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 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 SHAREHOLDER CASH FLOW / WC TURNS Leadership ROIC

QUALITY (EXTERNAL PPM) CUSTOMER ON-TIME DELIVERY (OTD) Lean Growth

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 Acquisitions Core MARGINS & OMX Growth CORE GROWTH = TOP QUARTILE EPS GROWTH & COMPOUNDING RETURNS

Balanced approach to create shareholder value CORE REVENUE GROWTH OMX SHAREHOLDER CASH FLOW / WC TURNS Clear Runway to Accelerate Core Revenue Growth ROIC

 CONTINUED EXECUTION  NEW LARGER DBS IS OUR WITH IMPROVEMENT ACQUISITIONS COMPETITIVE ADVANTAGE OPPORTUNITIES

Leadership

Lean Growth

2017E WEIGHTED 2017E WEIGHTED AVG. CORE AVG. CORE ~3% REVENUE GROWTH MSD REVENUE GROWTH

Line of sight to MSD core revenue growth over time CORE REVENUE GROWTH OMX SHAREHOLDER CASH FLOW / WC TURNS Continued Margin Improvement With ROIC Significant Runway Ahead COMBINED >$10B REVENUE

 STRONG EXECUTION AT  IMPROVEMENT  RECENT CORE BUSINESSES OPPORTUNITIES ACQUISITIONS Mid/high- >25% teens ~20% AVG. OPM AVG. OPM AVG. OPM TODAY TODAY TODAY

Operating Profit Margin (“OPM”) excludes amortization

AVG. OMX SINCE ANTICIPATED AVG. OMX SINCE >1,000BPS ACQUISITION 20%+ OPM OVER TIME >600BPS ACQUISITION

75bps+ average annual core OMX last 3 years, expect 50-75bps annually CORE REVENUE GROWTH OMX SHAREHOLDER CASH FLOW / WC TURNS Superior Free Cash Flow Generation ROIC

FREE CASH FLOW (FCF) FCF / ADJUSTED NET INCOME CONVERSION >10% Growth Y/Y >100% $2.4B $2.5B $2.2B DANAHER ~85%

LIFE SCIENCE PEERS

2014 2015 2016 2017E 2014 - 2016 Average FCF expected to exceed Net Income for 26th consecutive year CORE REVENUE GROWTH OMX SHAREHOLDER CASH FLOW / WC TURNS Our Strategic Approach to M&A ROIC

MARKET

• Secular growth drivers COMPANY • Fragmented • Higher barriers to entry • Competitive market position VALUATION • Optionality with multi-industry • Strong brand / channel portfolio • Consistent revenue visibility • Focus on ROIC • Higher margin businesses • DBS opportunities • Cultural fit • Sustainability • Synergies with DHR OpCos • Combination of value & growth deals

“ROIC” is Return on Invested Capital Selectively pursuing value creation opportunities CORE REVENUE GROWTH OMX SHAREHOLDER CASH FLOW / WC TURNS Summing Up the Value Creation Model: ROIC Videojet Example

CORE REVENUE CAGR OVER THE VIDEOJET MSD LAST 8 YEARS ROIC (%) AVG. ANNUAL OMX LAST 3 >100BPS YEARS

Comprint EWA (Brazil) Echter + BIS F. Armida Konig SA Vega ACQUISITIONS (Poland) (Mexico) (Argentina) (Brazil) 14 SINCE 2002 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E CORE GROWTH CAGR LSD CORE GROWTH CAGR MSD >20% ROIC

Organic execution + M&A = compounding returns CORE REVENUE GROWTH OMX SHAREHOLDER CASH FLOW / WC TURNS Update on Recent Large Acquisitions ROIC

ACQUIRED DEC 2014 3 YEARS IN ACQUIRED AUG 2015 2 YEARS IN ACQUIRED NOV 2016 1 YEAR IN AT ACQ. TODAY AT ACQ. TODAY AT ACQ. TODAY

Core Growth Flat/LSD MSD Core Growth LSD MSD* Core Growth DD DD

Gross Margin ~70% >70% Gross Margin ~50% >50% Gross Margin ~50% ~55% Operating Operating High- Operating Mid- LDD >20% ~25% Flat/LSD Profit Margin Profit Margin teens Profit Margin teens ROIC LSD  HSD ROIC LSD  MSD ROIC —  LSD

* Reflects Q4E 2017 Deals at or above initial expectations INTERNAL FILL RATE ASSOCIATE Evolving Strategic Approach to Talent RETENTION

TALENT 10+ YEARS AGO TODAY

• General industrial talent • Science & technology talent R&D NEW • Outsourced talent acquisition • Internal talent acquisition & cultivation +15% HIRES 2017E

ORGANIZATION CUSTOMER- FACING NEW • OpCos & Corporate • Platform leadership driving strategic +15% HIRES 2017E moves & portfolio evolution • OpCos execute strategic decisions OpCo Presidents & Above DEVELOPING LEADERS AVG. INTERNAL FILL RATE • Development primarily “on the job” • Progressive responsibilities & >80% SINCE 2015 formalized development programs Associates are key to sustaining our competitive advantage INTERNAL FILL RATE ASSOCIATE Leadership Development Across Danaher: RETENTION Recent Moves

LIFE DIAGNOSTICS ENVIRONMENTAL & APPLIED SOLUTIONS DENTAL SCIENCES WATER QUALITY PRODUCT ID EVP OF LIFE SCIENCES EVP OF DX & DENTAL EVP OF EAS PLATFORM EVP OF DX & DENTAL PLATFORM PLATFORMS PREVIOUSLY GROUP EXEC PLATFORMS PREVIOUSLY PREVIOUSLY EVP OF OF PID PLATFORM PREVIOUSLY EVP OF PRESIDENT LS & PID PLATFORMS LS & PID PLATFORMS

PRESIDENT PRESIDENT GROUP EXECUTIVE FOR PRESIDENT GROUP EXECUTIVE FOR PREVIOUSLY PREVIOUSLY WATER QUALITY PREVIOUSLY DENTAL PRESIDENT PRESIDENT PREVIOUSLY PREVIOUSLY HEAD OF T&M PRESIDENT

PRESIDENT IND. PRESIDENT PRESIDENT CFO PRESIDENT PREVIOUSLY PREVIOUSLY PREVIOUSLY PREVIOUSLY PREVIOUSLY HEAD OF R&D FINANCE HEAD OF R&D

