MORGAN STANLEY LAGUNA CONFERENCE

Dan Comas | September 15, 2016

Forward Looking Statements

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, the impact of our restructuring activities on our ability to grow, 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 ability to successfully identify, consummate and integrate appropriate acquisitions (including the pending acquisition of Cepheid) and successfully complete divestitures and other dispositions, our ability to integrate the recent acquisition of Pall Corporation and achieve the anticipated benefits of that transaction, contingent liabilities relating to acquisitions and divestitures (including tax-related and other contingent liabilities relating to the distribution of Fortive Corporation), our compliance with applicable laws and regulations (including regulations relating to medical devices and the healthcare industry) and changes in applicable laws and regulations, our ability to effectively address cost reductions and other changes in the healthcare industry, 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, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, 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, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, labor matters, international economic, political, legal, compliance and business factors (including the impact of the UK referendum to leave the EU), disruptions relating to man-made and natural disasters, security breaches or other disruptions of our information technology systems 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 2015 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the second quarter of 2016. These forward-looking statements speak only as of the date of this presentation and 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. 2015 revenues have been adjusted to (i) exclude Fortive Corporation and (ii) with respect to the Pall Corporation business, add Pall’s revenues as a stand-alone business from January 1 through August 30, 2015. All other financial metrics have also been adjusted to exclude Fortive Corporation unless otherwise indicated. With respect to these non-GAAP measures and any other non-GAAP financial measures included in the following presentation, the accompanying information required by SEC Regulation G can be found in the “Financial Information”/“Quarterly Earnings”/“Second Quarter 2016” section of Danaher’s web site, www.danaher.com. With respect to forward-looking estimates of organic revenue growth, it is not feasible to provide an estimate of GAAP revenue growth because the other components of GAAP revenue growth (revenue growth attributable to acquisitions and the effect of currency exchange rates) are significantly dependent on future events that are inherently difficult to predict and estimate, such as acquisitions and currency exchange rates. All references in this presentation to earnings, revenues and other company-specific financial metrics relate only to the continuing operations of Danaher’s business, unless otherwise noted. All references in this presentation to “growth” refer to year-over-year growth unless otherwise indicated.

Danaher Today

Diagnostics Dental

Life Sciences

Environmental & Applied Solutions

Water Quality

Product ID

~$5.2B revenue* ~$4.8B revenue** ~$2.7B revenue ~$3.6B revenue

Danaher’s new reporting segments are effective as of the third quarter of 2016. * 2015 adjusted revenue reflects full year 2015 contribution from Pall Corporation. ** 2015 revenue does not reflect any contribution from the pending acquisition of Cepheid, which remains subject to customary closing conditions.

Outstanding portfolio of businesses with >60% of revenue in the aftermarket

Dental

Diagnostics

Life Sciences

Environmental & Applied Solutions

High Growth Markets Overview

HSD annual revenue growth in HGMs since 2011

Significant and expanding presence in critical regions & markets

Annual revenue breakdown by region China approaching ~$2B Latin America/Mexico ~$800M E. Europe (including Russia) ~$600M Middle East ~$500M

Focused penetration in key verticals

Investing in sales & marketing, research & development to drive growth

Danaher Development Center in China Beckman Coulter R&D Center in China Diagnostics R&D Center in India

On-the-ground DHR leadership in key regions

Asia, India, Middle East, Russia and LatAm DBS University in Shanghai

* 2015 adjusted revenue reflects full year 2015 contribution from Pall Corporation.

~$4.6B* or ~28% of DHR total HGM revenue by segment as % of total HGM revenue

2015 HGM Revenue*

Danaher China Overview

~$1.8B*

China revenue* by segment as % of total China revenues

Life Sciences Research Government investment priority

Medical Consumer demand and increasing access to care Penetration of dental care Expansion of privatized healthcare

Environmental Government investment priority Water treatment and monitoring

Packaging/Product ID Increased consumer demand coupled with China-

based small & medium-sized enterprise growth Increased focus on manufacturing automation and

productivity

Macro Drivers

Segment Mix

2015 China Revenue*

Life Sciences

Diagnostics

Dental

China annual revenues have nearly doubled from ~$1B to ~$1.8B since 2011

Environmental & Applied Solutions

* 2015 adjusted revenue reflects full year 2015 contribution from Pall Corporation.

DRIVER

RESPONSE

INITIATIVES

Local markets emerge Sales Focus • Leadership Talent • Feet on the Street • Application

support • In-country

Distributor Management and Expansion

Local transactional requirement End Customer Focus • Service • Local transactional

infrastructure • HR and Finance

back office support • Local marketing • Channel M&A

Local competitors with local models gain scale End to End Business Focus • Local

manufacturing • Direct end user

relationship • Develop local

partners • Local competitor

M&A

Limited incremental share gain with global product Product Focus • Local Product

Planning and Management

• R&D Centers • RA capability • Product M&A

Regional Business Models

Further evolution of local business models critical to continued HGM success

Incubate Expand Commercial Capabilities

Fully Local Business Model

Local Product Requirement

Phase 1 Phase 3 Phase 4 Phase 2

Most of our businesses are currently in these phases

China Evolution

Sales <$100M ~$1B ~$1.8B*

Operating Companies 1 ~10 ~15

Associates <250 ~3,500 >5,000

Manufacturing Sites 1 6 >10

Sales Offices 3 in 3 major cities >70 in 20 cities >100 in 27 cities R&D No product design >200 engineers >500 development engineers

