Drägerwerk AG & Co. KGaACapital Markets PresentationAugust, 2019

Interim financial reports as well as preliminaries are not audited.

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.

2

Outlook

DrägerThe Company

Financials

3

protectDräger products

supportsave

lives,

and

.

4

Net sales developmentStrong growth independent of the global economy

Source: International Monetary Fund, World Economic Outlook Database

Net sales developmentDräger net sales in EUR million

Global gross domestic product

Stock-market crash

Stock-market crash

Stock-market crash

GulfWarGulfWarGulfWar

Mexican pesocrisis

Mexican pesocrisis

Mexican pesocrisis

Russianfinancial

crisis

Russianfinancial

crisis

Russianfinancial

crisis

Stock-marketcrash

Stock-marketcrash

Stock-marketcrash

IraqWarIraqWarIraqWar

Financialcrisis

Financialcrisis

Financialcrisis

5

DebtcrisisDebtcrisisDebtcrisis

2,500

2,000

1,500

1,000

500

0

3,000

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

6

55%25%

20%

Africa, Asia, AustraliaEurope

Americas

Net Sales: EUR

~2.6 billionin 2018

70%

16%

14%

14,399employees

in 2018

Dräger-Sites21%

11%

10%

58%

Sales & Service Production, Quality,Logistics, Purchasing

R&D Administration

Production sites inEurope, America, Africa and AsiaSales and Service organizations worldwide

Safety~35 %

Medical~65 %

Dräger worldwideNet sales, sites and employees

MarketsOur customers

Fire services Oil and gas industry

Mining Chemical industry

Hospital

7

Other markets

8

Infinity Acute Care System Clincal software solutions Telemetry and IT-solutions

Medical supply units Medical Gas supply

systems Medical lights and video

solutions

Consumables and accessories

Classical-, Multivendor product service, Professional Service

Training

Anaesthesiology

Ventilation

Thermoregulation

Patient Monitoring & Clinical IT

Workplace Infrastructure

Hospital Consumables & Service

Intensive Care Operating Room Neonatal Care Hospital wideSolutions

Note: Market position based on Dräger‘s market knowledge and its own assessment of market position; positions ranked according to net sales.

Anaesthesia workstations and vaporizers

#1 in Europe and #2 in the US market

Emergency & Transport-, Neonatal- and Intensive Care ventilators

Respiratory monitoring #1 in Europe

Incubators and Warming Therapy

#2 worldwide and #1 in Europe

9

Breathing Systems

Gas Detection Systems

Personal Protection Equipment

Impairment Check Equipment

Engineered Solutions

Service

Fixed and mobile gas detection systems

#1 worldwide and #1 in Europe

Alcohol- and drugscreening devices

Interlock devices #1 worldwide and

#1 in Europe

Protection equipment for hazardous working environments

Body and Head protection, rescue and escape devices, Masks and Filters, etc.

Self-containedBreathing Appartus forfire fighters

#2 worldwide and #1 in Europe

Customer specific solutions

mobile and stationary firefighting training systems

Rescue chambers

Spareparts and consumables

Product Service Rental, On-site shops

and Shutdown Service Marine-Offshore Service

Note: Market positions based on Dräger‘s market knowledge and its own assessment of market position; positions ranked according to net sales.

Fire Service

Oil & Gas Chemical Mining Other Markets

10

Medical and safety technology providing long-term growth prospects in developed and emerging markets

Hospital

Attractive growth prospects in sizeable markets …

… in developed markets…

… as well as in emerging markets

Oil&Gas Chemical Mining FireService

Average expected annual market growth for the global medical equipment market significantly exceeding growth in many other sectors

Strong growth prospects in both developed and emerging markets

Very diversified markets with numerous product and service offerings

Attractive growth prospects for target sectors (e.g. industry) and growing safety investments

Rapidly aging population and consequently increasing healthcare expenditure

Increasing demand for medical equipment to improve clinical workflows and efficiency

