DANAHER CORPORATIONTom Joyce, President & CEO

J.P. MORGAN HEALTHCARE CONFERENCEJANUARY 14, 2020

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Forward Looking StatementsStatements in this presentation that are not strictly historical, including any statements regarding events or developments that we 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 fromthose 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, theuncertainty of regulatory approvals with respect to the GE Biopharma acquisition and the timing or conditionality thereof, the parties' ability to satisfy the acquisition agreement conditions andconsummate the acquisition of GE Biopharma on the anticipated timetable and terms or at all, Danaher's ability to successfully integrate GE Biopharma's operations and employees with Danaher'sexisting business, the ability to realize anticipated financial, tax and operational synergies and benefits, GE Biopharma's performance and maintenance of important business relationships,deterioration of or instability in the economy, the markets served by us or GE Biopharma and the financial markets, developments and uncertainties in U.S. policy stemming from the U.S.administration, such as changes in U.S. trade and tariff policies and the reaction of other countries thereto, contractions or growth rates and cyclicality of markets we serve, competition, our abilityto 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, ourcompliance with applicable laws and regulations (including regulations relating to medical devices and the health care industry), the results of our clinical trials and perceptions thereof, our abilityto effectively address cost reductions and other changes in the health care industry, our ability to successfully identify and consummate appropriate acquisitions and strategic investments andsuccessfully complete divestitures and other dispositions, our ability to integrate the businesses we acquire and achieve the anticipated benefits of such acquisitions, contingent liabilities relatingto acquisitions, investments and divestitures (including tax-related and other contingent liabilities relating to past and future IPOs, split-offs or spinoffs), security breaches or other disruptions ofour 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 otherintangible 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 othercontingent liabilities including intellectual property and environmental, health and safety matters, the rights of the United States government to use, disclose and license certain intellectualproperty 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 debtobligations on our operations and liquidity, our relationships with and the performance of our channel partners, uncertainties relating to collaboration arrangements with third-parties, commoditycosts 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 ourproducts and services, labor matters, international economic, political, legal, compliance and business factors (including the impact of the United Kingdom’s decision to leave the EU anduncertainty relating to the terms and timing of such separation), disruptions relating to man-made and natural disasters and pension plan costs. Additional information regarding the factors thatmay cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2018 Annual Report on Form 10-K and Quarterly Reports on Form10-Q for each of the first, second and third quarters of 2019. These forward-looking statements speak only as of the date of this presentation and except to the extent required by applicable law, theCompany 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, definitions and the accompanying information required by SEC Regulation G can be found in the back ofthe presentation and in the “Investors” section of Danaher’s web site, www.danaher.com, under the heading “Events and Presentations”. All references in this presentation (1) to financial metricsrelate only to the continuing operations of Danaher’s business, unless otherwise noted; (2) to “growth” or other period-to-period changes refer to year-over-year comparisons unless otherwiseindicated; (3) to operating profit below the segment level exclude amortization; (4) to “today” refers to the Company’s 2018 performance, unless otherwise indicated; and (5) to “2019 9M” refers tothe first nine months of 2019. We may also describe certain products and devices which have applications submitted and pending for certain regulatory approvals.

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Strong finish to 2019 with Q4 better than expected— Core growth above previously announced guidance, led by Life

Sciences and Diagnostics— Adjusted EPS at or above the high end of our previously

announced guidance range

Current Update

Continued progress with GE Biopharma acquisition— Received EU conditional clearance in Dec. 2019— Expect to close in Q1 2020

2019 was an outstanding year

Completed Envista exchange offer / split-off in Dec. 2019

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How we win in Diagnostics

Cepheid: three years in

Danaher: where we are today

What You’ll Hear Today

Danaher Today

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LIFE SCIENCES DIAGNOSTICS

WATER QUALITY

ENVIRONMENTAL & APPLIED SOLUTIONS

PRODUCT ID

~$6.5B ~$6.3B ~$4.3B

All financial metrics reflect FY 2018 reported revenue including results from discontinued operations.

