INVESTOR & ANALYST MEETING December 15, 2016

Home , Pall Corporation, Radiometer (company)

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 ID LSD MSD DD Radiometer LSD MSD/HSD MSD Average age of the portfolio today is ~8 years Growth Opportunity – Strategic Investment

Investments in R&D Commercial Initiatives Building Scale Outperformance Market Penetration High Growth Markets Accelerated Product Development Funnel Management Speed Design Review Transformative Marketing

R&D + >50bps S&M + >100bps LDD CAGR AS A % OF REVENUE AS A % OF REVENUE HGM REVENUE LAST 4 YEARS LAST 4 YEARS LAST 4 YEARS

Case Study Case Study Case Study DHR China Dental Revenue

X500R/B Today >$150M +MSD Core Revenue Growth each of the last 7 years 2011 ~$25M

Outperformance by investing in the highest impact organic opportunities Portfolio – Margin Opportunity

1999 2005 2011 2016 Approximately ½ of our total revenue has been part of Danaher for 5 years or less

DBS Driving Operating Margins Margins: “New vs Tenured”

Water Quality + >500 55%+ Low-teens ~ bps 25% ~50% GM GM Product ID Mid- 20%+ Low-teens ~25% teens OPM OPM Radiometer High-teens >25% OpCos owned< 5 years < 5 years OpCos owned> 12 years >10 years

All figures referenced are based on 2015 weighted averages. Significant room to expand gross and operating margins Margin Opportunity – Meaningful Runway

Represents >$10B (~60%) of $17B revenue DHR portfolio Early innings at Pall, Nobel, Cepheid Significant runway at recent acquisitions Lean tools, direct/indirect spend, pricing

2nd wave at Beckman Coulter Expanded installed base Bolt-ons enhance higher margin opportunities

Dental platform being treated as a “new acquisition”

Expect 50-75+ bps of core OMX annually for Danaher, driven by DBS 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 Free Cash Flow – A Key Differentiator

Danaher FCF / NI Conversion

$3,000 300% ~$2.5B FCF $2.2B $2.3B 250% $1.9B $2,000 200% 135% 133% FCF/NI 115% ~125% 150%

$1,000 100%

50%

$- 0% 2013 2014 2015 2016E

All figures referenced reflect Danaher results from continuing operations. Expect FCF to exceed Net Income for the 25th consecutive year in 2016 M&A – Our Strategic Approach

M&A Considerations – What We Look For

MARKET COMPANY Secular and structural VALUATION growth drivers Competitive market Fragmented position Focus on ROIC (consolidation Strong brand and/or DBS opportunities opportunities) channel Sustainability Consistent revenue Synergies with Danaher visibility OpCos Higher margin Combination of value and businesses growth deals Pursuing value creation opportunities with a tailored integration for each deal M&A – Where We Focus

Large Value Creating Opportunities

Platform Extensions Technology Additions High Growth Markets with Synergies to Platforms

Building a strong portfolio to drive shareholder value M&A – ROIC Performance

TODAY Start Average ROIC of High- MSD OpCos owned teens >10 years

Start TODAY Average ROIC of OpCos owned MSD DD 5-10 years

In 5 years TODAY Average ROIC of OpCos owned MSD DD < 2 years

All figures referenced are the weighted average ROIC for each group of OpCos shown. Consistent upward ROIC trajectory over the long-term Summary

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

Building a multi-industry, science & technology company

LIFE SCIENCES Dan Daniel, Executive Vice President Life Sciences Overview

Mid-teens ~$40B ~$5.3B OPERATING MARKET REVENUE MARGIN SIZE

Life Sciences Revenue 2016E Growth Drivers Evolution of life science research By Mix By Geography Growth of chronic diseases and infections ROW Equipment 9% HGM investing in basic and applied research capacity 40% NA HGM 35% 27% Customers Consumables 60% EU Pharma/biotech Food & beverage, 29% Government, academic forensics, hospital/ and clinical research reference labs

All financial metrics based on 2016E unless otherwise indicated. Leading global brands serving attractive markets 2016 Highlights

DBS having an immediate impact at Pall* MSD core growth and >400 bps OMX, >150 bps GM Improved OTD by >2,000 bps >$20M in working capital improvement

Continuing to expand margins, driving investment in innovation across the platform Core OMX >75bps, HGM revenue up HSD >100 new product launches in 2016/2017, including a 50% increase in LS Tools

Expanded growth and margin opportunity Entered highly attractive chromatography consumables market with Phenomenex acquisition Today ~75% of operating profit from OpCos owned < 7 years * Results since acquisition. All figures on this slide are for the nine months ended September 30, 2016 unless otherwise indicated. Positioned for a good 2016 finish and driving long-term results How We Win in Life Sciences

Strong global brands supported by high level of innovation Best-in-Class analytical technologies focused on key applications

Leverage global sales force to target highest growth segments

Service and low-cost manufacturing provides competitive advantage

Compete on performance, speed and accuracy in biopharma, academic, applied and clinical research verticals

Focused on areas of highest growth and highest customer impact Examples of DBS Tools

Growth Lean Leadership

Speed Design Executive Champion Lean Conversion Review Orientation

Leadership Accelerated Product Value Stream Danaher Leadership Development Mapping Program

