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2017 INVESTOR & ANALYST DAY December 14, 2017

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2017 INVESTOR & ANALYST DAY December 14, 2017 2017 INVESTOR & ANALYST DAY December 14, 2017 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, 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 compliance with applicable laws and regulations (including regulations relating to medical devices and the health care industry), our ability to effectively address cost reductions and other changes in the health care industry, 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 such 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), security breaches or other disruptions of our information technology systems or violations of data privacy laws, the impact of our restructuring activities on our ability to grow, 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, changes in tax laws applicable to multinational companies, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, the rights of the United States government to use, disclose and license certain intellectual property we license if we fail to commercialize it, 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, uncertainties relating to collaboration arrangements with third parties, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, the impact of deregulation on demand for our products and services, labor matters, international economic, political, legal, compliance and business factors (including the impact of the UK's decision to leave the EU), disruptions relating to man-made and natural disasters, 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 and Quarterly Report on Form 10-Q for the third quarter of 2017. These forward-looking statements speak only as of the date of this presentation and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise. With respect to the non-GAAP financial measures referenced in the following presentation, the accompanying information required by SEC Regulation G can be found in the back of the presentation and in the “Investors” section of Danaher’s web site, www.danaher.com, under the heading “Events & Presentations,” and event name “Danaher 2017 Investor & Analyst Meeting.” All references in this presentation (1) to company-specific financial metrics relate only to the continuing operations of Danaher’s business, unless otherwise noted; (2) to “growth” or other period-to-period changes refer to year-over-year comparisons unless otherwise indicated; (3) to Operating Profit below the segment level exclude amortization; and (4) to “today” refers to the Company’s estimated 2017 performance (“2017E”). This presentation treats 2017E as the Company’s most recent fiscal year unless otherwise indicated. We may also describe certain products and devices which have applications submitted and pending for certain regulatory approvals. Agenda 9:30 am Welcome Matt Gugino 9:35 am Opening Remarks Tom Joyce 10:05 am Danaher Business System Melissa Aquino Life Sciences Rainer Blair Dental Amir Aghdaei Q&A Aquino, Blair, Aghdaei 11:05 am Break 11:30 am Environmental & Applied Solutions (EAS) Product Identification Joakim Weidemanis Water Quality Lance Reisman Diagnostics Dan Daniel Q&A Weidemanis, Reisman, Daniel 12:30 pm Closing Remarks & Guidance Tom Joyce 12:40 pm Q&A Tom Joyce 12:55 pm Program End / Lunch OPENING REMARKS Tom Joyce, President & CEO 2017 INVESTOR & ANALYST DAY What You’ll Hear Today 2017 Financial Highlights Building and evolving into a stronger, better Danaher Focused execution around our strategic priorities Balanced approach to deliver long-term value to shareholders 2017 Financial Highlights ACCELERATING CORE GROWTH • Led by Life Sciences & Product ID platforms DOUBLE-DIGIT FREE CASH FLOW & ADJUSTED EPS GROWTH • Expect