Varian Medical Systems Investor Presentation — October 2020

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Investor RelationsOctober 27, 2020Fourth 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 thetiming ofthecompany's

acquisition bySiemens Healthineers ,thecompany’s long-term growth andvalue creation strategies, future orders, backlog, liquidity, capital allocation priorities andtheanticipated impact oftheCOVID -19pandemic onour

business ;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 butnotlimited to,the

impact 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 totrends 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 to

Medicare andMedicaid), and/or changes inthird-party reimbursement levels ;recent andpotential future tariffs, cross -border trade restrictions oraglobal 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 with thecompany providing financing fortheconstruction and start-upoperations ofparticle therapy centers, challenges associated with commercializing the

company’s proton solutions business ;challenges topublic tender awards andtheloss ofsuch awards orother orders ;theeffect ofadverse publicity ;thecompany’s reliance onsole orlimited -source suppliers ;the

company’s ability tomaintain orincrease margins ;theimpact ofcompetitive products and pricing ;thepotential loss ofkeydistributors orkeypersonnel ;challenges related toentering intonew business lines;the

occurrence ofanyevent, change orother circumstances thatcould give risetothetermination ofthemerger agreement withSiemens Healthineers ;thefailure toobtain certain required regulatory approvals orthefailure to