. 1,274.6 28.4% Selling, General and Administrative Costs, Net (b) (7.6) -0.2% (3.2) -0.1% (24.6) -0.6% (10.9) -0.2% (28.9) -0.7% (3.8) -0.1% (62.5) -1.4% Amortization of Acquisition-related Intangible Assets (221.4) -5.6% (222.7) -5.1% (222.2) -5.4% (221.7) -4.8% (221.0) -5.1% (230.7) -5.1% (231.8) -5.2% Adjusted SG&A Expense 908.4 23.2% 925.1 21.7% 886.5 21.5% 957.8 20.6% 963.0 22.4% 988.6 21.8% 980.3 21.8% GAAP R&D Expense 165.8 4.2% 174.6 4.1% 171.6 4.2% 180.3 3.9% 176.5 4.1% 182.4 4. 183.3 4.1% GAAP Operating Income 487.3 12.4% 595.8 14. 562.9 13.7% 690.2 14.8% 517.9 12.1% 637.6 14.1% 541.1 12. Cost of Revenues Charges (a) 0.6 0. 1.1 0. 0.8 0. 6.6 0.2% 10.6 0.2% 17.4 0.4% 32.4 0.7% Selling, General and Administrative Costs (b) 7.6 0.2% 3.2 0.1% 24.6 0.6% 10.9 0.2% 28.9 0.7% 3.8 0.1% 62.5 1.4% Restructuring and Other Costs, Net (c) 32.0 0.9% 20.4 0.5% 15.5 0.3% 47.4 1. 50.6 1.2% 35.4 0.8% 54.9 1.3% Amortization of Acquisition-related Intangible Assets 329.1 8.4% 329.8 7.7% 329.9 8. 326.0 7. 322.0 7.5% 338.0 7.4% 341.6 7.6% Adjusted Operating Income 856.6 21.9% 950.3 22.3% 933.7 22.6% 1,081.1 23.2% 930.0 21.7% 1,032.2 22.8% 1,032.5 23. Add back Depreciation Expense 87.2 2.2% 89.9 2.1% 97.8 2.4% 98.5 2.2% 94.1 2.1% 97.1 2.1% 91.4 2. Adjusted EBITDA 943.8 24.1% 1,040.2 24.4% 1,031.5 25. 1,179.6 25.4% 1,024.1 23.8% 1,129.3 24.9% 1,123.9 25. ** Results do not sum due to rounding. (a) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition, and accelerated depreciation on assets to be abandoned as a result of real estate consolidation; in Q1 2016, charges to conform the accounting policies of Affymetrix with the company's accounting policies; and in Q3 2016, charges to conform the accounting policies of FEI with the company's accounting policies. (b) The excluded items from selling, general and administrative costs include significant acquisition transaction costs, accelerated depreciation on fixed assets to be abandoned due to integration synergies, and contingent acquisition consideration; in Q3 2015 and Q3 2016, charges associated with product liability litigation; and in Q3 2016, charges to conform the accounting policies of FEI with the company's accounting policies. (c) Restructuring and other costs consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; significant gains and losses on litigation-related matters; curtailments/settlements of pension plans; the sale of businesses, product lines and property; and in Q2 2016, environmental remediation costs. (Quarterly P&L Reconciliation continued on the next page)

Quarterly Reconciliation of GAAP to Adjusted P&L (Dollars in millions except EPS) Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 $ % $ % $ % $ % $ % $ % $ % GAAP Tax Provision (3.1) -0.8% (8.0) -1.6% (9.2) -2. (23.6) 0. 20.7 4.9% 4.3 0.8% (45.6) -10.7% Tax Effect of Adjusted Items (e) 109.8 14.8% 128.2 15.6% 127.2 16. 150.6 13. 96.0 9.1% 121.7 12.7% 167.5 23.8% Adjusted Tax Provision 106.7 14. 120.2 14. 118.0 14. 127.0 13. 116.7 14. 