A GILENT O PERATING M ODEL * SECULAR GROWTH OPERATING MODEL *** - - PowerPoint PPT Presentation

A GILENT T ECHNOLOGIES INVESTOR PRESENTATION

NOVEMBER 2011

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

• ur cost-cutting initiatives will impair our ability to develop products and remain competitive and to
• perate 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 quarterly report on Form 10-Q for the quarter ended July 31, 2011. 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 H ARBOR

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LTM Revenue* $1.1B LTM Revenue* $1.0B LTM Revenue* $2.7B

Electronic Measurement Group Chemical Analysis Group Life Sciences Group

FY11 Revenue: $3.3B FY11 Operating Margin* 23% FY11 Revenue: $1.5B FY11 Operating Margin* 21% FY11 Revenue: $1.8B FY11 Operating Margin* 13% Ron Nersesian President Mike McMullen President Nick Roelofs President

FY11 Revenue $6.6B, +17% organic growth Y/Y, 20% Operating Margin* FY11 Non-GAAP EPS $2.95*, up from $2.00* in FY10

*Presented on a non-GAAP basis; reconciliations to closest GAAP equivalent provided

T HE WORLD’ S P REMIER M EASUREMENT COMPANY

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Q4’11 F INANCIAL H IGHLIGHTS

Q1 FY11 Actual Q2 FY11 Actual Q3 FY11 Actual Q4 FY11 Actual Revenue* $1.52B $1.68B $1.69B $1.73B Organic Revenue Growth* 19% 21% 19% 9% Operating Margin* 17.7% 19.3% 20.2% 21.6% EPS* $0.60 $0.74 $0.77 $0.84 ROIC* 21% 25% 25% 27% Operating Cash Flow $120M $378M $252M $510M

*Presented on a non-GAAP basis; reconciliations to closest GAAP equivalent provided

• Q4 FY11 operating performance best in Agilent’s history.
• Revenues in line with guidance on a currency-adjusted basis.
• Record EPS up approximately 30% from Q4 FY10.
• Record Operating Margin up 250 basis points from Q4 FY10.
• Record Operating Cash Flow up $137M from Q4 FY10.
• Achieved 48% operating profit YoY incremental.

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*
• 42% of employees based in Asia
• Technology leadership
• 10% Revenue invested in R&D and ~2600 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

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All built on Agilent’s operating model

AGILENT’S STRATEGY TO WIN

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AGILENT O PERATING M ODEL*

Mid-Point FY12 Guidance**

• 1σ

Mid-Range +1 σ Organic Revenue Growth % 6% 4% 8% 12% OM % 18% 20% 21% YoY OM Incremental % 20% 36% 43% ROIC % 23% 25% 27%

*Presented on a non-GAAP basis **FY12 guidance as of November 15, 2011 ***Not company guidance

SECULAR GROWTH OPERATING MODEL***

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Q1’12 AND FY 2012 G UIDANCE*

Q1’12 FY12 Revenue $1.65B - $1.67B $6.85B - $7.15B Organic Revenue Growth (mid-point) 9% 6% EPS $0.67 - $0.69 $3.00 - $3.35 EPS Growth (mid-point) 13% 8%

*Presented on a non-GAAP basis; guidance as of November 15, 2011.

31% growth

(1) Market size and growth data per Company estimates (2) Percentages of Agilent revenue based on last four quarters of revenue: Q1 FY11 – Q4 FY11; Percentages of growth based on year‐over‐year revenue growth in Q4’11 vs. Q4’10. Page 8

AGILENT’S OUTLOOK & GROWTH IN END MARKETS

13% of Agilent revenue Chemical & Energy

• Drivers: Positive outlook driven by oil & commodity demand; alternative

energy development

• Market Growth: Mid to high single digits

10% of Agilent revenue Aerospace & Defense

• Drivers: Capitalize on shift to non‐US Aerospace & Defense (>30% of

Agilent’s A&D segment); homeland security programs

• Market Growth: Flat to slightly down

18% of Agilent revenue Communications

• Drivers: 4G/LTE (Wireless R&D); smartphone explosion; China 3G

(Wireless Manufacturing)

• Market Growth: Mid to high single digits

14% of Agilent revenue Pharma & Biotech

• Drivers: Research shift to developing economies; emerging country

demand for domestic therapeutics

• Market Growth: Mid single digits
• Drivers: Emerging markets (China); high speed digital I/O demand driving

need for technology refresh

• Market growth: Mid single digits

21% of Agilent revenue Industrial, Comps & Semi 10% of Agilent revenue Environmental & Forensics

• Drivers: Increasing global regulations; emerging markets demand
• Market Growth: Low to mid single digits

6% of Agilent revenue Food

• Drivers: Capitalize on increased global demand from export and domestic

public health issues (i.e. China, India, US, Europe)

• Market Growth: Mid to high single digits

8% of Agilent revenue Life Sciences Academia & Government

• Drivers: Shift to “omics”, synthetic biology, synthetic fuels, food
• Market Growth: Low to mid single digits

+11% growth +20% growth +5% growth +15% growth +2% growth +2% growth +3% growth +8% growth

Q4’11 SEGMENT REVENUE DISTRIBUTION BY GEOGRAPHY

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• Q4’11 YoY currency-adjusted revenue growth: Americas +6%, Europe -1%, Asia Pacific +12%
• Q4’11 percentage of Agilent revenues: U.S. 29%, China 17%, Japan 11%
• ~75% sales through direct channels, ~25% through indirect channels
• Best in class manufacturing capability with continued focus on manufacturing cost reductions

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Applications Markets Competitors

Tests components for cell phones and base stations

• General Purpose
• Aerospace Defense
• Wireless
• Computers,

Semiconductors, Industrial

• Rohde & Schwarz
• Anritsu

Verifies new computer bus signals

• Computers,

Semiconductors, Industrial

• GP/Education
• Aerospace/Defense
• Wireless
• Danaher (Tek)
• LeCroy

Verifies base stations performance

• Wireless
• Aerospace Defense
• General Purpose
• Rohde & Schwarz
• Anritsu

Tests wireless devices under real world conditions

• Aerospace Defense
• Wireless
• General Purpose
• Rohde & Schwarz
• Aeroflex
• Anritsu

4 K EY EMG P LATFORMS

• Largest and strongest

portfolio in industry

• Exceptional direct sales

force with strategic relationships

• Expanding China sales
• perations
• Expanding indirect sales

channel

• Highest customer loyalty in

key product categories

• Investment in core

technologies

• Introductions of world’s

highest performing T&M products

• World’s largest Test &

Measurement supply chain centered in low cost region

• Delivering to the Agilent
• perating model

Market reach & customer trust Technology leadership Scale and leverage

Delivered by world class talent

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E LECTRONIC M EASUREMENT: H OW W E W IN

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Applications Markets Competitors

GC

Gas chromatography

Used to separate a liquid or gas sample into its individual components Major uses are for research and quality control in the chemical and petroleum industries, and in forensics/drug testing

• Shimadzu
• Perkin Elmer
• Thermo Fisher
• Bruker

Agilent is the acknowledged market leader

GC-MS

Gas chromatography- mass spectroscopy

Used to identify known and unknown components or contaminants Major uses are for environmental testing and analysis, food safety testing, forensics/drug testing, and oil and gas analysis

• Thermo Fisher
• Shimadzu
• Bruker
• Perkin Elmer

Agilent is the acknowledged market leader

C HEMICAL A NALYSIS G ROUP: K EY P LATFORMS

CAG + LSG Services & Consumables

FY11: 22% growth (11% organic) Opportunity: Penetrate Agilent installed base; extend to competitor installed base Strategies: Consumables

• Leverage broadened portfolio with

expanded customer reach

• Distribution and direct marketing

capabilities Services

• Apply Service delivery model

Non-Agilent Installed Base

• Cross Lab program for Services and

Consumables

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Services Consumables Instruments

AGGRESSIVE EXPANSION OF RECURRING REVENUE BUSINESS

CAG + LSG FY11 revenue

Services revenue $657M Consumables revenue $659M

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Focus on Growth Geographies. Strong foundation, Agilent core competency. Leading Technology. Innovative products, emerging applications, investment model. Superior Customer Experience. Proven Sales and Services model. M&A Synergy-Capture Capabilities. Varian revenue and margin. Operational Excellence. Manufacturing and Logistics model.

