Danaher Corporation (DHR) $86.08 Next Rpt Date: 20 Apr '17

Profile Key Items Trading Information Valuation 5Y Trend Current vs. Ind vs. Bmrk Sector Industry Mkt Cap (M) EV (M) Sales (M) Health Technology Medical Specialties $59,678 $71,057 $19,889 Current Price $86.08 P/E (LTM) 23.6 1.1 1.2 52 Wk Range $65.42 - 86.08 P/E (NTM) 21.6 1.1 1.2 Avg Daily Vol (3m) 2.75 (M) Danaher Corp. operates as a medical company, which designs, manufactures, and markets healthcare, environmental, and industrial P/Sales 3.6 0.8 1.9 equipment. The firm operates its business through the following segments: Life Sciences, Diagnostics, Dental, and Environmental Short Int (% of Float) 1.0% P/Bk 2.6 0.7 0.9 and Applied Solutions. The Life Sciences segment offers a range of research and clinical tools that scientists use to study cells and P/CF 17.2 1.0 1.5 cell components in order to understand the causes of diseases; identify new therapies; and test new drugs and vaccines. The Key Statistics EV/EBITDA 17.3 1.1 1.4 Diagnostics segment comprises of analytical instruments, reagents, consumables, software, and services that hospitals, physician's offices, reference laboratories, and other critical care settings use to diagnose disease and make treatment decisions. The Dental Mkt Value (M) $59,678 EV/Sales 4.2 0.9 1.8 segment develops products that are used to diagnose, treat and prevent disease and ailments of the teeth, gums, and supporting Ent Value (M) $71,057 bones; as well as provide dental consumables, equipment, and services. The Environmental and Applied Solution segment engages Shares Out (M) 693.3 Profitability (%) 10Y Trend LTM Ind Bmrk in the development and manufacture of equipment, consumables, and software for various printing, marking, coding, design, and Dividend (Ann) $0.56 Gross Margin 54.3 64.2 30.9 color management applications on consumer and industrial products. The company was founded by Steven M. Rales and Mitchell P. Div Yld 0.7% EBITDA Margin 22.6 30.1 17.3 Rales in 1969 and is headquartered in Washington, DC. EBIT Margin 16.9 21.1 11.2

Estimates Net Margin 12.9 15.3 7.6 $86.08 EPS (FY0) $3.61 ROE 11.0 13.2 11.7 EPS (FY1) $3.93 YTD 10.6% EPS (FY2) $4.28 Growth (%) 10Y Trend LTM Ind Bmrk 3M 8.7% Coverage 21 Analysts Sales -4.9 7.0 -1.0 1Y 30.2% Target Price $90.03 EBITDA -0.8 9.8 -0.3 Beta 1.02 LT Growth Rate 10.0% FY1 PE 21.9x EBIT -3.3 7.4 -3.2 Avg Rating Buy (1.23) EPS (Dil) -0.2 -1.0 -5.4

Price & Volume StreetAccount News

$ 86.08 0.00 / 0.00% 15 FEB '17 7:11 A.M. (ET) FDA clears Cepheid's Xpert Xpress Flu and Xpert Xpress Flu/RSV Intraday Range Volume: 0.00 (M)

85.01 86.08 10 FEB '17 4:44 P.M. (ET) 52 Week Range Avg Vol: 2.84 (M) Third Point discloses material changes in holdings in 13F filing

65.42 86.08 01 FEB '17 6:55 A.M. (ET) Danaher upgraded outperform from neutral at Credit Suisse

