INVESTOR & ANALYST MEETING December 16, 2015

INVESTOR & ANALYST MEETING December 16, 2015 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 and enhanced products and services 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 recently acquired Pall Corporation and achieve the anticipated benefits of that transaction, our ability to successfully consummate the separation of Danaher into two public companies and realize the anticipated benefits of that transaction, contingent liabilities relating to acquisitions and divestures, 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 and 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, 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 2014 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2015. 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 forward-looking 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 in the “Investors” section of Danaher’s web site, www.danaher.com, under the heading “Investor Events,” and event name “Danaher 2015 Investor & Analyst Meeting.” 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” refer to year-over-year growth unless otherwise indicated. Agenda

11:00 am Welcome Matt Gugino 11:05 am Opening Remarks Tom Joyce 11:35 am Diagnostics Arnd Kaldowski Life Sciences & Pall Dan Daniel & Rainer Blair Q&A Kaldowski, Daniel, Blair 12:25 pm Lunch All 1:10 pm Fortive Corporation Jim Lico Transportation Technologies Martin Gafinowitz Q&A Lico, Gafinowitz 2:05 pm Closing Remarks & Guidance Tom Joyce 2:15 pm Q&A Tom Joyce 2:30 pm Program End

OPENING REMARKS Tom Joyce, President & CEO Agenda

 Portfolio Overview

 Current Update

 2015 in Review  Strengthening our competitive advantage with DBS  Investing in high-impact organic growth opportunities  Optimizing our portfolio to improve and sustain our market- leading positions Danaher Today

Test & Industrial Life Sciences Environmental Dental Measurement Technologies & Diagnostics

Instruments Product ID Water Quality Diagnostics Dental $1.6B $2.1B $2.0B $4.9B $2.7B

Automation $0.8B Life Sciences $2.4B

Matco/Hennessy Sensors & Controls Gilbarco Veeder-Root $0.6B $0.6B $1.6B

Pall Specialty Industrial $2.8B $0.4B

Aggregate revenues for FY 2015E. Outstanding portfolio of businesses DBS is Our Culture Current Update

 Portfolio Overview

 Current Update

 Reaffirmed 4Q 2015 adjusted EPS guidance of $1.25-1.29  4Q margins tracking well, offsetting incremental order weakness in industrial-oriented businesses  Taking additional cost actions in 4Q to benefit 2016

 Pall transition and Fortive launch both progressing well  Expect ~$100M in 2016 cost savings at Pall  Separation expected to close in 3Q 2016

 2016 Guidance  Anticipate core revenue growth of 2-3%  Initiated adjusted EPS guidance range of $4.80-4.95

2016 adjusted EPS guidance implies 12-15% earnings growth 2015 in Review

 Portfolio Overview

 Current Update

 Top line outperformance in challenging macro environment  Targeted investment spend, attractive end markets and business models drove solid core growth  ≥MSD growth at WQ, GVR, Life Sciences, Diagnostics, Fluke, Matco and PID

 Core margin expansion while continuing to invest  Core OMX of 75 bps  >100 bps core OMX at Environmental, T&M and Industrial Tech  GM up ~100 bps, helping fund long term investments  R&D and S&M spend* up ~40 bps

 Solid FCF and earnings performance  Expect 24th consecutive year of FCF>NI

All figures on this slide are for the nine months ended October 2, 2015 unless otherwise indicated. *As a % of sales. DBS driving strong performance DBS in Action @ Nobel Biocare

 Enhancing commercial execution with DBS  Transformative Marketing  Funnel Management discipline

 Amplifying core growth profile 2014 2015E  New product launches: NobelActive WP, NobelParallel Core sales  Increased Feet-on-the-Street 20% in HGMs LSD MSD th growth %  Digital workflow solutions: added 10,000 Nobel Clinician customer in 3Q Core OMX ~100 bps >300 bps

 Significant operating margin expansion  DBS implementation driving >10% productivity improvement  Reduced indirect spend and improved W/C turns ~25%

DBS making a meaningful impact only one year in 2015 in Review

 Portfolio Overview

 Current Update

MSD core growth MSD core growth MSD core growth

Commercial execution Funnel Management New product innovation Expanding LatAm footprint Technology leadership Funnel Management

