1. Danaher Corporation
Supplemental Financial Information
April 2, 2004
Quarter Ended
Free Cash Flows ($ in 000's):
April 2, 2004 March 28, 2003
Operating Cash Flows $ 251,876 $ 214,336
Payments for Property, Plant &
Equipment (Capital Expenditures) $ (19,208) $ (15,617)
Free Cash Flow $ 232,668 $ 198,719
Ratio of Free Cash Flow to Net
Earnings:
Free Cash Flow from Above $ 232,668 $ 198,719
Net Earnings from Continuing
Operations 145,244 103,126
Free Cash Flow to Net Earnings 1.60 1.93
NOTE: Free cash flow is defined as operating cash flow less
purchases of property, plant and equipment. Management
believes that free cash flow provides useful information to investors
regarding the Company's ability to generate cash without external
financings. Management uses free cash flow to help gauge the
resources available for strategic opportunities such as making
acquisitions, investing in the business and strengthening the
Company's balance sheet, and uses this measure in making
operating decisions, allocating financial resources and for budget
planning purposes. Free cash flow does not, however, take into
account the Company's debt service requirements and other non-
discretionary expenditures and therefore is not necessarily
indicative of amounts of cash that may be available for
discretionary uses. Free cash flow should be considered in
addition to, and not in lieu of, cash flow from operations, net
earnings and other measures of financial performance prepared in
accordance with GAAP.

2. Danaher Corporation
Supplemental Financial Information
April 2, 2004
Debt to Total Capital and Net Debt
to Total Capital Ratios ($ in 000's): Actual Balance As Of:
April 2, 2004 December 31, 2003
Notes Payable and Current Portion of
Long-term Debt $ 67,271 $ 14,385
Long-term Debt 1,274,393 1,284,498
Total debt 1,341,664 1,298,883
Total Stockholders' Equity 3,782,234 3,646,709
Total Capital $ 5,123,898 $ 4,945,592
Debt to Total Capital Ratio 26.2% 26.3%
Total Debt $ 1,341,664 $ 1,298,883
Less: Cash and Cash Equivalents (642,486) (1,230,156)
Net Debt 699,178 68,727
Total Capital $ 5,123,898 $ 4,945,592
Net Debt to Total Capital Ratio 13.6% 1.4%
NOTE: Debt to Total Capital is defined as the ratio of Total Debt
(including notes payable, current portion of long-term debt and
long-term debt) to Total Capital (the sum of Total Debt and
Stockholders’ Equity). Net Debt to Total Capital is defined as
the ratio of Total Debt less Cash and Cash Equivalents to Total
Capital. Management believes these ratios provide useful
information to investors regarding the Company's debt leverage
in relation to the size of its available capital base and existing
cash resources. Management uses these ratios to evaluate the
Company’s leverage over time to help determine the ability of
the Company to access additional borrowing capacity. These
ratios do not however necessarily indicate the ability of the
Company to satisfy the debt service requirements in existing or
future debt agreements. These ratios should be considered in
addition to, and not in lieu of, other measures of liquidity
including working capital prepared in accordance with GAAP.