Increasingly stricter safety regulations Rising environmental awareness Improved outlook for target markets

Strong growth of GDP and population resulting in a demand for improved medical services

Political benefits from investments in health care sector

Increasingly higher safety standards Increasing industrial hygiene awareness Strong growth of key customer sectors

11

Management of innovation rate through continuous improvements in quality and R&D processes

Expansion of market positions in attractive markets. Special focus on profitable growth in developing countries

Expansion of service and consumables business

Investments for future growth

1

2

3

4

Strategy for profitable growth

12

1

Strong R&D focus Innovation to enhance future growth (examples)

Approximately 1,300 employees in R&D around the globe.

EUR 252 million spent for R&D activities in 2018 (9.7 % of net sales).

Certified test-center at Lübeck headquartersupports innovation- and approval process.

Qualitymanagement organization with >100 employees.

Very close collaboration with customers to develop new and improve existing products.

Technological competency and high quality standards result in leading market positions and high barriers to entry.

Technology and innovation leadership to drive profitable growth

Babyleo ®

Incuwarmer: combination of a

classical incubator and warming bed

functionalities.

Dräger X-am® 8000

Multigas detector for measurement of

up to 7 gases simultaneously.

Note: no meaningful capitalization of R&D budget

Atlan®

New anesthesia family with network

connectivity supporting SDC and new user interface

13

Investments in profitable

growth in developing countries

2

Focus on the specific needs of customer in developing countries Identify growth potential in strong growing markets like China, Brazil and India Capitalize on the significant investments into the Sales & Service infrastructure and

specific market knowledge, especially in our Region AAA and in Central- and South-America

Enhance engagement with partners in developing countries to expand local presence with R&D, manufacturing, sales and after sales business

2

Net sales

Developed Markets

77 %

Newly industrialized

countries23 %

Focused product range

Exploit growth potentials in developing countries

Fabius Plus XLVista 120Savina Color

14

Further expansion of service and

consumables business

3

Service- and consumables business a clear focus of our Sales activities

3

Dräger Services Dräger Consumables

Functionalities with added value, e.g. optimizing workflow with RFID-based communication between consumables part and therapy machine

Dräger quality to improve hygienic standards Dräger value add especially in development of

consumables. Production usually via suppliers Partly proprietary consumable products, e.g. Dräger-Tubes

Globally over 3,000 service technicians Fast and reliable service (repairs and spare parts) is a

critical factor for customers Dräger Service technicians important for customer loyalty Efficient service solutions via remote service Broad offerings of product service New services in the areas of Rental, Multi-Vendor and

Marine-offshore

Capitalize on large installed base to expand after sales business Focus on combined sale of equipment and after sales contracts Expansion of disposable consumables business

Investments 2018/2019 will support future growth…

15

WE ARE INVESTING: WE ARE RESTRUCTURING:

Sales resources

&-capabilities

R&Droadmap

Strengthening Safety sales channels

FGDS System Centers Key Account Management Digital distribution channels Global roll out of Future

Technician Workplace

More R&D resources (focus on SW-development)

Partnership with external development partners

Accelerate EM product portfolio

…and will lift EBIT margin again from 2020

4

New organizational set-up and business steering according to Medical and Safety:

Introduction of business units with full product and customer accountability.

Business units are combined within a Medical division and a Safety division, each managed by a dedicated board member.

Financial reporting according to the new divisional structure Medical and Safety. (as of FY 2020)

One dedicated board member responsible for the global sales organization.