15th consecutive quarter ≥HSD core growth DD core growth MSD core growth

HGM execution VOC driving innovation Accelerated Product Development Product innovation & service Franchise expansion Transformative Marketing

DBS continuing to drive meaningful share gains Product ID

 Investing in new product innovation 2015E vs.  ~40%* new product vitality in 2015 2014  Esko developing new/digital products Core sales MSD growth %  Staying ahead with expanded service capability Core OMX >100 bps  Videojet Remote Service reducing customer downtime and cost-to-serve  Videojet service revenues up ~15% in 2015E  Data-driven service driving penetration

 Using bolt-on M&A to augment core growth  Esko: digital asset management with MediaBeacon  Expanded “track and trace” capabilities with Laetus

*Equipment only Share gains continue at Product ID Water Quality

 Expanding global capabilities 2015E vs.  Hach’s localized products, service and sales driving high-teens growth in China 2014  ChemTreat growing DD in Latin America for 12 Core sales MSD consecutive quarters growth %

Core OMX ~100 bps  New product innovation simplifying customer workflows at Hach  Real Time Control (RTC) solutions  Portable Parallel Analyzer (PPA)

 M&A enhancing product offerings and global reach  Reactivos extends Hach’s coverage in Mexico  Sutron & Lufft Mess complement Hach Environmental’s offerings

Water Quality outgrowing the market by nearly 2X 2015 in Review

 Portfolio Overview

 Current Update

 Closed $13.6B acquisition, largest in our history

 Announced 2016 separation into two independent, publicly traded companies, and

 One year in at

 Completed disposition of to

 Announced 11 additional acquisitions for ~$1B YTD

Exciting and transformational year for Danaher Pall Update

 Closed acquisition ahead of schedule in August  Financed in a very favorable interest rate environment for highly-rated companies

 Infusion of experienced DHR talent to accelerate adoption of DBS  12 senior leaders from Danaher  Focusing on operational improvements  Investing to accelerate growth and enhance go-to-market activities

 Now expect >$100M cost savings in 2016  Initial expectation was $60M per year starting in 2016  Anticipate ~$0.07 of adjusted EPS accretion in 2015, plus incremental ~$0.40 in 2016

Pall off to a solid start Post-Separation Danaher

Revenue Gross Margin Operating Margin Free Cash Flow $16.5B >50% Mid-teens >100% 60% Recurring FCF/NI Ratio

Business Product ID Secular Growth Drivers 10% Dental Diagnostics  16% 30% Increasing environmental, healthcare and food safety regulations

Water  Proliferating digital trends Quality Life 12% Pall Sciences  Ind Pall 15% Improving standards of care in HGMs 8% LS 9% Business Characteristics Geography ROW 6%  Market leading positions and outstanding brands

HGM NA  MSD organic revenue growth anticipated 29% 42%  Resilient business models with large installed base and EU significant aftermarket exposure 23%  Expect strong FCF and balance sheet with bias toward M&A All figures on this slide based on 2015E. Strong growth, free cash flow and earnings profile Danaher’s Opportunity

Recurring Revenue 2015E Business OP Margins Revenue* >20% Water Quality $2.0B 55%

Product ID $1.6B 40% Mid-teens Life Sciences $2.5B 50%

Diagnostics $4.9B 80%

Pall $2.8B 75%

Dental $2.8B 60% Beckman Pall Dental Other Danaher $16.5B 60% Coulter businesses ~1/2 of total DHR revenue All revenue figures are aggregate for FY 2015E. *As a percent of 2015E sales. United by resilient business models with significant room to improve through DBS Summary

 Exciting year with the team executing well in a challenging environment

 DBS helping to deliver core growth, margin expansion and share gains across the portfolio

 Pall and separation provide expanded opportunity and renewed focus for driving future results

Committed to creating long-term shareholder value

DIAGNOSTICS Arnd Kaldowski, Group Executive Agenda

 Diagnostics  Overview & 2015 Highlights  Radiometer & Leica Biosystems

 Beckman Coulter Update  Improving the customer experience  Accelerating growth through commercial execution and innovation  Building the right team to drive results and foster DBS culture

