#1① DANAHER ①DANA 2021 INVESTOR & ANALYST DAY#2Forward Looking Statements Statements in this presentation that are not strictly historical, including any statements regarding Danaher's anticipated future financial performance and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward-looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things the highly uncertain and unpredictable severity, magnitude and duration of the COVID-19 pandemic (and the related governmental, business and community responses thereto) on our business, results of operations and financial condition, the impact of our debt obligations (including the debt incurred to finance the acquisitions of Cytiva and Aldevron) on our operations and liquidity, deterioration of or instability in the economy, the markets we serve and the financial markets (including as a result of the COVID-19 pandemic), uncertainties relating to U.S. laws or policies, including potential changes in U.S. trade policies and tariffs and the reaction of other countries thereto, contractions or growth rates and cyclicality of markets we serve, competition, our ability to develop and successfully market new products and technologies and expand into new markets, the potential for improper conduct by our employees, agents or business partners, our compliance with applicable laws and regulations (including rules relating to off-label marketing and other regulations relating to medical devices and the health care industry), the results of our clinical trials and perceptions thereof, our ability to effectively address cost reductions and other changes in the health care industry, our ability to successfully identify and consummate appropriate acquisitions and strategic investments and successfully complete divestitures and other dispositions, our ability to integrate the businesses we acquire (including Aldevron) and achieve the anticipated benefits of such acquisitions, Aldevron's performance and maintenance of important business relationships, contingent liabilities and other risks relating to acquisitions, investments, strategic relationships and divestitures (including tax-related and other contingent liabilities relating to past and future IPOs, split-offs or spin-offs), security breaches or other disruptions of our information technology systems or violations of data privacy laws, the impact of our restructuring activities on our ability to grow, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, changes in tax laws applicable to multinational companies, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, the rights of the United States government to use, disclose and license certain intellectual property we license if we fail to commercialize it, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, our relationships with and the performance of our channel partners, uncertainties relating to collaboration arrangements with third-parties, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, the impact of deregulation on demand for our products and services, labor matters, international economic, political, legal, compliance, social and business factors (including the impact of the United Kingdom's separation from the EU and uncertainties relating to such separation), disruptions relating to man-made and natural disasters (including pandemics such as COVID-19) and pension plan costs. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2020 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the second quarter of 2021. These forward-looking statements speak only as of the date of this presentation and except to the extent required by applicable law, the Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise. With respect to the non-GAAP financial measures referenced in the following presentation, definitions and the accompanying information required by SEC Regulation G can be found in this presentation or in the "Investors" section of Danaher's web site, www.danaher.com. All references in this presentation (1) to financial metrics relate only to the continuing operations of Danaher's business, unless otherwise noted; (2) to "growth" or other period-to-period changes refer to year-over-year comparisons unless otherwise indicated; and (3) to core revenue growth for 2020 and 2021E refers to core revenue growth including Cytiva unless otherwise noted. We may also describe certain products and devices which have applications submitted and pending for certain regulatory approvals. DANAHER#3Agenda Welcome Opening Remarks DBS Life Sciences Q&A Break Product Identification Matt Gugino Rainer Blair Kevin Chance Jennifer Honeycutt & Emmanuel Ligner Chance, Honeycutt, Ligner Water Quality Q&A Diagnostics Q&A Closing Remarks Q&A Program End Joakim Weidemanis Kevin Klau Weidemanis, Klau Chris Riley Riley Rainer Blair Rainer Blair DANAHER#4Opening Remarks Rainer Blair, President & CEO 2021 INVESTOR & ANALYST DAY ①DANAI DANAHER#5What You'll Hear Today Purpose driven portfolio evolution into a science & technology leader Strengthening our competitive advantage with DBS Long-term value creation through strategic M&A Strong foundation for building sustainable results DANAHER#6Recent Financial Highlights Strong performance in first half and into Q3 - - 1H 2021 core revenue growth +31.0% driven by broad-based strength across the portfolio 1H 2021 Adjusted Diluted EPS growth ~100%, $3.4B of FCF was up >70% y/y Q3 tracking in line with expectations Anticipate 2021 core revenue growth of ~20% 2021E: ship ~50M COVID-related Cepheid tests 2021E: ~$2B of COVID-related vaccine & therapeutic revenue at Cytiva & Pall Announced 10 acquisitions for >$10B Closed Aldevron: expands our capabilities into the important field of genomic medicine First bolt-ons for Cytiva (VanRx, Intermountain Life Sciences) and IDT (Swift Biosciences) Strong momentum heading into 2H'21 and 2022 DANAHER#7Danaher Today D DANAHER ~$28B 2021E TOTAL REVENUE LIFE SCIENCES ~$14.5B cytiva PALL XXIDT Leica SCIEX INTEGRATED DNA KONGLOGES MICROSYSTEMS DIAGNOSTICS ~$9.0B Cepheid. Leica BIOSYSTEMS BECKMAN COULTER RADIOMETERER ENV. & APPLIED ~$4.5B HACH BECKMAN COULTER Life Sciences aldevron TROJAN technologies VIDEOJET. ESKO ChemTreat > x-rite PANTONE® All financial metrics reflect FY 2021E results from continuing operations. Purpose-driven science & technology leader DANAHER#8Purpose-Driven Portfolio Evolution Ind. EAS EAS 16% 22% 16% LS & LS LS TOTAL ANNUAL Env. REVENUE 18% ~$21B 33% Dx ~$20B -$28B 52% 40% Dx T&M Dental Dx 31% Dental 32% 13% 14% 13% 2015 2021E KEY PORTFOLIO PALL FORTIVE Envista cytiva MOVES SINCE 2015 INTEGRATED DNA TECHNOLOGIES Cepheid. 2018 XXIDT 2015 metrics shown include Fortive and Envista; 2018 metrics shown include Envista. Pie charts are shown as a % of total revenue. Portfolio has evolved meaningfully DANAHER#9Portfolio Evolution: Strategically Driven LIFE SCIENCES STRATEGIC GROWTH • Shift towards . DIAGNOSTICS DRIVERS biologics Increasing focus on genomic medicine • Molecular Dx penetration ⚫ Decentralization of health care to the POC WATER QUALITY • Water scarcity • Sustainability of water resources PRODUCT ID Food & beverage safety • Packaging proliferation High Growth Markets Regulatory Requirements EXAMPLES +10X INCREASE IN CELL & GENE THERAPIES IN DEVELOPMENT SINCE 2015 <30% GLOBAL PENETRATION OF MOLECULAR DIAGNOSTIC TESTING 1/3rd GLOBAL POPULATION WITHOUT ACCESS TO CLEAN DRINKING WATER +2X GLOBAL PACKAGING TRACK & TRACE REGULATIONS SINCE 2015 Workflow Efficiency Strong secular growth drivers underpin strategy DANAHER#10Portfolio Evolution: Power of Our Portfolio UNITED BY A COMMON BUSINESS MODEL • Steady consumables stream off extensive installed base High value, 'mission-critical' applications LEADING POSITIONS IN ATTRACTIVE, FAST-GROWING END MARKETS • Long-term, strong secular growth drivers Regulatory requirements DIVERSE & Molecular Dx RAZOR/RAZOR-BLADE SPEC'D IN SERVICE -75% RECURRING STRATEGIC END-MARKET EXPOSURE Clinical Dx Today Applied Biopharma Research/ Industrial Acad. All financial metrics reflect FY 2021E results from continuing operations. Pie charts are a % of total revenue. High-quality businesses in attractive end markets DANAHER#11Portfolio Evolution: A Stronger, Better Danaher CORE REVENUE GROWTH RECURRING REVENUE OPERATING PROFIT MARGIN FREE CASH FLOW +LDD ~75% >$6B >25% ~17% +LSD ~45% >$3B 2015 2019- 21E 2015 2021E 2015 2021E 2015 2021E 2015 metrics shown include Fortive and Envista.. Recurring Revenue is shown as a % of total revenue. 