JPMORGAN HEALTHCARE CONFERENCE January 10, 2012

Forward Looking Statements

Statements in this presentation that are not strictly historical, including the statements regarding the general economic environment, the acquisition environment, the Companys positioning and expectations for the balance of 2011 and future periods 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 forwardlooking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things, uncertainty in the economy and financial markets, the impact of our restructuring activities on our ability to grow, 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, our ability to successfully identify, consummate and integrate appropriate acquisitions (including our acquisition of Beckman Coulter, Inc. and our ability to effectively integrate the business and realize the anticipated benefits from the acquisition), contingent liabilities relating to acquisitions (including our acquisition of Beckman Coulter), risks relating to potential impairment of goodwill and other long-lived assets, currency exchange rates, our compliance with applicable laws and regulations (including regulations relating to medical devices and the healthcare industry) and changes in applicable laws and regulations, our ability to effectively address cost reduction and other changes in the healthcare industry, tax audits and changes in our tax rate and income tax liabilities, litigation and other contingent liabilities including intellectual property and environmental matters, risks relating to product defects and recalls, the impact of our debt obligations on our operations, pension plan costs, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, labor matters, our relationships with and the performance of our channel partners, risks relating to man-made and natural disasters, our ability to achieve projected cost reductions and growth, and international economic, political, legal and business factors. 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 2010 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the third quarter of 2011. These forward-looking statements speak only as of the date of this release and 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 any non-GAAP financial measures included in the following presentation, the accompanying information required by SEC Regulation G can be found in the Investors section of Danahers web site, www.danaher.com, under the subheading Investor Events. All references in this presentation to earnings, revenues and other company-specific financial metrics relate only to the continuing operations of Danahers business, unless otherwise noted. In addition, all references to financial or performance metrics for Q4 2011, FY2011 and any portion of 2012 are estimates. The estimated fourth quarter and full year 2011 financial statements included in this presentation do not include any results of operations attributable to the Pacific Scientific Company business, which the Company divested in April 2011, but do include the results of operations attributable to the Accu-Sort and Kollmorgen Electro-Optical businesses, which are discontinued operations but have not yet been divested.

2011 Highlights
Continued evolution of portfolio with >85% of revenues in growth platforms
Beckman Coulter & EskoArtwork Sale of non-core assets - Pacific Scientific, KEO*, Accu-Sort*

Great year at AB SCIEX

Core revenue growth from LSD in 2010 to ~10% in 2011E Margins up ~500 bps

Q3 2011 first quarter of >$1B in EM revenues

EM revenues now account for ~23% of total sales

Expect to generate >$2B in Free Cash Flow

*Pending

HSD core + 130 bps OMX + BEC/Esko = Outstanding Year

Better Segmentation, Strong Brands

Environmental Test & Measurement Dental Life Sciences & Diagnostics Industrial Technologies

DHR Today
2001 Adjusted 2011E*

Niche 17%

Test & Measurement 15%

Industrial Technologies 12%

Dental 11%

Environmental 15% Tools 32% Motion 21%

Environmental 16%

Life Sciences & Diagnostics 35%

Test & Measurement 19%

Revenue: $3.8B Gross Margin: 38% EPS: $0.50

01-11 EPS CAGR DHR 19.0% S&P 7.7%

Revenue: $18.2B Gross Margin: ~50% EPS: $2.82 (consensus)

*Includes

BEC and Esko for full year 2011

4X revenue base and continuing to evolve the portfolio while outperforming the market

Danaher Business System

Growth Initiatives Dynamic Resource Allocation (DRA)

Increasing headcount in 2011E driven by:
Sales: AB SCIEX, Arbor Networks, EskoArtwork, Kerr Marketing: Leica Biosystems, Radiometer, Trojan R&D: Videojet, FNET, EskoArtwork, Leica Biosystems, AB SCIEX
YoY Headcount Increases across Growth Platforms +13% +10% +10% +7% +8% +6% +3% +1%

Sales

Marketing 2010

R&D 2011E

G&A/Operations

DRA from G&A and operations to customer facing initiatives over last 2 years

Margin Expansion
2009 Core Growth Gross Margin (ex-Beckman Coulter) R&D (as % of sales) Core Margin Expansion (12%) 48% 5.5% (40 bps)* 2010 12% 51% 6% 275 bps 2011E 6-8% ~52% ~6.5% ~130 bps

Cost actions during last downturn resulted in outstanding core margin expansion in 2010/11 $100M Q4 2011 restructuring actions should benefit 2012 SG&A ~flat while R&D growing