C HEMICAL A NALYSIS: O UR W INNING FORMULA

Platforms Applications Markets Competitors

• Preparative and Analytical LC in

R&D/QC

• Molecular biology, cancer research
• Education & Research / Routine

testing

• Pharma and Biopharma
• Life Science Research
• Academic/Government
• Waters
• Shimadzu
• Thermo/Dionex

LC/MS

• NCE/NBE Discovery and

Development

• Differential Expression and

Pathway Analysis

• Protein ID, Protein Quantitation
• Pharma and Biopharma
• Metabolomics
• Proteomics
• Waters
• Danaher
• Thermo
• Bruker
• Shimadzu

Genomics

• SureSelect: target enrichment for

NGS

• SurePrint GE Arrays: Microarrays

for GE profiling

• SurePrint CGH Arrays: Microarrays

for cytogenetic testing

• Academic/Govt., Pharma
• Academic/Govt., Pharma
• Academic/Government
• Life
• Illumina
• Affymetrix
• Nimblegen

NMR/MRI

• Structure elucidation, molecular

dynamics and in vivo imaging for broad range of small molecules, nucleic acids, proteins

• Academic research
• Pharma discovery and

development

• Industrial R&D, process

development

• Bruker
• JEOL

HPLC LC/MS GENOMICS NMR/MRI

L IFE S CIENCES G ROUP: K EY P LATFORMS

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Grow Market Share

• Deliver leading-edge application solutions customers demand
• Drive emerging application trends
• Leverage strong global presence to expand in developing

geographies

Strengthen Technology Base

• Develop breakthrough products and technologies
• Lead new technology restatement and market creation
• Excel in customer service and support

Leverage Agilent’s Breadth and Scale

• Incorporate leading-edge electronics across instrumentation
• Drive Cost of Sales improvement via Agilent’s geographic

procurement strength

• Enable scalable and sustainable growth by leveraging

Agilent’s global manufacturing footprint

L IFE S CIENCES: STRATEGY TO W IN

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APPENDIX

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AGILENT O PERATING M ODEL*

• 1 σ

Mid-Range +1 σ

EMG

Organic Rev. Growth % Operating Margin % YoY OM Incremental % 2% 19%

• 11%

6% 21% 40% 11% 23% 48%

CAG

Organic Rev. Growth % Operating Margin % YoY OM Incremental % 5% 22% 30% 8% 23% 40% 11% 24% 44%

LSG

Organic Rev. Growth % Operating Margin % YoY OM Incremental % 8% 15% 28% 10% 15% 30% 13% 16% 36%

*Presented on a non-GAAP basis **Not company guidance

SECULAR GROWTH OPERATING MODEL***

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HOW TO MANAGE IN AN UNCERTAIN ENVIRONMENT?

• Grow expenses slower than targeted organic revenue growth

G

Mid-Range Secular Growth Maximum Expense Growth Resulting Incremental Operating Margin EMG CAG LSG Agilent GIO* 6% 8% 10% 8% 3.6% 5.6% 7.0% 4.8% 2.5% 40% 40% 30% 36%

• Default rule: productivity offsets inflation, no incremental spend
• Any additional spend must create value
• If revenue upside, deliver higher incremental operating margin
• Maintain a high % of variable / flexible expenses

*Global Infrastructure Organization: IT, Workplace Services, Labs, Finance, Corporate Development, HR, Legal

$0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 200 400 600 800 1,000 1,200 1,400 1,600 1,800

Handset T&M Market ($B) Millions of Handsets Shipped Each Year 1G 2G 3G 4G Handset T&M Market ($B)

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• LTE requires recapitalization of Test and Measurement (T&M) equipment
• Foresee wireless handset T&M equipment growth from $1B to $1.6B from 2010 ‐ 2013
• Agilent’s 4G position stronger than previous 3G position

Handset Test represents approximately 25% of the Communications Test market

POST‐RECESSION WIRELESS OPPORTUNITY WITH LTE

ICP-MS with MassHunter Workstation MS40+ Large Capacity Rotary Vane FRG-720 Full Range Gauge GC Columns HPLC Columns Transportable GC/MSD Sample Prep Workbench Turbo 850 GC-MS Triple Quad MS Analyzed Vials

Driven by Technology Leadership

Expand leadership in Atomic and Molecular Spectroscopy Broaden GC-MS portfolio and sample prep solutions Expand Chemistries and Supplies offering Leverage unique position of instrument and vacuum leadership

Exoscan

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Headspace Sampler Polymeric Columns Solid Phase Extraction Consumables UV-Vis AA and OES Micro GC Ion Trap

CAG A DVANTAGE: P ORTFOLIO T RANSFORMATION

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Leverage Agilent Asia supply chain.

Shift manufacturing and material sourcing to lower- cost countries; leverage existing capability.

Reduce vertical integration. Outsource

internal sub-assemblies.

Streamline distribution and commercial

• centers. Eliminate redundancy, gain efficiency

and new scale.

Re-engineer products. New product designs

and components, coupled with engineering heritage.

Agilent Penang campus

CAG VARIAN COST SYNERGY C APTURE

Expected Cost of Sales improvement of 10ppt over 4 years

NMR and MRI OpenLab Informatics Portfolio

Sophisticated Sample Prep Solutions Converting Data into Information Accurate & Reliable Detection

T ECHNOLOGY‐ LEADING L IFE S CIENCE P ORTFOLIO

RapidFire Drug Screening Technology SureSelect XT Target Enrichment System 708-DS Dissolution Apparatus SampliQ Solid Phase Extraction SurePrint CGH + SNP Microarrays DNA, RNA and Protein Bioreagents Multiple Affinity Removal Kits GeneSpring Multi-omics Analysis Software 6000 Series LC/MS XRD Automation

Powerful Separation

HPLC Columns 1200 Infinity LC Series Lab 901 Electrophoresis Capillary Electrophoresis & BioAnalyzer HPLC-Chips Bio-Inert LC qPCR

Breakthrough products and solutions

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Channel – Immediate Impact

• Rapidly staffing global service, support
• Solid orders growth, long cycle products

mean future revenue Technology – Results Primarily in 2012

• New consoles shipping from Penang
• US R&D teams relocated to Agilent sites
• Planning to build world’s largest magnet

Significant Customer Wins

• Trinity College Dublin
• Technische Universitaet Muenchen

Agilent NMR portfolio delivers complete analytical solutions from research through production

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NMR: T RANSFORMING O UR P ORTFOLIO

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• Net cash & short term investments of $1.4B* as of October

31, 2011. Most cash held outside of the United States.

