INVESTOR MEETING Lazard Capital Markets 9th Annual Healthcare Conference

Dow Wilson, CEO

November 13, 2012

1 Investor Meeting

Lazard 11.13.12

2

Forward-Looking Statements

• Except for historical information, this news release contains forward-looking statements within the meaning of the Private

Securities Litigation Reform Act of 1995. Statements concerning industry outlook, including growth drivers; the

company’s future orders, revenues, backlog, or earnings growth; future financial results; market acceptance of or

transition to new products or technology such as TrueBeam and radiographic flat panel detectors, image-guided radiation

therapy, stereotactic radiosurgery, filmless X-rays, proton therapy, and security and inspection, and any statements using

the terms “could,” “believe,” “outlook,” or similar statements are forward-looking statements that involve risks and

uncertainties that could cause the company’s actual results to differ materially from those anticipated. Such risks and

uncertainties include global economic conditions; the impact of the Affordable Health Care for America Act (including

excise taxes on medical devices) and any further health care reforms (including changes to Medicare and Medicaid),

and/or changes in third-party reimbursement levels; currency exchange rates and tax rates; demand for the company’s

products; the company’s ability to develop, commercialize, and deploy new products such as the TrueBeam platform; the

company’s ability to meet Food and Drug Administration (FDA) and other regulatory requirements for product clearances

or to comply with FDA and other regulatory regulations or procedures; changes in the regulatory environment, including

with respect to FDA requirements; challenges associated with the successful commercialization of the company’s particle

therapy business; the effect of adverse publicity; the company’s reliance on sole or limited-source suppliers; the impact of

reduced or limited demand by purchasers of certain X-ray products, including those located in Japan; the company’s

ability to maintain or increase margins; the impact of competitive products and pricing; the potential loss of key

distributors or key personnel; challenges to public tender awards and the loss of such awards or other orders; and the

other risks listed from time to time in the company’s filings with the Securities and Exchange Commission, which by this

reference are incorporated herein. The company assumes no obligation to update or revise the forward-looking

statements in this release because of new information, future events, or otherwise.

Investor Meeting

Lazard 11.13.12

3 Investor Meeting

ASTRO 2102

STRATEGIC PRIORITIES

2. GO GLOBAL

3. GROW SOFTWARE, SERVICES

4. COMMERCIALIZE PROTONS

1. INNOVATE

5. OPERATIONAL EXCELLENCE

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HISTORY OF INNOVATION

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0VAR

Anode-End-Grounded

X-ray Tubes

TrueBeam

RapidArc OBI

IMRT

Flat Panel

Security

Materials

Discrimination

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INNOVATION

RADIOSURGERY

• Next generation

radiosurgery suite

• Best radiosurgery system

• Precision: <1mm end to end position and

tracking accuracy

• Efficiency: industry-leading workflow and

treatment delivery

• Scalability: radiosurgery upgrade

packages available for installed base

• Small footprint

• 510(k) clearance pending

6

Cancer Surgery. No knife.

TM

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SALES GROWTH BY REGION

7

FYE 2012

North America

49% Europe 30%

Far East 16%

ROW 5%

North America

44%

Europe 30%

Far East 21%

ROW 5%

FYE 2007

26% Outside US and EU

16% 5yr CAGR in Far East

10% Total 5yr CAGR

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BRIC-AT SALES GROWTH

8

$-

$40

$80

$120

$160

FY07 FY08 FY09 FY10 FY11 FY 12

Brazil Russia India China Africa Turkey

28% Combined 5yr CAGR

11% Total Company Sales

$300+ Combined Revenue

($ in millions)

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9

• Leverage market leading diagnostic

imaging and cancer care technology

• Enhance and expand clinical offerings

• Increase global access

• Explore joint development

opportunities

GLOBALIZATION

SIEMENS STRATEGIC ALLIANCE

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SERVICE: >$1 BILLION POTENTIAL

INITIATIVES:

• Build Proton, X-Ray, and Security

services

• Add professional services, grow

existing services

• Promote sales and value

proposition with marketing

• Drive emerging market growth with

education and training

SERVICE REVENUE

0

100

200

300

400

500

600

700

800

900

FY07 FY08 FY09 FY10 FY11 FY12

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SOFTWARE GROWTH

~$550M BUSINESS PLATFORM FOR GROWTH:

• Mobility

• Cloud

• Knowledge network

• X-ray image processing

• Integration

• Lower cost of ownership

FY 07 FY 12

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PROTON INITIATIVES

COMPLETE SCRIPPS INSTALLATION

• First patient treatment in 2013

BEGIN NEW INSTALLS

• Saudi Arabia

• St. Petersburg

FINANCE, BOOK NEW ORDERS

• Maryland

• Emory

TWO ROOM SYSTEM

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OPERATIONAL EXCELLENCE

FOCUS AREAS:

• Product cost reduction

• Service Productivity

– Lowering installation and warranty as a percent of sales

• Process improvement

• Lowering cost of quality

• Cash management

– Improving inventory turns

13 Investor Meeting

Lazard 11.13.12

SALES GROWTH OPPORTUNITY

FY12

$2.8B

FY17

$4.4B KEYS:

• Innovation

• Globalize

• Software, Service

• Commercialize Protons

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Lazard 11.13.12

VARIAN MEDICAL SYSTEMS (NYSE:VAR)

INVESTMENT SUMMARY

• Market and technology leader

• Multiple global growth platforms

– Radiotherapy/Radiosurgery

– Filmless X-ray imaging

– Proton Therapy

– Port and border protection

• >$750M annual service business

• Management focus on execution

• Strong balance sheet, significant cash flow, stock buybacks

•

•

15 Investor Meeting

Lazard 11.13.12