2015 May Analyst Meeting

The world leader in serving science

February/March 2016

Non Deal Roadshow - Europe

The world leader in serving science

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This presentation contains certain financial measures not prepared in

accordance with generally accepted accounting principles, or GAAP,

including adjusted operating margin, adjusted EPS and adjusted ROIC.

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 “Investors”

section of our website, thermofisher.com, under the heading “Financial

Information.”

Non-GAAP Measures

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• 50,000 employees in 50 countries

• $17 billion in annual revenue

• Unparalleled commercial reach

We enable our customers to make the world healthier, cleaner and safer

Global Scale Unmatched Depth

• Leading innovative technologies

• Deep applications expertise

• Premier laboratory productivity partner

We Are the World Leader in Serving Science

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Four Complementary Reporting Segments

• Clinical Assays

• Immunodiagnostics

• Microbiology

• Anatomical Pathology

• Transplant Diagnostics

• Healthcare Market Channel

• Biosciences

• Genetic Sciences

• Bioproduction

• Chromatography and Mass Spectrometry

• Chemical Analysis Instruments

• Environmental and Process Instruments

• Research and Safety Market Channels

• Laboratory Products

• BioPharma Services

Percentages based on unaudited 2015 revenue including estimates for intercompany eliminations and other accounting policy adjustments.

Life Sciences

Solutions

25%

Specialty

Diagnostics

19%

Analytical

Instruments

18%

Laboratory Products

and Services

38%

Total

revenues

~$17B

Leading positions in attractive niche

diagnostics segments

Extensive portfolio to accelerate life

sciences research, discovery and

diagnosis

Industry-leading technologies to solve a broad

range of complex analytical challenges

Industry-leading offering to

increase laboratory productivity

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Diverse Customers, Product Mix & Geographic Reach

End Markets Products Geographies

62%

Consumables

25%Europe

25%

Instruments Equipment &

Software

Services

13%

53%

North America18%

Asia-Pacific

ROW

4%

25%

Academic & Government

20%

Industrial & Applied

Diagnostics& Healthcare

25% 30%

Pharma& Biotech

Balanced and diversecustomer base

Growing presence in emerging markets

Strong recurring revenue mix

Percentages based on unaudited 2015 revenue.

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Consistently delivering on our financial commitments

Adjusted ROIC = Annual adjusted net income excluding net interest expense, net of tax benefit, divided by trailing five quarter average invested capital.

Strong Track Record of Financial Performance

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$700M

Annual

R&D

Spend

Laboratory

Products

& Services

7%

Analytical

Instruments

30%

Life Sciences

Solutions

45%

Specialty

Diagnostics

18%

Creating the next exciting growth opportunities

Enhancing our market leadership

High-Impact Innovation Across Our Technology Portfolio

Attune NxT acoustic

focusing cytometer

PDM 3700

personal dust monitor

One Lambda HLA Kit

with Ion PGM NGSQ Exactive Focus mass spectrometer

and Vanquish UHPLC system

Orbitrap Fusion

Tribrid mass spectrometer

Gemini handheld chemical analyzer

QuantStudio 3 and 5

Cloud-enabled real-time qPCR systems

Ion Reporter monitor with

Oncomine Panel

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Expanding with existing customers8% CAGR in biopharma last 5 years

• Academic

• Small and

medium-sized

biotech

• Chemical,

petrochemical

• Medical

devices

• Clinical reference

and contract

testing labs

• Large

biopharma

2007 2011 2013 2015

Expanding Impact of Our Customer Value Proposition

Adding new customer segmentsCustomerCustomer

Solve complex

analytical

challenges

Support

regulatory

compliance

Utilize

strategic

outsourcing

Partner on

R&D

projects

Enable

technical

innovation

Improve

production

efficiency

Improve

diagnostics

Increase lab

productivity

Accelerate

research

Optimize

supply

chain

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Established Leading Presence in Emerging Markets