• Priority use of cash: Reserve for organic, inorganic

investments meeting strategic & return criteria. Increasing pipeline.

• Use available cash in the U.S. to repurchase shares.
• No plans to borrow to repurchase stock.

C ASH AND C APITAL STRUCTURE U PDATE

*Presented on a non-GAAP basis; reconciliations to closest GAAP equivalent provided

RECONCILIATIONS

(In millions, except margins and ROIC data) 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% Income from operations 156 $ 191 $ 204 $ 209 $ 760 $ Operating margin % 20.3% 22.9% 23.8% 24.4% 22.9% Segment Assets 2,092 $ 2,171 $ 2,167 2,156 Return On Invested Capital (a) , % 34% 42% 44% 45% Q1 Q2 Q3 Q4 Total Orders 642 $ 784 $ 750 $ 818 $ 2,994 $ Net revenue 629 $ 699 $ 692 $ 764 $ 2,784 $ Gross margin % 57.3% 58.8% 58.8% 58.7% 58.4% Income from operations 58 $ 100 $ 127 $ 153 $ 438 $ Operating margin % 9.3% 14.2% 18.3% 20.0% 15.7% Segment Assets 2,243 $ 2,284 $ 2,191 $ 2,245 $ Return On Invested Capital (a) , % 13% 20% 25% 32% The preliminary segment information is estimated based on our current information. 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.

AGILENT TECHNOLOGIES, INC. ELECTRONIC MEASUREMENT SEGMENT (Unaudited) PRELIMINARY

FY 2011 FY 2010

(In millions, except margins and ROIC data) 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% Income from operations 65 $ 72 $ 79 $ 97 $ 313 $ Operating margin % 18.7% 18.9% 20.6% 24.0% 20.6% Segment Assets 1,716 $ 1,756 $ 1,748 $ 1,772 $ Return On Invested Capital (a) , % 15% 16% 18% 22% Q1 Q2 Q3 Q4 Total Orders 242 $ 231 $ 350 $ 401 $ 1,224 $ Net revenue 244 $ 238 $ 329 $ 389 $ 1,200 $ Gross margin % 55.1% 54.5% 52.7% 52.5% 53.5% Income from operations 67 $ 57 $ 69 $ 86 $ 279 $ Operating margin % 27.5% 23.9% 21.0% 22.1% 23.3% Segment Assets 529 $ 527 $ 1,592 $ 1,635 $ Return On Invested Capital (a) , % 60% 48% 17% 20% The preliminary segment information is estimated based on our current information. 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
• f 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.

AGILENT TECHNOLOGIES, INC. CHEMICAL ANALYSIS SEGMENT (Unaudited) PRELIMINARY

FY 2011 FY 2010

(In millions, except margins and ROIC data) Q1 Q2 Q3 Q4 Total Orders 442 $ 479 $ 445 $ 509 $ 1,875 $ Net revenue 404 $ 464 $ 453 $ 471 $ 1,792 $ Gross margin % 53.3% 52.2% 51.3% 51.4% 52.0% Income from operations 48 $ 61 $ 60 $ 68 $ 237 $ Operating margin % 11.8% 13.2% 13.2% 14.4% 13.2% Segment Assets 1,707 $ 1,852 $ 1,855 $ 1,837 $ Return On Invested Capital (a) , % 12% 15% 14% 15% Q1 Q2 Q3 Q4 Total Orders 336 $ 331 $ 391 $ 468 $ 1,526 $ Net revenue 340 $ 334 $ 374 $ 431 $ 1,479 $ Gross margin % 54.4% 55.0% 53.8% 51.2% 53.5% Income from operations 55 $ 48 $ 56 $ 62 $ 221 $ Operating margin % 16.3% 14.2% 14.9% 14.5% 15.0% Segment Assets 1,162 $ 1,107 $ 1,493 $ 1,564 $ Return On Invested Capital (a) , % 21% 18% 15% 17% The preliminary segment information is estimated based on our current information. 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.

AGILENT TECHNOLOGIES, INC. LIFE SCIENCES SEGMENT (Unaudited) PRELIMINARY

FY 2011 FY 2010

AGILENT TECHNOLOGIES, INC RECONCILIATION FROM GAAP TO NON-GAAP TWELVE MONTHS ENDED October 31, 2010 (Unaudited) Varian Acceleration of Varian Acquisition Share-Based Restructuring Acquisition & Related Fair Compensation Tax and Other Related Asset Intangible Transformational Litigation Business Integration Value Expense Related to Sharing Adjustment for (In millions, except per share amounts) GAAP Costs - FY 2009 Plan Impairments Amortization Restructuring Settlement Divestitures Costs Adjustments Worforce Reduction Settlement Other Taxes Non-GAAP Orders Year 28% 5,744 $

• $
• $
• $
• $
• $
• $
• $
• $
• $
• $
• $
• $

5,744 $ 28% Year Net revenue Year 21% 5,444 $

• $
• $
• $
• $
• $
• $
• $

19 $

• $
• $
• $
• $

5,463 $ 22% Year Costs and expenses: Cost of products and services Gross Margin 53.8% 2,514 (8) (5) (49) (15)

• (1)

(32)

• (1)

2,403 56.0% Gross Margin Research and development As a % of Revenue 11.2% 612 (3)

• (7)
• (1)

601 11.0% As a % of Revenue Selling, general and administrative As a % of Revenue 32.2% 1,752 (53) (14) (28) (17)

• (13)

(101)

• (1)
• (2)

1,523 27.9% As a % of Revenue Total costs and expenses 4,878 (64) (19) (77) (39)

• (13)

(102) (32) (1)

• (4)
• 4,527

Income from operations Operating Margin 10.4% 566 64 19 77 39

• 13

102 51 1

• 4
• 936

17.1% Operating Margin Other income (expense), net 126

• (8)

(129)

• (54)

1

• (64)

Income before taxes 692 64 19 77 39 (8) (116) 102 51 1 (54) 5

• 872

Provision for taxes Tax rate (incl. Valuation Allowance) 1% 8

• 158

166 19% Tax rate (incl. Valuation Allowance) Net income Net Margin 12.6% 684 $ 64 $ 19 $ 77 $ 39 $ (8) $ (116) $ 102 $ 51 $ 1 $ (54) $ 5 $ (158) $ 706 $ 12.9% Net Margin Net income per share - Basic and Diluted: Basic 1.97 $ 0.18 $ 0.05 $ 0.22 $ 0.11 $ (0.02) $ (0.33) $ 0.29 $ 0.15 $

• $

(0.16) $ 0.01 $ (0.44) $ 2.03 $ Diluted 1.94 $ 0.18 $ 0.05 $ 0.22 $ 0.11 $ (0.02) $ (0.33) $ 0.29 $ 0.14 $

• $

(0.15) $ 0.01 $ (0.44) $ 2.00 $ Weighted average shares used in computing net income per share: Basic 347 347 347 347 347 347 347 347 347 347 347 347 347 347 Diluted 353 353 353 353 353 353 353 353 353 353 353 353 353 353 The preliminary reconciliation from GAAP to Non-GAAP net income is estimated based on our current information. Non-GAAP Adjustments

