Executive Overview

Allocations of UGII funds are made to cover ongoing operational matters (i.e., Alumni Scholars, Founders’ Day, etc.) and for items that are of strategic importance in moving the University forward. The latter may be special projects which can have duration of a single year or multiple years with a defined ending date. Strategic proposals that require continuing operating support are considered, but those not requiring such support are more likely to be funded. Normally, UGII monies are not used to make up for normal operating shortages.

• These materials also include Non-GAAP financial measures.A reconciliation to the comparable GAAP measures can be found herein, or in our earnings release and the financial schedules attached thereto.
• Certain financial information excludes the impact of the following items: 1. Foreign currency translation.
2. Adjustments to current and prior year periods as noted in the schedules in the appendix of this presentation.
• Reconciliations of certain forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are omitted from the financial schedules attached hereto as we are unable to provide such reconciliations without unreasonable efforts.Sufficient information is not available to calculate certain forward-looking adjustments required for such reconciliations, including future restructuring charges and acquisition-related costs.We expect these future charges and costs could have a potentially significant impact on our future GAAP financial results.
• Basis of Presentation for Revenue Growth Metrics: All revenue amounts are presented on a GAAP basis.As such, YTD revenue amounts reflect BD standalone results in Q1 and BD + Bard results starting in Q2.In addition, revenue amounts reflect the BD / Bard portfolio alignment.Comparable FXN revenue growth reflects growth on a currency neutral basis, adjusted to include Bard in all current and prior periods, excludes divestitures, and reflects BD / Bard portfolio alignment.Reconciliations of comparable FXN revenue growth to the comparable GAAP measure are included in our earnings release and the related financial schedules.
• A copy of our earnings release, including the financial schedules, is posted on the "Investors" section of the BD.com website.
• These materials include forward-looking statements and it's possible that actual results could differ from our expectations.Factors that could cause such differences appear in our earnings release and in our recent SEC filings.

Forward-Looking Statements
Non-GAAP Financial Measures • Improving medication management across the continuum of care • Leading in infection prevention and health care safety • Advancing the management of high burden diseases • Enabling surgical and interventional procedures • Enhancing the diagnosis of infectious disease and cancer • Empowering research insights inside and outside the cell BD strategy and execution toward advancing the world of health • Providing leading medical technologies and innovative solutions for our customers and their patients, • Driving sustainable healthcare by increasing access, driving better outcomes, mitigating system cost pressures, and improving health care safety, through:

Medical Life Sciences Interventional
Our long-term strategy is focused on

Q2 FY 2018 Business highlights
Robust Q2 performance as our first combined quarter • Revenue performance exceeded our expectations with strong growth across all three segments • Bard integration off to a great start  (1) All revenue amounts are presented on a GAAP basis.As such, YTD revenue amounts reflect BD standalone results in Q1 and BD + Bard results starting in Q2.
In addition, revenue amounts reflect the BD / Bard portfolio alignment.(2) Comparable FXN revenue growth reflects growth on a currency neutral basis, adjusted to include Bard in all current and prior periods, excludes divestitures, and reflects BD / Bard portfolio alignment.(3) Represents estimated impact from the U.S. Dispensing revenue recognition change in Q1 and Q2 and the hurricane in Puerto Rico on the Bard business in Q1. (4) Current and prior-year adjusted diluted earnings per share results exclude, among other things, the impact of purchase accounting adjustments (including the non-cash amortization of acquisition-related intangible assets); integration, restructuring and transaction costs; a litigation charge and the reversal of a litigation reserve; and the loss on debt extinguishment.Note: Figures are $ millions, except per share data.

Second quarter
Year-to-date (1) All revenue amounts are presented on a GAAP basis.As such, YTD revenue amounts reflect BD standalone results in Q1 and BD + Bard results starting in Q2.In addition, revenue amounts reflect the BD/Bard portfolio alignment.(2) Comparable FXN revenue growth reflects growth on a currency neutral basis, adjusted to include Bard in all current and prior periods, excludes divestitures, and reflects BD / Bard portfolio alignment.

