Broad diversification by product, end market, customer, and region Strong brand names, with leadership positions in most product lines Very competitive cost base and superior track record of operational execution Low capital intensity, enabling consistent free cash flow Exposure to cyclical industrial markets Research and development requirement to match the growing technological sophistication of products Moderately conservative financial policies stemming from tolerance for large, partly debt-financed acquisitions A track record of issuing equity to protect the balance sheet A low dividend, resulting in high discretionary cash flow conversion and historically limited share repurchase activity that we expect will continue The outlook on Danaher Corp. is stable. Standard&Poor's Ratings Services fully expects the company will continue relying on debt-financed