Multi-industry science & technology portfolio provides competitive advantages

Revenue by Mix

Revenue by Geography

Revenue by Go-to-Market (GTM)

ROW6%

NA39%

W. EU24%

HGM31%

Recurring70%

Non-recurring

30%

Direct~70%

Dist-ribution~30%

High quality recurring revenue across the portfolio

Strong Recurring Revenue

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PORTFOLIO UNITED BY COMMON BUSINESS MODEL• Steady consumables stream off extensive installed

base• High value, ‘mission-critical’ applications that demand

high quality products to meet regulatory requirements

BENEFITS & OPPORTUNITIES• Reduced risk of revenue volatility• Increased customer intimacy• Higher margin opportunities enable reinvestment

OPCO EXAMPLES

RAZOR / RAZOR-BLADE

• Consumables revenue 2-5X instrument rev.

• Long-term contracts

SPEC’D IN

SERVICE

• FDA-approved or cleared processes i.e. biologic drug production

• Like-for-like replacements i.e. EPA methods

• Increase in attachment rates• MSD/HSD service revenue

CAGR over the last 3 years

Total DHR Revenue

By Mix (2018)

Recurring70%

Non-recurring

30%

All financial metrics reflect FY 2018 reported revenue including results from discontinued operations.

Danaher Business System (DBS)

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DBS is our competitive advantage: it’s who we are, and how we do what we do

“OMX” is Operating Margin Expansion; “WC” is Working Capital

SHAREHOLDERCORE REVENUE GROWTHOMXCASH FLOW / WC TURNSROIC

CUSTOMER QUALITY (EXTERNAL PPM)ON-TIME DELIVERY (OTD)

ASSOCIATE INTERNAL FILL RATERETENTION

8 CORE VALUE DRIVERS (CVDs)

Core Revenue Growth+

Margin Expansion+

Strong Free Cash Flow+

Acquisitions=

TOP QUARTILE EPS GROWTH &COMPOUNDING RETURNS

How We Create Value With DBS: Running the Danaher Playbook

IMPROVE COST STRUCTURE

Balanced approach to create shareholder value

REINVEST FOR GROWTH

ACCELERATE MARGINS & CORE GROWTH

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G&A

S&M

OMXCore Growth

R&D

GrossMargins

Strong brands with a broad global presence

TOTAL REVENUE$6.3B

RevenueBy Mix

By Geography

By OpCo

Beckman Diagnostics

Radiometer

LBS

Cepheid

Recurring84%

Nonrecurring16%

All financial metrics based on FY 2018 unless otherwise indicated; all pie chart percentages are % of 2018 revenues

ROW6% NA

38%

W. EU19%

HGM37%GLOBAL GROWTH DRIVERS

• Improving standards of care in HGM

• Skilled labor shortages & cost pressures necessitating automated solutions

• POC & decentralization of health care

DIAGNOSTICS

ADJ. EBITDAMARGIN

CORE REVENUEGROWTH Q3’19 YTD7.0%

>25%

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Diagnostics Platform Evolution

Focusing our Diagnostics portfolio on attractive end-markets

5 YEARS AGO Immuno-

assay

Pathology

ClinicalChemistry

Molecular

Acute /POC

OtherClinical

Chemistry

Acute /POC

Hematology &Urinalysis

Other

Immuno-assay

Pathology

MSD/HSD50% OF REV.

Hem. &Urinalysis

LSD 50% OF REV. LSD 30% OF REV.

DD 15% OF REV.

MSD/HSD55% OF REV.

$4.4BREVENUE

~4%CORE GROWTH

HIGH-TEENSADJ. EBITDA MARGIN

$6.3B REVENUE

7.0%CORE GROWTH

>25%ADJ. EBITDA MARGIN

TODAYREVENUE & CORE GROWTH MIX

MicroScan2004 2018

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“Today” refers to 2019 9M core revenue growth; all other figures represent FY 2018 performance

Comprehensive portfolio with strong footholds across Dx landscape

Well-Positioned in Diagnostics

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BEST IN CLASS MOLECULAR DX

SCALED “NICHE” POSITIONS

STRONG CORE LAB PRESENCE

• Largest installed base & test menu

• DD core growth

• Each ~$1B annual revenue

• HSD core growth

INDEXING OUR PORTFOLIO TO ATTRACTIVE PARTS OF THE INDUSTRY

• A leading player• MSD core growth

Surgical, Intensive Care

Anatomic Pathology, Cytology,

Molecular Medicine Labs

Hematology, Chemistry, Microbiology

Blood Banking, Urinalysis

Point of Care

Oncology, Tumor Boards

Emergency

Neo-natal

WHERE WE PLAY

Core revenue growth rates above refer to the businesses’ performance in the first nine months of 2019

Our Diagnostics platform is outperforming peers

How We Win in Diagnostics

OUR STRATEGIC FOCUS

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DHRDiagnostics

Platform

DiagnosticsPeers

DHRDiagnostics

Platform(incl.