Operating margin
Multi-year operating margin expansion (1) Q2 FY 2018 adjusted gross and operating margins

Life Sciences Interventional
Segments 4.0% to 5.0% 5.0% to 6.0% 5.5% to 6.5% (2) BD + Bard Underlying 5.0% to 5.5% 5.5% to 6.0% (2,3) (1) Comparable FXN revenue growth reflects growth on a currency neutral basis, adjusted to include Bard in all current and prior periods, excludes divestitures, and reflects BD / Bard portfolio alignment.(2) Underlying Revenues FXN % Growth excludes the estimated sales impact from the hurricane in Puerto Rico on the Bard business in Q1.
(3) Underlying Revenues FXN % Growth excludes the estimated impact from the U.S. Dispensing revenue recognition change in Q1 and Q2.(1) Current and prior-year adjusted diluted earnings per share results exclude, among other things, the impact of purchase accounting adjustments (including the non-cash amortization of acquisition-related intangible assets); integration, restructuring and transaction costs; a litigation charge and the reversal of a litigation reserve; and the loss on debt extinguishment.(2) Underlying growth excludes the estimated (2 to 3%) EPS impact from the U.S. Dispensing revenue recognition change in Q1 and Q2.Q2 FY 2018 guidance update (1) Comparable revenue growth reflects growth on a currency neutral basis, adjusted to include Bard in all current and prior periods, excludes divestitures, and reflects BD / Bard portfolio alignment.(2) Underlying Growth excludes the estimated impact from the U.S. Dispensing revenue recognition change in Q1 and Q2 and the estimated sales impact from the hurricane in Puerto Rico on the Bard business in Q1.
(3) Amounts previously reported by Bard as related to the Gore royalty revenue have been reclassified to Other Income to reflect the reporting classification by BD. ( 4) Current and prior-year adjusted diluted earnings per share results exclude, among other things, the impact of purchase accounting adjustments (including the non-cash amortization of acquisition-related intangible assets); integration, restructuring and transaction costs; a litigation charge and the reversal of a litigation reserve; and the loss on debt extinguishment.

Q2 FY 2018 BD transformation update
CareFusion Bard Integration • Integration largely complete • Organizational design and integration plan fully in place • Pivoting towards execution

Cost Synergies
• Confidence in achieving ~$350M through FY 2018 • Expect ~$300M by FY 2020 • Realizing public company cost savings and starting to see procurement cost savings • Comprehensive work streams with assigned accountability in the operational synergy plan

Revenue Synergies
• Good traction with our International MMS portfolio (ROWA™, CMax, Workflow Solutions, and infusion pumps for hospital and ambulatory care settings) • International MDS and MMS have been growing high-single digits since the combination of BD + CFN • Starting to execute on our combined vascular access go-tomarket strategy • Beginning to leverage our enhanced surgical portfolio in U.S. and commercial presence globally FY 2018 Planned Product Launches

