Worldwide. On Site.

Conference callInterim reportJanuary 1 to June 30, 2017Lübeck, July 27, 2017

Disclaimer

This presentation contains forward-looking statements regarding the future development of the Dräger Group. These forward-looking statements are based on the current expectations, presumptions, and forecasts of the Executive Board as well as the information available to it to date, and have been made to the best of its knowledge and belief. No guarantee or liability for the occurrence of the future developments and results specified can be assumed in respect of such forward-looking statements. Rather, the future developments and results are dependent on a number of factors; they entail risks and uncertainties beyond our control and are based on assumptions which could prove to be incorrect. Notwithstanding any legal requirements to adjust forecasts, we assume no obligation to update the forward-looking statements contained in this presentation.

This presentation does not constitute an offer of securities for sale or a solicitation of an offer to purchase any securities. No money, securities or other consideration is being solicited by this presentation.

Interim financial reports as well as preliminaries are not audited.

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Business Highlights H1

Order intake continued to improve in Q2. Orders on hand significantly above prior year’s level.

Order intake (currency adjusted):Q2 +7.0% yoyH1 +6.2% yoy

Net sales development still lagging behind order intake development.

Gross profit margin:Q2 44.4% (-1.1pp yoy)H1 44.6% (+0.9pp yoy)

Decline of Q2 margin mainly due to FX.

Functional expenses ~ on prior year’s level (excluding FX and restructuring charges 2016).

No restructuring charges in H1 2017 (H1 2016 EUR 6.2m).

21.2 16.8

Q2‘16 Q2‘17

5.519.1

H1'16 H1'17

Net Sales

EBIT

579581

Q2‘16 Q2‘17

1,111

1,116

H1'16 H1'17

+1.0%Currency adjusted

0.0%Currency adjusted

-21% >100%3.7%EBIT-margin

2.9%EBIT-margin

0.5%EBIT-margin

1.7%EBIT-margin

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Order development in H1

Order entry (€ million)Group

1,302

707

336

259

Group

Europe

Africa, Asia,Australia

America +6.6%

+5.9%

+6.2%

Net Sales

+2.8%

-2.0%

-0.2%

0.0%

Growth rates are net of currency effects

-1.4%+10.5%

Medical Safety

+13.0%+4.4%

+11.9%+1.9%

+9.7%+4.4%

+6.6%

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Business development H1Group

Q2 2016 Q2 2017 6M 2016 6M 2017

€ million € million € million € million

Order Intake 621.4 662.7 6.6 1,221.1 1,302.0 6.6 % growth (FX adjusted) 0.9% 7.0% 0.5% 6.2%

Net Sales 579.0 581.0 0.3 1,111.4 1,116.0 0.4 % growth (FX adjusted) -6.3% 1.0% -3.3% 0.0%

Gross margin 45.5% 44.4% -1.1pp 43.8% 44.6% +0.9pp

Functional Expenses -243.0 -239.6 1.4 -482.1 -476.9 1.1 % of Net Sales -42.0% -41.2% -43.4% -42.7%

EBIT 21.2 16.8 -21.0 5.5 19.1 >100EBIT Margin 3.7% 2.9% -0.8pp 0.5% 1.7% +1.2pp

Interest Result -4.0 -3.6 10.0 -8.4 -6.8 18.6

Net Profit 12.5 8.9 -29.1 -1.1 8.2 >100

DVA -39.4 64.5 >100

Change Change

% %

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Functional Expenses

6M 2016 6M 2017 Changenet of FX and restructuring

€ million € million %

R&D -109.9 -111.9 1.7 1.7 % of Net Sales -9.9% -10.0%

Sales & Marketing -268.5 -272.0 1.3 0.7 % of Net Sales -24.2% -24.4%

Administration -101.9 -91.1 -10.5 -5.1 % of Net Sales -9.2% -8.2%

SG&A -370.4 -363.1 -2.0 -0.8 % of Net Sales -33.3% -32.5%

Other operating income -1.9 -1.9

Functional Expenses total -482.1 -476.9 -1.1 -0.2 % of Net Sales -43.4% -42.7%

Headcount1 13,412 13,484 0.5 1 Values as of reporting date

Change

%

6

Key Figures

6M 2016 6M 2017

€ million € million

Cashflow from operating activities 42.4 31.2 -26.3 Investments 49.3 42.1 -14.6

Cash and cash equivalents1 162.2 175.7 8.3

Net financial debt1 150.6 41.8 -72.3 Net financial debt 1/EBITDA 2 1.12 0.18

Capital employed 1 1,259.2 1,229.9 -2.3 ROCE (EBIT 2/Capital employed 1) 3.9% 12.2%

