2016 OVERVIEW Forward Looking Statements Statements in this - PDF document

2016 OVERVIEW

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 and enhanced products and services 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 and successfully complete divestitures and other dispositions, our ability to integrate the recently acquired Pall Corporation and achieve the anticipated benefits of that transaction, our ability to successfully consummate the separation of Danaher into two public companies and realize the anticipated benefits of that transaction, contingent liabilities relating to acquisitions and divestures, 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 and 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, 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 2014 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2015. 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. With respect to any non-GAAP financial measures included in the following presentation, the accompanying information required by SEC Regulation G can be found in the “Investors” section of Danaher’s web site, www.danaher.com, under the heading “Investor Events,” and event name “Danaher 2015 Investor & Analyst Meeting.” 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 Family of Brands

2015 Highlights  Exciting year with the team executing well in a challenging environment  Announced 2016 separation into two, independent, publicly traded companies, Danaher and Fortive  $13.5B acquisition of Pall, largest in our history  Disposition of Communications businesses to NetScout  Announced 13 other acquisitions for $1B  DBS helped deliver core growth, margin expansion and share gains across the portfolio  Core growth 3.0%  Core OP margin expansion 75 bps  Record free cash flow ~$3.2B  Pall and separation provide expanded opportunity and renewed focus for driving future results Well positioned for outperformance in 2015 and beyond

20-Year Total Shareholder Return DHR vs. S&P 500 3000.00 DHR S&P 500 Difference 3 Year 68.3% 52.6% 15.7% 2500.00 DHR 10 Year 241.4% 102.4% 139% 20 Year 2,334.4% 382.5% 1,951.9% 2000.00 1500.00 1000.00 500.00 S&P 500 0.00 Dec-95 Dec-97 Dec-99 Dec-01 Dec-03 Dec-05 Dec-07 Dec-09 Dec-11 Dec-13 Dec-15 Outperforming over the long term

2015 Review $5.00 $20.6 $19.2 $20.0 $18.3 $17.5 $4.00 $4.30 $15.4 $3.97 $15.0 $3.68 $3.41 $3.00 $2.92 $10.0 $2.00 $5.0 $1.00 $0.0 $0.00 2011 2012 2013 2014 2015 Revenue from Continuing Ops ($B) Adjusted EPS DBS: Growth, Lean and Leadership driving our performance

Free Cash Flow Conversion Free Cash Flow * ($M) $3,195 $3,038 $2,929 $2,861 2012 2013 2014 2015 Net Income Above Net Income *Free cash flow is defined as operating cash flow less capital expenditures. Free cash flow exceeded net income for 24 th year in a row

Danaher Today Life Sciences Life Sciences Industrial Industrial Test & Test & Dental Dental Environmental Environmental & Diagnostics & Diagnostics Technologies Technologies Measurement Measurement Product ID Diagnostics Water Quality Dental Instruments Automation Life Sciences Sensors & Gilbarco Veeder- Matco/ Controls Root Hennessy Pall Specialty Industrial Outstanding portfolio of businesses

Danaher Portfolio Industrial Dental  Exposure to attractive macro growth Technologies 13% 16% drivers  Digital trends, healthcare, environmental, Environmental regulatory shifts, high growth markets Life Sciences & 18% Diagnostics 40%  Resilient business models Test & Measurement  Significant exposure to aftermarket and HGM 13%  Large installed base with recurring revenue stream 2015  Opportunities for innovation Revenue $20.6B  Digital technology transition GM % 52.3%  Software as a Service R&D % 6.0% % HGM ~26% % Aftermarket ~45% Leading brands. Attractive business models.

Danaher Business System

Environmental Overview 2015 Financials 2015 Financials Market Details Market Details Revenue $3.6B Market Size ~$19B +LSD/MSD Growth Rate 21.5% OP Margin Growth Drivers Growth Drivers • Increasing environmental awareness Revenue Breakdown Revenue Breakdown • Process optimization Geographic Mix • Environmental and payment security regulations • Increasing adoption of alternative fuels 4% 25% Customers Customers 50% 50% 54% • Municipal water facilities 17% • Industrial process and utilities • Major and regional oil companies NA EU Consumables/Service HGM ROW Equipment • Service stations • Local and long-haul trucking fleets Market leading positions capitalizing on attractive secular growth trends

Test & Measurement Overview 2015 Financials 2015 Financials Market Details Market Details Revenue $2.7B Market Size ~$18B +LSD/MSD Growth Rate 23.1% OP Margin Growth Drivers Growth Drivers • Digital world Revenue Breakdown Revenue Breakdown • Innovative new products and evolution of technology Geographic Mix • Increased network congestion • Proliferation of digital security threats on the rise 5% 30% 25% Customers Customers 57% 70% • Electronic and industrial technicians 13% • Electrical engineers • Enterprise networks NA EU Consumables/Service HGM ROW Equipment • Network operators / wireless carriers Well positioned to take advantage of industry growth drivers

Life Sciences & Diagnostics Overview 2015 Financials 2015 Financials Market Details Market Details Revenue $9.9B Market Size ~$40B +MSD Growth Rate 13.3% OP Margin Growth Drivers Growth Drivers • Skilled labor shortage & cost pressure driving Revenue Breakdown* Revenue Breakdown* adoption of automated solutions Geographic Mix • Evolution of life science research • Growth of chronic diseases and infections 8% • Healthcare expenditures increasing in HGMs 38% 29% 35% 65% Customers Customers • Hospital labs 24% • Reference labs NA EU Consumables/Service • Government & academic research HGM ROW Equipment • Food & beverage, pharmaceuticals, forensics Uniquely positioned to capitalize on industry trends and growth drivers