financial projections and other forward-looking statements...

1

Please note that the following presentations contain financial projections and other forward-looking statements that are specific to the date of the presentations – May 22, 2013 – and should not be considered current after that date.

2

May 22, 2013

2013 Analyst Meeting

3

Various remarks that we may make in the following presentations about the company’s future expectations, plans and

prospects constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities

Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a

result of various important factors, including those discussed in our Form 10-Q for the quarter ended March 31, 2013, under the

caption “Risk Factors,” which is on file with the Securities and Exchange Commission and available in the “Investors” section of

our website under the heading “SEC Filings.” Important factors that could cause actual results to differ materially from those

indicated by forward-looking statements include risks and uncertainties relating to: the need to develop new products and

adapt to significant technological change; implementation of strategies for improving internal growth; general economic

conditions and related uncertainties; dependence on customers' capital spending policies and government funding policies; the

effect of exchange rate fluctuations on international operations; the effect of healthcare reform legislation; use and protection of

intellectual property; the effect of changes in governmental regulations; and the effect of laws and regulations governing

government contracts, as well as the possibility that expected benefits related to the pending acquisition of Life Technologies

may not materialize as expected. While we may elect to update forward-looking statements at some point in the future, we

specifically disclaim any obligation to do so, even if estimates change, therefore, you should not rely on these forward-looking

statements as representing our views as of any date subsequent to today.

During these presentations, we will be referring to certain financial measures not prepared in accordance with generally

accepted accounting principles, or GAAP, including adjusted EPS, adjusted gross margin, adjusted operating margin, adjusted

ROIC, adjusted ROE and free cash flow. Definitions of these non-GAAP financial measures and, for historical periods, a

reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in the appendix

to these presentations.

Please note that the attached presentations contain financial projections and other forward-looking statements that are specific to the date of the presentations – May 22, 2013 – and should not be considered current after such date.

Safe Harbor / Non-GAAP Measures

4

Agenda

Marc Casper President and CEO

Intensely Focused on Our Customers to Drive Growth

Pete Wilver Chief Financial Officer

Creating Shareholder Value

Alan Malus President, Analytical Technologies

Innovating to Solve New Customer Challenges

Andy Thomson President, Specialty Diagnostics

Innovating to Improve Human Health and Drive Growth

Ed Pesicka President, Customer Channels

Partnering with Customers to Deliver a Unique Value Proposition

Syed Jafry President, Asia-Pacific

& Emerging Markets

Strengthening Our Global Presence to Accelerate Growth

Marc Casper Summary and Q&A

2013 Analyst Meeting May 22, 2013

Marc Casper President and Chief Executive Officer

Intensely Focused on Our Customers to Drive Growth

6

Industry-leading Brands

• 39,000 employees in 40 countries

• $13 billion in annual revenues

• Unparalleled commercial reach

• Ranked 220 on Fortune 500

Unmatched Depth • Innovative technologies

• Applications expertise

• Lab productivity partner

We Are the World Leader in Serving Science

Global Scale

http://rds.yahoo.com/_ylt=A2KJke4g86FNQxoA3uajzbkF/SIG=146i61eud/EXP=1302487968/**http:/www.jmindsupply.com/images/Product Page Images/Company Logos/Fisher Scientific logo.jpg

7

Most comprehensive

technology portfolio for

both research and

applied markets

Premier supplier to

enable laboratory

productivity and

accelerate

innovation

Leading portfolio of

specialty diagnostic

tests to improve

patient care

Our Unique Scale and Depth of Capabilities

Analytical Technologies

Segment 31%

Specialty Diagnostics

Segment 23%

Laboratory Products and

Services Segment

46%

Revenue

Note: Revenue based on LTM through Q1 2013. Percentages shown are before inter-company eliminations.

8

Significant and Growing Addressable Markets




Services

~$30B market

1 - 3% growth

~$33B market

4 - 6% growth

~$20B market

4 - 6% growth

Addressable Market

3-5% long-term growth

9

Strong Track Record of Financial Performance

Adjusted EPS ($)

2012 2007

$2.55

$4.94

Revenue ($B)

2012 2007

$9.4

$12.5

Adjusted Operating Income ($B)

2012 2007

$1.6

$2.4

2012 2007

8.0%

9.3%

Adjusted ROIC

10

Our Vision for 2020

Advancing our position as the industry leader

Strengthening our premier brands to be the most

powerful in our industry

Developing innovative technologies to profoundly

benefit life sciences, healthcare and the environment

Significantly increasing our presence in Asia-Pacific

and emerging markets

Being recognized as one of the world’s most admired companies

Delivering consistent and strong earnings growth

11

Our Complex World Creates New Challenges

Air Pollution Linked to 1.2 Million Premature

Deaths in China – New York Times

New Report Finds Worrisome

Levels of Arsenic in Rice – ABC News 783 Million People Do Not Have Access

to Safe, Clean Drinking Water – UNICEF

Killer E.coli Strain Described

as Deadliest Yet – Reuters

12

We Enable Our Customers to Make the World…

Cleaner

Healthier

Safer

13 Note: Revenue based on LTM through Q1 2013

Meeting Customer Needs in Today’s Environment

14

Our customers’ needs define our growth strategy

Technological

Innovation Value

Proposition

Emerging

Markets

15

Strengthening Our Innovation Pipeline

• Total R&D spend: $375M

• 3.0% of total revenue

• 5.4% of manufacturing revenue

• 3,000 scientists and engineers

• 2,800 patents granted globally

since 2007

• Product vitality index: 15%*

• Premier scientific advisory board

• Leaders in healthcare, science, academia

Facts:

2007 2012

$235M

$375M

* Percentage of product revenue from products launched in last two years

16

Strengthening Our Innovation Pipeline

Focus: Mass spectrometry: Orbitrap > Exactive > Q Exactive > New-generation Orbitrap

Building on industry-leading technology platforms

Portable analysis: TruDefender > TruScan > TruNarc > MicroPHAZIR

Microbial ID: Manual and automated ID / AST > Mass Spectrometry > Clinical Analyzer

Creating new growth opportunities outside the lab

Convergence of life science tools and diagnostics

17

Delivering a Unique Value Proposition

• >$3B in revenue serving

biopharma customers

• Driving productivity and

accelerating innovation

• Industry-leading customer channel

• Leading offering of scientific instruments,

reagents and lab supplies

• Technical collaboration

• Unity Lab Services

• Clinical trials supplies and logistics

• Bioprocess production capabilities

• Production supply chain expertise

• Portable instruments

• Companion diagnostics

Facts:

2007 2012

2007 2012

* EvaluatePharma, “Worldwide R&D Spend by Pharma & Biotech Companies (2004-2018)”

Biopharma Industry Growth*

Thermo Fisher Biopharma Growth

18


• Applying the model to

additional customer sets

• Contract testing laboratories

• Medical device manufacturers

• Petrochemical companies

• Academic institutions

• Opportunity to continue

to gain share in biopharma

• Deep partnerships with

customers

• Problem-solver vs. vendor

• Emergence of new cell

therapies, biologics, vaccines

Focus:

19

Expanding Footprint in High-Growth Regions

Facts:

2007

10%

Europe North America

2012

21%

Europe North

America

India: Laboratory

chemicals China:

Established

commercial

presence

China: Opened

first factory

China:

Instruments Center

of Excellence

China: Suzhou

laboratory products

factory

Brazil:

commercial

expansion

Lithuania:

Biosciences

Center of

Excellence

Singapore:

Bioprocess

production Center

of Excellence

China: Tier two

commercial

expansion

India: Biopharma

services capability

China: R&D

capability

China:

second

demo center S. Korea:

Demo center

% Revenue from APAC and ROW*

* APAC and ROW does not include emerging markets in Eastern Europe

20

Expanding Footprint in High-Growth Regions

• Accelerating momentum

in China

• Strengthening capabilities:

manufacturing, R&D, commercial

• Further expansion into tier-two cities

• Vertical approach: healthcare &

diagnostics, environmental, food safety

• Ramping up commercially

in emerging markets

• South Korea, Russia, Brazil, India

• Further expansion in high-

growth markets

• e.g. Turkey

Focus:

2017 Goal

25 %

Europe

North America

APAC & ROW

Note: APAC and ROW does not include emerging markets in Eastern Europe

21

Built on a strong foundation of operational excellence and

effective capital deployment

Technological

Innovation Value

Proposition

Emerging

Markets

22

Operational Excellence is a Core Competency

Significant ongoing opportunity to drive margin expansion

Global Sourcing

Facility Rationalization

and Restructuring

Low-Cost-Region Manufacturing

PPI Business System

25% 10%

25% 40%

$250M Savings expected in 2013

23

Effective Capital Deployment Creates Shareholder Value

2010 - 2012 67%

33% Return of capital • Stock buybacks

• Dividends

Ahura Finnzymes Fermentas Dionex Doe & Ingalls One Lambda Phadia

Strategic acquisitions • Enhance our strategic position

• Expand our customer offering

• Create shareholder value

24

Strengthening Our Competitive Position

Historical Capability Strategic Acquisitions Competitive Advantage

Scale in high-growth high-margin specialty diagnostics markets

One Lambda: transplant diagnostic tests Phadia: allergy and autoimmunity tests

BRAHMS: novel biomarker assays

Specialty diagnostics

Built chromatography powerhouse while strengthening mass spectrometry leadership

Dionex: liquid and ion chromatography

Chromatography and mass spectrometry

Expanded offering for the molecular biology workflow

Fermentas: molecular and cell biology

Finnzymes: PCR reagents and

consumables

Bioscience reagents

Miniaturization of analytical instruments creates new growth markets

PicoSpin: benchtop NMR spectrometer

Polychromix: portable NIR

Ahura: portable optical analysis

Portable instruments

25

• A global leader in life sciences

• 2012 Revenue: $3.8 billion

• 10,000 Employees

• 50,000+ Products

Key product categories • Research consumables

• Genetic analysis

• Applied sciences

Attractive revenue profile*

Premier life sciences brands

Mix

Instruments 15%

Consumables & Services

85%

Regions

Americas 45%

Europe 31%

APAC 14%

Japan 10%

* Based on FY 2012 revenues

Acquisition of Life Technologies

26

Highly Complementary Offering and Capabilities

Technology and Innovation Leader Ultimate Customer Partner

Research

Production

Applied Markets


Operational Excellence • World-class inventory and logistics

management

Deep Applications Expertise • >8,000 patents and licenses

• Industry’s largest R&D budget

Commercial Reach • Global key accounts and strategic

partnerships

• Unmatched customer channels in research

and healthcare

• Leading

e-commerce

capability

27 * Pro forma based on FY 2012 revenues of both companies. Percentages calculated before inter-company eliminations.