2019-21E core growth is avg. annual core growth for '19, '20, '21E. Focus on growth and business model drives superior performance DANAHER#12Danaher Business System THE BEST TEAM WINS PEOPLE CUSTOMERS CUSTOMERS TALK, WE LISTEN QUALITY DELIVERY COST INNOVATION DANAHER KAIZEN IS OUR WAY OF LIFE PERFORMANCE PLAN INNOVATION DEFINES OUR FUTURE PROCESS WE COMPETE FOR SHAREHOLDERS OUR SHARED PURPOSE HELPING REALIZE LIFE'S POTENTIAL DBS is who we are and how we do what we do DANAHER#13DBS: The Best Team Wins BOARD & Adding leaders with SENIOR LEADERS significant scientific SAB expertise EST. SCIENTIFIC ADVISORY BOARD INTERNAL Developing, building DEVELOPMENT and retaining talent 75% +3 AVG. ANNUAL INTERNAL FILL RATE FOR SENIOR LEADERS SINCE 2018 BOD DIR. WITH SCIENCE BKGRD. SINCE 2017 CSO >1,000BPS EST. CHIEF SCIENCE OFFICER IMPROVEMENT IN ANNUAL ENGAGE- MENT SCORE SINCE 2018 ACQUIRING Enhancing domain expertise via key external TALENT RECENT DIGITAL / SOFTWARE M&A: AQUATIC Informatics GO SILICO SEDARU hires & acquisitions Evolving, strategic approach to science & technology talent DANAHER#14Sustainability at Danaher: Differentiating with DBS OUR SUSTAINABILITY PILLARS Innovation One of our five Core Values: Innovation Defines Our Future People Helping people reach their potential Environment Helping protect the environment OUR COMMITMENTS Solving our customers' most complex problems through innovation By 2025: Global Women representation to 40% US POC representation to 35% By 2024: 15% energy consumed 15% scope 1/2 greenhouse gas emissions 15% non-hazardous/non-regulated waste sent to landfill or incineration DBS-DRIVEN EXECUTION DBS Innovation Engine DBS Learning D+I Policy Deployment Energy Management Toolkit Waste Management Toolkit 4E Hazard Control Toolkit Committed to helping generations of stakeholders Realize Life's Potential DANAHER#15Long-Term Value Creation Through Strategic M&A MARKET Secular growth drivers • Fragmented Higher barriers to entry • Optionality with multi- industry portfolio AND COMPANY • Competitive market position • Strong brand/channel • Consistent revenue visibility •Higher margin businesses. • Cultural fit Leadership assessment AND VALUATION • Focus on ROIC • DBS opportunities • Sustainability • Synergies with DHR OpCos Combination of value & growth deals COMPOUNDING RETURNS OVER TIME Selectively pursuing value creation opportunities DANAHER#16Compounding Returns At Videojet VIDEOJET. VIDEOJET ROIC (%) Comprint wolke Inks & Printers BIS Echter + F. Armida Konig SA EWA Willett VIDEOJET. CLLTEC- (Brazil) LITELASER PRISM (Poland) FOBA Laser at your service (Mexico) (Argentina) 2002 2003 2004 2005 2006 2007 2008 2009 2010 ACTUAL ROIC MSD CORE REVENUE CAGR +1,000BPS MSD CORE REVENUE CAGR OVER THE LAST 10+ YEARS ESTIMATED ROIC ASSUMING LSD CORE REV. CAGR Vega Laetus (Brazil) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E CORE GROWTH CAGR MSD ~100BPS 14 AVG. ANNUAL OMX LAST 5 YEARS ACQUISITIONS SINCE 2002 >25% ROIC Organic execution + M&A = compounding returns CORE GROWTH CAGR LSD DANAHER#17Outstanding Performance at Recent Acquisitions Cepheid. 2021E ACQUIRED NOV 2016 AT ACQ. ACTUAL ROIC DD+ CORE REVENUE CAGR 2017-2021E ACQUIRED AUG 2015 PALL AT ACQ. 2021E ACTUAL ROIC HSD CORE REVENUE CAGR 2016-2021E Core Growth DD >50% Core Growth LSD DD+ Gross Margin ~50% >55% Gross Margin -50% >60% >$2.0B Operating Profit Margin Flat/LSD >30% CUMULATIVE ADDITIONAL OP Profit Margin Operating High-teens >30% ROIC +>20% ROIC +HSD 2016 2017 2018 2019 ESTIMATED ROIC ASSUMING 10% CORE REV. CAGR 2020 2021E ESTIMATED ROIC ASSUMING LSD CORE REV. CAGR 2015 2016 2017 2018 2019 2020 2021E >$1.0B CUMULATIVE ADDITIONAL OP Enhancing great franchises with DBS, creating substantial value DANAHER#18Putting It All Together PRE-2019 ANTICIPATED CORE REVENUE GROWTH FUTURE ANTICIPATED CORE GROWTH RATE DANAHER 5-6% Owned Dental (Envista) MSD+ cytiva 6-7% expected DHR did not own HSD Now part of DHR Life Sciences Uniquely positioned across bioprocessing ~$3B 2021E revenue (>10% of DHR) LDD ~$1B 2019 revenue (5% of DHR) LDD Cepheid >40% installed base growth last 18mos Durable testing tailwinds REST OF DANAHER MSD MSD+ Benefit from continued investment spend Expect core growth profile to increase from 2019 DANAHER#19Putting It All Together: Anticipated Long-Term Performance CORE REVENUE GROWTH ACCELERATION 100bps+ MSD+ 5-6% PRE-2019 FUTURE CORE REVENUE GROWTH MSD+ MARGIN EXPANSION STRONG FREE CASH FLOW >100% FCF/NI 50-75BPS OMX ACQUISITIONS FCF+ M&A SPEND TOP QUARTILE EPS GROWTH & COMPOUNDING RETURNS DD+ EPS GROWTH Expect core growth & earnings profile to re-rate higher DANAHER#20What You'll Hear From Our Presenters Today Tremendous portfolio of leading franchises serving attractive end-markets Enhancing our growth trajectory and competitive advantage with DBS Strong foundation for building long-term, sustainable results DANAHER#21Danaher Business System Kevin Chance, Vice President DBSO 2021 INVESTOR & ANALYST DAY ①DANAI DANAHER#22Danaher Business System (DBS) THE BEST TEAM WINS PEOPLE CUSTOMERS CUSTOMERS TALK, WE LISTEN QUALITY DELIVERY COST INNOVATION DANAHER KAIZEN IS OUR WAY OF LIFE PLAN PROCESS INNOVATION DEFINES OUR FUTURE PERFORMANCE WE COMPETE FOR SHAREHOLDERS OUR SHARED PURPOSE HELPING REALIZE LIFE'S POTENTIAL DANAHER#23Evolution of the Danaher Business System 1984 1991 1999 2001 2003 2005 2007 2009 2011 2013 2015 TODAY Leadership Leadership Leadership Leadership Lean Growth Lean Growth Lean Growth Mid-1980s LEAN FOCUSED 2001 ADDED GROWTH 2009 2016 LAUNCHED SHARED Lean Growth ADDED LEADERSHIP PURPOSE OUR SHARED PURPOSE HELPING REALIZE LIFE'S POTENTIAL As portfolio evolved, so has DBS from Lean to a balanced approach - DANAHER#24Lean Conversion at Cepheid CARTRIDGE WORKFLOW - BEFORE Customer CARTRIDGE WORKFLOW - AFTER Cepheid. Cepheid. 000 Cartridge Valve Body Cartridge Packaging Filling Stockroom Stockroom Filling Packaging Customer Valve Body Value Stream Mapping RESULTS DBS Variation Reduction Kaizen (VS. PRE ACTIONS Visual Project Management DBS) ↑ 50% Faster deployment of lines 40% Less capital required 50% Reduced mfg. space DBS helping drive capacity expansion at Cepheid DANAHER#25Accelerating Innovation at Leica Biosystems PRODUCT EXAMPLE Aperio GT 450 Automated, high-capacity digital pathology slide scanner DBS TOOLS & PROCESSES • User-Centered Design RESULTS +33 Leica BIOSYSTEMS PATENTS GENERATED REVENUE +1.5X ACHIEVEMENT THROUGH Q2 2021 • Launch Excellence . Speed Design Review Voice of the Customer Visual Project Management Obeya Room MARKET SHARE +>10% GAIN DIGITAL PATHOLOGY DBS drives impactful innovation, market share gains DANAHER#26Commercial Execution: E-commerce at Pall SITUATION • . . Professional customers migrating to digital ordering Difficult & costly to reach HGM and lower frequency customers COVID-19 pandemic accelerating customers' need for digital purchasing and servicing DBS ACTIONS E-COMMERCE REVENUE AT PALL (AS % OF TOTAL) >15% <5% 2017 2021E Policy Deployment: elevated e-commerce as a strategic priority for technology & talent investment PALL Developed e-commerce toolkit: strategy, online store creation/ management, digital sales through distribution . Utilized kaizen to deploy toolkit >35% 2020 GROWTH IN TOTAL DANAHER E-COMMERCE REVENUES Y/Y Developing a digital playbook to better serve customers DANAHER#27DBS Driving Leadership & Development FOUNDATION FOR OUR CULTURE • Structured leadership program DBSU training >1,000 associates annually >1,300 DBS certified practitioners globally DBS TOOLS TO DRIVE RESULTS . DBS Leadership Toolbox: Best People Leader Expectations Leadership Anchors D+I Policy Deployment initiative ~75% AVG. ANNUAL SENIOR LEADER INTERNAL FILL RATE SINCE 2018 Developing Leaders at Danaher EXPERIENCE 70% COACHING TRAINING 20% 10% Best People Leader Expectations Building People & Teams + Building Organizations EXAMPLES - DBS TOOLS: Performance for Growth Cycle (P4G) Crucial Conversations Change Management EXAMPLES - DBS TOOLS: Leadership Anchors Organization