please note that the attached presentations contain...

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1 Please note that the attached presentations contain financial projections and other forward-looking statements that are specific to the date of the presentations – May 17, 2017 – and should not be considered current after such date.

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1

Please note that the attached presentations contain financial projections and

other forward-looking statements that are specific to the date of the presentations

– May 17, 2017 – and should not be considered current after such date.

The world leader in serving science

2017 Analyst MeetingMay 17, 2017

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 April 1, 2017, 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; 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 recent or pending acquisitions 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 operating margin, adjusted ROIC and free cash flow. The non-GAAP financial measures of Thermo Fisher’s results of operations and cash flows included in these presentations are not meant to be considered superior to or a substitute for Thermo Fisher’s results of operations prepared in accordance with GAAP. 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 17, 2017 – and should not be considered current after such date.

Safe Harbor / Non-GAAP Measures

4

The tender offer referenced herein has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any ordinary shares of Patheon or any other securities, nor is it a substitute for the tender offer materials that Thermo Fisher and its acquisition subsidiary will file with the SEC. On the commencement date of the tender offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the SEC by Thermo Fisher and/or its acquisition subsidiary and a solicitation/recommendation statement on Schedule 14D-9 will be filed with the SEC by Patheon with respect to the tender offer. The offer to purchase all of the outstanding ordinary shares of Patheon will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO. Patheon will also file a proxy statement with the SEC in connection with the extraordinary general meeting of shareholders of Patheon at which the Patheon shareholders will vote on certain proposed resolutions in connection with the transaction (the "EGM Proposals"). THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS), THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 AND THE PROXY STATEMENT WILL CONTAIN IMPORTANT INFORMATION. INVESTORS AND SHAREHOLDERS OF PATHEON ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT SUCH PERSONS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR ORDINARYSHARES OR MAKING ANY VOTING DECISION. The tender offer materials (including the offer to purchase and the related letter of transmittal and certain other tender offer documents), the solicitation/recommendation statement and the proxy statement (when they become available) and other documents filed with the SEC by Thermo Fisher or Patheon, may be obtained free of charge at the SEC’s website at www.sec.gov or at Patheon’s website at www.patheon.com or by contacting Patheon’s investor relations department at 919-226-3165. In addition, investors and shareholders of Patheon may obtain free copies of the tender offer materials by contacting the information agent for the tender offer that will be named in the tender offer statement on Schedule TO.

Participants in the SolicitationPatheon, its directors and executive officers and other members of its management and employees, as well as Thermo Fisher and its directors and executive officers, may be deemed to be participants in the solicitation of proxies from Patheon’s shareholders in connection with the EGM Proposals. Information about Patheon’s directors and executive officers and their ownership of Patheon ordinary shares is set forth in the proxy statement for Patheon’s 2017 annual general meeting of shareholders, which was filed with the SEC on January 26, 2017. Information about Thermo Fisher’s directors and executive officers is set forth in the proxy statement for Thermo Fisher’s 2017 annual meeting of stockholders, which was filed with the SEC on April 4, 2017. Shareholders may obtain additional information regarding the direct and indirect interests of the participants in the solicitation of proxies in connection with the EGM Proposals, including the interests of Patheon’s directors and executive officers in the transaction, which may be different than those of Patheon’s shareholders generally, by reading the relevant documents regarding the transaction which will be filed with the SEC

Additional Information Regarding the Transaction

5

Agenda

Kenneth ApicernoVice President, Investor Relations Welcome and Safe Harbor

Marc CasperPresident and Chief Executive Officer

Extending Our Track Record of Significant Value Creation

Stephen WilliamsonSenior Vice President and Chief Financial Officer

Continuing to Deliver Exceptional Returns

Tom LoewaldSenior Vice PresidentChief Commercial Officer

Laboratory Products and Services: Our Foundation for Commercial Excellence

Mark StevensonExecutive Vice PresidentPresident, Life Sciences Solutions

Enhancing Our Leadership in Life Sciences

Patrick DurbinSenior Vice PresidentPresident, Specialty Diagnostics

Creating Value through a Differentiated Specialty Diagnostics Portfolio

Dan ShineSenior Vice PresidentPresident, Analytical Instruments Strengthening Our Leading Analytical Instrument

Platforms to Drive GrowthMichael ShaferPresident, Materials & Structural Analysis

Marc Casper Summary and Q&A

The world leader in serving science

2017 Analyst MeetingMay 17, 2017

Marc N. CasperPresident and Chief Executive Officer

Extending Our Track Record of Significant Value Creation

7

Key Takeaways

• Unrivaled leader in our industry and getting stronger• Uniquely positioned to capitalize on key market trends

• Proven strategy delivering outstanding financial performance• Organic growth driven by benefits of scale and depth of capabilities• PPI Business System drives operational excellence• Track record of effective capital deployment

• Attractive long-term financial model• 4 - 6% organic growth• 12 - 15% adjusted EPS growth• 12 - 15% free cash flow growth

8

Unmatched Depth• Leading innovative technologies

• Deep applications expertise

• Premier laboratory productivity partner

Our Mission: To enable our customers to make the world healthier, cleaner and safer

We Are The World Leader in Serving Science

Global Scale • >55,000 employees globally

• $18 billion in annual revenue

• Unparalleled commercial reach

9

Consistently Delivering Excellent Financial Performance

2012 2016

$11.6B

2012 2016

$4.16

$8.27$18.3B

10% CAGR 15% CAGR

Adjusted EPSRevenue

Leveraging our industry leadership to achieve outstanding results

2012 2016

$1.5B

$2.8B

14% CAGR

Free Cash Flow

2011 2016 2011 2016 2011 2016

10

Serving a ~$110B Market that’s Growing 3 - 5% Annually

Thermo Fisher is positioned to grow at least one point faster than the market

Academic & Government

25%

Industrial & Applied

20%

Diagnostics& Healthcare

24% Pharma & Biotech

31%$18.7B

Revenue

• Favorable demographics fuel research and better diagnostics

• Rising wealth in emerging markets

• GDP growth fueling demand• Interconnected food supply

driving increased environmental and food safety testing in emerging markets

• Rapid growth in demand for biologics and vaccines

• Strong pharma & biotech funding and drug pipelines

• Growing global focus and funding for precision medicine

• Strong investments in China’s 5-year plan priorities

NOTE: Revenue and end market percentages based on LTM through Q1 2017.

11

Complementary Segments Create Competitive AdvantageAnalytical Instruments Life Sciences Solutions

Laboratory Products and Services

Specialty Diagnostics

Microbiology

Antimicrobial SusceptibilityTesting Solutions

QuantStudioDx R qPCR

Genetic Sciences

BioPharmaServices

Laboratory Chemicals

Bioproduction

Cell Culture Reagents

Enterprise and Instrument Services

Biosciences

Life Science Reagents

Pathology

Rotary Microtome

MassSpectrometry

Fusion Lumos MS

ChromatographyVanquishUHPLC

Electron Microscopy

Titan Krios TEM

Reproductive Health

Microarrays

iCAP Triple Quad MS

ClinicalDiagnostics

PCT Biomarkers

Lab EquipmentTSX ULT Freezers

ImmunoDiagnosticsImmunoCAP Allergy andEliA Autoimmunity Tests

28%

17%

20%

35%

$18.7BRevenue

NOTE: Revenue and segment percentages based on LTM through Q1 2017.

