Healthcare Conference · Finance, HR, Legal, IT, Workplace Services FY12 Revenue $6.9B, Core...

31st Annual J.P. Morgan

Healthcare Conference

Agilent Technologies

1

January 8, 2013

Westin St. Francis

San Francisco, CA



William (Bill) P. Sullivan

Chief Executive Officer

This presentation contains forward-looking statements (including, without limitation, information and future guidance on our goals, priorities, revenues, demand, growth opportunities, customer service and innovation plans, new product introductions, financial condition, earnings, the continued strengths and expected growth of the markets we sell into, operations, operating earnings, and tax rates) that involve risks and uncertainties that could cause results of Agilent to differ materially from management’s current expectations. In addition, other risks that the company faces in running its operations include the ability to execute successfully through business cycles; the ability to successfully adapt its cost structures to continuing changes in business conditions; ongoing competitive, pricing and gross margin pressures; the risk that our cost-cutting initiatives will impair our ability to develop products and remain competitive and to operate effectively; the impact of geopolitical uncertainties on our markets and our ability to conduct business; the ability to improve asset performance to adapt to changes in demand; the ability to successfully introduce new products at the right time, price and mix, and other risks detailed in the company's filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended October 31, 2012. The company assumes no obligation to update the information in these presentations. These presentations and the Q&A that follows include non-GAAP numbers. A presentation of the most directly comparable GAAP numbers and the reconciliations between the non-GAAP and GAAP numbers can be found at http://www.investor.agilent.com under “Financial Results” and accompany this slide set.

Safe Harbor

January 8, 2013

*Presented on a non-GAAP basis; reconciliations to closest GAAP equivalent provided for actual results.

**Core growth is reported growth adjusted for the effects of M&A and FX. Reported growth for FY12 was 3.5%.

Order Fulfillment

Agilent Labs

Finance, HR, Legal, IT, Workplace Services

FY12 Revenue $6.9B, Core Growth** +2.5%, Operating Margin* 20%

The World’s Premier Measurement Company

ELECTRONIC

MEASUREMENT

GROUP

CHEMICAL

ANALYSIS

GROUP

LIFE

SCIENCES

GROUP

FY12 Revenue $3.3B

Operating Margin 23%

FY12 Revenue $1.6B


FY12 Revenue $1.6B


DIAGNOSTICS &

GENOMICS

GROUP

FY12 Revenue $0.4B


January 8, 2013

Q1’13 and FY13 Guidance*

*Presented on a non-GAAP basis; guidance as of November 19th, 2012

**Core revenue growth is adjusted for the effects of acquisitions and currency

Q1’13 FY13

Revenue $1.68B - $1.70B $7.00B - $7.20B

Revenue Growth

(midpoint) 3% 4%

Core Revenue** Growth

(mid-point) -2% flat

EPS $0.65 - $0.67 $2.80 - $3.10

EPS Growth (mid-point) -4% -5%

January 8, 2013

Cash and Capital Structure Update

January 8, 2013

• Cash of $2.4B. Net cash of $57M as of October 31, 2012

• Generated $485M cash from operations in Q4. Most cash held

outside U.S.

• Priority use of U.S. cash:

- dividend

- anti-dilutive share buyback

• Larger acquisitions meeting strategic and return criteria to be funded

by outside US cash and/or debt

• No plans to borrow to pay dividends or repurchase stock

End Markets % of Agilent

Q4’12 Revenue

($1.77B)

Market

Size(1)

$54B

Agilent Results

Q4’12 vs. Q4’11

Pharma & Biotech 14% $11B Up 6% driven by technology

refresh and shifts to lower cost

regions

Academic & Government 7% $10B Impacted by US Govt. budget

concerns. Down 10%

Diagnostics 6% $7B Primarily Dako related. Ex Dako,

revenues up 69%

Chemical & Energy 13% $4B Decreased 6% driven by

worldwide economic slow down

Environmental &

Forensics 9% $5B

Strength in Forensics offset by

government spending constraints

in Environmental. Down 1%

Food 5% $4B Dropped 2% vs Q4’11. Market

opportunities remain strong.

Industrial, Computers,

Semiconductor 20% $4B

Macroeconomic headwinds in

industrial offset strength in semi.