Assessment Cycle Policy Deployment Realizing the potential of our team DANAHER#28DBS Is Our Ultimate Competitive Advantage DHR EXAMPLES: >100BPS Avg. Annual Core OMX 2018-2020 "OMX" is Operating Margin Expansion Leadership Lean Growth <5% Avg. Annual Associate Turnover 2018-2020 +LDD Avg. Annual Core Revenue Growth 2019-2021E OUR SHARED PURPOSE HELPING REALIZE LIFE'S POTENTIAL World-class execution powered by DBS DANAHER#29Summary DBS has evolved to a balanced approach across Growth, Lean & Leadership Spirit of continuous improvement drives results across all major facets of the business DBS is our sustainable, long-term competitive advantage; it's who we are and how we do what we do DANAHER#30Life Sciences Jennifer Honeycutt, Executive Vice President 2021 INVESTOR & ANALYST DAY ①DANAI DANAHER#31Life Sciences Overview -$14.5B TOTAL REVENUE 2021E Revenue By Mix Nonrecurring Recurring cytiva PALL Leica XXIDT BECKMAN COULTER Life Sciences SCIEX Ophenomenex INTEGRATED DNA TECHNOLOGIES MICROSYSTEMS GLOBAL GROWTH DRIVERS aldevron MOLECULAR DEVICES Increasing focus on genomic medicine . Shift towards biologics By Geography By End-Market ROW Clinical Rsrch./ Acad. . NA . HGM W. EU Ind. Biopharma Applied • All financial metrics reflect FY 2021E results from continuing operations; all pie chart percentages are % of 2021E revenues. Vaccine, therapeutics & research in response to COVID-19 HGM investments in basic & applied research capacity Strong global brands with leading market positions DANAHER#32Life Sciences Platform Evolution 2015 $3.3B Revenue By End-Market Revenue By 2021E ~$14.5B End-Market Clinical LSD CORE REV. GROWTH Clinical Biopharma >20% CORE REV. GROWTH Rsrch./ Acad. Ind. ~45% RECURRING REV. Research Applied >70% RECURRING REV. Biopharma Applied <15% OPERATING MARGIN Ind. >25% OPERATING MARGIN Pharma Leica MICROSYSTEMS Pre-2009 MOLECULAR DEVICES SCIEX 2010 BECKMAN COULTER Life Sciences Xitogen A PALL 2013 2015 idbs IDT cytiva aldevron INTEGRATED DNA TECHNOLOGIES 2017 2019 Today Enhancing our position with DBS rigor & strategic M&A DANAHER#33Life Sciences Overview -$14.5B TOTAL REVENUE 2021E cytiva PALL BECKMAN COULTER Life Sciences SCIEX Leica XIDT phenomenex INTEGRATED ONA TECHNOLOGIES MICROSYSTEMS aldevron MOLECULAR DEVICES By End-Market • Rese Increasing focus on genomic medicine By Geography HGM ROW W.EU Clinical Aca Ind. Applied All financial metrics reflect FY 2021E results from continuing operations; all pie chart percentages are % of 2021E revenues. • Vaccine, therapeutics & research in response to COVID-19 HGM investments in basic & applied research capacity Strong global brands with leading market positions DANAHER#34Aldevron Overview ~$400M TOTAL REVENUE 2021E Revenue By Mix Plasmids -90% >20% ANTICIPATED LONG-TERM CORE REVENUE GROWTH Total revenue and core growth are anticipated financial results; pie charts represent % of 2020 total revenue By Geography US >90% aldevron Leading producer of high-quality plasmid DNA, mRNA and proteins • • Terrific brand with long-term sustainable growth model Scale, quality, reputation, turnaround time and know-how provide differentiated benefit to customers DBS opportunities to further enhance high-performing business Fast-growing, highly attractive genomic medicine space Accelerating adoption of gene & cell therapies, DNA and RNA vaccines, and gene editing technologies Expect Aldevron to be accretive on multiple levels DANAHER#352012-2016 2017-2021E MOLECULAR DEVICES LSD HSD Accelerating Growth Across Life Sciences AVG. ANNUAL CORE GROWTH IMPROVEMENT HOW WE DO IT: Creating long-term value with DBS: increase margins, lower G&A, reinvest for growth "RUNNING THE DHR PLAYBOOK" BECKMAN COULTER Life Sciences LSD HSD/LDD SCIEX MSD MSD+ NEW PRODUCT LAUNCHES Applying DBS rigor to R&D processes to increase our cadence of innovation Leica LSD MSD STRATEGIC Enhancing capabilities and expanding MICROSYSTEMS ACQUISITIONS presence in attractive end-markets XXIDT INTEGRATED ONA. TECHNOLOGIES Acquired 2018 >20%* Combined Total: LSD MSD/HSD *2019-2021E Core Growth Enhancing growth trajectory with high-impact organic & inorganic investments DANAHER#36Running the Danaher Playbook at BEC LS RESULTS LAST 5 YEARS GROSS MARGIN G&A* S&M + R&D Annual spend ↑ >1,000BPS ~200BPS ↑ ~$100M Biomek i-Series Automated Workstation CytoFLEX S >30 CytoFLEX S Flow Cytometer NEW PRODUCT LAUNCHES LAST 3 YEARS BECKMAN COULTER Life Sciences Beckman Life Sciences Core Revenue Growth Avg. Annual +HSD/LDD +LSD OMX ↑ >1,000BPS Vi-CELL® BLU A A Cell Viability Analyzer SuperNova Fluorescent Polymer Dyes 2012-2016 2017 - 2021E * As a % of sales Balanced approach to build long-term competitive advantage DANAHER#37Empty#38Capacity Accelerating Performance at IDT KEY PRIORITIES AT ACQUISITION Geographic +500bps Expansion Scale & INCREASE IN NON-US REVENUE AS % OF TOTAL SINCE ACQ. ADDITIONAL SQ FT OF +60K MANUF. SPACE TO SUPPORT CUSTOMER GROWTH RESULTS SINCE ACQUISITION XXXIDT INTEGRATED DNA TECHNOLOGIES 2018* 2021E Annual Revenue ~$300M >$500M Core Growth High-teens >20% Expansion Gross Margin ~60% >65% Commercial +50% AVG ANN. GROWTH NGS REV.: Cumulative OMX >750bps +50% NEW PRODUCTS, FUNNEL MGT. Execution & DAILY MGT. ROIC +HSD HOW QUALITY&TURN- WE WIN AROUND TIME CADENCE OF INNOVATION FLEXIBILITY & SCALABILITY *Inclusive of periods prior to Danaher ownership Driving results using Danaher LS scale and DBS-led execution DANAHER#39Summary Platform has evolved into higher growth, margin & recurring revenue portfolio indexed to most attractive end-markets Aldevron expands our capabilities into the important, fast- growing field of genomic medicine Enhancing our growth trajectory and long-term competitive advantage with high-impact organic & inorganic investments DANAHER#40Life Sciences Emmanuel Ligner, VP & Group Executive 2021 INVESTOR & ANALYST DAY ①DANAI DANAHER#41Life Sciences Overview -$14.5B TOTAL REVENUE 2021E ●cytiva PALL Leica XIDT INTEGRATED DNA TECHNOLOGIES BECKMAN COULTER Life Sciences SCIEX Caldevron phenomenex MOLECULAR DEVICES MICROSYSTEMS By Geography HGM ROW W.EU By End-Market Clinical Ind. Applied Rese Aca All financial metrics reflect FY 2021E results from continuing operations; all pie chart percentages are % of 2021E revenues. • Increasing focus on genomic medicine • Vaccine, therapeutics & research in response to COVID-19 HGM investments in basic & applied research capacity Strong global brands with leading market positions DANAHER#42Revenue By Mix Cytiva Overview -$6B TOTAL REVENUE 2021E Equipment By Geography HGM ROW NA W. EU All financial metrics reflect FY 2021E results from continuing operations; all pie chart percentages are % of 2021E revenues. Consumables By Application Research Biopharma GLOBAL LEADER cytiva in the fast-growing, highly-attractive bioprocessing market TALENTED & INNOVATIVE TEAM with industry-leading expertise. SCALED AND DIFFERENTIATED BUSINESS in upstream consumables & equipment and process. chromatography Transformational addition to our Life Sciences platform DANAHER#43Outstanding First 18 Months at Cytiva KEY PRIORITIES & PROGRESS SINCE ACQUISITION cytiva RECENT FINANCIAL RESULTS Brand Establishment 32K Stand-up Systems & Processes PRODUCTS & SIGNAGE UPDATED >200 TSAS TRANSITIONED Embracing DBS +>2X OUTPUT OF U.S. SUT PRODUCTS >3PTS BRAND POWER & PREMIUM VS PEERS (KANTAR) AT ACQ. 2021E Revenue ~$3B -$6B >1,500 ASSOCIATES HIRED Core growth +6-7%* +>35% OMX >500bps ROIC IMPROVEMENT IN +HSD * Anticipated long-term growth rate 2X PROJECT OTD WITHIN FIRST YEAR Exceeding our initial expectations on all fronts DANAHER#44Strengthening Secular Growth Drivers GROWTH SHIFT IN DRIVERS INCREASING MEDICINE TO FOCUS ON BIOLOGICS GENOMIC MEDICINE VACCINES & HGM THERAPEUTICS INVESTMENTS IN IN RESPONSE TO COVID-19 BIOPROCESSING EXAMPLES +50% INCREASE IN mAbs IN DEVELOPMENT OVER LAST 5 YEARS +10X INCREASE IN CELL & GENE THERAPIES IN DEVELOPMENT SINCE 2015 1/3rd SHARE OF GLOBAL POPULATION RECEIVING AT LEAST ONE VACCINE DOSE +25% ANNUAL GROWTH IN CHINA BIOLOGICS SPENDING 2012-2021 Expect Cytiva core growth to re-rate higher vs expectations due to internal execution & strengthening growth drivers DANAHER#45ÄKTA readyflux 000 Φ Differentiated Positioning Within Bioprocessing HOW WE WIN PORTFOLIO SERVICE & SUPPORT