Consumables 61%

Services 12%

Creating an Unrivaled Industry Leader

Since Announcement: Executive team site visits

Town Halls with Life

employees

Integration leaders and

teams selected for both

companies

Activities under way:

• Integration planning

• Financing

• Regulatory clearance

Confident in delivering

expected synergies


24%

23%


18%


Services

35% Pro forma

Revenues

Expect to close transaction early in 2014

28

Advancing our position as the industry leader

Strengthening our premier brands

to be the most powerful in our industry

Developing innovative technologies to profoundly

benefit life sciences, healthcare and the environment

Significantly increasing our presence in Asia-Pacific

and emerging markets

Being recognized as one of the world’s most admired companies

Delivering consistent and strong earnings growth

On Track to Achieve Our Vision for 2020

29

• Focused on our customers • Creating shareholder value



Pete Wilver Chief Financial Officer

Creating Shareholder Value

31

14% CAGR

Key Growth Drivers • New product launches

• Share gain initiatives

• Emerging market expansion

• Acquisition synergies

Key Drivers • Top-line pull through

• Successful productivity initiatives

• Implementation of tax planning

• Disciplined capital deployment

2007 – 2012: Creating Shareholder Value

2007 2012

$9.4B $12.5B

Revenue

2007 2012

$2.55

$4.94

Adjusted EPS

6% CAGR

32

Revenue Profile Positions Us for Growth

End Markets Products Geographies

56%

Consumables

30%

Instruments, Equipment &

Software

Services

14%

22%

Academic & Government

27%

Industrial & Applied

Healthcare & Diagnostics

26% 25%

Pharma & Biotech

Balanced and diverse customer base

Growing presence in emerging markets

Strong recurring revenue mix

Note: Revenue based on LTM through Q1 2013

17%

Asia- Pacific

4% ROW

54%

North America Europe

25%

33

Emerging Markets

16%

Developed Markets

84%

End Markets Products Geographies

56%

Consumables

30%

Instruments, Equipment &

Software

Services

14%

22%


27%



26% 25%

Pharma & Biotech

Balanced and diverse customer base

Growing presence in emerging markets

Strong recurring revenue mix

Note: Revenue based on LTM through Q1 2013. Organic revenue growth in 2012 is calculated on a pro forma basis , which includes the pre-

acquisition results of 1) Dionex from the beginning of the second quarter 2011 and 2) Phadia from the beginning of the third quarter 2011.

12% organic growth in emerging markets in 2012

Growing Presence in Emerging Markets

34

Consistent Growth Across All Segments

Note: Segment revenue is shown before inter-company eliminations and therefore does not sum to total. Organic revenue growth in 2012 is

calculated on a pro forma basis, which includes the pre-acquisition results of 1) Dionex from the beginning of the second quarter 2011 and

2) Phadia from the beginning of the third quarter 2011.

2012 Actual Analytical

Technologies Specialty

Diagnostics

Laboratory Products &

Services Total

Revenue $4.02B $2.96B $6.05B $12.51B

Reported Growth 7% 20% 4% 8%

Organic Growth 5% 4% 4% 4%

Revenue in Emerging

Markets 28% 9% 11% 16%

Adj. Gross Margin % 50.9% 50.3% 33.8% 44.5%

R&D $228M $99M $50M $376M

Adj. Operating Margin % 18.6% 25.7% 14.4% 19.0%

35

2012 Actual Adjusted EPS Exceeded Guidance

Adjusted EPS growth of 19% exceeded May 2012 guidance

Inflation Below

the Line Net Price,

Volume & Mix 2012

Acquisitions Productivity FX 2012

Actual 2011

Actual Growth

Investments

$4.94

$4.16

($.29)

$.24

$.49

($.22)

$.05

($.12)

$.63

May 2012

Guidance ($.34) ($.15) $.18 $.57 -.63 $.42 -.48 ($.13) $4.71 - 4.83 ----

36

2013 Guidance

Expect to achieve 7 to 9% adjusted EPS growth

2013 Guidance

2012 Actual

YOY Increase

Revenue $12.84 - 13.00B $12.51B 3 - 4%

Organic Growth 1 - 3% 4%

Adj. Operating Margin 19.3 - 19.5% 19.0% 30 - 50 bps

Free Cash Flow $1.80 - 1.90B $1.77B 2 - 7%

Adj. EPS $5.27 - 5.39 $4.94 7 - 9%

Note: Organic revenue growth in 2012 is calculated on a pro forma basis, which includes the pre-acquisition results of 1) Dionex from the

beginning of the second quarter 2011 and 2) Phadia from the beginning of the third quarter 2011. Guidance excludes fees related

to the Life Technologies acquisition.

37

2013 Guidance: Key Assumptions

Revenue (3 - 4%) • 2013 organic growth expectations vs. 2012 reported

• Challenged academic and government markets due to sequestration

• Weak industrial markets due to macro environment

• Consistent biopharma market offset by strong comparisons

• Acquisitions add about 1.5% growth, impact of future acquisitions /divestitures excluded

• Slight FX revenue headwind of a little less than 0.5%

Adjusted operating margin expansion (30 - 50 bps): • Driven by PPI initiatives, global sourcing and $75M in restructuring actions

• Offset by Medical Device excise tax and pull-through on weaker Japanese Yen

Adjusted tax rate of 14.5 - 15.0% related to tax planning and R&D tax credit

Diluted share count of approximately 363 - 365M

Return of capital: • $90M completed in Q1; suspended buybacks due to Life Technologies transaction

• $220M of estimated dividend payments

38

Committed to Driving Revenue Growth

New Products

Share Gains

Emerging Markets Price Acquisition

Synergies

$12.51B

2012

$12.84 - 13.00B

2013 (G)

Expect to deliver 3 - 4% growth in 2013

(G) = Guidance (which excludes fees related to the Life Technologies acquisition )

39

Continuing Adjusted Operating Margin Expansion

2012

19.0%

2013 (G)

19.3 - 19.5%

Expect to achieve 30 - 50 bps of expansion in 2013

(G) = Guidance (which excludes fees related to the Life Technologies acquisition )

40

19.0% 19.3 - 19.5%

Productivity Drives Margin Expansion

+25 - 35 bps (55 - 65 bps)

(20 bps) (110 bps) (20 bps)

+190 - 210 bps +20 bps

Adjusted Operating Margin Bridge

* Guidance excludes fees related to the Life Technologies acquisition

Productivity Inflation Net Price,

Volume & Mix Growth

Investments FX 2013

Guidance* 2012

Actual Medical

Device Tax 2012

Acquisitions

41

Operational Excellence is a Core Competency

Significant ongoing opportunity to drive margin expansion

Global Sourcing

Facility Rationalization

and Restructuring

Low-Cost-Region Manufacturing

PPI Business System

25% 10%

25% 40%

$250M Savings expected in 2013

42

• PPI-Lean methods and tools

• Structured approach to

problem solving

• Engagement across the

entire organization

• Results immediately add

capacity, enable profitable growth

and improve cash flow

Targeting estimated savings of $100M in 2013

Our Practical Process Improvement Culture

Team Planning

Implementation

Results

43

Expanded in Lithuania

and China (Suzhou) in 2012

Annual goal: move $100M of production to low-cost regions

to deliver over $20M in annual savings

Proven Track Record of Manufacturing Productivity

• 125 global sites as of Q1 2013

• 70 consolidations since 2006

• Each consolidation saves an average of $2 - 3M

$20M of estimated savings in 2013

Revenue per manufacturing facility

2007 2012

$41M

$62M

2007

$200M

2012

$600M

Manufacturing revenue from low-cost regions

44

• Changing cost base to support revenue growth

• Geographical cost base has shifted over time

• Commercial resources targeted to support growth in emerging markets

Global SG&A Headcount in APAC and ROW

2007 2013 (E)

10% 22%

North America

and Europe

North America

and Europe

Re-deploying Resources to Support Growth

(E) = Estimate

2012

21%

North America

and Europe

45

($.33)

$.15

$.17 -.23

($.18)

$.51 -.57

($.08)

$.09

2013: Guiding to 7% to 9% Adjusted EPS Growth

$5.27 - 5.39

$4.94

Inflation Below

the Line Net Price,

Volume & Mix 2012

Acquisitions Productivity FX 2013

Guidance* 2012

Actual Growth

Investments

* Guidance excludes fees related to the Life Technologies acquisition

46

Generating Strong Free Cash Flow

2013 (G)

$1.80 - 1.90B

2012

$1.77B

2007

$1.29B

2012 free cash flow yield exceeded 7%

(G) = Guidance (which excludes fees related to the Life Technologies acquisition)

47

Deploying Capital to Create Shareholder Value

$11B Capital Deployment 2010 - Q1 2013

Free Cash Flow $4.6B

Net Debt $5.8B

Divestitures $0.8B

Cash Sources

Acquisitions $7.4B

Share Buybacks

$3.6B

Dividends $0.2B

Capital Deployed

Note: Leverage ratio = total debt divided by trailing 12 months adjusted EBITDA. Net debt includes other non-operating cash flow of $0.8B.

Capital Deployment

• Repurchased $3.55B of

stock since 2010

• Quarterly dividend of

$0.15 per share

• Feb 2012: Initiated dividend

• Nov 2012: Increased dividend 15%

Leverage

• Q1 2013

• Total debt: $7.1B • Leverage ratio: 2.7x

48

Capital Deployment Plan

2013 • Share buybacks suspended due to Life Technologies acquisition

• Dividend payments continue

• Incremental cash reduces equity component of Life Technologies financing

2014 • Post Life Technologies acquisition close – excess cash flow allocated

to debt repayment

• Initial leverage ratio post close expected to be 4.3 - 4.4x – approximately

$18B in total debt

2015 • Continue debt repayment until back to target leverage (2.5 - 3.0x) –

then expect to return to traditional capital deployment

Note: Leverage ratio = total debt divided by trailing 12 months pro forma adjusted EBITDA

49

Generating Steadily Improving Returns

Note: Adjusted ROIC is annual adjusted net income excluding net interest expense, net of tax benefit, divided by trailing five quarter average

invested capital. Adjusted ROE is annual adjusted net income excluding net interest expense, net of tax benefit, divided by trailing five quarter

average shareholders’ equity. (E) = Estimate.