Decrease of 3% vs last year

Aerospace & Defense 10% $3B Improved from Q3, but down 2%

on govt. budget concerns

Communications 16% $6B Growth declined 8% after heavy

investment period. Technology

drivers remain favorable

Agilent End Market Performance – Q4’12

(1) Market size data per Company estimates

Mixed results: Up: Pharma & Biotech, Computers &

Semi, Forensics

Down: Aerospace & Defense,

Communications, Industrial, Academia

& Government, Chemical, Food,

Environmental

January 8, 2013

Continue to focus on four point strategy

• Market reach and customer trust

• Sales, service, and support reach into over 100 countries

• #1 customer loyalty ranking in every major product category*

• 41% of employees based in Asia

• Technology leadership

• 10% Revenue invested in R&D and ~2850 employees

• Highest performing Oscilloscopes, Sources & Signal Analyzers, Network

Analyzers, Liquid and Gas Chromatographs, and Mass Spectrometers

• Scale

• Among the lowest instrument cost of sales in the industry

• Purchasing power and infrastructure leverage

• Team

• Top quartile employee satisfaction

• Well below average industry turnover

*Source: Lieberman Research Worldwide

All built on Agilent’s operating model

Agilent’s Strategy to Win

January 8, 2013



Nick Roelofs, Ph.D.

President

Life Sciences Group

9

4-5% Long Term Market Growth

$1.6B

2012 LSG Revenue

15% 2012 LSG Operating Margin

Life Sciences Group Overview

$21B Market Size

Markets Market Position

#3

#4 Academic &

Government

Pharma/Biopharma

Asia Pacific Americas Europe

#1 in Liquid Chromatography (LC)

#3 in Mass Spectrometry (MS)

#2 in Nuclear Magnetic Resonance (NMR)

January 8, 2013

LSG also sells into the applied markets 2012 Revenue Mix by Geography

Macro Trends

• Technology upgrade cycles across multiple platforms

• Pharma/biopharma’s shift from new chemical entities (NCEs)

to new biological entities (NBEs) and biosimilars

• Significant potential for our platforms in emerging markets

• Relocation and decentralization of pharma’s infrastructure

• Investments in world-class academic base

• Green field opportunities in developed markets

• Clinical instrumentation

• Integrated biology

• Life sciences sample preparation

• General market uncertainty

• Political and economic questions in developed countries

• Academic funding risk in the U.S. and Europe

• Capital access concerns among customers

A Mix of Opportunities and Challenges

January 8, 2013

World-Class

Team

Operational

Excellence

Innovate

&

Differentiate

Customer-

Focused

Resource

Allocation

LSG - Why We Will Win

• Academic and

government channel

focus

• Increased emerging

markets coverage

• Industry-leading

support and service

• Superior product

quality

• Leading

technology with

R&D investments

and bolt-on M&A

• Advanced

workflow solutions

including software,

automation, and

sample prep

• Capitalize on

manufacturing in

Southeast Asia

• Leverage global

supply chain

• R&D investment –

partnership across

groups – EMG, DGG

• Life sciences and

adjacent market

expertise

• Emerging

markets

experience and

leadership

January 8, 2013

10-12% Long Term Market Growth

$402M 2012 DGG Revenue

16% 2012 DGG Operating Margin

Diagnostics and Genomics Group Overview

$7B Market Size

2012 Revenue Mix by Geography

Markets Market Position

#2

Emerging Molecular

Diagnostics

Anatomic

Pathology

Asia Pacific Americas Europe

DGG also sells into the pharmaceutical and

research markets

January 8, 2013

Macro Trends

January 8, 2013

Optional graphics/charts that

support textual content can go

here.