 Summary

Diagnostics Platform

2015E Financials Market Details Revenue ~$4.9B Market Size ~$29B Growth Rate MSD OP Margin High teens Growth Drivers Revenue Breakdown  Rapid growth in healthcare expenditures in HGMs Geographic Mix  Greater investment in preventative and predictive medicine  Skilled labor shortage & cost pressures necessitating 7% automated solutions 20% 39% 34% Customers

80%  Hospital labs 20%  Reference labs

 NA EU Consumables/Service Hospital critical care HGM ROW Equipment  Histopathology labs All financial metrics based on 2015E. Exceptional product portfolio coupled with scaled, global presence 2015 Highlights

 Beckman Dx continues to improve  MSD core growth and gaining share in Immunoassay, Automation and Urinalysis  500+ bps core OMX improvement since acquisition

 Gaining share and expanding margins at Radiometer and Leica Biosystems

 Investing in innovation and HGMs  S&M in HGMs and R&D spend both increased >10%  Launched Veris, our random access Molecular platform

 Strong start at MicroScan and Devicor  Devicor double digit core growth

All figures on this slide are for the nine months ended October 2, 2015 unless otherwise indicated. Strengthening our leading diagnostics portfolio Radiometer and LBS Highlights

th th  HSD core revenue growth for 5 consecutive  MSD core revenue growth or better for 5 year consecutive year  AQT continues strong with >20% core growth  Advanced Staining up DD

 Continued investments in sales channel  Key product launches at LBS  Rebuilding, co-locating NA team with Beckman  Q2: Aperio VERSA, digital research Scanner enabled turn-around to MSD growth  Q3: CV5030 TM, next generation H&E stainer  Continued expansion of direct business in HGMs  Q4: Aperio LV1, desktop Scanner with real-time with >15% FOTS additions and 3 new direct sharing geographies  Devicor acquisition off to a strong start  Hemocue core growth accelerating to MSD  DBS growth and lean tools already contributing only two years after acquisition  Wins in India and Middle East related to transition of hemoglobin testing to primary care All figures on this slide are for the nine months ended October 2, 2015 unless otherwise indicated. Radiometer and Leica Biosystems continue to take share Beckman Coulter Update

 Diagnostics  Overview & 2015 Highlights  Radiometer and LBS

 Summary

Winning with Danaher

 Accelerating growth 2011 2015E  Focus on improving customer experience, quality and commercial execution Core Revenue Growth Flat MSD  Investing in innovation Gross Margin % ~40% High 40s  Retention and win rates significantly improved Operating Margin % ~10% >15%  R&D investment run rate increased ~$100M  FOTS in HGMs increased >30% since 2011 Working Capital ~$0.8B ~$0.5B

 Driving Productivity  ~$350M in cost savings vs. $250M estimate*  Simplified the complex, inefficient org structure  Improved productivity and reduced indirect spend

 Broadening solutions with acquisitions of

MicroScan, Normand and Iris *Includes BEC-Dx and BEC-LS Runway for accelerated core revenue growth and continued margin improvement Our First Priorities: Quality Remediation and Customer Satisfaction

Quality Management System Customer Support & Product Quality

Regulatory compliance Reliability of supply  Before: 3 FDA warning letters, Troponin  Before: significant reagent stock-outs, low OTD restrictions  Now: >95% OTD

 By 2013: warning letters closed, FDA issued Product quality approval for Troponin I assay  Before: several instruments below customer

expectations and reliability benchmarks Process simplification  Now: reduced instrument failure rates by >50%  Before: extremely complex, cumbersome quality system process with >3,600 procedures Technical service delivery  Current quality system: ~1,900 procedures,  Before: bottom quartile among IVD players in nearly 50% reduction US in independent study  Now: #1, #2 positions in same study

DBS critical to remediate quality issues and improve customer satisfaction Investing for Growth

 Strengthening commercial coverage in HGM  Added >400 FOTS since acquisition Core Revenue Growth  Focus on China, Brazil, India, Middle East Year-over-year  DD core growth in HGMs

+MSD +MSD  Building global R&D capabilities  Added >350 associates to product development +LSD  India and China development centers with >100 associates combined +LSD  New products adding >150 bps to 2015E growth  Launched Veris and DxH500 in 2015

 Funnel Management & Transformative Flat Marketing  Continuing to expand installed base 2011 2012 2013 2014 2015E  Transformative Marketing increased funnel >$100M Just beginning to see impact from investments and remediation efforts Driving Productivity

