Varian Medical Systems Investor Presentation — July 2018

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Senior Vice President, Investor Relations

investors@varian.comJuly 25, 2018Third Quarter

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 System, Inc.’s(”Varian” orthe“company”) future orders, revenues, operating expenses, taxrate, cash flows, backlog orearnings growth ;future financial results andthe

expected charges relating totherefinancing oftheMPTC loan;potential impact oftariffs oraglobal trade war, market acceptance ofortransition tonew products ortechnology such

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

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 anduncertainties include

global economic conditions andchanges totrends forcancer treatment regionally ;theimpact ofchanges totheAffordable Health Care forAmerica Act(including excise taxes on

medical devices) andanyfurther healthcare reforms (including changes toMedicare andMedicaid), and/or changes tothird-party reimbursement levels ;currency exchange rates

and taxrates ;theimpact oftheTax Cuts andJobs Act;demand forthecompany’s products ;thecompany’s ability todevelop, commercialize, and deploy new products ;the

company’s ability tomeet Food andDrug Administration (FDA) andother regulatory requirements forproduct clearances ortocomply with FDA andother regulatory regulations or

procedures, changes intheregulatory environment, including with respect toFDA requirements ;thecompany’s assessment ofthegoodwill associated with itsparticle therapy

business, challenges associated withthesuccessful commercialization ofthecompany’s particle therapy business ;therisks associated withproviding financing fortheconstruction

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

increase margins ;theimpact ofcompetitive products andpricing ;thepotential loss ofkeydistributors orkeypersonnel ;challenges topublic tender awards andtheloss ofsuch