SeqStudioCE System

Lab Consumables

E1 ClipTipPipette System

Clinical Oncology

Next-Gen Sequencing

TransplantDiagnostics

NXType High-Resolution Genotyping

Chemical AnalysisGemini Handheld Analyzer

12

Capital Deployment• Strategic M&A

• Return of capital

Organic Growth• Unique customer value proposition

• High-impact innovation

• Scale in emerging markets

PPI Business System• Productivity

• Quality

• Customer allegiance

Consistentlydelivering

strong EPS growth

Our Formula for Success Hasn’t Changed

13

Leadership in cutting-edge technology platforms and digital science capabilities2Leading presence and depth of capabilities fueling growth momentum in China3

Strong growth prospects in pharma and biotech1

Continued opportunity to drive consolidation in a fragmented industry4

• Unique customer value proposition

• High-impact innovation

• Scale in emerging markets

Organic Growth

A Proven Growth Strategy, Enhanced by Strategic M&A

• Strategic M&A

• Return of capital

Capital Deployment

Key Examples

14

Attractive Long-term Market Drivers

Unique Customer Value Proposition: Pharma & Biotech Example

• Fundamental scientific advances and global focus on precision medicine creating solid funding environment• Rapid growth in demand for biologics and vaccines• Constrained healthcare budgets lead to emphasis on productivity• Customer focus on outsourcing non-core activities

$110BAddressed

Market

Pharma & Biotech

1

2011

$2.9B

$5.6B

2016

Thermo Fisher Pharma & Biotech Revenue

9% Averageorganic growth

Opportunity Customer Value Proposition Results

Customer

Accelerate research

Support regulatory

compliance

Utilize strategic

outsourcingOptimize supply chain

Enable technical

innovation

Improve production efficiency

Improve diagnostics

Solve complex analytical

challenges

Increase lab

productivity

Partner on R&D projects

15

Pharma & Biotech: Delivering Increasing Value to Gain Share

Our leading positions across the value chain

Everything needed for the research laboratory

Industry-leading outsourcing capabilities

Rapidly growing portfolio supporting production

Research ~$3.1BRevenue

• Innovative products

• Robust software and data analytics

• Managing cost and complexity of lab supplies

• Inventory and instrument management

• On-site service and application specialists

• Low-cost, high-quality clinical packaging and logistics services

• Cold-chain solutions for biologics and to meet stringent cryo-temperature needs for cell therapy

• Partner of choice for fast-growing small-to mid-size biopharma

• Leadership in cell culture media

• Industry-leading single-use technologies

• Next-generation continuous bioprocess solutions

• Consumables, equipment and instruments for biopharmaquality control

~$1BRevenue

Clinical Trials

~$1.5BRevenue

Production

NOTE: Revenue amounts are for FY 2016.

16

High-impact Innovation: Leadership in Cutting-edge Technology Platforms

• Greater understanding of protein structure and function

• Leading cryo-electron microscopy and high-resolution mass spectrometry platforms

• Applying precision medicine approach in the real world

• Unique portfolio spanning genetic and protein analysis, biobanking, informatics and diagnostics

• Sample-to-answer solutions• Integrated chromatography and mass

spectrometry workflows combining instruments, software and consumables

• More accurate and cost-effective diagnostics

• Developing mass spectrometry-based patient sample-to-answer clinical analyzer

• Effective data management and analytics • Comprehensive digital science capabilities

Industry-leading R&D Investment Customer Needs Our Solutions

Innovation investments put us at the forefront of scientific advances

6.4% of Total Manufacturing

Revenue

$0.8B

2

NOTE: R&D and revenue based on LTM through Q1 2017.

17

Best-positioned to Help Customers Advance Precision Medicine

Genomics

ProteomicsMetabolomics

Disease Models Population Studies / Trials

DiagnosisTherapy

PrecisionTherapeutics

Response

Our Unique Depth of Capabilities Key Partner for Groundbreaking Initiatives

Genetic Analysis

Mass Spectrometry

Informatics

Biobanking

Diagnostics

Electron Microscopy

Structural Biology

18

Increasing preference for online capabilities

Storage and analysis of massive amounts of data

Improving R&D productivity and asset efficiency

Strengthening Our Capabilities to Lead in Digital Science

• Industry’s largest eBusiness footprint • >$4B eCommerce revenue • 65M annual visits• Richest technical content

• Cloud-based data storage, analytical software and bioinformatics tools

• Connected devices

• Remote monitoring and diagnostics

• Asset management software

Customer Needs Our Digital Platforms

thermofisher.com

fisherscientific.com

Thermo Fisher Cloud

19

China Market Dynamics

• Attractive fundamentals

• $9B market growing at 9% CAGR

• 13th 5-Year Plan focused on innovation, healthcare and precision medicine, environment and food safety

$18.7B Revenue

China10%

Developed Markets80%

Emerging Markets account for 20% of revenue

Capitalizing on attractive fundamentals and continuing to gain share

3

NOTE: Revenue and geographic percentages based on LTM through Q1 2017.

Scale in Emerging Markets: China Example

2011 2016

$0.6B

$1.7B

Thermo Fisher China Revenue

3

17% Average organic growth

Other Emerging Markets10%

20

China’s leading 3rd-party diagnostic services provider

Strongest Competitive Position

Commercial Leadership• Industry’s largest salesforce• Industry-leading supply chain• Leading eBusiness platform

Localization Strategy• “In China For China” products • 7 manufacturing sites; 50% of production for local market

Talent• 3,900 employees in China• 2,000 customer-facing professionals

Best-positioned to capture fast-evolving customer opportunities

Customer goal: • Adopt advanced molecular and immunodiagnostic tools

to meet emerging healthcare needs

Our response:• Expanded relationship from genetic analysis to diagnostics,

analytical instruments, lab supplies, reagents and consumables

• Leveraged eCommerce capabilities to simplify procurement

• Leveraged scale and unique value proposition to become long-term strategic supplier

Advantages of Our Scale and Depth of Capabilities in China

KingMed Diagnostics

21

Our Capital Deployment Strategy Remains Unchanged

M&A 60 - 75%

Return of Capital 25 - 40%

• M&A is the primary focus of our capitaldeployment strategy

• Fragmented industry and our proven M&A playbook create ample opportunities

• Expect share buybacks to remain the primary means of returning capital

• Capital deployment mix will vary in a given year

% of Capital we expect to deploy over next 5 years

4

22

$110B Market

100s of smaller

companies

Thermo Fisher Scientificplus top 2competitors

Our Opportunity Significant Industry Acquisitions (since 2010)

Other industry

transactions

Life Sciences Diagnostics

Since 2010:• Completed 50 transactions• Deployed $29B on M&A

Continued Opportunity to Drive Consolidation in a Fragmented Industry

23

Identifying the Right Opportunities to Create Long-term ValueStrategic Rationale Accomplishments