Adjusted ROIC

2013 (E)

9.8 - 10.0%

2012

9.3%

2007

8.0%

Adjusted ROE

13.1 - 13.3%

2013 (E)

13.1%

2012

8.6%

2007

50

Compelling Long-Term Financial Profile

Thermo Fisher (Standalone)

Revenue Mid-single digit organic growth

Adjusted Operating Margin

50 - 100 basis points of

expansion annually

Adjusted EPS Low- to mid-teens annual

growth

Free Cash Flow Conversion of approximately

90% of adjusted net income

Note: References Life Technologies acquisition assumptions

Life Technologies (Deal model assumptions)

3% organic growth and $75M

in revenue synergies

$275M of adjusted operating

income synergies

• $250M from cost actions

• $25M from revenue activities

Adds $0.90 - $1.00 accretion

in first full year

• Adds ~$750M

• Expecting >$2.5B for the

combined company



Alan Malus President, Analytical Technologies

52

Chemical Analysis

Instruments 27%

Environmental and Process Instruments

5% Chromatography

and Mass Spectrometry

45%

Note: Revenue based on LTM through Q1 2013 and before inter-company eliminations

Biosciences

23%

• Industry-leading portfolio drives

innovation and productivity

in multiple end markets

• Thermo Scientific brand

recognized for cutting-

edge innovation

• Unique ability to

integrate software,

consumables,

instruments, services

• Growing local

presence in high-growth

emerging markets

Revenue

Analytical Technologies Segment

53

Mass Spectrometry Exactive Plus

Advanced screening for life science research

Liquid Chromatography UltiMate 3000 BioRs

Corrosion-resistant LC for tough bioanalytical fluids

Trace Elemental iCap 7000

Provides greater throughput in elemental analysis

Bulk Elemental iSpark

Optimizes metals production for greater productivity

Molecular Spectroscopy iS50

All-in-one FTIR platform for materials science

Software Chromeleon 7.2

Creates common data platform for select LC and MS

Bioprocess Production Aegis 5-14 Film

Increases biotherapeutic drug production yield

Consumables GlycanPac LC Columns

Unique LC columns enable glycan analysis

Expanding Industry-Leading Thermo Scientific Offering

54

Case Study: Game-Changing Innovation in Mass Spec

Industry-leading portfolio keeps getting stronger

2005 Replaced $100M FT market for high-end

research

2008 Displacing triple quads in $700M

market

2013 2011

Q Exactive taking share in QTOF market

Orbitrap cited 5x more often than QTOFs in industry

publications

55

ASMS 2013: Launching the Next Breakthroughs

• Extending leadership in high-end LC/MS • Next-generation Orbitrap technology

• Taking share in quantitative market • New triple quadrupole platform

• Turning data into knowledge • Powerful application software

Mass spec leadership drives

growth and share gain

56

Mass Spectrometry

Chromatography

Gold-Standard Software Turns Data into Knowledge

• Size and complexity of data

• Multiple platforms

• GMP compliance

• Integrating data

into information

Problem

• Chromeleon is the ONE platform

combining Chrom + MS instrument

control and data analysis

• Reduced training

• Faster results

• Multi-vendor

Solution

• Single validation

• Seamless LIMS

integration

120 min 150 min

30 60 Chromeleon

Standalone

Software

50 to 65% time

reduction per

sequence

57

Pharma & Biotech




Innovation


58

New Biotherapies Require Robust Analytical Tools

Glycan Information

Q Exactive

• Huge growth in protein-based

biotherapeutics

• Glycans (carbohydrates) attach

to proteins in 70% of biotherapeutics,

affecting biological activity and stability

• Critical need to understand the effect

of glycans on proteins

Problem • Thermo Fisher uniquely positioned

to provide complete workflow

• Unique column technology

• Bio-compatible UHPLC

platform

• Mass spectrometry

• Powerful analysis software

Solution Pharma

& Biotech Research

GlycanPac column

Glycosolated Protein

SimGlycan Software

Dionex UltiMate 3000 BioRS

Glycans

59

Ensuring Quality in High-Volume Bioprocess Production

• Contamination

• Production efficiency

• Compliance

Problem

• New Thermo Scientific Aegis 5-14 film

expands compatibility with various cell lines

• Cleanest leachables and extractables profile

in the industry today

• Superior application and validation packages

• Highest level of quality

Solution

Maximizing production yield and quality

Pharma & Biotech

Production

60

Stringent Regulations Demand Higher Sensitivity

• Ever-increasing number of contaminants

• Lower and lower detection limits

• Flexibility to meet regional requirements

Problem

• Thermo Scientific Pesticide Analyzer

System based on GC triple quad mass spec

• Extensive compound database and

easy-to-use tools

Solution


61

Thermo Scientific iCAP Q ICP-MS

Increasing Need to Screen Food for Contaminants

• Metal impurities of regulatory concern

for potential health hazards

• Increased focus on inorganic arsenic

and other elements

• Government research needs for

potential legislative action

Problem

• Thermo Fisher uniquely positioned to

provide complete workflow

• iCAP Q ICP-MS for robust uptime,

sub-picogram detection capability

• Qtegra software for workflow, data

management, scalability, compliance

Solution


Supporting research of The National Food Institute,

Technical University of Denmark

62

Bringing Advanced Analysis to the Point of Need

Problem • Sampling and lab testing of feed products

• Detection time and cost

• Quality of feed

• Inability to reject feedstock at time

of delivery


microPHAZIR AG • On-demand onsite analysis • Portable near-infrared

spectroscopy

• Industry-leading calibrations

• Develop least-cost

formulations

Solution

• Corn • Soy Bean • Sunflower • Wheat • Whey • Corn Gluten

63


• Strong track record of innovation and robust R&D pipeline

• Translating core technology platforms to new applications and markets

Differentiated technologies and capabilities drive growth


Andy Thomson President, Specialty Diagnostics

Improving Human Health through Novel Diagnostics

65 Note: Revenue based on LTM pro forma through Q1 2013 and before inter-company eliminations.

Transplant Diagnostics equals LTM revenue through Q1 2013, which includes the partial period before Thermo Fisher ownership.

Anatomical Pathology

13%

Healthcare Market

Channel

25%

Clinical Assays

21% Immuno- Diagnostics

18%

Microbiology 17%

Transplant Diagnostics

6%

• Global leader in high-growth

in vitro specialty diagnostics

• Broad assay development

capabilities

• Leading the development

of novel biomarker tests

• Well-established relationships

with large IVD players

• Leading channel

to the clinical laboratory

• Driving convergence of life

science tools and diagnostics

Specialty Diagnostics Segment

66

Complementary

Acquisitions:

• Broadened assay

development capabilities

• Established global

reach to hospitals

• Provided critical mass

and anchored our positions

Strengthened Our Specialty Diagnostics Portfolio

67

2012 2017

$20B

$25B

Addressable Markets

• Aging populations increasing demand for healthcare

• Developing countries investing in healthcare infrastructure

• Need for convergence of life science tools and diagnostics

• Pharma R&D strategies driving companion diagnostics

• Heightened awareness of food supply vulnerabilities requiring increased testing

Strong Global Trends Drive New Diagnostic Tests

68

Innovating to improve human health

Integrating core platforms to create new markets

Strengthening our global position

Continuing to Innovate and Drive Future Growth

69

Earlier, less invasive diagnoses to reduce rate of organ rejections

* Lee PC, et al. “HLA-specific antibodies developed in the first year post-transplant are predictive of chronic rejection and

renal graft loss.” Transplantation 2009; 88(4): 568-574

Innovating in Transplant Diagnostics

C1qScreen

• Opportunity to significantly increase survival rates

• 10-year renal allograft survival is only 27%

in early antibody developers*

• Standard monitoring techniques are invasive

• Current tests fail to detect potential rejection

Unmet Clinical Need

C1qScreenTM is better at identifying patients at risk for: • Early acute and acute rejection

• Non-invasive procedure

• Enabling pre-emptive personalized treatment • Exclusively provided by Thermo Fisher Scientific

Our Solution

70

Single test, faster diagnoses for better patient outcomes

• Unique surface chemistry

• Biochip technology

• Cutting-edge molecular

allergology

• Less invasive procedure for

testing young children

• More efficient profiling tool

• Faster interpretation of results

• 150+ clinical labs in EU using

ImmunoCAP ISAC technology

ImmunoCAP ISAC In clinical use today Benefitting patients

Innovating in Immunodiagnostics

ImmunoCAP ISAC More patients have multiple, complex sensitivities

71

Results in minutes

Bioinformatics

Mass spectrometry

Microbiology

Faster results dramatically reduce the use of antibiotics

Results in 6-16 hours

Combining

leading-edge

Thermo Fisher

technologies

Controlling emerging antibiotic resistance is a priority

• 50% of antibiotic use unnecessary, increasing prevalence of resistant strains.

Antibiotic-resistant infections cost the U.S. system more than $20 billion annually*

• Faster and comprehensive identification and resistance results are required to reduce the inappropriate use of antibiotics

* Centers for Disease Control and Prevention, Infectious Diseases Society of America, The Alliance for the Prudent

Use of Antibiotics, and Cook County Hospital

Integrating Life Science Tools and Microbiology

Current Future

Healthcare Opportunity

72

Strongest position to capture this opportunity

Microbial identification expertise

Microbial resistance testing expertise

Mass spectrometry

Liquid chromatography

Automated clinical analyzer expertise

Regulatory expertise

Global healthcare commercial organization

Integrating Life Science Tools and Microbiology

http://www.roche.com/index.htm

73

Strengthening Our Commercial Position

Global expansion • China: Investing in commercial infrastructure and

local product development

Partnership expansion

• New PCT patents enabling renewal of long-term partnerships

• Expanding capabilities supporting companion diagnostics

Market expansion • Demonstrating clinical utility to drive rapid

market adoption

74

Trusted Co-Development Partner for Pharma

• 500+ scientists developing

new IVD assays

and technologies

• Largest technology base

in life science industry

• 500+ products on the

market with the appropriate

FDA clearances

• Proven track record across

range of diseases

• Supply chain reaching over

3000 clinical labs around

the world

Unmatched capability supporting companion diagnostics

SHORT TERM Assay Development

MID TERM Diagnostic Partnering

75

Specialty Diagnostics: An Incredibly Bright Future

We continue to build on our core strengths in life science

tools, assay development and channel management to:

• Expand in markets with attractive growth

• Innovate to improve human health

• Integrate life science tools with diagnostics

• Strengthen our global position

Delivering a Unique Customer Value Proposition

Ed Pesicka President, Customer Channels


77

Laboratory Products and Services Segment

BioPharma Services

13%

Laboratory Products

29%

Research and Safety Market

Channels

58%

Note: Revenue based on LTM Q1 2013. Percentages calculated before inter-company eliminations.