Growing Markets Driven by the Opportunity to Advance Human Health

Molecular

Diagnostics

Anatomic

Pathology

Research

• Growing market due to increasing patient population (aging,

lifestyle impacts); increasing understanding of cancer

markers and pathways; and greater access to healthcare in

emerging markets

• Companion diagnostics bring diagnostic and treatment

solutions together to enable personalized medicine

• Molecular diagnostic approaches offer improvements along

multiple vectors of speed, accuracy, ease of use, and total

cost

• These advantages restate traditional diagnostic tests onto

molecular platforms, as well as grow the overall diagnostic

market by bringing new capabilities to market

• Slowing growth due to macro conditions, cost pressures in

sequencing target enrichment

• Developing synthetic biology market

World-Class

Team

Operational

Excellence

Innovate

&

Differentiate

Customer-

Focused

Resource

Allocation

DGG - Why We Will Win

• Broad portfolio of

strong offerings: CGH

arrays, IHC/ISH,

special stains, and

primary stains

• Proven products in

research and clinical

markets

• Laboratory Information

Systems that enhance

customer workflows

• Industry-leading

companion

diagnostics

solutions

• Target enrichment

products to

enable move into

Next Generation

Desktop

sequencing

• SureFISH probes

with breakthrough

flexibility and

performance

• Leverage global

scale, distribution and

regulatory expertise

• Implement Agilent’s

systematic approach

to track and grow

customer satisfaction

• Diagnostic market

and chemistries

expertise

• Regulatory

experience and deep

knowledge of global

markets

January 8, 2013

Key Channel and Product Developments in Life

Sciences, Diagnostics, and Genomics

January 8, 2013

1290 Infinity

Upgrades New Quaternary Pump

allows for highest power

range available

Intelligent System

Emulation Technology

(ISET) advances

software applications

and ease of use

Dako

Acquisition Added regulatory and

diagnostics market

expertise

Provided new channel

for the launch of

SureFISH into the

clinical diagnostic

market

New automated stainer

to be launched in 2013

SureFISH

Launch Catalog of over 450

probes, the largest

oligo-based FISH

probe portfolio

Targets exomes on all

23 chromosomes

Clinical

LC/MS 1200 Infinity Series

Liquid Chromatographs

and 6000 Series Mass

Spectrometers are FDA

listed Class 1 Medical

Devices.

Maintain tight cost and hiring controls

• Deliver benefits of variable and discretionary cost structure, ~45% of

Agilent revenues

• Ongoing hiring controls in developed countries

Maintain investment in R&D and technology leadership

Deliver on key growth strategies

- Emerging markets

- Diagnostic/recurring revenue expansion

Drive gross margin improvements within LSG and CAG

• Manufacturing location rationalization

• Product redesigns

• Continued leverage of Agilent’s scale, worldwide purchasing power,

logistics, and infrastructure

Agilent’s Response to An Uncertain Environment

January 8, 2013



Agilent Technologies

January 8, 2013

Westin St. Francis

San Francisco, CA

Appendix

Q4’12 Segment Revenue Distribution by Geography

• Q4’12 YoY core* revenue growth: Americas 2%, Europe -2%, Asia Pacific -4%

• Q4’12 percentage of Agilent revenues: U.S. 30%, China 17%, Japan 10%

*Core revenue growth is adjusted for the effects of acquisitions and currency

January 8, 2013

January 8, 2013 Page

EMG

• Orders: $755M, -8% y/y (-7% core*)

• Revenues: $816M, -5% y/y (-4% core*)

• Operating Margin**: 23.2% of revenue, -120

basis points y/y

LSG

• Orders: $417M, -4% y/y (-1% core*)

• Revenues: $401M, flat y/y (+3% core*)

• Operating Margin**: 17.7% of revenue,

+350 basis points y/y

CAG

• Orders: $421M, flat y/y (+2% core*)

• Revenues: $394M, -3% y/y (flat core*)

• Operating Margin**: 24.6% of revenue, +60

basis points y/y

DGG

• Orders: $158M, +108% y/y (-3% core*)

• Revenues: $156M, +125% y/y (+4% core*)

• Operating Margin**: 16.7% of revenue,

+120 basis points y/y

*Core is adjusted for the effects of acquisitions and currency

**Presented on a Non-GAAP basis

Q4’12 Business Segment Financials

What it is What it is not

• Sustainable throughout a cycle.

• Goal to grow core revenue, under normal

economic conditions, at 8% CAGR

(+/- 4 ppt in any single year).

• Commitment to grow expenses at

reduced rate vs. core revenue growth.

• Cookie-cutter approach. Businesses will

generate different OM incrementals.

• Quarterly model. Quarterly top and

bottom-line results may vary.

Agilent Operating Model*

-1σ Most Likely +1σ

Core Revenue Growth** 4% 8% 12%

Expense Growth 3.5% 5% 6%

YoY OM Incremental 20% 36% 43%

*Presented on a non-GAAP basis. Not Company guidance

**Core revenue is adjusted for the effects of acquisitions and currency

January 8, 2013

Reconciliations

(In millions, except margins and ROIC data)

Q1 Q2 Q3 Q4 Total

Orders 757$ 957$ 811$ 755$ 3,280$

Net revenue 778$ 876$ 845$ 816$ 3,315$

Gross margin % 57.8% 57.0% 55.9% 57.1% 56.9%

Income from operations 160$ 205$ 197$ 189$ 751$

Operating margin % 20.6% 23.4% 23.3% 23.2% 22.7%

Segment Assets 2,029$ 2,149$ 2,184$ 2,157$

Return On Invested Capital (a)

, % 35% 48% 43% 41%

Q1 Q2 Q3 Q4 Total

Orders 797$ 844$ 842$ 822$ 3,305$

Net revenue 771$ 834$ 856$ 855$ 3,316$

Gross margin % 58.1% 59.5% 57.7% 58.4% 58.4%



Segment Assets 2,092$ 2,171$ 2,167$ 2,156$


, % 34% 42% 44% 45%

The preliminary segment information is estimated based on our current information.