126.0 13.5% 121.9 13.1% GAAP Net Income 385.1 511.6 476.1 602.6 402.2 516.6 473.5 Cost of Revenues Charges (a) 0.6 1.1 0.8 6.6 10.6 17.4 32.4 Selling, General and Administrative Costs (b) 7.6 3.2 24.6 10.9 28.9 3.8 62.5 Restructuring and Other Costs, Net (c) 32.0 20.4 15.5 47.4 50.6 35.4 54.9 Amortization of Acquisition-related Intangible Assets, Net of Tax 329.1 329.8 329.9 326.0 322.0 338.0 341.6 Other (Income) Expense, Net (d) 11.0 0.6 3.6 6.3 (1.3) 16.8 11.1 Income Tax (Benefit) Provision (e) (109.8) (128.2) (127.2) (150.6) (96.0) (121.7) (167.5) Loss from Discontinued Operations, Net of Tax 0.0 0.0 1.2 3.7 0.1 0.2 0.0 Adjusted Net Income 655.6 738.5 724.5 852.9 717.1 806.5 808.5 GAAP Diluted EPS 0.96 1.27 1.18 1.50 1.01 1.30 1.19 GAAP Diluted EPS Growth -29% 84% 1% 1% 5% 2% 1% Cost of Revenues Charges, Net of Tax (a) 0.00 0.00 0.00 0.01 0.02 0.03 0.05 Selling, General and Administrative Costs, Net of Tax (b) 0.01 0.01 0.02 0.02 0.06 0.01 0.11 Restructuring and Other Costs, Net of Tax (c) 0.05 0.03 0.03 0.07 0.09 0.06 0.09 Amortization of Acquisition-related Intangible Assets, Net of Tax 0.59 0.57 0.56 0.56 0.60 0.60 0.59 Other (Income) Expense, Net of Tax (d) 0.02 0.00 0.01 0.01 0.00 0.03 0.02 Income Tax (Benefit) Provision (e) 0.00 (0.04) 0.00 (0.06) 0.02 0.00 (0.02) Loss from Discontinued Operations, Net of Tax 0.00 0.00 0.00 0.01 0.00 0.00 0.00 Adjusted Diluted EPS 1.63 1.84 1.80 2.12 1.80 2.03 2.03 Adjusted Diluted EPS Growth 7% 7% 5% 7% 1 1 13% Reconciliation of Free Cash Flow GAAP Net Cash Provided by Operating Activities 80.0 764.9 743.9 1,228.1 289.1 889.5 771.8 Net Cash Used in Discontinued Operations 2.1 2.2 3.7 0.7 1.5 0.4 1.1 Purchases of Property, Plant, and Equipment (97.2) (95.3) (101.0) (129.4) (115.1) (114.8) (81.0) Proceeds from Sale of Property, Plant and Equipment 0.6 5.6 1.3 10.6 6.0 15.7 1.4 Free Cash Flow (14.5) 677.4 647.9 1,110.0 181.5 790.8 693.3 (a) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition, and accelerated depreciation on assets to be abandoned as a result of real estate consolidation; in Q1 2016, charges to conform the accounting policies of Affymetrix with the company's accounting policies; and in Q3 2016, charges to conform the accounting policies of FEI with the company's accounting policies. (b) The excluded items from selling, general and administrative costs include significant acquisition transaction costs, accelerated depreciation on fixed assets to be abandoned due to integration synergies, and contingent acquisition consideration; in Q3 2015 and Q3 2016, charges associated with product liability litigation; and in Q3 2016, charges to conform the accounting policies of FEI with the company's accounting policies. (c) Restructuring and other costs consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; significant gains and losses on litigation-related matters; curtailments/settlements of pension plans; the sale of businesses, product lines and property; and in Q2 2016, environmental remediation costs. (d) The excluded items from other (income) expense, net, represent amortization of acquisition-related intangible assets of the company's equity-method investments; gains and losses on equity and available-for-sale investments; in Q1 2015, costs associated with entering interest rate swap arrangements; in Q1 2015, Q3 2015, Q4 2015, Q2 2016, and Q3 2016, losses on the early extinguishment of debt; and in Q2 2016 and Q3 2016, charges related to amortization of fees paid to obtain bridge financing commitments for the acquisition of FEI. (e) The excluded items from income tax benefit/provision include the tax benefits/provisions related to the above excluded items, benefit from tax credit carryforwards, the impact of the resolution of significant tax audits and the tax benefit from adjusting the company's deferred tax balances as a result of tax rate changes.

