The world leader in serving science

Tom LoewaldSenior Vice President and Chief Commercial Officer

November 8, 2016

Baird 2016 Global Industrial Conference

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Safe Harbor / Non-GAAP MeasuresVarious remarks that we may make in the following presentation about the company’s future expectations, plans and prospects

constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform

Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various

important factors, including those discussed in our Form 10-Q for the quarter ended July 2, 2016, under the caption “Risk

Factors,” which is on file with the Securities and Exchange Commission and available in the “Investors” section of our website

under the heading “SEC Filings.” Important factors that could cause actual results to differ materially from those indicated by

forward-looking statements include risks and uncertainties relating to: the need to develop new products and adapt to significant

technological change; implementation of strategies for improving internal growth; general economic conditions and related

uncertainties; dependence on customers' capital spending policies and government funding policies; the effect of exchange rate

fluctuations on international operations; the effect of healthcare reform legislation; use and protection of intellectual property; the

effect of changes in governmental regulations; and the effect of laws and regulations governing government contracts, as well as

the possibility that expected benefits related to recent or pending acquisitions may not materialize as expected. While we may

elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if

estimates change, therefore, you should not rely on these forward-looking statements as representing our views as of any date

subsequent to today.

During this presentation, we will be referring to certain financial measures not prepared in accordance with generally accepted

accounting principles, or GAAP, including adjusted EPS and adjusted operating margin. The non-GAAP financial measures of

Thermo Fisher’s results of operations and cash flows included in this presentation are not meant to be considered superior to or a

substitute for Thermo Fisher’s results of operations prepared in accordance with GAAP. Definitions of these non-GAAP financial

measures and, for historical periods, a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP

measures is available under the heading “GAAP/Non-GAAP Reconciliation & Financial Package” in the “Investors” section of our

website, www.thermofisher.com.

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We Are The World Leader in Serving Science

Unmatched Depth• Leading innovative technologies

• Deep applications expertise

• Premier laboratory productivity partner

• >50,000 employees in 50 countries

• $18 billion in annual revenue

• Unparalleled commercial reach

Global Scale

Our Mission: To enable our customers to make the world healthier, cleaner and safer

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Diverse Customers, Product Mix & Geographic Reach

End Markets Products Geographies

62%ConsumablesConsumables

24% EuropeEurope

24%

Instruments Equipment &

Software

Instruments Equipment &

Software

ServicesServices14%

53%North AmericaNorth America19%

Asia-PacificAsia-

Pacific

ROWROW4%

25%

Academic & GovernmentAcademic & Government

19%

Industrial & Applied Industrial & Applied

Diagnostics& HealthcareDiagnostics

& Healthcare

25% 31%

Pharma& BiotechPharma

& Biotech

Balanced and diversecustomer base

Growing presence in emerging markets

Strong recurring revenue mix

Note: Percentage estimates based on unaudited LTM combined revenues of Thermo Fisher Scientific through Q3 2016

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Four Complementary Reporting Segments

Percentages based on unaudited LTM revenues through Q3 2016 including estimates for intercompany eliminations and other accounting policy adjustments.

• Clinical Assays

• Immunodiagnostics

• Microbiology

• Anatomical Pathology

• Transplant Diagnostics

• Healthcare Market Channel

• Biosciences

• Genetic Sciences

• Bioproduction

• Chromatography and Mass Spectrometry

• Chemical Analysis Instruments

• Environmental and Process Instruments

• Research and Safety Market Channels

• Laboratory Products

• BioPharma Services

Life SciencesSolutions

26%

Life SciencesSolutions

26%

SpecialtyDiagnostics

18%

SpecialtyDiagnostics

18%

AnalyticalInstruments

18%

AnalyticalInstruments

18%

Laboratory Products and Services

38%

Laboratory Products and Services

38%

Total revenues

~$18B

Total revenues

~$18B

Leading positions in attractive niche diagnostics segments

Extensive portfolio to accelerate life sciences research, discovery and diagnosis