AGILENT TECHNOLOGIES, INC RECONCILIATION FROM GAAP TO NON-GAAP YEAR ENDED October 31, 2011 (Unaudited) PRELIMINARY Restructuring Varian and Other Acquisition & Acquisition Agilent Related Costs- Asset Intangible Transformation Integration Fair Value Foundation Adjustment (In millions, except per share amounts) GAAP FY 2009 Plan Impairments Amortization Initiatives Costs Adjustments Donation Other for Taxes Non-GAAP Orders Change Year Over Year 18% 6,769 $

• $
• $
• $
• $
• $
• $
• $
• $
• $

6,769 $ 18% Change Year Over Year Net revenue Change Year Over Year 22% 6,615 $

• $
• $
• $
• $
• $

11 $

• $
• $
• $

6,626 $ 21% Change Year Over Year Costs and expenses: Cost of products and services Gross Margin 53.3% 3,086

• (4)

(71) (25) (9) 2

• 2
• 2,981

55.0% Gross Margin Research and development As a % of Revenue 9.8% 649

• (2)

(2)

• 645

9.7% As a % of Revenue Selling, general and administrative As a % of Revenue 27.3% 1,809 (2) (5) (42) (24) (43)

• (6)

3

• 1,690

25.5% As a % of Revenue Total costs and expenses 5,544 (2) (9) (113) (51) (54) 2 (6) 5

• 5,316

Income from operations Operating Margin 16.2% 1,071 2 9 113 51 54 9 6 (5)

• 1,310

19.8% Operating Margin Other income (expense), net (39)

• 1
• (13)
• (51)

Income before taxes 1,032 2 9 113 51 55 9 6 (18)

• 1,259

Provision for taxes Tax rate (incl. Valuation Allowance) 2% 20

• 194

214 17% Tax rate (incl. Valuation Allowance) Net income Net Margin 15.3% 1,012 $ 2 $ 9 $ 113 $ 51 $ 55 $ 9 $ 6 $ (18) $ (194) $ 1,045 $ 15.8% Net Margin Net income per share - Basic and Diluted: Basic 2.92 $ 0.01 $ 0.02 $ 0.32 $ 0.15 $ 0.16 $ 0.03 $ 0.01 $ (0.05) $ (0.56) $ 3.01 $ Diluted 2.85 $ 0.01 $ 0.02 $ 0.32 $ 0.14 $ 0.16 $ 0.03 $ 0.01 $ (0.04) $ (0.55) $ 2.95 $ Weighted average shares used in computing net income (loss) per share: Basic 347 347 347 347 347 347 347 347 347 347 347 Diluted 355 355 355 355 355 355 355 355 355 355 355 The preliminary reconciliation from GAAP to Non-GAAP net income is estimated based on our current information. NON-GAAP ADJUSTMENTS

AGILENT TECHNOLOGIES, INC RECONCILIATION FROM GAAP TO NON-GAAP THREE MONTHS ENDED October 31, 2010 (Unaudited) Varian Varian Acquisition Restructuring Acquisition & Related Fair Tax and Other Related Asset Intangible Transformational Business Integration Value Sharing Adjustment for (In millions, except per share amounts) GAAP Costs - FY 2009 Plan Impairments Amortization Restructuring Divestitures Costs Adjustments Settlement Other Taxes Non-GAAP Orders Year 32% 1,687 $

• $
• $
• $
• $
• $
• $
• $
• $
• $
• $

1,687 $ 32% Year Net revenue Year 35% 1,576 $

• $
• $
• $
• $
• $
• $

8 $

• $
• $
• $

1,584 $ 36% Year Costs and expenses: Cost of products and services Gross Margin 52.9% 742 (1)

• (17)

(3)

• (1)

(10)

• (1)
• 709

55.3% Gross Margin Research and development As a % of Revenue 10.1% 159 (1)

• (2)
• 1
• 157

9.9% As a % of Revenue Selling, general and administrative As a % of Revenue 29.9% 472 (6) (5) (13) (5) (2) (24)

• (2)
• 415

26.2% As a % of Revenue Total costs and expenses 1,373 (8) (5) (30) (10) (2) (25) (10)

• (2)
• 1,281

Income from operations Operating Margin 12.9% 203 8 5 30 10 2 25 18

• 2
• 303

19.1% Operating Margin Other income (expense), net 40

• (4)
• (54)

(4)

• (22)

Income before taxes 243 8 5 30 10 (2) 25 18 (54) (2)

• 281

Provision for taxes Tax rate (incl. Valuation Allowance) 5% 11

• 42

53 19% Tax rate (incl. Valuation Allowance) Net income Net Margin 14.7% 232 $ 8 $ 5 $ 30 $ 10 $ (2) $ 25 $ 18 $ (54) $ (2) $ (42) $ 228 $ 14.4% Net Margin Net income per share - Basic and Diluted: Basic 0.67 $ 0.02 $ 0.01 $ 0.09 $ 0.03 $ (0.01) $ 0.07 $ 0.05 $ (0.16) $ (0.01) $ (0.10) $ 0.66 $ Diluted 0.66 $ 0.02 $ 0.01 $ 0.09 $ 0.03 $ (0.01) $ 0.07 $ 0.05 $ (0.15) $ (0.01) $ (0.11) $ 0.65 $ Weighted average shares used in computing net income per share: Basic 346 346 346 346 346 346 346 346 346 346 346 346 Diluted 352 352 352 352 352 352 352 352 352 352 352 352 The preliminary reconciliation from GAAP to Non-GAAP net income is estimated based on our current information. Non-GAAP Adjustments

AGILENT TECHNOLOGIES, INC RECONCILIATION FROM GAAP TO NON-GAAP THREE MONTHS ENDED January 31, 2011 (Unaudited) Varian Varian Acquisition Restructuring Acquisition & Related Fair and Other Intangible Transformation Integration Value Adjustment for (In millions, except per share amounts) GAAP Related Costs Amortization Initiatives Costs Adjustments Other Taxes Non-GAAP Orders Change Year Over Year 33% 1,627 $

• $
• $
• $
• $
• $
• $
• $

1,627 $ 33% Change Year Over Year Net revenue Change Year Over Year 25% 1,519 $

• $
• $
• $
• $

5 $

• $
• $

1,524 $ 26% Change Year Over Year Costs and expenses: Cost of products and services Gross Margin 53.7% 703

• (17)

(4) (1) 1 1

• 683

55.2% Gross Margin Research and development As a % of Revenue 10.5% 159

• (1)
• 158

10.4% As a % of Revenue Selling, general and administrative As a % of Revenue 29.4% 446 (2) (11) (6) (14)

• 413

27.1% As a % of Revenue Total costs and expenses 1,308 (2) (28) (11) (15) 1 1

• 1,254

Income from operations Operating Margin 13.9% 211 2 28 11 15 4 (1)

• 270

17.7% Operating Margin Other income (expense), net (13)

• 1
• (12)

Income before taxes 198 2 28 11 15 4

• 258

Provision (benefit) for taxes Tax rate (incl. Valuation Allowance) 3% 5

• 41

46 18% Tax rate (incl. Valuation Allowance) Net income Net Margin 12.7% 193 $ 2 $ 28 $ 11 $ 15 $ 4 $