Sourcing Workshop & Market Building Supply Base Segmentation Inclusive Leaders Management

Sales Force Production Preparation Situational Initiative/ Process Leadership Growth Lean Value Selling Danaher Materials Strategic Funnel Management System Negotiations Transformative Customer Service & Performance for Marketing Support Growth

Broad set of DBS tools provide levers for growth and operational improvements Broad Presence in Biologic Drug Development Process

Target Lead Drug Cell Line Pre-Clinical / Process Workflow selection & Generation / Production Development Clinical Development (Process Dev./Clinical validation Optimization and Commercial)

Market + MSD + HSD + HSD + HSD + HSD + HSD/ Growth LDD

Company

DHR Revenue ~$500M ~$1B

~$1.5B biologics revenue exposure across our Life Sciences Platform DBS Driving Growth – New Product Innovation in Biologics X500B QTOF Vi-CELL MetaFLEX SCIEX Beckman Coulter Life Sciences First high-res Mass Spec solution Identified unmet market needs and used existing specifically designed for complex technology to quickly develop new product biologics characterization Tests for cell viability, a critical component of Easy-to-use: accessible to even HSD biologics drug research and process development novice MS users MARKET Internal collaboration (Radiometer technology) GROWTH Compact footprint Differentiated BioPharmaView software enables faster < 6 mos decisions TO LAUNCH Increases exposure to fast- 22 hrs growing biologics market A DAY UPTIME < 60 sec TURN- AROUND

Unique new products to create value for our customers, expand addressable market by >$200M DBS Driving Growth – Innovation & Commercial Execution at BEC-LS New product innovation DBS disciplined tollgate process 2014 2016E Breakthrough innovation: Flow Cytometry R&D – Vitality <$50M >$100M Salesforce alignment & incentives From geography to specific R&D – NPD focus ~70% ~90% customer/market needs R&D – On-time to ~55% ~80% Sales & service – driving the right market behaviors to sell more of what we have Marketing – Visibility <10% ~85%

Demand generation Marketing – Lead < 30% >80% Market visibility & lead generation from conversion marketing and service leads Core Revenue Growth LSD MSD Funnel Management for growth execution

New product innovation & commercial execution drove >200 bps share gains DBS Driving Growth & Lean – SCIEX

Replaced JV structure with customer focused model, improved processes 2005 to 2010 to with DBS 2009 2016E

Targeted investments in innovation Core Revenue Growth LSD MSD/HSD driving above-market growth GM %* Completely refreshed product portfolio ~50% Mid-50s Integrated, best-in-class software R&D %* ~7% ~10% capabilities X500R/B QTOF are game changers in OMX routine testing - 300 bps + >600 bps

Commercial initiatives driving HGM %* < 15% >25% penetration in new markets and higher-growth segments # of New Products 1 >15

* As a % of total revenue. Franchise re-positioned for continued outperformance SCIEX – Phenomenex Acquisition

A leading provider of chromatography consumables

>60% ~25% ~95% GROSS OPERATING CONSUMABLES MARGINS MARGINS REVENUE

Strategic Rationale Highly attractive SCIEX adjacency with high consumables mix Strong brand, leading position in +MSD growth separations consumables market Opportunity to drive growth, productivity improvements, and enhanced GTM capabilities using DBS All financial metrics on this slide based on 2015 unless otherwise indicated. Expect double-digit ROIC in less than 5 years Summary

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

DBS growth tools driving new product innovation

Significant opportunity going forward through organic execution and attractive value creation via M&A

PALL Rainer Blair, President Pall Overview

Pall Revenue 2016E

By Mix By Geography

ROW Equipment Growth Drivers 11% NA 25% 30% Expanding production of biopharmaceuticals ~$2.8B HGM REVENUE Consumables 26% Increasing global standards of medical care 75% EU Environmental and safety regulations 33% Growing complexity in electronics manufacturing

By End-Markets Customers Process SUT, Lab 7% 21% Energy Pharma/Biotech/Medical Process industries, ~$20B Machinery 17% 30% Food/Dairy/Beverage micro-electronics MARKET Medical LS Ind. SIZE 13% Biopharma producers manufacturing 52% Aero Food & Bev MicroE 20% 14% 26% All financial metrics based on 2016E unless otherwise indicated. Outstanding, highly strategic asset with a very attractive business model Pall’s Biopharma Opportunity

Significant Runway in Biopharma Pall Touches Every Step of Bioproduction

Large and growing pipeline of biologic molecules Single-use technologies (SUT) adoption still in early innings Continuous bioprocessing still to come

7 of 10 top-selling drugs are biologics

>2,500 biologic molecules in the approval pipeline, +15% y/y

< 20% of current processes for marketed drugs use SUT 9 out of 12 FDA cleared biologics last year specified Pall products in their processes $4B+ addressable market growing LDD 2016 Highlights

Improving operational and commercial execution Increased on-time delivery (OTD) by >2,000bps and MSD CORE improved working capital turns by ~20%* GROWTH Increased sales funnel by 70%* Reducing manufacturing and operating costs >150bps Achieved >$100M in year 1 cost savings vs. initial GROSS STR Bioreactors (Biopharma) $60M target MARGIN SINCE ACQ. Accelerating innovation through reinvestment +50% increase in new product launches in 2016 across Life Sciences and Industrial >400bps OMX Reduced development time for “top 10” projects by 25%* SINCE ACQ. 5nm PTFE Filters (MicroE)

