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2021 INVESTOR & ANALYST DAY

2021 INVESTOR & ANALYST DAYF orward Looking StatementsStatementsinthispresentationth atarenotstrictlyhistorical,includinganys tatementsregardingDanaher santicipatedfuturefinancialperformancean danyotherstatementsregardingeventsordeve lopmentsthatwebelieveoranticipatewillorm ayoccurinthefutureare"forward-looking" numberofimportantfactorsthatcouldcauseac tualresults,developmentsandbusinessdecis ionstodiffermateriallyfromthosesuggested orindicatedbysuchforward-lookingstatemen tsandyoushouldnotplaceunduerelianceonany suchforward-lookingstatements. Thesefactorsinclude,amongotherthingstheh ighlyuncertainandunpredictableseverity,m agnitudeanddurationoftheCOVID-19pandemic (andtherelatedgovernmental,businessandco mmunityresponsesthereto)onourbusiness,re sultsofoperationsandfinancialcondition,t heimpactofourdebtobligations(includingth edebti)

rights of 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, our relationships with and the performance of our channel partners ...

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Transcription of 2021 INVESTOR & ANALYST DAY

1 2021 INVESTOR & ANALYST DAYF orward Looking StatementsStatementsinthispresentationth atarenotstrictlyhistorical,includinganys tatementsregardingDanaher santicipatedfuturefinancialperformancean danyotherstatementsregardingeventsordeve lopmentsthatwebelieveoranticipatewillorm ayoccurinthefutureare"forward-looking" numberofimportantfactorsthatcouldcauseac tualresults,developmentsandbusinessdecis ionstodiffermateriallyfromthosesuggested orindicatedbysuchforward-lookingstatemen tsandyoushouldnotplaceunduerelianceonany suchforward-lookingstatements. Thesefactorsinclude,amongotherthingstheh ighlyuncertainandunpredictableseverity,m agnitudeanddurationoftheCOVID-19pandemic (andtherelatedgovernmental,businessandco mmunityresponsesthereto)onourbusiness,re sultsofoperationsandfinancialcondition,t heimpactofourdebtobligations(includingth edebtincurredtofinancetheacquisitionsofC ytivaandAldevron)onouroperationsandliqui dity,deteriorationoforinstabilityintheec onomy,themarketsweserveandthefinancialma rkets(includingasa resultoftheCOVID-19pandemic), lawsorpolicies,includingpotentialchanges inU.

2 S. tradepoliciesandtariffsandthereactionofo thercountriesthereto,contractionsorgrowt hratesandcyclicalityofmarketsweserve,com petition,ourabilitytodevelopandsuccessfu llymarketnewproductsandtechnologiesandex pandintonewmarkets,thepotentialforimprop erconductbyouremployees,agentsorbusiness partners,ourcompliancewithapplicablelaws andregulations(includingrulesrelatingtoo ff-labelmarketingandotherregulationsrela tingtomedicaldevicesandthehealthcareindu stry),theresultsofourclinicaltrialsandpe rceptionsthereof,ourabilitytoeffectively addresscostreductionsandotherchangesinth ehealthcareindustry,ourabilitytosuccessf ullyidentifyandconsummateappropriateacqu isitionsandstrategicinvestmentsandsucces sfullycompletedivestituresandotherdispos itions,ourabilitytointegratethebusinesse sweacquire(includingAldevron)

3 Andachievetheanticipatedbenefitsofsuchac quisitions,Aldevron'sperformanceandmaint enanceofimportantbusinessrelationships,c ontingentliabilitiesandotherrisksrelatin gtoacquisitions,investments,strategicrel ationshipsanddivestitures(includingtax-r elatedandothercontingentliabilitiesrelat ingtopastandfutureIPOs,split-offsorspin- offs),securitybreachesorotherdisruptions ofourinformationtechnologysystemsorviola tionsofdataprivacylaws,theimpactofourres tructuringactivitiesonourabilitytogrow,r isksrelatingtopotentialimpairmentofgoodw illandotherintangibleassets,currencyexch angerates,taxauditsandchangesinourtaxrat eandincometaxliabilities,changesintaxlaw sapplicabletomultinationalcompanies,liti gationandothercontingentliabilitiesinclu dingintellectualpropertyandenvironmental ,healthandsafetymatters,therightsoftheUn itedStatesgovernmenttouse.

4 Discloseandlicensecertainintellectualpro pertywelicenseif wefailtocommercializeit,risksrelatingtop roduct,serviceorsoftwaredefects,productl iabilityandrecalls,risksrelatingtoproduc tmanufacturing,ourrelationshipswithandth eperformanceofourchannelpartners,uncerta intiesrelatingtocollaborationarrangement swiththird-parties,commoditycostsandsurc harges,ourabilitytoadjustpurchasesandman ufacturingcapacitytoreflectmarketconditi ons,relianceonsolesourcesofsupply,theimp actofderegulationondemandforourproductsa ndservices,labormatters,internationaleco nomic,political,legal,compliance,sociala ndbusinessfactors(includingtheimpactofth eUnitedKingdom'sseparationfromtheEUandun certaintiesrelatingtosuchseparation),dis ruptionsrelatingtoman-madeandnaturaldisa sters(includingpandemicssuchasCOVID-19)a ndpensionplancosts.