• $

(41) $ 212 $ 13.9% Net Margin Net income per share - Basic and Diluted: Basic 0.56 $ 0.01 $ 0.08 $ 0.03 $ 0.04 $ 0.01 $

• $

(0.12) $ 0.61 $ Diluted 0.54 $ 0.01 $ 0.08 $ 0.03 $ 0.04 $ 0.01 $

• $

(0.11) $ 0.60 $ Weighted average shares used in computing net income (loss) per share: Basic 347 347 347 347 347 347 347 347 347 Diluted 355 355 355 355 355 355 355 355 355 The preliminary reconciliation from GAAP to Non-GAAP net income is estimated based on our current information. Non-GAAP Adjustments

AGILENT TECHNOLOGIES, INC RECONCILIATION FROM GAAP TO NON-GAAP THREE MONTHS ENDED April 30, 2011 (Unaudited) PRELIMINARY Varian Acquisition Restructuring Acquisition & Related Fair and Other Asset Intangible Transformation Integration Value Adjustment for (In millions, except per share amounts) GAAP Related Costs Impairments Amortization Initiatives Costs Adjustments Other Taxes Non-GAAP Orders Change Year Over Year 27% 1,703 $

• $
• $
• $
• $
• $
• $
• $
• $

1,703 $ 27% Change Year Over Year Net revenue Change Year Over Year 32% 1,677 $

• $
• $
• $
• $
• $

2 $

• $
• $

1,679 $ 32% Change Year Over Year Costs and expenses: Cost of products and services Gross Margin 53.7% 777

• (3)

(18) (4) (2) (1)

• 749

55.4% Gross Margin Research and development As a % of Revenue 9.8% 165

• (1)
• 164

9.8% As a % of Revenue Selling, general and administrative As a % of Revenue 28.0% 469 2 (2) (10) (7) (10)

• 442

26.3% As a % of Revenue Total costs and expenses 1,411 2 (5) (28) (11) (13) (1)

• 1,355

Income from operations Operating Margin 15.9% 266 (2) 5 28 11 13 3

• 324

19.3% Operating Margin Other income (expense), net (6)

• 1
• (7)
• (12)

Income before taxes 260 (2) 5 28 11 14 3 (7)

• 312

Provision for taxes Tax rate (incl. Valuation Allowance) 23% 60

• (9)

51 16% Tax rate (incl. Valuation Allowance) Net income Net Margin 11.9% 200 $ (2) $ 5 $ 28 $ 11 $ 14 $ 3 $ (7) $ 9 $ 261 $ 15.5% Net Margin Net income per share - Basic and Diluted: Basic 0.58 $ (0.01) $ 0.01 $ 0.08 $ 0.03 $ 0.04 $ 0.01 $ (0.02) $ 0.03 $ 0.75 $ Diluted 0.56 $ (0.01) $ 0.01 $ 0.08 $ 0.03 $ 0.04 $ 0.01 $ (0.02) $ 0.04 $ 0.74 $ Weighted average shares used in computing net income (loss) per share: Basic 347 347 347 347 347 347 347 347 347 347 Diluted 355 355 355 355 355 355 355 355 355 355 The preliminary reconciliation from GAAP to Non-GAAP net income is estimated based on our current information. Non-GAAP Adjustments

AGILENT TECHNOLOGIES, INC RECONCILIATION FROM GAAP TO NON-GAAP THREE MONTHS ENDED July 31, 2011 (Unaudited) PRELIMINARY Restructuring Varian and Other Acquisition & Acquisition Agilent Related Costs- Asset Intangible Transformation Integration Fair Value Foundation Adjustment (In millions, except per share amounts) GAAP FY 2009 Plan Impairments Amortization Initiatives Costs Adjustments Donation Other for Taxes Non-GAAP Orders Change Year Over Year 13% 1,687 $

• $
• $
• $
• $
• $
• $
• $
• $
• $

1,687 $ 13% Change Year Over Year Net revenue Change Year Over Year 22% 1,691 $

• $
• $
• $
• $
• $

1 $

• $
• $
• $

1,692 $ 21% Change Year Over Year Costs and expenses: Cost of products and services Gross Margin 52.7% 799 (1) (19) (6) (3) 1 771 54.4% Gross Margin Research and development As a % of Revenue 9.6% 162 162 9.6% As a % of Revenue Selling, general and administrative As a % of Revenue 26.6% 449 (2) (3) (10) (5) (8) (6) 2 417 24.6% As a % of Revenue Total costs and expenses 1,410 (2) (4) (29) (11) (11)

• (6)

3

• 1,350

Income from operations Operating Margin 16.6% 281 2 4 29 11 11 1 6 (3)

• 342

20.2% Operating Margin Other income (expense), net

• (10)
• (10)

Income before taxes 281 2 4 29 11 11 1 6 (13)

• 332

Provision for taxes Tax rate (incl. Valuation Allowance)

• 17%

(49)

• 105

56 17% Tax rate (incl. Valuation Allowance) Net income Net Margin 19.5% 330 $ 2 $ 4 $ 29 $ 11 $ 11 $ 1 $ 6 $ (13) $ (105) $ 276 $ 16.3% Net Margin Net income per share - Basic and Diluted: Basic 0.95 $ 0.01 $ 0.01 $ 0.08 $ 0.03 $ 0.03 $

• $

0.02 $ (0.04) $ (0.30) $ 0.79 $ Diluted 0.92 $ 0.01 $ 0.01 $ 0.08 $ 0.03 $ 0.03 $

• $

0.02 $ (0.04) $ (0.29) $ 0.77 $ Weighted average shares used in computing net income (loss) per share: Basic 348 348 348 348 348 348 348 348 348 348 348 Diluted 357 357 357 357 357 357 357 357 357 357 357 The preliminary reconciliation from GAAP to Non-GAAP net income is estimated based on our current information. NON-GAAP ADJUSTMENTS

AGILENT TECHNOLOGIES, INC RECONCILIATION FROM GAAP TO NON-GAAP THREE MONTHS ENDED October 31, 2011 (Unaudited) PRELIMINARY Restructuring Varian and Other Acquisition & Acquisition Agilent Related Costs- Asset Intangible Transformation Integration Fair Value Foundation Adjustment (In millions, except per share amounts) GAAP FY 2009 Plan Impairments Amortization Initiatives Costs Adjustments Donation Other for Taxes Non-GAAP Orders Change Year Over Year 4% 1,752 $

• $
• $
• $
• $
• $
• $
• $
• $
• $

1,752 $ 4% Change Year Over Year Net revenue Change Year Over Year 10% 1,728 $

• $
• $
• $
• $
• $

3 $

• $
• $
• $

1,731 $ 9% Change Year Over Year Costs and expenses: Cost of products and services Gross Margin 53.3% 807

• (17)

(11) (3) 2

• 778

55.1% Gross Margin Research and development As a % of Revenue 9.4% 163

• (1)

(1)

• 161

9.3% As a % of Revenue Selling, general and administrative As a % of Revenue 25.8% 445

• (11)

(6) (11)

• 1
• 418

24.1% As a % of Revenue Total costs and expenses 1,415

• (28)

(18) (15) 2

• 1
• 1,357

Income from operations Operating Margin 18.1% 313

• 28

18 15 1

• (1)
• 374

21.6% Operating Margin Other income (expense), net (20)