SCALE BROADEST PORTFOLIO ACROSS BIOPROCESSING WORKFLOW • Leading positions in upstream & downstream applications Single-use-technologies (SUT) >$1B 2021E revenue. BEST-IN-CLASS TECHNICAL SERVICE & SUPPORT • Process development services to move from R&D to commercialization Local presence in all major regions to support customers SCALE TO RELIABLY MEET OUR CUSTOMERS' NEEDS • Products and solutions span from lab to production scale • Current & future expansion plans ensure supply security for customers บ cytiva • Enhancing our value proposition through organic & inorganic investments ги OP DANAHER Helping customers bring more life-saving drugs to market faster#46Broadest Offering Across Bioprocessing Workflow Cell culture & SUT Chromatography E Media Bags & Mixers Bioreactor Depth Filter Resins Chromatography Columns Polishing Column Devices Equipment cytiva PALL cytiva ~$7.5B DHR BIOPROCESSING REVENUE 2021E Filtration Drug Product Filtration Skids & Consumables Concentration & Sterile Filtration HIGHEST IMPACT & MAXIMUM VALUE TO CUSTOMERS: FOCUSED ON AREAS OF ↑ Facility efficiency Manufacturing flexibility ↑ Development partnership Speed to market PALL ↓ Processing time ↓ Operating costs ✓ Footprint ✓ Capital spending Aseptic Filling cytiva Complementary offerings establish a leading position DANAHER#47Differentiating With Service, Innovation & Technical Expertise cytiva FAST TRAK SERVICES Integrated bioprocess development, manufacturing, & training • Leading experience & global collaboration partnerships Expansive global footprint PALL PALL SERVICES Solving complex filtration, separation, and purification challenges & optimizing bioprocess development • R&D Centers of Excellence • Scientific & Lab Services >10 COLLABORATION ARRANGEMENTS GLOBALLY >1,000 GLOBALTECHNICAL SERVICE & FIELD SERVICE ENGINEERS 10 R&D CENTERS OF EXCELLENCE AROUND THE WORLD Site Acceptance Test & Start-up Facility Modelling Process Economics +>20% Tech Transfer Project Management SERVICE REVENUE GROWTH 2021E Factory Acceptance Test Project Engineering Process Development Services A strategic partner for customers from R&D to commercialization DANAHER#48Accelerating Capacity Expansion Plans PLANNED BIOPROCESSING MFG. CAPITAL EXPENDITURES 2021 & 2022 $200M $600M Other Chromatography Resins $1.5B $300M SUT TOTAL +>2,000 ANTICIPATED ASSOCIATE NEW-HIRES NEXT 2 YEARS Artua cha Cell Culture Media $400M Ongoing capacity investments driving share gains DANAHER#49Extending Leadership Position With High-Impact Investments ACCELERATING PRODUCT INNOVATION Broadest & deepest technical expertise across bioprocessing including chromatography, SUT, filtration >$100M INCREASE IN ANNUAL R&D SPEND AT PALL & CYTIVA 2019-2021E Recent New Products HiTrap Fibr HiScreen Fibro HiTrap TM and HiScreen™M Fibro PrismA ADDING CAPABILITIES AND CAPACITY VIA M&A First bolt-on acquisitions for Cytiva as part of Danaher XcellerexTM Advanced Perfusion System >$500M M&A CAPITAL DEPLOYED 2021 YTD Portfolio Expansion vanr Pharmasystems Inc. GO SILICO PRECISION NANOSYSTEMS Capacity Expansion Intermountain LIFE SCIENCES Expanding capabilities to further support our customers DANAHER#50Summary Cytiva is off to a tremendous start and exceeding our initial expectations Strong secular drivers create significant long-term growth opportunities Differentiating in bioprocessing with the most comprehensive offering, best-in-class service & support, and scale DANAHER#51Product Identification Platform Joakim Weidemanis, Executive Vice President 2021 INVESTOR & ANALYST DAY ①DANAI DANAHER#52Environmental & Applied Solutions Overview -$4.5B TOTAL REVENUE 2021E Revenue By Mix WATER QUALITY ☐ Non- HACH ChemTreat Recurring recurring TROJAN technologies" PRODUCT IDENTIFICATION VIDEOJET. x-rite ESKO PANTONE® GLOBAL GROWTH DRIVERS By Geography By End-Market . Increasing regulatory requirements W. EU NA CPG/ Packaging Muni Demand for full workflow solutions and process efficiencies . Packaging proliferation & brand consistency Industrial HGM ROW Applied/ Other . Quality & sustainability of water resources All financial metrics reflect FY 2021E results from continuing operations; all pie chart percentages are % of 2021E revenues. Strong global brands with leading market positions DANAHER#53Product Identification Overview -$2.0B TOTAL REVENUE 2021E Revenue By Mix Non- recurring Recurring VIDEOJET. ESKI® X-rite PANTONE® • By Geography By End Market GLOBAL GROWTH DRIVERS Product safety, regulatory & claims requirements Packaging proliferation with increasing use as a marketing vehicle Demand for global brand consistency & accuracy Industrial W. EU NA CPG/ Packaging • ROW Applied/ Other Demand for workflow and digital solutions HGM All financial metrics reflect FY 2021E results from continuing operations; all pie chart percentages are % of 2021E revenues. Leading global player supporting the entire packaging value chain DANAHER#54Where We Play in the Attractive Packaging Value Chain Brands and Design Packaging Material Suppliers Nestle Nestlè SCHAWK! Filling Plants LOTOT Tetra Pak® Nestle Packaging Strategy Brand Owners ESKO Packaging Design Designers, Agencies Packaging Artwork Prep Pre-Media Package printing Printer-Converters Unique software ecosystem of packaging design and production tools Inline coding and marking Filling Plants Market VIDEOJET. leader PANTONE Iconic color standards > x-rite Top color formulation & measurement brand AVT. Color Color EXPERT Distribution and Retail CYPERT Pack inspection Innovating across the packaging workflow, supporting our customers in their digital journey DANAHER#55Recurring Revenue Business Model RESILIENT PORTFOLIO EXAMPLES • Accelerating digital transformation of -10% packaging design and mfg. Increasing packaging regulatory requirements >70% drive "stickiness" • Low cost, high value-add +>3X instrumentation & consumables/printers, consumables, services SOFTWARE/SAAS AS % OF 2020 PID REVENUE PACKAGING IN RETAIL STORES TOUCHED BY ESKO SOLUTIONS VIDEOJET PRINTERS UNDER SERVICE CONTRACT SINCE 2014 -Hideo set VIDEOICE VIDEOJET OCIJ 1880 Printer Coca-Cola bottling plant prints lot codes with Videojet ink on 10-20M cans per day ESKO 10 OF THE TOP 15 CPG companies rely on our packaging management solutions eutral VALASHING CAPLE tal Neut Extensive installed base & "sticky" applications drive strong recurring revenue stream DANAHER#56How We Win Across Product ID PRODUCT INNOVATION REMOTE SERVICE DIGITAL CAPABILITIES Launching high value, high impact new products into the market faster Increased investment in digital solutions Industry-leading service footprint Largest remotely connected installed base globally Expanding remote solutions & predictive analytics Digitization of customers' physical and design workflows CORE REVENUE GROWTH VS. PEERS PRODUCT ID +MSD PEERS +LSD Avg. Annual Core Revenue Growth 2017-2021E Differentiating with speed, connected service & digital innovation to drive share gains DANAHER#57Digital & Software Solutions at Videojet OPPORTUNITIES & FOCUS AREAS . Reducing customer downtime and increasing productivity Connected to the 'cloud' with a continuous flow of data VIDEOJET. ✓ Printer health monitoring ✓ Intervention guidance Rapid line recovery ECO-SYSTEM Zero lost productivity IOT Expanding Remote Service Solutions and FRAMEWORK DIFFERENTIATED 4 Guaranteed uptime enhancing predictive analytics with innovation RESULTS +HSD SERVICE REVENUE CAGR SINCE 2015 +3X NUMBER OF CUSTOMER PROBLEMS RESOLVED REMOTELY IN 2020 VS 2019 INTELLIGENT 3 Pre-empt failures SERVICEABLE 2 Fewer on-site service visits CONNECTED 1 Better first-time fix rate UNCONNECTED 0 Reactive service Customer digital transformation roadmap our innovation roadmap DANAHER#58Workflow Software Simplifying Packaging Design ESKO alpro alpro Aardbei SOYA alpro Packaging Engineer alpro Regulatory Legal Marketing Manager Brand Printer Project Manager Data supplier Project Creation Agency Brief Artwork creation Approvers Review & Approve TYPICAL PACKAGING DESIGN PROCESS 180 DAYS Production Send to Production STREAMLINED WORKFLOW WITH ESKO WEBCENTER 90 DAYS CUSTOMER RESULTS 60% ↓50% 2.5X FEWER REVISIONS DURING PACKAGING DESIGN LESS LABOR COST DURING PACKAGING DEVELOPMENT NUMBER OF PACKAGING VARIANTS VS 10 YEARS AGO