* Results since acquisition. All figures on this slide are for the nine months ended September 30, 2016 unless otherwise indicated. Pall is off to a strong start Tailored Acquisition Integration with DBS

Tailoring the Integration Leadership Using the Danaher Business System

Enhanced the Beckman playbook Growth Lean Prioritized the highest-impact issues Deep DBS “bench” in action Key Areas of Focus Pall associates fully embracing DBS Improving execution Reducing costs >50 >70% >300 OF ASSOCIATES DHR ASSOCIATES Accelerating innovation KAIZEN EVENTS COMPLETED DBS FACILITATING SINCE CLOSE TRAINING IN THE DBS FIRST 90 DAYS Rapid DBS adoption has been a critical driver of Pall’s great start DBS Driving Lean – Kaizens in Action

Lean Conversion Lean Kaizen Timonium, MD – Manufacturing Cell Pall Ilfracombe, UK – Facility OTD improvement from 82% to 95% Team 1: OTD from 85% to 96% Enabled same day response vs next day Team 2: 80% reduction in avg. stock outs Productivity improvement of 84% Team 3: 75% reduction in data entry time Reduced floor space required by 25% Team 4: 60% reduction in reworks

New cell for lower Floor space volume products & freed up same day / next day requests

All financial metrics on this slide represent changes since acquisition. Improvements in OTD enabling Pall to maximize value provided to customers DBS Driving Lean & Growth – Operational & Commercial Execution Meaningful gains in quality and delivery On-Time Delivery >250 operational process improvements (kaizens) +2,000 19 line moves, 4 plant/warehouse consolidations BPS Significantly reduced costs >$40M savings from procurement, scrap reduction Reduced logistics costs by ~10% 2015 2016E Reduced plant labor by 100bps (as % of sales) Marketing Generated DBS commercial initiatives driving better go-to- Sales Opportunities market capabilities >5X Stream-lined sales funnel process to improve win rates Marketing campaigns improving market visibility by 3x and sales opportunities by 5x

All financial metrics on this slide represent changes since acquisition unless otherwise indicated. 2015 2016E Better execution driving increased margins, accelerating growth opportunities DBS Driving Growth – Product Innovation

Recent Technology Recognition Pall has a strong innovative foundation Cadence >350 scientists worldwide across 11 facilities Acoustic >1,300 patents held, >680 pending, add ~25/year Separator Accelerating new product development Compressed cycle times with standard DBS tools 35 new products launched (vs 24 in 2015) Changing the Game in On-time to market project tracking up +2,700bps y/y Continuous BioProcessing Preserving entrepreneurial spirit with DBS rigor Focus on larger “breakthrough” projects Implemented new DBS-based framework to rapidly assess and convert concepts to actionable projects BioSMB GMP (Biopharma) DBS enables increased investment in innovation for competitive advantage Summary

Well-positioned to win, with exposure to high- growth end markets and critical applications

DBS helping drive cost savings, improve commercial initiatives and accelerate innovation

Pall is off to a great start with plenty of runway ahead

WATER QUALITY Lance Reisman, Group Executive Water Quality Overview

~$2.1B Mid-20s ~$15B OPERATING MARKET REVENUE MARGIN SIZE Growth Drivers Increasing regulatory requirements and changes Water Quality Revenue 2016E Water scarcity/drought conditions, sustainability

By Mix By Geography Demand for full workflow solutions, efficiency ROW Equipment 2% Customers 40% HGM 28% Municipal water facilities (waste & drinking water) NA 52% Industrial applications (food & beverage, pharma, Consumables 60% EU chemical, power) 18% Research & environmental, agriculture/irrigation

All financial metrics based on 2016E unless otherwise indicated. Strong fundamental growth drivers and diverse, global customer base 2016 Highlights

Expanding global presence, capabilities +DD increase in Feet-on-the-Street (FOTS) in NA, HGM +HSD service revenue growth Bolt-on acquisitions helping accelerate growth 7 deals over last 3 years expanding adjacencies and increasing presence in HGM Continued focus on innovation Trojan UVFlex winning in growing reuse space New product launches over past 3 years driving MSD growth in drinking water vertical in 2016

All figures on this slide are for the nine months ended September 30, 2016 unless otherwise indicated. Investment in new products and go-to-market driving share gains How We Win in Water Quality

End User Municipal Industrial Environmental

Served Municipal drinking and Industrial plants Government and scientific Customers waste water facilities (Power, F&B, O&G, etc.) research agencies

Monitor and treat Monitor and treat inflow, Measure natural resource Application drinking and wastewater utility and discharge water water (seas, rivers, weather)

Brand Equity

Deliver application expertise via Product Regulatory and workflow in End-to-end monitoring with products, service, proprietary drinking & waste water; Reuse differentiated capabilities Advantages chemicals

Direct selling (1,000+ Associates in Water Quality) & channel partner network Commercial Dedicated resources per OpCo focused on targeted segments Advantages Strategic initiatives (Transformative Marketing, Funnel Management, tender execution, services) Winning with strong brands, product & commercial innovation across segments Expanding Market Position via M&A