31 JAN '17 6:09 A.M. (ET) StreetAccount Metrics Recap - Danaher Q4 Earnings

31 JAN '17 6:04 A.M. (ET) Danaher reports Q4 adjusted EPS $1.05 vs FactSet $1.03

30 JAN '17 10:02 A.M. (ET) StreetAccount Consensus Metrics Preview - Danaher Q4 Earnings

18 JAN '17 6:15 A.M. (ET) Deutsche Bank initiates coverage of Life Science Tools & Diagnostics sector

Event Calendar Key Estimates

Upcoming Events EPS Sales Earnings Dec '16 Dec '17E Dec '18E Dec '16 Mar '17E Jun '17E Sep '17E Date Time (EST) Description Actual Mean Actual Mean EPS - GAAP 3.08 3.20 3.56 1.07 0.65 0.80 0.79 20 Apr '17 - Q1 2017 Earnings Release (Projected) - 0.84 - 4,165 Growth (%) -16.1 3.8 11.4 0.9 -39.9 -15.0 41.6 EPS - Cash 3.61 3.93 4.28 1.05 0.84 0.98 0.97 20 Jul '17 - Q2 2017 Earnings Release (Projected) - 0.98 - 4,482 Growth (%) -16.0 8.8 9.1 -17.3 -22.2 9.2 11.6 19 Oct '17 - Q3 2017 Earnings Release (Projected) - 0.97 - 4,394 Income Statement (M) Dec '16 Dec '17E Dec '18E Dec '16 Mar '17E Jun '17E Sep '17E 30 Jan '18 - Q4 2017 Earnings Release (Projected) - 1.13 - 4,806 Sales 16,882 17,865 18,662 4,584 4,165 4,482 4,394 Past Events EPS Sales Growth (%) -17.9 5.8 4.5 -22.1 -22.7 5.7 6.3 Date Time (EST) Description Actual Mean Actual Mean EBITDA 3,944 4,260 4,623 1,034 920 1,052 1,040 23 Feb '17 09:10 AM Barclays Industrial Select Conference Growth (%) -15.0 8.0 8.5 -20.1 -23.4 5.6 11.6 31 Jan '17 07:30 AM Q4 2016 Earnings Call 1.05 1.03 4,584 4,530 Operating Income 2,758 3,106 3,436 729 634 757 750 10 Jan '17 02:30 PM J.P. Morgan Health Care Conference Growth (%) -21.1 12.6 10.6 -25.5 -28.5 6.7 7.2 15 Dec '16 09:30 AM Investor and Analyst Meeting Net Income 2,153 2,249 2,515 747 465 561 555 09 Nov '16 09:00 AM Robert W. Baird Global Industrial Con…ference Growth (%) -19.6 4.4 11.8 -2.6 -38.7 -14.6 41.8 20 Oct '16 08:00 AM Q3 2016 Earnings Call 0.87 0.83 4,132 4,128 Per Share Dec '16 Dec '17E Dec '18E Dec '16 Mar '17E Jun '17E Sep '17E 15 Sep '16 12:20 PM Morgan Stanley Laguna Conference Dividends per Share 0.57 0.54 0.59 0.13 0.14 0.14 0.14 07 Sep '16 10:15 AM Vertical Research Partners Industrial …Conference Cash Flow per Share 4.69 5.29 5.59 1.50 1.14 1.28 1.29 Free Cash Flow per Share 3.57 4.53 5.07 0.70 0.69 1.13 1.13 Book Value per Share 33.39 37.24 40.68 33.09 33.52 34.31 35.09

Corporate Information Dividend Focus

Management (6 of 20) Board (6 of 12)

President, Chief Executive Officer & Director Chairman Thomas Patrick Joyce, 56 Stephen M. Rales, 66

Chief Financial Officer & Executive Vice President President, Chief Executive Officer & Director Daniel L. Comas, 53 Thomas Patrick Joyce, 56

Executive Vice President Director William K. Daniel, 52 Mitchell P. Rales, 60

Executive Vice President Independent Director Rainer Blair Walter G. Lohr, 73

Chief Accounting Officer & Senior Vice President Lead Independent Director Robert S. Lutz, 59 Donald Jerry Ehrlich, 79