AGILENT TECHNOLOGIES, INC.

ELECTRONIC MEASUREMENT SEGMENT

(Unaudited)

PRELIMINARY

FY 2012

FY 2011

Income from operations reflect the results of our reportable segments under Agilent's management reporting system which are not necessarily in

conformity with GAAP financial measures. Income from operations of our reporting segments exclude, among other things, charges related to the

amortization of intangibles, the impact of restructuring charges, acquisition and integration costs.

In general, recorded orders represent firm purchase commitments from our customers with established terms and conditions for products and

services that will be delivered within six months.

(a) Return On Invested Capital (ROIC) is a non-GAAP measure and is defined as income from operations less other (income) expense and taxes,

annualized, divided by the average of the two most recent quarter-end balances of assets less net current liabilities. The reconciliation of ROIC

can be found on page 13 of these tables, along with additional information regarding the use of this non-GAAP measure.

Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should

be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-

GAAP information provided by other companies.


Q1 Q2 Q3 Q4 Total

Orders 403$ 408$ 372$ 421$ 1,604$

Net revenue 396$ 388$ 381$ 394$ 1,559$

Gross margin % 51.7% 50.8% 50.1% 52.9% 51.4%



Segment Assets 1,726$ 1,727$ 1,739$ 1,768$


, % 20% 17% 18% 22%

Q1 Q2 Q3 Q4 Total

Orders 388$ 380$ 400$ 421$ 1,589$

Net revenue 349$ 381$ 383$ 405$ 1,518$

Gross margin % 51.1% 50.3% 50.7% 52.4% 51.1%



Segment Assets 1,716$ 1,756$ 1,748$ 1,772$


, % 15% 16% 18% 22%



CHEMICAL ANALYSIS SEGMENT

(Unaudited)

PRELIMINARY

FY 2012

FY 2011













Q1 Q2 Q3 Q4 Total

Orders 394$ 410$ 373$ 417$ 1,594$

Net revenue 395$ 395$ 391$ 401$ 1,582$

Gross margin % 50.9% 48.9% 50.5% 52.8% 50.8%



Segment Assets 1,439$ 1,449$ 1,462$ 1,477$


, % 17% 14% 17% 21%

Q1 Q2 Q3 Q4 Total

Orders 376$ 406$ 382$ 433$ 1,597$

Net revenue 338$ 392$ 383$ 402$ 1,515$

Gross margin % 52.1% 50.4% 49.8% 49.5% 50.4%



Segment Assets 1,377$ 1,497$ 1,500$ 1,479$


, % 14% 16% 15% 16%



LIFE SCIENCES SEGMENT

(Unaudited)

PRELIMINARY

FY 2012

FY 2011













Q1 Q2 Q3 Q4 Total

Orders 69$ 66$ 106$ 158$ 399$

Net revenue 66$ 74$ 106$ 156$ 402$

Gross margin % 62.6% 65.3% 60.8% 63.4% 62.9%



Segment Assets 381$ 377$ 2,645$ 2,595$


, % 9% 15% 2% 3%

Q1 Q2 Q3 Q4 Total

Orders 66$ 73$ 63$ 76$ 278$

Net revenue 66$ 72$ 70$ 69$ 277$

Gross margin % 59.7% 61.8% 59.2% 63.2% 61.0%



Segment Assets 330$ 355$ 355$ 358$


, % 7% 10% 10% 11%



DIAGNOSTICS AND GENOMICS SEGMENT

(Unaudited)

PRELIMINARY

FY 2012

FY 2011












AGILENT TECHNOLOGIES, INC

RECONCILIATION FROM GAAP TO NON-GAAP

YEAR ENDED October 31, 2012

(Unaudited)

PRELIMINARY

Acquisition & Agilent

Asset Intangible Transformational Integration Foundation Adjustment

(In millions, except per share amounts) GAAP Impairments Amortization Initiatives Costs Donation Other for Taxes Non-GAAP