Expanding into Adding Communications Expansion in Meteorology Capabilities Latin America

Adds critical part of water Leading, differentiated Helping WQ gain share cycle management to communications position Strong footprint, direct portfolio Complementary portfolios reach Positive macro trends Direct channel strength in “Beachhead” for future Channel and project synergy regional expansion

Strategic Rationale Strategic NA, HGM project success Recent bolt-on successes augment core growth, provide additional M&A runway Examples of DBS Tools

Growth Lean Leadership

Speed Design Executive Champion Lean Conversion Review Orientation

Accelerated Product Value Stream Danaher Leadership Leadership Development Mapping Program

Sourcing Workshop & Market Building Supply Base Segmentation Inclusive Leaders Management

DBS is our sustainable competitive advantage, evolving over time DBS Driving Growth & Lean – Continued Success

Lean Growth Continuous improvement Using DBS growth initiatives carries on 10+ years later to drive share gains Commercial execution Problem Solving Process New products Lean Conversion Utilizing platform capabilities Funnel Management bps +400 Transformative Marketing OMX SINCE 2011 LEAD GEN. +2X REVENUE +200bps +110bps HACH 2016 ON-TIME GM REINVESTMENT +70bps DELIVERY SINCE 2011 R&D / S&M* BOOKINGS YTD SINCE 2011 GLOBAL KEY +15% ACCOUNTS * As a % of total revenues. HACH 2016 Driving profitability improvement while gaining ~150bps of share last several years DBS Building Leadership – Developing Leaders at Danaher

EXPERIENCE

COACHING 70% 20% TRAINING Stretch roles Application of key Development plan 10% learnings, develop execution Situational Leadership Delivering results Senior leader coaching Mentoring General Manager Experiential learning in Development Program Best practice sharing trainings Danaher Leadership Coaching guides Program

Utilizing a combination of development programs and processes DBS Building Leadership – Talent Development

Water Quality is a “net exporter” of talent Developed, promoted 26 and exported from WQ Filling leadership needs via internal fill SENIOR LEADERS over the last 3 years Candidate pool > existing senior positions (~2x+) New Presidents: typically held 4-6 developmental positions, 10 years at Danaher

Internal Fill Senior Leader Retention

100% >97% 100.00% >95% >95%

90% 80% 90.00%

80% 70% 80.00% President 70% 65% 70.00% President

60% 60.00%

50% 50.00%

40% 40.00%

30% 30.00%

20.00% CEO 20%

10.00% VP 10% HGM

0.00% 0% 2014 2015 2016E 2014 2015 2016E President DBS Office 2014 2015 2016E 2014 2015 2016E Water Quality developing leaders across the platform and Danaher Summary

Exposure to highly attractive segments within water, with breadth and scale across the portfolio

Continuous improvement enables high-impact organic and inorganic growth investments

DBS helping Water Quality develop leaders across the platform and Danaher

Giving Back

X-Rite partners with Hach is proud to Beckman Coulter’s Direct Relief uses Oral Health Junior Achievement support an long-standing innovative America’s mission to help empower organization partnership with approaches for the to improve and inspire young dedicated to ACS allows the efficient delivery of communities’ people through improving lives team to support medical aid, serving access to oral entrepreneurship, across the globe their local the needs of health care is a financial literacy with the most basic communities and communities close cause near and and work-readiness of human needs: many associates to our associates dear to KavoKerr programs. clean water. impacted by cancer. around the world. associates.

DIAGNOSTICS Arnd Kaldowski, President & Group Executive Diagnostics Overview

Mid- ~$5.0B ~$35B teens MARKET REVENUE OPERATING SIZE MARGIN Growth Drivers Diagnostics Revenue 2016E Rapid growth in healthcare expenditures in HGM Greater investment in preventative, predictive medicine By Mix By Geography Skilled labor shortage, cost pressures necessitating ROW automated solutions Equipment 7% 20% NA Customers HGM 39% Consumables 35% Hospital labs Hospital critical care 80% EU Reference labs Histopathology labs 19%

All financial metrics based on 2016E unless otherwise indicated. Exceptional product portfolio coupled with scaled, global presence 2016 Highlights

Driving productivity to fund growth OMX ~100bps and continuing to expand R&D, FOTS Line of sight to 20% OPM

Increased momentum of new platform launches BEC Dx expects meaningful new product revenue generated from recent product launches

Continued share gains across certain product lines and geographies RAD, LBS share gains in Blood Gas, POC Immunoassay, Adv. Staining HSD sales growth across HGM

Cepheid acquisition accelerates our molecular strategy Complementary addition with growth, OMX runway at DHR

All figures on this slide are for the nine months ended September 30, 2016 unless otherwise indicated. MSD core growth at LBS, Radiometer with continued OMX across the platform Cepheid Overview

~75% DD >$600M ~50% CORE CONSUMABLES REVENUE GROSS MARGIN REVENUE REVENUE GROWTH Cepheid is a leading player in the fast-growing, highly attractive molecular diagnostics (MDx) industry $6B market growing HSD/LDD, sizeable market penetration runway Only ~1/3 of US hospitals have MDx capabilities Largest installed base, broadest test menu in MDx Further strengthens Danaher’s $5B Diagnostics platform