• Scaling the cryo-electron microscopy platform for life sciences applications

• Great core business and the industry leader

• Acquired at bottom of semiconductor and material science cycle

• Accelerated organic growth to mid-single digits

• Realized $350M in synergies

• Still capturing additional synergies

• Great core business and the industry leader

• Bought at bottom of the funding cycle

• Built a scale chromatography player• Leverage Dionex’s chromatography

position to propel Thermo Fisher to a top-tier chromatography player

Analytical Instruments

Life Sciences Solutions

Specialty Diagnostics

(2011)

(2016)

• Successfully expanding in the U.S. market

• Expanded EBITA margin by >1,000 bps

• Leading European allergy businessand autoimmunity platform that couldbe scaled globally(2011)

(2013)

Examples

24

Acquisition of Patheon – Creating Customer & Shareholder Value

• Patheon – a leading Contract Development & Manufacturing Organization (CDMO)

• Excellent complementary capabilities that strengthen our unique value proposition for biopharma customers

• Net purchase price of $7.2B in cash, which includes the assumption of $2.0B of net debt1

• Financially compelling and expected to be immediately and significantly accretive to adjusted EPS in first full year after close

• Expected to close by the end of 2017

1Net debt as of Jan 31, 2017

25

CDMO: A Large and High-Growth Market

• A $40B global market growing mid-single to high-single digits

• Biotech companies typically require a broad set of outsourced development and manufacturing capabilities

• Larger biopharma players are increasing outsourcing and consolidating to fewer, trusted suppliers

• Highly fragmented, with top 10 players comprising ~35% of market

Development Services Active Pharmaceutical Ingredient Manufacturing Finished Dosage Form Manufacturing

• $24B market

• Manufacturing of active pharmaceutical ingredients (APIs):• Biologics: large molecules expressed in mammalian

and microbial cells

• Chemical: small molecules

• $15B market

• Commercial manufacturing and packaging of finished dosage forms:• Complex formulations of tablets, capsules, powders

• Soft gel products

• Injectables

• $2B market

• Development services include:• Drug pre-formulation / formulation

• Regulatory consulting services

Strong leader offering full spectrum of services

Focused player with flexible solutions for biologics and expertise with complex chemistries

Strong leader covering wide range of finished dosage forms

26

Patheon Overview

St. Louis, MO

Manati, Puerto Rico

Florence, SC

Greenville, NC

Linz, Austria

Ferentino and Monza, Italy

Locations

Drug Substance Services - BiologicsDrug Substance Services - API

Drug Product ServicesPharma Development Services

4%

28%68%

EuropeNorth

America

ROW

Revenue by Geography

12%

27%Revenue by Business / Capability

61%

Pharmaceutical Development Services

• Leading global provider of CDMO services• Revenue: $1.9B• Adjusted operating margin of 17%• ~9,000 employees globally • 26 manufacturing and development locations

Drug Substance Services

Serves API Manufacturing Segment

Drug Product Services

Serves Finished Dosage Form

Manufacturing Segment

Note: Financials reflect LTM as of Jan 31, 2017

27

Strategic Rationale for Acquisition of Patheon

• Provides entry into the attractive, high-growth, fragmented CDMO market

• Enhances Thermo Fisher Scientific’s unique customer value proposition for biopharma customers

• Thermo Fisher’s unmatched global commercial reach opens new opportunities for Patheon

• Delivers attractive financial benefits to create shareholder value

28

Key Takeaways

• Unrivaled leader in our industry and getting stronger• Uniquely positioned to capitalize on key market trends

• Proven strategy delivering outstanding financial performance• Organic growth driven by benefits of scale and depth of capabilities• PPI Business System drives operational excellence• Track record of effective capital deployment

• Attractive long-term financial model• 4 - 6% organic growth• 12 - 15% adjusted EPS growth• 12 - 15% free cash flow growth

The world leader in serving science

2017 Analyst MeetingMay 17, 2017

Stephen WilliamsonSenior Vice President and Chief Financial Officer

Continuing to Deliver Exceptional Returns

30

Agenda

• PPI Business System

• 2016 Financial Performance Review

• 2017 Full-year Guidance Review

• 2018 - 2020 Financial Model

31

Capital Deployment• Strategic M&A

• Return of capital

Organic Growth• Unique customer value proposition

• High-impact innovation

• Scale in emerging markets

PPI Business System• Productivity

• Quality

• Customer allegiance

Consistentlydelivering

strong EPS growth

Our Formula for Success Hasn’t Changed

32

Practical Process Improvement (PPI) Business System Drives Operational Excellence

Quality

Productivity

CustomerAllegiance

Consistently deliver world-class products and services

Exceed expectations to maximize customer success

Improve operating and process efficiency

to strengthen our competitive

advantage

• Accelerate organic growth

• Expand margins

• Enhance cash flow

Impact of PPI:

33

PPI Business System in Action: TSX Freezers Example

Organic growth

• 50% reduction in energy consumption for our customers

• Ultra-low temperature freezer sales growing 3x faster

Margin expansion

• Improved reliability • Fewer warranty calls and returns

Cash flow

• Lower inventory carrying costs• Lower capital investments

34

Customer Allegiance

Score

2014 2016

Measure 2014 2015 2016

Kaizen Events 704 1,357 1,610

Gemba Walks 5,610 23,233 29,641

“Just-do-its” Implemented 11,684 30,737 40,550

Actions Impact

PPI Productivity

($M)

2014 2016

Inventory Days of Supply

2014 2016

PPI Business System in Action: Life Technologies Acquisition Example

35

Attractive Revenue Profile Positions Us for Growth

Balanced and DiverseCustomer Base

Growing Presence in Emerging Markets

Strong RecurringRevenue Mix

NOTE: Revenue and percentages based on LTM through Q1 2017.

Total Revenue: $18.7B

Consumables

60%

Services

14%

Instruments

26%Industrial& Applied

20%

Diagnostics& Healthcare

24%Pharma

& Biotech

31%

Academic &Government

25%

Europe

24%

Asia-Pacific

21%

ROW

3%

52%

North America

36

2016 Review: Ongoing Strong Performance

Very strong tactical and strategic execution

2014 2015

Adjusted Operating Margin

60 bps Expansion

23.1%

22.5%

Revenue

4% Organic Growth

$17.0B

$18.3B

2014 2015

Adjusted EPS

12% Growth

$7.39

$8.27

2015 20162015 20162015 2016 2015 2016 2015 2016

Free Cash Flow

12% Growth

$2.5B

$2.8B

37

2017 Full-year Guidance: Key Assumptions (as provided on April 26, 2017)

Organic Revenue Growth

• Total company organic growth: 4%

M&A Contribution• Revenue contribution: just over +4.5%

• Adjusted EPS contribution: +$0.31 (~4%)

FX Impact• Revenue headwind: just under -1.5%

• Adjusted EPS headwind: just over -2%

Adjusted Operating Margin Expansion

• Adjusted operating margin expansion: +40 to 60 bps

Capital Deployment• Acquisitions: Includes impact of Finesse Solutions and Core Informatics acquired in February 2017 in March 2017

respectively. Does not include any potential impact from the announced acquisition of Patheon

• Share Buybacks: Completed $750M of share buybacks

• Dividends: $240M of dividend payments for the full year

38

2017 Full-year Guidance: Summary

Another year of very strong financial performance

* 2017 Guidance as provided on April 26, 2017.