Helping brands reduce complexity and improve speed to market DANAHER#59Leadership and Talent Development DBS LEADERSHIP TOOLS Visual Project Management, Transformative Marketing, VAVE developed at EAS and now used across Danaher TALENT DEVELOPMENT & ENGAGEMENT - Increased focus on internal fill and diverse talent - Bench strength across EAS allows for associate development & 'export' to other Danaher OpCos - >35 EAS sr. leaders promoted & 'exported' across DHR since 2018 TALENT ACQUISITION RESULTS SINCE 2018 ~75% <5% AVG. ANNUAL INTERNAL FILL RATE AT EAS AVG. ANNUAL SENIOR LEADER TURNOVER AT EAS >175BPS INCREASE IN WOMEN AS % OF GLOBAL EAS ASSOCIATES Outside hires to inject new capabilities (i.e. "Digital DNA") Time period for Internal fill rate and senior leader turnover is 2018-2020 Common business model enables talent development across DHR DANAHER#60Empty#61Summary Product ID platform well-positioned in attractive end-markets, with strong recurring revenues and market-leading installed base Gaining market share through product innovation, leading customer service and digital solutions Developing and exporting talent & DBS best-practices across Danaher DANAHER#62Water Quality Platform Kevin Klau, Vice President & Group Executive 2021 INVESTOR & ANALYST DAY ①DANAI DANAHER#63Water Quality Platform -$2.5B TOTAL REVENUE 2021E Revenue By Mix ☐ HACH ChemTreat TROJAN A AQUATIC Informatics technologies™ Non- recurring Recurring By Geography By End Market W. EU STRONG GLOBAL GROWTH DRIVERS Increasing regulatory requirements and changes Water scarcity and drought conditions Sustainability of water resources NA HGM ROW Applied Municipal Other • Industrial Demand for full workflow solutions and process efficiencies All financial metrics reflect FY 2021E results from continuing operations; all pie chart percentages are % of 2021E revenues. A global leader in water measurement & treatment DANAHER#64Where We Play: Most Attractive Areas of Water Quality Leader in water HACH ☐ Leader in UV disinfection analytics with deep TROJAN ChemTreat® technologies & membrane filtration in Leader in industrial water expertise in applied chemistry treatment across the Americas and biology municipal & industrial applications AQUATIC Leader in water Informatics data management, operations & enterprise software Environmental Environmental mgmt. / water resources Municipal Use Municipal Environmental Commercial & Drinking water Wastewater Effluent discharge industrial use HACH AQUATIC Informatics HACH AQUATIC Informatics HACH AQUATIC Informatics HACH AQUATIC Informatics HACH A AQUATIC Informatics WATER/WASTEWATER AND ENVIRONMENTAL TESTING TROJAN AQUATIC technologies" Informatics TROJAN ( ☐ AQUATIC TROJAN (+ technologies" Informatics AQUATIC Informatics technologies™ WATER/WASTEWATER TREATMENT ChemTreat ChemTreat INDUSTRIAL WATER TREATMENT ChemTreat DANAHER#65How We Win Across Water Quality APPLICATION EXPERTISE COMMERCIAL EXECUTION TECHNOLOGY & INNOVATION CORE REVENUE GROWTH VS. PEERS • Deep water chemistry and biology expertise • Broad installed base driving integrated workflow solutions + service • • • Platform approach: key accounts, digital marketing, e-commerce and HGM execution Service & aftermarket offering Quarterly Innovation & Technology Board • Increasing cadence of innovation around instrument and digital solutions Avg. core growth 2018-2021YTD Water Quality Platform +MSD Peers (wtd. avg.) +LSD +HSD +MSD +MSD +50bps 2018 2019 2020 2021 YTD Water Quality core revenue did not decline in FY 2020 Sustained outperformance driven by leading expertise & execution DANAHER#66INSTRUMENTATION SOFTWARE Hach: Reinforcing Our Technology Leadership PHY itach WINS WIMS Real Time Control (RTC) ACCELERATING PACE OF NEW PRODUCT DEVELOPMENT: Source Water Monitoring Pre-2009 Lab Specs HACH A Claros Claros Collect Optimization Software Mobile Sensor Mgmt. (MSM) Exte 36+ MONTHS LD02 SL1000 2014 Turbidity → 18 MONTHS HACH AQUATIC Informatics Strategic M&A SEDARU Chlorine ATP Alkalinity Chlorine Waste Water SARS-CoV 2 2021 RESULTS +2X INCREASE IN CUSTOMERS USING SOFTWARE & DIGITALLY-ENABLED PRODUCTS SINCE 2017 +350BPS CUMM. CORE REVENUE GROWTH CONTRIBUTION FROM NEW PRODUCTS LAST 5 YEARS Focused on areas of highest growth & highest customer impact DANAHER Ⓡ#67Extending Leadership Position Through Software & Digital Solutions DIGITAL TRANSITION ACCELERATING CORE GROWTH +LDD core growth in software revenue annually last 5 years >1,000bps increase in % of recurring revenue last 5 years MOVING FROM PREVENTATIVE TO PREDICTIVE & PRESCRIPTIVE Existing instrumentation generates significant data but not connected or aggregated Opportunity to combine leading instrument installed base, data & insight to provide high-value solutions ENHANCING TECHNOLOGY & TALENT VIA M&A Informatics A AQUATIC water data management & operations software water utility operations & asset management software SEDARU Drinking Water Treatment Plant Predictive Operations Collection System Predictive Operations Flood Forecasting Holistic Enterprise Insights Distribution System Predictive Operations Wastewater Treatment Plant Predictive Operations Bringing water, wastewater & distribution system insights together DANAHER#68Sustainability: Helping Protect the Environment FOCUS AREAS WITHIN WATER QUALITY . Energy utilization Greenhouse gas emissions Water usage & water treatment APPLICATION OF DBS TOOLS DRIVING PROGRESS 4E- Energy management kaizen Daily Management - PSP and 5S ANNUAL REDUCTION RESULTS OVER PAST 3 YEARS >50% HACH CHINA ENERGY COST 50KTONS CUSTOMERS CO2 USED BY HACH • Waste Minimization Toolkit ~20% WATER DISCHARGE IN COOLING TOWERS USING CHEMTREAT GREEN SOLUTIONS Using DBS to help reduce our environmental impact DANAHER#69Value Creation at Water Quality 2001 ~$350M REVENUE +LSD CORE GROWTH ~45% GROSS MARGIN Low-teens ADJ. EBITDA MARGIN 2021E* >$2.5B REVENUE +HSD CORE GROWTH >55% GROSS MARGIN >25% ADJ. EBITDA MARGIN >20% ROIC * All financial metrics reflect FY 2021E. ROIC = Return on Invested Capital HACH LANGE FOR WATER QUALITY OTT Pre-2002 ChemTreat! ☐ TROJAN technologies Aquafine TOA DKK MARSH MCBIRNEY TRIDENT SEABIRD SCIENTIFIC PowerChem HEXIS 2004 2006 2008 2010 salsnes XOS ADCON TELEMETRY SHARE WRELESS SOLITIONS Filter A SUTRON Lufft DINGLI Bi Tector Daguasin LLPESA 2012 2014 KIPP & ZONEN AQUATICS Informatics AppliTek 2016 SEDARU ENVIRONMENTAL SCIENCE (M) SDN. BHD. 2021E Execution and strategic M&A driving long-term growth & margin performance DANAHER#70SURA HCO#71Summary >$2.5B platform with strong revenue and margin profile and sustainable business model Gaining market share through customer-focused workflow solutions, innovation and commercial execution DBS helping drive long-term sustainable results and compounding returns DANAHER#72Diagnostics Platform Chris Riley, Vice President & Group Executive 2021 INVESTOR & ANALYST DAY ①DANAI DANAHER#73Diagnostics Overview -$9.0B TOTAL REVENUE 2021E Revenue By Mix Non-recurring BECKMAN COULTER Recurring Leica RADIOMETER® Cepheid. BIOSYSTEMS GLOBAL GROWTH DRIVERS • Penetration of molecular diagnostics By Geography By End Market • Point-of-care & decentralization of health care HGM ROW W. EU Molecular NA Core lab- Clinical All financial metrics reflect FY 2021E results from continuing operations; all pie chart percentages are % of 2021E revenues. Pathology & Other Acute Care Skilled labor shortages & cost pressures necessitating automated solutions Improving standards of care in HGM Strong global brands with leading market positions DANAHER#74Portfolio Indexed to Most Attractive Areas of Diagnostics BEST IN CLASS MOLECULAR DX SCALED "NICHE" POSITIONS Largest installed base & test menu, COVID-19 Cepheid. +LDD core growth* Leica BIOSYSTEMS RADIOMETERER Each >$1B annual revenue +HSD core growth* PRODUCT LINE REVENUE & GROWTH RATES +MSD/HSD* >40% OF REV. STRONG CORE LAB PRESENCE BECKMAN COULTER *Core revenue growth rates reflect anticipated mid/long-term growth Pie chart reflects FY 2021E revenue by product line A leading player +MSD core growth* Acute POC Immuno- assay Pathology Other Molecular Hem. & Urinalysis +LDD* Clinical >30% OF REV. +LSD* Chemistry 25% OF REV. Comprehensive portfolio with strong footholds across Dx landscape DANAHER#75Significant Opportunity