Meaningful opportunities with DBS Operational efficiency, profitable growth, increased scale

(including in HGM) All financial metrics based on 2016E unless otherwise indicated. Significant growth runway, with tremendous upside through the platform & DBS How We Win in Diagnostics

Leading Breadth of Offering Products

Hematology, Emergency Scaled global Chemistry, Surgical, Microbiology Stem Cell BOND / Advanced Staining distribution and Intensive Care Neo-natal Transplant Fastest turn-around time service network in the market

Serving large Point of Care Anatomic Pathology, Chemistry / IA & Automation installed bases Cytology, Oncology, in all major Molecular Medicine Labs Tumor Boards Highest throughput in the market geographies

Automation Highest quality, broadest Blood Banking, Urinalysis product line for critical DBS services care testing at hospital POC

Innovative clinical workflow solutions enable customers to improve operations Examples of DBS Growth Tools

Growth Lean Leadership

Speed Design Executive Champion Lean Conversion Review Orientation

Leadership Accelerated Product Value Stream Danaher Leadership Development Mapping Program

Sourcing Workshop & Market Building Supply Base Segmentation Inclusive Leaders Management

Broad range of DBS tools deployed to drive growth DBS Driving Growth – in HGM

Dx HGM Revenue 2016E Application of DBS growth tools in HGM Other enables strong execution, market penetration E. Europe Building broader commercial capabilities ~$1.8B & Russia China REVENUE Middle East & Africa India Expanding direct channels to HGM end-users LatAm RAD, BEC Dx China salesforce now >2x vs 2011 BEC Dx Revenue: BEC Dx associates in LatAm, ME now >3x vs 2011 Going Deeper in China Localizing products – particularly in China >10% CAGR LBS launched new products developed by China R&D team BEC Dx opened R&D center in Suzhou for instruments, reagents: produce 120+ different assays

BEC Dx R&D engineers in China & India now >6x vs 2014 $- 2012 2013 2014 2015 2016E DD Diagnostics revenue CAGR in HGM over the last 5 years DBS Driving Growth – New Product Innovation Continued investment in R&D outpacing sales growth R&D spend: 2x sales growth over the last 2 years Number of Dx R&D associates up >25% vs 2013, BEC Dx up >30% DBS tools accelerating time to market Visual Project Management, Speed Design Review BEC Dx projects on-time to market from <25% to ~70% Increased momentum of new product launches Launched 8 new instruments in DxH500 ABL9 2015/16 vs 2 in 2014/15 VERIS Mid range Blood gas analyzer Molecular Diagnostics Hematology analyzer Diagnostics R&D +35% over the last 3 years, driving new product launch cadence Summary

Full scale offering across clinical diagnostics

Cepheid helps enhance our molecular diagnostics offering and the entire platform

DBS growth tools accelerating new product innovation and going deeper in HGM

PRODUCT ID Joakim Weidemanis, Group Executive Product ID Overview

~$1.6B Mid-20s ~$8B OPERATING MARKET REVENUE MARGIN SIZE Growth Drivers Demand for brand consistency PID Revenue 2016E Consumer product safety and traceability Changing consumer behavior in HGM By Mix By Geography Packaging used to drive demand, now a key element ROW in marketing campaigns Equipment 4% 45% NA 31% Customers HGM Consumables 35% Consumer packaged Packaging converters 55% EU goods (CPG) & printers 30% Pharmaceuticals Industrial products

All financial metrics based on 2016E unless otherwise indicated. Strong fundamental growth drivers and diverse, global customer base 2016 Highlights

New product innovation and expanded service capabilities drive share gains Esko: new software platforms for workflow digitization X-Rite: breakthrough appearance digitization offering DD service revenue growth continues; increased new product vitality Consistent DBS execution helping to fund reinvestment, accelerate core growth Sustainable productivity improvements, cost savings ~75bps core OMX Bolt-on acquisitions augmenting core growth Videojet: expanded traceability capabilities with Laetus

Esko: digital asset management with MediaBeacon All figures on this slide are for the nine months ended September 30, 2016 unless otherwise indicated. Videojet core revenue growth MSD or better in each of the last 7 years How We Differentiate and Win

Packaging Packaging Artwork Package Inline coding Distribution Strategy Design Creation printing and marking and Retail

2012 2002 Packaging management, CAD and pre-press software Marking and Flexography imagers Coding + 12 bolt-on acquisitions 2013 Spectrophotometers Color formulation SW

2013 “Anchor” “Anchor”

companies Color standards

Color workflow ons

- 2015 2015 Digital asset management Pharma inspection

and distribution software Track and Trace Bolt Acquiring and extending capabilities to support simplification & agility of packaging value chain Examples of DBS Tools

Growth Lean Leadership

Speed Design Executive Champion Lean Conversion Review Orientation

Leadership Accelerated Product Value Stream Danaher Leadership Development Mapping Program

Sourcing Workshop & Market Building Supply Base Segmentation Inclusive Leaders Management

Broad range of DBS tools driving operational improvements and share gains Videojet – Consistent DBS Execution Funding and Accelerating Growth

Focused on continuous improvement 64 lean kaizens in 2016 Consistently improve manufacturing productivity ~5% each year Continued material cost savings: procurement and value engineering efforts drive ~5% savings annually Expanded DBS application for process innovation and productivity Operating Margin Expansion Customer experience Commercial growth >200 BPS New product development