Orders Change Year Over Year 2% 6,877$ -$ -$ -$ -$ -$ -$ -$ 6,877$ 2% Change Year Over Year

Net revenue Change Year Over Year 4% 6,858$ -$ -$ -$ -$ -$ -$ -$ 6,858$ 4% Change Year Over Year

Costs and expenses:

Cost of products and services Gross Margin 52.6% 3,254 - (88) (14) (37) - (2) - 3,113 54.6% Gross Margin

Research and development As a % of Revenue 9.7% 668 (1) - (1) (2) - (1) - 663 9.7% As a % of Revenue

Selling, general and administrative As a % of Revenue 26.5% 1,817 (15) (49) (10) (35) (10) - - 1,698 24.8% As a % of Revenue

Total costs and expenses 5,739 (16) (137) (25) (74) (10) (3) - 5,474

Income from operations Operating Margin 16.3% 1,119 16 137 25 74 10 3 - 1,384 20.2% Operating Margin

Other income (expense), net (76) - - - 14 - (12) - (74)

Income before taxes 1,043 16 137 25 88 10 (9) - 1,310

Provision (benefit) for income taxes Tax rate -11% (110) - - - - - - 320 210 16% Tax rate

Net income Net Margin 16.8% 1,153$ 16$ 137$ 25$ 88$ 10$ (9)$ (320)$ 1,100$ 16.0% Net Margin

Net income (loss) per share - Basic and Diluted:

Basic 3.31$ 0.05$ 0.39$ 0.07$ 0.25$ 0.03$ (0.03)$ (0.91)$ 3.16$

Diluted 3.27$ 0.05$ 0.39$ 0.07$ 0.25$ 0.03$ (0.03)$ (0.91)$ 3.12$

Weighted average shares used in computing net income (loss) per share:

Basic 348 348 348 348 348 348 348 348 348

Diluted 353 353 353 353 353 353 353 353 353

The preliminary reconciliation from GAAP to Non-GAAP net income is estimated based on our current information.

NON-GAAP ADJUSTMENTS

Percent

Q4'12 Q4'11 Inc/(Dec)

GAAP Revenue 1,767$ 1,728$

Varian acquisition fair value adjustments - 3

Non-GAAP Revenue 1,767$ 1,731$ 2%

Less revenue from acquisition and divestitures

included in segment results (86) -

Organic Non-GAAP Revenue 1,681$ 1,731$ -3%

Percent

Organic Non-GAAP Revenue by Region Q4'12 Q4'11 Inc/(Dec)

Americas 642$ 632$ 2%

Europe 388 419 -7%

Asia Pacific 651 680 -4%

Organic Non-GAAP Revenue 1,681$ 1,731$ -3%

The preliminary reconciliation of GAAP to Organic Non-GAAP revenue is based on our current information.

Management believes that these measures provide useful information to investors by reflecting an additional way of

viewing aspects of Agilent's operations that, when reconciled to the corresponding GAAP measures, help our investors

to better identify underlying growth trends in our business and facilitate easier comparisons of our revenue performance

with prior and future periods and to our peers. We excluded the effects of material acquisitions and divestitures

because the nature, size and number of these can vary dramatically from period to period and between us and our

peers, which we believe may obscure underlying business trends and make comparisons of long-term performance

difficult.


RECONCILIATION OF ORGANIC REVENUE

(In Millions)

(Unaudited)

PRELIMINARY

Non-GAAP revenue is defined as revenue excluding the fair value adjustment of the deferred revenue balances related

to the Varian acquisition. Organic Non-GAAP revenue is defined as Non- GAAP revenue excluding the impact of

material acquisitions and divestitures that have closed within the past year.

Year-over-Year

Currency

Adjustments (a)

Year-over-Year Year-over-Year

Non-GAAP Organic Revenue by Segment Q4'12 Q4'11 % Change Q4'12 Q4'12 Q4'11 % Change

LIFE SCIENCES 401$ 402$ 0% (11)$ 412$ 402$ 3%

CHEMICAL ANALYSIS 394$ 405$ -3% (12)$ 406$ 405$ 0%

ELECTRONIC MEASUREMENT 816$ 855$ -5% (8)$ 824$ 855$ -4%

DIAGNOSTICS AND GENOMICS 70$ 69$ 1% (2)$ 72$ 69$ 4%

AGILENT 1,681$ 1,731$ -3% (33)$ 1,714$ 1,731$ -1%

Currency

Adjustments (a)