Multi-industry structure a differentiator in talent attraction, development, retention Leadership Putting It All Together Lean Growth

Core Revenue Growth RESULTS: LAST 3 YEARS Gross + GROSS G&A +200BPS MARGIN Margins Margin Expansion G&A + -50BPS AS % OF SALES R&D S&M Strong Free Cash Flow R&D + +50BPS AS % OF SALES Acquisitions Core OMX AVG. ANNUAL Growth = >75BPS CORE OMX

TOP QUARTILE EPS GROWTH & AVG. ANNUAL COMPOUNDING RETURNS Mid-teens EPS GROWTH

DBS driving the creation of shareholder value Summary

Portfolio & DBS evolution have contributed to better, stronger Danaher – with significant runway ahead

Superior FCF generation enables us to enhance our portfolio via strategic M&A

Exceptional talent & leadership is critical to delivering and sustaining results

Balanced approach to deliver long-term value to shareholders

DANAHER BUSINESS SYSTEM Melissa Aquino Vice President, DBSO

2017 INVESTOR & ANALYST DAY DBS Enables a Balanced Approach

DBS FUNDAMENTALS Leadership PROBLEM SOLVING VOICE OF THE PROCESS CUSTOMER

STANDARD WORK VALUE STREAM MAPPING

TRANSACTIONAL VISUAL & DAILY Lean Growth PROCESS IMPROVEMENT MANAGEMENT

KAIZEN 5S

Not just Lean – but also Leadership and Growth DBS Growth Tools

INNOVATION TOOLS EXAMPLES:

Strategic Product Product Planning Customer Leadership Envelope Group Segmentation Danaher Innovation Accelerated Speed Design Process Product Development Review…

COMMERCIAL TOOLS EXAMPLES: Lean Growth Transformative Value Lead Marketing Selling Nurturing Strategic Sales Force Funnel Management Negotiations Initiative…

DBS Growth comprised of innovation & commercial tools Leadership

DBS Innovation Tools Lean Growth

EXECUTION & CROSS- DOMAIN ROADMAP RESOURCES FUNCTIONAL DEV. FULFILL DEMAND Strategic Problem to Product NPD Launch Product Portfolio Planning Project Excellence Envelope (P2P) Group Management

Define the Define a winning Coordinate execution Drive cross-functional Generate & fulfill attractive domain roadmap for & resources across development demand for the for innovation attractive segments multiple projects of each new product new product

FROM MARKET …TO MARKET INSIGHT… SHARE

Replicable process for innovation provides competitive advantage DBS Innovation in Action: Speed Design Review at Hach

BASICS OF SPEED DESIGN SDR IN ACTION: HACH CM130 CHLORINE REVIEW (SDR) MONITORING SYSTEM FOR DIALYSIS Customer purchased Hach drinking water • Gather VOC; go to Gemba VOC product to try in a dialysis capacity • Obeya room with cross-functional Dialysis clinics are required to test teams together GEMBA water every 4 hours • Simultaneous product & process SPEED 15 product design “sprints” optimization

• Rapid prototyping & evaluation RESULTS ST FDA 1 CLEARED +$50M ONLINE CHLORINE ANALYZER NEW ADJACENT FOR DIALYSIS ADDRESSABLE MARKET Leadership

DBS Commercial Tools Lean Growth

SALES TRANSFORMATIVE MARKETING STANDARD WORK

Customer Lead Sales Market Overview Market Insight Buying Generation Productivity Sales Funnel and Channel and Visibility Journey & and Campaign and Management Strategy Insight Awareness Prospecting

Market attractiveness Market segmentation What triggers interest? Value Proposition Customer Buying Monthly “Key” — — — — Behavior Opportunity Review How do we win? Customer profile Sources of info Customer benefit

DAILY MANAGEMENT | GROWTH ROOM | STANDARD WORK Are we in control? What’s working? What’s not working?

Integrated marketing & sales tools to drive commercial execution, accelerate growth Commercial Execution Driving Growth at Pall

SITUATION AT ACQUISTION RESULTS BIOPHARMA • Limited process for improving market visibility 2017 YTD “WIN THE SPEC” • Little to no digital marketing capabilities CONTACTS / VISIBILITY • No repeatable process for generating / nurturing high-quality +50% sales leads

LEADS FUNNEL DBS ACTIONS MARKETING +6.5x • Transformative Marketing: Disciplined marketing campaigns to OPPORTUNITIES improve visibility & account coverage

• Lead Handling: Prioritize & deliver more qualified leads to sales +2x SALES SALES • Funnel Management: Streamlined sales funnel process to improve FUNNEL WIN RATE % win rates +15% Using DBS to improve S&M processes and drive better growth Summary

DBS is our culture and our competitive advantage

Today, DBS is not just Lean – it’s about Growth & Leadership as well

DBS Growth Tools are helping across all platforms – you’ll hear many examples today

Balanced approach to deliver long-term value to shareholders

LIFE SCIENCES Rainer Blair, Executive Vice President

2017 INVESTOR & ANALYST DAY Revenue By Mix LIFE SCIENCES Equipment 40% Consumables REVENUE 60% ~$5.7B

By Geography ADJUSTED ROW EBITDA 9% NA ~25% MARGIN YTD HGM 34% 28% EU 29% ADDRESSABLE ~$40B MARKET SIZE By End-Market

Research Industrial Applied Strong global brands with Clinical Biopharma / All financial metrics based on FY 2017E unless otherwise indicated Pharma leading market positions 2017 Highlights BPS Strong core operating margin expansion driven by broad-based >150 LIFE SCIENCES execution across the platform CORE OMX Pall continues to deliver meaningful improvements since acquisition; building momentum and expect higher core growth in Q4 >600BPS PALL CORE OMX Accelerating core growth across the platform SINCE ACQUISITION

Attractive value creation via M&A • Phenomenex up MSD MSD LIFE SCIENCES CORE • IDBS enhances our informatics software capabilities in biologics REVENUE GROWTH 2017E

All financial metrics refer to the 9 months ending Sep. 29, 2017 unless otherwise indicated Strong execution providing good momentum into 2018 How We Win in Life Sciences

OUR STRATEGIC FOCUS

HIGH GROWTH Indexing our portfolio to high-growth end markets – SEGMENTS geographically and in terms of applications