5 Additionalinformationregardingthefactors thatmaycauseactualresultstodiffermateria llyfromtheseforward-lookingstatementsisa vailableinourSECfilings,includingour2020 AnnualReportonForm10-K andQuarterlyReportonForm10-Q forthesecondquarterof2021. Theseforward-lookingstatementsspeakonlya softhedateofthispresentationandexcepttot heextentrequiredbyapplicablelaw,theCompa nydoesnotassumeanyobligationtoupdateorre viseanyforward-lookingstatement,whethera sa resultofnewinformation, ,definitionsandtheaccompanyinginformatio nrequiredbySECR egulationGcanbefoundinthispresentationor inthe Investors sectionofDanaher swebsite, Allreferencesinthispresentation(1) tofinancialmetricsrelateonlytothecontinu ingoperationsofDanaher sbusiness,unlessotherwisenoted.

6 (2) to growth orotherperiod-to-periodchangesrefertoyea r-over-yearcomparisonsunlessotherwiseind icated; and(3) tocorerevenuegrowthfor2020and2021 EreferstocorerevenuegrowthincludingCytiv aunlessotherwisenoted. GuginoOpening RemarksRainer BlairDBSLife SciencesQ&AKevin ChanceJennifer Honeycutt & Emmanuel LignerChance, Honeycutt, LignerBreakProduct IdentificationWater QualityQ&AJoakim WeidemanisKevin KlauWeidemanis, KlauDiagnosticsQ&AChris RileyRileyClosing RemarksRainer BlairQ&ARainer BlairProgram End Opening Remarks Rainer Blair, President & CEO2021 INVESTOR & ANALYST DAYWhat You ll Hear TodayPurpose driven portfolio evolution into a science & technology leaderStrengthening our competitive advantage with DBS Long-term value creation through strategic M&AStrong foundation for building sustainable resultsRecent Financial HighlightsStrong momentum heading into 2H 21 and 2022 Strong performance in first half and into Q3 1H 2021 core revenue growth + driven by broad-based strength across the portfolio 1H 2021 Adjusted Diluted EPS growth ~100%.

7 $ of FCF was up >70% y/y Q3 tracking in line with expectations Anticipate 2021 core revenue growth of ~20% 2021E: ship ~50M COVID-related Cepheid tests 2021E: ~$2B of COVID-related vaccine & therapeutic revenue at Cytiva & PallAnnounced 10 acquisitions for >$10B Closed Aldevron: expands our capabilities into the important field of genomic medicine First bolt-ons for Cytiva (VanRx, Intermountain Life Sciences) and IDT (Swift Biosciences)~$28B2021E TOTAL REVENUELIFE SCIENCES ~$ DIAGNOSTICS ~$ ENV. & APPLIED ~$ Danaher TodayPurpose-driven science & technology leaderAll financial metrics reflect FY 2021E results from continuing &Dx40%Dental13%T&M13% Portfolio EvolutionPortfolio has evolved meaningfully2015 metrics shown include Fortive and Envista.

8 2018 metrics shown include charts are shown as a % of total PORTFOLIO MOVES SINCE 2015~$21B~$20B~$28 BTOTAL ANNUAL REVENUES trong secular growth drivers underpin strategyPortfolio Evolution: Strategically DrivenSTRATEGIC GROWTH DRIVERSLIFE SCIENCES Shift towards biologics Increasing focus on genomic medicineWATER QUALITY Water scarcity Sustainability of water resourcesPRODUCT ID Food & beverage safety Packaging proliferationDIAGNOSTICS Molecular Dx penetration Decentralization of health care to the POCHigh Growth MarketsRegulatory RequirementsWorkflow EfficiencyEXAMPLES+10 XINCREASE IN CELL & GENE THERAPIES IN DEVELOPMENT SINCE 2015<30%GLOBAL PENETRATION OF MOLECULAR DIAGNOSTIC TESTING+2 XGLOBAL PACKAGING TRACK & TRACE REGULATIONS

9 SINCE 2015 1/3rdGLOBAL POPULATION WITHOUT ACCESS TO CLEAN DRINKING WATER High-quality businesses in attractive end marketsPortfolio Evolution: Power of Our PortfolioUNITED BY A COMMON BUSINESS MODEL Steady consumables stream off extensive installed base High value, mission-critical applicationsAll financial metrics reflect FY 2021E results from continuing operations. Pie charts are a % of total RAZOR/RAZOR-BLADE SPEC D IN SERVICE~75% POSITIONS IN ATTRACTIVE, FAST-GROWING END MARKETS Long-term, strong secular growth drivers Regulatory requirementsDIVERSE & STRATEGICEND-MARKET EXPOSURECORE REVENUEGROWTH >$3B>$6B~17%>25%~45%~75%+LSD+LDDP ortfolio Evolution: A Stronger, Better DanaherFocus on growth and business model drives superior performance2015 metrics shown include Fortive and Revenue is shown as a % of total core growth is avg.

10 Annual core growth for 19, 20, REVENUE20152019-21 EOPERATING PROFIT MARGIN20152021E20152021E20152021 EFREE CASH FLOWD anaher Business SystemDBS is who we are and how we do what we doDBS: The Best Team WinsINTERNAL DEVELOPMENTBOARD & SENIOR LEADERSD eveloping, building and retaining talent Adding leaders with significant scientific expertiseACQUIRING TALENTE nhancing domain expertise via key external hires & acquisitionsEvolving, strategic approach to science & technology talentCSOSABEST. SCIENTIFIC ADVISORY BOARD +3 BoD DIR. WITH SCIENCE BKGRD.