Senior Vice President & General Counsel Independent Director Brian W. Ellis Alan G. Spoon, 64 DHR-US Bmrk Ex-Date Amount LTM Divs LTM Div Yld (%) Indicated Ann Dividend 0.6 3.8 29-Mar-2017 0.14 25.18 29.25 Dividend Yield 0.7% 2.0% 28-Dec-2016 0.125 25.34 32.43 Suite 800 West, 2200 Pennsylvani... Matthew E. Gugino Fiscal Year December 1 Yr Div Growth 4,592.6% 4.8% 28-Sep-2016 0.125 25.485 32.83 Washington, District Of Columbia Investor Relations Contact Exchange NYSE 3 Yr Div Growth 25,240.0% - 01-Jun-2016 0.16 25.36 33.92 20037-1701 danaher.com ISIN US2358511028 5 Yr Div Growth 28,055.6% - 22-Mar-2016 0.16 0.725 1.01 United States Employees (2016) 62,000 CUSIP 235851102 Div Increases in 5 Yrs 4 - 17-Dec-2015 0.135 0.7 1.01 SEDOL 2250870 Payout Ratio 693.9% 40.9% 30-Sep-2015 0.135 0.64 0.99 Coverage 0.1x - 24-Jun-2015 0.135 0.505 0.78

Ownership Summary Top Holders - Institutions and Insiders

FLOAT 87.8% Institutions Position (000) % O/S % Port 3M Chg (000) Mkt Value (USD) Shares Out 691,702,000 T. Rowe Price Associates, Inc. 58,315 8.4 0.9 -11,364 5,019,730,000 Short Interest 5,962,270 The Vanguard Group, Inc. 39,438 5.7 0.1 2,763 3,394,790,000 BlackRock Fund Advisors 26,985 3.9 0.1 3,890 2,322,860,000 SSgA Funds Management, Inc. 24,797 3.6 0.2 2,281 2,134,510,000 INSIDER 12.2% Massachusetts Financial Services Co. 20,409 3.0 0.6 -3,015 1,756,790,000 Inst. Ownership 78.9% Fidelity Management & Research Co. 17,157 2.5 0.2 -17,487 1,476,870,000 North American 68.3% Northern Trust Investments, Inc. 8,855 1.3 0.2 -788 762,275,000 Non-North American 10.6% Parnassus Investments 7,479 1.1 3.0 930 643,813,000 Inst Ownership as % of Float 89.9% Brown Advisory LLC 6,862 1.0 2.0 270 590,692,000 Top 10 Inst. Holders 31.3% Norges Bank Investment Management 6,349 0.9 0.1 0 546,479,000 Geode Capital Management LLC 5,486 0.8 0.2 631 472,252,000 Dodge & Cox 5,221 0.8 0.3 -1,433 449,447,000 NET POSITION CHANGE 5,162,766 Total (1424) 546,047,296 Insiders Position (000) % O/S % Port 3M Chg (000) Mkt Value (USD) New (181) 13,996,900 RALES STEPHEN M 43,144 6.2 68.8 0 3,713,830,000 Increase (605) 65,288,300 RALES MITCHELL P 39,494 5.7 68.6 0 3,399,610,000 Decrease (428) -66,246,900 LOHR WALTER G JR 609 0.1 100.0 0 52,455,200 Soldout (151) -7,875,510 COMAS DANIEL L 228 0.0 100.0 27 19,642,100 JOYCE THOMAS PATRICK JR 163 0.0 100.0 18 14,023,700

Revenue Exposure by Sector / Industry Revenue Exposure By Country Economy T o ta l L T M R e v e n u e : $ 1 9 .9 B Sector (4) Sub-Sector (5) Industry Group (5) Industry (5) Sub-Industry (5) % of Tot. Rev. % Chg (Y/Y) 3 Yr Trend (3) Healthcare Scientific Analytical Miscellaneous Healthcare Scientific Products General Scientific Products United States* 37.8 -14.1 Services Instruments 17.68% 17.68% 17.68% 17.68% 17.68% Mainland China 10.3** 10.1 Diagnostics and Drug Clinical Diagnostics Other Clinical Diagnostic General Clinical Healthcare Delivery Devices Devices Devices Diagnostics Devices Germany 6.4 45.1 70.93% Healthcare 39.94% 39.94% 39.94% 39.94% Equipment Japan 5.1 41.5 Specialized Medical Other Specialized Medical 53.25% Other Medical Devices Dental Devices Devices Devices 13.31% 13.31% United Kingdom 3.1** -17.9 13.31% 13.31% Industrial Other Machinery General Machinery General Machinery France 2.8** -13.8 Industrials Machinery Manufacturing Manufacturing Manufacturing Manufacturing Manufacturing 16.16% 16.16% 16.16% 16.16% 16.16% 16.16% India 2.6** 39.2 Test and Other Test and Other Test and Technology Hardware Commercial Electronics Measurement Italy 2.1** -13.8 Measurement Equipment Measurement Equipment 12.91% 12.91% 12.91% Equipment *Country of Domicile | Showing up to 8 of 248 countries | GeoRev data as of Dec '16 12.91% 12.91% **Value is estimated based on FactSet's proprietary algorithm 12.91%