Best-in-Class analytical technologies & high level of INNOVATION innovation focused on key applications

Increasing aftermarket business with frequent, high- SERVICE quality touch points and differentiated offering

Global high-tech sales force to target highest growth COMMERCIAL segments & regional opportunities

Focused on areas of highest growth & highest customer impact Leading Global Brands Serving Attractive Markets

APPLIED RESEARCH & BIOLOGICS INDUSTRIAL (FOOD, ENV., FORENSICS) ACADEMIC CLINICAL

% OF LS SEGMENT REVENUE ~25% ~25% ~15% ~15% ~15%

Strong secular drivers underpinning growth opportunities Strong Secular Growth Drivers

EVOLUTION OF HIGH GROWTH FOOD & MICRO- BIOLOGICS LIFE SCIENCE MARKETS ENVIRONMENTAL ELECTRONICS RESEARCH

+20% 80% ~20% ~100 600

NUMBER OF BIOLOGICS OF TOTAL LIFE SCIENCE BIOPHARMA CAGR IN PESTICIDES & DATA SENSOR CHIPS IN THE APPROVAL R&D SPEND IS ON CHINA EXPECTED VETERINARY DRUGS’ IN FUTURE CARS VS PIPELINE VS 2016 BIOPHARMACEUTICALS THROUGH 2020 MAXIMUM RESIDUAL 300 TODAY LEVELS TIGHTENED BY GOV’T AGENCIES IN 2017 Well-positioned to win in attractive market segments New Product Innovation Driving Growth at SCIEX

TOPAZ CLINICAL MASS SPEC & VITAMIN D ASSAY FDA FULLY INTEGRATED LC-MS ST SYSTEM & ASSAY FOR 1 CLEARED CLINICAL DX TESTING Increasing customer savings & profits as ASSAY additional tests are 2 ADDRESSABLE MARKET added ASSAY ASSAY +$100M EXPANSION FOR SCIEX 1 1 VIT VIT VIT D D D Year 1 Year 2 Year 3 VITAMIN D TESTS RUN BY ~10M US LABS ANNUALLY Helping clinical lab customers do more, save more, and deliver more confident results New Product Innovation Driving Growth at BEC LS

RESULTS OVER THE Number of ~20 LAST 5 YEARS New Product Launches BIOMEK I-SERIES AUTOMATED S&M* +200BPS LDT WORKSTATIONS ~3 1 R&D* +50BPS 3 Years Last 3 Pre-Acq. Years * As a % of sales CYTOFLEX LX

CORE GROWTH CORE REVENUE AT THE TIME OF GROWTH Flat ACQUISITION MSD CAGR LAST 3 YEARS

Stronger cadence of innovation helping drive share gains Differentiating With Our Service Offering at SCIEX

HOW WE WIN WITH SERVICE IMPROVEMENT IN FIRST-TIME-FIX CUSTOMER-CENTRIC >700BPS RATE SINCE 2015 • Proactive vs reactive • Focused on customer workflow, helping customers achieve superior results SERVICE CONTRACT BPS CAPTURE RATE • Improving quality & efficiencies +500 SINCE 2015

COMPREHENSIVE OFFERING SERVICE REVENUE • Enhancing with new aftermarket products & tools CAGR HSD+ LAST 5 YEARS • Leveraging commercial capabilities

Strategic approach to service helping drive share gains Pall Update: Actions & Results Since Acquisition

OPERATIONS Reducing manufacturing & operating costs ON-TIME-DELIVERY BPS IMPROVEMENT Meaningful gains in quality & delivery >2,000 COMMERCIAL DBS commercial initiatives driving better go-to- market capabilities NUMBER OF NEW PRODUCT LAUNCHES Accelerating innovation through reinvestment and +50% INNOVATION focused R&D processes NET WORKING CAPITAL ANTICIPATED CUMULATIVE COST ~$100M IMPROVEMENT SAVINGS SINCE YEAR 1: ~$125M ACQUISITION YEAR 2: ~$200M CORE REVENUE GROWTH EXPECTED IN YEAR 5: ~$350M MSD Q4 2017

Improving operational & commercial execution with DBS Running the Danaher Playbook: Life Sciences Platform

5 YEARS AGO TODAY CORE REVENUE MSD CAGR ~$2.4B REVENUE ~$5.7B REVENUE <40% AFTERMARKET ~60% AFTERMARKET GROSS MARGIN ~300BPS EXPANSION

~1,000BPS OPM EXPANSION

2005 2009 2010 2011 2012 2013 2014 2015 2016 2017 ~$19B SPENT ON 25+ ACQUISITIONS SINCE 2005 >20% OP CAGR

All financial metrics shown are over the last 5 years, unless otherwise indicated OPM excludes amortization Enhancing our growth trajectory with DBS rigor & inorganic opportunities Summary

Outstanding global brands built on best-in-class technologies, in attractive markets

Terrific margin performance enabling reinvestment in new product & commercial innovation

Pall executing well two years post acquisition, and performing ahead of initial expectations

Balanced approach to deliver long-term value to shareholders

DENTAL Amir Aghdaei, Group Executive

2017 INVESTOR & ANALYST DAY Revenue By Mix

DENTAL Traditional Specialty Consum. Consum. REVENUE (implants, ortho) ~$2.8B Equipment

By Geography ADJUSTED EBITDA HGM EU 23% ~20% MARGIN YTD 22% ROW 6% NA 49% ADDRESSABLE ~$20B MARKET SIZE Direct vs. Distribution

Distribution Direct A leading global player

All financial metrics based on FY 2017E unless otherwise indicated covering entire dental workflow 2017 Highlights

GROSS MARGIN >100BPS EXPANSION Completed year 2 of treating Dental as a “new acquisition” SINCE 2015

R&D Seeing benefits of Dental platform integration +10% INVESTMENT

Continuing to improve performance and re-invest in growth, M&A CORE REVENUE MSD GROWTH AT NOBEL & ORMCO 2017E Executing well in HGM; good growth in specialty businesses REVENUE (implants & orthodontics) DD GROWTH IN HGM

All financial metrics refer to the 9 months ending Sep. 29, 2017 unless otherwise indicated Good relative performance – with ample upside Strong Global Growth Drivers

PATIENT DENTAL SPEND • Aging population PER CAPITA IN THE • Higher aesthetic motivation 30x US VS CHINA • Growing middle class & better access to care (HGM)

