INVESTOR & ANALYST MEETING December 15, 2016 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 products and technologies 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 recent acquisitions of Pall Corporation and Cepheid and achieve the anticipated benefits of those 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), 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 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, 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 (including the impact of the UK referendum to leave the EU), 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 2015 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2016. 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 website, www.danaher.com, under the heading “Events & Presentations,” and event name “Danaher 2016 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” or other period-to-period changes refer to year-over-year comparisons 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 Life Sciences Dan Daniel Pall Rainer Blair Water Quality Lance Reisman Q&A Daniel, Blair, Reisman 11:00 am Break All 11:20 am Diagnostics Arnd Kaldowski Product Identification Joakim Weidemanis Dental Amir Aghdaei Q&A Kaldowski, Weidemanis, Aghdaei 12:15 pm Closing Remarks & Guidance Tom Joyce 12:25 pm Q&A Tom Joyce 12:40 pm Program End / Lunch OPENING REMARKS Tom Joyce, President & CEO Danaher Today Life Environmental & Diagnostics Dental Sciences Applied Solutions ~$5.3B revenue ~$5.0B revenue ~$2.8B revenue ~$3.7B revenue Water Quality Product ID All financial metrics shown reflect 2016 estimated (“2016E”) revenues from continuing operations. Building a multi-industry, science & technology company 2016 Highlights Team executing well in current macro environment Consistent core revenue growth across all 4 segments Estimated FCF of ~$2.5B expected to exceed Net Income for 25th consecutive year Expanding margins while reinvesting Core OMX up 90bps YTD Ex-Pall GM up 130bps y/y, G&A* down, R&D/S&M* up 90bps Announced and closed ~$5B in acquisitions, including Cepheid and Phenomenex ~10 deals across all 5 platforms Completed separation of Fortive in July * As a % of total revenues. All figures on this slide are for the nine months ended September 30, 2016 unless otherwise indicated. ~20% adjusted EPS growth y/y expected in 2016 What You’ll Hear Today Danaher Business System is our culture and our competitive advantage Outstanding portfolio with significant growth and margin opportunities Superior FCF generation and disciplined M&A help drive compounding long-term returns DBS is Our Culture DBS Principles and 8 Core Value Drivers Core Growth Shareholder OMX Cash Flow / WC Turns Leadership ROIC Quality (External PPM) Customer On-Time Delivery Growth Lean Associate Internal Fill Rate Retention “OMX” is Operating Margin Expansion; “WC” is Working Capital Expand capabilities, drive consistent execution, sustain results Leadership & Talent “The Best Team Wins” Infused DHR Retained Leaders Pall Leaders President General Managers Expectations of Danaher leaders CFO, Finance Technology Operations IT To lead through DBS Service Build leadership pipeline for their business, succession plans for critical roles Senior Leadership Team Talent development helps fuel performance Promoted Added Pall Talent External Export talent across Danaher Business Presidents Hires Ensure DBS leadership at acquisitions General Managers Legal HR Compliance Legal Sustaining the DBS culture across Danaher as we grow and evolve Danaher Business System is our culture and our competitive advantage Outstanding portfolio with significant growth and margin opportunities Superior FCF generation and disciplined M&A help drive compounding long-term returns Outstanding Portfolio – Overview Danaher Today ~55% Mid-teens >100% FREE CASH GROSS OPERATING By Business MARGIN FLOW TO NET MARGIN INCOME Dental 16% Diagnostics ~$17B 30% REVENUE EAS Business Characteristics 22% Life Market leading positions Outstanding brands Sciences 32% Resilient business models Large installed base By Mix By Geography Strong Secular Growth Drivers ROW Equipment 7% Increasing environmental, healthcare and food safety 35% HGM NA regulatory requirements and changes 29% 40% Consumables Improving standards of care in high growth markets (HGM) 65% EU Proliferation of digital trends 24% All financial metrics based on 2016E unless otherwise indicated. Strong growth, free cash flow and earnings profile Portfolio – Evolution Test & Other/ T&M T&M Measurement Niche Dental 15% Diagnostics Life Sciences17% Life Sciences 16% & Diagnostics Strengthening our & Diagnostics30% Environ- Environ- Environmentalmental competitive advantage mental 15% Life Tools with DBS Industrial IndustrialSciences 32%Dental Dental Technologies PID Technologies32% Motion Investing in the highest 10% Water 21% Quality impact growth 12% opportunities 2002 Today Revenue $4.6B Improving and ~$17B HGM %* ~8% sustaining our market- ~28% GM %* 39% leading positions ~55% Consumables %* < 15% ~65% Associates 29,000 *As a % of total revenues. 60,000+ Strategic priorities have helped drive portfolio evolution Portfolio – Key Initiatives Building Scale at the Recent Key Spin-off Platform Level Strategic Acquisitions of Fortive 2014 1999 Premium Implants Digital Dentistry 2015 2016 “Beachhead” Asset + Biopharmaceuticals Portfolio Optimization Adjacencies, Bolt-ons 2002 2016 Molecular Diagnostics Recent strategic initiatives helping to optimize Danaher’s portfolio for the long-term Portfolio – Business Model Well-established installed base drives aftermarket exposure, recurring revenues Equipment 35% Reduced revenue volatility Increased customer intimacy Consumables Higher margin opportunities enable 65% reinvestment Reinvestment fuels growth Consistently increased R&D, S&M Funded by higher GM, lower G&A Contributions of recent M&A ~75% ~95% ~75% All figures shown as a % of 2016E revenues. United by resilient business models with strong recurring revenue streams Portfolio – Growth Opportunity 1999 2005 2011 2016 Approximately ½ of our total revenue has been part of Danaher for 5 years or less DBS Driving Anticipated Core Revenue Growth Core Revenue Growth of Recent Acquisitions Water Quality MSD LSD MSD MSD Product