Segments Snapshot - Quarterly (M) Target & Ratings

Dec '16 YoY % % of Sales Mar '17E YoY % 3Y Trend Sales 4,584 -22.1 100.0 4,165 -22.7 Life Sciences 1,454 - 31.7 1,307 - Diagnostics 1,432 - 31.2 1,311 - Environmental & Applied Solutions 959 -3.8 20.9 898 4.9 Dental 739 0.6 16.1 648 -1.2 Pall Corp - - - - - LOW MEAN HIGH Apex Joint Venture - - - - - Industrial Technologies - - - - - 71.00 - 90.03 98.00 Life Sciences & Diagnostics - - - - - 17.52% 4.59% 13.85% 71.00 1 9 T A R G E T P R I C E E S T I M A T E S 98.00 Test & Measurement - - - - -

Estimate Growth - Quarterly Surprise History - Quarterly

Mar '16 Mar '17E Growth (YoY%) 1.08 0.84 -22.16%

Period After Event Mean Surp Amt Surp (%) Period After Event Mean Surp Amt Surp (%) Mar '17E - 0.84 - - Mar '17E - 4,165 - - Mar '16 Mar '17E Growth (YoY%) Dec '16 1.05 1.03 0.02 1.9 Dec '16 4,584 4,530 55 1.2 5,387 4,165 -23% Sep '16 0.87 0.83 0.04 5.4 Sep '16 4,132 4,128 4 0.1 Jun '16 0.90 1.22 -0.32 -26.4 Jun '16 4,242 5,768 -1,526 -26.5 Mar '16 1.08 1.03 0.05 4.9 Mar '16 5,387 5,323 64 1.2 Dec '15 1.27 1.27 0.00 0.2 Dec '15 5,885 6,002 -117 -1.9 Sep '15 1.05 1.04 0.01 1.2 Sep '15 5,023 5,059 -35 -0.7 Jun '15 1.08 1.04 0.04 3.8 Jun '15 5,127 5,067 60 1.2 Mar '15 0.93 0.93 -0.00 -0.2 Mar '15 4,873 4,830 43 0.9

Estimate Table Sales - Consensus Trend - Annual (M)

EPS FY Ending Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 Dec '17E Dec '18E Dec '19E Q1 (Mar) 0.61 0.73 0.75 0.81 0.93 1.08 0.84 0.91 1.00 Q2 (Jun) 0.69 0.84 0.87 0.93 1.08 0.90 0.98 1.07 1.16 Q3 (Sep) 0.73 0.77 0.84 0.90 1.05 0.87 0.97 1.06 1.12 Q4 (Dec) 0.81 0.87 0.96 1.16 1.27 1.05 1.13 1.22 1.33 Fiscal Year 2.83 3.21 3.42 3.81 4.30 3.61 3.93 4.28 4.65 P/E (x) 12.6 13.2 17.1 17.1 16.4 21.6 21.9 20.1 18.5 CY Ending Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 Dec '17E Dec '18E Dec '19E Cal. Year 2.83 3.21 3.42 3.81 4.30 3.61 3.93 4.28 4.65 P/E (x) 12.6 13.2 17.1 17.1 16.4 21.6 21.9 20.1 18.5