• Industry-leading channel

for research customers

• Most comprehensive portfolio

of laboratory consumables

and equipment

• Leading outsourcing

capability for clinical trials

logistics supporting

biopharma productivity

and quality needs

Revenue

78

Unique Customer Value Proposition

79

Unique value proposition applies to multiple end markets

Serving Customers from Research to Production

80

• >$3B in revenue serving

biopharma customers

• Driving productivity and

accelerating innovation

• Industry-leading customer channel

• Leading offering of scientific instruments,

reagents and lab supplies

• Technical collaboration

• Unity Lab Services

• Clinical trials supplies and logistics

• Bioprocess production capabilities

• Production supply chain expertise

• Portable instruments

• Companion diagnostics

Facts:

2007 2012

2007 2012

* EvaluatePharma, “Worldwide R&D Spend by Pharma & Biotech Companies (2004-2018)”

Biopharma Industry Growth*

Thermo Fisher Biopharma Growth


81

Partnering with Dana Farber

• Increase productivity “focus on research”

Customer Goal

• Simplified order process

• Easy access to the “right products”

• Applications expertise to solve scientific problems

• Specific service offerings to accelerate research

• R&D collaboration

Thermo Fisher Unique Value Proposition

82

Medical Research: Partnering with Dana Farber

video frame

John Willi Director of Sourcing

“We want to make

it easier for our

researchers to focus

on the science.”

83

Partnering with Eurofins

• Global scale and depth of capabilities

• Consistent offering and end-user support

• Collaborative product and assay development

• Ability to increase throughput

• Services offering to improve efficiency

Thermo Fisher Unique Value Proposition

• Consistent testing; increase organic growth

Customer Goal

84

Industrial / Applied: Partnering with Eurofins

Gilles Martin Founder

“We need to

standardize testing

globally to support

our growth.”

85

Delivering a Unique Customer Value Proposition

• Partnership model fully leverages our industry-leading

capabilities

• Applies to customer needs in multiple end markets

• Ability to develop unique solutions that enable customer

innovation and productivity

Syed Jafry President, Asia-Pacific

and Emerging Markets

Strengthening Our Global Presence to Accelerate Growth


87

Emerging Markets: Accelerating Growth

Revenues: $2.1B Employees: 5,600

Note: Revenue based on LTM through Q1 2013

India 8%

S. Korea 7%

Brazil 4% Russia

5%

Eastern Europe

8%

Our Strategy

• Scaling our commercial teams

to drive growth

• Optimizing supply chain, service and

commercial operations to differentiate

the customer experience

• Continuing to invest in localized

technology development

• Expanding low-cost-region

manufacturing footprint

Represents 16% of total company revenue

Southeast Asia 11%

Other Emerging Markets

20%

China 37%

88

Bright Outlook Across a Number of Geographies

Driving significant organic revenue growth

Organic growth: 12%*

2012 2017 (E)

China

India

S. Korea

Brazil

Other EM

$3.4B

$2.0B

* Organic growth in 2012 is calculated on a pro forma basis, which includes the pre-acquisition results of 1) Dionex from the beginning

of the second quarter 2011 and 2) Phadia from the beginning of the third quarter 2011. (E)= Estimate.

89

A Three-Pronged Strategy for Growth

$900M combined revenue in 2012

Continuing to strengthen

market leadership

• China • India


Translating success to

high-priority opportunities

• South Korea • Russia • Brazil


Positioning for success in additional

emerging markets

• Southeast Asia • Eastern Europe • Middle East • Africa

90

• Strong focus on particulate

and mercury monitoring

• Water and soil pollution

at all-time high

Cleaner…

Why We’re Bullish About China

• Expenditures will double

in 3 years ($710B)

• Second largest market

in the world by 2015

• Largest vaccine producer

in the world (1B doses)

Healthier…

Safer… • CFDA level raised.

Enforcing stricter

regulations

91

Our Strategy for Success in China

Healthcare Pharma

Targeting vertical markets

Focus on customer needs in tier-two cities

Expanding in the region

Expanding China Technology Center Localizing R&D

Talent acquisition and training programs

Building world-class talent

Suzhou laboratory products Center of Excellence

Increasing manufacturing footprint

Increasing recognition in environmental and healthcare

Leveraging government relationships

Aligned with 5-year plan • Heavy investments in

healthcare capabilities

• Domestic demand generation,

urbanization

• Increased focus on innovation

and research

• Higher standards for

environmental pollution and

enforcement

92

China: Our Strategy is Working

2012 Progress

• Target markets / focused accounts

grew 30%+

• 36% of sales team in tier-two cities

• Field service reaches >450 engineers

• 20% improvement in customer

satisfaction and double-digit productivity

gains thru back office optimization

(E) = Estimate

Industrial and Other Environmental Food Safety BioPharma Healthcare

2012 growth > 20% $6B Served market

31%

15%

12%

25%

17%

2017 (E)

$1,500M

2012

$735M

46%

13% 8%

22%

11%

2010

$410M

51%

12% 9%

21%

7%

93




market leadership

• China • India







emerging markets


94

2010 2012 2017 (E)

$90M $150M

$240M

South Korea Growth Opportunities

Market Overview • 6 - 8% long-term market growth

• Aging population driving healthcare demand

• Significant investments in life sciences,

bioprocessing, pharma and academic

• $2.3B government funding for R&D in 2013

Our Strategic Focus • Increasing direct presence

• Establishing country-level support

infrastructure

• Built a demo center in Seoul to support

application development

• Resourcing vertical markets and

expanding focus accounts approach

$1.2B Served market

Note: GDP forecast from IMF (Oct 2012). (E) = Estimate

2012 growth > 15%

95

Russia Growth Opportunities

Market Overview • 7 - 9% long-term market growth

• $3.2B increase in 2013 healthcare spending

• GSK, Pfizer, Novartis and AZ pledge to

invest $1.7B in manufacturing and R&D

• Increasing investments in food inspection,

oil and gas, nuclear and mining industries

$0.7B Served market

2010 2012 2017 (E)

$50M $95M

$170M

Note: GDP forecast from IMF (Oct 2012). (E) = Estimate

Our Strategic Focus • Expanding commercial resources

• Strengthening relationships with global

pharma companies

• Resourcing vertical markets and

expanding focus accounts approach

• Leveraging manufacturing capability

to meet localization requirements

2012 growth > 30%

96




market leadership

• China • India







emerging markets


97

Capitalizing on Additional Growth Opportunities

Malaysia • Academic market expected to grow at 8.5%, healthcare at 7.5%

• Investments in new hospitals, blood banks and universities

Vietnam • Healthcare is a government priority

• 20% growth expected in pharma in 2013

• Significant investments in steel and chemicals operations

Indonesia • Mining industry expected to grow at 5% in 2013

• Increasing investments in university labs

Turkey • Government investing $290M in healthcare in 2013

• 20% growth expected in pharma in 2013

98

Building on Our Strong Momentum

• Effective strategy, executed well

• Experienced local leadership with deep market knowledge

• Significant contributor to company organic growth

New opportunities to strengthen our global presence

and accelerate growth

• Focused on our customers • Creating shareholder value


99


Appendix

Executive Biographies

Marc N. Casper President and CEO Marc Casper was named President and Chief Executive Officer of Thermo Fisher Scientific in October 2009. Marc joined the company in 2001, when it was Thermo Electron, as President of the Life Sciences sector. He was named Senior Vice President in 2003, and in 2005 was given responsibility for all of the company’s operating units. After the merger creating Thermo Fisher Scientific in 2006, Marc was named President of Analytical Technologies, and in 2008 was named Chief Operating Officer. Prior to joining Thermo Fisher, Marc served as President, Chief Executive Officer and a director of Kendro Laboratory Products. Before Kendro, he worked for clinical diagnostics provider Dade Behring Inc., where he served as President – Americas. Marc began his career at Bain & Company as a strategy consultant and later joined Bain Capital.

Marc earned an MBA with high distinction from Harvard Business School and is a graduate of Wesleyan University, where he received a bachelor’s degree in economics. Marc serves on the Brigham & Women’s Hospital Board of Trustees, US-China Business Council and the Massachusetts Math & Science Initiative. He was previously a director of the Advisory Board Company and Zimmer Holdings.

Alan J. Malus Executive Vice President and President, Analytical Technologies Alan Malus was named Executive Vice President and President of Analytical Technologies in January 2012. Alan joined Fisher Scientific in 1998 and held several executive and general management positions serving the laboratory research and industrial markets. When Fisher Scientific merged with Thermo Electron in 2006, Alan became President of Thermo Fisher Scientific’s Customer Channels business. In 2008, he was named President of Laboratory Products, and also had responsibility for the Biosciences business. Earlier in his career, Alan held executive leadership positions in finance, sales, marketing and business development at Textron, Inc. He began his career at Ford Motor Company and spent eight years at Chrysler Corporation.

Alan received an MBA from the University of Pittsburgh and holds a bachelor's degree from the University of Michigan.

Peter M. Wilver Senior Vice President and Chief Financial Officer Pete joined the company in October 2000 as Vice President of Financial Operations, with responsibility for integrating company-wide financial operations and systems, and establishing a robust financial analysis and reporting process. He was named Chief Financial Officer for the company in October 2004. Before joining Thermo Fisher Scientific, Pete worked for General Electric, Grimes Aerospace Company and Honeywell International (formerly Allied Signal), where he most recently served as Vice President and Chief Financial Officer of the Electronic Materials Division.

Pete is a summa cum laude graduate of The Ohio State University, where he earned a bachelor's degree in business administration with a major in accounting. Pete is also a certified public accountant and serves on the board of Circor International, Inc.

Syed A. Jafry Senior Vice President and President, Asia-Pacific and Emerging Markets Syed Jafry joined the company in March 2005 as General Manager and Vice President of the Air Quality Instruments business. He was promoted to President of Thermo Fisher China in January 2008, based in Shanghai, and a year later became President of the Environmental Instruments business there. In October 2009, Syed was named Senior Vice President of Customer and Commercial Excellence and relocated back to Massachusetts. In 2010, Syed served as President of the company’s Asian operations and Senior Vice President of Customer Excellence. In January 2011, he was promoted to Senior Vice President and President for Asia-Pacific (APAC) and Emerging Markets.

Syed started his career at Glaxo Pharmaceuticals in London. He worked for 18 years at General Electric, where he held commercial, product management and general management roles in the U.S., the Netherlands, Switzerland and China. He holds a bachelor of science degree in mechanical engineering from Lahore University in Pakistan, a master’s degree in mechanical engineering from University of Massachusetts and a master’s certificate in marketing and management from Harvard University Extension School.

Edward A. Pesicka Senior Vice President and President, Customer Channels Ed joined the company in 2000 as Vice President, Controller, of Fisher Scientific’s U.S. research business. He also served as Vice President and General Manager of the U.S. research business and Vice President of Finance for U.S. Distribution Operations. At the time of the merger of Thermo Electron and Fisher Scientific in 2006, Ed was named president of Thermo Fisher’s Research Market Channel. In July 2008, he was named President of Customer Channels. Ed is also responsible for the BioPharma Services business and Corporate Accounts. Prior to joining the company, Ed served in several positions at TRW, Inc. from 1992 to 2000, including Director of Finance & IT, TRW Nelson Stud Welding Division; Manager of Finance, Occupant Restraint Systems Group; Supervisor of Consolidation and

Reporting; and international internal auditor. Ed began his career as an accountant for Coopers & Lybrand in Columbus, Ohio. Ed is a certified public accountant and has a bachelor’s degree from Muskingum College and an MBA from Case Western Reserve University.