Financials

16

Business developmentDräger Group 5y view

17

Note: restructuring charges included in FY EBIT: EUR 35 million in 2015, EUR 10 million in 2016Dräger Value Added (DVA) = EBIT less cost of capital of average invested capital

Change

%

Net Sales 0.9 % growth% growth (FX adjusted)

Gross margin -2.1pp

Functional Expenses -5.1 % of Net Sales +1.6pp

EBIT -59.8 EBIT Margin -3.7pp

DVA >-100-26.5

-1,042.2 -40.2%

62.6 2.4%

2018

€ million

2,595.0 0.9%3.9%

42.7%

70.7

-992.0 -38.6%

155.7 6.1%

2017

€ million

2,572.3 1.9%3.3%

44.8%

2015

€ million

2,608.9 7.2%2.9%

178.6

-39.7%

81.6

-967.8

7.3%

-1,098.4 -42.1%

-999.2 -39.6%

136.9 5.4%

66.7 2.6%

2014

€ million

2,434.7 2.5%

2016

€ million

2,523.8 -3.3%-1.5%

45.0%

4.0%

46.7% 44.9%

49.8 -46.3

Key figuresDräger Group 5y view

18

Note: Investments 2015 include EUR ~60m for M&A

Change

%

Cashflow (from operating activities) -97.1

Investments -26.7

Cash and cash equivalents1 -27.5

Net financial debt1 >100Net financial debt 1/EBITDA 2

Capital employed 1 8.1 ROCE (EBIT 2 /Capital employed 1)

Net Working Capital1 19.6

Equity ratio -0.6pp

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

179.6

43.3 0.29

1,344.7 4.7%

666.5

44.8

2018

€ million

4.1

77.8

247.6

-29.2 -0.12

1,243.6 12.5%

557.2

45.4

2017

€ million

143.3

106.2

0.04

1,107.2 16.1%

10.7

539.4

188.0

124.7

40.1

€ million

39.9

196.9

172.8

145.3 0.96

296.9

2014

34.7 0.16

1,247.0 11.0%

563.2

43.4

€ million

195.3

99.9

221.5

2016

1,269.3 5.3%

582.3

40.9

2015

€ million

Outlook

19

20

Outlook

Assumptions for FY 2019 Guidance Increasing economic uncertainties will slightly slow down demand. Improving net sales development in North America will partly be off-set by softer demand in Central- /

South America. Growth in the Europe Region expected to be slightly softer. Continuously strong top-line development in AAA Region.

Positive growth in both product areas, with a stronger top-line growth for safety offerings. Higher functional expenses due to investments to support future growth. Increase of R&D budget to EUR

260 – 275 million. No meaningful FX impact on nominal net sales growth and EBIT-margin1

EXPECTATIONS FOR FISCAL YEAR 2019

2018 2019e

Net sales 3.9%(net of currency effects)

+1.0 - +4.0 %(net of currency effects)

EBIT margin 2.4% 1.0 - 3.0 %1

Dräger Value Added EUR -26.5 million in the range EUR -60 to -10 million

1 Based on exchange rates at the start of the year 2019 and excluding restructuring charges

Guiding philosophyWhat we stand for

21

22

Dräger management

Fifth generation of the Dräger family to lead the company

Chairman of the Executive Board (Chief Executive Officer)

At Dräger since 1992

Stefan Dräger

Vice Chairman of the Executive BoardExecutive Board member for Finance and IT

At Dräger since 2008

Gert-Hartwig Lescow

Executive Board member for Purchasing, Production and Logistics

At Dräger since 2015

Rainer Klug Dr. Reiner Piske

Executive Board member for Human Resources

At Dräger since 2015

Executive Board member for Innovation and Quality

At Dräger since 2010

Anton Schrofner

Responsible for the Americas region

Responsible for the Europe region

Responsible for the Africa, Asia and Australia regions

23

24

Shareholder structure

ShareholdingCommon shares

67.2 %

28.8%

4.0%

Dr. Heinrich Dräger GmbHFree floatMembers of the Dräger family

10,160,000 common shares (28.8 % free float)7,600,000 preferred shares (100.0 % free float)

ShareholdingDr. Heinrich Dräger GmbH

Stefan Dräger GmbHDräger FoundationSuccessors of Dr. Heinrich Dräger

58.7%

23.2%

18.1%

Guidance 2018 / 2019

25

2018 2019e

Net sales 3.9%(net of currency effects)

