DANAHER BUSINESS SYSTEM

1 DANAHER BUSINESS SYSTEMTom Joyce, President & CEODan Comas, EVP & CFOMAY 20182 Forward Looking StatementsStatementsinthispresentationth atarenotstrictlyhistorical,includinganys tatementsregardingeventsordevelopmentsth atweanticipatewillormayoccurinthefuturea re"forward-looking" , ,amongotherthingsdeteriorationoforinstab ilityintheeconomy,themarketsweserveandth efinancialmarkets,contractionsorgrowthra tesandcyclicalityofmarketsweserve,compet ition,ourabilitytodevelopandsuccessfully marketnewproductsandtechnologiesandexpan dintonewmarkets,thepotentialforimproperc onductbyouremployees,agentsorbusinesspar tners,ourcompliancewithapplicablelawsand regulations(includingregulationsrelating tomedicaldevicesandthehealthcareindustry )

2 ,ourabilitytoeffectivelyaddresscostreduc tionsandotherchangesinthehealthcareindus try,ourabilitytosuccessfullyidentifyandc onsummateappropriateacquisitionsandstrat egicinvestmentsandsuccessfullycompletedi vestituresandotherdispositions,ourabilit ytointegratethebusinessesweacquireandach ievetheanticipatedbenefitsofsuchacquisit ions,contingentliabilitiesrelatingtoacqu isitions,investmentsanddivestitures(incl udingtax-relatedandothercontingentliabil itiesrelatingtothedistributionsofeachofF ortiveCorporationandourcommunicationsbus iness),securitybreachesorotherdisruption sofourinformationtechnologysystemsorviol ationsofdataprivacylaws,theimpactofourre structuringactivitiesonourabilitytogrow, risksrelatingtopotentialimpairmentofgood willandotherintangibleassets,currencyexc hangerates,taxauditsandchangesinourtaxra teandincometaxliabilities,changesintaxla wsapplicabletomultinationalcompanies,lit igationandothercontingentliabilitiesincl udingintellectualpropertyandenvironmenta l,healthandsafetymatters,therightsoftheU nitedStatesgovernmenttouse,discloseandli censecertainintellectualpropertywelicens eifwefailtocommercializeit.

3 Risksrelatingtoproduct,serviceorsoftware defects,productliabilityandrecalls,risks relatingtoproductmanufacturing,theimpact ofourdebtobligationsonouroperationsandli quidity,ourrelationshipswithandtheperfor manceofourchannelpartners,uncertaintiesr elatingtocollaborationarrangementswithth irdparties,commoditycostsandsurcharges,o urabilitytoadjustpurchasesandmanufacturi ngcapacitytoreflectmarketconditions,reli anceonsolesourcesofsupply,theimpactofder egulationondemandforourproductsandservic es,labormatters,internationaleconomic,po litical,legal,complianceandbusinessfacto rs(includingtheimpactoftheUK sdecisiontoleavetheEUandchangesinUSpolic ystemmingfromthecurrentadministration,su chaschangesinUStradepoliciesandthereacti onofothercountriesthereto),disruptionsre latingtoman-madeandnaturaldisasters, , ,theCompanydoesnotassumeanyobligationtou pdateorreviseanyforward-lookingstatement ,whetherasaresultofnewinformation, (1)tocompany-specificfinancialmetricsrel ateonlytothecontinuingoperationsofDanahe r sbusiness,unlessotherwisenoted;(2)to growth orotherperiod-to-periodchangesrefertoyea r-over-yearcomparisonsunlessotherwiseind icated.

4 (3)toOperatingProfitbelowthesegmentlevel excludeamortization;and(4)to today referstotheCompany OVERVIEW: EVOLUTION FROM LEAN TO BALANCED APPROACH INCLUDING GROWTH & LEADERSHIPDBS is our sustainable competitive advantageImpact of DBS on GrowthWhat You ll Learn About the DANAHER BUSINESS SYSTEM (DBS)DBS in action at recent acquisitions: from process to results3 Building outstanding leaders through DBS DBS is Our competitive Advantage4198419911999200120032005200720 092011201320152017 EEvolution of the DANAHER BUSINESS SYSTEM (DBS)As portfolio evolved, so has DBS from Lean to a balanced approachOUR SHARED PURPOSEHELPING REALIZE LIFE S POTENTIALL eadershipLeanGrowthLeadershipLeanGrowthL eadershipLeanGrowthLeadershipLeanGrowthT ODAYMid-1980sLEAN FOCUSEDADDED GROWTH20012016 ADDED LEADERSHIP2009 LAUNCHED SHARED PURPOSE5 OMX is Operating Margin Expansion.

5 WC is Working CapitalSHAREHOLDERCORE REVENUE GROWTHOMXCASH FLOW / WC TURNSROICCUSTOMERQUALITY (EXTERNAL PPM)ON-TIME DELIVERY (OTD)ASSOCIATEINTERNAL FILL RATERETENTION8 CORE VALUE DRIVERSCore Value Drivers (CVDs) are How We Quantitatively Measure Success All operating reviews begin with discussion of CVDsLeadershipLeanGrowth6 Strategic Plan/ 3-5 Year Break-through ObjectivesDevelop Annual BreakthroughObjectivesDetermine Improvement PrioritiesID Measures, Metrics and Key ResourcesDeploy Improvement Priorities with DBSKeep Score Monthly & AnnuallyProblem Solving ProcessWhatHow MuchWhoBy WhenHowWhat is the Annual Process to Drive Performance?