Andrew J. Thomson Senior Vice President and President, Specialty Diagnostics Andy joined the company in 2009 as Vice President and General Manager, North America, for the Microbiology business. He was promoted to President of the Clinical Diagnostics business in October 2009, and was named Senior Vice President of Thermo Fisher Scientific and President of Specialty Diagnostics in February 2012. Prior to joining Thermo Fisher, Andy worked for 20 years in the diagnostics industry, including nine years with Dade Behring (now Siemens Diagnostics), where he served in various marketing roles and ultimately became Vice President of Marketing for North America. Andy then joined Roche Diagnostics, where he was Senior Vice President of Global Marketing for Centralized Diagnostics in Germany and later led all commercial activities for the Professional Diagnostics group in the U.S.

Andy holds an honors degree in economics from Queen’s University in Kingston, Canada.

4.

6.

7.

8.

9.

10.

11.

12. Fiscal Calendar (2012 - 2013)

May 22, 2013

Q1-2013

Thermo Fisher Scientific Reconciliation of GAAP to Non-GAAP Financials and other Financial Information

Free Cash Flow, Return on Invested Capital and Return on Equity (2007 - 2013)

Annual Reconciliation of GAAP to Adjusted P&L (2007 - 2012)

Quarterly Reconciliation of GAAP to Adjusted P&L (2012 - 2013)

Segment Data (2012 - 2013)

Balance Sheet and Leverage Ratios (2008 - 2013)

Debt (2011 - 2013)

Publicly Announced Acquisitions/Divestitures (2010 - 2012)

NEW: All prior period segment data has been adjusted to reflect the Q1 2013 transfer of product lines between segments. These transfers did not change our consolidated results.

Capital Deployment (2009 - 2013)

Use of Non-GAAP Financial Measures

We also report free cash flow, which is operating cash flow, net of capital expenditures, and also excludes operating cash flows from discontinued operations to provide a view of the continuing operations’ ability togenerate cash for use in acquisitions and other investing and financing activities.

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including adjusted EPS, adjusted operating incomeand adjusted operating margin, which exclude restructuring and other costs/income and amortization of acquisition-related intangible assets. Adjusted EPS also excludes certain other gains and losses, taxprovisions/benefits related to the previous items, benefits from tax credit carryforwards, the impact of significant tax audits or events and discontinued operations. We exclude the above items because they are outsideof our normal operations and/or, in certain cases, are difficult to forecast accurately for future periods. We also use a non-GAAP measure, free cash flow, which excludes operating cash flows from discontinuedoperations and deducts net capital expenditures. We believe that the use of non-GAAP measures helps investors to gain a better understanding of our core operating results and future prospects, consistent with howmanagement measures and forecasts the company’s performance, especially when comparing such results to previous periods or forecasts.

For example:

We exclude costs and tax effects associated with restructuring activities, such as reducing overhead and consolidating facilities. We believe that the costs related to these restructuring activities are not indicative of ournormal operating costs.We exclude certain acquisition-related costs, including charges for the sale of inventories revalued at the date of acquisition and significant transaction costs. We exclude these costs because we do not believe theyare indicative of our normal operating costs.We exclude the expense and tax effects associated with the amortization of acquisition-related intangible assets because a significant portion of the purchase price for acquisitions may be allocated to intangible assetsthat have lives of 5 to 20 years. Exclusion of the amortization expense allows comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses and with bothacquisitive and non-acquisitive peer companies.We also exclude certain gains/losses and related tax effects, benefits from tax credit carryforwards and the impact of significant tax audits or events (such as the one-time effect on deferred tax balances of enactedchanges in tax rates), which are either isolated or cannot be expected to occur again with any regularity or predictability and that we believe are not indicative of our normal operating gains and losses. For example, weexclude gains/losses from items such as the sale of a business or real estate, significant litigation-related matters, curtailments of pension plans, the early retirement of debt and discontinued operations.

Thermo Fisher’s management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the company’s core operating performance and comparing such performance to thatof prior periods and to the performance of our competitors. Such measures are also used by management in their financial and operating decision-making and for compensation purposes.The non-GAAP financial measures of Thermo Fisher’s results of operations and cash flows included herein are not meant to be considered superior to or a substitute for Thermo Fisher’s results of operations preparedin accordance with GAAP. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in the accompanying tables.

Page 1 of 12

(Dollars in millions except EPS)

GAAP Consolidated Revenues

Revenue GrowthAcquisitions net of DivestituresCurrency TranslationOrganic Revenue Growth

Pro Forma Revenue Growth (a)Acquisitions net of DivestituresCurrency TranslationPro Forma Organic Revenue Growth (a)

Emerging Markets Pro Forma Revenue Growth (a)Acquisitions net of DivestituresCurrency TranslationPro Forma Organic Emerging Markets Revenue Growth (a)

$ % $ % $ % $ % $ % $ %

GAAP Gross Margin 3,674.6 38.9% 4,053.7 40.0% 3,854.5 39.6% 4,261.5 41.0% 4,794.0 41.5% 5,295.5 42.3%Cost of Revenues Charges (b) 49.2 0.5% 1.5 0.0% 6.7 0.1% 13.2 0.1% 72.6 0.6% 55.6 0.4%Amortization of Acquisition-related Intangible Assets 118.1 1.3% 118.3 1.1% 118.8 1.2% 129.2 1.3% 175.9 1.5% 221.4 1.8%Adjusted Gross Margin 3,841.9 40.7% 4,173.5 41.1% 3,980.0 40.9% 4,403.9 42.4% 5,042.5 43.6% 5,572.5 44.5%

GAAP SG&A Expense 2,466.1 26.1% 2,599.7 25.6% 2,575.8 26.4% 2,728.8 26.3% 3,106.5 26.9% 3,354.9 26.8%

1%4%

2%-2%-4%

3%

-2%4%

10%

0%4%

9,442.7 12,509.9

1%

11%

10,143.7

-4% 7%

3% **

3%1%

2%

6%

7%1%2%

1%-1%

12% **

11%

Annual Reconciliation of GAAP to Adjusted P&L

2010

10,393.1

2009

9,741.0

2011

11,558.8

2007

7%

2008 2012

8%

3%

GAAP SG&A Expense , 66 6 % ,599 5 6% ,5 5 8 6 % , 8 8 6 3% 3, 06 5 6 9% 3,35 9 6 8%Selling, General and Administrative Costs (c) - 0.0% - 0.0% (1.5) 0.0% (3.0) 0.0% (61.5) -0.5% (12.5) -0.1%Amortization of Acquisition-related Intangible Assets (443.2) -4.7% (467.4) -4.6% (461.1) -4.7% (425.5) -4.2% (472.0) -4.1% (526.2) -4.2%Adjusted SG&A Expense 2,022.9 21.4% 2,132.3 21.0% 2,113.2 21.7% 2,300.3 22.1% 2,573.0 22.3% 2,816.2 22.5%

GAAP R&D Expense 236.6 2.5% 246.8 2.4% 243.5 2.5% 284.4 2.7% 340.2 2.9% 376.4 3.0%

GAAP Operating Income 929.7 9.8% 1,171.8 11.6% 976.3 10.0% 1,188.1 11.4% 1,250.8 10.8% 1,482.1 11.8%Cost of Revenues Charges (b) 49.2 0.5% 1.5 0.0% 6.7 0.1% 13.2 0.1% 72.6 0.6% 55.6 0.4%Selling, General and Administrative Costs (c) - 0.0% - 0.0% 1.5 0.0% 3.0 0.0% 61.5 0.5% 12.5 0.1%Restructuring and Other Costs (Income), Net (d) 42.2 0.5% 35.4 0.3% 58.9 0.6% 60.2 0.6% 96.5 0.9% 82.1 0.7%Amortization of Acquisition-related Intangible Assets 561.3 6.0% 585.7 5.8% 579.9 6.0% 554.7 5.4% 647.9 5.6% 747.6 6.0%Adjusted Operating Income 1,582.4 16.8% 1,794.4 17.7% 1,623.3 16.7% 1,819.2 17.5% 2,129.3 18.4% 2,379.9 19.0%

Add back Depreciation Expense 175.2 1.8% 179.0 1.8% 179.4 1.8% 185.0 1.8% 211.7 1.9% 236.1 1.9%Adjusted EBITDA 1,757.6 18.6% 1,973.4 19.5% 1,802.7 18.5% 2,004.2 19.3% 2,341.0 20.3% 2,616.0 20.9%

** Results do not sum due to rounding.

(a) Revenue growth for 2007 is calculated on a pro forma basis which includes the pre-merger results of Fisher from the beginning of 2006. Revenue growth in 2011 and 2012 is calculated on a pro forma basis which includes the pre-acquisition results of 1) Dionex from the beginning of the second quarter 2011 and for the comparable prior year quarters; and 2) the pre-acquisition results of Phadia from the beginning of the third quarter 2011 and for the comparable prior year quarters.

(b) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition and accelerated depreciation on assets to be abandoned as a result of real estate consolidation.

(c) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and revisions of estimated contingent consideration for recent acquisitions; in 2009, 2010 and 2012 gains due to settlement of certain product liability-related matters; and in 2011 and 2012, a charge associated with product liability litigation.

(d) Restructuring and other costs consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; and significant gains and losses on litigation-related matters, curtailments of pension plans, and the sale of businesses, product lines and property.