Medical Life Sciences Interventional
• BD PhaSeal™ Optima • BD PureHub™ IV needless connector disinfectant caps • IV Solutions -sodium chloride and 5% dextrose • IV Solutions -additional compounds in FY 2018 • Next Gen Accucath™ catheter • BD Venflon™ I with BD Instaflash™ Needle Technology • BD Venflon™ Pro Safety with BD Instaflash™ Needle Technology • BD HealthSight™ integrated MMS platform • BD Pyxis™ ES 1.5.2 • BD Neopak™ XSi™ glass prefillable syringe • BD MAX™ -TB • BD MAX™ Check-Points CPO assay (CE Mark) • BD Onclarity™ HPV (U.S. PMA) • BD Synapsys™ Informatics DS platform • BD AbSeq assays for protein expression • Additional BD OptiBuild™ reagents / Sirigen dyes (1) Includes adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and valuation of fixed assets and debt.The amount in 2018 also included a fair value step-up adjustment of $422 million recorded relative to Bard's inventory on the acquisition date.
(2) Represents integration, restructuring and transaction costs which are associated with the Bard and CareFusion acquisitions, as well as restructuring and transaction costs associated with other portfolio rationalization initiatives.
(3) Represents financing impacts associated with the Bard acquisition.
(4) Represents costs incurred as a result of hurricane-related damage to production facilities in Puerto Rico.
(5) Represents losses recognized upon the extinguishment of certain long-term senior notes.
(6) Represents the dilutive impact of share equivalents associated with share-based plans that were excluded from the reported diluted shares outstanding calculation because the result would have been antidilutive. (1)Includes adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and valuation of fixed assets and debt.The amount in 2018 also included a fair value step-up adjustment of $422 million recorded relative to Bard's inventory on the acquisition date.
(2) Represents integration, restructuring and transaction costs which are associated with the Bard and CareFusion acquisitions, as well as restructuring and transaction costs associated with other portfolio rationalization initiatives.
(3) Represents financing impacts associated with the Bard acquisition.
(4) Represents costs incurred as a result of hurricane-related damage to production facilities in Puerto Rico.
(5) Represents losses recognized upon the extinguishment of certain long-term senior notes.
(8) Represents the reversal of certain reserves related to an appellate court decision which, among other things, reversed an unfavorable antitrust judgment in the RTI case.
(6) Represents the dilutive impact of the following: BD shares issued in May 2017, in anticipation of the Bard acquisition; BD shares issued as consideration transferred to acquire Bard; and share equivalents associated with share-based plans that were excluded from the reported diluted shares outstanding calculation because the result would have been antidilutive.The adjusted diluted average shares outstanding (in thousands) was 246,179.Footnote Explanations 1 2 Represents the as-reported presentation of Bard product revenues, previously defined by disease state, aligned to BD's fiscal year and quarterly reporting cycle.Amounts represent revenues recognized between BD and Bard previously recognized as 3rd party revenue, which will be considered as intercompany revenue.
Represents re-alignment of certain BD products previously reported in the Medication and Procedural Solutions unit within the BD Medical Segment to the new BD Interventional Segment.
Represents the re-alignment of certain Bard products to the Medication Delivery Solutions unit (previously Medication and Procedural Solutions) within the BD Medical Segment.In addition, the remaining legacy Bard products have been realigned to units within the new BD Interventional Segment.
Represents re-alignment of Bard country reporting to align to BD's existing presentation.

Our focus on sustainable performance
Developing new products and solutions that improve outcomes, reduce system costs and promote healthcare safety (3) Represents estimated impact from the U.S. Dispensing revenue recognition change in Q1 and Q2 and the hurricane in Puerto Rico on the Bard business in Q1.Note: Figures are $ millions.Totals may not add due to rounding.

( 1 )
Comparable FXN revenue growth reflects growth on a currency neutral basis, adjusted to include Bard in all current and prior periods, excludes divestitures, and reflects BD / Bard portfolio alignment.(2) Represents the estimated impact from the U.S. Dispensing revenue recognition change.(3) Current and prior-year adjusted diluted earnings per share results exclude, among other things, the impact of purchase accounting adjustments (including the non-cash amortization of acquisition-related intangible assets); integration, restructuring and transaction costs; a litigation charge and the reversal of a litigation reserve; and the loss on debt extinguishment.Note: Figures are $ millions, except per share data.Totals may not add due to rounding.Above figures reflects favorable / (unfavorable) performance versus last year.

( 7 )
Includes additional tax expense, net, of $275 million relating to new U.S. tax legislation.An estimated one-time transition tax payable of $561 million, payable over an eight year period with 8% due in each of the first five years, was offset by a tax benefit of $285 million related to the remeasurement of deferred tax balances due to the lower corporate tax rate at which they are expected to reverse in the future.