in Molecular Diagnostics • BEST-IN-CLASS MOLECULAR DX OFFERING Differentiated position at critical, point-of-care settings • Workflow + speed + accuracy • Broadest test menu: >35 OUS, >20 in the US MOLECULAR DIAGNOSTICS MARKET PENETRATION Cepheid. < 50% < 50% Cepheid GeneXpertⓇ Systems & test cartridge GeneXpert Xpert Xpress SAS Cov-2/RSV < 15% <15% HGM Developed Markets US - POL US - small/mid- sized hospitals Cepheid uniquely positioned for long-term growth opportunity DANAHER#76Enhancing Cepheid's Long-Term Competitive Advantage Cepheid. ACCELERATING GROWTH INVESTMENTS RESULTS SINCE ACQUISITION >4K +2.5X >$0.5B ASSOCIATES INCREASE IN HIRED ANNUAL R&D SPEND CUMULATIVE CAPEX COVID-19 CONTRIBUTIONS 4-in-1 combo test: Flu A+ Flu B + RSV + COVID, 35min TTR • COVID-19 standalone test • Tests shipped: -20M (2020), ~50M (2021E) ANNUAL REVENUE & GLOBAL INSTALLED BASE >35K ~$3B >30K ~$2B >20K >10K -$1B $600M 2016 (At Acq.) 2019 2020 2021E RESULTS SINCE 2019: >50% INCREASE IN INSTALLED BASE +3X REVENUE INCREASE COVID-19 accelerated installed base growth, test menu & capacity DANAHER#77Accelerating Growth at Beckman STRATEGIC FOCUS AREAS INNOVATION & NEW PRODUCTS Hematology: DxH900 (+ESId)/690T/560 Test menu: cardiac, COVID-19, PCT, IL-6 Automation: DxA 5000 / Fit, DxONE RESULTS >2X NEW PRODUCT INCREMETNAL REVENUE VS 2018 Core Revenue Growth COMMERCIAL EXECUTION . • Strategic Accounts / Partnerships Targeting 'high fit' customers Improving customer experience, OTD +2X IDN COMPETITIVE WINS VS 2018 China 'Go-direct' in Tier I, expanding Tier II Service localization HGM INITIATIVES Mfg. expansion "in China, for China" +HSD AVG. ANNUAL CORE GROWTH IN HGM 2017-2021E +LSD BECKMAN COULTER +MSD ~4%7 ~ FLAT/ DOWN At Acq. 2015 2019 Future Good trajectory driven by DBS execution & innovation DANAHER#78Reinforcing Our Competitive Advantage at LBS & Radiometer COMMERCIAL EXECUTION DBS "Commercial Playbook" - Daily Management, Growth Room, Key Account Management Installed base annual growth +DD since 2018: Leica BIOSYSTEMS RADIOMETERER CORE REVENUE GROWTH VS PEERS Avg. Annual Core Revenue Growth 2018 - 2021E RADIOMETER R LBS BOND INSTRUMENTS +HSD RAD. BLOOD GAS ANALYZERS PEERS +MSD +HSD DIGITAL INNOVATION Leica BIOSYSTEMS +HSD Results since >50% 2018: DIGITAL PATHOLOGY REVENUE GROWTH AT LBS +3X CONNECTED BLOOD GAS ANALYZERS AT RADIOMETER PEERS +MSD >250BPS AVG. ANNUAL OUTPERFORMANCE VS PEERS Consistent, DBS-driven execution drives sustainable outperformance DANAHER#79Summary Platform indexed to most attractive areas of Diagnostics Outstanding performance at Cepheid and well-positioned for continued share gains post-COVID DBS accelerating growth at BEC Dx, enhancing competitive advantage at Radiometer & LBS DANAHER#80Closing Remarks Rainer Blair, President & CEO 2021 INVESTOR & ANALYST DAY ①DANAI DANAHER#81Portfolio Evolution: A Stronger, Better Danaher CORE REVENUE GROWTH RECURRING REVENUE OPERATING PROFIT MARGIN FREE CASH FLOW +LDD ~75% >$6B >25% ~17% +LSD ~45% >$3B 2015 2019- 21E 2015 2021E 2015 2021E 2015 2021E 2015 metrics shown include Fortive and Envista.. Recurring Revenue is shown as a % of total revenue. 2019-21E core growth is avg. annual core growth for '19, '20, '21E. Focus on growth and business model drives superior performance DANAHER#82DBS Is Our Ultimate Competitive Advantage Leadership 8 CORE VALUE DRIVERS SHAREHOLDER • CORE REVENUE GROWTH • OMX CASH FLOW / WC TURNS • ROIC CUSTOMER • QUALITY (EXTERNAL PPM) . • ON-TIME DELIVERY (OTD) Lean Growth . INTERNAL FILL RATE ASSOCIATE . RETENTION "OMX" is Operating Margin Expansion; "WC" is Working Capital. “Common sense, vigorously applied" DANAHER#83Putting It All Together PRE-2019 ANTICIPATED CORE REVENUE GROWTH FUTURE ANTICIPATED CORE GROWTH RATE DANAHER 5-6% Owned Dental (Envista) MSD+ cytiva 6-7% expected DHR did not own HSD Now part of DHR Life Sciences Uniquely positioned across bioprocessing ~$3B 2021E revenue (>10% of DHR) LDD ~$1B 2019 revenue (5% of DHR) LDD Cepheid >40% installed base growth last 18mos Durable testing tailwinds REST OF DANAHER MSD MSD+ Benefit from continued investment spend Expect core growth profile to increase from 2019 DANAHER#84Putting It All Together: Anticipated Long-Term Performance CORE REVENUE GROWTH ACCELERATION 100bps+ MSD+ 5-6% PRE-2019 FUTURE CORE REVENUE GROWTH MSD+ MARGIN EXPANSION STRONG FREE CASH FLOW >100% FCF/NI 50-75BPS OMX ACQUISITIONS FCF+ M&A SPEND TOP QUARTILE EPS GROWTH & COMPOUNDING RETURNS DD+ EPS GROWTH Expect core growth & earnings profile to re-rate higher DANAHER#85What You Heard Today Purpose driven portfolio evolution into a science & technology leader Strengthening our competitive advantage with DBS Long-term value creation through strategic M&A Strong foundation for building sustainable results DANAHER#86D DANAHER#87①⑪ DANAHER DANAHER CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES#88Core Sales Growth and Core Sales Growth Including Cytiva Total sales growth (GAAP) Impact of: Acquisitions/divestitures DANAHER CORPORATION % Change Six- Month Period Ended July 2, 2021 vs. Comparable 2020 Period 46.0 % % Change Year Ended December 31, 2020 vs. Comparable 2019 Period 24.5 % % Change Year Ended December 31, 2019 vs. Comparable 2018 Period 5.0 % % Change Year Ended December 31, 2018 vs. Comparable 2017 Period 8.5 % % Change Year Ended December 31, 2017 vs. Comparable 2016 Period 8.5 % % Change Year Ended December 31, 2016 vs. Comparable 2015 Period 17.0 % (16.0) (18.0) (1.0) (2.0) (4.5) Currency exchange rates (3.5) 2.0 (0.5) (0.5) (15.0) 1.0 Core sales growth (non-GAAP) 26.5 % 6.5 % 6.0 % 6.0 % 3.5 % 3.0 % Impact of Cytiva sales growth (net of divested product lines) Core sales growth including Cytiva (non-GAAP) 4.5 31.0 % 3.0 9.5 % Note: Danaher calculates period-to-period core sales growth including Cytiva by adding Cytiva sales to core sales for both the baseline and current periods. Beginning in the second quarter of 2021, Cytiva sales are included in core sales, and therefore we no longer provide the measure "core sales including Cytiva” for quarterly periods beginning with the second quarter of 2021. All prior periods presented in the table above are the as reported figures from the periods presented prior to the separation of Envista Holdings Corporation ("Envista") (which Danaher divested in 2019). The 2016, 2017 and 2018 metrics include Envista. Total sales growth (GAAP) Impact of: Acquisitions/divestitures Currency exchange rates Core sales growth (non-GAAP) % Change Year Ended December 31, 2015 vs. Comparable 2014 Period Total Company Life Sciences Segment 32.0% 7.5 % (10.5) 6.0 (35.5) 6.5 3.0 % 3.0 % Note: All Total Company metrics presented in the table above are the as reported figures from the period presented prior to the separation of Fortive Corporation ("Fortive") (which Danaher divested in 2016) and Envista and include both Fortive and Envista. The Life Sciences Segment metrics reflect the recast figures when the segment was created in 2016. 1#89DANAHER CORPORATION Forecasted Core Sales Growth and Core Sales Growth Including Cytiva ¹ Core sales growth (non-GAAP) Impact of Cytiva sales growth (net of divested product lines) +Low single-digit Core sales growth including Cytiva (non-GAAP) ~+20% % Change Year Ending December 31, 2021 (Estimated) vs. Comparable 2020 Period Total Company +High-teens Life Sciences Segment +High-teens +Low single / mid single-digit ~+>20% 1 We do not reconcile these measures to the comparable GAAP measure because of the inherent difficulty in predicting and estimating the future impact and timing of currency translation, acquisitions and divested product lines, which would be reflected in any forecasted GAAP revenue. 2#90Reconciliation of GAAP to Adjusted P&L Metrics DANAHER CORPORATION Diluted Net Earnings Per Common Share from Continuing Operations (GAAP) 2 Amortization of acquisition-related intangible assets Acquisition-related items Impairments C B D E Fair value (gains) losses on investments Gain on disposition of certain product lines Tax effect of the above adjustments Discrete tax adjustments MCPS "as if converted" H Rounding F A Six-Month Period Ended Year-over- July 2, 2021 July 3, 2020 Year Change $ 4.57 $ 2.06 0.93 0.65 0.06 0.39 0.01 0.01 (0.27) 0.02 (0.02) (0.62) (0.15) (0.16) (0.04) 0.03 0.01 Adjusted Diluted Net Earnings Per Common Share from Continuing Operations (Non-GAAP) $ 4.98 $ 2.50 100 % 2 Each of the per share amounts above have been calculated assuming the Mandatory Convertible Preferred Stock ("MCPS") had been converted into shares of common stock. 