Varian Medical Systems Investor Presentation — January 2020

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FOR INVESTOR USE ONLY

investors@varian.comJanuary 13, 2020JP Morgan Healthcare

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 and

growth opportunities ;Varian Medical System, Inc.’s(”Varian” orthe“company”) future orders, revenues, backlog earnings orcash flow growth ortrends ;future

financial results ;market acceptance ofortransition tonew products ortechnology such asourEdge®radiosurgery system, TrueBeam®,HyperArcTM,360

OncologyTM,HALCYONTM,BRAVOSTM,EthosTM,image -guided radiation therapy, stereotactic radiosurgery, proton therapy, andinterventional oncology products, and

any statements using theterms “could”, “believe”, “expect”, “outlook”, “anticipate”, ”vision”, “estimate”, “future”, “horizon”, “aiming”, “driving”, “target” orsimilar

statements areforward -looking statements that involve risks and uncertainties that could cause thecompany’s actual results todiffer materially from those

anticipated .Such risks anduncertainties include global economic conditions andchanges totrends forcancer treatment regionally ;new andpotential future tariffs or

aglobal trade war;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 ofthe

TaxCuts 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 forproduct clearances ortocomply withFDA andother regulatory regulations orprocedures,

changes intheregulatory environment, including with respect toFDA requirements ;thecompany’s assessment ofthegoodwill associated with itsproton business,

challenges associated with thesuccessful commercialization ofthecompany’s proton business ;therisks associated withproviding financing fortheconstruction and

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

maintain orincrease margins ;theimpact ofcompetitive products and pricing ;thepotential loss ofkeydistributors orkeypersonnel ;challenges topublic tender