( 1 )
Includes adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and valuation of fixed assets and debt.The amount in 2018 also included a fair value step-up adjustment of $422 million recorded relative to Bard's inventory on the acquisition date.(2)Represents integration, restructuring and transaction costs which are associated with the Bard and CareFusion acquisitions, as well as restructuring and transaction costs associated with other portfolio rationalization initiatives.(3) Represents costs incurred as a result of hurricane-related damage to production facilities in Puerto Rico.(4) Represents losses recognized upon the extinguishment of certain long-term senior notes.(5)Represents the dilutive impact of share equivalents associated with share-based plans that were excluded from the reported diluted shares outstanding calculation because the result would have been antidilutive.The adjusted diluted average shares outstanding (in thousands) were 273,693.

( 1 )
Includes adjustments related to the purchase accounting for acquisitions impacting identified intangible assets and valuation of fixed assets and debt.The amount in 2018 also included a fair value step-up adjustment of $422 million recorded relative to Bard's inventory on the acquisition date.(2) Represents integration, restructuring and transaction costs which are associated with the Bard and CareFusion acquisitions, as well as restructuring and transaction costs associated with other portfolio rationalization initiatives.(3) Represents financing impacts associated with the Bard acquisition.(4) Represents costs incurred as a result of hurricane-related damage to production facilities in Puerto Rico.(5) Represents losses recognized upon the extinguishment of certain long-term senior notes.(6) Represents the reversal of certain reserves related to an appellate court decision which, among other things, reversed an unfavorable antitrust judgment in the RTI case.(7) Represents the dilutive impact of the following: BD shares issued in May 2017, in anticipation of the Bard acquisition; BD shares issued as consideration transferred to acquire Bard; and share equivalents associated with share-based plans that were excluded from the reported diluted shares outstanding calculation because the result would have been antidilutive.The adjusted diluted average shares outstanding (in thousands) was 246,179.(8) Includes additional tax expense, net, of $275 million relating to new U.S. tax legislation.An estimated one-time transition tax payable of $561 million, payable over an eight year period with 8% due in each of the first five years, was offset by a tax benefit of $285 million related to the remeasurement of deferred tax balances due to the lower corporate tax rate at which they are expected to reverse in the future.
BD Respiratory, Simplest and Spine and the pending divestiture of BD's soft tissue core needle biopsy product line and Bard's Aspira® product line of tunneled home drainage catheters and accessories.

Fostering
largest solar array, in Canaan, CT, is now online.The system will generate 3,463 Megawatts annually.Q2 UpdateEngaging leaders across the organization to serve as advocates for Inclusion & Diversity, as part of BD's Global Inclusion CouncilQ2 UpdateBD works with Project HOPE to launch three year capability-building program for healthcare professionals in western China

2% +0.1% (4.8%) Urology & Critical Care 264 NM +6.5% +4.0%
2) Comparable FXN revenue growth reflects growth on a currency neutral basis, adjusted to include Bard in all current and prior periods, excludes divestitures, and reflects BD / Bard portfolio alignment.(3) Represents estimated impact from the U.S. Dispensing revenue recognition change in Q1 and Q2.Note: Figures are $ millions.Totals may not add due to rounding.2) Comparable FXN revenue growth reflects growth on a currency neutral basis, adjusted to include Bard in all current and prior periods, excludes divestitures, and reflects BD / Bard portfolio alignment.(3) Represents estimated impact from the hurricane in Puerto Rico on the Bard business in Q1.Note: Figures are $ millions.Totals may not add due to rounding.NM = not meaningful.
(1) All revenue amounts are presented on a GAAP basis.As such, YTD revenue amounts reflect BD standalone results in Q1 and BD + Bard results starting in Q2.In addition, revenue amounts reflect the BD / Bard portfolio alignment.(Note:Figures are $ millions.Totals may not add due to rounding.(1)All revenue amounts are presented on a GAAP basis.As such, YTD revenue amounts reflect BD standalone results in Q1 and BD + Bard results starting in Q2.In addition, revenue amounts reflect the BD / Bard portfolio alignment.( Q2 FY 2018 adjusted income statement

Adjusted $ for Six Months Ended March 31, 2017
The adjusted diluted average shares outstanding (in thousands) was 273,693.