3#91Reconciliation of GAAP to Adjusted P&L Metrics DANAHER CORPORATION A Amortization of acquisition-related intangible assets in the following historical periods ($ in millions) (only the pretax amounts set forth below are reflected in the amortization line item above): B C D E F G H Pretax After-tax July 2, 2021 Six-Month Period Ended July 3, 2020 691 549 471 379 Pretax costs incurred for fair value adjustments to inventory and deferred revenue related to the acquisition of Cytiva in the six-month period ended July 2, 2021, ($46 million pretax as reported in this line item, $36 million after-tax). Pretax costs incurred for fair value adjustments to inventory and deferred revenue and transaction costs deemed significant and integration preparation costs in the six-month period ended July 3, 2020, related to the acquisition of Cytiva, ($288 million pretax as reported in this line item, $231 million after-tax). The Company deems acquisition-related transaction costs incurred in a given period to be significant (generally relating to the Company's larger acquisitions) if it determines that such costs exceed the range of acquisition-related transaction costs typical for Danaher in a given period. Pretax impairment charges related to a trade name in the Diagnostics segment recorded in the first quarter of 2021 ($10 million pretax as reported in this line item, $8 million after-tax). Pretax impairment charges related to a facility in the Diagnostics segment and a trade name and other intangible assets in the Environmental & Applied Solutions segment recorded in the first quarter of 2020 ($8 million pretax as reported in this line item, $6 million after-tax). Pretax fair value gains on the Company's equity and limited partnership investments recorded in the six-month period ended July 2, 2021, ($202 million pretax as reported in this line item, $161 million after-tax) and pretax fair value losses on the Company's equity and limited partnership investments recorded in the six- month period ended July 3, 2020, ($13 million pretax as reported in this line item, $10 million after-tax). Pretax gain on disposition of certain product lines in the six-month period ended July 2, 2021, ($13 million pretax as reported in this line item, $10 million after- tax). Pretax gain on disposition of certain product lines in the six-month period ended July 3, 2020, ($455 million pretax as reported in this line item, $305 million after-tax). This line item reflects the aggregate tax effect of all nontax adjustments reflected in the preceding line items of the table. In addition, the footnotes above indicate the after-tax amount of each individual adjustment item. Danaher estimates the tax effect of each adjustment item by applying Danaher's overall estimated effective tax rate to the pretax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment. The MCPS dividends are not tax deductible and therefore the tax effect of the adjustments does not include any tax impact of the MCPS dividends. Discrete tax adjustments and other tax-related adjustments for the six-month period ended July 2, 2021, include the impact of net discrete tax gains of $120 million (or $0.16 per diluted common share) related primarily to stock-based compensation, the release of reserves for uncertain tax positions due to the expiration of statutes of limitation and other items. Discrete tax adjustments and other tax-related adjustments for the six-month period ended July 3, 2020, include the impact of net discrete tax gains of $27 million (or $0.04 per diluted common share) related primarily to excess tax benefits from stock-based compensation and the release of reserves for uncertain tax positions due to the expiration of statutes of limitation. The Company anticipates excess tax benefits from stock compensation of approximately $7 million per quarter and therefore excludes benefits in excess of this amount in the calculation of adjusted diluted net earnings from continuing operations per common share. In March 2019, the Company issued $1.65 billion in aggregate liquidation preference of 4.75% MCPS Series A. In May 2020, the Company issued $1.72 billion in aggregate liquidation preference of 5.0% MCPS Series B. Dividends on the MCPS Series A and Series B are payable on a cumulative basis at an annual rate of 4.75% and 5.0%, respectively, on the liquidation preference of $1,000 per share. Unless earlier converted, each share of MCPS Series A will automatically convert on April 15, 2022 into between 6.6590 and 8.1572 shares of Danaher's common stock, subject to further anti-dilution adjustments. Unless earlier converted, each share of MCPS Series B will automatically convert on April 15, 2023 into between 5.0094 and 6.1364 shares of Danaher's common stock, subject to further anti-dilution adjustments. The number of shares of Danaher's common stock issuable on conversion of the MCPS will be determined based on 4#92DANAHER CORPORATION Reconciliation of GAAP to Adjusted P&L Metrics the VWAP per share of the Company's common stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately before April 15, 2022 and April 15, 2023 for the MCPS Series A and Series B, respectively. For the calculation of net earnings per common share from continuing operations, the impact of the dilutive MCPS are calculated under the if-converted method and the related MCPS dividends are excluded. For the purposes of calculating adjusted earnings per common share from continuing operations, the Company has excluded the paid and anticipated MCPS cash dividends and assumed the "if-converted" method of share dilution (the incremental shares of common stock deemed outstanding applying the "if-converted" method of calculating share dilution only with respect to any MCPS the conversion of which would be dilutive in the particular period are referred to as the "Converted Shares") for any MCPS that were anti-dilutive for the given period. For additional information about the impact of the MCPS on the calculation of diluted EPS, see note 3 in the Adjusted Average Common Stock and Common Equivalent Diluted Shares Outstanding table below. 15#93DANAHER CORPORATION Adjusted Average Common Stock and Common Equivalent Diluted Shares Outstanding (shares in millions) Six-Month Period Ended July 2, 2021 July 3, 2020 Average common stock and common equivalent shares outstanding - diluted (GAAP) 3 Converted shares 4 735.6 713.1 8.6 14.6 Adjusted average common stock and common equivalent shares outstanding - diluted (non-GAAP) 744.2 727.7 3 The impact of the MCPS Series A calculated under the if-converted method was dilutive for the six-month period ended July 2, 2021, and as such 11.0 million shares underlying the MCPS Series A were included in the calculation of diluted EPS and the related MCPS Series A dividends of $40 million were excluded from the calculation of net earnings for diluted EPS. 4 The impact of the MCPS Series B calculated under the if-converted method was anti-dilutive for the six-month period ended July 2, 2021, and as such 8.6 million shares underlying the MCPS Series B were excluded in the calculation of diluted EPS and the related MCPS Series B dividends of $42 million were included in the calculation of net earnings for diluted EPS. The impact of the MCPS Series A and MCPS Series B calculated under the if-converted method was anti-dilutive for the six-month period ended July 3, 2020, and as such 14.6 million shares underlying the MCPS Series A and MCPS Series B were excluded from the diluted EPS calculation and the related MCPS Series A and MCPS Series B dividends were included in the calculation of net earnings for diluted EPS from continuing operations for the six-month period ended July 3, 2020. The number of converted shares assumes the conversion of all MCPS and issuance of the underlying shares applying the "if-converted" method of accounting and using an average 20 trading-day trailing volume weighted average price ("VWAP") of $258.03 and $172.83 as of July 2, 2021 and July 3, 2020, respectively. 