Presentation to Investors

11/12/2003


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Table of Contents

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Presentation to Investors

Forward-Looking Statements

Varian Medical Systems Mission

Elisha Finney

Q4 FY03

Orders and Sales

Profits

Backlog Record $808M (As of 9/26/03)

Cash Flow – FY03

Balance Sheet / Cash Flow (as of 9/26/03)

Stock Repurchase (through Q303)

Fiscal 2004 Outlook

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Sales Growth

Orders by Territory FY 2003

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Customer Satisfaction Survey % rating Very Good or Excellent

Points of Note

Image Guided Radiotherapy

Vision

Radiotherapy Process is “Image Guided”

The Problem is Tumor Motion

Or during a treatment session

Motion ?Treatment Margin

The Solution

The Varian Approach Dynamic TargetingTM IGRT

Indexed Immobilization™

Imaging: 4D to Characterize Motion

Respiratory Motion Distortion CT Images of Lung

Targeting – daily, before treatment

Tracking - during treatment

Imaging on VMS Products

Summary

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