Free Cash Flow, Return on Invested Capital and Return on Equity (Dollars in millions) 2010 2011 2012 2013 2014 2015 Q3 2016 Reconciliation of Free Cash Flow GAAP Net Cash Provided by Operating Activities 1,497.8 1,691.0 2,039.5 2,010.7 2,619.6 2,816.9 771.8 Net Cash (Provided by) Used in Discontinued Operations (47.7) (14.4) 28.4 4.9 4.3 8.7 1.1 Purchases of Property, Plant, and Equipment (245.4) (260.9) (315.1) (282.4) (427.6) (422.9) (81.0) Proceeds from Sale of Property, Plant and Equipment 10.2 8.2 12.8 20.7 49.3 18.1 1.4 Free Cash Flow 1,214.9 1,423.9 1,765.6 1,753.9 2,245.6 2,420.8 693.3 GAAP Return on Invested Capital (ROIC) 6.5% 7.1% 5.5% 5.9% 5.9% 5.9% 5.7% Cost of Revenues Charges (a) 0.1% 0.4% 0.3% 0.1% 1. 0. 0.2% Selling, General and Administrative Costs (b) 0. 0.3% 0.1% 0.3% 0.4% 0.1% 0.3% Restructuring and Other Costs (Income), Net (c) 0.4% 0.5% 0.4% 0.4% -1.8% 0.3% 0.5% Amortization of Acquisition-related Intangible Assets 3.5% 3.5% 3.5% 3.5% 4.1% 3.9% 3.8% Net Interest Expense 0.4% 0.7% 0.8% 1. 0.8% 0.7% 0.7% Other Expense (Income) (d) 0.2% -0.2% 0. 0.3% 0. 0.1% 0.1% Income Tax Benefit (e) -1.6% -1.4% -1.7% -1.4% -0.9% -1.5% -1.5% (Income) Loss from Discontinued Operations, Net of Tax -0.2% -1.7% 0.4% 0. 0. 0. 0. Adjusted ROIC 9.3% 9.2% 9.3% 10.1% 9.5% 9.5% 9.8% GAAP Return on Equity (ROE) 6.7% 8.7% 7.7% 7.9% 9.5% 9.6% 9.4% Cost of Revenues Charges (a) 0.1% 0.5% 0.4% 0.2% 1.7% 0. 0.3% Selling, General and Administrative Costs (b) 0. 0.4% 0.1% 0.5% 0.7% 0.2% 0.5% Restructuring and Other Costs (Income), Net (c) 0.4% 0.7% 0.6% 0.5% -3. 0.6% 0.9% Amortization of Acquisition-related Intangible Assets 3.6% 4.2% 4.9% 4.8% 6.7% 6.4% 6.3% Net Interest Expense 0.5% 0.7% 1.2% 1.2% 1.3% 1.1% 1.2% Other Expense (Income) (d) 0.2% -0.2% 0. 0.4% 0. 0.1% 0.1% Income Tax Benefit (e) -1.6% -1.8% -2.3% -1.9% -1.4% -2.5% -2.5% (Income) Loss from Discontinued Operations, Net of Tax -0.3% -2. 0.5% 0. 0. 0. 0. Adjusted ROE 9.6% 11.2% 13.1% 13.6% 15.5% 15.5% 16.2% Definitions: Invested capital is equity plus short-term and long-term debt and net liabilities of discontinued operations less cash and short-term investments. Adjusted return on invested capital is annual adjusted net income excluding net interest expense, net of tax benefit therefrom, divided by trailing five quarters average invested capital. Adjusted return on equity is annual adjusted net income excluding net interest expense, net of tax benefit therefrom, divided by trailing five quarters average shareholders equity. (a) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition and accelerated depreciation on assets to be abandoned as a result of real estate consolidation; in 2014, charges to conform the accounting policies of Life Technologies with the company's accounting policies; and in 2016, charges to conform the accounting policies of Affymetrix and FEI with the company's accounting (b) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and contingent acquisition consideration; in 2010 and 2012 gains due to settlement of certain product liability-related matters; in 2011, 2012, 2013, 2014 and 2015, charges associated with product liability litigation; in 2014, charges to conform the accounting policies of Life Technologies with the company's accounting policies; in 2015 and 2016, accelerated depreciation on fixed assets to be abandoned due to integration synergies; and in 2016 costs to conform the accounting policies of FEI with the company's accounting policies. (c) Restructuring and other costs/income consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; significant gains and losses on litigation-related matters; curtailments/settlements of pension plans; gains and losses on the sale of businesses, product lines and property; and in 2016, environmental remediation costs. (d) The excluded items from other expense/income, net, represent amortization of acquisition-related intangible assets and restructuring charges of the company's equity-method investments; gains and losses on equity and available-forsale investments; in 2010, 2011, 2013, 2014, and 2016, costs to obtain short-term financing commitments related to acquisitions; in 2010, 2012, 2015, and 2016, losses on the early extinguishment of debt; and in 2015, costs associated with entering interest rate swap arrangements. (e) The excluded items from income tax benefit include the tax benefits/provisions related to the above excluded items, benefit from tax credit carryforwards, the impact of the resolution of significant tax audits and the tax benefit from adjusting the company's deferred tax balances as a result of tax rate changes.

Segment Data (Dollars in millions) Q1-15 Q2-15 Q3-15 Q4-15 2015 Q1-16 Q2-16 Q3-16 Life Sciences Solutions Segment Revenues 1,019.9 1,129.3 1,080.4 1,209.8 4,439.4 1,133.0 1,277.6 1,231.5 Pro Forma Revenue Growth* -8% -1% Total Revenue Growth 2% 1% 2% 11% 13% 14% Acquisitions net of Divestitures -2% 2% 3% 2% 1% 1% 7% 7% Currency Translation -7% -7% -7% -5% -6% -2% Pro Forma Organic Revenue Growth* 2% 7% 5% 5% 5% 11% 7% 7% Operating Income 298.7 323.5 332.7 382.0 1,336.9 330.0 369.6 370.1 Operating Income Margin 29.3% 28.6% 30.8% 31.6% 30.1% 29.1% 28.9% 30.1% Operating Income Margin Expansion +0.0 pts +1.5 pts +2.2 pts +0.8 pts +1.1 pts -0.2 pts +0.3 pts -0.7 pts Analytical Instruments Segment Revenues 727.4 777.0 778.5 925.3 3,208.2 759.3 793.9 898.0 Total Revenue Growth -6% -2% -1% 3% -1% 4% 2% 15% Acquisitions net of Divestitures 13% Currency Translation -6% -6% -6% -5% -6% -1% -1% Organic Revenue Growth 1% 4% 5% 7% 4% 6% 3% 3% Operating Income 121.7 139.6 146.5 205.0 612.8 111.7 144.9 190.1 Operating Income Margin 16.7% 18. 18.8% 22.1% 19.1% 14.7% 18.3% 21.2% Operating Income Margin Expansion -0.3 pts +1.6 pts +1.3 pts +1.9 pts +1.2 pts -2.0 pts +0.3 pts +2.4 pts Specialty Diagnostics Segment Revenues 785.2 817.1 776.9 864.7 3,243.9 854.6 851.3 798.9 Total Revenue Growth -4% -4% -4% -3% 9% 4% 3% Acquisitions net of Divestitures Currency Translation -6% -7% -6% -4% -6% -1% Organic Revenue Growth 3% 2% 1% 4% 3% 1 4% 3% Operating Income 214.1 227.2 204.9 226.7 872.9 230.1 237.9 214.4 Operating Income Margin 27.3% 27.8% 26.4% 26.2% 26.9% 26.9% 27.9% 26.8% Operating Income Margin Expansion +0.1 pts +0.2 pts -1.2 pts -0.9 pts -0.5 pts -0.4 pts +0.1 pts +0.4 pts Laboratory Products & Services Segment Revenues 1,513.4 1,693.3 1,638.2 1,816.6 6,661.5 1,724.6 1,802.2 1,746.2 Total Revenue Growth -5% 1% 8% 1% 14% 6% 7% Acquisitions net of Divestitures -3% -3% -2% 2% -2% 2% 2% 2% Currency Translation -5% -5% -5% -4% -5% -2% -1% -1% Organic Revenue Growth 3% 8% 7% 1 7% 14% 5% 6% Operating Income 222.1 260.0 249.6 267.4 999.1 258.2 279.8 257.9 Operating Income Margin 14.7% 15.4% 15.2% 14.7% 15. 15. 15.5% 14.8% Operating Income Margin Expansion -0.0 pts +0.2 pts +0.1 pts +0.2 pts +0.1 pts +0.3 pts +0.1 pts -0.4 pts * Life Technologies was acquired on February 3, 2014. Pro forma results include the pre-acquisition results of Life Technologies from the beginning of the first quarter 2014. Results do not sum due to rounding.