Growth (YoY%) FY Ending Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 Dec '17E Dec '18E Dec '19E Q1 (Mar) 27.1 19.7 2.7 8.0 14.8 16.1 -22.2 8.2 9.9 Q2 (Jun) 23.2 21.7 3.6 6.9 16.1 -16.7 9.2 8.7 8.7 Q3 (Sep) 21.7 5.5 9.1 7.1 16.7 -17.1 11.6 8.7 6.2 Q4 (Dec) 20.9 7.4 10.3 20.4 9.9 -17.3 7.9 7.9 8.8 Fiscal Year 22.5 13.4 6.5 11.3 13.0 -16.0 8.8 9.1 8.6 CY Ending Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 Dec '17E Dec '18E Dec '19E Cal. Year 22.5 13.4 6.5 11.3 13.0 -16.0 8.8 9.1 8.6

Sales - Broker Detail - Mar '17E (M) Sales - Broker Revisions - Mar '17E (M)

Consensus Guidance # of Brokers Consensus Guidance 1M Revision 1W Revision 4,165 - 16 4,165 - -0.1% 0.0%

Top 8 Brokers Research Estimate Bottom 8 Brokers Research Estimate Janney Montgomery Scott 01/31/2017 4,200 Stifel Nicolaus 02/17/2017 4,150 Restricted 01/31/2017 4,197 Bernstein Research 02/14/2017 4,149 Evercore ISI 01/31/2017 4,195 William Blair 01/31/2017 4,134 Deutsche Bank Research 01/31/2017 4,173 BTIG 01/31/2017 4,130 Restricted 01/31/2017 4,168 Restricted 02/01/2017 4,129 Jefferies 01/31/2017 4,167 Restricted - - RBC Capital Markets 01/31/2017 4,159 Restricted - - Cowen & Company 01/31/2017 4,152 Credit Suisse - -

Valuation Summary Valuation Peers Analysis

Danaher (DHR) GE (GE) SPX (SPXC) ABB (ABBN-CH) Emerson Electric (EMR) Hitachi (6501) Valuation 5Y Trend Current 5Y High 5Y Low 5Y Avg vs. Ind vs. Bmrk P/E LTM 23.6 33.9 - 25.1 25.9 15.6 P/E 23.6 23.6 12.3 16.7 1.1 1.2 P/E NTM 21.6 18.0 15.8 17.7 22.8 11.1 P/E NTM 21.6 21.8 10.6 14.7 1.1 1.2 PEG NTM 2.2 1.6 - 2.1 3.6 0.9 P/Sales 3.6 3.6 1.5 2.2 0.8 1.9 P/Sales 3.6 2.3 0.8 1.5 2.3 0.3 P/Sales NTM 3.3 3.3 1.8 2.6 0.8 1.9 P/Bk 2.6 3.3 4.1 3.5 5.1 1.0 P/Bk 2.6 2.6 1.5 2.0 0.7 0.9 P/CF 17.2 55.9 173.2 12.2 14.8 3.7 P/Bk NTM 2.3 2.3 1.3 1.6 0.6 0.8 EV/EBITDA 17.3 24.0 14.3 11.5 11.1 4.5 P/CF 17.2 17.2 8.3 11.8 1.0 1.5 EV/Sales 4.2 3.1 1.0 1.5 2.3 0.5 P/CF NTM 16.1 16.6 8.2 11.3 1.0 1.3 Div Yld 0.7 3.2 0.0 3.4 3.2 1.9 EV/EBITDA 17.3 17.3 8.3 11.3 1.1 1.4 EV/EBITDA NTM - 16.8 7.5 11.4 - - EV/Sales 4.2 4.2 1.8 2.5 0.9 1.8 EV/Sales NTM 3.9 4.0 1.7 2.4 0.9 1.9