6#94Year-Over-Year Core Operating Margin Changes DANAHER CORPORATION Six-Month Period Ended July 3, 2020 Operating Profit Margins from Continuing Operations (GAAP) First half of 2021 impact from operating profit margins of businesses that have been owned for less than one year or were disposed of during such period and did not qualify as discontinued operations First half of 2020 acquisition-related fair value adjustments to inventory and deferred revenue, transaction costs deemed significant and integration preparation costs, net of first half of 2021 acquisition-related fair value adjustments to inventory and deferred revenue in each case related to the acquisition of Cytiva Year-over-year core operating profit margin changes for first half of 2021 (defined as all year-over-year operating profit margin changes other than the changes identified in the line items above) (non-GAAP) Six-Month Period Ended July 2, 2021 Operating Profit Margins from Continuing Operations (GAAP) Total Company 16.00 % 1.55 2.50 8.35 Year Ended December 31, 2019 Operating Profit Margins from Continuing Operations (GAAP) 28.40 % Total Company 18.30 % 1.25 Full year 2020 impact from operating profit margins of businesses that have been owned for less than one year or were disposed of during such period and did not qualify as discontinued operations Full year 2020 acquisition-related fair value adjustments to inventory and deferred revenue, transaction costs deemed significant and integration preparation costs, net of full year 2019 transaction costs deemed significant and integration preparation costs, in each case related to the acquisition of Cytiva Third quarter 2020 impairment charges related to trade names in the Environmental & Applied Solutions segment First quarter 2020 impairment charges related to a facility in the Diagnostics segment and a trade name and other intangible assets in the Environmental & Applied Solutions segment Year-over-year core operating profit margin changes for full year 2020 (defined as all year-over-year operating profit margin changes other than the changes identified in the line items above) (non-GAAP) Year Ended December 31, 2020 Operating Profit Margins from Continuing Operations (GAAP) (2.15) (0.05) (0.05) 1.70 19.00 % Year Ended December 31, 2018 Operating Profit Margins from Continuing Operations (GAAP) Full year 2019 impact from operating profit margins of businesses that have been owned for less than one year or were disposed of during such period and did not qualify as discontinued operations Full year 2019 transaction costs deemed significant and integration preparation costs related to the anticipated acquisition of the GE Biopharma business Acquisition-related transaction costs deemed significant and fair value adjustments to inventory, in each case related to the acquisition of IDT and incurred in the second quarter of 2018 Second quarter 2018 gain on resolution of acquisition-related matters Year-over-year core operating profit margin changes for full year 2019 (defined as all year-over-year operating profit margin changes other than the changes identified in the line items above) (non-GAAP) Year Ended December 31, 2019 Operating Profit Margins from Continuing Operations (GAAP) Total Company 17.90 % (0.15) (0.50) 0.10 (0.05) 1.00 18.30 % 7#95Year-Over-Year Core Operating Margin Changes DANAHER CORPORATION Year Ended December 31, 2017 Operating Profit Margins (GAAP) Full year 2018 impact from operating profit margins of businesses that have been owned for less than one year or were disposed of during such period and did not qualify as discontinued operations Total Company 16.30 % (0.20) Incremental year-over-year impact of full year 2018 Dental segment tradename impairments and related restructuring compared to comparable fourth quarter 2017 charges Acquisition-related transaction costs deemed significant and fair value adjustments to inventory, in each case related to the acquisition of IDT and incurred in the second quarter of 2018. Fourth quarter 2018 Dental segment separation costs Full year 2017 impact of restructuring, impairment and related charges related to the discontinuation of a product line in the Diagnostics segment in the second quarter of 2017 Year-over-year core operating profit margin changes for full year 2018 (defined as all year-over-year operating profit margin changes other than the changes identified in the lines above) (non-GAAP) Year Ended December 31, 2018 Operating Profit Margins (GAAP) 0.05 (0.10) (0.05) 0.40 0.70 17.10 % Year-over-year core operating profit margin changes (non-GAAP) Full Year 2020 1.70 % Full Year 2019 1.00 % Full Year 2018 0.70 % Average 2018-2020 1.13 % Note: The Company deems acquisition-related transaction costs incurred in a given period to be significant (generally relating to the Company's larger acquisitions) if it determines that such costs exceed the range of acquisition-related transaction costs typical for Danaher in a given period. All prior periods presented in the tables above are the as reported figures from the periods presented. The metrics in the 2018 table above include Envista. 8#96Free Cash Flow ($ in millions) DANAHER CORPORATION Total Cash Flows: Total cash provided by operating activities (GAAP) Total cash used in investing activities (GAAP) Total cash (used in) provided by financing activities (GAAP) Free Cash Flow: Total cash provided by operating activities (GAAP) Less: payments for additions to property, plant & equipment (capital expenditures) (GAAP) Full Year Ending Six-Month Period Ended Full Year Ended December 31, 2021 5 Year-over-Year December 31, July 2, 2021 5 July 3, 2020 5 Change 2015 6 >$7,500 $ 3,991 $ 2,271 $ 3,828 * $ (2,060) $ (20,329) $ (14,912) * $ (588) $ 3,745 $ 9,050 Plus: proceeds from sales of property, plant & equipment (capital disposals) (GAAP) Free cash flow (non-GAAP) >$7,500 $ 3,991 $ 2,271 ~ 75.5% $ 3,828 (1,500) (556) (288) (633) 15 13 64 >$6,000 $ 3,448 $ 1,984 ~ 74.0% $ 3,259 5 Items above reflect results from continuing operations. 6 Items above reflect continuing operations as reported in 2016 which included Fortive and Envista. We do not provide these GAAP measures because of the inherent difficulty in predicting and estimating the future impact and timing of investing and financing cash flows. We define free cash flow as operating cash flows from continuing operations, less payments for additions to property, plant and equipment from continuing operations ("capital expenditures") plus the proceeds from sales of plant, property and equipment from continuing operations ("capital disposals"). 9#97DANAHER CORPORATION We present core sales on a basis that includes sales attributable to Cytiva (formerly the Biopharma Business of General Electric Company's ("GE") Life Sciences business), which Danaher acquired from GE on March 31, 2020. Historically Danaher has calculated core sales solely on a basis that excludes sales from acquired businesses recorded prior to the first anniversary of the acquisition. However, given Cytiva's significant size and historical core sales growth rate, in each case compared to Danaher's existing businesses, management believes it is appropriate to also present core sales on a basis that includes Cytiva sales. Management believes this presentation provides useful information to investors by demonstrating the impact Cytiva has on the Company's current growth profile, rather than waiting to demonstrate such impact 12 months after the acquisition when Cytiva would normally have been included in Danaher's core sales calculation. Danaher calculates period-to-period core sales growth including Cytiva by adding to the baseline period sales Cytiva's historical sales from such period (when it was owned by GE), net of the sales of the Company product lines divested in 2020 to obtain regulatory approval to acquire Cytiva ("Cytiva sales") and also adding the Cytiva sales to the current period. Beginning in the second quarter of 2021, Cytiva sales are included in core sales, and therefore we no longer provide the measure "core sales including Cytiva" for quarterly periods beginning with the second quarter of 2021. 10 10