DANAHER CORPORATION

Tom Joyce, President & CEO

J.P. MORGAN HEALTHCARE CONFERENCE

JANUARY 9, 2018

Forward Looking Statements

2

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, 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 compliance with applicable laws and regulations (including regulations relating to medical devices and the health care industry), our ability

to effectively address cost reductions and other changes in the health care industry, 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 such

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), security breaches or other disruptions of our information technology systems or violations of data privacy laws, the impact of our

restructuring activities on our ability to grow, 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, changes in tax laws applicable to multinational companies, litigation and other contingent liabilities including intellectual property and environmental,

health and safety matters, the rights of the United States government to use, disclose and license certain intellectual property we license if we fail to commercialize it, 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, uncertainties relating to collaboration arrangements with third parties, commodity costs and surcharges, our ability to

adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, the impact of deregulation on demand for our products and services, labor

matters, international economic, political, legal, compliance and business factors (including the impact of the UK's decision to leave the EU), disruptions relating to man-made and

natural disasters, 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 2016 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2017. These forward-looking statements speak

only as of the date of this presentation and except to the extent required by applicable law, 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 the non-GAAP financial measures referenced in the following presentation, the accompanying information required by SEC Regulation G can be found in the back of the

presentation and in the “Investors” section of Danaher’s web site, www.danaher.com, under the heading “Quarterly Earnings.” Unless otherwise indicated, the metrics in this

presentation refer to the first nine months of 2017. With respect to results over the last three-year or five-year periods, references to increases or decreases in a particular metric

compare the first nine months of 2017 to the twelve months immediately preceding the three- or five-year period; and references to performance over the entire period treat the first nine

months of 2017 as the final year of the period. All references in this presentation to “today” refer to the Company’s estimated 2017 performance (“2017E”), unless otherwise indicated.

LIFE

SCIENCESDIAGNOSTICS DENTAL

WATER QUALITY

ENVIRONMENTAL & APPLIED SOLUTIONS

All financial metrics shown reflect FY 2017E revenues

PRODUCT ID

~$5.7B ~$5.8B ~$2.8B ~$4.0B

Danaher Today

Multi-industry science & technology portfolio provides competitive advantages

3

TOTAL

REVENUE~$18B

ROW

7%NA

40%

EU

23%

HGM

30%

Revenue

By Mix

By Geography

Consumables

65%

Equipment

35%

GROSS

MARGIN

FREE CASH

FLOW TO

NET INCOME

~55%

>100%

UNITED BY COMMON

BUSINESS MODEL

• Outstanding brands with market-

leading positions

• Extensive installed base

• Strong ‘captive’ recurring revenues

• High level of customer intimacy

ADJUSTED

EBITDA

MARGIN>20%

Distribution

30%Direct

70%

Direct vs. Distribution

TOTAL

REVENUE

2017E~$18BSTRONG PORTFOLIO

Building & enhancing a sustainable growth, earnings

and free cash flow profile

4

Total revenue metric represents FY 2017 estimate, and all other financial metrics refer

to the 9 months ending Sep. 29, 2017

LIFE SCIENCES DIAGNOSTICS DENTAL

~$40B ~$35B ~$20B ~$15B

REGULATORY REQUIREMENTS

ADDRESSABLE MARKET SIZE

WORKFLOW EFFICIENCY

HIGH GROWTH MARKETS

IMPROVING STANDARDS OF CARE

ENVIRONMENTAL SAFETY

Strong secular drivers with high barriers to entry

WATER QUALITY

~$10B

PRODUCT ID

Well-Positioned Portfolio Serving Attractive End-Markets

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Danaher Business System (DBS) is Our Competitive Advantage

6

Core Revenue Growth

+Margin Expansion

+Strong Free Cash Flow

+Acquisitions

=TOP QUARTILE EPS GROWTH &

COMPOUNDING RETURNS

G&A

S&M

OMXCore

Growth

R&D

Gross

Margins

AVG. ANNUAL

CORE OMX

GROSS

MARGIN

EXPANSION+200BPS

RESULTS: LAST 3 YEARS

>75BPS

AVG. ANNUAL

ADJUSTED EPS

GROWTHMid-teens

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How We Create Value: Running the Danaher Playbook

FCF TO NET

INCOME>100%

Balanced approach to deliver long-term value to shareholders

Strong global brands with leading market positions

LIFE SCIENCES

Revenue

By Mix

By Geography

By End-Market

Industrial

Clinical Biopharma /

Pharma

Research

Applied

Consumables

60%

Equipment

40%

ROW

9%NA

35%

EU

29%

HGM

27%

8

TOTAL

REVENUE

2017E

ADJUSTED

EBITDA

MARGIN

ADDRESSABLE

MARKET SIZE

~$5.7B

~$40B

~25%

Total revenue metric represents FY 2017 estimate, and all other financial metrics refer

to the 9 months ending Sep. 29, 2017

Running the Danaher Playbook: Life Sciences Platform

~$2.4B REVENUE

<40% AFTERMARKET

5 YEARS AGO

~$5.7B REVENUE

~60% AFTERMARKET

TODAY

2005 2009 2010 2011 2012 2013 2014 2015 2016 2017

~$19B SPENT ON 25+ ACQUISITIONS SINCE 2005

Enhancing our growth trajectory with DBS rigor & inorganic opportunities

OP & OPM exclude amortization

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GROSS

MARGIN

EXPANSION

CORE

REVENUE

CAGRMSD

RESULTS: LAST 5 YEARS

+300BPS

>20% OP CAGR

AVG. ANNUAL

CORE OMX>100BPS

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Focused on areas of highest growth & highest customer impact