Price to Earnings Profitability Ratios - Annual Profitability (%) 10Y Trend Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 Gross Margin 51.2 51.7 52.1 52.7 53.1 55.6 Operating Margin 17.0 17.5 17.6 18.1 18.2 17.7 Pretax Margin 15.2 16.5 18.7 17.5 16.2 15.5 Net Margin 12.0 12.6 14.1 13.0 12.6 12.8 ROA 7.4 7.3 8.0 7.3 6.1 4.6 ROE 12.6 12.8 13.0 11.4 11.0 9.2 ROTC 10.0 9.9 10.7 9.9 8.2 6.0 ROIC 10.0 9.9 10.8 9.9 8.3 6.3 Efficiency 10Y Trend Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 Revenue/Employee (000) 272.7 289.8 289.7 280.5 253.9 272.3 Net Income/Employee (000) 32.8 36.5 40.8 36.6 32.1 34.7 Receivables Turnover (x) 6.1 5.8 5.7 5.6 5.4 4.7 Days of Sales Outstanding 59.8 63.1 64.1 64.9 67.4 77.3 Inventory Turnover (x) 5.2 4.9 5.1 5.2 4.9 3.9 Days of Inventory on Hand 69.9 74.4 71.7 70.0 74.3 92.6 Payables Turnover (x) 6.4 6.0 5.5 5.2 5.1 4.0 Days of Payables Outstanding 57.3 61.3 66.4 70.4 72.2 90.7 Total Asset Turnover (x) 0.5 0.6 0.6 0.5 0.4 0.4 Working Capital Turnover (x) 7.7 5.4 4.2 4.9 12.3 -80.8

Profitability Peer Analysis - Annual Credit Ratios - Annual

Liquidity Analysis 10Y Trend Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 Current Ratio 1.50 1.80 2.01 1.75 1.27 0.97 Quick Ratio 1.08 1.37 1.62 1.41 0.93 0.72 Cash Ratio 0.13 0.40 0.69 0.56 0.13 0.14 Credit Analysis 10Y Trend Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 Interest Coverage (EBITDA) 23.8 25.6 29.2 37.0 29.5 22.3 Interest Coverage (EBIT) 19.3 20.3 23.1 29.4 23.0 16.2 Fixed Chg Coverage 19.3 20.3 23.1 29.4 23.0 16.2 CFO/Int Exp 18.5 21.7 24.6 30.6 23.4 19.1 Danaher GE SPX ABB (ABBN- Emerson Electric Hitachi (DHR) (GE) (SPXC) CH) (EMR) (6501) Total Debt/EBITDA 1.6 1.3 0.8 0.8 2.7 3.0 Gross Margin (%) 55.6 32.4 21.6 29.8 43.1 25.7 Net Debt/EBITDA 1.4 0.9 0.1 0.1 2.5 2.7 Operating Margin (%) 17.7 10.1 -2.3 10.8 19.2 6.0 Net Debt/(EBITDA-CapEx) 1.6 1.0 0.1 0.1 2.9 3.2 Net Margin (%) 12.8 1.4 -8.9 5.4 10.9 2.3 LT Debt/EBITDA 1.5 1.3 0.8 0.7 2.5 2.4 ROA (%) 4.6 0.3 -3.9 4.3 7.3 1.8 Total Debt/Total Equity 31.4 28.1 15.6 14.9 54.3 53.3 ROE (%) 9.2 1.5 -14.6 12.1 20.3 8.1 Total Debt/Total Capital 23.9 21.9 13.5 12.9 35.2 34.8 Revenue/Employee (000) 272.3 348.0 296.0 251.6 140.3 29,931 Total Debt/Total Assets 17.7 16.2 10.1 9.4 26.7 27.1 Receivables Turnover (x) 4.7 0.8 2.5 3.2 4.1 3.1 Net Debt/FFO 1.7 1.1 0.1 0.1 3.4 3.3 Inventory Turnover (x) 3.9 3.9 4.2 4.5 5.4 5.4 LT Debt/FFO 1.9 1.6 1.0 0.9 3.3 2.8 Payables Turnover (x) 4.0 5.5 3.3 5.1 3.9 5.1 FCF/Total Debt 0.4 0.6 0.9 0.9 0.2 0.2 CFO/Total Debt 0.5 0.6 1.0 1.1 0.3 0.3