(Annual P&L Reconciliation continued on the next page)

Page 2 of 12


Annual Reconciliation of GAAP to Adjusted P&L

20102009 20112007 2008 2012$ % $ % $ % $ % $ % $ %

GAAP Tax Provision 75.9 9.3% 129.5 12.1% 46.7 5.5% 101.6 9.3% 109.4 9.7% 11.0 0.9%Tax Effect of Adjusted Items (f) 266.9 13.9% 243.4 10.0% 239.8 13.3% 242.6 10.4% 269.1 9.4% 351.7 15.8%Adjusted Tax Provision 342.8 23.2% 372.9 22.1% 286.5 18.8% 344.2 19.7% 378.5 19.1% 362.7 16.7%

GAAP Net Income 748.4 980.9 850.3 1,035.6 1,329.9 1,177.9Cost of Revenues Charges (b) 49.2 1.5 6.7 13.2 72.6 55.6Selling, General and Administrative Costs (c) 0.0 0.0 1.5 3.0 61.5 12.5Restructuring and Other Costs (Income), Net (d) 42.2 35.4 58.9 60.2 96.5 82.1Amortization of Acquisition-related Intangible Assets 561.3 585.7 579.9 554.7 647.9 747.6Gain/Loss on Extinguishment of Debt Facilities 0.0 0.0 15.1 16.8 0.0 0.5Other Income (e) 6.0 (3.2) 5.3 11.5 (31.8) 4.8Income Tax (Provision) Benefit (f) (266.9) (243.4) (239.8) (242.6) (269.1) (351.7)Income from Discontinued Operations, Net of Tax (8.3) (41.3) (43.2) (49.5) (306.5) 80.5Adjusted Net Income 1,131.9 1,315.6 1,234.7 1,402.9 1,601.0 1,809.8

GAAP Diluted EPS 1.69 2.25 2.01 2.53 3.46 3.21GAAP Diluted EPS Growth 104% 33% -11% 26% 37% -7%

Cost of Revenues Charges, Net of Tax (b) 0.07 0.00 0.01 0.02 0.13 0.11Selling, General and Administrative Costs, Net of Tax (c) 0.00 0.00 0.00 0.01 0.13 0.03Restructuring and Other Costs (Income), Net of Tax (d) 0.06 0.06 0.10 0.10 0.16 0.15Amortization of Acquisition-related Intangible Assets, Net of Tax 0.81 0.87 0.88 0.89 1.12 1.36Gain/Loss on Extinguishment of Debt Facilities, Net of Tax 0.00 0.00 0.02 0.03 0.00 0.00Other Income, Net of Tax (e) 0.01 0.00 0.01 0.01 (0.05) 0.00

( ) f (f) (0 0 ) (0 06) (0 01) (0 0 ) 0 01 (0 1 )Income Tax (Provision) Benefit (f) (0.07) (0.06) (0.01) (0.04) 0.01 (0.14)Income from Discontinued Operations, Net of Tax (0.02) (0.10) (0.10) (0.12) (0.80) 0.22Adjusted Diluted EPS 2.55 3.02 2.92 3.43 4.16 4.94

Adjusted Diluted EPS Growth 36% 18% -3% 17% 21% 19%

(d) Restructuring and other costs consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; and significant gains and losses on litigation-related matters, curtailments of pension plans, and the sale of businesses, product lines and property.

(e) The excluded items from other income, net, represent amortization of acquisition-related intangible assets and restructuring charges of the company's equity investments; in 2007, 2008, and 2009 the loss from an other-than-temporary decline in fair market value of an investment; in 2007 and 2008, the currency transaction gain associated with an intercompany financing transaction; in 2010 and 2011, costs to obtain short-term financing commitments related to acquisitions; and in 2011, a gain on sale of an equity investment accounted for under the cost method.

(f) The excluded items from income tax benefit include the tax benefits/provisions related to the above excluded items, benefit from tax credit carryforwards, the impact of the resolution of significant tax audits and the tax benefit from adjusting the company's deferred tax balances as a result of tax rate changes.

(a) Revenue growth for 2007 is calculated on a pro forma basis which includes the pre-merger results of Fisher from the beginning of 2006. Revenue growth in 2011 and 2012 is calculated on a pro forma basis which includes the pre-acquisition results of 1) Dionex from the beginning of the second quarter 2011 and for the comparable prior year quarters; and 2) the pre-acquisition results of Phadia from the beginning of the third quarter 2011 and for the comparable prior year quarters.

(b) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition and accelerated depreciation on assets to be abandoned as a result of real estate consolidation.

(c) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and revisions of estimated contingent consideration for recent acquisitions; in 2009, 2010 and 2012 gains due to settlement of certain product liability-related matters; and in 2011 and 2012, a charge associated with product liability litigation.

Page 3 of 12


RevenueAnalytical Technologies SegmentSpecialty Diagnostics SegmentLaboratory Products and Services SegmentEliminationsTotal Revenue

Reported Revenue GrowthAcquisitions net of DivestituresCurrency TranslationOrganic Revenue Growth

Pro Forma Revenue Growth**Acquisitions net of DivestituresCurrency TranslationPro Forma Organic Revenue Growth**

$ % $ % $ % $ % $ %

GAAP Cost of Goods Sold 1,767.1 57.8% 1,786.8 57.5% 1,787.3 57.9% 1,873.2 57.5% 1,855.2 58.1%Cost of Revenues Charges (a) (26.6) -0.9% (12.8) -0.4% (3.1) -0.1% (13.1) -0.4% (13.2) -0.4%Amortization of Acquisition-related Intangible Assets (55.2) -1.8% (53.6) -1.8% (55.0) -1.8% (57.6) -1.8% (56.1) -1.7%Adjusted Cost of Goods Sold 1,685.3 55.1% 1,720.4 55.3% 1,729.2 56.0% 1,802.5 55.3% 1,785.9 56.0%

GAAP Gross Margin 1,289.7 42.2% 1,321.3 42.5% 1,298.4 42.1% 1,386.1 42.5% 1,336.3 41.9%Cost of Revenues Charges (a) 26.6 0.9% 12.8 0.4% 3.1 0.1% 13.1 0.4% 13.2 0.4%Amortization of Acquisition-related Intangible Assets 55.2 1.8% 53.6 1.8% 55.0 1.8% 57.6 1.8% 56.1 1.7%Adjusted Gross Margin 1,371.5 44.9% 1,387.7 44.7% 1,356.5 44.0% 1,456.8 44.7% 1,405.6 44.0%

Quarterly Reconciliation of GAAP to Adjusted P&L

1,535.0(131.2)

972.4

2%

1,079.0

1,544.3

Q3-12

731.9

(136.2)

4%-3%

3,056.8

14%

3,108.1

9%

-1% 4% ***

1%-3%

3,085.7

Q1-12

980.0731.9

1,475.8(130.9)

791.81,516.6(128.1)

4% *** 4% ***

3%1%

-1%

4%1%

Q2-12

1%

Q4-12

3,259.3

6%

986.5706.7

1,526.3(133.8)

5%

Q1-13

3,191.5

4%3%-1%

977.8805.6

3% ***

GAAP SG&A Expense 824.3 27.0% 835.0 26.9% 839.0 27.2% 856.6 26.3% 829.5 26.0%Selling, General and Administrative Costs, Net (b) 7.7 0.2% (1.8) -0.1% (19.0) -0.7% 0.6 0.0% (1.3) -0.1%Amortization of Acquisition-related Intangible Assets (128.7) -4.2% (129.8) -4.2% (131.2) -4.2% (136.5) -4.2% (135.9) -4.2%Adjusted SG&A Expense 703.3 23.0% 703.4 22.6% 688.8 22.3% 720.7 22.1% 692.3 21.7%

GAAP R&D Expense 91.7 3.0% 94.2 3.0% 92.0 3.0% 98.5 3.0% 98.2 3.1%Amortization of Acquisition-related Intangible Assets - 0.0% - 0.0% - 0.0% - 0.0% - 0.0%Adjusted R&D Expense 91.7 3.0% 94.2 3.0% 92.0 3.0% 98.5 3.0% 98.2 3.1%

GAAP Operating Income 361.5 11.8% 367.8 11.8% 352.2 11.4% 400.6 12.3% 387.1 12.1%Cost of Revenues Charges (a) 26.6 0.9% 12.8 0.4% 3.1 0.1% 13.1 0.4% 13.2 0.4%Selling, General and Administrative Costs (b) (7.7) -0.2% 1.8 0.1% 19.0 0.7% (0.6) 0.0% 1.3 0.1%Restructuring and Other Costs (Income), Net (c) 12.2 0.4% 24.3 0.8% 15.2 0.5% 30.4 0.9% 21.5 0.7%Amortization of Acquisition-related Intangible Assets 183.9 6.0% 183.4 5.9% 186.2 6.0% 194.1 6.0% 192.0 6.0%Adjusted Operating Income 576.5 18.9% 590.1 19.0% 575.7 18.7% 637.6 19.6% 615.1 19.3%

Add back Depreciation Expense 58.6 1.9% 58.2 1.9% 59.0 1.9% 60.3 1.8% 59.0 1.8%Adjusted EBITDA 635.1 20.8% 648.3 20.9% 634.7 20.6% 697.9 21.4% 674.1 21.1%

(Quarterly P&L Reconciliation continued on the next page)

*** Results do not sum due to rounding.

(a) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition and accelerated depreciation on assets to be abandoned as a result of real estate consolidation.

(b) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and revisions of estimated contingent consideration for recent acquisitions; in Q1 2012, a gain from settlement with a product liability insurer and in Q3 2012, a charge associated with product liability litigation.

(c) Restructuring and other costs consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; and significant gains and losses on litigation-related matters, curtailments of pension plans, and the sale of businesses, product lines and property.

** Pro forma results include the pre-acquisition results of 1) Dionex from the beginning of the second quarter 2011 and for the comparable prior year quarters; and 2) the pre-acquisition results of Phadia from the beginning of the third quarter 2011 and for the comparable prior year quarters.

Page 4 of 12


Quarterly Reconciliation of GAAP to Adjusted P&L

Q3-12Q1-12 Q2-12 Q4-12 Q1-13$ % $ % $ % $ % $ %

GAAP Tax Provision 30.3 9.7% 26.0 8.2% (3.0) -1.0% (42.3) -12.3% 2.1 0.6%Tax Effect of Adjusted Items (e) 62.6 7.9% 67.3 9.0% 91.4 17.9% 130.4 27.5% 63.3 11.1%Adjusted Tax Provision 92.9 17.6% 93.3 17.2% 88.4 16.9% 88.1 15.2% 65.4 11.7%

GAAP Net Income 277.3 233.8 290.4 376.4 336.2Cost of Revenues Charges (a) 26.6 12.8 3.1 13.1 13.2Selling, General and Administrative Costs (b) (7.7) 1.8 19.0 (0.6) 1.3Restructuring and Other Costs (Income), Net (c) 12.2 24.3 15.2 30.4 21.5Amortization of Acquisition-related Intangible Assets, Net of Tax 183.9 183.4 186.2 194.1 192.0Gain/Loss on Extinguishment of Debt Facilities 0.5 0.0 0.0 0.0 0.0Other Income (d) 0.7 2.0 1.7 0.4 (9.8)Income Tax (Provision) Benefit (e) (62.6) (67.3) (91.4) (130.4) (63.3)Income from Discontinued Operations, Net of Tax 3.5 58.6 9.0 9.4 4.6Adjusted Net Income 434.4 449.4 433.2 492.8 495.7

GAAP Diluted EPS 0.75 0.63 0.79 1.04 0.93GAAP Diluted EPS Growth 17% -54% 14% 35% 24%

Cost of Revenues Charges, Net of Tax (a) 0.05 0.03 0.00 0.02 0.03Selling, General and Administrative Costs, Net of Tax (b) (0.01) 0.00 0.04 0.00 0.00Restructuring and Other Costs (Income), Net of Tax (c) 0.02 0.05 0.03 0.05 0.04Amortization of Acquisition-related Intangible Assets, Net of Tax 0.34 0.34 0.31 0.37 0.38Gain/Loss on Extinguishment of Debt Facilities, Net of Tax 0.00 0.00 0.00 0.00 0.00Other Income, Net of Tax (d) 0.00 0.00 0.00 0.00 (0.02)Income Tax (Provision) Benefit (e) 0.01 0.01 0.00 (0.15) 0.00Income from Discontinued Operations, Net of Tax 0.01 0.16 0.02 0.03 0.01Adjusted Diluted EPS 1.17 1.22 1.19 1.36 1.37

Adjusted Diluted EPS Growth 27% 23% 11% 14% 17%

Reconciliation of Free Cash FlowGAAP Net Cash Provided by Operating Activities 392.0 507.5 479.9 660.1 298.3Net Cash (Provided by) Used in Discontinued Operations 5.9 3.3 12.0 7.2 0.8Purchases of Property, Plant, and Equipment (69.2) (65.5) (76.0) (104.4) (66.0)Proceeds from Sale of Property, Plant and Equipment 4.0 3.7 3.9 1.2 3.0Free Cash Flow 332.7 449.0 419.8 564.1 236.1

Book to Bill Ratio 1.02 1.00 1.00 1.01 1.01

(d) The excluded items from other income, net, represent amortization of acquisition-related intangible assets and restructuring charges of the company's equity investments; and in Q1 2013, realized gains on available-for-sale investments irrevocably contributed to the company's U.K. pension plans.