OF US DENTISTS DENTIST USE DIGITAL • Shifting from analog to digital technologies <50% TECHNOLOGY • Seeking predictable treatment results

CLINIC IMPLANT PENETRATION • “Dentistry as a business” ~5% GLOBALLY • Seeking efficiency and economic results (DSOs)

Strong fundamental growth drivers, diverse global customer base 1 2 3 Our Frame for Treating Dental as a “New Acquisition” STRONG INNOVATION & WINNING FOUNDATION GROWTH VISION

Pursue Long-term, sustainable market leadership 3 Winning Vision

Rejuvenate Innovation Accelerate growth 2 and Growth Build our competitive advantage

Build a Strong Foundation Reduce business complexity 1 Create funds for investments 1 2 3 Step 1: Building a Strong Foundation STRONG INNOVATION & WINNING FOUNDATION GROWTH VISION Reduce Business Complexity & Create Funds for Investment

ACTIONS • Consolidated number of OpCos from 10 to 4 • Reduced manufacturing & back-office sites by 30% • Shared platform services • DBS “basics” RESULTS OVER THE LAST 2 YEARS >100BPS -50BPS GROSS MARGIN G&A IMPROVEMENT AS % OF SALES

Focused structure to facilitate improving core growth & margins 1 2 3 Step 2: Rejuvenate Innovation & Growth STRONG INNOVATION & WINNING FOUNDATION GROWTH VISION Drive Sustainable Growth & Build Out Competitive Advantage

DENTAL PLATFORM ACTIONS EXAMPLE ACQUIRED 2014 OVER LAST TWO YEARS

R&D SPEND >800BPS +20% >25 +100BPS AS % OF SALES OMX SINCE R&D SPEND NEW PRODUCTS ACQUISITION SINCE 2015 LAUNCHED SINCE ACQUISITION INCREASE RESULTS >10% IN FOTS CORE At Acq. Today GROWTH Flat/LSD MSD

Accelerating growth trajectory through reinvestment 1 2 3 Step 2: Rejuvenate Innovation & Growth STRONG INNOVATION & WINNING FOUNDATION GROWTH VISION

LEADING PLAYER IN CORE REVENUE DD+ CAGR IN CHINA HOW WE WIN IN CHINA LAST 5 YEARS • “One stop solution” product portfolio of leading brands • Increasing commercial coverage, invest in localized sites and R&D CITIES IN CHINA • Strategic partnerships WHERE WE HAVE >50 A PRESENCE RESULTS 2012 Today China Dental ‘In China for China’ Revenue ~$35M >$150M

Leading market position in China

58 1 2 3 Step 3: Pursue Winning Vision STRONG INNOVATION & WINNING FOUNDATION GROWTH VISION Build Long-Term, Sustainable Leadership

YESTERDAY / TODAY TODAY / TOMORROW NUMBER OF SOFTWARE POINT SOLUTIONS INTEGRATED WORKFLOWS ENGINEERS OVER +2.5x LAST 2 YEARS EQUIPMENT DIAGNOSTICS Largest CONSUMABLES TREATMENT PLANNING IMAGING INSTALLED BASE GLOBALLY SOFTWARE/DIGITAL TREATMENT EXECUTION OF DENTISTS’ CLINICAL SPEND >90% CAN BE CAPTURED BY OUR PRODUCTS

Integrate & optimize dentists’ workflows Summary

Executing the DHR playbook and delivering on key strategic priorities

Making good progress toward accelerating core growth, with runway to 20%+ OPM

Specialty consumables businesses and High Growth Markets performing very well

Balanced approach to deliver long-term value to shareholders

Giving Back

As a global platform supporting the packaging Hach is proud to support an Direct Relief uses innovative approaches value chain for food products, Product ID is organization dedicated to improving for the efficient delivery of medical aid, proud to support WFP’s mission to end lives across the globe with the most serving the needs of communities close to hunger and improve nutrition. basic of human needs: clean water. our associates around the world.

WCRF’s cause aligns with SCIEX’s vision of ’s long-standing Nobel is proud to partner with Brighter placing the power of life-changing answers partnership with LLS enables the team Way as they help future dental health into the hands of those who care, to support active research projects and professionals train to care for vulnerable everywhere. help patients afford treatments. children, adults, and families.

PRODUCT ID Joakim Weidemanis, Executive Vice President

2017 INVESTOR & ANALYST DAY ENVIRONMENTAL & APPLIED SOLUTIONS (EAS) Revenue By Mix

Equipment PRODUCT ID 45% Consumables REVENUE 55% ~$1.8B

By Geography EAS ADJUSTED EBITDA EU >25% NA MARGIN YTD 30% 30%

HGM ROW 36% 4% ADDRESSABLE ~$10B MARKET SIZE By End-Market

Industrial CPG Food & Bev Packaging Leading global player supporting Pharma Supply Other All financial metrics based on FY 2017E unless otherwise indicated Chain CPG the entire packaging value chain 2017 Highlights 16 Continued share gains driven by new products, expanded service offering MAJOR NEW PRODUCT LAUNCHES IN 2017 • Videojet: largest installed base of remotely connected printers • : evolving software offering for digitizing packaging workflows • X-Rite: early traction with digitizing appearance >100BPS AVG. ANNUAL OMX Consistent DBS execution helping to fund reinvestment and sustain strong SINCE 2014 track record of MSD core growth

Recent acquisitions augmenting core growth: AVT, Laetus, MediaBeacon MSD CORE REVENUE CAGR AT VIDEOJET LAST 8 YEARS

All financial metrics refer to the 9 months ending Sep. 29, 2017 unless otherwise indicated Running the Danaher playbook at Product ID Growing Suite of Solutions Across the Packaging Value Chain

Concept and Packaging Packaging Artwork Packaging Package Inline Warehouse & Distribution & Ideation Strategy Design Creation Converting Filling Printing Logistics Retail

Packaging management SW Pre-press automation SW Marking and Packaging CAD Flexography imagers Coding

Pharma inspection Digital asset management and distribution SW Pharma and food Track and Trace

Color standards Color management workflow

Spectrophotometers Color formulation SW

In-line Solutions from concept & inspection design through production Packaging Macro Growth Drivers

GLOBAL BRAND PACKAGING REGULATORY & PACKAGING AS A CONSISTENCY & PROLIFERATION CLAIMS INFORMATION MARKETING VEHICLE ACCURACY

