DANAHER CORPORATIONJoakim Weidemanis, Executive Vice President

Barclays Industrial ConferenceFebruary 20, 2019

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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 "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 differmaterially 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, Danaher’s ability to complete the 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, the markets we serve and the financial markets, developments and uncertainties in U.S. policy stemming from the current administration, suchas changes in U.S. trade and tariff policies and the reaction of other countries thereto, contractions or growth rates and cyclicality of markets we serve, competition, our ability to develop andsuccessfully market new products and technologies and expand into new markets, the potential for improper conduct by our employees, agents or business partners, our compliance withapplicable 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 thehealth care industry, our ability to successfully identify, consummate and integrate appropriate acquisitions and strategic investments and successfully complete divestitures and otherdispositions, our ability to integrate the businesses we acquire and achieve the anticipated benefits of such acquisitions, contingent liabilities relating to acquisitions, investments anddivestitures (including tax-related and other contingent liabilities relating to past and future split-offs or spin-offs), security breaches or other disruptions of our information technologysystems or violations of data privacy laws, 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 and changes in our tax rate and income tax liabilities, changes in tax laws applicable to multinational companies, litigation and other contingent liabilitiesincluding intellectual property and environmental, health and safety matters, the rights of the United States government to use, disclose and license certain intellectual property we license ifwe 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 ouroperations and liquidity, our relationships with and the performance of our channel partners, uncertainties relating to collaboration arrangements with third parties, commodity costs andsurcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, the impact of deregulation on demand for ourproducts and services, labor matters, international economic, political, legal, compliance and business factors (including the impact of the UK's decision to leave the EU), disruptions relatingto man-made and natural disasters, and pension plan costs. Additional information regarding the factors that may cause actual results to differ materially from these forward-lookingstatements is available in our SEC filings, including our 2017 Annual Report on Form 10-K and Quarterly Report for the third quarter of 2018. These forward-looking statements speak only asof the date of 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, whetheras a result 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 “Events & Presentations,” and event name “Danaher at Barclays IndustrialConference.” Unless otherwise indicated, all references in this presentation (1) to Company-specific financial metrics relate only to the continuing operations of Danaher’s business; (2) to“growth” or other period-to-period changes refer to year-over-year comparisons; (3) to Operating Profit below the segment level exclude amortization; and (4) to “today” refers to theCompany’s 2018 performance. We may also describe in this presentation certain products and devices which have applications submitted and pending for certain regulatory approvals.

LIFE SCIENCES DIAGNOSTICS DENTAL

WATER QUALITY

ENVIRONMENTAL & APPLIED SOLUTIONS

All financial metrics reflect FY 2018 revenue

PRODUCT ID

~$6.5B ~$6.3B ~$2.8B ~$4.3B

Danaher Today

Multi-industry science & technology portfolio provides competitive advantages3

All financial metrics based on FY 2018 and all pie chart percentages are % of 2018 revenues

RevenueBy Mix (EAS)

By Geography (PID)

TOTAL REVENUE$1.9B

ROW4%

NA30%

EU32%

HGM34%

Non-recurring

45%Recurring55%

Leading global player supporting the entire packaging value chain

ENVIRONMENTAL & APPLIED SOLUTIONS (EAS)

By End-Market (PID)

CPG Food & BevPharma

Other CPG

Industrial

Packaging Supply Chain

EAS SEGMENT ADJ. EBITDAMARGIN

CORE REVENUEGROWTHMSD

>25%

PRODUCT ID

GLOBAL GROWTH DRIVERS• Packaging proliferation

• Demand for global brand consistency & accuracy

• Regulatory & claims requirements

• Importance of packaging as a marketing vehicle

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5

Growing Suite of Solutions Across the Packaging Value Chain

Solutions from concept & design through production

Pharma inspectionPharma and food Track and Trace

Marking and Coding

SpectrophotometersColor formulation SW

Color standardsColor management workflow

Digital asset management and distribution SW

Packaging management SWPackaging CAD

Pre-press automation SWFlexography imagers

Packaging Design

Concept and Ideation

Artwork Creation

Packaging Converting

Package Filling

Inline Printing

Warehouse & Logistics

Distribution & Retail

Packaging Strategy

In-line inspection

Digital shelfContent

population

Packaging management software

How We Differentiate & Win in Product ID

CORE REVENUE GROWTH VS. PEERS

Differentiating with service, innovation, connectivity to drive share gains

MSD

LSDPEERS

Avg. Annual Core Revenue Growth Last 5 Years

PRODUCT ID

REMOTE SERVICE OFFERING• Largest remotely connected installed base globally• Expanding remote solutions & predictive analytics

