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DANAHER BUSINESS SYSTEMTom Joyce, President & CEODan Comas, EVP & CFOMAY 2018

Forward Looking StatementsStatements in this presentation that are not strictly historical, including any statements regarding events or developments that we anticipate will or may occur in the future are "forwardlooking" 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 todiffer 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 factorsinclude, among other things deterioration of or instability in the economy, the markets we serve and the financial markets, contractions or growth rates and cyclicality of markets weserve, 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 compliance with applicable laws and regulations (including regulations relating to medical devices and the health care industry), our ability to effectivelyaddress cost reductions and other changes in the health care industry, our ability to successfully identify and consummate appropriate acquisitions and strategic investments andsuccessfully complete divestitures and other dispositions, our ability to integrate the businesses we acquire and achieve the anticipated benefits of such acquisitions, contingentliabilities relating to acquisitions, investments and divestitures (including tax-related and other contingent liabilities relating to the distributions of each of Fortive Corporation and ourcommunications business), security breaches or other disruptions of our information technology systems or violations of data privacy laws, the impact of our restructuring activities onour ability to grow, 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,changes in tax laws applicable to multinational companies, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, the rightsof the United States government to use, disclose and license certain intellectual property we license if we fail to commercialize it, 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 ourchannel partners, uncertainties relating to collaboration arrangements with third parties, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity toreflect market conditions, reliance on sole sources of supply, the impact of deregulation on demand for our products and services, labor matters, international economic, political, legal,compliance and business factors (including the impact of the UK’s decision to leave the EU and changes in US policy stemming from the current administration, such as changes in UStrade policies and the reaction of other countries thereto), disruptions relating to man-made and natural disasters, and pension plan costs. Additional information regarding the factorsthat may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2017 Annual Report on Form 10-K and QuarterlyReport on Form 10-Q for the first quarter of 2018. These forward-looking statements speak only as of the date of this presentation and except to the extent required by applicable law, theCompany 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.All references in this presentation (1) to company-specific financial metrics relate only to the continuing operations of Danaher’s business, unless otherwise noted; (2) to “growth” orother period-to-period changes refer to year-over-year comparisons unless otherwise indicated; (3) to Operating Profit below the segment level exclude amortization; and (4) to “today”refers to the Company’s performance for the first quarter of 2018. We may also describe certain products and devices which have applications submitted and pending for certainregulatory approvals.2

What You’ll Learn About the Danaher Business System (DBS)DBS OVERVIEW: EVOLUTION FROM LEAN TO BALANCEDAPPROACH INCLUDING GROWTH & LEADERSHIPImpact of DBS on GrowthDBS in action at recent acquisitions: from process to resultsBuilding outstanding leaders through DBSDBS is our sustainable competitive advantage3

DBS is Our Competitive Advantage4

Evolution of the Danaher Business System DPURPOSELeanGrowthOUR SHARED PURPOSEHELPING REALIZE LIFE’S POTENTIALAs portfolio evolved, so has DBS – from Lean to a balanced approach5

Core Value Drivers (CVDs) are How We Quantitatively MeasureSuccess8 CORE VALUE DRIVERSLeadershipSHAREHOLDERCORE REVENUE GROWTHOMXCASH FLOW / WC TURNSROIC“OMX” is Operating Margin Expansion; “WC” is Working CapitalLeanCUSTOMERQUALITY (EXTERNAL PPM)ON-TIME DELIVERY (OTD)ASSOCIATEINTERNAL FILL RATERETENTIONGrowthAll operating reviews begin with discussion of CVDs6

What is the Annual Process to Drive Performance?WhatStrategic Plan/3-5 Year BreakthroughObjectivesDevelop tPrioritiesHow MuchWhoBy WhenID Measures,Metrics and KeyResourcesDeployImprovementPriorities withDBSKeep ScoreMonthly &AnnuallyProblemSolvingProcessConverting our strategy into execution through Policy Deployment7

DBS Fundamentals are the FoundationDBS FUNDAMENTALSLeadershipLeanGrowthPROBLEM SOLVINGPROCESSVOICE OF THECUSTOMERSTANDARD WORKVALUE STREAM MAPPINGTRANSACTIONALPROCESS IMPROVEMENTVISUAL & DAILYMANAGEMENTKAIZEN5SExpand capabilities, drive consistent execution and sustain outstanding results8

What Differentiates DBSDBS is diversely applicable and always relevant – at any business, inany end-marketIt is a mindset and it is our culture – DBS is who we are, and how we dowhat we doDBS is constantly evolving: in the spirit of continuous improvement, weare always “DBSing” DBS“Common sense, vigorously applied”9

What You’ll Learn About DBSDBS overview: evolution from Lean to balanced approach includingGrowth & LeadershipIMPACT OF DBS ON GROWTHDBS in action at recent acquisitions: from process to resultsBuilding outstanding leaders through DBSDBS is our sustainable competitive advantage10

LeadershipDBS Growth ToolsLeanINNOVATION TOOLSLeadershipLeanGrowthEXAMPLES:Strategic ProductEnvelopeProduct PlanningGroupCustomerSegmentationDanaher InnovationProcessAcceleratedProduct DevelopmentSpeed DesignReview COMMERCIAL llingLeadNurturingFunnel ManagementStrategicNegotiationsSales ForceInitiative DBS Growth comprised of innovation & commercial tools11

LeadershipDBS Innovation ToolsDOMAINStrategicProductEnvelopeDefine theattractive domainfor innovationFROM MARKETINSIGHT ROADMAPLeanEXECUTION &RESOURCESCROSSFUNCTIONAL DEV.GrowthFULFILL DEMANDProblem gementLaunchExcellenceDefine a winningroadmap forattractive segmentsCoordinate execution& resources acrossmultiple projectsDrive cross-functionaldevelopmentof each new productGenerate & fulfilldemand for thenew product TO MARKETSHAREReplicable process for innovation provides competitive advantage12

