DANAHER CORPORATION 2016 Overview

DANAHER CORPORATION 2016 Overview

Forward Looking Statements Statements in this presentation that are not strictly historical, including any statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things, deterioration of or instability in the economy, the markets we serve and the financial markets, the impact of our restructuring activities on our ability to grow, contractions or growth rates and cyclicality of markets we serve, competition, our ability to develop and successfully market new products and technologies and expand into new markets, the potential for improper conduct by our employees, agents or business partners, our ability to successfully identify, consummate and integrate appropriate acquisitions and successfully complete divestitures and other dispositions, our ability to integrate the recent acquisitions of Pall Corporation and Cepheid and achieve the anticipated benefits of those transactions, contingent liabilities relating to acquisitions and divestitures (including tax-related and other contingent liabilities relating to the distributions of each of Fortive Corporation and our communications business), our compliance with applicable laws and regulations (including regulations relating to medical devices and the healthcare industry) and changes in applicable laws and regulations, our ability to effectively address cost reductions and other changes in the healthcare industry, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, the impact of our debt obligations on our operations and liquidity, our relationships with and the performance of our channel partners, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, labor matters, international economic, political, legal, compliance and business factors (including the impact of the UK referendum to leave the EU), disruptions relating to man-made and natural disasters, security breaches or other disruptions of our information technology systems and pension plan costs. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2016 Annual Report on Form 10-K. These forward-looking statements speak only as of the date of this presentation and the Company does not assume any obligation to update or revise any forwardlooking statement, whether as a result of new information, future events and developments or otherwise. With respect to any non-gaap financial measures included in the following presentation, the accompanying information required by SEC Regulation G can be found herein. All references in this presentation to earnings, revenues and other company-specific financial metrics relate only to the continuing operations of Danaher s business, unless otherwise noted. All references in this presentation to growth or other period-to-period changes refer to year-over-year comparisons unless otherwise indicated. We may also describe certain products and devices which have applications submitted and pending for certain regulatory approvals.

Danaher Today Life Sciences Diagnostics Dental Environmental & Applied Solutions ~$5.4B revenue ~$5.0B revenue ~$2.8B revenue ~$3.7B revenue Water Quality Product ID All financial metrics shown reflect FY 2016 revenues. Building a multi-industry, science & technology company

2016 Highlights Team executed well in challenging macro environment Consistent core revenue growth across all 4 segments FCF of ~$2.5B exceeded Net Income for 25 th consecutive year Expanding margins while reinvesting Core OMX up 115bps GM up >100bps, G&A* down, R&D/S&M* up Announced and closed ~$5B in acquisitions, including Cepheid and Phenomenex 9 deals across all 5 platforms Completed separation of Fortive in July Well positioned for outperformance in 2016 and beyond * As a % of total revenues, excluding Cepheid & Pall.

20-Year Total Shareholder Return DHR vs. S&P 500 Outperforming over the long term 2000% 1500% DHR S&P 500 Difference 3 Year 35.6% 29.1% 6.5% 10 Year 191.1% 95.7% 95.4% 20 Year 1,714.0% 339.3% 1,374.7% DHR 1000% 500% S&P 500 0% Dec-96 Dec-98 Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12 Dec-14 Dec-16

Revenue ($B) Adjusted EPS growth of >20% in 2016 Historical Performance $16.9B $4.00 $16.0 $12.0 $8.0 $12.4B $2.35 $12.9B $2.66 $14.4B $2.98 $3.61 $3.00 $2.00 Adjusted EPS $4.0 $1.00 $0.0 2013 2014 2015 2016 $0.00

Free Cash Flow Conversion $1.9B Free Cash Flow $2.2B $2.3B $2.5B 2013 2014 2015 2016 Net Income Continuing Ops Above Net Income *Free cash flow is defined as operating cash flow less capital expenditures. Free cash flow exceeded net income for 25 th year in a row

Outstanding Portfolio ~$17B REVENUE By Mix Danaher Today EAS 22% By Business Dental 16% Diagnostics 30% Life Sciences 32% By Geography ~55% GROSS MARGIN Mid-teens OPERATING MARGIN Business Characteristics Market leading positions Resilient business models >100% FREE CASH FLOW TO NET INCOME Outstanding brands Large installed base Strong Secular Growth Drivers Equipment 35% Consumables 65% HGM 29% ROW 7% EU 24% NA 40% Increasing environmental, healthcare and food safety regulatory requirements and changes Improving standards of care in high growth markets (HGM) Proliferation of digital trends Strong growth, free cash flow and earnings profile All financial metrics based on FY 2016.