2017Guidance*

2016Actual

YOYChange

Revenue $19.51 - $19.71B $18.27B 7% - 8%

Organic Growth 4% 4%

Adj. Operating Margin 23.5 - 23.7% 23.1% 40 - 60 bps

Adjusted EPS $9.12 - $9.28 $8.27 10 - 12%

Free Cash Flow $3.15B $2.8B 11%

39

Balance Sheet Leverage

NOTE: Leverage ratio = total debt to trailing twelve months adjusted EBITDA.

Guiding Principles

• Maintain investment-grade rating

• Appropriately manage debt maturity timeline

• Preserve financial flexibility

Q3'16 Q1'17

Total Debt

3.6x

$18.9B

Leverage Ratio

Q1 2017Q3 2016

$17.1B

4.2x

40

2018 - 2020 Financial Model

A combination of strong operational execution and disciplined capital deployment generate very strong shareholder returns

2017 (G) 2020 (M) 3-yr CAGR

Adjusted EPS $9.20 $12.90 - 13.90 12 - 15%

(G) = Mid-point of guidance as provided on April 26, 2017. (M) = 2018 - 2020 financial model.

Generating very strong shareholder returns

41

2018 - 2020 Financial Model: Operational Performance Before Capital Deployment

Operational assumptions before future capital deployment:• Annual organic revenue growth: 4 - 6%

• Adjusted operating margin expansion: 40 - 50 bps from operations plus impact of completed acquisitions

• Free cash flow conversion: 90% of adjusted net income

(G) = Mid-point of guidance as provided on April 26, 2017. (M) = 2018 - 2020 financial model.

Expected Operational Outlook Excluding Impact of Capital Deployment

2017 (G) 2020 (M) 3-yr CAGR

Revenue $19.6B $22.0 - 23.1B 4 - 6% organic

Adj. Operating Margin 23.6% 25 - 26% 60 - 70 bps

Adjusted Operating Income $4.6B $5.6 - 6.0B 6 - 9% growth

Adjusted ROIC ~10% 13 - 14% 90 - 120 bps

A very strong operational outlook

42

2018 - 2020 Financial Model: Including Capital Deployment

Below-the-line and capital deployment assumptions:• Includes the acquisition of Patheon assuming a 12/31/17 close date

• Deploy $12B of capital 2018-2020:

• 65% for bolt-on M&A and 35% on share buybacks/dividends

• Dividends increasing modestly

• Leverage: 2.75x average year end leverage 2017-2020

• Tax rate of 13.5% in 2020: Does not incorporate potential benefit of U.S. tax reform

Generating very strong shareholder returns

2017 (G) 2020 (M) 3-yr CAGR

Adjusted EPS $9.20 $12.90 - 13.90 12 - 15%

(G) = Mid-point of guidance as provided on April 26, 2017. (M) = 2018 - 2020 financial model.

43

Generating solid returns while investing for the future

Q1'13 Q1'14

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

Focused on Return on Invested Capital

10.0%

Adjusted ROIC

2020 (M)Q1 2017

• Expanding adjusted ROIC by 90-120 bps annually without M&A

• Timing and scale of M&A will impact actual ROIC

13.5% Without M&A

11.6% With M&A Assumptions

44

$4.16$4.94 $5.42

$6.96 $7.39$8.27

Adjusted EPS

A Great Track Record and a Bright Future

$12.90 - $13.90

20152014201320122011 2016 2020 (M)

(M) = 2018 - 2020 financial model.

Continuing to deliver exceptional returns

The world leader in serving science

2017 Analyst MeetingMay 17, 2017

Tom LoewaldSenior Vice PresidentChief Commercial Officer

Laboratory Products and Services: Our Foundation for Commercial Excellence

46

Agenda

• Laboratory Products and Services Segment• Laboratory Products

• Research and Safety Market Channel

• BioPharma Services

• Our Unique Customer Value Proposition• Leveraging Corporate Accounts

• Comprehensive Services Portfolio

• Digital Platform for Science

47

Laboratory Products and Services Overview

Industry-leading capabilities enhance our leadership position

$6.7B Revenue

• Best-in-class global clinical trials supply-chain partner

• Logistics, packaging and biorepository storage

BioPharmaServices

• Industry-leading portfolio• World-class supply chain• Leading eBusiness platform• Differentiated services offering

Research and Safety Market Channel

• Sample preparation and storage• Centrifugation• Cold storage• Liquid handling• Laboratory chemicals

Laboratory Products

NOTE: 2016 total revenue before inter-company eliminations.

48

Instruments

23%

Services

19%

Consumables

58%

Laboratory Products and Services Profile

5%2016

Organic Growth

14.4%Adj. Operating

Margin

Key Market Trends

• Global investments in life sciences and healthcare driven by scientific advances and changing demographics

• Growth of targeted therapies and biologic drugs

• Constrained budgets lead to greater emphasis on lab productivity

• Customer focus on outsourcing non-core lab operations

• Digital technologies driving greater connectivity and powerful analytics

NOTE: 2016 total revenue before inter-company eliminations.

$6.7B2016 TotalRevenue

Laboratory Products

28%

BioPharmaServices

15%Research

and Safety Market Channel

57%

20%Europe

Asia-Pacific

12%

ROW

3%

65%

North America

49

Our Offering• Industry leader with a

comprehensive portfolio of lab equipment, chemicals and consumables

• Deep applications expertise

• Low-cost global manufacturing network

• Unmatched commercial reach

Laboratory Products: In Every Lab, Every Day

Customer Needs

• Enhanced lab productivity via high-quality, reliable and cost-efficient products

• Increased energy efficiency

• Remote monitoring and smart diagnostics

• High purity and conveniently packaged chemicals and reagents

50

Option 1

Broadest Product Offering Transactional Efficiency Differentiated Services

Enabling customer choice and convenience

Streamlined transaction processes

Value-added services are difficult for competitors

to replicate at scale

The Ultimate Channel Partner

• Industry-leading portfolio of >1M products from ThermoFisher and external brands

• Seamless eCommerce customer experience

• Purchasing/supplier aggregation services

• >65% of transactions are conducted online

• Deep technical expertise• Rich scientific content on

fishersci.com• Access to technical support

specialists

• Specialized supply chain• Cold-chain logistics• Handling of chemicals and other

hazardous materials• 2,000 on-site stocking locations

• On-site inventory management services that are tightly integrated with Fisher Scientific capabilities

• Conveniently accessing broad portfolio of lab products

• Consolidating purchasesto leverage scale

• Increasing efficiency of purchasing processes

• Linking on-site lab and inventory management processes

Customer Needs

51

BioPharma Services: Enhancing Clinical Trials Productivity

We are the leading clinical trials supply chain provider

• Accelerating time-to-market for new drugs

• Reducing costs of clinical trials

• Ensuring quality and regulatory compliance

• Single source for a full range of packaging, distribution and logistics services