PRODUCT INNOVATION• Launching high value, high impact new products into

the market faster

DIGITAL CAPABILITIES & SOLUTIONS• Ongoing digitization of customers’ physical workflows• Esko’s BLUE acquisition adds scale & reach with label,

packaging, artwork design & workflow mgmt. software

CONNECTED PRINTERS GLOBALLY

10,000

+2XVIDEOJET PROJECTS ON-TIME-TO-MARKET

SINCE 2017

+30%INCREASE IN BRAND OWNER USERS AT ESKO SINCE 2017

6

Connectivity & Remote Service at Videojet

Customer digital transformation roadmap = our innovation roadmap

SERVICE REVENUE CAGR SINCE 2015

DD

OPPORTUNITIES & FOCUS AREAS• Reducing customer downtime and increasing

productivity• Expanding Remote Service Solutions and

enhancing predictive analytics with innovation• Connected to the ‘cloud’ with a continuous

flow of data

RESULTS

NUMBER OF CUSTOMER PROBLEMS RESOLVED

REMOTELY TODAY

50%

IOT FRAMEWORK

MORE CONNECTIONS & SMARTER SERVICE

6M lines of code53 sensors175 data points

ECO-SYSTEM

SERVICEABLE

INTELLIGENT

DIFFERENTIATED

UNCONNECTED

CONNECTED

Reactive service

Pre-empt failures

Better first-time fix rate

Zero lost productivity

1

0

2

3

4

5

Guaranteed uptime

Fewer on-site service visits

CIJ 1860

7

8

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

VIDEOJET ROIC (%)

Organic execution + M&A = compounding returns

Compounding Returns at Videojet

EWA BIS

(Poland)F. Armida (Mexico)

Echter + Konig SA

(Argentina)

Comprint(Brazil)

Vega(Brazil)

MSD CORE REVENUE CAGR OVER THE

LAST 9 YEARS

>100BPSAVG. ANNUAL OMX LAST 4

YEARS

>20% ROIC

14 ACQUISITIONS SINCE 2002

CORE GROWTH CAGR LSD CORE GROWTH CAGR MSD

Product ID platform well-positioned in attractive end-markets, with strong recurring revenues and market-leading installed base

Market share gains supported by differentiated product offering, customer support & connectivity

Organic & inorganic growth initiatives delivering outstanding compounding returns

Summary

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Non-GAAP ReconciliationsDanaher CorporationReconciliation of GAAP Financial Measures to Non-GAAP Financial Measures($ in Millions)

Life Sciences Diagnostics Dental EAS Other Total Danaher

Operating Profit (GAAP) 1,229.3$ 1,073.8$ 346.7$ 988.0$ (234.0)$ 3,403.8$

Depreciation 127.4 379.2 39.4 47.0 8.5 601.5

Amortization 343.8 209.8 90.6 62.0 0.0 706.2

Adjusted EBITDA (Non-GAAP) 1,700.5$ 1,662.8$ 476.7$ 1,097.0$ (225.5)$ 4,711.5$

Interest, net (148.2)

Other Income 37.2

Income Taxes (641.9)

Depreciation (601.5)

Amortization (706.2)

Net Income Continuing Ops (GAAP) 2,650.9$

Net Sales 6,471.4$ 6,257.6$ 2,844.5$ 4,319.5$ 19,893.0$

Adjusted EBITDA Margin (Non-GAAP) >25% >25% >15% >25% >20%

Year-Ended December 31, 2018

(1) Management defines "Adjusted EBITDA" as GAAP operating income excluding (1) depreciation and (2) amortization, and defines "Adjusted EBITDA Margin" as Adjusted EBITDA divided by sales.