+85% >900 ~50% >50%

NUMBER OF OREO SKUs DIFFERENT FACILITIES THAT OF GLOBAL PACKAGING OF CPG BRAND PURCHASE LAUNCHED PER YEAR MANUFACTURE & BOTTLE TRACK & TRACE REGULATIONS DECISIONS ARE MADE AT TODAY VS 2012 COCA COLA GLOBALLY HAVE BEEN ADDED SINCE 2015 THE POINT OF SALE

Strong secular drivers across the packaging value chain Focused on Supporting Our Customers’ Needs

CONSUMER TRENDS PACKAGING VARIABILITYPACKAGING BRAND CONSISTENCY & REGULATORY & CLAIMS PACKAGING AS A PROLIFERATION ACCURACY INFORMATION MARKETING VEHICLE

CUSTOMER NEEDS OUR STRATEGIC FOCUS

• Uptime & scalability • Increased product launch velocity • Rapid diagnostics & recovery • Focus on connectivity & remote service • Global deployment & service capabilities • Local digital and vertical marketing • Deep domain knowledge • Trusted advisor on customers’ application • Digital workflows linking physical & digital worlds • Ongoing digitization of physical workflows DBS Driving Growth: Transformative Marketing

KEY GROWTH INITIATIVES • Marketing integrating with sales Funnel Management to improve sales productivity • Honed our message from product  vertical  now persona-oriented marketing

RESULTS SINCE 2013 +80% +40% +90% MARKET ORGANIC WEB “NEW” CUSTOMER VISIBILITY TRAFFIC EQUIPMENT REVENUE

Commercial innovation helping drive above-market equipment revenue growth Differentiating With Our Service Offering

• Growing through disciplined service commercialization PRINTERS CONNECTED 12x WITH REMOTE SERVICE • Differentiating our portfolio to better address customer SINCE 2015 needs, drive replacement

• Expanding Remote Service Solutions: PRINTERS UNDER IoT-enabled 1860 printer launched in 2017 SERVICE CONTRACT +65% SINCE 2014

EARLY INNINGS OF REMOTE OFFERING SERVICE REVENUE GROWTH 4 YEARS LARGEST REMOTELY CONNECTED DD IN A ROW INSTALLED BASE GLOBALLY

Differentiating with service to drive share gains Differentiating Through Product Innovation

Expansion beyond core products MAJOR CORE NEW PRODUCT ORGANICALLY INORGANICALLY INTRODUCTIONS

Total Acquisition in 2017 CIJ 1860 Platform Appearance Capture Predictive analytics Expands our & remote service in-line print inspection offering TTO iAssure inspection Innovative solutions rooted in customer needs underpin our growth Compounding Returns at Videojet

VIDEOJET IS VIDEOJET MSD CORE REVENUE OUTPERFORMING CAGR OVER THE THE MARKET BY MSD LAST 8 YEARS PEERS ~3-3.5% Avg. Annual Core Revenue 150-200BPS AVG. ANNUAL Growth Since 2012 BPS OMX LAST 3 VIDEOJET >100 YEARS ROIC (%) ACQUISITIONS 14 SINCE 2002 Comprint EWA (Brazil) Echter + BIS F. Armida Konig SA Vega (Poland) (Mexico) (Argentina) (Brazil) ROIC 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E >20% Organic execution + M&A = compounding returns Summary

Differentiated product offering to support customer needs across packaging workflows

Sustained market outperformance driven by DBS for commercial & new product innovation

“Running the Danaher playbook” enables the pursuit of high- impact organic & inorganic growth opportunities

Balanced approach to deliver long-term value to shareholders

WATER QUALITY Lance Reisman, Group Executive

2017 INVESTOR & ANALYST DAY ENVIRONMENTAL & APPLIED SOLUTIONS (EAS) Revenue By Mix

WATER QUALITY Equipment 40% Consumables REVENUE 60% ~$2.2B

By Geography EAS ADJUSTED EBITDA EU >25% MARGIN YTD 18% NA HGM 52% 27% ROW 3% ADDRESSABLE MARKET SIZE By End-Market ~$15B

Env. / Other Muni A global leader in water Industrial

All financial metrics based on FY 2017E unless otherwise indicated measurement & treatment 2017 Highlights Continued share gains across the platform MSD • ChemTreat & Trojan executing well 2017E CORE REVENUE GROWTH AT TROJAN & CHEMTREAT • Solid performance at Hach in core muni & industrial businesses DBS growth tools helping drive new product & commercial innovation, while enabling entry into new market segments DD INCREASE IN FOTS • Trojan win rate up >750bps y/y IN NA & HGM • Introduced Hach CM130 dialysis chlorine monitoring system Bolt-on acquisitions enhancing platform growth trajectory 10 • Closed 2 deals: AppliTek (online analyzers) and Enviscience ACQUISITIONS OVER THE LAST 4 YEARS (Thailand distributor) All financial metrics refer to the 9 months ending Sep. 29, 2017 unless otherwise indicated New markets, new products & commercial execution driving share gains Where We Play & How We Win in Water Quality

Winning MEASURING Dimensions BRAND LEADERSHIP: Environmental Municipal Industrial LEADING PLAYER

WATER WATER WATER PRODUCT INNOVATION & STORED TREATED USED COMMERCIAL EXECUTION

DIFFERENTIATED TREATING CHANNEL

Winning with strong brands, full water cycle expertise & DBS Strong Secular Growth Drivers

INCREASING DATA ANALYTICS & WATER SCARCITY / HIGH GROWTH REGULATORY GREATER SUSTAINABILITY MARKETS REQUIREMENTS EFFICIENCIES

~500M +50% +220M ~35%

PEOPLE GLOBALLY NUMBER OF US STATES THAT PEOPLE NEWLY CONNECTED OF MUNICIPAL ENERGY EXPERIENCE WATER HAVE ADOPTED NUTRIENT TO WASTEWATER TREATMENT BUDGETS ARE CONSUMED SCARCITY YEAR-ROUND DISCHARGE LIMIT STANDARDS UNDER CHINA’S LATEST 5 BY WATER TREATMENT SINCE 2008 YEAR PLAN

Well-positioned for long-term trends Strategic Focus: Supporting Customers’ Needs