 Simplified organization to increase Operating Profit accountability and drive results % of sales  Removed several management layers  Reduced headcount by ~1,000 or >8% >15%  Focused on improving manufacturing productivity and reducing indirect spend ~10%  ~$150M savings from procurement and other material costs  Indirect spend reduced ~10%  Reduced capital expenditures >40%

 Reduced structural costs  >$150M in annual savings 2011 2015E  ~20% reduction in annual lease expense

>$300M in cost reductions helping to fund growth and improve margins Working Capital Improvement

Working Capital Turns

 AR: Daily Management drives 6.8 6.4 visibility and prioritization

5.2  Inventory: Danaher Materials 4.9 4.5 System and improved forecasting process drove 35% reduction through 2014

 AP: More diligent usage of procurement card and supplier negotiations

2011 2012 2013 2014 2015E

>$300M reduction in working capital since acquisition Building a Winning Team

 Built a bench, now developing the next generation of Danaher leaders

Retained Beckman  Internal fill rate up >2X from 2011 to 2015 Added External Leaders Hires  Rigorous succession planning and Molecular Diagnostics Sales RA/QA development of high potentials Med Affairs Human Resources

 Attracted diverse leadership and talent

Infused Danaher Promoted Internal  Talent funnel up 300% from 2011 to 2015

Leaders Beckman Talent President Product Management  Simplified processes and organization to Operations Finance R&D Marketing Service Legal increase accountability

 Removed 2 management layers in customer Post- acquisition facing organization Leadership Team  Exporting talent to other Danaher OpCos  Several Beckman senior leaders now at Pall

Establishing a foundation for organizational health and company growth Summary

 Solid year for our Diagnostics platform

 Share gains continue at Radiometer/LBS; recent acquisitions off to a good start

 Beckman is an outstanding story so far and continues to progress ahead of our initial expectations

Exceptional diagnostics portfolio with opportunities for future success

LIFE SCIENCES & PALL Dan Daniel, Executive Vice President Rainer Blair, Group Executive Agenda

 Life Sciences  Overview & 2015 Highlights

 Pall  Overview  Biopharma Opportunity  Priorities  DBS tools and training  Focus on the customer with on time delivery  Improving profitability while accelerating growth

 Summary

Life Sciences

2015E Financials Market Details Revenue ~$2.5B Market Size ~$15B Growth Rate MSD OP Margin Mid/high-teens Growth Drivers

Revenue Breakdown  Evolution of life science research Geographic Mix  Growth of chronic diseases and infections  HGMs investing in basic and applied research capacity 9% 38% 26% 35% 65% Customers

27%  Government, academic and clinical research  Food & beverage, forensics, hospital/reference labs NA EU Consumables/Service  Pharma/biotech

HGM ROW Equipment All figures based on 2015E revenues. Leading global brands serving attractive markets 2015 Highlights

 MSD core growth with >30 bps OMX (>100 bps ex-FX)  HSD core growth at SCIEX last two years  New products driving relative outperformance in flow cytometry  Expanded reported gross margin 60 bps and OP margin >150 bps over the last three years

 Investing in innovation  HSD R&D as % of sales for platform  Significant new product launches in 2015, including: SCIEX: X500R Mol Dev: ImageXpress Confocal BEC-LS: Cytoflex LMS: DVM6, DMi8

 Continuing portfolio evolution with addition of Pall

All figures on this slide are for the nine months ended October 2, 2015 unless otherwise indicated. Positioned for a strong 2015 finish and driving long-term results

Sustained Outperformance at SCIEX

 Investments in innovation driving above-market Core Growth growth +MSD/HSD  Completely refreshed product portfolio since acquisition  2009: limited product portfolio with gaps +LSD  Only 4 instruments  2015: >15 instruments covering all markets 2005-2009 2010-2015  Commercial initiatives driving penetration in new markets  Focus on higher-growth markets: clinical, food, biologics  Significant expansion in HGM, from <15% of sales in 2009 to >25% in 2015E

 X500R QTOF is game changer in routine testing  Unparalleled price performance in segment  Ease-of-use, scalability to meet various workflows

Focus on innovation and new market penetration driving market share growth Pall Overview