How We Win in Life Sciences

Indexing our portfolio to high-growth end markets –

geographically and in terms of applications

Best-in-Class analytical technologies & high level of

innovation focused on key applications

Increasing aftermarket business with frequent, high-

quality touch points and differentiated offering

Global high-tech sales force to target highest growth

segments & regional opportunities

OUR STRATEGIC FOCUS

INNOVATION

SERVICE

COMMERCIAL

HIGH GROWTH

SEGMENTS

Pall Update: Actions & Results Since Acquisition

Improving operational & commercial execution with DBS

ANTICIPATED CUMULATIVE COST

SAVINGS SINCE

ACQUISITIONYEAR 1: ~$125M

YEAR 2: ~$200M

YEAR 5: ~$350M

Reducing manufacturing & operating costs

Meaningful gains in quality & delivery

DBS commercial initiatives driving better go-to-

market capabilities

Accelerating innovation through reinvestment and

focused R&D processes

OPERATIONS

COMMERCIAL

INNOVATIONNUMBER OF

NEW PRODUCT LAUNCHES

NET WORKING CAPITAL

IMPROVEMENT~$100M

+50%

ON-TIME-DELIVERY

IMPROVEMENT>2,000BPS

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Strong brands with a broad global presence

DIAGNOSTICSTOTAL

REVENUE

2017E

ADJUSTED

EBITDA

MARGIN

ADDRESSABLE

MARKET SIZE

~$5.8B

~$35B

>20%

Revenue

By Mix

By Geography

By End-Market

Beckman

Diagnostics

Radiometer

LBS

Cepheid

Consumables

80%

Equipment

20%

ROW

6%NA

39%

EU 19%

HGM

36%

12

Total revenue metric represents FY 2017 estimate, and all other financial metrics refer

to the 9 months ending Sep. 29, 2017

Running the Danaher Playbook: Diagnostics Platform

Building a stronger platform through organic execution & inorganic opportunities

13

2004 2006 2008 2010 2012 2014 2016

Blood Gas HemoglobinImmunoassay

Histology Advanced StainingHistology

Consumables

Digital PathologyISH/FISH

Biopsy

Core Lab Urinalysis Middleware Microbio

Molecular~$300MREVENUE

~$5.8BREVENUE

TODAY

>$13B SPENT ON 20+ ACQUISITIONS SINCE 2004

G&A

AS % OF

SALES

GROSS

MARGIN

EXPANSION+400BPS

RESULTS: LAST 5 YEARS

-200BPS

+200BPSR&D

AS % OF

SALES

+100BPSS&M

AS % OF

SALES

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Innovative clinical workflow solutions enable customers to improve operations

How We Win & Where We Play in Diagnostics

OUR COMPETITIVE ADVANTAGE

COMPREHENSIVE PRODUCT SUITE

PROVIDING SUPERIOR WORKFLOW EFFICIENCY

AUTOMATION &

SOFTWARE

DIFFERENTIATED OFFERING FOR OUR CUSTOMERS

FASTEST TURN-

AROUND TIMEHIGHEST

THROUGHPUT

HIGH QUALITY,

WITH BROADEST

MENUBOND / Advanced Staining Chemistry / IA & Automation

WHERE WE PLAY

TEST MENU

EXPANSION

GLOBAL

DISTRIBUTION &

SERVICE NETWORK

Surgical,

Intensive Care

Anatomic Pathology,

Cytology,Molecular Medicine Labs

Hematology,

Chemistry, Microbiology

Blood Banking,

Urinalysis

Point of Care

Oncology,

Tumor Boards

Emergency

Neo-natal

Cepheid Update: Actions & Results Since Acquisition

DBS helping to deliver sustainable core growth & margin expansion

Lean tools contribute to manufacturing productivity

gains and capacity expansion

DBS driving meaningful improvement in OTD

+3x sales team in China, small hospitals, POLs

Using Funnel Management to drive +2X increase in

qualified leads and win rate tracking

Continued menu expansion with Flu Express &

Group A Strep

OPERATIONS

COMMERCIAL

INNOVATION

DD DD

~50% ~55%

Flat/LSDMid-

teens

<80% >95%

AT ACQ. TODAY*1 YEAR IN

Core Growth

Gross Margin

Operating

Profit Margin

On-time Delivery

(OTD)

15

* As of Q3 2017

Summary

Building a better, stronger Danaher – Life Sciences and

Diagnostics platforms are two great examples

Focused on areas of highest growth & highest customer

impact in Life Sciences; Pall continues to execute well

Diagnostics platform focused on differentiated customer

offering; Cepheid is off to a great start

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Non-GAAP Reconciliation

18

Reconciliation of Average Core Operating Profit Margins from Continuing Operations

(in Basis Points)

Nine Month

Period Ended

December 31,

2015

December 31,

2016

September 29,

2017

Year-over year core operating profit margin

changes for first nine months 2017 and the

years ended December 31, 2016 and 2015

(non-GAAP) (See note below.)

85 115 60

Average >75

Full Year Ended

Note: Core operating margin changes defined as all period-over-period operating profit margin changes other than

the changes identified in the line items in the reconciliations for the particular period posted on this web site.