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 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 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 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 2015 Highlights 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 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 Relative Outperformance in 2015E 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 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 2015 Portfolio Moves Closed $13.6B acquisition, largest