(e) The excluded items from income tax benefit include the tax benefits/provisions related to the above excluded items, benefit from tax credit carryforwards, the impact of the resolution of significant tax audits and the tax benefit from adjusting the company's deferred tax balances as a result of tax rate changes.


(b) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and revisions of estimated contingent consideration for recent acquisitions; in Q1 2012, a gain from settlement with a product liability insurer and in Q3 2012, a charge associated with product liability litigation.

(c) Restructuring and other costs consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; and significant gains and losses on litigation-related matters, curtailments of pension plans, and the sale of businesses, product lines and property.

Page 5 of 12

(Dollars in millions) 2007 2008 2009 2010 2011 2012 Q1 13

Reconciliation of Free Cash FlowGAAP Net Cash Provided by Operating Activities 1,483.5 1,420.2 1,659.2 1,497.8 1,691.0 2,039.5 298.3Net Cash Provided by Discontinued Operations (45.3) (44.1) (61.8) (47.7) (14.4) 28.4 0.8Purchases of Property, Plant, and Equipment (168.5) (248.7) (197.5) (245.4) (260.9) (315.1) (66.0)Proceeds from Sale of Property, Plant and Equipment 18.9 15.3 13.3 10.2 8.2 12.8 3.0Free Cash Flow 1,288.6 1,142.7 1,413.2 1,214.9 1,423.9 1,765.6 236.1

GAAP Return on Invested Capital (ROIC) 4.9% 6.3% 5.6% 6.5% 7.1% 5.5% 5.7%Cost of Revenues Charges (a) 0.3% 0.0% 0.0% 0.1% 0.4% 0.3% 0.2%Selling, General and Administrative Costs (b) 0.0% 0.0% 0.0% 0.0% 0.3% 0.1% 0.1%Restructuring and Other Costs (Income), Net (c) 0.3% 0.2% 0.4% 0.4% 0.5% 0.4% 0.4%Amortization of Acquisition-related Intangible Assets 3.7% 3.8% 3.8% 3.5% 3.5% 3.5% 3.5%Gain/Loss on Extinguishment of Debt Facilities 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.0%Net Interest Expense 0.7% 0.7% 0.7% 0.4% 0.7% 0.8% 0.9%Other Income (d) 0.0% 0.0% 0.0% 0.1% -0.2% 0.0% 0.0%Income Tax (Provision) Benefit (e) -1.9% -1.7% -1.7% -1.6% -1.4% -1.7% -1.6%Income from Discontinued Operations, Net of Tax 0.0% -0.2% -0.2% -0.2% -1.7% 0.4% 0.4%Adjusted ROIC 8.0% 9.1% 8.7% 9.3% 9.2% 9.3% 9.6%

GAAP Return on Equity (ROE) 5.2% 6.6% 5.6% 6.7% 8.7% 7.7% 8.0%Cost of Revenues Charges (a) 0.3% 0.0% 0.0% 0.1% 0.5% 0.4% 0.3%Selling, General and Administrative Costs (b) 0.0% 0.0% 0.0% 0.0% 0.4% 0.1% 0.1%

Free Cash Flow, Return on Invested Capital and Return on Equity

Restructuring and Other Costs (Income), Net (c) 0.3% 0.2% 0.4% 0.4% 0.7% 0.6% 0.6%Amortization of Acquisition-related Intangible Assets 3.9% 3.9% 3.8% 3.6% 4.2% 4.9% 4.9%Gain/Loss on Extinguishment of Debt Facilities 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% 0.0%Net Interest Expense 0.7% 0.6% 0.6% 0.5% 0.7% 1.2% 1.3%Other Income (d) 0.0% 0.0% 0.0% 0.1% -0.2% 0.0% 0.0%Income Tax (Provision) Benefit (e) -1.8% -1.6% -1.5% -1.6% -1.8% -2.3% -2.3%Income from Discontinued Operations, Net of Tax 0.0% -0.2% -0.2% -0.3% -2.0% 0.5% 0.5%Adjusted ROE 8.6% 9.5% 8.8% 9.6% 11.2% 13.1% 13.4%

(d) The excluded items from other income, net, represent amortization of acquisition-related intangible assets and restructuring charges of the company's equity investments; in 2007, 2008, and 2009 the loss from an other-than-temporary decline in fair market value of an investment; in 2007 and 2008, the currency transaction gain associated with an intercompany financing transaction; in 2010 and 2011, costs to obtain short-term financing commitments related to acquisitions; and in 2011, a gain on sale of an equity investment accounted for under the cost method.(e) The excluded items from income tax benefit include the tax benefits/provisions related to the above excluded items, benefit from tax credit carryforwards, the impact of the resolution of significant tax audits and the tax benefit from adjusting the company's deferred tax balances as a result of tax rate changes.

Invested capital is equity plus short-term and long-term debt and net liabilities of discontinued operations less cash and short-term investments. Adjusted return on invested capital is annual adjusted net income excluding net interest expense, net of tax benefit therefrom, divided by trailing five quarters average invested capital.Adjusted return on equity is annual adjusted net income excluding net interest expense, net of tax benefit therefrom, divided by trailing five quarters average shareholders equity.

(a) The excluded items from cost of revenues include inventory charges, principally for the sale of inventories revalued at the date of acquisition and accelerated depreciation on assets to be abandoned as a result of real estate consolidation.(b) The excluded items from selling, general and administrative costs include significant acquisition transaction costs and revisions of estimated contingent consideration for recent acquisitions; in 2009, 2010 and 2012 gains due to settlement of certain product liability-related matters; and in 2011 and 2012, a charge associated with product liability litigation.(c) Restructuring and other costs consist principally of severance and retention costs; abandoned facility and other expenses of real estate consolidation; material impairments; and significant gains and losses on litigation-related matters, curtailments of pension plans, and the sale of businesses, product lines and property.

Page 6 of 12

(Dollars in millions) Q1-12 Q2-12 Q3-12 Q4-12 2012 Q1-13

Analytical Technologies SegmentRevenues 980.0 972.4 986.5 1,079.0 4,017.9 977.8Total Revenue Growth 1% 2% 0%Acquisitions net of Divestitures 0% 0% 0%Currency Translation -3% -1% -1%Organic Revenue Growth 4% 3% 1%

Pro Forma Revenue Growth* 6% 1% 3%Acquisitions net of Divestitures 0% 0% 0%Currency Translation -1% -3% -2%Pro Forma Organic Revenue Growth* 7% 5% † 5%

GAAP Gross Margin 48.9%Cost of Revenues Charges (a) 0.0%Amortization of Acquisition-related Intangible Assets 2.0%Adjusted Gross Margin 50.9%

Operating Income 178.8 169.0 186.1 215.2 749.1 176.1Operating Income Margin 18.2% 17.4% 18.9% 19.9% 18.6% 18.0%Operating Income Margin Expansion +1.9 pts +0.4 pts -0.5 pts -1.0 pts +0.0 pts -0.2 pts

Specialty Diagnostics SegmentRevenues 731.9 731.9 706.7 791.8 2,962.3 805.6Total Revenue Growth 12% 10%Acquisitions net of Divestitures 7% 7%Currency Translation -1% -1%Organic Revenue Growth 6% 4%

Pro Forma Revenue Growth** 1% 1% 2% 4%Acquisitions net of Divestitures 1% 2% 1% 3%Currency Translation -1% -4% -4% -2%Pro Forma Organic Revenue Growth** 1% 3% 5% 4% †

Segment Data

Pro Forma Organic Revenue Growth 1% 3% 5% 4% †


Operating Income 186.9 199.3 170.0 205.0 761.2 221.7Operating Income Margin 25.5% 27.2% 24.1% 25.9% 25.7% 27.5%Operating Income Margin Expansion +0.8 pts +3.4 pts -0.3 pts +1.9 pts +1.5 pts +2.0 pts

Laboratory Products & Services SegmentRevenues 1,475.8 1,535.0 1,526.3 1,516.6 6,053.7 1,544.3Total Revenue Growth 4% 2% 5% 4% 4% 5%Acquisitions net of Divestitures 0% 1% 2% 2% 1% 2%Currency Translation -1% -3% -2% 0% -1% 0%Organic Revenue Growth 4% † 4% 5% 3% † 4% 3%


Operating Income 210.8 221.8 219.6 217.4 869.6 217.3Operating Income Margin 14.3% 14.4% 14.4% 14.3% 14.4% 14.1%Operating Income Margin Expansion -0.1 pts -0.2 pts +0.2 pts +0.2 pts +0.1 pts -0.2 pts

† Results do not sum due to rounding.

* Pro forma results include the pre-acquisition results of Dionex from the beginning of the second quarter 2011 and for the comparable prior year quarters.** Pro forma results include the pre-acquisition results of Phadia from the beginning of the third quarter 2011 and for the comparable prior year quarters.