TRENDS IN WATER QUALITY PACKAGING VARIABILITYWATER SCARCITY / REGULATORY HIGH GROWTH DATA ANALYTICS & SUSTAINABILITY REQUIREMENTS MARKETS GREATER EFFICIENCIES

CUSTOMER NEEDS OUR STRATEGIC FOCUS

• Respond to increasing & changing reporting • Maximizing commercial investments and requirements effectiveness in HGM • Enhancing strategic account management • Greater interest in conservation & • Accelerating digital marketing capabilities addressing scarcity challenges • Increasing cadence of new product innovation • Demand for full workflow solutions including software How We Differentiate and Win Through Innovation

CM130 Chlorine UVFlex™ CTVista+® Monitoring System 1st FDA cleared Expanded Water system for dialysis technology management capabilities to software tracks Claros™ include water reuse application & records real-time Data, instrument at nearly any sized wastewater data 24/7 to help customers & process facility optimize water treatment management

NEW ADDRESSABLE REVENUE GROWTH IN CUSTOMER ADOPTION OF MARKET WITH >10% TROJAN REUSE CHEMTREAT’S WEB-BASED +$500M CLAROS CAPABILITIES SINCE 2015 DD WATER MANAGEMENT SINCE 2015 Customers talk, we listen Commercial Execution: Leveraging Scale at the Platform Level

KEY GROWTH INITIATIVES EXAMPLES OF KEY ACCOUNTS • Accelerating digital marketing capabilities using DBS ACROSS WATER QUALITY • Platform approach to strategic key accounts • Increasing local presence in High Growth Markets

RESULTS ~40% +DD +40% DIGITAL REVENUE CAGR IN KEY ACCOUNT HGM REVENUE CAGR SINCE 2014 WINS & RENEWALS GROWTH SINCE 2015 OVER LAST 5 YEARS Expanding commercial leadership contributing to share gains Driving Share Gains via Organic & Inorganic Investments

10 YEARS IN AT OF CONSECUTIVE 50 YEARS REVENUE GROWTH AT CHEMTREAT ANNUAL From $200M at acquisition to >$500M today REVENUE • MSD+ average core growth over past 10 years

REVENUE IN LATAM Now 20% of revenue vs 0% at acquisition +5x SINCE 2013 HGM • Aguasin and Lipesa acquisitions in LatAm

INCREASE IN FOTS Best-in-class sales & service model utilizing COMMERCIAL +50% SINCE 2007 DBS to meet customer needs and drive growth

Outperforming the market by >2x Summary

Strong position in highly attractive end-markets

Winning in our markets through product innovation & commercial execution

Continuing to invest organically and inorganically to expand our market opportunity

Balanced approach to deliver long-term value to shareholders

DIAGNOSTICS Dan Daniel, Executive Vice President

2017 INVESTOR & ANALYST DAY Revenue By Mix

DIAGNOSTICS Equipment 20%

Consumables REVENUE 80% ~$5.8B

By Geography ADJUSTED ROW EBITDA 6% NA >20% MARGIN YTD HGM 39% 36% EU 19% ADDRESSABLE MARKET SIZE By End-Market ~$35B

Cepheid Beckman Strong brands with a LBS Diagnostics

All financial metrics based on FY 2017E unless otherwise indicated broad global presence 2017 Highlights DD Outstanding first year at Cepheid, with DBS having a meaningful CORE REVENUE GROWTH AT CEPHEID impact helping to deliver & sustain mid-teens operating margins

Innovation & test menu expansion contributing to MSD core ~100BPS revenue growth at Leica Biosystems and Radiometer NEW PRODUCTS’ CONTRIBUTION TO CORE GROWTH AT LBS High growth markets continue to drive growth • Cepheid increased FOS in China 2x resulting in >40% core growth HSD • Beckman continues to expand its direct channel in China & Middle East REVENUE GROWTH IN HIGH GROWTH MARKETS All financial metrics refer to the 9 months ending Sep. 29, 2017 unless otherwise indicated

Focus on innovation, accelerating growth and driving long-term results Strong Secular Growth Drivers

ADOPTION OF PREDICTIVE & AGING SKILLED LABOR HIGH GROWTH NEW PREVENTIVE CARE POPULATION SHORTAGE MARKETS TECHNOLOGIES

>70% ~10K ~30% >50% >350%

OF TREATMENT PEOPLE IN THE US PENETRATION OF OF A TYPICAL INCREASE IN DECISIONS ARE TURN 65 MOLECULAR DX HOSPITAL LAB’S HEALTHCARE SPEND INFORMED BY CLINICAL EVERY DAY IN THE US TODAY COSTS ARE IN CHINA FROM DIAGNOSTICS PERSONNEL 2005-2015

Well-positioned to win in an attractive market How We Win & Where We Play in Diagnostics

OUR COMPETITIVE ADVANTAGE WHERE WE PLAY

Hematology, Emergency Chemistry, Surgical, Microbiology COMPREHENSIVE PRODUCT SUITE Intensive Care Neo-natal PROVIDING SUPERIOR WORKFLOW EFFICIENCY

GLOBAL Point of Care AUTOMATION & TEST MENU Anatomic Pathology, DISTRIBUTION & Cytology, Oncology, SOFTWARE EXPANSION Molecular Medicine Labs Tumor Boards SERVICE NETWORK

Blood Banking, DIFFERENTIATED OFFERING FOR OUR CUSTOMERS Urinalysis FASTEST TURN- HIGHEST HIGH QUALITY, AROUND TIME THROUGHPUT WITH BROADEST BOND / Advanced Staining Chemistry / IA & Automation MENU

Innovative clinical workflow solutions enable customers to improve operations Cepheid Update: Actions & Results Since Acquisition

Lean tools contribute to manufacturing productivity OPERATIONS gains and capacity expansion DBS driving meaningful improvement in OTD 1 YEAR IN AT ACQ. TODAY

Core Growth DD DD +3x sales team in China, small hospitals, POLs COMMERCIAL Using Funnel Management to drive +2X increase in Gross Margin ~50% ~55% qualified leads and win rate tracking Operating Mid- Flat/LSD Profit Margin teens Continued menu expansion with Flu Express & On-time Delivery (OTD) <80% >95% INNOVATION Group A Strep

DBS helping to deliver sustainable core growth & margin expansion Accelerating Growth Through Product Innovation