+1.0 - +4.0 %(net of currency effects)

EBIT margin 2.4% 1.0 - 3.0 %1

Dräger Value Added EUR -26.5 million in the range EUR -60 to -10 million

Other forecast figures:

Gross margin 42.7 % on prior year's level(+ / - 1pp)

R&D expenses EUR 252.2 million EUR 260 - 275 million

Interest result EUR -11.0 million on prior year's level2

Days working capital (DWC) 117.4 days stable2

Investment volume EUR 77.8 million3 EUR 85 - 100 million3

Net financial debt EUR 43.3 million4 improvement

1 Based on exchange rates at the start of the year 2019 and excluding restructuring charges2The calculation method will be adjusted during 20193excluding company acquisitions4IFRS 16 ajusted amount: EUR 147.2 million

Business development YTD Dräger Group

26

6M 2018 6M 2019

€ million € million

Net Sales 1,115.8 1,235.9 10.8 % growth 0.0% 10.8%% growth (FX adjusted) 4.0% 10.3%

Gross Profit 473.7 524.3 10.7 Gross margin 42.5% 42.4%

Functional Expenses -508.8 -534.4 5.0 % of Net Sales -45.6% -43.2%

EBIT -36.6 -12.2 66.7 EBIT Margin -3.3% -1.0%

Net Profit -29.3 -14.6 -50.2

DVA 13.8 -8.1 >-100

34.9

-26.5

-1,042.2 -40.2%

62.6 2.4%

2018

€ million

2,595.0 0.9%3.9%

1.0 42.7%

98.5

70.7

-992.0 -38.6%

155.7 6.1%

2017

€ million

2,572.3 1.9%3.3%

1,134.5 44.8%

-999.2 -39.6%

136.9 5.4%

2016

€ million

2,523.8 -3.3%-1.5%

1,134.5 45.0%

Change

%

81.7

49.8

Key figures YTDDräger Group

27

6M 2018 6M 2019

€ million € million

Cashflow (from operating activities) -66.7 >100

Investments 34.8 74.0

Cash and cash equivalents1 139.4 7.8

Net financial debt1 78.8 >100Net financial debt 1 /EBITDA 2 0.42

Capital employed 1 1,299.0 11.8 ROCE (EBIT 2 /Capital employed 1) 7.7%

Net Working Capital1 626.8 7.7 1 Values as of reporting date2 EBITDA and accordingly EBIT of the last twelve months

179.6

43.3 0.29

1,344.7 4.7%

666.5

2018

€ million

4.1

77.8

247.6

-29.2 -0.12

1,243.6 12.5%

557.2

2017

€ million

143.3

106.2

34.7 0.16

1,247.0 11.0%

563.2

€ million

195.3

99.9

221.5

Change

%

2016

31.3

60.6

150.2

171.2 0.90

1,451.8 6.0%

675.2

Business developmentSegments 5y view

28 For further analysis, this data (including quarterly figures) can be downloaded as an Excel file from the Dräger website

2014 2015 2016 2017 2018SEGMENT EUROPEOrder Entry 1 € million 1,357.0 1,391.0 1,382.5 1,447.8 1,450.2Net Sales 1 € million 1,362.2 1,420.7 1,384.3 1,415.5 1,431.9EBIT € million 128.5 59.4 84.5 108.1 82.0EBIT margin % 9.4 4.2 6.1 7.6 5.7

SEGMENT AMERICAOrder Entry 1 € million 461.5 496.8 515.0 509.2 526.0Net Sales 1 € million 471.2 509.1 503.7 510.4 499.3EBIT € million -0.4 -18.6 10.3 4.0 -30.2EBIT margin % -0.1 -3.7 2.0 0.8 -6.0

SEGMENT AFRICA, ASIA, AUSTRALIAOrder Entry 1 € million 597.0 644.5 641.2 657.6 710.2Net Sales 1 € million 601.3 679.1 635.8 646.4 663.8EBIT € million 50.5 25.8 42.1 43.7 10.8EBIT margin % 8.4 3.8 6.6 6.8 1.61 year 2014 were adjusted pro-forma due to the change in segment reporting.