 Life Sciences  Overview & 2015 Highlights

 Pall  Overview  Biopharma Opportunity  Priorities  DBS tools and training  Focus on the customer with on time delivery  Improving profitability while accelerating growth

 Summary

Pall

Life Sciences: ~$1.5B BioPharma Medical Food & Beverage 2015* Revenue: ~$1.0B 2015* Revenue: ~$0.2B 2015* Revenue: ~$0.2B 2015* Financials Revenue ~$2.8B OP Margin Mid-teens * FYE July 31, 2015 Revenue Breakdown Geographic Mix Industrial: ~$1.3B Process Microelectronics Aerospace & Defense 27% 32% 25% 2015* Revenue: ~$0.8B 2015* Revenue: ~$0.3B 2015* Revenue: ~$0.2B

75% 41%

NA EU APAC Consumables/Service Equipment Outstanding, highly strategic asset with very attractive business model Strategic Rationale

 Outstanding company with leadership positions in filtration, separation and purification, and an attractive business model  75% of revenue is recurring/consumables  Multiple levels of differentiation: switching cost, regulatory, hard to emulate  MSD growth driven by HSD+ growth in Biopharma

 High-quality business with significant potential for operational improvement using DBS  High impact opportunity with DBS

 Substantial earnings accretion, strong cash flow and significant M&A runway potential  Now expect ~$100M of cost savings in 2016  Significant working capital opportunities  Multiple vectors for bolt-on acquisitions

A unique transformational opportunity Pall: Biopharma Opportunity & Priorities

 Life Sciences  Overview & 2015 Highlights

 Pall  Overview  Biopharma Opportunity  Priorities  DBS tools and training  Focus on the customer with on time delivery  Improving profitability while accelerating growth

 Summary

The Biopharma Opportunity

 Core growth market is biologic-based therapies  7 of 10 top-selling drugs are biologics  >900 biologic drugs in the approval pipeline  Impact from genomics revolution yet to come

 Attractive market with >80% recurring revenue and high gross margin  Filtration/separation technologies are key enablers; manufacturing volume drives growth  Regulation and performance create barriers to entry  Single-use technology adoption: >20% growth at Pall

 Significant investment to strengthen product portfolio and accelerate growth

$4B+ addressable market growing LDD; Pall touches every step of process DBS in Action at Pall

 Significant DBS deployment immediately at close “Lean Conversion the DANAHER WAY works, and we  >400 senior leaders trained as DBS champions are having fun!”  >70% of all associates completed DBS introduction training - Pall senior operating leader  Enhanced the playbook used at BEC

 Outstanding combination of Pall and DHR “The input and attention to the talent AR team has been remarkable. Everybody has talked about it!  >90% senior Pall level 2/3 leaders retained Thank you for engaging upper  12 senior leaders from Danaher (Pres, CFO, Ops) management and other  >50 DHR associates facilitating DBS implementation departments on our behalf.” - Pall accounts receivable associate  DBS is gaining traction  >50 Kaizen events held since close

Pall associates taking DBS to a new level Focus on the Customer

A Look Back at BEC OTD  On time delivery to customer is our #1 priority Performance >95% ~65%  DBS enabled immediate process improvements  7 plants identified for lean conversion, prioritized based on customer impact  Performed >25 “Lean” kaizens to date 2010 Q4 2015E

Recent “Lean” Kaizen Activity at Pall Puerto Rico Facility Team Metric Improvement Profile Output/Associate/Hour 302% Lab MicroFunnel Plus Output/Associate/Hour 74% Lab Microfunnel Output/Associate/Hour 65% Biopharm Line 6 Output/Associate/Hour 91% Biopharm Line 4 Change Time 71% Before After Improving delivery to drive greater customer satisfaction Accelerating Growth and Improving Profitability

 Accelerating growth via commercial execution  Transformative Marketing: improving visibility in targeted applications  Funnel Management: accelerating deal cycle time and improving win rates  Speed Design Review: accelerating new product introduction

 DBS helping to drive anticipated ~$150M gross margin improvement  Lean conversion to drive productivity  Simplification of supply chain, freight and scrap  DHR procurement helping to reduce direct and indirect material costs

 Reducing structural costs to deliver expected ~$150M improvement  Public company costs  Reduction in indirect spend  Simplifying processes and organization

DBS a catalyst for cost structure improvement, growth acceleration Summary

 Leading Life Sciences businesses executing well in attractive markets; uniquely positioned for long-term success