XPERT XPRESS RECENT NEW INSTRUMENTS PELORIS III RECENT TEST MENU & TECHNOLOGIES ADDITIONS GROUP A STREP Beckman DxC 700AU, DxH Beckman hsTnI: High- 500, Access 2, DxONE sensitivity troponin (CE), Vitamin D, AMH LBS Bond III, Spectra Radiometer Creatinine, Stainer, Peloris III urea (CE), PCT (China) Radiometer ABL 800, Cepheid Flu Xpress, Group TCM 5 A Strep Xpress

DX R&D SPEND AS BPS % OF SALES OVER +100 LAST 3 YEARS Well-positioned for improved growth in 2018 and beyond Accelerating Growth Through Commercial Execution

DBS GROWTH CONTINUE TO WIN IN TOOLS HIGH GROWTH MARKETS

Funnel Management, Lead China, Mexico Generation Expanding direct channel

Strategic Account Adding FOTS Management At Beckman, Cepheid Localizing Clinical trial execution China R&D, manufacturing

NUMBER OF DX BEC DX FOTS REVENUE GROWTH PLATFORM’S ADDED IN CHINA IN HGM LAST 10 CLINICAL TRIALS +>2x >50% SINCE 2015 HSD+ CONSEC. QUARTERS OVER LAST 3 YEARS Strong execution with DBS accelerating growth opportunities Summary

Great start at Cepheid, expected to add ~100 bps of annual organic growth for the platform

DBS accelerating new product innovation and improved growth trajectory

Commercial execution continuing to improve organic growth and driving penetration in High Growth Markets

Balanced approach to deliver long-term value to shareholders

SUMMARY & OUTLOOK Tom Joyce, President & CEO

2017 INVESTOR & ANALYST DAY What You Heard Today

Solid 2017 performance with momentum building as we head into 2018

Continue to strategically build a better, stronger Danaher – but with significant growth and margin runway ahead

Enhancing our competitive advantage through the evolution of the Danaher Business System

Balanced approach to deliver long-term value to shareholders 2018 Outlook

Core revenue growth of 3.5-4.0%, accelerating from 2017 levels, with ~35% fall-through • Cepheid & Phenomenex now part of core growth • Expect improved core growth performance at Pall & Water Quality

F/X tailwind of ~$200M in revenue and ~$0.04 in adjusted EPS

Tax rate of ~21%, consistent with 2017

Anticipated EPS seasonality (as a % of FY 2018 adjusted EPS guidance) • Q1: ~21% Q2: ~25% Q3: ~24% Q4: ~30%

*Does not include accretion from any future acquisitions 2018 adjusted EPS guidance of $4.25-4.35* 5 Year Adjusted EPS Summary

$4.25 - $4.35 $3.96 - $4.00 $3.61 $2.98 $2.66

2014 2015 2016 2017E 2018E* *Does not include accretion from any future acquisitions Low-teens adjusted EPS CAGR from 2014 – 2018E

NON-GAAP RECONCILIATIONS

2017 INVESTOR & ANALYST DAY Non-GAAP Reconciliations

($ in Millions) Nine-Month Period Ended September 29, 2017 Corporate Total Life Sciences Diagnostics Dental EAS Office Danaher Operating Profit (GAAP) $ 680.0 $ 554.9 $ 301.4 $ 666.0 $ (127.2) $ 2,075.1 Depreciation 88.6 271.8 29.7 31.6 5.6 427.3 Amortization 229.9 160.2 61.0 41.8 0.0 492.9 Adjusted EBITDA (Non-GAAP) (1) $ 998.5 $ 986.9 $ 392.1 $ 739.4 $ (121.6) $ 2,995.3 Interest, net (115.3) Income Taxes (346.6) Depreciation (427.3) Amortization (492.9) Net Income Continuing Ops (GAAP) $ 1,613.2

Net Sales $ 4,085.0 $ 4,216.0 $ 2,052.1 $ 2,890.9 $ 13,244.0

Adjusted EBITDA Margin (Non-GAAP) (1) ≈25% >20% ≈20% >25% >20%

(1) Management defines "Adjusted EBITDA" as GAAP operating income for the segment excluding (1) depreciation and (2) amortization, and defines "Adjusted EBITDA Margin" as Adjusted EBITDA divided by sales for the particular segment. Non-GAAP Reconciliations

($ in Billions) Years Ended December 31 Free Cash Flow from Continuing Operations: 2014 2015 2016 Operating Cash Flows from Continuing Operations (GAAP) $ 2.7 $ 2.8 $ 3.1

Less: purchases of property, plant & equipment (capital expenditures) from continuing operations (GAAP) (0.5) (0.5) (0.6) Plus: proceeds from sale of property, plant & equipment (capital disposals) from continuing operations (GAAP) 0.0 0.1 0.0

Free Cash Flow from Continuing Operations (Non-GAAP) $ 2.2 $ 2.4 $ 2.5

Adjusted Net Earnings from Continuing Operations: 2014 2015 2016

Net Earnings from Continuing Operations (GAAP) $ 1.6 $ 1.7 $ 2.2 Pretax amortization of acquisition-related intangible assets 0.3 A 0.4 A 0.6 A Pretax charge for early extinguishment of borrowings - - 0.2 B Pretax acquisition-related transaction costs deemed significant, change in control payments, - 0.2 C 0.1 D restructuring costs and fair value adjustments to inventory and deferred revenue Pretax gain on sales of marketable equity securities (0.1) E - - Pretax gain on sales of investments - - (0.2) F Tax effect of all adjustments reflected above - (0.1) G (0.3) G Discrete tax adjustments and other tax-related adjustments 0.1 H (0.1) H (0.1) H

Adjusted Net Earnings from Continuing Operations (Non-GAAP) $ 1.9 $ 2.1 $ 2.5 Non-GAAP Reconciliations

2014 - 2016 Average Ratio of Free Cash Flow to Adjusted Net Earnings from Continuing Operations ($ in (rounded to billions): 2014 2015 2016 nearest 5%)

Free Cash Flow from Continuing Operations (Non-GAAP) $ 2.2 $ 2.4 $ 2.5

Adjusted Net Earnings from Continuing Operations (Non-GAAP) 1.9 2.1 2.5

Free Cash Flow from Continuing Operations to Adjusted Net Earnings from Continuing Operations Conversion Ratio (Non-GAAP) ~115% ~110% ~100% >100%

