Agilent Technologies...technology portfolio expansion 2015 2016 2017 Outgrow the market Expand offerings around the core Earnings and revenue growth potential Continuing to evaluate

Agilent Technologies

Mike McMullen,

President and Chief Executive

Officer

36th Annual J.P. Morgan Healthcare

Conference

January 9, 2018

Safe Harbor

1

This presentation contains forward-looking statements (including, without limitation, information and future guidance on the company’s goals, priorities, revenues, operating profit and operating margin, growth opportunities, customer service and innovation plans, new product introductions, financial condition and considerations, earnings, share repurchases, dividends, ability to access capital markets, the continued strengths and expected growth of the markets the company sells into, operations, operating earnings, and tax rates) that involve risks and uncertainties that could cause results of Agilent to differ materially from management’s current expectations. The words “anticipate,” “plan,” “estimate,” “expect,” “intend,” “will,” “should” “forecast” “project” and similar expressions, as they relate to the company, are intended to identify forward-looking statements.

In addition, other risks that the company faces in running its operations include the ability to execute successfully through business cycles; the ability to successfully adapt its cost structures to continuing changes in business conditions; ongoing competitive, pricing and gross margin pressures; the risk that our strategic and cost-cutting initiatives will impair our ability to develop products and remain competitive and to operate effectively; the impact of geopolitical uncertainties on our markets and our ability to conduct business; the impact of currency exchange rates on our financial results; the ability to improve asset performance to adapt to changes in demand; the ability to successfully introduce new products at the right time, price and mix, and other risks detailed in the company's filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended October 31, 2017.

The company assumes no obligation to update the information in these presentations. These presentations and the Q&A that follows include non-GAAP measures. Non-GAAP measures exclude primarily the future impacts of acquisition and integration costs, pension curtailment gain, transformational initiatives, business exit costs and divestiture, and non-cash intangibles amortization. Also excluded are tax benefits that are not directly related to ongoing operations and which are either isolated or cannot be expected to occur again with any regularity or predictability. Most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy. Accordingly, no reconciliation to GAAP amounts has been provided.

. 36th Annual JPM Healthcare

36th Annual JPM Healthcare

2

Agilent – Transformation Focus One team. Right businesses. Driving results.

Agile Agilent

Established

Building

New Portfolio

company simplification and

efficiency improvement

initiatives

One Agilent

Established a customer-centered

cultural transformation

exited unattractive businesses,

investing in attractive new growth opportunities

3

Agilent Objectives UnchangedMeasures of Success

Outgrow the market

Expand operating margins

Balanced approach to capital allocation

Outgrow

the Market

Expand

operating

margins

Balanced

capital

allocation


Deliver superior earnings growth

FY14 FY15 FY16 FY17

410bps

20.7%

4

Measures of SuccessAgilent team delivering – above market growth, margin expansion

3.8%

4.7% 4.9%

6.4%5.9%

6.7%

0%

1%

2%

3%

4%

5%

6%

7%

FY12 FY13 FY14 FY15 FY16 FY17

(1) Core revenue growth excludes impact of changes in currency translation, M&A, and exited NMR business Presented on a non-GAAP basis, reconciliations to closest GAAP equivalent provided

(2) Operating margin adjusted for reimbursement from Keysight for site services classified as “Other Income” Presented on a non-GAAP basis, reconciliations to closest GAAP equivalent provided

19.6%

Significant acceleration of core

revenue growth(1) since 2014

Operating Margin expansion

of 410 bps since 2014

Completely

offset $40M

split dis-

synergies in

FY15

(2)

(2)

22.0%(2)


Outgrow

the Market

Expand

operating

margins

Measures of SuccessDeploying capital: shareholder friendly, investing for growth

5

Deployed $2.3B in capital since FY15,

returning $1.35B to shareholders

133 150 170

267

434

194

98

139

176

74

340

127

$667 M

$572 M

FY15 FY16

$1063 M

FY17

Balanced

capital

allocation

Share Repurchases

Dividends

Property, Plant, &

Equip. Investments

M&A and Equity

Investments

Reinvestments into core business include

expansion of oligo manufacturing facility

$540M deployed for M&A

and equity investments since FY15


6

Agilent Superior Earnings Growth16.5% annual EPS(1) growth FY15-17

(1) Earnings per share presented on a non-GAAP basis, reconciliations to closest GAAP equivalent provided


$1.74

$1.98

$2.36

FY15 FY16 FY17

Exceeded Commitments, Exited FY17 with Momentum

7

Agilent in 2017Exceeded commitments, entering 2018 with momentum

(1) Core revenue growth excludes impact of changes in currency translation, M&A, and exited NMR business

(2) Operating margin adjusted for reimbursement from Keysight for site services classified as “Other Income”