Industry-leading technologies to solve a broad range of complex analytical challenges

Industry-leading offering to increase laboratory productivity

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Complementary Segments Fundamental to Our Growth Strategy

• High-impact innovation• Life science tools into the clinic• Laboratory technologies for

applied markets• R&D centers of excellence (COE)

and ability to leverage cross-business technologies and programs

• Unique customer value proposition

• Scale in emerging markets • Customer reach and experience• Manufacturing COEs in low-cost regions

Life SciencesSolutions

Life SciencesSolutions

SpecialtyDiagnostics

SpecialtyDiagnostics

AnalyticalInstrumentsAnalytical

Instruments

Laboratory Products and Services

Laboratory Products and Services

Customer

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Innovation - Largest R&D Spend in Our Industry Delivers High-impact Products

R&D Spend and percentages based on LTM through Q3 2016.

LifeSciencesSolutions

LifeSciencesSolutions

SpecialtyDiagnostics

SpecialtyDiagnostics

Laboratory Products

AnalyticalInstrumentsAnalytical

Instruments

>$700MR&D Spend 46%46%

18%18%

6%6%

30%30%

Life Sciences Solutions

• Genetic analysis

• Bioproduction

• Cell analysis

• Molecular biology

Analytical Instruments

• Mass spectrometry

• Chromatography

• Portable analytical instruments

Laboratory Products

• Cold-temperature storage

• Centrifugation

• Liquid handling

Specialty Diagnostics

• Transplant diagnostics

• Allergy and autoimmunity

• Drugs of abuse

• Biomarkers

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Building Industry Leadership Over the Decade

A clear and proven strategy, consistently executed

InnovationInnovation

China Innovation Center established

B.R.A.H.M.SB.R.A.H.M.S

Established environmentalinstruments HQin Shanghai

South America HQ in Brazil

India Chromatography Center of Excellence

Suzhou factory

Lithuania Biosciences Center of Excellence

Dubai CustomerExperience Center

Global footprintGlobal footprint

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

SingaporeMfg. Center of Excellence

Opened India clinicalpackaging facility

Raman portable spectrometers

Bioproductionsingle-use technologies

Vanquish UHPLC

ExactiveOrbitrap Fusion Tribrid

Orbitrap

Sorvall LYNXcentrifuge

ImmunoCapAttune Nxt

Ion Torrent S5

Cryo-EM

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Accelerate research

Support regulatory

compliance

Utilize strategic

outsourcingOptimize

supply chain

Enable technical

innovation

Improve production efficiency

Improve diagnostics

Solve complex analytical

challenges

Increase lab

productivity

Partner on R&D projects

• Unique customer value proposition• Ultimate channel partner

• Comprehensive services offering

• Leading e-Business presence

• Extensive corporate accounts program

Commercial Capabilities are Unmatched in Our Industry

CustomerCustomer

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• Broadest product portfolio• Leading e-Commerce

transaction platform• Customer / supplier self-service• Superior product availability and

service levels

Choice and Convenience

• Purchasing / supplier aggregation services

• Customized inventory management solutions

• Diversity solutions

Differentiated Services

• Integrated supply chains and warehouses

• Web platform• Pan-European operating model• Company leverage in emerging

markets

Global Presence

The Ultimate Channel Partner with Unrivaled Customer Access

Broadest market offering>800,000 products

Broadest market offering>800,000 products

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Industry-leading Presence in Emerging Markets

Developed Markets

81%

Emerging Markets

19%

$18BRevenue

China>$1.5B Revenue South Korea

>$250M Revenue

S.E. Asia>$350M Revenue

India>$200M Revenue

Brazil>$100M Revenue

E. Europe, Middle East, Africa

>$550M Revenue

Latin America(excl. Brazil)

>$250M Revenue

NOTE: Revenue based on LTM through Q3 2016* LCR: Low-cost region.