Balance Sheet and Leverage Ratios (Dollars in millions) 12/31/2013 (c) 12/31/2014 (c) 12/31/2015 4/2/2016 7/2/2016 10/1/2016 Assets Current Assets: Cash and cash equivalents 5,826.0 1,343.5 452.1 826.8 663.1 1,970.0 Short-term investments 4.5 8.5 2.0 2.0 2.0 2.0 Accounts receivable, net 1,942.3 2,473.6 2,544.9 2,668.3 2,709.1 2,895.1 Inventories 1,494.5 1,859.5 1,991.7 2,154.9 2,086.3 2,390.9 Other current assets 613.4 854.7 750.5 887.0 870.5 946.4 Total Current Assets 9,880.7 6,539.8 5,741.2 6,539.0 6,331.0 8,204.4 Property, Plant and Equipment, Net 1,767.4 2,426.5 2,448.8 2,483.1 2,451.6 2,599.3 Acquisition-related Intangible Assets 7,071.3 14,110.1 12,758.3 13,237.8 12,842.2 14,522.4 Other Assets 640.7 933.1 1,058.4 1,060.3 1,081.8 1,104.6 Goodwill 12,503.3 18,842.6 18,827.6 19,632.5 19,546.8 21,580.0 31,863.4 42,852.1 40,834.3 42,952.7 42,253.4 48,010.7 Liabilities and Shareholders' Equity Current Liabilities: Short-term obligations and current maturities of long-term obligations 987.7 2,212.4 1,051.8 3,383.0 2,515.9 1,972.1 Accounts payable 691.5 820.7 822.2 853.0 846.5 941.7 Other current liabilities 1,446.8 2,316.7 2,272.3 2,086.8 2,165.8 2,346.1 Total Current Liabilities 3,126.0 5,349.8 4,146.3 6,322.8 5,528.2 5,259.9 Other Long-term Liabilities 2,381.7 4,602.6 3,917.6 4,052.5 3,829.4 4,151.8 Long-term Obligations 9,499.6 12,351.6 11,420.2 11,653.0 11,631.9 16,940.4 Total Shareholders' Equity 16,856.1 20,548.1 21,350.2 20,924.4 21,263.9 21,658.6 31,863.4 42,852.1 40,834.3 42,952.7 42,253.4 48,010.7 Leverage Ratios Total Debt / TTM EBITDA 4.0X 3.5X 3.1X 3.7X 3.4X 4.6X (d) Effect of Adjusted Items -0.2X 0.1X -0.1X -0.2X -0.2X -0.4X Total Debt / Adjusted TTM EBITDA (a) 3.8X 3.6X 3.0X 3.5X 3.2X 4.2X (d) Net Debt (b) / TTM EBITDA 1.8X 3.2X 3.0X 3.5X 3.3X 4.1X Effect of Adjusted Items -0.1X 0.1X -0.1X -0.2X -0.2X -0.3X Net Debt (b) / Adjusted TTM EBITDA (a) 1.7X 3.3X 2.9X 3.3X 3.1X 3.8X (a) Adjusted EBITDA equals adjusted operating income excluding depreciation. (b) Net debt is short-term and long-term debt less cash and short-term investments. (c) Periods prior to 12/31/15 have not been recast to reflect the adoption of ASU 2015-03. Under this new accounting guidance debt issuance costs are now recorded as a reduction in the carrying value of the debt instrument. Previously, deferred debt issuance costs were included in Other Assets on the balance sheet. (d) On a pro forma basis, reflecting the pay down of debt in the first week of Q4 2016, the ratios of Total Debt / TTM EBITDA and Total Debt / Adjusted TTM EBITDA would have been 4.3X and 4.0X, respectively.