(3) Presented on a non-GAAP basis. reconciliations to closest GAAP equivalent provided

• Revenue Growth above the market: up 6.7%(1)(3) on core basis

• Expanded Operating Margin: up 130 bps to 22.0%(2)(3)

• Adjusted EPS(3) of $2.36, up 19%

• Capital Allocation:

• Cash Dividends: $170M

• Share Repurchases: $194M

• Strategic Investments: $303M

• Operating Cash Flow of $889M, up 12%



Looking forward, sustaining the momentum

Environment Food

Chemical &

Energy Pharma

Academia &

Government

Clinical &

DiagnosticsThe

$50BOpportunity $14B(1) $11B(1)$15B(1)

9

Agilent Growth StrategySustaining our growth momentum

(1) TAM Market sizes per Company estimates

(1)

$10B(1)

Strategically Target Growth Markets

Innovation-driven growth

Emerging market expansion

Complementary M&A


LT market

growthEnd-markets

10

Our Growth Formula: Target Attractive Growth Markets Introduce leading platforms addressing multiple markets

1-3%

Clinical &

Diagnostics

Pharma

Academia &

Government

Food

Environment

& Forensics

Chemical &

Energy

2-4%

4-6%

1-3%

4-6%

6-8%

Increasing Focus on

Bio-pharma

Increasing Focus on Cancer Dx

Increasing Focus on

Cancer Research


11

Innovation with Purpose Driving Growth in the Analytical LabMeeting the critical scientific and economic needs of the lab

Robust, easy to use instrumentation. Integrated work-flow solutions.

Software &

Informatics

OpenLAB

Gas

Chromatography

9000 Intuvo GC

Mass Spec

Ultivo LC/MS QQQ

Infinity Lab LC solutions

Liquid

Chromatography

Cell Analysis

Seahorse

Spectroscopy

8900 ICP-QQQ/MS

Consumables

Market Specific Workflows,

Rapidly Expanding Portfolio

Enterprise Solutions & Services

Asset management tools, expanding

services portfolio, extending customer

reach with digital platforms


Investing and innovating across the research to clinical continuum

Accelerate Growth in Pathology Build Out Clinical NGS Workflows Enable New Discoveries

PD-L1 PharmDx

Expansion of Cancer Staining Portfolio

Workflow Enhancements Content-driven

Next Generation Sequencing

Informatics Solutions - Agilent Alissa

Expansion of Target Enrichment Portfolio

Partnerships that Enable New Discoveries

Expansion of CRISPR Portfolio

SurePrint Oligonucleotide Libraries

Longer term innovation investments: Agilent Labs & Early Stage Partnership Program


12

Driving Growth in Genomics and Diagnostics

Key Strategies

China:

13

Growth through Emerging Market ExpansionCapture share in growing China and India

India :

Emerging

& Developing

Economies(1)

31%

Advanced

Economies

69%

Agilent FY17

Revenue Profile

(1) China, India, Brazil, Mexico, Thailand, Malaysia, & Poland comprised 85% of the Emerging & Developing Economies in FY17

Capture country investments in Life Sciences,

Food Safety, and Environmental Initiatives

Accelerate Diagnostics & Clinical expansion

Extend Market Reach

Capture share in Pharma and Applied

Markets

Invest in Services and eCommerce infrastructure


$1.4B today,

with opportunities

to grow

M&A: Complements our Organic Growth

Building a track record of M&A execution and

technology portfolio expansion

2015 2016 2017

Outgrow the marketExpand offerings around

the core

Earnings and revenue

growth potential

Continuing to evaluate M&A opportunities in

support of Agilent growth strategy

Bolt on and technology

acquisitions to expand

our core

Larger acquisitions that

align with long term

growth potentialIntegration

Investment


14

15

FY18 Guidance (1)

Sustaining strong EPS growth

(1) As of November 20, 2017 based on October 31, 2017 exchange rates. Does not reflect any potential impact from passage of Tax Cut and Jobs Act, December 2017.

(2) Core revenue growth excludes impact of changes in currency translation and M&A.

(3) Operating margin adjusted for reimbursement from Keysight for site services classified as “Other Income”

(4) Presented on a non-GAAP basis.

(5) Per 10b5-1 effective November 1, 2017: 2.7M shares via systematic daily purchases with the remainder on formulaic / opportunistic purchases.

• Revenue: $4.72B - $4.74B: growth at mid-point 4.25%(2)

• Adjusted Operating Margin: 22.4%(3) at mid-point

• Adjusted EPS(4): $2.50 - $2.56: assumed diluted share count

326M, 9% growth

• Operating Cash Flow of $970M; CapEx of $200M

• Returns to Shareholders

• $190M in dividends

• Up to $380M(5) in share repurchases


16

Agilent at 36th Annual J.P. Morgan HealthcareToday’s Key Points

Agilent Transformation Delivering superior results

Our growth formula will sustain momentum

Optimal Combination:

• Above Market Growth*

• Continued Margin Expansion*

• Balance Sheet Strength and Flexibility

Agilent foundation established, well positioned for superior earnings growth


*on a core basis, which excludes impact of changes in currency translation and M&A.