• 3
• (17)

Income before taxes 293

• 28

18 15 1

• 2
• 357

Provision for taxes Tax rate (incl. Valuation Allowance) 1% 4

• 57

61 17% Tax rate (incl. Valuation Allowance) Net income Net Margin 16.7% 289 $

• $
• $

28 $ 18 $ 15 $ 1 $

• $

2 $ (57) $ 296 $ 17.1% Net Margin Net income per share - Basic and Diluted: Basic 0.83 $

• $
• $

0.08 $ 0.05 $ 0.04 $

• $
• $

0.01 $ (0.16) $ 0.85 $ Diluted 0.82 $

• $
• $

0.08 $ 0.05 $ 0.04 $

• $
• $

0.01 $ (0.16) $ 0.84 $ Weighted average shares used in computing net income (loss) per share: Basic 347 347 347 347 347 347 347 347 347 347 347 Diluted 351 351 351 351 351 351 351 351 351 351 351 The preliminary reconciliation from GAAP to Non-GAAP net income is estimated based on our current information. NON-GAAP ADJUSTMENTS

LSG CAG EMG Agilent LSG CAG EMG Agilent LSG CAG EMG Numerator: Q1'11 Q1'11 Q1'11 Q1'11 Q1'10 Q1'10 Q1'10 Q1'10 Q4'10 Q4'10 Q4'10 Non-GAAP income from operations 48 $ 65 $ 156 $ 270 $ 55 $ 67 $ 58 $ 181 $ 62 $ 86 $ 153 $ Less: Taxes and Other (income)/expense 7 10 24 43 9 14 5 30 10 17 27 Segment return 41 55 132 227

(a)

46 53 53 151

(a)

52 69 126 Segment return annualized 164 $ 220 $ 528 $ 908 $ 184 $ 212 $ 212 $ 604 $ 208 $ 276 $ 504 $ Denominator: Segment assets (b) 1,707 $ 1,716 $ 2,092 $ 5,516 $ 1,162 $ 529 $ 2,243 $ 3,934 $ 1,564 $ 1,635 $ 2,245 $ Less: Net current liabilities

(c)

312 228 556 1,094 221 148 515 886 327 262 660 Invested capital 1,395 $ 1,488 $ 1,536 $ 4,422 $ 941 $ 381 $ 1,728 $ 3,048 $ 1,237 $ 1,373 $ 1,585 $ Average invested capital 1,316 $ 1,430 $ 1,560 $ 4,307 $ 877 $ 354 $ 1,617 $ 2,844 $ 1,220 $ 1,363 $ 1,600 $ ROIC 12% 15% 34% 21% 21% 60% 13% 21% 17% 20% 32% ROIC calculation:(annualized current quarter segment return)/(average of the two most recent quarter-end balances of Segment Invested Capital)

(a) Agilent return is equal to non-GAAP net income of $212 million plus net interest expense after tax of $15 million for Q1'11, and $135 million plus net interest expense after tax of $16 million for Q1'10.

Please see "Non-GAAP Net Income and Diluted EPS Reconciliations" for a reconciliation of non-GAAP net income to GAAP net income.

(b) Segment assets consist of inventory, accounts receivable, property plant and equipment, gross goodwill and other intangibles, deferred

taxes and allocated corporate assets.

(c) Includes accounts payable, employee compensation and benefits, deferred revenue, other accrued liabilities and allocated corporate liabilities.

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

AGILENT TECHNOLOGIES, INC. RECONCILIATION OF ROIC (In millions) (Unaudited) PRELIMINARY

Return on Invested Capital (ROIC) is a non-GAAP measure that management believes provides useful supplemental information for management and the investor. ROIC is a tool by which we track how much value we are creating for our shareholders. Management uses ROIC as a performance measure for our businesses, and our senior managers' compensation is linked to ROIC improvements as well as

• ther performance criteria. We believe that ROIC provides our management with a means to analyze and improve their business, measuring segment profitability in relation to net asset investments. We

acknowledge that ROIC may not be calculated the same way by every company. We compensate for this limitation by monitoring and providing to the reader a full GAAP income statement and balance sheet.

LSG CAG EMG Agilent LSG CAG EMG Agilent LSG CAG EMG Agilent Numerator: Q2'11 Q2'11 Q2'11 Q2'11 Q2'10 Q2'10 Q2'10 Q2'10 Q1'11 Q1'11 Q1'11 Q1'11 Non-GAAP income from operations 61 $ 72 $ 191 $ 324 $ 48 $ 57 $ 100 $ 201 $ 48 $ 65 $ 156 $ 270 $ Less: Taxes and Other (income)/expense 8 11 30 49 8 12 13 34 7 10 24 43 Segment return 53 61 161 275

(a)

40 45 87 167

(a)

41 55 132 227 Segment return annualized 212 $ 244 $ 644 $ 1,100 $ 160 $ 180 $ 348 $ 669 $ 164 $ 220 $ 528 $ 908 $ Denominator: Segment assets (b) 1,852 $ 1,756 $ 2,171 $ 5,780 $ 1,107 $ 527 $ 2,284 $ 3,917 $ 1,707 $ 1,716 $ 2,092 $ 5,516 $ Less: Net current liabilities (c) 375 271 631 1,277 245 165 609 1,019 312 228 556 1,094 Invested capital 1,477 $ 1,485 $ 1,540 $ 4,503 $ 862 $ 362 $ 1,675 $ 2,898 $ 1,395 $ 1,488 $ 1,536 $ 4,422 $ Average invested capital 1,436 $ 1,486 $ 1,538 $ 4,463 $ 902 $ 372 $ 1,702 $ 2,973 $ 1,316 $ 1,430 $ 1,560 $ 4,307 $ ROIC 15% 16% 42% 25% 18% 48% 20% 23% 12% 15% 34% 21% ROIC calculation:(annualized current quarter segment return)/(average of the two most recent quarter-end balances of Segment Invested Capital)

(a) Agilent return is equal to non-GAAP net income of $261 million plus net interest expense after tax of $14 million for Q2'11, and $152 million plus net interest expense after tax of $15 million

for Q2'10. Please see "Non-GAAP Net Income and Diluted EPS Reconciliations" for a reconciliation of non-GAAP net income to GAAP net income.

(b) Segment assets consist of inventory, accounts receivable, property plant and equipment, gross goodwill and other intangibles, deferred

taxes and allocated corporate assets.

(c) Includes accounts payable, employee compensation and benefits, deferred revenue, other accrued liabilities and allocated corporate liabilities.

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

AGILENT TECHNOLOGIES, INC. RECONCILIATION OF ROIC (In millions) (Unaudited) PRELIMINARY

Return on Invested Capital (ROIC) is a non-GAAP measure that management believes provides useful supplemental information for management and the investor. ROIC is a tool by which we track how much value we are creating for our shareholders. Management uses ROIC as a performance measure for our businesses, and our senior managers' compensation is linked to ROIC improvements as well as other performance criteria. We believe that ROIC provides our management with a means to analyze and improve their business, measuring segment profitability in relation to net asset investments. We acknowledge that ROIC may not be calculated the same way by every company. We compensate for this limitation by monitoring and providing to the reader a full GAAP income statement and balance sheet.