DBS Innovation in Action: Speed Design Review at HachBASICS OF SPEED DESIGNREVIEW (SDR) Gather VOC; go to Gemba Obeya room with cross-functionalteams together Simultaneous product & processoptimization Rapid prototyping & evaluationSDR IN ACTION: HACH CM130 CHLORINEMONITORING SYSTEM FOR DIALYSISVOCCustomer purchased Hach drinking waterproduct to try in a dialysis capacityGEMBADialysis clinics are required to testwater every 4 hoursSPEED15 product design “sprints”RESULTSST FDACLEARED1ONLINE CHLORINE ANALYZERFOR DIALYSIS13 50MNEW ADJACENTADDRESSABLE MARKET

LeadershipDBS Commercial ToolsLeanSALESSTANDARD WORKTRANSFORMATIVE MARKETINGMarket Overviewand ChannelStrategyMarket attractiveness—How do we win?Market Insightand VisibilityCustomerBuyingJourney &InsightMarket segmentation What triggers interest?——Customer profileSources of infoDAILY MANAGEMENT LeadGenerationand les FunnelManagementValue Proposition—Customer benefitCustomer BuyingBehaviorMonthly “Key”Opportunity ReviewGROWTH ROOMGrowth STANDARD WORKAre we in control? What’s working? What’s not working?Integrated marketing & sales tools to drive commercial execution, accelerate growth14

Commercial Execution Driving Growth at PallBIOPHARMA“WIN THE SPEC”CONTACTS / VISIBILITYMARKETINGFUNNELDBS ACTIONS Transformative Marketing: Disciplined marketing campaigns toimprove visibility & account coverage Lead Handling: Prioritize & deliver more qualified leads to sales Funnel Management: Streamlined sales funnel process to improvewin rates2017RESULTS 50%LEADS 6.5xOPPORTUNITIESSALESFUNNELSITUATION AT ACQUISTION Limited process for improving market visibility Little to no digital marketing capabilities No repeatable process for generating / nurturing high-qualitysales leads 2xWIN RATE % 15%Using DBS to improve S&M processes and drive better growth15

What You’ll Learn About DBSDBS overview: evolution from Lean to balanced approach includingGrowth & LeadershipImpact of DBS on GrowthDBS IN ACTION AT RECENT ACQUISITIONS: FROM PROCESS TORESULTSBuilding outstanding leaders through DBSDBS is our sustainable competitive advantage16

Our Strategic Approach to M&A is a DBS ProcessMARKET Secular growth driversFragmentedHigher barriers to entryOptionality with multi-industryportfolio“ROIC” is Return on Invested Capital17COMPANY Competitive market positionStrong brand / channelConsistent revenue visibilityHigher margin businessesCultural fitVALUATION Focus on ROICDBS opportunitiesSustainabilitySynergies with DHR OpCosCombination of value & growth dealsSelectively pursuing value creation opportunities

How We Create Value: Running the Danaher PlaybookCore Revenue GrowthIMPROVE COSTSTRUCTUREGrossMarginsREINVESTFOR GROWTHR&DACCELERATEMARGINS &CORE GROWTHCoreGrowthG&A Margin Expansion S&MStrong Free Cash Flow AcquisitionsOMX TOP QUARTILE EPS GROWTH &COMPOUNDING RETURNSBalanced approach to create shareholder value18

Acquisitions: a Tailored Approach with DBSAdded attractive packagingprint inspection adjacencyHighly innovative,differentiated products &technologyStrong global dental brandthat brought presence inimplants & digital dentistryOutstanding franchisein attractive, fastgrowing marketsINITIAL PRIORITIES / KEY AREAS OF DBS FOCUS1) IMPROVE MARKETVISIBILITY2) BUILD OFF EXISTING PIDCUSTOMER BASE3) ENHANCE MARGINS1) ENHANCE COMMERCIALEXECUTION2) IMPROVE OPERATIONALLEVERAGE3) BUILD SCALE GLOBALLY1) BUILD ON NEW PRODUCTINITIATIVES2) ENHANCE GO-TO-MARKETSTRATEGY THROUGHSALES-FORCE EXPANSION3) REDUCE G&A1) ACCELERATE INNOVATION2) IMPROVE EXECUTION3) REDUCE COSTSInitial priorities and areas of DBS focus are tailored to each acquisition19

Tailored Integration with DBS: 2015 Pall AcquisitionINTEGRATION PROCESS 50 DHR associates facilitatingDBS post close 300 kaizen events in year onepost close 70% of associates completedDBS training in the first 90 daysRESULTS SINCE UCECOSTS 50%NUMBER OFNEW PRODUCTLAUNCHES 2,000BPSON-TIMEDELIVERYIMPROVEMENT 200MCOST SAVINGSACHIEVEDRapid DBS adoption has been a critical driver of Pall’s great start20

Update on Recent Larger AcquisitionsACQUIRED DEC 20143 YEARS INACQUIRED AUG 2015AT ACQ.2 YEARS INACQUIRED NOV 20161 YEAR INAT ACQ.TODAYCore GrowthFlat/LSDMSDCore GrowthLSDMSDCore GrowthDDDDGross Margin 70% 70%Gross Margin 50% 50%Gross Margin 50% 55%OperatingProfit MarginLDD 20%OperatingProfit MarginHighteens 25%OperatingProfit MarginFlat/LSDMidteensTODAYAT ACQ.TODAYDeals at or above initial expectations21