Business development YTDSegments

29

Europe Americas Africa, Asia, Australia Dräger Group6M 2018 6M 2019 6M 2018 6M 2019 6M 2018 6M 2019 6M 2018 6M 2019

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

Order entry 706.6 711.3 228.0 262.2 339.1 346.8 1,273.8 1,320.4

Net Sales 644.7 668.2 201.0 251.6 270.0 316.2 1,115.8 1,235.9

EBITDA 33.3 36.9 -22.3 1.1 -5.1 9.7 5.9 47.7

EBIT 12.5 6.8 -33.2 -12.4 -15.9 -6.6 -36.6 -12.2

EBIT-margin 1.9 1.0 -16.5 -4.9 -5.9 -2.1 -3.3 -1.0

Capital Employed1 597.9 671.4 305.3 331.3 395.8 449.1 1,299.0 1,451.8

ROCE1,2 16.9 11.4 -8.3 -2.8 6.1 4.5 7.7 6.0

DVA 61.2 33.2 -45.6 -32.2 -1.7 -9.1 13.8 -8.1 1 Values at due date2 EBIT of the last twelve months

Business Development medical and safety products 5y view

30

For further analysis, this data (including quarterly figures) can be downloaded as an Excel file from the Dräger website

2014 2015 2016 2017 2018

MedicalOrder Entry € million 1,569.8 1,646.0 1,662.6 1,683.7 1,723.4Net Sales € million 1,577.2 1,698.8 1,647.4 1,668.0 1,643.0

EBIT € million 107.6 46.2 85.3 92.9 6.9EBIT margin % 6.8 2.7 5.2 5.6 0.4

SafetyOrder Entry € million 845.7 886.2 876.1 931.0 963.1Net Sales € million 857.5 910.1 876.5 904.3 952.0EBIT € million 71.0 20.5 51.6 62.8 55.8EBIT margin % 8.3 2.2 5.9 6.9 5.9

31

Business development YTDMedical

Q2 2018 Q2 2019 6M 2018 6M 2019€ million € million € million € million

Order entry 413.6 425.9 3.0 2.4 815.1 804.4 -1.3 -2.1

Europe 216.1 208.5 -3.5 -3.1 412.5 395.8 -4.0 -3.7

America 78.8 95.6 21.3 19.2 153.5 171.4 11.7 9.2

Africa, Asia, Australia 118.7 121.8 2.6 1.4 249.1 237.2 -4.8 -6.6

Net Sales 394.3 393.5 -0.2 -0.6 704.2 762.0 8.2 7.5

Europe 209.6 198.2 -5.4 -4.7 376.8 381.4 1.2 2.1

America 73.6 82.7 12.4 10.2 135.7 164.5 21.3 18.1

Africa, Asia, Australia 111.1 112.7 1.4 0.1 191.7 216.0 12.7 10.8

EBIT -5.4 -10.2 -87.0 -42.1 -27.4 34.9

EBIT-margin (%) -1.4 -2.6 -6.0 -3.6

Change% (FX adj.)

Change% %

Change% (FX adj.)

Change

32

Business development YTDSafety

Q2 2018 Q2 2019 6M 2018 6M 2019

€ million € million € million € million

Order entry 238.7 246.9 3.4 3.7 458.7 515.9 12.5 12.4

Europe 149.0 153.9 3.3 3.9 294.1 315.5 7.3 8.2

America 38.7 44.9 15.8 14.6 74.5 90.8 21.9 19.2

Africa, Asia, Australia 51.0 48.1 -5.6 -5.3 90.0 109.6 21.8 20.8

Net Sales 226.0 240.8 6.6 6.4 411.6 474.0 15.2 15.0

Europe 147.5 143.3 -2.9 -2.4 267.9 286.8 7.0 7.7

America 34.0 46.7 37.3 34.7 65.4 87.1 33.2 30.3

Africa, Asia, Australia 44.4 50.8 14.3 14.1 78.3 100.1 27.9 27.0

EBIT 8.6 8.7 0.6 5.5 15.2 > +100,0

EBIT-margin (%) 3.8 3.6 1.3 3.2

Change

% (FX adj.)