We define free cash flow as operating cash flows from continuing operations, less payments for purchases of property, plant and equipment from continuing operations (“capital expenditures”) plus the proceeds from the sale of plant, property and equipment from continuing operations (“capital disposals”). Non-GAAP Reconciliations

Adjusted Net Earnings from Continuing Operations Notes

A Amortization of acquisition-related intangible assets in the following historical periods ($ in billions) (only the pretax amounts set forth below are reflected in the amortization line item above):

Years Ended December 31 2014 2015 2016 Pretax $ 0.3 $ 0.4 $ 0.6 After-tax 0.2 0.3 0.4

B Charge for early extinguishment of borrowings ($0.2 billion pretax as presented in this line item, $0.1 billion after-tax) incurred in the third quarter of 2016. The Company did not incur any charges related to the early extinguishment of borrowings in 2014 or 2015, and therefore no such elimination item is reflected in the calculation of Adjusted Net Earnings From Continuing Operations for any other period presented. C Fair value adjustments to inventory ($0.02 billion pretax as presented in this line item, $0.02 billion after-tax) incurred in the year ended December 31, 2015, in connection with the acquisition of . Acquisition-related transaction costs deemed significant ($0.02 billion pretax as presented in this line item, $0.02 billion after-tax), 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 primarily to the acquisition of Pall Corporation and incurred in the year ended December 31, 2015 ($0.1 billion pretax as presented in this line item, $0.08 billion after-tax). The Company deems acquisition-related transaction costs incurred in a given period to be significant (generally relating to the Company's larger acquisitions) if it determines that such costs exceed the range of acquisition-related transaction costs typical for the Company in a given period. Non-GAAP Reconciliations

Adjusted Net Earnings from Continuing Operations Notes

A Amortization of acquisition-related intangible assets in the following historical periods ($ in billions) (only the pretax amounts set forth D Acquisition-related transaction costs deemed significant ($0.01 billion pretax as presented in this line item, $0.01 billion after-tax), change below are reflected in the amortization line item above): in control payments and restructuring costs ($0.05 billion pretax as presented in this line item, $0.03 billion after-tax), and fair value adjustments to inventory and deferred revenue ($0.02 billion pretax as presented in this line item, $0.01 billion after-tax), in each case related primarily to the acquisitionYears Ended of Cepheid December and incurred31 in the year ended December 31, 2016. 2014 2015 2016 E Gain on sales of marketable equity securities in the year ended December 31, 2014 ($0.1 billion pretax is presented in this line item, $0.08 Pretax $ 0.3 $ 0.4 $ 0.6 billion after-tax). After-tax 0.2 0.3 0.4 F Gain on sales of investments in the year ended December 31, 2016 ($0.2 billion pretax as presented in this line item, $0.1 billion after-tax). G This line item reflects the aggregate tax effect of all nontax adjustments reflected in the table above. In addition, the footnotes above B Chargeindicate for the early after-tax extinguishment amount of each of borrowings individual adjustment($0.2 billion item. pretax Danaher as presented estimates in this the linetax effectitem, $0.1 of the billion adjustment after-tax) items incurred identified in the in third quarterthe reconciliation of 2016. The schedule Company above did by not applying incur any Danaher's charges overall related estimated to the early effective extinguishment tax rate to of the borrowings pretax amount, in 2014 unless or 2015, the natureand therefore of nothe such item and/orelimination the tax item jurisdiction is reflected in inwhich the calculationthe item has of been Adjusted recorded Net requires Earnings application From Continuing of a specific Operations tax rate for or taxany treatment, other period in presented.which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. CH FairFor 2014,value discrete adjustments income to taxinventory charges ($0.02 net of billion discrete pretax income as presented tax gains and in this benefits line item, from $0.02 a lower billion than after-tax) expected incurred effective in tax the rate year ended December(compared 31,to the2015, anticipated in connection 2014 effectivewith the acquisitiontax rate publicly of Nobel communicated Biocare. Acquisition-related in December 2013), transactiondue primarily costs to year-end deemed tax significant law ($0.02 billionchanges pretax for the as yearpresented ended in December this line item,31, 2014. $0.02 For billion 2015, after-tax), discrete income change tax in gainscontrol net payments, of discrete and income fair value tax charges adjustments ($0.1 billion) to inventory andincurred deferred in the revenue, year ended net ofDecember the impact 31, of2015. freezing For 2016, pension discrete benefits, income in eachtax gains case net related of discrete primarily income to the tax acquisition charges and of PallFortive Corporation andseparation-related incurred in the tax year costs ended related December to repatriation 31, 2015 of ($0.1 earnings billion and pretax legal as entity presented realignments in this line incurred item, $0.08in the billion year ended after-tax). December The Company 31, deems2016 ($0.1 acquisition-related billion). transaction costs incurred in a given period to be significant (generally relating to the Company's larger acquisitions) if it determines that such costs exceed the range of acquisition-related transaction costs typical for the Company in a given period. Non-GAAP Reconciliations

Adjusted Forecasted Diluted Net Earnings Per Share from Continuing Operations Year Ending December 31, 2018

High End of Low End of Guidance Guidance Range Range Forecasted Diluted Net Earnings Per Share from Continuing Operations $ 3.50 $ 3.60 (GAAP) 1 Pretax amortization of acquisition-related intangible assets 0.95 A 0.95 A Tax effect of all adjustments reflected above (0.20) B (0.20) B Forecasted Adjusted Diluted Net Earnings Per Share from Continuing $ 4.25 $ 4.35 Operations (Non-GAAP) 1

1 The forward-looking estimates set forth above do not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance, such as certain future gains or losses on the sale of investments, acquisition or divestiture-related gains or charges and discrete tax items. Non-GAAP Reconciliations

Adjusted Forecasted Diluted Net Earnings Per Share from Continuing Operations Notes

A Amortization of acquisition-related intangible assets as quantified below ($ in millions) (only the pretax amounts set forth below are reflected in the amortization line item above):

Year Ending December 31, 2018 E Pretax $ 671 After-tax 530 B This line item reflects the aggregate tax effect of all nontax adjustments reflected in the table above. In addition, the footnote above indicates the after-tax amount of each individual adjustment item. Danaher estimates the tax effect of the adjustment items identified in the reconciliation schedule above by applying Danaher's overall estimated effective tax rate to the pretax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.