Net Working Capital1 568.5 552.5 -2.8

DVA -39.4 64.5 >100

1 Values as of reporting date2 EBITDA and accordingly EBIT of the last twelve months

Change

%

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Business development H1Segments

* net of currency effects

Order entry Net sales Net sales EBIT EBIT-margin

Δ in %* € million Δ in %* € million %

Europe 5,9 618,3 -0,2 19,3 3,1

America 6,6 227,7 2,8 -3,9 -1,7

Africa, Asia, Australia 6,6 270,0 -2,0 3,7 1,4

Group 6,2 1116,0 0,0 19,1 1,7

Medical 4,4 706,4 -0,2 -4,4 -0,6

Safety 9,7 409,6 0,3 23,5 5,7

8

Outlook

2016 2017e

Net Sales(net of currency effects)

- 1.5 % 0.0 % – 3.0 %

EBIT margin 5.4 % 5.0 % – 7.0 %*

Gross profit margin 45.0 % 44.0 – 46.0 %

Dräger Value Added EUR 49.8m EUR 40m – 90m

* based on exchange rates at the start of the year 2017

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Questions & Answers

10

Appendix

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Business developmentSegments

Europa Amerika Afrika, Asien, Australien Dräger KonzernQ2 2016 Q2 2017 Q2 2016 Q2 2017 Q2 2016 Q2 2017 Q2 2016 Q2 2017

€ million € million € million € million € million € million € million € million

Order entry 349.2 359.2 120.8 134.4 151.4 169.1 621.4 662.7

Net Sales 324.5 319.5 112.2 120.2 142.3 141.4 579.0 581.0

EBITDA 26.1 24.1 5.2 6.1 11.1 7.2 42.4 37.3

EBIT 15.6 14.2 -0.2 0.8 5.8 1.7 21.2 16.8

EBIT-margin 4.8 4.5 -0.2 0.6 4.1 1.2 3.7 2.9

Capital Employed1 590.2 584.7 301.2 293.5 367.8 351.6 1,259.2 1,229.9

ROCE1,2 8.3 16.0 -6.8 5.2 5.7 11.8 3.9 12.2

DVA 7.4 54.1 -40.5 -5.7 -6.4 16.1 -39.4 64.5 1 Values at due date2 EBIT of the last twelve months

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Business developmentSegments

Europa Amerika Afrika, Asien, Australien Dräger Konzern6M 2016 6M 2017 6M 2016 6M 2017 6M 2016 6M 2017 6M 2016 6M 2017

€ million € million € million € million € million € million € million € million

Order entry 673.2 706.8 236.6 259.1 311.3 336.2 1,221.1 1,302.0

Net Sales 624.2 618.3 216.2 227.7 271.1 270.0 1,111.4 1,116.0

EBITDA 30.4 39.0 1.7 6.7 14.4 14.4 46.5 60.1

EBIT 10.3 19.3 -9.0 -3.9 4.2 3.7 5.5 19.1

EBIT-margin 1.6 3.1 -4.1 -1.7 1.6 1.4 0.5 1.7

Capital Employed1 590.2 584.7 301.2 293.5 367.8 351.6 1,259.2 1,229.9

ROCE1,2 8.3 16.0 -6.8 5.2 5.7 11.8 3.9 12.2

DVA 7.4 54.1 -40.5 -5.7 -6.4 16.1 -39.4 64.5 1 Values at due date2 EBIT of the last twelve months

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Business developmentMedical

Q2 2016 Q2 2017 6M 2016 6M 2017€ million € million € million € million

Order entry 417.3 435.7 4.4 4.5 800.7 841.0 5.0 4.4

Europe 221.6 216.8 -2.1 -2.0 408.3 414.7 1.6 1.9

America 83.2 97.7 17.4 16.5 159.9 181.4 13.4 10.5

Africa, Asia, Australia 112.5 121.2 7.7 8.5 232.5 244.8 5.3 4.4

Net Sales 365.9 370.0 1.1 1.7 704.1 706.4 0.3 -0.2

Europe 185.7 187.1 0.8 1.4 358.6 361.8 0.9 1.4

America 79.5 81.4 2.4 2.3 148.7 150.2 1.0 -1.3

Africa, Asia, Australia 100.8 101.5 0.7 1.8 196.8 194.3 -1.3 -2.4

EBIT 7.9 2.7 -65.6 -9.1 -4.4 51.2

EBIT-margin 2.1 0.7 -1.3 -0.6

Change% (FX adj.)

