Varian Medical Systems Investor Presentation — January 2019

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Healthcare Conference

Chief Executive Officer

President, Oncology SystemsJanuary 7, 2019This presentation is intended exclusively for investors.

It is not intended for use in Sales or Marketing.

Forward -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 System, Inc.’s(”Varian” orthe“company”) future orders, revenues, backlog orearnings growth ;future financial results ;market acceptance ofortransition tonewproducts or

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

therapy, and any statements 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

and uncertainties include global economic conditions and changes totrends forcancer treatment regionally ;new andpotential future tariffs oraglobal trade war;theimpact of

changes totheAffordable Health Care forAmerica Act(including excise taxes onmedical devices) and anyfurther healthcare reforms (including changes toMedicare and

Medicaid), 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 andDrug Administration (FDA) andother regulatory requirements for

product clearances ortocomply with FDA andother regulatory regulations orprocedures, changes intheregulatory environment, including with respect toFDA requirements ;the

company’s assessment ofthegoodwill associated withitsproton business, challenges associated withthesuccessful commercialization ofthecompany’s proton 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 and pricing ;thepotential loss ofkeydistributors orkeypersonnel ;

challenges topublic tender awards andthelossofsuch awards orother orders ;andtheother risks listed from time totime inthecompany’s filings withtheSecurities andExchange