Market Coverage Coastal cities (BZ/SH/SZ) Major cities Expanded to Tier 2/3 cities

Sourcing None 90 associates >100 associates

Management Board None Preliminary 15 member Mgmt. Board

Rapid growth in domestic & export sales and number of in-country businesses since 2000

>$100M in annual revenues at Hach, Beckman Coulter, LBS, LMS, SCIEX, Pall, Product ID

Accelerating localization: domestic sales >70% of China sales today vs ~55% in 2009

Increased sales >20X since 2000, HSD+ revenue growth since 2011

2015 2011 2000

* 2015 adjusted revenue reflects full year 2015 contribution from Pall Corporation.

Global DHR Acquisitions’ Impact in China

Enhancing Danaher’s addressable markets and valuable brand position

Biopharmaceuticals Energy

Medical Devices Manufacturing

General Practitioners Implantologists

Universities Hospitals

Pharmaceuticals Chemistry

Food & Beverage Biochemists

Clinical Research Gov’t & Acad. Research

Hospital & Reference Labs

• Provide high performance filters/membranes and services to diverse life science and industrial customers

• Use DBS to optimize operations, R&D, commercial execution, and resource allocation

• Leader in premium implant-based restoration solutions

• Help customers treat more patients with our suite of superior dental products

• Use DBS to drive efficiencies, productivity, and growth

• Comprehensive product portfolio offering

• Complementary to SCIEX customer workflows

• Use DBS to accelerate growth and scale manufacturing

• High performance, revolutionary flow cytometry technology

• Opportunities for product expansion, extend reach/ footprint

~$2.8B FY 2015 Revenues*

~$725M 2015 Revenues*

<$25M 2015 Revenues*

<$25M 2015 Revenues*

Served Markets/

Customers

Strategic Rationale

*Represents 2015 global revenues.

Dental Overview

Customers • General practices • Specialists (endo/ortho/perio/surgical) • Group practices • Schools, hospitals and government

Growth Drivers • Global demographic trends – aging population • Growing middle class in high growth markets • Digitizing the dental practice • Cosmetic and aesthetics dentistry

Market Details Market Size ~$15B Growth Rate +LSD/MSD

2015 Financials Revenue ~$2.7B

Geographic Mix

Revenue Breakdown

Building a leading global dental franchise

50%

25%

5%

15% 5%

NA EUChina Other HGMROW

Consumables/Service

Equipment

30%

70%

All financial metrics based on 2015.

OP Margin ~Mid-teens

10

300

China Dental Market

60

10

China USA

30X

Key Growth Drivers Growing middle class and aging population Digitization of clinical workflow Cosmetic and Aesthetic dentistry Rise of private clinics

Underpenetrated market growing double-digits

Market Opportunities Shortage of qualified dentists Low operational efficiency in dental practice Low quality of dental care

Dental Expenditures Per Capita Dentists Per 100K People

6X

China USA

Partnership for Full Dental Solution

Provide “One Stop Solution” with full portfolios and channel partnership

Orthodontics

Equipment

Endodontics

Implant

Restoratives

Channel

Direct In-direct Regional National

Product Needs

Service Needs

Dental Practice

Business Segmentation

Channel Model

Equipment

Software

Consumables

How Dental Wins in China

Provide “one stop solution” with comprehensive product portfolio of leading brands

Extensive offering in consumables, equipment, implants across entire treatment workflows

M&A expected to enhance product offering, market access

Strategic partnerships with dental group practices, clinic chains and major China dental societies

Dedicated dental solution team to achieve platform advantage

DBS support to drive practice efficiencies Use education to increase customer intimacy: KKG &

Nobel sponsored events drive brand recognition and loyalty

Increasing commercial coverage and investing in localized sites and R&D

Now in 50+ cities in China Opened first China manufacturing plant in 2014 Dedicated R&D center to China market Opened new One site in Shanghai in 2016

Dental China Plant

China R&D Center

New One Site

Local capabilities and strategic partnerships accelerate growth

Building a Winning Dental Platform in China

From top 10 to a leading market position while continuing to outgrow the market

2011 2012 2013 2014 2015

China Dental Revenue Annual $

~$25M ~$35M

~$50M

~$70M

~$130M

Where we were in…

SALES <$15M >$150M

PRODUCT OFFERING

Mainly equipment and ortho business

Total solution, complete portfolio (equipment, ortho, implant, endo, restorative, hygiene)

LOCAL PRESENCE

2 small rep offices ~40 associates Coastal cities

~10 offices >500 associates All Tier 1 & 2 cities

LOCAL R&D No team, 0 engineers 1 R&D team, >30 engineers

FACILITIES No manufacturing site 1 plant in Suzhou

M&A 0 4 strategic investments

MARKET LEADERSHIP Top 10 A leading player

2010 Today vs.

DBS is Our Culture

Non-GAAP Reconciliations