DANAHER CORPORATION

2016 Overview

Statements in this presentation that are not strictly historical, including any statements regarding events or developments that we believe or anticipate will or may

occur in the future are "forward-looking" 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 to differ 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 factors include, among other things, deterioration of or instability in the economy, the

markets we serve and the financial markets, the impact of our restructuring activities on our ability to grow, contractions or growth rates and cyclicality of markets

we serve, 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 ability to successfully identify, consummate and integrate appropriate acquisitions and successfully

complete divestitures and other dispositions, our ability to integrate the recent acquisitions of Pall Corporation and Cepheid and achieve the anticipated benefits

of those transactions, contingent liabilities relating to acquisitions and divestitures (including tax-related and other contingent liabilities relating to the

distributions of each of Fortive Corporation and our communications business), our compliance with applicable laws and regulations (including regulations

relating to medical devices and the healthcare industry) and changes in applicable laws and regulations, our ability to effectively address cost reductions and

other changes in the healthcare industry, 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, litigation and other contingent liabilities including intellectual property and environmental, health and safety

matters, 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 our channel partners, commodity costs and surcharges, our ability to

adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, labor matters, international economic, political,

legal, compliance and business factors (including the impact of the UK referendum to leave the EU), disruptions relating to man-made and natural disasters,

security breaches or other disruptions of our information technology systems 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 our SEC filings, including our 2016 Annual Report on Form 10-K. These

forward-looking statements speak only as of the date of this presentation and the Company 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.

With respect to any non-GAAP financial measures included in the following presentation, the accompanying information required by SEC Regulation G can be

found herein. All references in this presentation to earnings, revenues and other company-specific financial metrics relate only to the continuing operations of

Danaher’s business, unless otherwise noted. All references in this presentation to “growth” or other period-to-period changes refer to year-over-year comparisons

unless otherwise indicated. We may also describe certain products and devices which have applications submitted and pending for certain regulatory approvals.

Forward Looking Statements

Danaher Today

Diagnostics DentalLife

Sciences

Environmental &

Applied Solutions

Water Quality

Product ID

~$5.4B revenue ~$5.0B revenue ~$2.8B revenue ~$3.7B revenue

Building a multi-industry, science & technology company

All financial metrics shown reflect FY 2016 revenues.

Team executed well in challenging macro environment

Consistent core revenue growth across all 4 segments

FCF of ~$2.5B exceeded Net Income for 25th consecutive year

Expanding margins while reinvesting

Core OMX up 115bps

GM up >100bps, G&A* down, R&D/S&M* up

Announced and closed ~$5B in acquisitions, including

Cepheid and Phenomenex

9 deals across all 5 platforms

Completed separation of Fortive in July

2016 Highlights

Well positioned for outperformance in 2016 and beyond

* As a % of total revenues, excluding Cepheid & Pall.

0%

500%

1000%

1500%

2000%

Dec-96 Dec-98 Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12 Dec-14 Dec-16

20-Year Total Shareholder ReturnDHR vs. S&P 500

Outperforming over the long term

DHR S&P 500 Difference

3 Year 35.6% 29.1% 6.5%

10 Year 191.1% 95.7% 95.4%

20 Year 1,714.0% 339.3% 1,374.7%

S&P 500

DHR

Adjusted EPS growth of >20% in 2016

$2.35

$2.66

$2.98

$3.61

$0.00

$1.00

$2.00

$3.00

$4.00

$0.0

$4.0

$8.0

$12.0

$16.0

2013 2014 2015 2016

Historical PerformanceR

ev

en

ue (

$B

) Ad

jus

ted

EP

S

$12.4B$12.9B

$14.4B

$16.9B

Free cash flow exceeded net income for 25th year in a row

*Free cash flow is defined as operating cash flow less capital expenditures.

$1.9B$2.2B

$2.3B$2.5B

2013 2014 2015 2016

Free Cash Flow

Net Income Continuing Ops Above Net Income

Free Cash Flow Conversion

Outstanding Portfolio

Strong growth, free cash flow and earnings profile

ROW

7%NA

40%

EU

24%

HGM

29%

Diagnostics

30%

Dental

16%

EAS

22%

By Business

By Geography

Life

Sciences

32%

All financial metrics based on FY 2016.

~55%GROSS

MARGIN

Mid-teens

OPERATING

MARGIN

>100%FREE CASH

FLOW TO NET

INCOME

~$17BREVENUE

Danaher Today

Increasing environmental, healthcare and food safety

regulatory requirements and changes

Improving standards of care in high growth markets (HGM)

Proliferation of digital trends

Outstanding brands

Large installed base

Business Characteristics

Market leading positions

Resilient business models

Strong Secular Growth DriversBy Mix

Consumables

65%

Equipment

35%

Danaher Business System

Life Sciences Overview

ROW

10%NA

34%

EU

29%

HGM

27%Consumables

60%

Equipment

40%

By Mix

All financial metrics based on FY 2016.