(Dollars in millions) Short-term Effective Interest Rate at 9/1/16 Maturity Date 12/31/2013 (c) 12/31/2014 (c) 12/31/2015 4/2/2016 7/2/2016 10/1/2016 TMO 2.05% Senior Notes 2/21/2014 300 0 0 0 0 0 TMO 3.25% Senior Notes 11/20/2014 406 0 0 0 0 0 Life Technologies 4.4 Senior Notes 3/1/2015 0 503 0 0 0 0 TMO 3.2 Senior Notes 5/1/2015 0 452 0 0 0 0 TMO 5.0 Senior Notes 6/1/2015 0 250 0 0 0 0 TMO 2.25% Senior Notes 8/15/2016 0 0 999 0 0 0 TMO 1.3 Senior Notes (a) 1.21% 2/1/2017 0 0 0 899 899 899 Term Loan 1.7 0 1,000 0 999 625 250 Commercial Paper 1.32% 250 0 50 1,228 989 821 Other 32 7 3 257 3 2 Total Short-term 988 2,212 1,052 3,383 2,516 1,972 Long-term TMO 3.2 Senior Notes 5/1/2015 460 0 0 0 0 0 TMO 5.0 Senior Notes 6/1/2015 250 0 0 0 0 0 Life Technologies 3.5 Senior Notes 1/15/2016 0 410 0 0 0 0 TMO 3.2 Senior Notes 3/1/2016 900 900 0 0 0 0 TMO 2.25% Senior Notes 8/15/2016 999 999 0 999 0 0 TMO 1.3 Senior Notes (a) 2/1/2017 896 897 898 0 0 0 TMO 1.85% Senior Notes 2.01% 1/15/2018 500 500 499 499 499 499 TMO Floating Rate Senior Notes (euro denominated) 0.15% 8/9/2018 0 0 0 0 0 671 TMO 2.15% Senior Notes 2.35% 12/14/2018 0 0 448 448 448 448 TMO 2.4 Senior Notes 2.59% 2/1/2019 898 898 895 895 895 896 Life Technologies 6.0 Senior Notes 2.98% 3/1/2020 0 858 838 833 828 823 TMO 4.7 Senior Notes 4.23% 5/1/2020 300 300 300 305 305 305 TMO 1.5 Senior Notes (euro denominated) 1.61% 12/1/2020 0 0 459 482 471 475 Life Technologies 5.0 Senior Notes 3.24% 1/15/2021 0 438 432 431 429 428 TMO 4.5 Senior Notes (a) 3.48% 3/1/2021 995 996 995 1,017 1,028 1,020 TMO 3.6 Senior Notes (a) 3.15% 8/15/2021 1,098 1,098 1,096 1,122 1,135 1,127 TMO 3.3 Senior Notes 3.43% 2/15/2022 0 800 794 795 795 795 TMO 2.15% Senior Notes (euro denominated) 2.28% 7/21/2022 0 0 539 566 553 558 TMO 3.15% Senior Notes 3.31% 1/15/2023 796 797 792 792 793 793 TMO 3.0 Senior Notes (a) 3.18% 4/15/2023 0 0 0 0 999 996 TMO 4.15% Senior Notes 4.16% 2/1/2024 997 998 991 991 992 992 TMO 0.75% Senior Notes (euro denominated) 0.94% 9/12/2024 0 0 0 0 0 1,107 TMO 2.0 Senior Notes (euro denominated) 2.09% 4/15/2025 0 772 689 723 707 713 TMO 3.65% Senior Notes 3.77% 12/15/2025 0 0 347 347 347 347 TMO 2.95% Senior Notes 3.19% 9/19/2026 0 0 0 0 0 1,175 TMO 1.375% Senior Notes (euro denominated) 1.46% 9/12/2028 0 0 0 0 0 668 TMO 5.3 Senior Notes 5.37% 2/1/2044 400 400 396 396 396 396 Term Loan 1.7 0 275 0 0 0 1,696 Other 11 16 12 12 12 12 Total Long-term 9,500 12,352 11,420 11,653 11,632 16,940 Total Debt 10,488 14,564 12,472 15,036 14,148 18,912 Total Cash and Short-term Investments 5,831 1,352 454 829 665 1,972 Net Debt (b) 4,657 13,212 12,018 14,207 13,483 16,940 Debt (a) Fixed rate interest has been swapped to variable rate. (b) Net debt is short-term and long-term debt less cash and short-term investments. (c) Periods prior to 12/31/15 have not been recast to reflect the adoption of ASU 2015-03. Under this new accounting guidance debt issuance costs are now recorded as a reduction in the carrying value of the debt instrument. Previously, deferred debt issuance costs were included in Other Assets on the balance sheet.