LSG CAG EMG Agilent LSG CAG EMG Agilent LSG CAG EMG Agilent Numerator: Q3'11 Q3'11 Q3'11 Q3'11 Q3'10 Q3'10 Q3'10 Q3'10 Q2'11 Q2'11 Q2'11 Q2'11 Non-GAAP income from operations 60 $ 79 $ 204 $ 342 $ 56 $ 69 $ 127 $ 251 $ 61 $ 72 $ 191 $ 324 $ Less: Taxes and Other (income)/expense 9 12 32 52 11 14 24 43 8 11 30 49 Segment return 51 67 172 290

(a)

45 55 103 208

(a)

53 61 161 275 Segment return annualized 204 $ 268 $ 688 $ 1,158 $ 181 $ 220 $ 412 $ 832 $ 212 $ 244 $ 644 $ 1,100 $ Denominator: Segment assets (b) 1,855 $ 1,748 $ 2,167 $ 5,772 $ 1,493 $ 1,592 $ 2,191 $ 5,276 $ 1,852 $ 1,756 $ 2,171 $ 5,780 $ Less: Net current liabilities (c) 348 248 593 1,188 290 239 576 1,104 375 271 631 1,277 Invested capital 1,507 $ 1,500 $ 1,574 $ 4,584 $ 1,203 $ 1,353 $ 1,615 $ 4,172 $ 1,477 $ 1,485 $ 1,540 $ 4,503 $ Average invested capital 1,492 $ 1,492 $ 1,557 $ 4,543 $ 1,244 $ 1,306 $ 1,645 $ 4,195 $ 1,436 $ 1,486 $ 1,538 $ 4,463 $ ROIC 14% 18% 44% 25% 15% 17% 25% 20% 15% 16% 42% 25% ROIC calculation:(annualized current quarter segment return)/(average of the two most recent quarter-end balances of Segment Invested Capital)

(a) Agilent return is equal to non-GAAP net income of $276 million plus net interest expense after tax of $14 million for Q3'11, $191 million plus net interest expense after tax of $17 million

for Q3'10 and $261million plus net interest expense after tax of $14 million for Q2'11. Please see "Non-GAAP Net Income and Diluted EPS Reconciliations" for a reconciliation of non-GAAP net income to GAAP n

(b) Segment assets consist of inventory, accounts receivable, property plant and equipment, gross goodwill and other intangibles, deferred taxes and allocated corporate assets. (c) Includes accounts payable, employee compensation and benefits, deferred revenue, other accrued liabilities and allocated corporate liabilities.

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

AGILENT TECHNOLOGIES, INC. RECONCILIATION OF ROIC (In millions) (Unaudited) PRELIMINARY

Return on Invested Capital (ROIC) is a non-GAAP measure that management believes provides useful supplemental information for management and the investor. ROIC is a tool by which we track how much value we are creating for our shareholders. Management uses ROIC as a performance measure for our businesses, and our senior managers' compensation is linked to ROIC improvements as well as other performance criteria. We believe that ROIC provides our management with a means to analyze and improve their business, measuring segment profitability in relation to net asset investments. We acknowledge that ROIC may not be calculated the same way by every company. We compensate for this limitation by monitoring and providing to the reader a full GAAP income statement and balance sheet.

LSG CAG EMG Agilent LSG CAG EMG Agilent LSG CAG EMG Agilent Numerator: Q4'11 Q4'11 Q4'11 Q4'11 Q4'10 Q4'10 Q4'10 Q4'10 Q3'11 Q3'11 Q3'11 Q3'11 Non-GAAP income from operations 68 $ 97 $ 209 $ 373 $ 62 $ 86 $ 153 $ 303 $ 60 $ 79 $ 204 $ 342 $ Less: Taxes and Other (income)/expense 11 16 35 60 10 17 27 57 9 12 32 52 Segment return 57 81 174 313

(a)

52 69 126 246

(a)

51 67 172 290

(a)

Segment return annualized 228 $ 324 $ 696 $ 1,252 $ 208 $ 276 $ 504 $ 984 $ 204 $ 268 $ 688 $ 1,158 $ Denominator: Segment assets (b) 1,837 $ 1,772 $ 2,156 $ 5,767 $ 1,564 $ 1,635 $ 2,245 $ 5,442 $ 1,855 $ 1,748 $ 2,167 $ 5,772 $ Less: Net current liabilities (c) 365 262 616 1,243 327 262 660 1,250 348 248 593 1,188 Invested capital 1,472 $ 1,510 $ 1,540 $ 4,524 $ 1,237 $ 1,373 $ 1,585 $ 4,192 $ 1,507 $ 1,500 $ 1,574 $ 4,584 $ Average invested capital 1,490 $ 1,505 $ 1,557 $ 4,554 $ 1,220 $ 1,363 $ 1,600 $ 4,182 $ 1,492 $ 1,492 $ 1,557 $ 4,543 $ ROIC 15% 22% 45% 27% 17% 20% 32% 24% 14% 18% 44% 25% ROIC calculation:(annualized current quarter segment return)/(average of the two most recent quarter-end balances of Segment Invested Capital)

(a) Agilent return is equal to non-GAAP net income of $296 million plus net interest expense after tax of $17 million for Q4'11, and $228 million plus net interest expense after tax of $18 million

for Q4'10 and $276 million plus net interest expense after tax of $14 million for Q3'11. Please see "Non-GAAP Net Income and Diluted EPS Reconciliations" for a reconciliation of non-GAAP net income to GAAP net income.

(b) Segment assets consist of inventory, accounts receivable, property plant and equipment, gross goodwill and other intangibles, deferred taxes and allocated corporate assets. (c) Includes accounts payable, employee compensation and benefits, deferred revenue, other accrued liabilities and allocated corporate liabilities.

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

AGILENT TECHNOLOGIES, INC. RECONCILIATION OF ROIC (In millions) (Unaudited) PRELIMINARY

Return on Invested Capital (ROIC) is a non-GAAP measure that management believes provides useful supplemental information for management and the investor. ROIC is a tool by which we track how much value we are creating for our shareholders. Management uses ROIC as a performance measure for our businesses, and our senior managers' compensation is linked to ROIC improvements as well as other performance criteria. We believe that ROIC provides our management with a means to analyze and improve their business, measuring segment profitability in relation to net asset investments. We acknowledge that ROIC may not be calculated the same way by every company. We compensate for this limitation by monitoring and providing to the reader a full GAAP income statement and balance sheet.

Percent 2011 2,010 Inc/(Dec) GAAP Revenue 6,615 $ 5,444 $ 22% Varian acquisition fair value adjustments 11 19 Non-GAAP Revenue 6,626 $ 5,463 $ 21% Less revenue from acquisition and divestitures included in segment results (355) (88) Organic Non-GAAP Revenue 6,271 $ 5,375 $ 17% The preliminary reconciliation of GAAP to Organic Non-GAAP revenue is based on our current information. 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 acquisitions that have closed within the past year. Due to the close date of the Varian acquisition which

• ccurred on May 14, 2010, we have excluded revenue related to Varian for the period beginning November 1,

2010 thru May 14, 2011 in our revenue adjustment from acquisitions for the year ended 2011. For the year ended 2010, we have excluded revenue related to the NSD and Hycor divestitures. Management believes that these measures provide useful information to investors by reflecting an additional way

• f 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 effect of the Varian and

• ther recent 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.