Change% %

Change% (FX adj.)

Change

Business developmentSafety

Q2 2016 Q2 2017 6M 2016 6M 2017

€ million € million € million € million

Order entry 204.2 226.9 11.2 12.1 420.4 461.1 9.7 9.7

Europe 127.6 142.4 11.6 13.4 264.8 292.0 10.3 11.9

America 37.7 36.7 -2.5 -2.6 76.6 77.7 1.3 -1.4

Africa, Asia, Australia 38.9 47.9 23.0 22.0 78.9 91.4 15.8 13.0

Net Sales 213.1 211.0 -1.0 -0.2 407.4 409.6 0.6 0.3

Europe 138.9 132.3 -4.7 -3.2 265.6 256.5 -3.4 -2.3

America 32.7 38.8 18.6 18.5 67.5 77.4 14.8 11.8

Africa, Asia, Australia 41.5 39.9 -4.0 -4.8 74.2 75.7 1.9 -0.7

EBIT 13.4 14.1 5.3 14.6 23.5 60.7

EBIT-margin 6.3 6.7 3.6 5.7

Change

%

Change Change

% % (FX adj.)

Change

% (FX adj.)

Cash-flow statement

6M 2016 6M 2017€ million € million

Group net profit -1.1 8.2 >100

Change in inventories -38.1 -59.0 -54.7

Change in receivables 122.7 133.8 9.1

Change in payables -31.1 -23.7 23.9

Depreciation and amortization 40.9 41.0 0.2

Other operating cash flow items -50.9 -69.2 -35.8

Operating cash flow 42.4 31.2 -26.3

Investing cash flow -42.2 -29.5 30.1

Free cash flow 0.2 1.7 >100

Financing cash flow -9.8 -41.9 >-100

Change in cash1 -9.6 -40.2 >-100

Cash and cash equivalents2 162.2 175.7 8.3 1 Change in cash and cash equivalents, i.e. without any effect of exchange rates2 Values as of reporting date

Change%

Earnings per share

2012 2013 2014 2015 2016Net profit in € thousand 135,680 119,895 104,666 33,288 81,736Earnings attributable to non-controlling interests in € thousand 3,319 563 105 287 345

Szenario: 100% distribution:pay-out ratio 100% 100% 100% 100% 100%Earnings attributable to participation certificates* in € thousand 35,523 31,917 27,686 8,530 20,537Earnings attributable to shareholders in € thousand 96,838 87,415 77,085 25,044 60,855

Earnings per common share € 5.84 5.24 4.52 1.40 3.40Earnings per preferred share € 5.90 5.30 4.58 1.46 3.46

Szenario: actual/proposed distributionpay-out ratio 15.1% 15.1% 30.1% 10.9% 4.5%Earnings attributable to participation certificates* in € thousand 5,325 4,780 8,174 909 895Earnings attributable to shareholders in € thousand 127,036 114,553 96,598 32,665 80,496

Earnings per common share** € 7.67 6.88 5.67 1.83 4.51Earnings per preferred share** € 7.73 6.94 5.73 1.89 4.57

* excluding minimum dividend, after taxes** the EPS is not in accordance with IAS 33

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March 8, 2017 - Accounts press conference, Lübeck- Analysts meeting

May 4, 2017 - Report for the first three months 2017 Conference call, Lübeck

May 10, 2017 - Annual shareholders' meeting, Lübeck

July 27, 2017 - Report for the first six months 2017 Conference call, Lübeck

November 2, 2017 - Report for the first nine months 2017 Conference call, Lübeck

Financial calendar 2017

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Melanie Kamann Thomas FischlerCorporate Communications Investor Relations

Drägerwerk AG & Co. KGaA Drägerwerk AG & Co. KGaAMoislinger Allee 53−55 Moislinger Allee 53−5523558 Lübeck, Germany 23558 Lübeck, Germany

Tel +49 451 882-3998 Tel +49 451 882-2685 Fax +49 451 882-3944 Fax +49 451 882-3296Mobile +49 170 8558152 Mobile +49 151 12245295

melanie.kamann@draeger.com thomas.fischler@draeger.comwww.draeger.com www.draeger.com

Contact

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