 Pall is an outstanding company, unique transformational opportunity for Danaher

 DBS is leading the way at Pall, sharpening focus on profitability and accelerating growth

Giving Back

Each year, Gilbarco Pall associates put Tektronix’ Full Circle Beckman Coulter is The American Heart provides the funds their heads together Partnership with the proud to partner Association's and manpower to to “brave the shave” Red Cross with the National mission to promote build a home for a and raise funds for connects MS Society in physical activity and family in need in the St. Baldrick’s associates’ support of the more heart-healthy living Greensboro, NC mission to fund the philanthropic goals than 2.1 million is near and dear to area. gap in lifesaving and interests with people living with Videojet associates. childhood cancer Red Cross’ MS worldwide. research. services, education, outreach and relief efforts.

FORTIVE CORPORATION Jim Lico

Agenda

Fortive Overview & 2015 Highlights

Fortive Strategic Priorities

Summary Overview

2015E Financials Future Leadership Revenue $6.2B Jim Lico, President and CEO – DHR leader for 19 yrs Gross Margin High 40s Chuck McLaughlin, CFO – DHR leader for 8 yrs OP Margin High teens FCF/NI >100% Growth Drivers Revenue Breakdown Changing environmental regulations Business Geography Energy efficiency, safety and security requirements Growing industrial base in high growth markets ROW Global trend toward connected devices, software and 4% digital service HGM Professional Industrial 22% NA Instrumentation Solutions Anticipated Capital Structure 58% 48% 52% EU 16% Investment grade credit rating Strong bias towards M&A

All financial metrics based on 2015E. Strong margin and FCF profiles. Structural growth trends. Experienced team. Businesses

Professional Instrumentation Industrial Technologies

Revenue $3.0B Revenue $3.2B GM% >50% GM% ~40% OP Margin >20% OP Margin High teens

Advanced Instrumentation & Solutions Sensing Transportation Automation & Franchise

Field Solutions Product Realization Technologies Technologies Specialty Distribution

All financial metrics based on 2015E. Strong brands, leading market positions in attractive industrial verticals 2015 Highlights

Separation progressing well 90% of L1 organization in place Strong team with extensive DBS experience

Superior execution and growth investments driving LSD/MSD core revenue growth Gaining share at Fluke, Gilbarco, Matco Accelerating innovation at Tektronix, Matco, Fluke, JVS

DBS driving improvements and creating opportunity for future growth >60 bps OMX across portfolio Solid free cash flow driven by improved working capital Reinvigorating M&A pipeline with two GVR bolt-ons so far, and expect more to come

All figures on this slide are for the nine months ended October 2, 2015 unless otherwise indicated. Separation now expected to close in Q3 2016 Fortive Strategic Priorities

Enhance our organic growth profile and generate margin expansion

Leverage our strong FCF to deploy capital through strategic and financially-disciplined M&A

Deliver outstanding earnings performance and unlock shareholder value using the Fortive Business System (“FBS”)

Focused, growth-oriented strategy Fortive Opportunity

Core Growth Margin Expansion Acquisition Growth

• GDP/GDP+ core growth • ~50+ bps core OMX • Spend FCF on acquisitions • EMV a meaningful driver • Fall-through of ~30%+ each year for the next several years + + • 100%+ FCF/NI conversion = Top Quartile Earnings Growth

Value creation model to deliver top quartile earnings growth Impact of M&A (2002 – 2008)

~40 deals from 2002–2008*

Revenue Operating Profit (Fortive businesses) (Fortive businesses)

+HSD CAGR +Mid-teens CAGR

2002 2008 2002 2008 *Excluding acquisitions greater than $400M Opportunity to run the playbook again starting in 2016 DBS (“FBS”) in Action

DBS Tools DBS Tools Value Selling, Visual and Daily Management, Web Marketing, Voice of Customer, Quality System Basic Accelerated Product Development

Core Growth Core Growth >20% revenue growth over last 3 years Qualified leads up ~30% over last 3 years Development of China-specific designs DD sales growth over last 3 yrs 3X JVS engine brake penetration over 3 years Operating Margin Operating Margin Up >300 bps over last 3 yrs Ensuring cost-competitive solutions for customers worldwide Working Capital Working Capital Reduced DSO 5 days over last 2 years WCT up 50% over last 3 years 3 turns improvement over last 2 years