$3B in revenue today, with many opportunities to grow

Replicating our China strategy in

additional high-growth regions

Brazil

Southeast

Asia

South

Korea

Middle East

Developed

Markets

82%

Emerging

Markets

18%

$17B

Revenue

2010 2015

China Revenue ($B)

$1.4

$0.4

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2015 PPI Business System Cost Savings Initiatives

Global

Sourcing

PPI

ProjectsFacility

Rationalization,

Restructuring

Low-Cost-Region

Manufacturing

48%

31%

16%

5%

$330M

of SavingsQuality

Productivity

Customer

Allegiance

Note: Represents estimated 2015 gross savings from listed initiatives before inflation.

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Actively Managing the Capital Structure

Q1'15 Q2'15 Q3'15 Q4'152015

Leverage Ratio*

3.2X

3.6X

3.4X

3.0X

Positioned to take advantage

of strong capital deployment capacity in 2016

* Leverage ratio is calculated as total gross debt to adjusted TTM EBITDA.

• $500M in share buybacks

• $240M in dividends

• ~$700M in bolt-on M&A

2015 Capital Deployed

Q1 Q2 Q3 Q4

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Completed Value Adding Acquisitions

Advanced Scientifics, Inc

• Provider of customized single-use

systems and process equipment

for bioprocess production

• Integrated into Life Sciences

Solutions segment

• Annual sales run rate of ~$80M

• Completed transaction

on 2/4/15 for $300M

• Leading global manufacturer of

research chemicals

• Integrated into Laboratory Products

and Services segment

• Annual sales run rate of ~$125M

• Completed transaction on 9/30/15 for

~$400M

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Capital Deployment: Acquisition of Affymetrix

Business Profile

• Leader in cellular and genetic analysis

products used by customers in life

sciences and translational research,

molecular diagnostics, reproductive

health, and agricultural biotechnology

• Headquartered in Santa Clara, CA

• Approx. 1,100 employees

Financial Profile

Approximately $350M annual revenue

U.S. 61%

Europe23%

APAC12%

RoW 4%

Consumables84%

Instruments5%

Services/Other11%

Acquisition Announced January 8, 2016

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Capital Deployment: Acquisition of Affymetrix

• Strengthens leadership in Biosciences and

Genetic Analysis

• Strong fit into Life Sciences Solutions

Segment

• Leverage our unique customer value

proposition to cross sell our portfolio

Creating Shareholder Value

• Accretion:

Expected to be immediately accretive to

adjusted EPS and add approximately

$0.10 in the first full year

• Synergies:

Expected to generate $70M of synergies

by year three

• $55M in cost synergies

• $15M of adjusted operating income benefit

from revenue related synergies

• Purchase Price: Approx. $1.3B

• Financing: Cash and short term debt

• Path to Completion: Affymetrix shareholder

approval and customary regulatory approvals

• Expected Close: By end of Q2 2016

Transaction Details

Strategic Rationale

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2016 Goals

• Capture Year 3 Synergies from Life Technologies Acquisition• Achieve $150M run rate in revenue synergies generating $50M of adjusted operating income

• Revenue• Drive incremental growth by innovating at a rate faster than our competition

• Capitalize on our strength in emerging markets through leveraging commercial reach

• Seize opportunities in developed markets

• Leverage our unique customer value proposition by cross selling our total portfolio

• Margin• Continue to drive cost management through: utilization of global sourcing, expansion to low-

cost regions, rationalization of facilities, and leveraging our PPI business system

• Capital Deployment• Conduct shareholder friendly capital deployment through strategic M&A, share buybacks and

dividends

• ROIC• Continue to deliver on increases in adjusted ROIC

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Consistently Strong EPS Growth

PPI Business System

• Productivity

• Quality

• Customer allegiance

Capital Deployment

• Strategic M&A

• Return of capital

Organic Growth

• High-impact innovation

• Unique customer value

proposition

• Scale in emerging

markets

Our Proven Formula for Success