Page 7 of 12

(Dollars in millions)12/31/2008 12/31/2009 12/31/2010 12/31/2011 12/31/2012 3/30/2013

AssetsCurrent Assets: Cash and cash equivalents 1,280.5 1,564.1 917.1 1,016.3 851.0 1,004.1 Short-term investments 7.5 7.1 8.9 4.3 4.3 4.2 Accounts receivable, net 1,422.0 1,345.6 1,434.4 1,763.7 1,804.9 1,904.5 Inventories 1,151.0 1,113.0 1,153.0 1,330.1 1,443.3 1,474.6 Other current assets 484.9 501.1 621.6 707.5 731.3 748.7

Total Current Assets 4,345.9 4,530.9 4,135.0 4,821.9 4,834.8 5,136.1

Property, Plant and Equipment, Net 1,193.7 1,252.5 1,319.9 1,611.3 1,726.4 1,685.8Acquisition-related Intangible Assets 6,261.5 6,192.4 5,913.7 7,815.9 7,804.5 7,560.9Other Assets 901.6 957.0 999.9 611.3 604.4 583.8Goodwill 8,387.3 8,692.2 8,980.9 11,973.3 12,474.5 12,444.1

21,090.0 21,625.0 21,349.4 26,833.7 27,444.6 27,410.7

Liabilities and Shareholders' EquityCurrent Liabilities: Short-term obligations and current maturities of long-term obligations 14.8 117.5 105.8 1,272.8 93.1 394.0 Accounts payable 523.9 518.6 532.5 612.3 641.4 660.6 Other current liabilities 1,001.5 1,003.2 1,071.5 1,228.0 1,358.8 1,248.2

Total Current Liabilities 1,540.2 1,639.3 1,709.8 3,113.1 2,093.3 2,302.8

Balance Sheet and Leverage Ratios

Other Long-term Liabilities 2,596.0 2,488.9 2,247.3 2,927.3 2,855.4 2,784.0Long-term Obligations 2,003.1 2,064.0 2,031.3 5,755.2 7,031.2 6,724.4

Incremental Convertible Debt Obligation 24.2 1.9 0.0 0.0 0.0 0.0

Total Shareholders' Equity 14,926.5 15,430.9 15,361.0 15,038.1 15,464.7 15,599.5

21,090.0 21,625.0 21,349.4 26,833.7 27,444.6 27,410.7

Leverage RatiosTotal Debt / TTM EBITDA 1.0X 1.3X 1.1X 3.3X 2.9X 2.8XEffect of Adjusted Items 0.0X -0.1X 0.0X -0.3X -0.2X -0.1X

Total Debt / Adjusted TTM EBITDA(a) 1.0X 1.2X 1.1X 3.0X 2.7X 2.7X

Net Debt(b) / TTM EBITDA 0.4X 0.4X 0.6X 2.8X 2.5X 2.4XEffect of Adjusted Items 0.0X -0.1X 0.0X -0.2X -0.1X -0.1X

Net Debt(b) / Adjusted TTM EBITDA(a) 0.4X 0.3X 0.6X 2.6X 2.4X 2.3X

(b) Net debt is short-term and long-term debt less cash and short-term investments.

(a) Adjusted EBITDA equals adjusted operating income excluding depreciation.

Page 8 of 12

(Dollars in millions) MaturityDate 12/31/2011 12/31/2012 3/30/2013

Short-term

TMO 2.15% Senior Notes (a) 12/28/2012 354 0 0


Commercial Paper 900 50 50

Other 19 43 42

Total Short-term 1,273 93 394

Long-term




TMO 5% Senior Notes 6/1/2015 250 250 250

Debt

TMO 3.20% Senior Notes 3/1/2016 900 900 900

TMO 2.25% Senior Notes 8/15/2016 998 999 999

TMO 1.85% Senior Notes 1/15/2018 0 500 500

TMO 4.70% Senior Notes 5/1/2020 300 300 300

TMO 4.50% Senior Notes 3/1/2021 994 994 994

TMO 3.60% Senior Notes 8/15/2021 1,098 1,098 1,098

TMO 3.15% Senior Notes 1/15/2023 0 796 796

Other 16 11 11

Total Long-term 5,755 7,031 6,724

Total Debt 7,028 7,124 7,118

Total Cash and Short-term Investments 1,021 855 1,008

Net Debt(b) 6,007 6,269 6,110

(b) Net debt is short-term and long-term debt less cash and short-term investments.

(a) Previously, fixed rate interest had been swapped to variable rate. In August 2011, the company terminated its fixed to floating rate swap arrangements.

Page 9 of 12

Revenue (a)

($ millions)

2012

September 13 One Lambda Acquisition SDS $182

July 24 Princeton Security Technologies, Inc Acquisition ATS $5

May 1 Doe & Ingalls Acquisition LPS $110

2011

August 23 Phadia Acquisition SDS $525 (€367)(b)

July 18 TREK Diagnostic Systems Acquisition SDS $34

May 18 Sterilin Acquisition LPS $35

May 13 Dionex Acquisition ATS $460

Transaction Date Entity Acquisition or

Divestiture Business Description Segment

Global leader in allergy and autoimmunity clinical diagnostics

Global provider of microbiology solutions

Manufacturer and supplier of single-use plastic products

Manufacturer of liquid and ion chromatography systems

Premium provider of specialty production chemicals and customized supply-chain services

Manufacturer and supplier of radioactive isotope identifiers, x-ray and gamma-ray detectors and spectroscopy systems

2010 - 2012 Publicly Announced Acquisitions/Divestitures

Global leader in transplant diagnostics

May 13 Dionex Acquisition ATS $460

April 4 Athena Diagnostics Divestiture SDS $110

April 4 Lancaster Labs Divestiture LPS $115

2010

December 24 Lomb Scientific Acquisition ATS & LPS $34 (AUD $34)(b)

July 16 Fermentas Acquisition ATS $55 (CAD $57)(b)

April 15 Proxeon Acquisition ATS $10

March 5 Finnzymes Acquisition ATS $20

February 26 Ahura Scientific Acquisition ATS $45

(a) Approximate revenue from prior full year reporting period as of the announcement date (b) Approximate US Dollar value based on exchange rate at the time of acquisition announcement

Lab chemicals provider in Australia and New Zealand

Molecular & cell biology products for genomics research

Liquid chromatography products for proteomics workflow

PCR reagents and consumables

Portable optical analysis instruments

Contract lab providing comprehensive analytical services

Manufacturer of liquid and ion chromatography systems

Reference lab for diagnostic testing of neurological diseases

Page 10 of 12

2009 2010 2011 2012 Q1 2013

10.5 20.7 24.5 20.8 1.3

$39.62 $48.94 $54.68 $55.18 $69.89

$415 $1,013 $1,337 $1,150 $90

Capital Deployment

Remaining Authorization (in millions) as of 3/30/2013: $910

Share Buybacks

Total Number of Shares Purchased (millions)

Average Price Paid per Share

Total Spend ($ millions)

Q1 2012 Q2 2012 Q3 2012 Q4 2012 2012 Q1 2013

$0.13 $0.13 $0.13 $0.15 $0.54 $0.15 Amount per Share(1)

Dividends

(1) On February 29, 2012, the company initiated a quarterly dividend of $0.13 per share. On November 8, 2012, the company increased the dividend to $0.15 per share. Future declarations of dividends are subject to board approval and may be adjusted as business needs or market conditions change.

Page 11 of 12

Fi

FIRST QUARTER THIRD QUARTERMonth S M T W T F S Week Month S M T W T F S Week Month S M T W T F S Week Month S M T W T F S Week

1 2 3 4 5 6 7 1 1 2 3 4 5 6 7 27 1 2 3 4 5 1 30 1 2 3 4 5 6 27

JAN 8 9 10 11 12 13 14 2 JULY 8 9 10 11 12 13 14 28 JAN 6 7 8 9 10 11 12 2 JULY 7 8 9 10 11 12 13 28

5 Weeks 15 16 17 18 19 20 21 3 5 Weeks 15 16 17 18 19 20 21 29 5 Weeks 13 14 15 16 17 18 19 3 5 Weeks 14 15 16 17 18 19 20 29

22 23 24 25 26 27 28 4 22 23 24 25 26 27 28 30 20 21 22 23 24 25 26 4 21 22 23 24 25 26 27 30

29 30 31 1 2 3 4 5 29 30 31 1 2 3 4 31 27 28 29 30 31 1 2 5 28 29 30 31 1 2 3 31

5 6 7 8 9 10 11 6 5 6 7 8 9 10 11 32 3 4 5 6 7 8 9 6 4 5 6 7 8 9 10 32

FEB 12 13 14 15 16 17 18 7 AUG 12 13 14 15 16 17 18 33 FEB 10 11 12 13 14 15 16 7 AUG 11 12 13 14 15 16 17 33


26 27 28 29 1 2 3 9 26 27 28 29 30 31 1 35 24 25 26 27 28 1 2 9 25 26 27 28 29 30 31 35

4 5 6 7 8 9 10 10 2 3 4 5 6 7 8 36 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 36

MARCH 11 12 13 14 15 16 17 11 SEPT 9 10 11 12 13 14 15 37 MARCH 10 11 12 13 14 15 16 11 SEPT 8 9 10 11 12 13 14 37


25 26 27 28 29 30 31 13 23 24 25 26 27 28 29 39 24 25 26 27 28 29 30 13 22 23 24 25 26 27 28 39

SECOND QUARTER FOURTH QUARTER SECOND QUARTER FOURTH QUARTER

1 2 3 4 5 6 7 14 30 1 2 3 4 5 6 40 31 1 2 3 4 5 6 14 29 30 1 2 3 4 5 40

APRIL 8 9 10 11 12 13 14 15 OCT 7 8 9 10 11 12 13 41 APRIL 7 8 9 10 11 12 13 15 OCT 6 7 8 9 10 11 12 41

2013 FISCAL CALENDAR2012 FISCAL CALENDAR

Fiscal Calendar

FIRST QUARTER THIRD QUARTER


22 23 24 25 26 27 28 17 21 22 23 24 25 26 27 43 21 22 23 24 25 26 27 17 20 21 22 23 24 25 26 43

29 30 1 2 3 4 5 18 28 29 30 31 1 2 3 44 28 29 30 1 2 3 4 18 27 28 29 30 31 1 2 44

6 7 8 9 10 11 12 19 4 5 6 7 8 9 10 45 5 6 7 8 9 10 11 19 3 4 5 6 7 8 9 45

MAY 13 14 15 16 17 18 19 20 NOV 11 12 13 14 15 16 17 46 MAY 12 13 14 15 16 17 18 20 NOV 10 11 12 13 14 15 16 46


27 28 29 30 31 1 2 22 25 26 27 28 29 30 1 48 26 27 28 29 30 31 1 22 24 25 26 27 28 29 30 48

3 4 5 6 7 8 9 23 2 3 4 5 6 7 8 49 2 3 4 5 6 7 8 23 1 2 3 4 5 6 7 49

JUNE 10 11 12 13 14 15 16 24 DEC 9 10 11 12 13 14 15 50 JUNE 9 10 11 12 13 14 15 24 DEC 8 9 10 11 12 13 14 50


24 25 26 27 28 29 30 26 23 24 25 26 27 28 29 52 23 24 25 26 27 28 29 26 22 23 24 25 26 27 28 52

30 31 29 30 31

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financial projections and other forward-looking statements...

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