Varian Medical Systems Investor Presentation — May 2020

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Investor RelationsMay 4, 2020Second Quarter

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 thecompany’s

long-term growth andvalue creation strategies, future orders, backlog, liquidity, capital allocation priorities andtheanticipated impact oftheCOVID -19pandemic onourbusiness ;andanystatements

using theterms “could,” “believe,” “expect,” “promising,” “outlook,” “should,” “well-positioned,” “will” orsimilar statements areforward -looking statements thatinvolve risks anduncertainties thatcould

cause thecompany’s actual results todiffer materially from those anticipated .Such risks anduncertainties include thefuture impact oftheCOVID -19pandemic onourbusiness, including butnot

limited to,theimpact onourworkforce, operations, supply chain, demand forourproducts andservices, andourfinancial results andcondition ;ourability tosuccessfully manage thechallenges

associated withtheCOVID -19pandemic ;ourability toachieve expected synergies from acquisitions ;risks associated withintegrating recent acquisitions ;global economic conditions andchanges to

trends forcancer treatment regionally ;currency exchange rates andtaxrates ;theimpact oftheTaxCuts andJobs Act;theimpact oftheAffordable Health Care forAmerica Act(including excise

taxes onmedical devices) andanyfurther healthcare reforms (including changes toMedicare andMedicaid), and/or changes inthird-party reimbursement levels ;recent andpotential future tariffs ora

global trade war;demand foranddelays indelivery ofthecompany’s products ;thecompany’s ability todevelop, commercialize anddeploy new products ;thecompany’s ability tomeet Food andDrug

Administration (FDA) andother regulatory requirements, regulations orprocedures ;changes inregulatory environments ;risks associated withthecompany providing financing fortheconstruction and

start-upoperations ofparticle therapy centers, challenges associated withcommercializing thecompany’s proton solutions business ;challenges topublic tender awards andthelossofsuch awards or

other orders ;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 related toentering intonew business lines;andtheother risks listed from time totime inthecompany’s filings with the

Securities andExchange Commission, which bythisreference areincorporated herein .Foradditional information concerning factors thatcould cause actual results andevents todiffer materially from