2014 2015 2016E Disciplined DBS application driving cost savings, enabling growth investments DBS Driving Growth – Transformative Marketing at Videojet “New” Customer Significant increase in qualified leads Equipment Revenue Generated through sustained, multi-year +85% initiative Digital and Tele-Lead generation +30% vs 2013 Expanding reach, improving messaging to 2013 2014 2015 2016E drive increased market productivity Targeted contacts +135% since 2013 Sales Engineer Productivity Organic web traffic +40% since 2013 +20% Integrating with Funnel Management for improved sales productivity

2013 2014 2015 2016E Commercial innovation added 100-200bps of growth DBS Driving Growth – Service Offering at Videojet Growing through disciplined service Fleet Connected Printers Under commercialization with Remote Service Service Contract Sustained DD growth over past 3 years 4x +45% Differentiating portfolio to better address customer needs, drive replacement Offerings based upon usage, response needs Drive customer productivity 2015 2016E 2014 2015 2016E Expanding Remote Service Solutions Videojet “Connect”: significantly faster response time, reduced cost to serve Expanding to full product range and installed base; using predictive analytics

Early innings of remote offering; differentiating with service to drive share gains DBS Driving Growth – Breakthrough Innovation at X-Rite World leader in color management Voice of the Customer To identify opportunity size and entry points Entering new market “beyond color” with breakthrough technology Digital Appearance Management Footwear personalization drives >10x increase Digitally rendered close to Digital Mechanical in use of new materials and colors reality models, different Model Virtualizing “design → concept” workflow cuts materials applied (digitally) time to market by 60%, simplifies materials Speed Design Review management Accelerated product development and launch Use of DBS accelerated project execution 40% reduction in design time Initial sales figures realized sooner post-launch

DBS helps turn innovative concepts into profitable products in less time Summary

Differentiated product suite extending through full packaging workflow

Focus on improvement driven by DBS contributes to commercial and new product innovation

Continue to outgrow the market, expand margins, execute M&A to augment growth

DENTAL Amir Aghdaei, Group Executive Dental Overview

Mid- ~$2.8B ~$20B teens MARKET REVENUE OPERATING SIZE MARGIN Growth Drivers Global demographic trends – aging population Dental Revenue 2016E Growing middle class in high growth markets

By Mix By Geography Digitizing the dental practice ROW Cosmetic and aesthetics dentistry Equipment 6% 30% HGM Customers 20% NA General practices Group practices Consumables 51% 70% EU Specialists: Endo / Ortho Schools, hospitals, 23% Perio / Surgical government

All financial metrics based on 2016E unless otherwise indicated. Strong fundamental growth drivers and diverse, global customer base 2016 Highlights

Approaching the Dental platform as a “new acquisition”

Improving performance trajectory LSD core revenue growth and >100bps OMX Nobel off to a great start: MSD growth, >500bps OMX since acquisition Ormco, Equipment: LSD/MSD core growth, improving margins Reinvesting: R&D up ~10%, commercial initiatives up 5%

Continued success in HGM +45% HGM annual revenue over the last 3 years, >500 FOTS in HGM A leading China dental player: >$150M sales, DD+ growth

Building scale at the platform level KaVo & Kerr integration announced Built platform digital center of excellence

Operational leverage: factory consolidation All figures on this slide are for the nine months ended September 30, 2016 unless otherwise indicated. Solid performance, good trajectory, more work to do Dental Platform Evolution

2005 2013 2016E Revenue $0.6B $2.1B $2.8B GM %* ~46% ~50% ~55% Platform Repositioning OPM %* ~5% Low-teens Mid-teens HGM %* 13% 18% >20% Brand consolidation R&D spend <$25M $75M >$150M Focused leadership team

10% Facility rationalization 30%

50% 50% New product investment

70% 90%

Equipment Consumables

* As a % of total revenues. Evolved into full-scale dental provider with equipment, consumables, implants How We Win in Dental

Breadth of Offering Reach Execute with DBS

>3,000 99% Growth OF Innovation investment SALES Leading brands in all DENTIST REPS Rigorous funnel management specialties OFFICES drives share gains >2,000 Seamless workflow COURSES Lean integration based on PER YEAR 50+ kaizens per year drive digital technologies OP improvement, generate reinvestment $ for growth Cover all dentists’ clinical needs Leadership Attract/retain the best talent – especially in HGM

Extensive portfolio, global partnerships, DBS is our competitive advantage Breadth of Offering – Providing the Full Dental Solution

Yesterday / Today: Point Solutions Today / Tomorrow: Integrated Workflows

Equipment Integrating, “owning” and optimizing dentists’ workflows Provide clinical know-how and efficiency improvements, ‘easy to use’ digital integration Cover entire dental workflows across Ortho, Endo, Implant and Restorative Consumables Full Product Nobel acquisition added incremental digital and workflow capabilities Suite Software / Digital

Treatment Diagnostics Treatment Planning Execution Transitioning the Dental platform from “Old World” to “New World” Examples of DBS Lean Tools

Growth Lean Leadership

Speed Design Executive Champion Lean Conversion Review Orientation

Leadership Accelerated Product Value Stream Danaher Leadership Development Mapping Program