Change

%

Change Change

% % (FX adj.)

Functional expenses5y view

33

Change

%

R&D 7.5 % of Net Sales

SG&A 3.5 % of Net Sales

Other operating income

Functional Expenses total 5.1 % of Net Sales

Headcount1 4.8 1 Values as of reporting date

-791.1 -30.5%

1.0

-1,042.2 -40.2%

14,399

2018

€ million

-252.2 -9.7%

-764.0 -29.7%

6.7

-992.0 -38.6%

13,739

2017

€ million

-234.7 -9.1%

13,737 13,936 13,263

-861.2 -33.0%

-1,098.4 -42.1%

-762.1 -30.2%

-39.6%

-6.6 -6.1 -18.1

-999.2

-231.1 -8.9%

2015

€ million

-212.0

-30.8%

-967.8 -39.7%

€ million

2014

-8.7%

-749.2

2016

€ million

-219.0 -8.7%

Functional Expenses YTD

34

6M 2018 6M 2019 Changenet of FX

€ million € million %

R&D -127.9 -129.0 0.9 -0.5 % of Net Sales -11.5% -10.4%

Sales & Marketing -284.6 -302.4 6.3 5.3 % of Net Sales -25.5% -24.5%

Administration -99.9 -101.1 1.2 0.7 % of Net Sales -9.0% -8.2%

SG&A -384.5 -403.5 4.9 4.1 % of Net Sales -34.5% -32.6%

Other operating income -3.6 1.9

Functional Expenses total -508.8 -534.4 5.0 4.3 % of Net Sales -45.6% -43.2%

Headcount1 14,671 4.5 1 Values as of reporting date

-22.8%

-198.5 -7.6%

-791.1 -30.5%

1.0

-1,042.2 -40.2%

14,399

2018

€ million

-252.2 -9.7%

-592.6 -22.0%

-197.7 -7.7%

-764.0 -29.7%

6.7

-992.0 -38.6%

13,739

2017

€ million

-234.7 -9.1%

-566.3

13,263

-762.1 -30.2%

-39.6%

-18.1

-999.2

2016

€ million

-219.0 -8.7%

-554.7 -22.0%

Change

%

-207.4 -8.2%

14,042

Cash-flow statement

35

Change%

Group net profit 104.7 33.3 81.7 98.5 34.9 -64.6

Change in inventories -1.2 -5.4 17.4 -30.0 -76.9 >-100

Change in receivables 1.6 -44.6 31.3 -22.4 -41.0 -83.3

Change in payables 25.2 -22.8 -10.2 22.2 -2.3 >-100

Depreciation and amortizatio 77.0 84.2 85.8 84.2 85.3 1.3

Other operating cash flow ite -19.3 -4.8 -10.6 -9.3 4.2 >100

Operating cash flow 188.0 39.9 195.3 143.3 4.1 -97.1

Investing cash flow -102.6 -167.0 -77.3 -65.5 -63.5 3.1

Free cash flow 85.4 -127.1 118.1 77.8 -59.4 >-100

Financing cash flow -26.3 -1.3 -70.0 -41.9 -6.2 85.3

Change in cash1 59.0 -128.4 48.1 35.9 -65.6 >-100

Cash and cash equivalents 296.9 172.8 221.5 247.6 179.6 -27.5 1 Change in cash and cash equivalents, i.e. without any effect of exchange rates2 Values as of reporting date