Mike McMullen,

President and Chief Executive

Officer

36th Annual J.P. Morgan Healthcare

Conference

January 9, 2018

2017 2016 % Growth 2016 2015 % Growth 2015 2014 % Growth 2014 2013 % Growth 2013 2012 % Growth 2012 2011 % Growth

GAAP Revenue 4,472$ 4,202$ 6% 4,202$ 4,038$ 4% 4,038$ 4,048$ 0% 4,048$ 3,894$ 4% 3,894$ 3,543$ 10% 3,543$ 3,299$ 7%

Less: Revenue related to NMR, Acquistions and Divestitures (17) (8) (57) (61) (61) (83) (91) (105) (345) (108) (235) (63)

Non-GAAP Revenue 4,455$ 4,194$ 4,145$ 3,977$ 3,977$ 3,965$ 3,957$ 3,789$ 3,549$ 3,435$ 3,308$ 3,236$

Less: Currency adjustment (a) (17) - (70) - (244) - (17) - (48) - (52) -

Agilent Core Revenue 4,472$ 4,194$ 6.7% 4,215$ 3,977$ 5.9% 4,221$ 3,965$ 6.4% 3,974$ 3,789$ 4.9% 3,597$ 3,435$ 4.7% 3,360$ 3,236$ 3.8%

Year Ended October 31,

(a) We compare the year-over-year change in revenue excluding the effect of the NMR business, recent acquisitions and divestitures and foreign currency rate fluctuations to assess the performance of our underlying business. To determine the impact of currency fluctuations, current period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the actual exchange rate in effect during the respective prior periods.






PRELIMINARY

AGILENT TECHNOLOGIES, INC.RECONCILIATIONS OF REVENUE EXCLUDING THE NMR BUSINESS, ACQUISITIONS, DIVESTITURES

AND THE IMPACT OF CURRENCY ADJUSTMENTS (CORE)(in millions)(Unaudited)

Net incomeDiluted

EPS Net incomeDiluted

EPS Net incomeDiluted

EPS

GAAP net income 438$ 1.31$ 460$ 1.40$ 684$ 2.10$ Non-GAAP adjustments:

Asset impairments 3 0.01 4 0.01 — —Acceleration of share-based compensation related to workforce reduction 2 0.01 — — — —Intangible amortization 156 0.47 152 0.46 117 0.36 Business exit and divestiture costs 14 0.04 10 0.03 — —Transformational initiatives 56 0.17 38 0.12 12 0.04 Acquisition and integration costs 13 0.04 41 0.12 32 0.10 Pension settlement gain — — (1) — (32) (0.10) Pension curtailment gain — — (15) (0.05) — —Impairment of investment and loans — — 25 0.08 — —Other 5 0.01 6 0.02 5 0.02 Adjustment for taxes (a) (104) (0.32) (69) (0.21) (50) (0.16)

Non-GAAP net income 583$ 1.74$ 651$ 1.98$ 768$ 2.36$

Business exit and divestiture costs include costs associated with the exit of the NMR business and other business divestitures.

Transformational initiatives include expenses associated with targeted cost reduction activities such as manufacturing transfers, site consolidations, legal entity and other business reorganizations, insourcing or outsourcing of activities. Such costs may include move and relocation costs, one-time termination benefits and other one-time reorganization costs. Included in this category are also expenses associated with the post-separation resizing of the IT infrastructure and streamlining of IT system as well as company programs to transform our product lifecycle management (PLM) system and financial systems.Acquisition and Integration costs include all incremental expenses incurred to effect a business combination. Such acquisition costs may include advisory, legal, tax, accounting, valuation, and other professional or consulting fees. Such integration costs may include expenses directly related to integration of business and facility operations, the transfer of assets and intellectual property, information technology systems and infrastructure and other employee-related costs. Pension settlement gain resulted from transfer of the substitutional portion of our Japanese pension plan to the government.

Impairment of investment and loans include investments and their related convertible loans that have been written down to their fair value.

Other includes certain legal costs and settlements in addition to other miscellaneous adjustments.

Pension curtailment gain resulted from certain retirement plans benefit reductions.

Our management uses non-GAAP measures to evaluate the performance of our core businesses, to estimate future core performance and to compensate employees. Since management finds this measure to be useful, we believe that our investors benefit from seeing our results “through the eyes” of management in addition to seeing our GAAP results. This information facilitates our management’s internal comparisons to our historical operating results as well as to the operating results of our competitors.