Sourcing Workshop & Market Building Supply Base Segmentation Inclusive Leaders Management

Lean tools helping drive significant margin expansion at Dental Dental as a “New Acquisition” – Margin Development

Gross Margin G&A* + >75 -50 BPS BPS 2015 2016E 2015 2016E

Operating R&D* Margin + >100 +20 BPS BPS 2015 2016E 2015 2016E

* As a % of total revenues. Line of sight to 20% operating margins DBS Driving Lean – Ormco Example Series of Lean Kaizens Impact of Results in (over the last 12-18 months) Lean Conversion 2016E

+20% +30% -15% -35% >75bps CYCLE ON TIME PRODUC- SQ FT OMX Y/Y FOOTPRINT TIME DELIVERY TIVITY

+2X +50% -75% +15% PAST DUE INVENTORY THROUGH- YIELD +10% TURNS PUT / VOL. SHIPMENTS R&D SPEND Y/Y 5S tool storage improved Created capacity to absorb new product demand Heijunka level-loaded demand MSD Kanban deployed pull system CORE Revised cell layout for flow, productivity GROWTH

DBS driving growth and margin improvement at Ormco Repositioning for Growth

Consolidated Platform Structure

Until 2014 Today Future

>10 OpCos Build a 30% fewer sustainable $50-$400M sales each manufacturing sites, foundation sales offices based on DBS 10 Presidents, CFOs, et al. Brand consolidation Rejuvenated Consolidated innovation Separate operations, commercial leadership manufacturing sites Digitally Adding R&D, S&M integrated Limited leverage of capabilities workflow G&A / back-office

Focused structure to facilitate improving core growth and margins Summary

Breadth of product offering, full workflow solutions are differentiators

Cost savings and platform consolidation driving reinvestment into commercial initiatives and new products, led by DBS

Runway to 20% OPM and improving core growth

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

Exciting year with the Team executing well

Outstanding portfolio with significant growth and margin opportunities

Danaher Business System is our culture and our competitive advantage

Committed to creating long-term shareholder value 2017 Outlook

Core revenue growth of 3-4% with ~35-40% fall-through

Incremental contribution of ~$0.08* from Cepheid, Phenomenex, and other 2016 acquisitions

Incremental F/X headwind of ~$375M in revenue and ~$0.08* in EPS

Tax rate of ~21%, consistent with 2016

Anticipated EPS seasonality (as % of 2017 adjusted EPS guidance) Q1 ~21% Q2 ~25% Q3 ~24% Q4 ~30%

*Impact to adjusted EPS Includes all acquisitions closed through 12/14/2016. Adjusted EPS guidance of $3.85-3.95 2017 Adjusted EPS Guidance

$0.20 - $0.30 $3.85 - $3.95

$0.08 $3.59 ($0.08) $0.06

2016 adjusted EPS FX Productivity benefits, Contribution from Contribution from 3-4% 2017 adjusted EPS (mid-point of guidance) lower interest expense Cepheid, Phenomenex, core revenue growth at guidance offset by higher and other 2016 ~35-40% fall-through sharecount, inflation, acquisitions growth investments 2017 adjusted EPS guidance implies 7-10% growth y/y

Non-GAAP Reconciliations

Danaher Corporation Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures Year-Over-Year Core Operating Margin Changes

Total Company

Nine Month Period Ended October 2, 2015 Operating Danaher Corporation Profit Margins from Continuing Operations (GAAP) 14.90% Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures First nine months 2016 impact from operating profit margins Gross Profit, Research & Development and Sales and Marketing Expense Excluding the Impact of Pall of businesses that have been owned for less than one year or were disposed of during such period and did not qualify as Nine Month Period Ended September 30, 2016 discontinued operations (0.45) Less Impact of Pall and Pall Danaher Corporation Third quarter 2016 gain on resolution of acquisition-related Danaher Corporation acquisition-related items excluding Pall Impact matters 0.15 Acquisition-related transaction costs deemed significant, change in (GAAP) ("Pall Impact") (Non-GAAP) control payments, and fair value adjustments to inventory, in each case Year over Year Change: related to the acquisition of Pall Corporation and incurred in the third Gross Profit as % of Sales 110 Bps 20 Bps 130 Bps quarter of 2015. 0.70 R&D and S&M as % of Sales (80) Bps 170 Bps 90 Bps Fair value adjustments to Nobel Biocare acquisition-related inventory incurred in the first quarter of 2015 0.20 Year-over year core operating profit margin changes for first nine months 2016 (defined as all year-over-year operating profit margin changes other than the changes identified in the line items above) (Non-GAAP) 0.90 Nine Month Period Ended September 30, 2016 Operating Profit Margins from Continuing Operations (GAAP) 16.40% Adjusted EPS guidance of $3.85-3.95 Non-GAAP Reconciliations

Danaher Corporation Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures Reconciliation of Operating Cash Flows from Continuing Operations (GAAP) to Free Cash Flow from Continuing Operations (Non-GAAP) $ in Billions Years Ended December 31

2013 2014 2015 2016E Free Cash Flow from Continuing Operations ($ in millions): Operating Cash Flows from Continuing Operations (GAAP) $ 2.4 $ 2.7 $ 2.8 $ 3.1

