The world leader in serving science

May 17, 2017

2017 Annual Meeting of Shareholders

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Various remarks that we may make in the following presentations 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 April 1, 2017, 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; 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 these presentations, we will be referring to certain financial measures not prepared in accordance with generally accepted accounting principles, or GAAP, including adjusted EPS, adjusted operating margin, adjusted ROIC and free cash flow. The non-GAAP financial measures of Thermo Fisher’s results of operations and cash flows included in these presentations 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 in the appendix to these presentations.

Please note that the attached presentations contain financial projections and other forward-looking statements that are specific to the date of the presentations – May 17, 2017 – and should not be considered current after such date.

Safe Harbor / Non-GAAP Measures

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Annual Meeting of Shareholders• Proposal 1: Election of Directors

RESOLVED, that the following individuals be elected as directors of the company, to hold office for a term expiringon the date of the 2018 Annual Meeting of Shareholders and until their respective successors are dulyelected and qualified or until their earlier resignation, removal or death:

• Marc N. Casper• Nelson J. Chai• C. Martin Harris• Tyler Jacks• Judy C. Lewent• Thomas J. Lynch

• Proposal 2: An Advisory Vote on Executive CompensationRESOLVED, that the compensation paid to the company’s named executive officers, as disclosed pursuant to the

compensation disclosure rules of the Securities and Exchange Commission, including thecompensation discussion and analysis, the compensation tables and any related material disclosed inthe company’s 2017 proxy statement, is hereby approved.

• Proposal 3: An Advisory Vote on the Frequency of Future Executive Compensation Advisory VotesRESOLVED, that a frequency of every one year to hold the executive compensation advisory votes is hereby

approved.

• Proposal 4: Ratification of the Company’s Independent Auditors for 2017RESOLVED, that the Audit Committee’s selection of PricewaterhouseCoopers LLP as the company’s independent

auditors for 2017 is hereby ratified and approved.

• Jim P. Manzi• William G. Parrett• Lars R. Sørensen• Scott M. Sperling• Elaine S. Ullian• Dion J. Weisler

The world leader in serving science

May 17, 2017

Marc N. CasperPresident and Chief Executive Officer

Extending Our Track Record of Significant Value Creation

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Unmatched Depth• Leading innovative technologies

• Deep applications expertise

• Premier laboratory productivity partner

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

We Are The World Leader in Serving Science

Global Scale • >55,000 employees in 50 countries

• $18 billion in annual revenue

• Unparalleled commercial reach

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Capital Deployment• Strategic M&A

• Return of capital

Organic Growth• Unique customer value proposition

• High-impact innovation

• Scale in emerging markets

PPI Business System• Productivity

• Quality

• Customer allegiance

Consistentlydelivering

strong EPS growth

Our Formula for Success Hasn’t Changed

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Serving a ~$110B Market that’s Growing 3 - 5% Annually

Thermo Fisher is positioned to grow at least one point faster than the market

Academic & Government

25%

Industrial & Applied

20%

Diagnostics& Healthcare

24%

Pharma & Biotech

31%

$18.7BRevenue

• Favorable demographics fuel research and better diagnostics

• Rising wealth in emerging markets

• GDP growth fueling demand• Interconnected food supply

driving increased environmental and food safety testing in emerging markets

• Rapid growth in demand for biologics and vaccines

• Strong pharma & biotech funding and drug pipelines

• Growing global focus and funding for precision medicine

• Strong investments in China’s 5-year plan priorities

NOTE: Revenue and end market percentages based on LTM through Q1 2017.

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Complementary Segments Create Competitive AdvantageAnalytical Instruments Life Sciences Solutions

Laboratory Products and Services

Specialty Diagnostics

28%

17%

20%

35%Microbiology

Antimicrobial Susceptibility Testing Solutions

QuantStudioDx R qPCR

Genetic Sciences

BioPharmaServices

Laboratory Chemicals

BioProduction

Cell Culture Reagents

Enterprise and Instrument Services

Biosciences

Life Science Reagents

Pathology

Rotary Microtome

MassSpectrometry

Fusion Lumos MS

ChromatographyVanquishUHPLC

Electron Microscopy

Titan Krios TEM

Reproductive Health

Microarrays

iCAP Triple Quad MS

ClinicalDiagnostics

PCT Biomarkers

Lab EquipmentTSX ULT Freezers

ImmunoDiagnosticsImmunoCAP Allergy and EliA Autoimmunity Tests

$18.7BRevenue

NOTE: Revenue and segment percentages based on LTM through Q1 2017.

SeqStudioCE system

Lab Consumables

E1 ClipTipPipette system

Clinical Oncology

Next Gen Sequencing

TransplantDiagnostics

NXType High-Resolution Genotyping

Chemical AnalysisGemini handheld

analyzer

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Consistently Delivering Excellent Financial Performance

2012 2016

$11.6B

2012 2016

$4.16

$8.27$18.3B

10% CAGR 15% CAGR

Adjusted EPSRevenue

Leveraging our industry leadership to achieve outstanding results

2012 2016

$1.5B

$2.8B

14% CAGR

Free Cash Flow

2011 2016 2011 2016 2011 2016

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Shareholders

• Generate significant shareholder returns by consistently delivering strong EPS growth

Customers

Our Vision for the Future

• Fulfill our Mission by helping our customers achieve breakthroughs that improve society

• Continue to gain market share by delivering the benefits of our scale and depth of capabilities

Colleagues

• Inspire our incredibly talented team to enable our customers’ success

• Be recognized as one of the world’s most admired companies