Our management recognizes that items such as amortization of intangibles can have a material impact on our cash flows and/or our net income. Our GAAP financial statements including our statement of cash flows portray those effects. Although we believe it is useful for investors to see core performance free of special items, investors should understand that the excluded items are actual expenses that may impact the cash available to us for other uses. To gain a complete picture of all effects on the company’s profit and loss from any and all events, management does (and investors should) rely upon the GAAP income statement. The non-GAAP numbers focus instead upon the core business of the company, which is only a subset, albeit a critical one, of the company’s performance.

Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.

The preliminary non-GAAP net income and diluted EPS reconciliation is estimated based on our current information.

(a) The adjustment for taxes excludes tax benefits that management believes are not directly related to on-going operations and which are either isolated or cannot be expected to occur again with any regularity or predictability. For the years ended October 31, 2017, October 31, 2016 and October 31, 2015 management used a non-GAAP effective tax rate of 18.0%, 19% and 20.0%, respectively.

Historical amounts are reclassified to conform with current presentation.

We provide non-GAAP net income and non-GAAP net income per share amounts in order to provide meaningful supplemental information regarding our operational performance and our prospects for the future. These supplemental measures exclude, among other things, charges related to asset impairments, acceleration of share-based compensation, amortization of intangibles, business exit and divestiture costs, transformational initiatives, acquisition and integration costs, pension settlement gain, pension curtailment gain and impairment of loans.

Asset impairments include assets that have been written-down to their fair value.

October 31, 2015 October 31, 2016 October 31, 2017

AGILENT TECHNOLOGIES, INC.NON-GAAP NET INCOME AND DILUTED EPS RECONCILIATIONS

(In millions, except per share amounts)(Unaudited)

PRELIMINARY

Year EndedYear EndedYear Ended

FY17 over FY14Operating Operating Operating Operating Percent Pts

FY17 Margin % FY16 Margin % FY15 Margin % FY14 Margin % Inc/(Dec)

Revenue: $ 4,472 $ 4,202 $ 4,038 $ 4,048

Income from operations:GAAP Income from operations 841$ 18.8% 615$ 14.6% 522$ 12.9% 419$ 10.4%Add:

Asset impairments — 4$ 3$ 4Intangible amortization 117 152 156 189 Business exit and divestiture costs — 11 12 68Transformational initiatives 12 38 56 29 Acquisition and integration costs 30 41 13 11 Pension settlement gain (32) (1) — — Pension curtailment gain — (15) — — Impairment of loans — 7 — — Restructuring and other costs — — — 2Acceleration of share-based compensation expense related to workforce reduction — — 2 1Pre-separation costs — — — 14Unallocated corporate costs — — — 40Other 6 7 3 (10)

Non-GAAP income from operations $ 974 21.8% $ 859 20.4% $ 767 19.0% $ 767 18.9%Reimbursement from Keysight for services (a) 12 12 25 — Keysight spin-off cost dis-synergies — — — (40)

Adjusted non-GAAP income from operations 986$ 22.0% 871$ 20.7% 792$ 19.6% 727$ 17.9% 4.1%

We provide non-GAAP net income and non-GAAP net income per share amounts in order to provide meaningful supplemental information regarding our operational performance and our prospects for the future. These supplemental measures exclude, among other things, charges related to asset impairments, amortization of intangibles, business exit and divestiture costs, transformational initiatives, acquisition and integration costs, pension settlement gain, pension curtailment gain, impairment of loans, restructuring and other related costs, acceleration of share-based compensation, pre-separation costs and unallocated corporate costs.

Our management recognizes that items such as amortization of intangibles can have a material impact on our cash flows and/or our net income. Our GAAP financial statements including our statement of cash flows portray those effects. Although we believe it is useful for investors to see core performance free of special items, investors should understand that the excluded items are actual expenses that may impact the cash available to us for other uses. To gain a complete picture of all effects on the company’s profit and loss from any and all events, management does (and investors should) rely upon the GAAP income statement. The non-GAAP numbers focus instead upon the core business of the company, which is only a subset, albeit a critical one, of the company’s performance.

Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.

The preliminary reconciliation of income from operations and operating margins is estimated based on our current information.

(a) Post separation, Agilent is providing Keysight Technologies, Inc. certain site services. These site services are included in our operating expenses. The amounts billed to Keysight for these services are recorded in other income.

AGILENT TECHNOLOGIES, INC.RECONCILIATION OF ADJUSTED NON-GAAP INCOME FROM OPERATIONS AND OPERATING MARGINS

(In millions, except margin data)(Unaudited)

PRELIMINARY

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Agilent Technologies...technology portfolio expansion 2015 2016 2017 Outgrow the market Expand offerings around the core Earnings and revenue growth potential Continuing to evaluate