Mid-teensOPERATING

MARGIN

~$5.4BREVENUE

Life Sciences Revenue 2016

Evolution of life science research

Growth of chronic diseases and infections

HGM investing in basic and applied research capacity

Food & beverage,

forensics, hospital/

reference labs

Growth Drivers

Pharma/biotech

Government, academic

and clinical research

Customers

By Geography

~$40BMARKET

SIZE

Diagnostics Overview

ROW

7%

NA

39%

EU

19%

HGM

35%Consumables

80%

Equipment

20%

By Mix

Mid-

teensOPERATING

MARGIN

~$5.0BREVENUE

Diagnostics Revenue 2016 Rapid growth in healthcare expenditures in HGM

Greater investment in preventative, predictive medicine

Skilled labor shortage, cost pressures necessitating

automated solutions

Hospital critical care

Histopathology labs

Growth Drivers

Hospital labs

Reference labs

Customers

By Geography

~$35BMARKET

SIZE

All financial metrics based on FY 2016.

Dental Overview

Mid-

teensOPERATING

MARGIN

~$2.8BREVENUE

Global demographic trends – aging population

Growing middle class in high growth markets

Digitizing the dental practice

Cosmetic and aesthetics dentistry

Group practices

Schools, hospitals,

government

Growth Drivers

General practices

Specialists: Endo / Ortho

Perio / Surgical

Customers

~$20BMARKET

SIZE

Dental Revenue 2016

ROW

7%

NA

51%

EU

23%

HGM

19%

Consumables

70%

Equipment

30%

By Mix By Geography

All financial metrics based on FY 2016.

Water Quality Overview

Mid-20sOPERATING

MARGIN

~$2.1BREVENUE

Increasing regulatory requirements and changes

Water scarcity/drought conditions, sustainability

Demand for full workflow solutions, efficiency

Growth Drivers

Customers

~$15BMARKET

SIZE

Municipal water facilities (waste & drinking water)

Industrial applications (food & beverage, pharma,

chemical, power)

Research & environmental, agriculture/irrigation

ROW

2%

NA

52%

EU

18%

HGM

28%

Consumables

60%

Equipment

40%

By Mix

Water Quality Revenue 2016

By Geography

All financial metrics based on FY 2016.

Product ID Overview

ROW

4%NA

31%

EU

30%

HGM

35%Consumables

55%

Equipment

45%

By Mix

Mid-20sOPERATING

MARGIN

~$1.6BREVENUE

PID Revenue 2016

Demand for brand consistency

Consumer product safety and traceability

Changing consumer behavior in HGM

Packaging used to drive demand, now a key element

in marketing campaigns

Packaging converters

& printers

Industrial products

Growth Drivers

Consumer packaged

goods (CPG)

Pharmaceuticals

Customers

By Geography

~$8BMARKET

SIZE

All financial metrics based on FY 2016.

Non-GAAP Reconciliations

Adjusted EPS guidance of $3.85-3.95

Danaher Corporation

Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

Free Cash Flow from Continuing Operations ($ in billions): 2013 2014 2015 2016

Operating Cash Flows from Continuing Operations (GAAP) 2.4$ 2.7$ 2.8$ 3.1$

Less: purchases of property, plant & equipment (capital expenditures) from

continuing operations (GAAP) (0.5) (0.5) (0.5) (0.6)

Free Cash Flow from Continuing Operations (Non-GAAP) 1.9$ 2.2$ 2.3$ 2.5$

Years Ended December 31

Year-Over-Year Core Operating Margin Changes

Total

Company Life Sciences Diagnostics Dental

Environmental

and Applied

Solutions

15.00% 9.90% 15.40% 13.50% 24.40%

Full year 2016 impact from operating profit margins of businesses that have

been owned for less than one year or were disposed of during such period

and did not qualify as discontinued operations(0.50) (0.15) (0.30) (0.10) (0.75)

Acquisition-related transaction costs deemed significant, change in control

payments and restructuring charges, and fair value adjustments to inventory

and deferred revenue, in each case primarily related to the acquisition of

Cepheid and incurred in the fourth quarter of 2016. (0.50) (0.10) (1.50) - -

Acquisition-related transaction costs deemed significant, change in control

payments, and fair value adjustments to inventory and deferred revenue, net

of the impact of freezing pension benefits, in each case related to the

acquisition of Pall Corporation and incurred in the second half of 2015. 0.90 3.90 - - -

2016 gains on resolution of acquisition-related matters0.10 - - - -

Fair value adjustments to Nobel Biocare acquisition-related inventory

incurred in the first quarter of 2015 0.15 - - 0.80 -

Year-over year core operating profit margin changes for full year 2016

(defined as all year-over-year operating profit margin changes other than the

changes identified in the line items above) (Non-GAAP)1.15 1.75 2.00 0.90 (0.05)

16.30% 15.30% 15.60% 15.10% 23.60%

Year Ended December 31, 2016 Operating Profit Margins from

Continuing Operations (GAAP)

Segments

Year Ended December 31, 2015 Operating Profit Margins from

Continuing Operations (GAAP)