Conference callInterim reportJanuary 1 to March 31, 2016Lübeck, April 26, 2016

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 Q1

Net Sales

EBIT

545.5

532.4

Q1‘15 Q1‘16

-2.4%Currency adjusted+0,2%

nominal

>-100%

� Due to low order book at the end of Q4, weak start into the year.

� Functional expenses down year over year. More cost savings to be implemented in the coming quarters.

� No significant one-off during the quarter.

� FX with negative impact on the EBIT margin (~3 pp).

� Implementation of new organization on track.

� Ramp-up of “Zukunftsfabrik” ongoing.

� New dividend policy: pay out of minimum dividend until earning development has significantly improved and stabilized.

� Full year guidance unchanged.

0.2%EBIT-margin

-2.9%EBIT-margin

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1.1

-15.7Q1‘15 Q1‘16

Order development in Q1

Order entry (€ million)Group

600

324

160

116

Group

Europe

Africa, Asia,Australia

America +5.2%

+5.0%

-3.8%

+0.2%

4

Net SalesGroup

-3.6%

-2.0%

+2.6%

+0.2%

Growth rates are net of currency effects

+13.3%+1.6%

Medical Safety

+0.6%+6.6%

+3.5%-8.5%

+4.6%-2.2%

Business development Q1Group

5

Q1 2015 Q1 2016

€ million € million

Order Intake 615.3 599.6 -2.5 1

Net Sales 545.5 532.4 -2.4 1

% growth (currency adjusted) -0.3% 0.2%

Gross Profit 257.8 223.4 -13.3 Gross margin 47.3% 42.0%

Functional Expenses -253.2 -239.1 5.6 % of Net Sales -46.4% -44.9%

EBIT 1.1 -15.7 >-100EBIT Margin 0.2% -2.9%

Interest Result -5.6 -4.4 21.6

Net Profit -3.1 -13.6 >-100

DVA 60.2 -39.5 >-1001 Currency adjusted quarter: order intake +0.2%, net sales +0.2%

Change

%

Functional Expenses

6

Q1 2015 Q1 2016 Changenet of currency effects

€ million € million %

R&D -56.3 -54.2 -3.7 -3.5 % of Net Sales 10.4% 10.6%

Sales & Marketing -141.0 -134.7 -4.5 -2.5 % of Net Sales -25.8% -25.3%

Administration -55.5 -50.7 -8.7 -7.6 % of Net Sales -10.2% -9.5%

SG&A -196.5 -185.4 -5.7 -4.0 % of Net Sales 37.9% 47.1%

Functional Expenses total -253.2 -239.1 -5.6 -4.2 % of Net Sales -46.4% -44.9%

Change

%

7

Key Figures

Q1 2015 Q1 2016

€ million € million

Cashflow from operating activities -62.6 10.4 >100

Investments 91.3 24.2 -73.5

Cash and cash equivalents1 141.9 176.9 24.6

Net financial debt1 150.4 153.3 1.9 Net financial debt 1 /EBITDA 2 0.63 1.14

Capital employed 1 1,269.7 1,248.2 -1.7

ROCE (EBIT 2 /Capital employed 1) 12.7% 4.0%

Net Working Capital1 618.1 562.5 -9.0

Headcount1 13,698 13,679 -0.1 1 Values at due date2 EBITDA and accordingly EBIT of the last twelve months

Change

%

Business development Q1Segments

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* net of currency effects

Order entry Net sales Net sales EBITEBIT-

margin

∆ in %* million € ∆ in %* million € %

Europe -3.8 299.7 2.6 -5.3 -1.8

America 5.2 103.9 -3.6 -8.8 -8.4

Africa, Asia, Australia 5.0 128.8 -2.0 -1.6 -1.2

Group 0.2 532.4 0.2 -15.7 -2.9

Medical -2.2 338.2 -2.1 -17.0 -5.0

Safety 4.6 194.2 4.4 1.3 0.7

Outlook

2015 2016e 2017e

Net Sales + 2.9%(net of currency effects)

0.0% – 3.0%(net of currency effects)

Slight increasecompared to prior year

(net of currency effects)

EBIT margin 2.6% 3.5% – 5.5%* improvement*

Gross profit margin 44.9% Below prior year

Cash flow fromoperational activities

59.8% EBIT

> 60% of EBIT

Equity ratio 40.9% increase

* based on exchange rates at the start of the year 2016

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Assumptions for FY 2016 Guidance