DBS still key to strong performance after decades of success Fluke

Global leader in the manufacture, distribution and service of electronic test tools and software for industrial electronic installation, maintenance and service, calibration and quality control 2015E Financials Market Details Revenue ~$1.1B Market Size ~$5B Growth Rate LSD/MSD OP Margin >25% Growth Drivers Revenue Breakdown Increasing market demand for connected devices Geographic Continued development in high growth markets Innovative new products and evolution of technology 6% Proliferation of the digital world 32% 41% Customers

21% Industrial maintenance professionals Electricians, contractors and engineers NA EU Medical technicians HGM ROW All financial metrics based on 2015E. Scientists Leading player with strong brand in an attractive market Fluke Organic Growth Opportunities

Pursue technology-driven, long-term growth opportunities Build on Fluke Connect: expand beyond hardware into adjacent software, data, SaaS, asset health, APIs Expand diagnostic tools: focus on reliability and predictive maintenance workflows in thermography, vibration and critical power

Drive further expansion in adjacent bio-medical businesses

Extend reach and broaden footprint in HGMs Penetrate current/new markets with recently-launched 3rd generation localized products Expand business in India, SE Asia and Latin America Expand low-cost manufacturing capability

Accelerate Fluke growth rate through continued market expansion Fluke’s Financial Evolution

GROWTH/ ACQUISITIONS IMPROVEMENT AT ACQUISITION + + = TODAY

Revenue $340M Revenue ~$500M Revenue ~$250M Revenue >$1.1B

OP Margin ~10% OP Margin ~15% OP ~$200M OP Margin >25%

Investment $550M 26 Acquisitions: Investment $1,380M 1st Year ROIC ~5% Contribution ROIC ~20%

1998 2015E Organic growth initiatives and M&A driving ~20% ROIC; additional runway Summary

Fortive will be a high-quality diversified industrial growth company

Strategy focused on creating value through organic growth, operating margin expansion and disciplined M&A

Fortive Business System will be the core of our operating model, the cornerstone of our culture and our competitive advantage

Pursuing a proven model for long-term shareholder value creation

TRANSPORTATION TECHNOLOGIES Martin Gafinowitz, Group Executive Agenda

 Transportation Technologies  Overview & 2015 Highlights

 Building the Platform  Healthy cadence of strategic M&A  Adjacencies enhancing growth profile  DBS driving continuous improvement

 Summary Transportation Technologies

2015E Financials Market Details Revenue ~$1.6B Market Size ~$9.0B Growth Rate LSD/MSD OP Margin >15% Growth Drivers

Revenue Breakdown  Environmental regulations, including air quality Geographic Mix  Payment security, both in-store and outdoor

 7% Larger fueling networks requiring control and automation  Fleet managers looking to improve costs and efficiencies 21% 35% 55% 65% 17% Customers  Major and regional oil companies  Service stations NA EU Consumables/Service  Local and long-haul trucking fleets HGM ROW Equipment All financial metrics based on 2015E. Market leader in fueling and fleet management with adjacent growth paths 2015 Highlights

 Solid MSD core revenue growth  MSD/HSD growth in core dispenser business  Point-of-sale core growth CAGR ~20% last 3 yrs  Growing installed base driving additional revenue opportunities

 Core OMX >100bps while investing for growth  Capital equipment investment up 70% in preparation for EMV volume increase  Organizational and technical platform consolidation between Navman and Teletrac

 Strategic bolt-on acquisitions enhancing portfolio

 Odysii All figures on this slide are for the nine months ended October 2, 2015 unless otherwise indicated. Well-positioned to drive sustained outperformance Building the Platform

 Transportation Technologies  Overview & 2015 Highlights

 Building the Platform  Healthy cadence of strategic M&A  Adjacencies enhancing growth profile  DBS driving continuous improvement

 Summary Building Transportation Technologies

2002 2004 2006 2008 2010 2012 2014 2015

 Deployed ~$1.0B of capital on 19 acquisitions since 2002  Significantly improved growth profile with moves into adjacent markets, including telematics  15+ years of retail petroleum build out adding high growth POS and service revenue Leading position in fuel management with adjacent expansion into telematics Adjacencies Enhancing Growth Profile