AdministerDrug to Patient

Distribution & LogisticsStoragePackage

& LabelDevelop &

Manufacture

BioPharma Services Offering

Clinical Trials Workflow

Majority of top 500 biopharma companies

worldwide are our customers

Large global footprint:3M+ sq. ft. dedicated to

clinical drug supply

25+ yearsof experience with

clinical trials

Customer Needs

52

Agenda

• Laboratory Products and Services Segment• Laboratory Products

• Research and Safety Market Channel

• BioPharma Services

• Our Unique Customer Value Proposition• Leveraging Corporate Accounts

• Comprehensive Services Portfolio

• Digital Platform for Science

53

1 Leveraging Corporate Accounts

2 Comprehensive Services Portfolio

Digital Platform for Science3

Delivering Our Unique Customer Value Proposition

Global Commercial Scale

• Laboratory Products

• Life Sciences Solutions

• Speciality Diagnostics

• Analytical Instruments

Customer

Accelerate research

Support regulatory

compliance

Utilize strategic

outsourcingOptimize

supply chain

Enable technical

innovation

Improve production efficiency

Improve diagnostics

Solve complex analytical

challenges

Increase lab

productivity

Partner on R&D projects

54

Corporate Accounts: Enabling Superior Access and Value Creation

Thermo Fisher Scientific Capabilities

Customer SegmentsAcademic andGovernment

BioPharma

Healthcare

Industrial

Corporate Accounts Team

• Represent completeportfolio

• Simplify access to and coordinate support from our business teams

Clinical TrialsServices

Unity Lab Services

AnalyticalInstruments

LaboratoryProducts

Life Sciences Solutions

Specialty Diagnostics

C-suite engagement

Impact of Corporate Accounts Program on Biotech Customer Segments

3xincrease

7xincrease

Accounts

Revenue

Change 2014 to 2016

1

55

3,200 global service employees

• World-class expert repair and servicing capabilities

• Scalable solutions for asset management, onsite inventory management and other services

• Full process ownership and lab management

55

Total Lab Solutions

Enterprise-wide Services

Instrument Support

Evolving scope and sophistication of customer needs

• Maximizing uptime for technically complex instruments

• One-stop access to a portfolio of lab services

• Outsourcing of non-core lab management functions

• Greater productivity in lab operations

Most Comprehensive Services Offering2

Customer Needs

56

Leading Scientific eCommerce Engine

100K+accounts

10M contacts

850Kregisteredusers

34Mstorefront visits

$4B+annual revenue

65Mvisitors

Digital ScalePremier Web Properties

3

57

Extending Our Digital Impact

Customer Needs

• Delivering premier scientific content

• Online choice and convenience with seamless transactions, order tracking and B2B aggregation

• Accelerating scientific collaboration with cloud-enabled informatics and specialized analytical software

• Improving R&D productivity and asset efficiency through connected devices, mobile applications and real-time monitoring

Thermo Fisher Cloud

Cloud-enabled Platform for Science

Downloadable scientific methods and application libraries

Real-time remote monitoring of experiments

Asset management Desktop and mobile applications

Microarrays

Next-gen sequencing

Consumables

58

• Premier laboratory productivity partner for our customers

• Unparalleled commercial reach, customer access and impact

• Industry-leading capabilities and commercial scale allow us to grow faster than the market

Laboratory Products and Services: Our Foundation for Commercial Excellence

The world leader in serving science

2017 Analyst MeetingMay 17, 2017

Mark StevensonExecutive Vice PresidentPresident, Life Sciences Solutions

Enhancing Our Leadership in Life Sciences

60

Life Sciences Solutions Overview

Genetic Sciences

• Genetic analysis (sequencing, arrays and qPCR)

• Clinical applications• Human identification• Agbio and animal health

Biosciences

• Molecular biology• Synthetic biology• Cell biology• Protein biology• Cell analysis

Bioproduction

• Media• Single-use technologies• Purification• Analytics, control automation

and systems software

Unrivaled portfolio to accelerate life science research, discovery and bioproduction

$5.3B Revenue

NOTE: 2016 total revenue before inter-company eliminations.

61

Instruments

12%

5%

Consumables

83%

GeneticSciences

36%

Bioproduction

21%

Biosciences

43%

Life Sciences Solutions Profile

NOTE: 2016 total revenue before inter-company eliminations.

7%2016

Organic Growth

30.0%Adj. Operating

Margin

6.5%R&D as % of

Manufacturing Revenue

Key Market Trends

• Fundamental scientific advances driving demand for innovative life science tools

• Robust growth prospects for biotherapeutics and cell therapy

• Growth in clinical applications for genetic sciences

• Strong growth in Asia-Pacific, particularly China, Korea, India

• Customers seeking to drive productivity by purchasing more on line and through corporate programs

$5.3B2016 TotalRevenue

Services

27%Europe

Asia-Pacific

25%

ROW

4%

44%

North America

62

Accelerated Organic Growth

• Strategic investments to fuel growth• Revitalized core Biosciences capabilities• Expanded Bioproduction capabilities and capacity• Focused Next-Gen Sequencing on clinical

applications

• Leveraging the company’s global scale and industry-leading commercial reach• Extensive corporate account relationships• Unparalleled reach of Fisher Scientific channel

Key Levers

2%

2013 2014 - 2016

5%*Average

Organic Growth

* Pro forma, as if Life Technologies was owned for the entire period. 2014 organic growth has not been recast to reflect product line movements that were effective 1/1/2017.

Strong foundation for long-term growth

Life Sciences Solutions: Our Growth Transformation

Life Sciences Solutions Segment

63

Harnessing the company’s channel and eBusiness capabilities to drive strong incremental growth4

Extending our leadership position in Biosciences1

Expanding our strong position in Bioproduction3

Strengthening our Genetic Analysis portfolio 2

Capitalize on opportunities to extend our leadership

• Investing in high-impact innovation

• Executing strategic bolt-on M&A to enhance our depth of capabilities

Life Sciences Solutions: Our Growth Strategy

Leverage the company’s industry-leading global scale and commercial reach

64

Biosciences: Extending Our Leadership Position1

Opportunity

High-impact Innovation

• Investments in high-growth segments• Cell Biology: Stem cells

and cell therapy• Molecular Biology: Gene

editing with CRISPR

Enhancing Capabilities

• Bolt-on M&A to strengthen portfolio• eBiosciences (Affymetrix)• MTI-GlobalStem

Focused Growth Strategy

Commercial Approach

• Leveraging our scale and channel strength

• Continue to enhance our online presence with industry-leading eBusiness capabilities

ü Well-positioned for continued strong growth

$14B+Market

$2B+Revenue

Strong leadership position in life science reagents and

consumables

Large market with focused opportunities for growth

65

Strengthening our industry leadership with revenue growing high-single digits

Future Outlook

• Innovative products for high-growth segments• Protein expression reagents• Gibco media to optimize stem cell workflow

(for gene editing)

• Adding new capabilities• Expertise in transfection, neuroscience and

stem cell biology (MTI-GlobalStem)• Integrating our Nalgene/Nunc cell culture plastics

at every stage of the workflow

• Utilizing digital content and marketing to drive demand generation on eBusiness platforms

$2.5B+Market

• Growing mid-single digits

• Driven by demand for biologics and cell therapies

Our Strategy

Extending Our Leadership in Biosciences: Cell Biology Example

Opportunity

66

Genetic Analysis: Right Tool for the Job

• Innovation across multiple platforms

• QuantStudio 3 and 5 Real-Time PCR Systems

• Ion Torrent S5/Chef for high-quality gene panel sequencing

• SeqStudio Genetic Analyzer for easy-to-use Sanger sequencing

• All our Genetic Analysis platforms are connected to the Thermo Fisher Cloud

Multi-platform Portfolio High-impact Innovation Commercial Approach

• Portfolio encompasses:

• Next-Gen Sequencing (NGS)

• Quantitative Polymerase Chain Reaction (qPCR)

• Capillary Electrophoresis (CE)

• Microarrays

• Positioning the right platform for specific needs

• Leveraging company’s channel strength and corporate accounts

• Pharma and diagnostic company partnerships to advance companion diagnostics

$15B+Market

• Mix of segments with distinct growth profiles

• Very fast-growing clinical NGS segment

• Traditional techniques are the gold standard for certain key applications

$2BRevenue

Focused Growth Strategy

2

Opportunity

67

Ion Torrent S5

Leading Platforms Targeted Sequencing Panels

• Strong adoption of Ion Torrent PGM and S5/Chef platforms

• Highly sensitive, targeted panels

• New panels launched for immuno-oncology and liquid biopsy

Our Solutions

Companion Diagnostics

• Pharma partnerships to advance oncology treatment

• Submitted first IVD NGS panel for FDA clearance in Q4 2016

$1B+Market

• Market growing mid-teens

• Clinical customers seeking to rapidly determine status of clinically actionable genes and accelerate research on therapy selection

Genetic Analysis: Driving Growth in Clinical Next-Gen Sequencing

Opportunity

68

Clinical NGS Example: Enabling Precision Medicine Approach in Oncology

Oncomine NGSpanels

• National Cancer Institute’s MATCH project

• High sample success rate (96.98% sensitivity and 99.99% specificity)

Immune Response Assay: targeted gene expression panels

• Successfully measures changes in tumor micro-environment in response to immunotherapies

Liquid Biopsy Assay for circulating free DNA

• Oncomine Lung cfDNA assay tested by 11 institutions in Europe, Canada and Japan

• Detected low-level mutations in circulating free DNA control samples

Our Answer: Ampliseq

• Gold standard underlying amplification chemistry

• Used in our Oncominetargeted sequencing panels

Customer Need

Higher sensitivity and specificity of results from limited sample amounts

Case Studies

69

• Affordable solution for lower-throughput capillary electrophoresis

• Easy to use: Multiple components contained in a single cartridge to simplify workflows

• Thermo Fisher Cloud: enables collaboration, remote setup/monitoring and data management

“You make it easier for us and streamline the process so we can focus on the science.”

- Early Access Hospital User

• Sanger sequencing is the gold standard for certain key research applications

• Large and loyal customer base using our Sanger sequencers

SeqStudio Genetic AnalyzerOpportunity

Genetic Analysis Innovation Example: SeqStudio Launch

70

QC & Analytics

Control Systems and Software

Cell CultureSingle-use

Bioreaction,Fermentation

Media Formulation

Harvest &Collection Separation

Transport, Bulk Storage

& Final Fill

While investing in manufacturing and other capabilities in the U.S., Europe and APAC

Bioproduction: Strengthening Our Position Across the Workflow

Well-positioned to continue strong double-digit growth momentum

Leading positions in cell culture media and

single-use technologies

Expanded single-use offering via acquisition of Advanced Scientifics

2013 2015 2017

• Acquired control systems and software via Finesse Solutions ($50M+ revenues)

• Integrated existing capabilities (production chemicals, single-use storage)

$5BSegment

• Growing double-digits

• Driven by strong growth of biologics, emergence of biosimilars and immunotherapies

$1B+Revenue

3

Opportunity

71

Our Strategy

Leveraging Total Company Scale and Commercial Reach

InvitrogenEnd-Point PCR

Gibco Sera and Media

Applied BiosystemsThermal Cyclers

2015: 14,000 SKUs added to the Fisher Scientific channel

2016: Expanded offering with additional 18,000 SKUs

Achieved 3x increase in organic growth rate for offered products

• Further leverage commercial reach of our Fisher Scientific channel and corporate accounts

• Utilize eBusiness and digital marketing capabilities to increase cross-selling opportunities

4

72

Our Strategy

• Further leverage commercial reach of our Fisher Scientific channel and corporate accounts

• Utilize eBusiness and digital marketing capabilities to increase cross-selling opportunities

• Harnessed existing life sciences online customer base to cross-sell complementary laboratory products

• Utilized powerful data analytics and digital marketing to drive eBusiness and demand generation across the total portfolio

4.6M+ website visits per year

$150M+ eCommerce revenue in 2016

65%Revenue CAGR from 2013-16

Industry-leading eBusiness platform in China drives incremental growth

Our Strategy Strong Results

Leveraging Total Company Scale and Commercial Reach: China Example

Key Growth Initiatives

73

• Capitalizing on opportunities in high-growth segments through targeted innovation and strategic bolt-on M&A

• Leveraging company’s industry-leading global scale and commercial reach to drive growth

• Exceptionally positioned to extend our strong leadership positions

Enhancing Our Leadership in Life Sciences

The world leader in serving science

2017 Analyst MeetingMay 17, 2017

Patrick DurbinSenior Vice President President, Specialty Diagnostics

Creating Value through a Differentiated Specialty Diagnostics Portfolio

75

Specialty Diagnostics Overview

• Comprehensive offering of diagnostic laboratory products

• Serving U.S. hospitals and reference labs

HealthcareMarket Channel

• Novel biomarkers • Drugs of abuse • OEM and contract

manufacturing services

ClinicalDiagnostics

• Allergy and autoimmunity diagnostics

Immuno-Diagnostics

• Microbial and food safety testing

Microbiology

• Cancer diagnostics sample preparation

• High-grade specialty glass slides

AnatomicalPathology

TransplantDiagnostics

• Tissue typing and matching

• Antibody screening and post-transplant monitoring

$3.3B Revenue

NOTE: 2016 total revenue before inter-company eliminations.

Leading positions in attractive niche diagnostic segments

76

Instruments

7%

Consumables

91%

Services

2%

Specialty Diagnostics Profile

4%2016

Organic Growth

27.2%Adj. Operating

Margin

4.9%R&D as % of

Manufacturing Revenue

Key Market Trends

• Rising demand for diagnostics

• Increasing prevalence of cancer and infectious disease

• Heightened need for antibiotic stewardship

• Increasing food safety risks due to globalization of food supply chain

• Increasing use of illicit drugs

• Better diagnostics improving strategies to prevent, manage and treat disease

• Pressure to control healthcare costs

$3.3B2016 TotalRevenue

NOTE: 2016 total revenue before inter-company eliminations.