Year-over-Year Year-over-Year

Non-GAAP Organic Revenue by Region Q4'12 Q4'11 % Change Q4'12 Q4'12 Q4'11 % Change

Non-GAAP Organic Revenue 1,681$ 1,731$ -3% (33)$ 1,714$ 1,731$ -1%

Americas 642 632 2% (4) 646 632 2%

Europe 388 419 -7% (24) 412 419 -2%

Japan 172 185 -7% (2) 174 185 -6%

Other Asia Pacific 479 495 -3% (3) 482 495 -3%

Total Non-GAAP Revenue 1,681$ 1,731$ -3% (33)$ 1,714$ 1,731$ -1%

Asia Pacific 651$ 680$ -4% (5)$ 656$ 680$ -4%

The preliminary reconciliation of non-GAAP revenue adjusted for the impact of currency is estimated based on our current information.


RECONCILIATIONS OF NON-GAAP ORGANIC REVENUE BY SEGMENT AND

NON-GAAP ORGANIC REVENUE BY REGION EXCLUDING THE IMPACT OF CURRENCY ADJUSTMENTS

(In Millions)

(Unaudited)

PRELIMINARY

NON-GAAP ORGANIC Currency-Adjusted

NON-GAAP ORGANIC Currency-Adjusted

(a)We compare the year-over-year change in revenue excluding the effect of foreign currency rate fluctuations to assess the

performance of our underlying business. To determine the impact of currency fluctuations, current period results for entities

reporting in currencies other than United States dollars are converted into United States dollars at the actual exchange rate in

effect during the respective prior periods.

Non-GAAP revenue is defined as revenue excluding the fair value adjustment of the deferred revenue balances related to the Varian acquisition. Organic Non-

GAAP revenue is defined as Non- GAAP revenue excluding the impact of material acquisitions and divestitures that have closed within the past year.

Percent

2012 2011 Inc/(Dec)

GAAP Revenue 6,858$ 6,615$

Varian acquisition fair value adjustments - 11

Non-GAAP Revenue 6,858$ 6,626$ 4% Less revenue from acquisition and divestitures

included in segment results (126) -

Organic Non-GAAP Revenue 6,732$ 6,626$ 2%

Currency adjustment (a)

(67) -

Currency adjusted (Core) 6,799$ 6,626$ 2.5%

The preliminary reconciliation of GAAP to Organic Non-GAAP revenue is based on our current information.

Management believes that these measures provide useful information to investors by reflecting an additional way of viewing aspects of Agilent's

operations that, when reconciled to the corresponding GAAP measures, help our investors to better identify underlying growth trends in our business and

facilitate easier comparisons of our revenue performance with prior and future periods and to our peers. We excluded the effects of material acquisitions

and divestitures because the nature, size and number of these can vary dramatically from period to period and between us and our peers, which we

believe may obscure underlying business trends and make comparisons of long-term performance difficult.

(a)We compare the year-over-year change in revenue excluding the effect of foreign currency rate fluctuations to assess the performance of our

underlying business. To determine the impact of currency fluctuations, current period results for entities reporting in currencies other than United States

dollars are converted into United States dollars at the actual exchange rate in effect during the respective prior periods.

Fiscal Year


RECONCILIATION OF ORGANIC REVENUE EXCLUDING THE IMPACT OF CURRENCY ADJUSTMENTS

(In Millions)

(Unaudited)

PRELIMINARY

Non-GAAP revenue is defined as revenue excluding the fair value adjustment of the deferred revenue balances related to the Varian acquisition.

Organic Non-GAAP revenue is defined as Non- GAAP revenue excluding the impact of material acquisitions and divestitures that have closed within the

past year.

Q4'12 Q4'11 Q3'12

Cash and cash equivalents $ 2,351 $ 3,527 $ 1,923

Restricted cash and cash equivalents — — —

Short-term debt, par value (250) (253) (500)

Senior notes, par value (2,000) (1,850) (1,600)

Other debt (44) — (42)

Total Net Cash 57$ 1,424$ (219)$

Management believes this metric provides useful information to investors about the Company's overall liquidity and financial position. Net

Cash is a measure at a point in time and does not reflect the Company's future financial prospects or liquidity.


NET CASH

(In millions)

(Unaudited)

PRELIMINARY

The preliminary reconciliation of net cash is estimated based on our current information.

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