Payment & Point-of-Sale Core Revenue Growth

 MSD market growth  Positioned in indoor and outdoor PMT and POS +LSD/MSD  Drivers: US & Europe EMV regulations, c-store sophistication, mobile phone engagement

Operational Services

 HSD market growth  Cloud services complementing installed base of ATGs, POS and dispensers FLAT  Drivers: customer network complexity, cost w/ higher volatility effectiveness of cloud solutions 2002-2008 2009-2015E

Building on our installed base, not “just a dispenser company” Payment

 Customers upgrading indoor and outdoor terminals with EMV-compliant systems  Driven by liability shift from credit card companies  Widespread data security breaches validate need for enhanced card security and encryption

 Partnership with VeriFone brings most secure and highly-regarded encryption to market

 Significant growth driver over next several years  >$500M cumulative market opportunity

US EMV opportunity expected to add 1%+ to Fortive annual core revenue growth Telematics

 Leading player in highly-fragmented $4B market  HSD core growth past 3 years  Surpassed 400k units in 2015, top 5 globally  Focused on mid-market fleets (20-500 unit fleets)

 Uniting Teletrac and Navman  Consolidated front and back office across entire business  New combined platform launched in Q3 with improved performance and R&D synergy

 Transforming businesses to address software systems in vertical markets  Private delivery fleets: routing/scheduling, driver safety  Construction: load and operations efficiency

Driving increased adoption in an underpenetrated market DBS in India

The GVR Coimbatore Journey: Acquired for market position in 2011; loss making, poor quality & delivery; DBS transformed business into leading domestic supplier and profitable export center

 2X revenue  Accelerated Product Development  Improved OTD to 98% from 80% Revenue  Funnel Management  Exporting dispensers, meters and pumps

 ~1500 bps OMX Operating  Danaher Reliability System  Service margins up DD Margin  Multi-year kaizen activity for cost  Winning in one of the most competitive global cost markets

Working  Daily Management  Improved to ~10 turns in 2015E Capital  Visual Management from <2 turns in 2011

>1500 bps OMX since 2011 driven by DBS implementation Financial Evolution

2002 2015E GROWTH/ ACQUISITIONS + + IMPROVEMENT* =

Revenue $420M Revenue ~$550M Revenue ~$630M Revenue ~$1,600M

OP Margin ~5% OP Margin HSD OP ~$300M OP Margin >15%

18 Acquisitions: Investment $1,400M 1st Full Year Contribution ROIC Mid-teens

*Includes Veeder-Root Organic growth initiatives and M&A driving mid-teens ROIC w/ additional runway Summary

 Market-leading installed base and technology leadership providing opportunities to accelerate growth

 Adjacent market opportunities improving growth profile and providing additional acquisition runway

 DBS helping drive continuous improvement

Outstanding high-return platform built on organic initiatives and strategic M&A

SUMMARY & OUTLOOK Tom Joyce, President & CEO What You Heard Today

 Exciting year with the team executing well in a challenging environment

 DBS helping to deliver core growth, margin expansion and share gains across the portfolio

 Pall and separation provide expanded opportunity and renewed focus for driving future results

Committed to creating long-term shareholder value 2016 Outlook

 Core revenue growth of 2-3% with ~35% fall-through

 Pall incremental contribution of $0.40

 F/X headwind of ~$225M in revenue and ~$0.06 in EPS, primarily in 1H

 Tax rate of 23-24%, consistent with 2015

 Anticipated EPS seasonality (as % of 2016 adjusted EPS guidance)  Q1 ~21% Q2 ~25% Q3 ~25% Q4 ~29%

Includes Pall and other acquisitions closed in 2015; excludes future acquisitions that have not yet closed. Adjusted EPS guidance of $4.80-4.95 2016 Adjusted EPS Guidance

$4.80 - $4.95 $0.11 - $0.26

$0.40 $4.30 ($0.06) $0.05

2015 adjusted EPS FX Productivity benefits, Pall contribution Contribution from 2-3% 2016 adjusted EPS (mid-point of guidance) lower sharecount offset core revenue growth guidance by inflation, growth and late-2014 investments acquisitions *See Appendix for details on special items. 2016 adjusted EPS guidance implies 12-15% growth y/y