Demonstration labs: 26Total employees: >12,000 LCR* manufacturing revenue: $1.4B| |

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Global Reach and Scale Creates Market Differentiation

Emerging markets remain a significant growth opportunity

• Leverage our well-established infrastructure in China, India and South Korea to drive additional share gain

• Capitalize on tailwinds from China’s 5-year plan

• Further leverage our recent expansions in Southeast Asia

• Poised to capitalize on longer-term potential in Russia, Middle East and Brazil

Our Opportunity

Annual Revenue $B % of Total Company Revenue

2010 2015 2010 2015

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PPI Business System Fuels Growth and Profitability

Operational discipline is our foundation for strong earnings growth

Practical Process Improvement (PPI) = Continuous improvement every day

• 5S• Lean• Kaizen• Stand-up meetings• KPI boards

Strategic PPI deploymentfor long-term benefit

• Global sourcing

• Footprint optimization

• Low-cost region manufacturing

• Shared services

• Proven M&A playbook

Our Opportunity

Adjusted Operating Margin %

2010 2015

Quality

Productivity

CustomerAllegiance

Consistently deliver world-class products and services

Exceed expectations to maximize customer success

Improve operating andprocess efficiencyto strengthen our

competitiveadvantage

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$100B Market

Our OpportunityCapital Deployed2010 – Q3 2016

Dividends

M&A81%M&A81%

Buybacks16%

Buybacks16%

3%3%

$32B

Notable M&A• 2011 – Dionex

• 2011 – Phadia

• 2012 – One Lambda

• 2014 – Life Technologies

• 2016 – Affymetrix, FEI

Share Buybacks • $5.1B deployed to

repurchase 78M shares

Dividend• Dividend payer

since 2012

Continuing our disciplined approach to capital deployment

100s of smaller

companies

100s of smaller

companies

Thermo Fisher Scientificplus top 2competitors

Thermo Fisher Scientificplus top 2competitors

Strong Track Record of Effectively Deploying Our Capital

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Acquisition of Affymetrix: a Highly Complementary Business

Company Background• Leading provider of cellular and genetic analysis products

Benefits of Transaction• Adds complementary genetic analysis products serving research, clinical and applied markets

• Significantly expands portfolio of antibodies and assays for high-growth flow cytometry

• Creates attractive financial benefits by leveraging our scale and customer reach

• Expect to generate $70M of cost and revenue synergies in year three

~$350M Annual Revenue

Consumables

Instruments

Services/Other

Europe

Asia-Pacific

ROW

U.S.

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Acquisition of FEI: New Opportunities in High-End Instrumentation

Company Background• Leader in high performance electron microscopy (EM)

Benefits of Transaction• EM complements our mass spectrometry leadership to accelerate advancements in structural biology

• Combined technology portfolio creates new opportunities in attractive material sciences market

• Thermo Fisher’s unmatched global reach opens new opportunities for FEI

~$930M Annual Revenue

North AmericaNorth America

32%32%

EuropeEurope

27%27%

41%41%

APAC & ROW

APAC & ROW

Services &Software

Services &Software

29%29%

InstrumentSystems

InstrumentSystems

71%71%

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Continuing Our Impressive Track Record

Delivering on our commitment to create shareholder value

$1.87$2.55

$3.02 $2.92$3.43

$4.16$4.94

$5.42

$6.96$7.39

$100 invested

2015201420132012201120102009200820072006

$470.79 Thermo Fisher Scientific

$163.74 S&P 500

ShareholderReturn

Adjusted EPS Performance

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We are the World Leader in Serving Science

• Diverse product and geographic mix serving a large, fragmented and growing market

• Largest R&D investment in our industry

• Unique customer value proposition

• Industry-leading presence in emerging markets

• Continuous improvement drives growth and profitability

• Strong track record of operational performance and capital deployment