BAIRD GLOBAL INDUSTRIAL CONFERENCE

November 6, 2018

Forward Looking StatementsStatements in this presentation that are not strictly historical, including any statements regarding Danaher’s anticipated financial performance for the fourth quarter and full year 2018, andany other statements regarding events or developments that we anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securitieslaws. 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 suchforward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things, Danaher’s ability to completethe previously-announced spin-off of its Dental business on the currently contemplated timeline and achieve the intended benefits, deterioration of or instability in the economy, themarkets we serve and the financial markets, developments and uncertainties in U.S. policy stemming from the current administration, such as changes in U.S. trade and tariff policies andthe reaction of other countries thereto, contractions or growth rates and cyclicality of markets we serve, competition, our ability to develop and successfully market new products andtechnologies 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 effectively address cost reductions and other changes in the health care industry, our abilityto successfully identify and consummate appropriate acquisitions and strategic investments and successfully complete divestitures and other dispositions, our ability to integrate thebusinesses we acquire and achieve the anticipated benefits of such acquisitions, contingent liabilities relating to acquisitions, investments and divestitures (including tax-related andother contingent liabilities relating to past and future split-offs or spin-offs), security breaches or other disruptions of our information technology systems or violations of data privacylaws, the impact of our restructuring activities on our ability to grow, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits andchanges in our tax rate and income tax liabilities, changes in tax laws applicable to multinational companies, litigation and other contingent liabilities including intellectual property andenvironmental, health and safety matters, the rights of the United States government to use, disclose and license certain intellectual property we license if we fail to commercialize it, risksrelating 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, ourrelationships with and the performance of our channel partners, uncertainties relating to collaboration arrangements with third parties, commodity costs and surcharges, our ability toadjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, the impact of deregulation on demand for our products and services, labormatters, international economic, political, legal, compliance and business factors (including the impact of the UK’s decision to leave the EU), disruptions relating to man-made and naturaldisasters, 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 ourSEC filings, including our 2017 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2018. These forward-looking statements speak only as of the dateof this presentation and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as aresult of new information, future events and developments or otherwise.With respect to the non-GAAP financial measures referenced in the following presentation, the accompanying information required by SEC Regulation G can be found in the back of thepresentation and in the “Investors” section of Danaher’s web site, www.danaher.com, under the heading “Quarterly Earnings.” All references in this presentation (1) to company-specificfinancial metrics relate only to the continuing operations of Danaher’s business, unless otherwise noted; (2) to “growth” or other period-to-period changes refer to year-over-yearcomparisons unless otherwise indicated; (3) to Operating Profit below the segment level exclude amortization; and (4) to “today” refers to the Company’s 2017 performance. We may alsodescribe certain products and devices which have applications submitted and pending for certain regulatory approvals.

Recent Financial Highlights

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STRONG ADJUSTED EPS GROWTH & SOLID FREE CASH FLOW― YTD FCF of $2.3B, resulting in FCF/NI conversion of 123%

EXPANDING MARGINS WHILE REINVESTING FOR GROWTH― YTD core OMX +100bps, gross margin +60bps*, R&D spend +10%

RECENT PORTFOLIO MOVES― Closed $2B acquisition of IDT (Life Sciences); Blue Software (Product ID – Esko)― Expect to complete spin-off of our Dental business in 2H 2019

Q3 CORE REVENUE GROWTH OF 6.5%― Led by Life Sciences (+9.5%), EAS (+8.0%) & Diagnostics (+5.5%)― Recent innovation & commercial investments driving market share gains

* As a % of salesAll financial metrics refer to the 3 months ended September 28, 2018 unless otherwise indicated; “YTD” refers to the first nine months of 2018.

CORE REVENUE GROWTH YTD 2018+6.0%

ADJUSTED EPS GROWTH 2018 YTD+14%

FCF GROWTH EXPECTED FOR FY 2018DD

Outstanding results so far in 2018

ROW6% NA

40%

EU24%

HGM30%

RevenueBy Mix

By Geography

Consumables70%

Equipment30%

GROSS MARGIN

FREE CASH FLOW TO

NET INCOME

~55%

>100%

UNITED BY COMMON BUSINESS MODEL

• Outstanding brands with market-leading positions

• Extensive installed base

• Strong ‘captive’ recurring revenues

• High level of customer intimacy

All financial metrics based on FY 2017 and all pie chart percentages are % of 2017 revenues

ADJUSTED EBITDA MARGIN>20%

Distribution30%

Direct70%

Direct vs. Distribution

TOTAL REVENUE~$18BSTRONG PORTFOLIO

Building & enhancing a sustainable growth, earnings

and free cash flow profile4

LIFE SCIENCESDIAGNOSTICS DENTAL

WATER QUALITY

ENVIRONMENTAL & APPLIED SOLUTIONS

All financial metrics shown reflect FY 2017 revenues

PRODUCT ID

~$5.7B ~$5.8B ~$2.8B ~$4.0B

Danaher Today

Multi-industry science & technology portfolio provides competitive advantages5

All financial metrics based on FY 2017 and all pie chart percentages are % of 2017 revenues

REVENUE

ADDRESSABLEMARKET SIZE

~$2.2B

~$20B

WATER QUALITY

RevenueBy Mix

By Geography

By End-Market

Muni

ROW3%

NA52%

EU18%

HGM27%

Equipment40%

Consumables60%

Industrial

Env. /Other

A global leader in water measurement & treatment

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ENVIRONMENTAL & APPLIED SOLUTIONS (EAS)

EAS ADJUSTED EBITDA MARGIN>25%STRONG GLOBAL GROWTH DRIVERS

• Increasing regulatory requirements and changes

• Water scarcity and drought conditions

• Sustainability of water resources

• Demand for full workflow solutions and process efficiencies

TREATING

MEASURING

Winning with strong brands & full water cycle expertise

Building Our Water Quality Platform & Where We Play Today

WATER STORED

WATER TREATED

WATER USED

Environmental Municipal Industrial

Pre-2004

2006

2008

2010

2012

2014

2016

Today

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CORE REVENUE GROWTH VS. PEERS

Enhancing our competitive advantage & driving share gains

How We Differentiate & Win in Water Quality

INNOVATION - Expanding software offering - Increased cadence of new product launches

GO-TO-MARKET

- Accelerating Digital Marketing- Expanding e-commerce platform

HGM - Increasing local presence via acquisitions - DD growth in number of FOS last 3 years

NEW ADDRESSABLE MARKET WITH CLAROS

+$500M

>25%OF HACH N.A. CONSUMABLES

SALES VIA E-COMMERCE

>15%HGM REVENUE GROWTH

2018 YTD

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MSD

LSDPEERS

Avg. Annual Core Revenue Growth Last 5 Years

WATER QUALITY

Running the Danaher Playbook at Water Quality

Organic growth and M&A driving high-teens platform ROIC – with additional runway

G&A

S&M

OMXCore Growth

R&D

GrossMargins

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2001 ACQUISITIONS* ORGANIC GROWTH TODAY

Revenue ~$350M ~$800M ~$1B ~$2.2BCore Revenue Growth LSD MSDGross Margin ~45% >55%OP Margin Low-teens ~10% >35% ~25%ROIC High-teens

* Reflects first year contribution of acquisitions

WATER QUALITY PLATFORM

Great execution helping drive terrific 2018 results

Differentiated portfolio positioned to win in attractive end-markets

Running the Danaher playbook at Water Quality: creating meaningful long-term value

Summary

Non-GAAP Reconciliations

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Non-GAAP Reconciliations

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Non-GAAP Reconciliations

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