FCF to exceed Net Income for 26th consecutive year EXPANDING MARGINS WHILE REINVESTING FOR GROWTH • Core OMX +60bps, R&D/S&M up (as a % of sales) RECENT ACQUISITIONS OFF TO A GREAT START • Cepheid, Pall, Nobel all performing well • Closed 9 deals for ~$300M of acquisition spend All financial metrics refer to the 9 months ending Sep. 29, 2017 unless otherwise indicated Building momentum as we head into 2018 What You’ll Hear Today 2017 Financial Highlights Building and evolving into a stronger, better Danaher Focused execution around our strategic priorities Balanced approach to deliver long-term value to shareholders Danaher Today LIFE DIAGNOSTICS ENVIRONMENTAL & APPLIED SOLUTIONS ~$4.0B DENTAL SCIENCES ~$5.7B ~$5.8B ~$2.8B WATER QUALITY PRODUCT ID All financial metrics shown reflect FY 2017E revenues Multi-industry science & technology portfolio provides competitive advantages Evolution of Danaher ~$90M REVENUE ~$4B REVENUE ~$18B REVENUE ~20% GROSS MARGIN <40% GROSS MARGIN ~55% GROSS MARGIN 1984 CONSUMABLES REV. <15% CONSUMABLES REV. CONSUMABLES REV. -- 2000 ~65% Today -- HGM REVENUE <10% HGM REVENUE ~30% HGM Founded by Steve & Mitch Rales OPCOS AQUIRED SINCE OF DANAHER TOTAL 2011 REPRESENT >50% REVENUE TODAY KEY ACQUISITIONS & PORTFOLIO MOVES ~$18B ~$9B TOOLS JV COMMS RMT SPIN 1984 1991 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E Shaded area represents 2017E revenue for each OpCo Significant portfolio transformation creates significant opportunity Revenue By Mix STRONG PORTFOLIO TOTAL Equipment ~$18B REVENUE 35% UNITED BY COMMON Consumables BUSINESS MODEL 65% GROSS ~55% MARGIN By Geography • Outstanding brands with market- ADJUSTED leading positions ROW EBITDA 6% >20% MARGIN YTD NA HGM 40% 30% • Extensive installed base EU FREE CASH 24% FLOW TO >100% NET INCOME • Strong ‘captive’ recurring revenues Direct vs. Distribution Building & enhancing a • High level of customer intimacy Distribution 30% sustainable growth, earnings Direct 70% All financial metrics based on FY 2017E unless otherwise indicated and free cash flow profile Well-Positioned Portfolio Serving Attractive End-Markets LIFE SCIENCES DIAGNOSTICS WATER QUALITY PRODUCT ID DENTAL ADDRESSABLE MARKET SIZE ~$40B ~$35B ~$15B ~$10B ~$20B REGULATORY REQUIREMENTS WORKFLOW EFFICIENCY HIGH GROWTH MARKETS IMPROVING STANDARDS OF CARE ENVIRONMENTAL SAFETY Strong secular drivers with high barriers to entry Danaher Business System (DBS) is Our Competitive Advantage Evolution of the Danaher Business System (DBS) 1984 1991 1999 2001 2003 2005 2007 2009 2011 2013 2015 TODAY2017E Leadership Leadership Leadership Lean Growth Lean Growth 2016 Lean Growth LAUNCHED 2009 SHARED 2001 ADDED PURPOSE OUR SHARED PURPOSE Mid-1980s ADDED LEADERSHIP HELPING REALIZE LIFE’S POTENTIAL LEAN GROWTH FOCUSED As portfolio evolved, so has DBS – from Lean to a balanced approach What You’ll Hear Today 2017 Financial Highlights Building and evolving into a stronger, better Danaher Focused execution around our strategic priorities 1. Strengthen our competitive advantage with DBS 2. Enhance our portfolio via strategic M&A 3. Attract & retain exceptional talent Balanced approach to deliver long-term value to shareholders DBS Is Our Competitive Advantage 8 CORE VALUE DRIVERS CORE REVENUE GROWTH OMX Leadership SHAREHOLDER CASH FLOW / WC TURNS ROIC Lean Growth QUALITY (EXTERNAL PPM) CUSTOMER ON-TIME DELIVERY (OTD) INTERNAL FILL RATE ASSOCIATE RETENTION “Common sense vigorously applied” “OMX” is Operating Margin Expansion; “WC” is Working Capital CORE REVENUE GROWTH OMX SHAREHOLDER CASH FLOW / WC TURNS How We Create Value: Running the Danaher Playbook ROIC Core Revenue Growth Gross IMPROVE COST G&A + STRUCTURE Margins Margin Expansion + REINVEST R&D S&M Strong Free Cash Flow FOR GROWTH + ACCELERATE
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