2013-2016 Publicly Announced Acquisitions/Divestitures Transaction Closing Date Entity Acquisition or Divestiture Business Description Principal Segment Revenue (a) (millions) 2016 September 19 FEI Acquisition Leader in high-performance electron microscopy AIS $930 March 31 Affymetrix Acquisition Leading provider of cellular and genetic analysis products LSS $360 2015 September 30 Alfa Aesar Acquisition Leading global manufacturer of research chemicals LPS 78 February 4 Advanced Scientifics, Inc. Acquisition Provider of customized single-use systems and process equipment for bioprocess production LSS $80 2014 August 15 Cole-Parmer Divestiture Customer channel business providing fluid handling, test and measurement, and electrochemistry products and services LPS $232 March 21 Select businesses within Biosciences portfolio Sera and media, gene modulation and magnetic beads Divestiture LSS $250 businesses formerly in the Analytical Technologies Segment February 3 Life Technologies Acquisition Global leader in life sciences LSS $3,872 2013 There were no publicly announced acquisitions or divestitures that closed in 2013. (a) Approximate revenue from prior full year reporting period as of the announcement date

Capital Deployment Share Buybacks 2013 2014 2015 Q1 2016 Q2 2016 Q3 2016 Total Number of Shares Purchased (millions) 1.3 0.0 3.9 7.3 0.0 0.0 Average Price Paid per Share $69.89 $0.00 $127.66 $137.25 $0.00 $0.00 Total Spend ($ millions) $90 $0 $500 $1,000 $0 $0 Remaining Authorization (in millions) as of 10/1/2016: $1,500 Dividends Paid 2013 2014 2015 Q1 2016 Q2 2016 Q3 2016 Amount per Share $0.60 $0.60 $0.60 $0.15 $0.15 $0.15

Fi Fiscal Calendar 2015 FISCAL CALENDAR 2016 FISCAL CALENDAR FIRST QUARTER THIRD QUARTER FIRST QUARTER THIRD QUARTER Month S M T W T F S Week Month S M T W T F S Week Month S M T W T F S Week Month S M T W T F S Week 1 2 3 1 28 29 30 1 2 3 4 27 1 2 JAN 4 5 6 7 8 9 10 2 JULY 5 6 7 8 9 10 11 28 JAN 3 4 5 6 7 8 9 1 JULY 3 4 5 6 7 8 9 27 5 Weeks 11 12 13 14 15 16 17 3 5 Weeks 12 13 14 15 16 17 18 29 5 Weeks 10 11 12 13 14 15 16 2 5 Weeks 10 11 12 13 14 15 16 28 18 19 20 21 22 23 24 4 19 20 21 22 23 24 25 30 17 18 19 20 21 22 23 3 17 18 19 20 21 22 23 29 25 26 27 28 29 30 31 5 26 27 28 29 30 