Credit Peer Analysis - Annual DuPont Analysis - Annual

Danaher GE SPX ABB (ABBN- Emerson Electric Hitachi Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 LTM (DHR) (GE) (SPXC) CH) (EMR) (6501) Asset Turnover 0.60 0.63 0.62 0.58 0.57 0.56 0.48 0.36 0.43 Interest Coverage (EBIT) 16.2 3.6 -1.9 13.4 13.0 20.2 x Operating Margin 15.5 16.9 17.0 17.5 17.6 18.1 18.2 17.7 16.9 Fixed Chg Coverage 16.2 3.5 -1.9 13.4 13.0 20.2 x Interest Burden 0.82 1.05 0.89 0.94 1.06 0.97 0.89 0.87 0.95 CFO/Int Exp 19.1 6.2 -1.8 13.3 13.4 27.3 x Tax Burden 0.81 0.77 0.79 0.76 0.76 0.75 0.78 0.82 0.81 Total Debt/EBITDA 3.0 10.9 - 1.6 2.0 3.2 = ROA 6.2 8.6 7.4 7.3 8.0 7.3 6.1 4.6 5.5 Net Debt/EBITDA 2.7 7.0 -129.7 0.3 1.0 2.6 x Equity Leverage 1.73 1.65 1.70 1.75 1.63 1.57 1.81 2.00 2.00 LT Debt/EBITDA 2.4 8.2 -163.1 1.2 1.2 1.9 = ROE 10.7 14.2 12.6 12.8 13.0 11.4 11.0 9.2 11.0 Total Debt/Total Equity 53.3 201.8 108.2 51.4 87.8 131.8 x Earnings Retention 96.2 97.0 96.8 96.9 97.4 89.0 85.2 84.4 84.4 Total Debt/Total Capital 34.8 66.9 52.0 33.9 46.8 56.9 = Reinvestment Rate 10.4 13.7 12.2 12.3 12.8 10.4 9.5 7.5 9.3 Total Debt/Total Assets 27.1 40.2 17.1 17.9 30.6 28.7

DuPont Peer Analysis - Annual Income Statement - Annual (M)

Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 10Y Trend 5Y CAGR 10Y CAGR Sales/Revenues 18,260 19,118 19,914 20,563 16,882 1.0% 5.8% COGS incl. D&A 8,812 9,160 9,425 9,652 7,499 -0.9% 3.4% Gross Inc 9,448 9,958 10,488 10,911 9,383 2.6% 8.3% SG&A 6,253 6,590 6,886 7,162 6,396 3.0% 8.8% Other Oper Expense 0 0 0 0 0 - - EBIT(Operating Income) 3,196 3,368 3,602 3,749 2,987 1.8% 7.1% Nonop Inc (Exp) - Net 73 437 173 18 224 25.5% 24.8% Interest Expense 158 146 123 163 184 5.4% 8.7% Danaher GE SPX ABB (ABBN- Emerson Electric Hitachi (DHR) (GE) (SPXC) CH) (EMR) (6501) Unusual Exp (Inc) - Net 101 93 171 280 415 13.5% - Asset Turnover 0.4 0.2 0.4 0.8 0.7 0.8 Pretax Income 3,011 3,566 3,482 3,324 2,611 1.3% 6.1% x Operating Margin 17.7 10.1 -2.3 10.8 19.2 6.0 Income Taxes 712 871 883 725 458 -2.2% 3.5% x Interest Burden 0.9 0.7 4.9 0.7 0.8 0.9 Minority Interest 0 0 0 0 0 - - x Tax Burden 0.8 0.2 0.8 0.7 0.7 0.4 Net Income 2,299 2,695 2,598 2,599 2,153 2.2% 6.7% = ROA 4.6 0.3 -3.9 4.3 7.3 1.8 EPS (recurring) 3.330 3.887 3.800 3.936 4.067 6.0% 8.9% x Equity Leverage 2.0 5.0 3.7 2.8 2.8 4.4 EPS (diluted) 3.231 3.800 3.630 3.659 3.652 5.3% 7.7% = ROE 9.2 1.5 -14.6 12.1 20.3 8.1 EBITDA 4,036 4,263 4,541 4,800 4,115 4.1% 9.1% x Earnings Retention 84.4 -532.7 - 11.7 24.8 66.3 = Reinvestment Rate 7.5 -6.7 -18.8 3.6 4.6 6.0