� Cool down in Europe

� Risk of recession in additional countries

� No significant improvement in Emerging Markets and in markets that are connected to the commodity prices

� Slow start into 2016 due to low orders on hand at the beginning of year

� Negative FX effects of ~1 pp on net sales and ~0.5 pp on EBIT-margin

� Restructuring cost of EUR ~10 million

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Questions & Answers

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Appendix

Business developmentSegments

Europe Americas Africa, Asia, Australia Dräger Group

Q1 2015 Q1 2016 Q1 2015 Q1 2016 Q1 2015 Q1 2016 Q1 2015 Q1 2016

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

Order entry 341.4 324.0 116.4 115.8 157.5 159.9 615.3 599.6

Net Sales 296.5 299.7 113.1 103.9 135.9 128.8 545.5 532.4

EBITDA 11.6 4.2 0.6 -3.5 8.5 3.3 20.7 4.1

EBIT 1.9 -5.3 -4.6 -8.8 3.8 -1.6 1.1 -15.7

EBIT-margin 0.6 -1.8 -4.1 -8.4 2.8 -1.2 0.2 -2.9

Capital Employed1 586.1 575.1 285.5 287.4 398.1 385.7 1,269.7 1,248.2

ROCE1,2 20.5 9.1 0.7 -7.9 9.7 5.3 12.7 4.0

DVA 72.5 10.5 -20.6 -42.7 8.3 -7.4 60.2 -39.5 1 Values at due date

2 EBIT of the last twelve months

12

Q1 2015 Q1 2016€ million € million

Order entry 212.8 216.2 1.6 4.6

Europe 134.9 137.3 1.8 3.5

America 36.2 39.0 7.8 13.3

Africa, Asia, Australia 41.7 39.9 -4.3 0.6

Net Sales 191.2 194.2 1.6 4.4

Europe 119.1 126.8 6.5 8.4

America 35.2 34.7 -1.5 2.8

Africa, Asia, Australia 36.9 32.7 -11.2 -6.8

EBIT -2.7 1.3 >-100.0

EBIT-margin -1.4 0.7

Change%

Change% (FX adj.)

Business developmentSafety

Q1 2015 Q1 2016

€ million € million

Order entry 402.5 383.5 -4.7 -2.2

Europe 206.5 186.7 -9.6 -8.5

America 80.3 76.8 -4.3 1.6

Africa, Asia, Australia 115.8 120.0 3.6 6.6

Net Sales 354.3 338.2 -4.6 -2.1

Europe 177.4 172.9 -2.6 -1.2

America 77.9 69.2 -11.1 -6.6

Africa, Asia, Australia 99.0 96.1 -3.0 -0.2

EBIT 3.8 -17.0 >-100.0

EBIT-margin 1.1 -5.0

Change Change

% % (FX adj.)

Business developmentMedical

Cash-flow statement

Q1 2015 Q1 2016€ million € million

Group net profit -3.1 -13.6 >-100

Change in inventories -56.2 -19.1 65.9

Change in accounts receivables 65.2 102.4 57.1

Change in accounts payables -34.6 -46.8 -35.2

Depreciation and amortization 19.6 19.7 0.5

Other operating cash flow items -53.5 -32.1 39.9

Operating cash flow -62.6 10.4 >100

Investing cash flow -79.2 -17.4 78.1

Free cash flow -141.8 -6.9 95.1

Financing cash flow -25.4 13.3 >100

Change in cash1 -167.2 6.4 >100

Cash and cash equivalents2 141.9 176.9 24.6

1 Change in cash and cash equivalents, i.e. without any effect of exchange rates2 Values at due date

Change%

March 9, 2016 - Accounts press conference, Lübeck- Analysts meeting, Frankfurt

April 26, 2016 - Report for the first three months 2016 Conference call, Lübeck

April 27, 2016 - Annual shareholders' meeting, Lübeck

July 28, 2016 - Report for the first six months 2016 Conference call, Lübeck

November 3, 2016 - Report for the first nine months 2016 Conference call, Lübeck

Financial calendar

16

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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 +49 451 882-3296

Mobile +49 170 8558152 Mobile +49 151 12245295

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

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