Immuno-Diagnostics

17% 20%

Microbiology

Clinical Diagnostics

15%

AnatomicalPathology

10%

Transplant Diagnostics

7%Healthcare

MarketChannel

31%

Europe

27%

Asia-Pacific

11%

ROW

3%

59%

North America

77

Food Safety

Specialty Diagnostics Businesses: Our Differentiated Portfolio

Sepsis

Autoimmunity

• Niche diagnostic segments• Typically ordered by physician specialists• Dedicated lab workflows and instruments

• Strong positions with differentiated, proprietary solutions• Benefitting from total company capabilities

• Life science technologies and expertise• Comprehensive suite of laboratory products• Commercial scale

Allergy

Microbiology

Cancer Sample Prep

Transplant

Drugs of Abuse

78

1 Improving clinicians’ abilities to diagnose disease and enabling labs to increase productivity

2Capitalizing on total company capabilities in molecular technologies and mass spectrometry to improve patient diagnostics

3 Strengthening our presence in underpenetrated geographies

• Offering superior value to clinicians and labs

• Solving customer challenges with innovative life science tools

• Pursuing opportunities to leverage global scale

Specialty Diagnostics: Our Growth Strategy

79

Improving Diagnosis and Increasing Productivity1

Greater Diagnostic Value Improved Lab Productivity

Customer Needs

• Clinicians seeking more accurate information to better diagnose

• Labs under pressure to increase productivity

• Labs seeking convenience of working with fewer suppliers

Our Solution

• Higher accuracy• Fewer misdiagnoses and

reduced false-positives• Stronger evidence

• Optimized workflows• Reduced complexity• Reduced labor requirements• Increased throughput

• Full suite of Thermo Fisher laboratory offerings

• Easy access via Fisher Healthcare channel

Comprehensive portfolio creates better patient outcomes

Complete Solution

80

Improving Diagnosis: Celiac Example

Customer ChallengesCeliac Patients: • Lack of diagnosis can lead to painful symptoms

and higher rate of complications• Misdiagnosis leads to highly restrictive diets, such

as gluten free

Providers and Laboratories: • Limited availability of assays and high cost of

biopsies constrain usage

Our SolutionProprietary Celiac Assay: Celikey (anti-tTG) Gliadin test• High quality• Fewer biopsies necessary• Automated via our proprietary platform

Opportunity• ~1% of global population has Celiac disease• 80% of people with Celiac disease have

not yet been diagnosed

81

Unique understanding of customer challenges

Broadest portfolio of life science technologies

Customer Needs

• Cutting-edge technologies are yielding powerful insights in life science research

• Diagnostic customers seeking to leverage these technologies in their labs to improve patient outcomes

Our Differentiated Approach

• Strong relationships with customers in specialty diagnostics

• Deep understanding of customer needs

• Strong technology leadership• Ability to drive adoption of life

science tools for specific diagnostic applications

Broad portfolio creates unrivaled ability to solve healthcare challenges

Capitalizing on Total Company Capabilities2

82

Innovative Life Science Tools in the Clinical Lab: Transplant Example

Customer Challenges Our Solution*

Opportunity• 50,000 bone marrow transplants performed

worldwide every year

Bone Marrow Transplant Patients: • Suboptimal donor matches increase likelihood

of infection, complications and death

Providers and Laboratories:• High cost of poor matches• Information lacks quality or takes too long

(e.g. existing NGS solution)

Complete Transplant NGS Workflow• Highest-quality information yielding greatest transplant

success rate

• Fastest time to result

• Now available with our most advanced next-generation sequencing platform: Ion Torrent S5

NxType

Ion Chef

Ion Chef

S5

Ion TorrentS5

Software

Typestream

* For research use only, not for use in diagnostic procedures.

83

Targeting 2018 launch

Innovative Life Science Tools in the Clinical Lab: Mass Spectrometry Example

• Healthcare providers are seeking more powerful diagnostic information

• Complicated diagnostic workflow requires sophisticated technical expertise

Our Solution

Proprietary walkaway mass spectrometry-based clinical analyzer

• Focused on offering superior medical information relative to immunoassays

• Simple workflow, minimal technical expertise required

• Provides hospitals access to mass spectrometry for diagnostics

• Significantly reduced turnaround times

Customer Challenges

84

Growing Our Businesses in Underpenetrated Geographies

FoodSafety

Sepsis

Allergy Allergy

TransplantCancerSample

Prep CancerSample

Prep

Auto-immunity

Micro-biology

TransplantFoodSafety

Auto-immunity

3

Significant growth opportunities exist in multiple geographies

85

Pursuing Opportunities in Underpenetrated Regions: Allergy Testing Example

U.S.• Secured core lab contracts• Authorities changing unfavorable

reimbursement policies given strong clinical and health economic evidence

Asia-Pacific• Captured screening volume with proprietary

solution (ViewAllergy) in Japan• 30+ tests recently registered in China• Steady growth in Taiwan and South Korea

Opportunity

• ~25% of the global population has allergies

• Allergy blood testing is underpenetrated in the U.S. and Asia-Pacific

• Capitalizing on our leadership in Europe to pursue greater penetration in other regions

Building on our success around the world

86

• Niche specialty diagnostics businesses with strong defensible positions

• Providing critical information for patients, clinicians and laboratories

• Leveraging capabilities, commercial access and total company global presence

Creating Value through a Differentiated Specialty Diagnostics Portfolio

The world leader in serving science

2017 Analyst MeetingMay 17, 2017

Dan ShineSenior Vice PresidentPresident, Analytical Instruments

Mike ShaferPresident, Materials and Structural Analysis

Strengthening Our Leading Analytical Instrument Platforms to Drive Growth

88

Analytical Instruments Overview

Industry-leading technologies to solve a broad range of complex challenges

Chromatography & Mass Spectrometry

Chemical AnalysisInstruments

Materials & Structural Analysis

• Life sciences mass spectrometry• Liquid, ion, gas chromatography• Inorganic/trace elemental analysis• Laboratory informatics

• Electron microscopy• Molecular and elemental

spectroscopy• 2D/3D imaging software

• Portable analytical instruments• Air-quality monitoring• Radiation safety and security• Process instruments

Corp. Fin. to update to LTM Revenue ending in Q1 2017$3.7B Revenue

NOTE: 2016 total revenue before inter-company eliminations.

89

Services

26%

8%

Instruments

66%

Europe

25%

Asia-Pacific

40%

ROW

5%

30%

North America

Analytical Instruments Profile

NOTE: 2016 total revenue before inter-company eliminations.

$3.7B2016 TotalRevenue

3%2016

Organic Growth

20.3%Adj. Operating

Margin

8.3%R&D as % of

Manufacturing Revenue

Key Market Trends

• Strong funding for precision medicine and structural biology

• Global regulations driving new opportunities in applied markets, especially in Asia-Pacific

• Breakthroughs in nanotechnology for new materials development

• Commodity-driven industrials beginning to rebound following strong headwinds in recent years

Consumables

Chromatography& Mass Spec

59%

ChemicalAnalysis

19%

22%

Materials &Structural Analysis

90

Chromatography& Mass Spec

50%

ChemicalAnalysis

16%

Materials &Structural Analysis

34%

Services

27%

7%

Instruments

66%

Analytical Instruments Profile: Including Pro forma FEI Revenue

Key Market Trends

Europe

25%

Asia-Pacific

39%

ROW

4%

32%

North America

Consumables

$4.3B*2016 Pro formaTotal Revenue

NOTE: 2016 total pro forma revenue before inter-company eliminations.* Pro forma revenue for Analytical Instruments segment as if FEI was owned for all of 2016.