* Excludes $240M called out restructuring See attached reconciliation of Core Margin Expansion

Strong margin expansion with continued growth investments

Life Sciences & Diagnostics Overview

Brand Market Position
#1 / #2 #2 #1 #1 #1 / #2

~$34B
Market Size

5-7%
Long Term Market Growth

$6.4B
2011E Sales*
65% Instruments | 35% Consumables / Service

HSD
2011E Operating Margin

Geographic Mix
(as % of 2011E sales)

Customers
Hospitals Reference labs Government/academic research

31% ROW

37% NA

32% EU

Food & beverage, pharmaceuticals, forensics

Leading global *Adjusted for Beckman Coulter brand serving attractive microscopy & histopathology markets

LS&D 2011 Highlights

New Products deliver share gains
Radiometer AQT placements >350 Regulatory approval in China Leica Bond III installed base +20% TripleTof 5600 helping drive ~10% core growth at AB SCIEX

Acquisitions continue to reshape segment

Beckman Coulter LabIndia

Emerging markets growing >20%

China (LMS +15%; AB Sciex +25%; Radiometer +35%) India (LMS +15%; Radiometer +30%)

Growth investments and M&A continue to strengthen our portfolio

Growth & Margin Expansion @ AB SCIEX

TripleTOF 5600 growing faster than market
Central role in high-growth market segments - biopharma, proteomics and food safety Reached ~10% of revenue in 18 months 2009 (Pre-DHR) Sales Gross Margin % Operating Margin % Core Growth ~$475M ~50% Low teens LSD 2011E ~$600M Mid-50% Mid-teens ~10%

Completed lean conversion in manufacturing

OTD improved ~2,000 bps to 89% Labor productivity +20%

Core OMX driven by:

Material cost reduction +130 bps G&A +290 bps Volume through innovation / sales execution +450 bps Cost actions enabling accelerated growth investments & yielding ~10% core growth in 2011E

Taking Share with Bond III Advanced Stainer

Break-through ideation
Shorter turn-around time (33% faster) and higher throughput (50% higher) Innovative multi-robot system leveraging Invetech design team

Deploying Value Selling and SFI in commercialization

2X Advanced Staining FOS in NA 2009 to mid-2011 Continued success in large accounts, while driving better penetration in mid-size hospitals Gained ~1 point market share in 2011

High recurring revenue model with each placement

ASP for instrument: ~$100K Consumable sales: $300-400k over 5 years

Growing installed base by >25% in 2011

Beckman Coulter Update

Integration on schedule New structure simplifies; provides accountability; focuses on competing to win Diagnostics Talent
Solid talent foundation at BEC; select industry talent added ~10 full time DHR associates brought in to lead (CFO, Marketing, Service, Operations)

Life Sciences

Molecular Diagnostics

Additional DHR transition team of ~25 FTEs helping to implement DBS

Performance tracking with expectations Sales in line and OP margin slightly better than expected
>100 bps sequential improvement Q2 Q3 due to faster traction in headcount reductions and lower G&A spend

Beckman Coulter Update (cont.)

Significantly enhanced customer focus Relentless focus on quality
Sodium & glucose issues resolved Troponin expected to be filed with FDA Q1 2012 DBS bringing new level of intensity, rigor and accountability to the QMS process

New products deliver customer productivity improvements

Chemistry AU5800 Series Hematology UniCel DxH Slidemaker Stainer Lab Automation 5,000 Tube Stockyard AU680 connectivity Dx lab/PrepLink 5.0
UniCel DxH Slidemaker Stainer

Beckman Coulter DBS Impact

Mishima, Japan plant: AU Clinical Chemistry Analyzers
90 day lead time Sales misses, high past due Significant OT Capacity constrained

DBSO engaged at close (July)

Halted expansion plans, no FTE adds Implemented daily management, identified bottlenecks/barriers, supply chain improvements July Nov output >20% vs. prior 6 months, FTEs and lower OT Met all customer demand in November

Before

with same

After

DBS delivers immediate customer and cost impact

Beckman Coulter - Growth

Outstanding franchise in China
>$1.5B Chinese IVD market growing at ~20% CAGR; ~5% penetrated BEC well positioned $300M with #1/#2 share 2011E growth ~20% driven by menu, automation capability

Flow cytometry is emerging high growth clinical technology

~$1.5B market growing ~10% driven by penetration & new tests LDD growth in 2011E

Assay menu extension

6 new/replacement assays in 2011 Robust pipeline including Vitamin D, AMH and Preeclampsia

Position in China and innovation set stage for growth