Danaher Business System

Life Sciences Overview ~$5.4B REVENUE Mid-teens OPERATING MARGIN ~$40B MARKET SIZE Life Sciences Revenue 2016 Equipment 40% By Mix Consumables 60% By Geography HGM 27% ROW 10% EU 29% NA 34% Growth Drivers Evolution of life science research Growth of chronic diseases and infections HGM investing in basic and applied research capacity Customers Pharma/biotech Government, academic and clinical research Food & beverage, forensics, hospital/ reference labs All financial metrics based on FY 2016.

Diagnostics Overview ~$5.0B REVENUE Equipment 20% By Mix Consumables 80% Midteens OPERATING MARGIN Diagnostics Revenue 2016 HGM 35% ROW 7% ~$35B MARKET SIZE By Geography EU 19% NA 39% Growth Drivers Rapid growth in healthcare expenditures in HGM Greater investment in preventative, predictive medicine Skilled labor shortage, cost pressures necessitating automated solutions Hospital labs Reference labs Customers Hospital critical care Histopathology labs All financial metrics based on FY 2016.

Dental Overview ~$2.8B REVENUE Equipment 30% By Mix Midteens OPERATING MARGIN Dental Revenue 2016 Consumables 70% ~$20B MARKET SIZE By Geography HGM 19% EU 23% ROW 7% NA 51% Growth Drivers Global demographic trends aging population Growing middle class in high growth markets Digitizing the dental practice Cosmetic and aesthetics dentistry Customers General practices Specialists: Endo / Ortho Perio / Surgical Group practices Schools, hospitals, government All financial metrics based on FY 2016.

Water Quality Overview ~$2.1B REVENUE Mid-20s OPERATING MARGIN Water Quality Revenue 2016 Equipment 40% By Mix Consumables 60% ~$15B MARKET SIZE By Geography HGM 28% EU 18% ROW 2% NA 52% Growth Drivers Increasing regulatory requirements and changes Water scarcity/drought conditions, sustainability Demand for full workflow solutions, efficiency Customers Municipal water facilities (waste & drinking water) Industrial applications (food & beverage, pharma, chemical, power) Research & environmental, agriculture/irrigation All financial metrics based on FY 2016.

Product ID Overview ~$1.6B REVENUE Equipment 45% By Mix Consumables 55% Mid-20s OPERATING MARGIN PID Revenue 2016 HGM 35% ROW 4% ~$8B MARKET SIZE By Geography EU 30% NA 31% Growth Drivers Demand for brand consistency Consumer product safety and traceability Changing consumer behavior in HGM Packaging used to drive demand, now a key element in marketing campaigns Consumer packaged goods (CPG) Pharmaceuticals Customers Packaging converters & printers Industrial products All financial metrics based on FY 2016.

Non-GAAP Reconciliations Danaher Corporation Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures Years Ended December 31 Free Cash Flow from Continuing Operations ($ in billions): 2013 2014 2015 2016 Operating Cash Flows from Continuing Operations (GAAP) $ 2.4 $ 2.7 $ 2.8 $ 3.1 Less: purchases of property, plant & equipment (capital expenditures) from continuing operations (GAAP) (0.5) (0.5) (0.5) (0.6) Free Cash Flow from Continuing Operations (Non-GAAP) $ 1.9 $ 2.2 $ 2.3 $ 2.5 Year-Over-Year Core Operating Margin Changes Year Ended December 31, 2015 Operating Profit Margins from Continuing Operations (GAAP) Full year 2016 impact from operating profit margins of businesses that have been owned for less than one year or were disposed of during such period and did not qualify as discontinued operations Total Company Life Sciences Diagnostics Dental Adjusted EPS guidance of $3.85-3.95 Environmental and Applied Solutions 15.00% 9.90% 15.40% 13.50% 24.40% (0.50) (0.15) (0.30) (0.10) (0.75) Acquisition-related transaction costs deemed significant, change in control payments and restructuring charges, and fair value adjustments to inventory and deferred revenue, in each case primarily related to the acquisition of Cepheid and incurred in the fourth quarter of 2016. (0.50) (0.10) (1.50) - - Acquisition-related transaction costs deemed significant, change in control payments, and fair value adjustments to inventory and deferred revenue, net of the impact of freezing pension benefits, in each case related to the acquisition of Pall Corporation and incurred in the second half of 2015. 0.90 3.90 - - - 2016 gains on resolution of acquisition-related matters 0.10 - - - - Fair value adjustments to Nobel Biocare acquisition-related inventory incurred in the first quarter of 2015 0.15 - - 0.80 - Year-over year core operating profit margin changes for full year 2016 (defined as all year-over-year operating profit margin changes other than the changes identified in the line items above) (Non-GAAP) Year Ended December 31, 2016 Operating Profit Margins from Continuing Operations (GAAP) Segments 1.15 1.75 2.00 0.90 (0.05) 16.30% 15.30% 15.60% 15.10% 23.60%