6 Converting our strategy into execution through Policy Deployment78 DBS Fundamentals are the FoundationExpand capabilities, drive consistent execution and sustain outstanding resultsDBS FUNDAMENTALSPROBLEM SOLVING PROCESSVOICE OF THE CUSTOMERSTANDARD WORKVALUE STREAM MAPPINGTRANSACTIONAL PROCESS IMPROVEMENTVISUAL & DAILY MANAGEMENTKAIZEN5 SLeadershipLeanGrowth Common sense, vigorously applied What Differentiates DBS9 DBS is diversely applicable and always relevant at any BUSINESS , in any end-marketIt is a mindset and it is our culture DBS is who we are, and how we do what we doDBS is constantly evolving: in the spirit of continuous improvement, we are always DBSing DBSDBS overview: evolution from Lean to balanced approach including Growth & LeadershipDBS is our sustainable competitive advantageIMPACT OF DBS ON GROWTHWhat You ll Learn About DBSDBS in action at recent acquisitions.

7 From process to results10 Building outstanding leaders through DBS 11 DBS Growth ToolsDBS Growth comprised of innovation & commercial toolsStrategic ProductEnvelopeProduct Planning GroupCustomerSegmentationDanaher InnovationProcess Accelerated Product DevelopmentSpeed Design TOOLSEXAMPLES:EXAMPLES:TransformativeMar ketingValue Selling Lead NurturingFunnel ManagementStrategic NegotiationsSales Force TOOLS12 DBS Innovation ToolsReplicable process for innovation provides competitive advantageStrategic ProductEnvelopeProblem toPortfolio(P2P)Product Planning GroupNPD Project ManagementLaunchExcellenceDefine the attractive domain for innovationDefine a winning roadmap for attractive segmentsCoordinate execution & resources across multiple projectsDrive cross-functional development of each new productGenerate & fulfill demand for the new productDOMAINROADMAPEXECUTION & RESOURCESCROSS-FUNCTIONAL DEMANDFROM MARKET MARKET SHAREL eadershipLeanGrowth13 DBS Innovation in Action: Speed Design Review at HachBASICS OF SPEED DESIGN REVIEW (SDR) Gather VOC.

8 Go to Gemba Obeyaroom with cross-functional teams together Simultaneous product & process optimization Rapid prototyping & evaluationSDR IN ACTION: HACH CM130 CHLORINE MONITORING SYSTEM FOR DIALYSISRESULTSNEW ADJACENT ADDRESSABLE MARKET+$50M1 STFDACLEAREDONLINE CHLORINE ANALYZER FOR DIALYSISC ustomer purchased Hach drinking water product to try in a dialysis capacityVOCGEMBASPEED15 product design sprints Dialysis clinics are required to test water every 4 hours14 DBS Commercial ToolsIntegrated marketing & sales tools to drive commercial execution, accelerate growthDAILY MANAGEMENT | GROWTH ROOM | STANDARD WORKM arket Insight and VisibilitySalesProductivityand ProspectingLead Generation and Campaign AwarenessCustomer Buying Journey & InsightTRANSFORMATIVE MARKETINGSALES STANDARD WORK Market Overview and Channel StrategySales Funnel ManagementMarket attractiveness How do we win?

9 Market segmentation Customer profileWhat triggers interest? Sources of infoValue Proposition Customer benefitCustomer Buying BehaviorMonthly Key Opportunity ReviewAre we in control? What s working? What s not working?LeadershipLeanGrowthCommercial Execution Driving Growth at PallUsing DBS to improve S&M processes and drive better growth+50%CONTACTS / VISIBILITYLEADS+ +2xWIN RATE %+15%2017 RESULTS MARKETING FUNNELSALES FUNNELSITUATION AT ACQUISTION Limited process for improving market visibility Little to no digital marketing capabilities No repeatable process for generating / nurturing high-quality sales leads DBS ACTIONS Transformative Marketing: Disciplined marketing campaigns to improve visibility & account coverage Lead Handling.

10 Prioritize & deliver more qualified leads to sales Funnel Management: Streamlined sales funnel process to improve win ratesBIOPHARMA WIN THE SPEC 15 DBS overview: evolution from Lean to balanced approach including Growth & LeadershipDBS is our sustainable competitive advantageImpact of DBS on GrowthWhat You ll Learn About DBSDBS IN ACTION AT RECENT ACQUISITIONS: FROM PROCESS TO RESULTS16 Building outstanding leaders through DBS MARKETCOMPANYVALUATIONOur Strategic Approach to M&A is a DBS Process Secular growth drivers Fragmented Higher barriers to entry Optionality with multi-industry portfolio competitive market position Strong brand / channel Consistent revenue visibility Higher margin businesses Cultural fit Focus on ROIC DBS opportunities Sustainability Synergies with DHR OpCos Combination of value & growth deal