AGILENT TECHNOLOGIES, INC. RECONCILIATION OF ORGANIC REVENUE (IN MILLIONS) PRELIMINARY

Years Ended October 31,

Percent Q1'11 Q1'10 Inc/(Dec) GAAP Revenue 1,519 $ 1,213 $ 25% Varian acquisition fair value adjustments 5

• Non-GAAP Revenue

1,524 $ 1,213 $ 26% Less revenue from acquisition and divestitures included in segment results (134) (47) Non-GAAP Revenue, adjusted 1,390 $ 1,166 $ 19% Management believes that this measure provides 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 effect of the Varian acquisition and recent 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.

AGILENT TECHNOLOGIES, INC. REVENUE RECONCILIATION (In millions) (Unaudited) PRELIMINARY

Revenues, excluding the impact of the Varian acquisition and recent divestitures, are a non-GAAP measure and are defined to exclude the fair value adjustment to acquisition related deferred revenue balances for the Varian acquisition and exclude the impacts of the Varian acquisition and the divestitures of our Network Systems and Hycor businesses.

Percent Q2'11 Q2'10 Inc/(Dec) GAAP Revenue 1,677 $ 1,271 $ Varian acquisition fair value adjustments 2

• Non-GAAP Revenue

1,679 $ 1,271 $ included in segment results (191) (41) Organic Non-GAAP Revenue 1,488 $ 1,230 $ 21% Percent Organic Non-GAAP Revenue by Region Q2'11 Q2'10 Inc/(Dec) Americas 474 $ 421 $ 12% Europe 358 294 22% Asia Pacific 656 515 27% Organic Non-GAAP Revenue 1,488 $ 1,230 $ 21% The preliminary reconciliation of GAAP to Organic Non-GAAP revenue is based on our current information. AGILENT TECHNOLOGIES, INC. RECONCILIATION OF ORGANIC REVENUE (IN MILLIONS) 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 acquisitions and divestitures that have closed within the past year. 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 effect of the Varian and other recent 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

• bscure underlying business trends and make comparisons of long-term performance difficult.

Percent Q3'11 Q3'10 Inc/(Dec) GAAP Revenue 1,691 $ 1,384 $ 22% Varian acquisition fair value adjustments 1 11 Non-GAAP Revenue 1,692 $ 1,395 $ 21% Less revenue from acquisition and divestitures included in segment results (30)

• Organic Non-GAAP Revenue

1,662 $ 1,395 $ 19% Percent Organic Non-GAAP Revenue by Region Q3'11 Q3'10 Inc/(Dec) Americas 608 $ 515 $ 18% Europe 391 358 9% Asia Pacific 663 522 27% Organic Non-GAAP Revenue 1,662 $ 1,395 $ 19% The preliminary reconciliation of GAAP to Organic Non-GAAP revenue is based on our current information.

AGILENT TECHNOLOGIES, INC. RECONCILIATION OF ORGANIC REVENUE (IN MILLIONS) 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 acquisitions that have closed within the past year. Due to the close date of the Varian acquisition which

• ccurred on May 15, 2010, we have also excluded the first two weeks of Q3 2011 revenue related to Varian in our

revenue adjustment from acquisitions. Management believes that these measures provide useful information to investors by reflecting an additional way

• f 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 effect of the Varian and

• ther recent 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.

Q4'11 Q4'10 $ Change Incremental AGILENT GAAP Revenue 1,728 $ 1,576 $ 152 $ Income from Operations 313 $ 203 $ 110 $ 73% AGILENT Non-GAAP Revenue 1,731 $ 1,584 $ 147 $ Income from Operations 374 $ 303 $ 71 $ 48% The preliminary reconciliation of incremental change is estimated based on our current information.

AGILENT TECHNOLOGIES, INC. RECONCILIATION OF INCREMENTAL REVENUE DOLLAR TO BOTTOM LINE (IN MILLIONS) PRELIMINARY

Year over Year

Q4'11 Year over Year Percent Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Inc/(Dec) GAAP Americas 587 $ 548 $ 546 $ 619 $ 629 $ 7% Europe 401 405 420 403 419 4% Asia Pacific 588 566 711 669 680 16% Revenue 1,576 $ 1,519 $ 1,677 $ 1,691 $ 1,728 $ 10% Q4'11 Year over Year Percent Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Inc/(Dec) Non-GAAP Americas 592 $ 552 $ 546 $ 620 $ 632 $ 7% Europe 404 406 421 403 419 4% Asia Pacific 588 566 712 669 680 16% Non-GAAP Revenue 1,584 $ 1,524 $ 1,679 $ 1,692 $ 1,731 $ 9% The preliminary reconciliation of revenue by region is based on our current information.

AGILENT TECHNOLOGIES, INC. RECONCILIATION OF REVENUE BY REGION (IN MILLIONS) PRELIMINARY

Non-GAAP revenue is defined as revenue excluding the fair value adjustment of the deferred revenue balances related to the Varian acquisition. Management believes that this measure provides 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.

Year-over-Year Currency Adjustments (a) Year-over-Year Year-over-Year

Non-GAAP Revenue by Segment

Q4'11 Q4'10 % Change Q4'11 Q4'11 Q4'10 % Change LIFE SCIENCES 471 $ 431 $ 9% 14 $ 457 $ 431 $ 6% CHEMICAL ANALYSIS 405 $ 389 $ 4% 13 $ 392 $ 389 $ 1% ELECTRONIC MEASUREMENT 855 $ 764 $ 12% 14 $ 841 $ 764 $ 10% AGILENT 1,731 $ 1,584 $ 9% 41 $ 1,690 $ 1,584 $ 7% Currency Adjustments (a) Year-over-Year Year-over-Year

Non-GAAP Revenue by Region

Q4'11 Q4'10 % Change Q4'11 Q4'11 Q4'10 % Change Non-GAAP Revenue 1,731 $ 1,584 $ 9% 41 $ 1,690 $ 1,584 $ 7% Americas 632 592 7% 2 630 592 6% Europe 419 404 4% 19 400 404

• 1%

Japan 185 157 18% 14 171 157 9% Other Asia Pacific 495 431 15% 6 489 431 13% Total Non-GAAP Revenue 1,731 $ 1,584 $ 9% 41 $ 1,690 $ 1,584 $ 7% Asia Pacific 680 $ 588 $ 16% 20 $ 660 $ 588 $ 12% The preliminary reconciliation of non-GAAP revenue adjusted for the impact of currency is estimated based on our current information.

NON-GAAP Currency-Adjusted NON-GAAP 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.

AGILENT TECHNOLOGIES, INC. RECONCILIATIONS OF NON-GAAP REVENUE BY SEGMENT AND NON-GAAP REVENUE BY REGION EXCLUDING THE IMPACT OF CURRENCY ADJUSTMENTS (IN MILLIONS) (Unaudited) PRELIMINARY

Q4'11 Q4'10 Cash and cash equivalents $ 3,527 $ 2,649 Restricted cash and cash equivalents — 1,550 Short-term debt, par value (250) (1,501) Senior notes, par value (1,850) (2,100) Total Net Cash 1,427 $ 598 $ 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.

AGILENT TECHNOLOGIES, INC. NET CASH (In millions) (Unaudited) PRELIMINARY

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