2018€ million

2017€ million

2014 2016€ million

2015€ million € million

Consolidated balance sheet

36

31 Dec 2017 31 Dec 2018 Change€ million € million %

Intangible Assets 342.5 336.0 -1.9 Property, plant and equipment 432.3 429.1 -0.7 Other noncurrent assets 154.0 168.6 9.4 Noncurrent assets 928.8 933.7 0.5

Inventories 387.7 459.2 18.4 Trade receivables 669.2 703.9 5.2 Other current assets 121.1 133.9 10.6 Cash and cash equivalents 247.6 179.6 -27.5 Current assets 1,425.5 1,476.5 3.6

Total assets 2,354.4 2,410.2 2.4

Consolidated balance sheet

37

31 Dec 2017 31 Dec 2018 Change€ million € million %

Equity 1,068.3 1,080.7 1.2

Liabilities from participation certificates 23.8 24.8 4.5 Provisions for pensions and similar obl 313.0 339.3 8.4 Noncurrent interest bearing loans 137.8 125.1 -9.2 Other noncurrent liabilities 114.0 117.0 2.6 Noncurrent liabilities 588.6 606.2 3.0

Current Provisions 195.1 201.3 3.2 Current loans and liabilities to banks 71.5 90.1 26.0 Trade payables 202.9 201.4 -0.7 Other current liabilities 228.0 230.5 1.1 Current liabilities 697.4 723.3 3.7

Total equity and liabilities 2,354.4 2,410.2 2.4

38

Earnings per share

+

=

* tax benefit arises from the tax deductible pay-out to the PCs; please refer to Annual Report 2017, note 19** without minimum dividend (as interest, the minimum dividend is already included in net earnings)** the EPS is not calculated in accordance with IAS 33 PCs = participation certificates (Genussscheine)

2016 2017 2018Net profit (less the share of earnings attributable to non-controlling interests)

'000 € 81,391 98,530 34,355

Scenario: 100% pay-out ratio 100% 100% 100%tax benefit from pay-out to PCs* '000 € 7,888 9,493 3,302Earnings attrib. to shares and PCs (incl. tax benefit) '000 € 89,279 108,023 37,657 100%

Earnings attributable to PCs** '000 € 28,425 34,420 11,973 32%Earnings attributable to shares '000 € 60,855 73,603 25,685 68% EPS (common share) € 3.40 4.12 1.42 EPS (preferred share) € 3.46 4.18 1.48

Scenario: actual/proposed pay-out ratio 5.3% 11.6% 12.7%tax benefit from pay-out to PCs* '000 € 341 960 341Earnings attrib. to shares and PCs (incl. tax benefit) '000 € 81,732 99,490 34,696 100%

Earnings attributable to PCs** '000 € 1,236 3,482 1,236 4%Earnings attributable to shares '000 € 80,496 96,008 33,460 96% EPS (common share)*** € 4.51 5.38 1.86 EPS (preferred share)*** € 4.57 5.44 1.92

39

Innovation rate

Share on new products and upgrades medical1

1 Launched in the last 3 years; products are regarded as new, if they enable Dräger to either enter a new market segment or if products are regarded as completely new according to Dräger‘s customers and Dräger‘s sales force. Upgrades are those products, which serve existing Dräger markets, but their functionality is perceived as significantly enhanced by Dräger‘s customers and Dräger‘s sales force.

New productsUpgrades

Net sales

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

20%

7%

2015

27%

24%

2019 H1

5%

29%

22%

2014

10%

32%

18%

2%2016

20%

21%

3%2017

24%

23%

5%

2018

28%

March 7, 2019 - Final 2018 figuresConference call

April 25, 2019 - Report for the first three months 2019 Conference call

May 10, 2019 - Annual shareholders' meeting, Lübeck, Germany

August 8, 2019 - Report for the first six months 2019 Conference call

October 30, 2019 - Report for the first nine months 2019 Conference call

Financial calendar 2019

40

41

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

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