Varian Medical Systems Investor Presentation — January 2018

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President and Chief Executive OfficerJanuary 2018J.P. Morgan

This presentation is intended exclusively for investors.

It is not intended for use in Sales or Marketing.

2Forward -Looking Statements

Except forhistorical information, thispresentation contains forward -looking statements within themeaning ofthePrivate Securities Litigation Reform Actof1995 .Statements

concerning industry outlook, including growth drivers, future trends incancer incidence andtrends incancer treatment needs, demand, innovation andgrowth opportunities ;Varian

Medical Systems, Inc.’s(”Varian” orthe“company”) future orders, revenues, backlog orearnings growth ;future financial results ;market acceptance ofortransition tonew products

ortechnology such asourEdge®radiosurgery system, TrueBeam®,HyperArcTM,360 OncologyTM,HALCYONTM,image -guided radiation therapy, stereotactic radiosurgery and

proton therapy, andanystatements using theterms “could”, “believe”, “expect”, “outlook”, “anticipate”, ”vision”, “estimate”, “future”, “horizon”, “aiming”, “driving”, “target” orsimilar

statements areforward -looking statements thatinvolve risks anduncertainties thatcould cause thecompany’s actual results todiffer materially from those anticipated .Such risks

anduncertainties include global economic conditions andchanges totrends forcancer treatment regionally ;theimpact ofchanges totheAffordable Health Care forAmerica Act

(including excise taxes onmedical devices) andanyfurther healthcare reforms (including changes toMedicare andMedicaid), and/or changes tothird-party reimbursement levels ;

currency exchange rates andtaxrates ;theimpact oftheTaxCuts andJobs Act;demand forthecompany’s products ;thecompany’s ability todevelop, commercialize, anddeploy

new products ;thecompany’s ability tomeet Food and Drug Administration (FDA) and other regulatory requirements forproduct clearances ortocomply with FDA and other

regulatory regulations orprocedures, changes intheregulatory environment, including withrespect toFDA requirements ;thecompany’s assessment ofthegoodwill associated with

itsparticle therapy business, challenges associated with thesuccessful commercialization ofthecompany’s particle therapy business ;therisks associated with providing financing

fortheconstruction andstart-upoperations ofproton therapy centers ;theeffect ofadverse publicity ;thecompany’s reliance onsole orlimited -source suppliers ;thecompany’s ability

tomaintain orincrease margins ;theimpact ofcompetitive products andpricing ;thepotential loss ofkeydistributors orkeypersonnel ;challenges topublic tender awards andthe

loss ofsuch awards orother orders ;andtheother risks listed from time totime inthecompany’s filings with theSecurities andExchange Commission, which bythisreference are