• Strong funding for precision medicine and structural biology

• Global regulations driving new opportunities in applied markets, especially in Asia-Pacific

• Breakthroughs in nanotechnology for new materials development

• Commodity-driven industrials beginning to rebound following strong headwinds in recent years

91

Analytical Instruments: Our Growth Strategy

Continue strong growth trajectory in China and capitalize on new growth opportunities in Asia3

Continue to gain share in chromatography and strengthen mass spectrometry leadership1

Further integrate portfolio to deliver tailored workflows for pharma and applied markets2

Execute proven playbook to meet synergy targets and unlock structural biology potential4

• Leverage proven innovation track record

• Deliver complete application-based solutions and powerful analytics through our digital platform

• Capitalize on global scale in emerging markets

• Create new growth engine through FEI acquisition

92

Chromatography: We Have a Top-tier Market Position

• Developed highly innovative technologies across liquid, gas and ion chromatography

• Leveraged mass spec leadership and customer relationships to drive growth à Increased connect rate from 30% to 70%

• Enabled more powerful analytics by integrating gold-standard Chromeleon software and LIMS capabilities

• Leveraged Thermo Fisher eBusiness platform to deliver superior customer experience and accelerate consumables growth

Well-positioned to continue achieving above-market growth

• Built a scale chromatography player

• Comprehensive portfolio with technology leadership

• High single-digit growth business

Our Position TodayOur Position in 2011

• Before Dionex, we had niche positions in HPLC and GC

• Dionex had strength in IC and limited position in HPLC

• Low-growth business

1

High-Performance Liquid Chromatography (HPLC)

Ion Chromatography (IC)

Chromatography Consumables

ChromeleonCDS

Gas Chromatography (GC)

93

Mass Spectrometry: Evolution of Our Orbitrap Franchise

>5,000Instruments

Sold

>2,000Orbitrap-basedPublications1

1) Includes only major Nature and Science journals.

Introduced OrbitrapHigh Resolution Accurate Mass to market

Launched first Orbitrap benchtop instrument

Enabled first MS-based mapping of human proteome

Launched Fusion Lumosplatform, setting new standards for sensitivityand processing power

Orbitrap emerging as MS technology of choice for Precision Medicine

2005

2011

2014

2015

2016

2017

Exciting innovations for both research and applied markets

Continuing our long history of advancing scientific discovery

94

• Complete end-to-end workflow with integrated hardware and software

• Enables increased accuracy to reduce cost of quality

• Quality control method replaces many standalone assays, enabling faster structure validation

• Full software analytics to support customer requirements

ü Enabling highly differentiated workflows for a range of industries

ChromeleonCDS

Biopharma Finder Software

++• Rapid and accurate

identification of Critical Quality Attributes (CQAs) such as modifications and impurities

• Quality Control analytics to ensure proper bioproduction

Our SolutionCustomer Need

Integrated Workflows: Biopharma QA/QC Case Study2

Data Management and Analysis

95

Emerging Markets: Scaling APAC Presence with Significant Growth in China

IndiaSignificant market for analytical instruments with exciting growth opportunities in pharma and CRO/CMO

• Continuing to expand leadership in China and capitalizing on opportunities across rest of APAC

• Leveraging in-region infrastructure including the Singapore Manufacturing Center of Excellence

• Total company scale supports targeted investments in emerging regions with high growth potential

$1.7BAPAC

Revenue*

China Uniquely positioned to capitalize on growth in Precision Medicine and Chinese pharma

Strong presence across life sciences and material science, complemented by FEI relationships

S. Korea and Japan

3

* Pro forma revenue for Analytical Instruments segment as if FEI was owned for all of 2016.

96

FEI: The World Leader in Electron Microscopy 4

Is now part ofLife Sciences Material Science

97

FEI: New Platform for Growth

Leveraging total company capabilities to accelerate growth

• Titan Krios is the structural biology platform of choice

• Comprehensive portfolio of material science platforms

• $80M cost and revenue synergies by 2019

Future2016• Acquired FEI, the

leader in Electron Microscopy, in September 2016

• Cryo-EM technology in early stages of adoption

• $1B business growing in low single digits

• Leverage Thermo Fisher leadership to enable sustained double-digit Life Sciences growth:• Utilize commercial reach to accelerate Cryo-EM adoption,

particularly in pharma• Integrate structural biology workflows to connect Cryo-EM

and mass spectrometry

• Capitalize on combined Material Science portfolio to gain share

• R&D teams creating new opportunitiesthrough best practice sharing

• Expand world-class operationsin Brno, Czech Republic, for use by broader company

Titan KriosCryogenic-Electron Microscopy Platform (Cryo-EM)

98

• Established new organizational structure

• Following best practices from prior integrations and applying PPI Business System

• Scaling infrastructure to accelerate base business growth

• Synergies are on track:• 2019 cost synergies of $55M• Revenue synergy planning complete and on track to deliver $25M adjusted operating income in 2019

FEI: Integration Update

99

Zika Virus - Purdue Univ.

• Proteins are the driving machinery of life; understanding their properties is key to developing effective therapies

• Most proteins of interest are large, asymmetric and act in complexes

• Traditional X-ray crystallography (XRD) and Nuclear magnetic resonance (NMR) techniques are limited to proteins that are small or that can crystallize

• Titan Krios platform enables high-resolution imaging of large protein complexes without need for crystallization

“This represents a new era in imaging of proteins in humans with immense

implications for drug design.”

Francis Collins, MD, NIH Director

The Power of Cryo-EM

Our Titan Krios platform holds the key to unlocking new biological insights

FEI: Unsolved Challenges in the World of Structural Biology

100

Unlocking New Possibilities in Protein Analysis• Titan Krios offers unprecedented imaging capabilities for structural biology

• Enabled by complete workflow solution from sample screening to 2D/3D imaging

• Game-changing potential to combine with complementary mass spec technology to enable new insights

FEI: Breakthrough Technology in Structural Biology

FEI Titan Krios

FEI Vitrobot

Thousands of 2D images of SARS protein

3D reconstruction of SARS protein1

Analysis & 2D/3D Image RenderingHigh-resolution ImagingScreening & Sample Prep

3D visualization and analysis software

1) SARS corona virus. Courtesy of Daniel Beniac

Q Exactive Plusmass spectrometer

Biochemical Screening

101

Key Titan Krios AdoptersAnnual Publications

FEI: Accelerated Adoption in Structural Biology

Titan Krios is following the trend of our blockbuster Orbitrap platform

20

114

255

474

26

65

106

Launch Year 4 Year 10

OrbitrapPublications2

Titan KriosPublications2

Nature Methods namesCryo-Electron Microscopy

“Method of the Year”1

1) Nature Methods, 12/30/2015 2) Based on Nature and Science publishing journals

102

PrecisionMedicine Clinical Nanotechnology Structural

Biology

Accelerating development of new advanced

targeted therapies

Delivering deeper understanding of

biological processes

Unlocking the potentialof new materials

Adapting analytical technologies for clinical

diagnostics

Analytical Instruments: Well-positioned to Capitalize on Exciting Trends

103

Key Takeaways

• Unrivaled leader in our industry and getting stronger• Uniquely positioned to capitalize on key market trends

• Proven strategy delivering outstanding financial performance• Organic growth driven by benefits of scale and depth of capabilities• PPI Business System drives operational excellence• Track record of effective capital deployment

• Attractive long-term financial model• 4 - 6% organic growth• 12 - 15% adjusted EPS growth• 12 - 15% free cash flow growth