Cepheid)

DiagnosticsPeers

CORE REVENUE GROWTH VS PEERS

2014 – 2016 2017 – 2019 9M

LSD

MSD

CUSTOMER-CENTRICSOLUTIONS

INNOVATION & COMMERCIALEXECUTION

HIGH GROWTHSEGMENTS

DBS Growth tools driving higher cadence of innovation and improving commercial execution

+3XNUMBER OF DX PLATFORM

2019 CLINICAL TRIALS VS. 3 YEARS AGO

Best-in-class automation, software & service to provide consistent, reliable results to improve patient outcomes

BECKMAN DXA 5000(AUTOMATION)

Strong positions in attractive, fast-growing areas of the industry: molecular, POC, HGM

>$2BDX PLATFORM

2018 HGM REVENUE

EXAMPLES

Tailored Approach to an Acquisition

Selective application of DBS tools to drive most impactful results

COMMERCIAL EXECUTION

OPERATIONAL LEVERAGE

BUILD GLOBAL SCALE

KEY PRIORITIES

• 20 DHR associates facilitated DBS post close

• ~200 senior leaders completed DBS Orientation in the first 6 months

DBS INTEGRATION

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Manufacturing inefficienciesCapacity constraintsHigh indirect costs (as % of revenue)

Limited market visibility and structured, replicable sales & marketing processes

Predominantly in developed markets with limited presence in attractive HGM

SITUATION AT ACQUISITION

Rapid DBS adoption has been a key driver of Cepheid’s performance

COMMERCIAL EXECUTION

OPERATIONAL LEVERAGE

BUILD GLOBAL SCALE

~$600M >$1.0B

DD DD

$50M~50% ~60%

Flat/LSD ~20%

Annual Revenue

Core Growth

Annual R&D Spend

Gross Margin

Operating Profit Margin

AT ACQ. TODAY

Cepheid Update: Results Since Acquisition

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PRODUCT QUALITY IMPROVEMENTS

+10%

REVENUE IN CHINA SINCE ACQUISITION

+5X

KEY PRIORITIES & RESULTS

+3XMARKET

VISIBILITY

+2XSALES

FUNNEL $

+20%NEW

CUSTOMERS

APPROVED IN CHINA TODAY

5 TESTS

INDIRECT COSTS AS % OF REVENUE

-200BPS

3 YEARS IN

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Best-in-class Diagnostics platform well-positioned in attractive, fast-growing parts of the market

Cepheid exceeding initial expectations, with outstanding results driven by the team’s DBS execution

Strong portfolio united by a common business model and the Danaher Business System (DBS)

Summary

Non-GAAP Reconciliations

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Diagnostics

Operating Profit (GAAP) 1,073.8$

Depreciation 379.2

Amortization 209.8

Adjusted EBITDA (Non-GAAP) 1,662.8$

Interest, net

Other Income

Income Taxes

Depreciation

Amortization

Net Income Continuing Ops (GAAP)

Net Sales 6,257.6$

Adjusted EBITDA Margin (Non-GAAP) >25%

Year-Ended December 31, 2018

(1) Management defines "Adjusted EBITDA" as GAAP operating income excluding (1) depreciation and (2) amortization, and defines "Adjusted EBITDA Margin" as Adjusted EBITDA divided by sales.

Diagnostics Core Revenue Growth% Change Nine-Month

Period Ended September 27, 2019 vs.

Comparable 2018 Period

Total Sales Growth (GAAP) 4.0%Less the impact of: Currency exchange rates 3.0%

Core Revenue Growth (Non-GAAP) 1 7.0%

1 We use the term “core revenue” to refer to GAAP revenue excluding (1) sales from acquired businesses recorded prior to the first anniversary of the acquisition less the amount of sales attributable to divested businesses or product lines not considered discontinued operations (“acquisition sales”) and (2) the impact of currency translation. The portion of GAAP revenue attributable to currency translation is calculated as the difference between (a) the period-to-period change in revenue (excluding acquisition sales) and (b) the period-to-period change in revenue (excluding acquisition sales) after applying current period foreign exchange rates to the prior year period. We use the term “core revenue growth” to refer to the measure of comparing current period core revenue with the corresponding period of the prior year.