31 1 31 24 25 26 27 28 29 30 4 24 25 26 27 28 29 30 30 31 1 2 3 4 5 6 5 31 1 2 3 4 5 6 31 1 2 3 4 5 6 7 6 2 3 4 5 6 7 8 32 7 8 9 10 11 12 13 6 7 8 9 10 11 12 13 32 FEB 8 9 10 11 12 13 14 7 AUG 9 10 11 12 13 14 15 33 FEB 14 15 16 17 18 19 20 7 AUG 14 15 16 17 18 19 20 33 4 Weeks 15 16 17 18 19 20 21 8 4 Weeks 16 17 18 19 20 21 22 34 4 Weeks 21 22 23 24 25 26 27 8 4 Weeks 21 22 23 24 25 26 27 34 22 23 24 25 26 27 28 9 23 24 25 26 27 28 29 35 28 29 1 2 3 4 5 9 28 29 30 31 1 2 3 35 1 2 3 4 5 6 7 10 30 31 1 2 3 4 5 36 6 7 8 9 10 11 12 10 4 5 6 7 8 9 10 36 MARCH 8 9 10 11 12 13 14 11 SEPT 6 7 8 9 10 11 12 37 MARCH 13 14 15 16 17 18 19 11 SEPT 11 12 13 14 15 16 17 37 4 Weeks 15 16 17 18 19 20 21 12 4 Weeks 13 14 15 16 17 18 19 38 4 Weeks 20 21 22 23 24 25 26 12 4 Weeks 18 19 20 21 22 23 24 38 22 23 24 25 26 27 28 13 20 21 22 23 24 25 26 39 27 28 29 30 31 1 2 13 25 26 27 28 29 30 1 39 SECOND QUARTER FOURTH QUARTER SECOND QUARTER FOURTH QUARTER 29 30 31 1 2 3 4 14 27 28 29 30 1 2 3 40 3 4 5 6 7 8 9 14 2 3 4 5 6 7 8 40 APRIL 5 6 7 8 9 10 11 15 OCT 4 5 6 7 8 9 10 41 APRIL 10 11 12 13 14 15 16 15 OCT 9 10 11 12 13 14 15 41 5 Weeks 12 13 14 15 16 17 18 16 5 Weeks 11 12 13 14 15 16 17 42 5 Weeks 17 18 19 20 21 22 23 16 5 Weeks 16 17 18 19 20 21 22 42 19 20 21 22 23 24 25 17 18 19 20 21 22 23 24 43 24 25 26 27 28 29 30 17 23 24 25 26 27 28 29 43 26 27 28 29 30 1 2 18 25 26 27 28 29 30 31 44 1 2 3 4 5 6 7 18 30 31 1 2 3 4 5 44 3 4 5 6 7 8 9 19 1 2 3 4 5 6 7 45 8 9 10 11 12 13 14 19 6 7 8 9 10 11 12 45 MAY 10 11 12 13 14 15 16 20 NOV 8 9 10 11 12 13 14 46 MAY 15 16 17 18 19 20 21 20 NOV 13 14 15 16 17 18 19 46 4 Weeks 17 18 19 20 21 22 23 21 4 Weeks 15 16 17 18 19 20 21 47 4 Weeks 22 23 24 25 26 27 28 21 4 Weeks 20 21 22 23 24 25 26 47 24 25 26 27 28 29 30 22 22 23 24 25 26 27 28 48 29 30 31 1 2 3 4 22 27 28 29 30 1 2 3 48 31 1 2 3 4 5 6 23 29 30 1 2 3 4 5 49 5 6 7 8 9 10 11 23 4 5 6 7 8 9 10 49 JUNE 7 8 9 10 11 12 13 24 DEC 6 7 8 9 10 11 12 50 JUNE 12 13 14 15 16 17 18 24 DEC 11 12 13 14 15 16 17 50 4 Weeks 14 15 16 17 18 19 20 25 5 Weeks 13 14 15 16 17 18 19 51 4 Weeks 19 20 21 22 23 24 25 25 4 Weeks 18 19 20 21 22 23 24 51 21 22 23 24 25 26 27 26 20 21 22 23 24 25 26 52 26 27 28 29 30 1 2 26 25 26 27 28 29 30 31 52 27 28 29 30 31