Less: purchases of property, plant & equipment (capital expenditures) from continuing operations (GAAP) (0.5) (0.5) (0.5) (0.6)

Free Cash Flow from Continuing Operations (Non-GAAP) $ 1.9 $ 2.2 $ 2.3 $ 2.5

Ratio of Free Cash Flow to Net Earnings ($ in millions):

Free Cash Flow from Continuing Operations from Above (Non-GAAP) $ 1.9 $ 2.2 $ 2.3 $ 2.5

Net Earnings from Continuing Operations (GAAP) 1.7 1.6 1.7 2.0

Free Cash Flow from Continuing Operations to Net Earnings from Continuing Operations Conversion Ratio (Non-GAAP) ˜115% ˜135% ˜133% ˜125% Adjusted EPS guidance of $3.85-3.95 Non-GAAP Reconciliations

Danaher Corporation Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures Adjusted Forecasted Diluted Net Earnings Per Share from Continuing Operations

Year Ended December Year Ending December 31, 31, 2015 2016

High End Mid-point Year-Over-Change Low End of of of (mid-point of Guidance Guidance Guidance 2016E guidance Actual Range Range Range compared to 2015) Forecasted Diluted Net Earnings Per Share from $ 2.47 $ 2.86 $ 2.90 Continuing Operations (GAAP) Pretax amortization of acquisition-related intangible 0.56 A 0.81 A 0.81 A assets Pretax acquisition-related transaction costs deemed 0.21 B - - significant and fair-value adjustments Pretax charge for early extinguishment of borrowings 0.26 C 0.26 C

Pretax gain on resolution of acquisition-related matters (0.02) D (0.02) D

Pretax gain on sales of investments (0.02) E (0.32) E (0.32) E Tax effect of all adjustments reflected above (0.16) F (0.16) F (0.16) F Discrete tax adjustments and other tax-related (0.08) G 0.14 G 0.14 G adjustments Forecasted Adjusted Diluted Net Earnings Per Share $ 2.98 $ 3.57 $ 3.61 $ 3.59 from Continuing Operations (Non-GAAP) 1 20%

1 The forward-looking estimates set forth above do not reflect future Fourth-Quarter 2016 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 discreteAdjusted tax items. EPS guidance of $3.85-3.95 Non-GAAP Reconciliations

Danaher Corporation Reconciliation of GAAP Financial Measures to Non-GAAP Measures Adjusted Forecasted Diluted Net Earnings Per Share from Continuing Operations Notes

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

Year Ending Year Ended December 31, December 31, 2016 E 2015 Pretax $ 567.8 $ 396.7 After-tax 424.9 313.4 B Fair value adjustments to inventory ($20 million pretax as presented in this line item, $15 million after-tax) incurred in the year ended December 31, 2015, in connection with the acquisition of Nobel Biocare. Acquisition-related transaction costs deemed significant ($21 million pretax as presented in this line item, $16 million 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 to the acquisition of Pall Corporation and incurred in the year ended December 31, 2015 ($107 million pretax as presented in this line item, $84 million after-tax) Danaher deems acquisition-related transaction costs incurred in a given period to be significant (generally relating to Danaher’s larger acquisitions) if it determines that such costs exceed the range of acquisition-related transaction costs typical for Danaher in a given period

C Charge for early extinguishment of borrowings ($179 million pretax as presented in this line item, $112 million after-tax) for the year ending December 31, 2016. The Company did not incur any charges related to the early extinguishment of borrowings in 2015, and therefore no such elimination item is reflected in the calculation of Adjusted Diluted Net Earnings Per Share From Continuing Operations for such prior period. D Gain on resolution of acquisition-related matters ($18 million pretax is presented in this line item, $14 million after-tax) for the year ending December 31, 2016. E Gain on sales of investments in the year ended December 31, 2015 ($12 million pretax is presented in this line item, $8 million after-tax). Gain on sales of investments in the year ending December 31, 2016 ($223 million pretax is presented in this line item, $140 million after- tax). F This line item reflects the aggregate tax effect of all nontax adjustments reflected in the table above. In addition, the footnotes above indicate 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. G Discrete income tax gains net of discrete income tax charges incurred in the the year ($58 million) ended December 31, 2015 and Fortive separation-related tax costs related to repatriation of earnings, legal entity realignments and other discrete matters ($99 million) in the nineAdjusted month periods ended September EPS 30, 2016. guidance of $3.85-3.95 Non-GAAP Reconciliations

Danaher Corporation Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures Adjusted Forecasted Diluted Net Earnings Per Share from Continuing Operations Year Ending December 31, 2017 High End of Low End of Guidance Guidance Range Range Forecasted Diluted Net Earnings Per Share from Continuing $ 3.13 $ 3.23 Operations (GAAP) 1 Pretax amortization of acquisition-related intangible 0.91 A 0.91 A assets Tax effect of all adjustments reflected above (0.19) B (0.19) B Forecasted Adjusted Diluted Net Earnings Per Share from $ 3.85 $ 3.95 Continuing 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. 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, 2017 E Pretax $ 644.4 After-tax 509.1 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 theAdjusted tax effect of such item is EPSestimated by applyingguidance such specific tax rate of or tax $3.85 treatment. -3.95