Income Statement Growth - Annual Use of Cash - Annual (M) DHR Ind

Cash and Liabilities Dec '11 Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 Cash and Short Term Investments 537 1,679 3,115 3,006 791 964 Share Repurchase 0 -648 0 0 0 0 Dividends -61 -86 -52 -228 -354 -400 Debt Servicing -1,744 -219 -1,114 -537 -198 -2,665 Net Change in Reporting Period Cash (FX adjusted) -1,096 1,142 1,437 -110 -2,215 173 Cash Flow Increases/Decreases -3,079 1,685 3,179 416 -10,990 -2,237 Cash Received (Paid) from Debt Activity 896 -23 -1,877 -225 8,996 2,794 Dividends Paid -61 -86 -52 -228 -354 -400 Cash Received (Paid) from Change in Equity 1,113 -436 177 133 249 165

Debt Capital Structure Summary Debt Seniority Breakdown - Annual (M)

EBITDA (31 Dec '16) EBITDA (30 Sep '16) 4,115.40LTM 4,758.00LTM

31 Dec '16 /EBITDA 30 Sep '16 /EBITDA ST Debt Total 2,594.80 0.63 809.10 0.17 Current Portion of LTD 2,594.80 - 809.10 - Revolving Credit 5,861.10 1.42 1,496.40 0.31 Commercial Paper ( LT Debt)- Unsec. 4,000.00 - 1,496.40 - ST Rev. (LT Debt) - Unsec. 1,861.10 - - - Term Loans 124.60 0.03 137.20 0.03 Other Borrowings 124.60 - 137.20 - Notes/Bonds 6,283.30 1.53 6,678.60 1.40 Senior Unsec. 5,959.60 - 6,315.60 - Senior Convertible 68.10 - 68.20 - Priv. Placement Notes - Unsec. 255.60 - 294.80 - Other 0.00 0.00 0.00 0.00 LT Debt Total 12,269.00 2.98 8,312.20 1.75 Current Portion of LTD -2,594.80 - -809.10 - Net LT Debt Total 9,674.20 2.35 7,503.10 1.58 Total Debt 12,269.00 2.98 8,312.20 1.75

CDS Curve Altman Z-Score (Original) - Annual (M) Dec '12 Dec '13 Dec '14 Dec '15 Dec '16 (Working Capital 3,381.7 4,586.3 4,034.9 1,666.3 -208.9 / Total Assets) 32,941.0 34,672.2 36,991.7 48,222.2 45,295.3 = 1.2 * X1 0.1232 0.1587 0.1309 0.0415 -0.0055 + (Retained Earnings 15,379.9 18,005.3 20,323.0 21,012.3 20,703.5 / Total Assets) 32,941.0 34,672.2 36,991.7 48,222.2 45,295.3 = 1.4 * X2 0.6536 0.7270 0.7692 0.6100 0.6399 + (EBIT 3,195.9 3,367.9 3,602.4 3,748.9 2,987.3 / Total Assets) 32,941.0 34,672.2 36,991.7 48,222.2 45,295.3 = 3.3 * X3 0.3202 0.3205 0.3214 0.2565 0.2176 + (Market Value of Equity 38,721.3 53,823.8 60,227.7 63,649.3 53,842.1 / Total Liabilities) 13,857.1 12,220.8 13,541.9 24,458.2 22,218.5 = 0.6 * X4 1.6766 2.6426 2.6685 1.5614 1.4540 + (Revenue 18,260.4 19,118.0 19,913.8 20,563.1 16,882.4 / Total Assets) 32,941.0 34,672.2 36,991.7 48,222.2 45,295.3 = 0.999 * X5 0.5538 0.5508 0.5378 0.4260 0.3723 Z-Score 3.33 4.40 4.43 2.90 2.68