Conference callInterim reportJanuary 1 to June 30, 2016Lübeck, July 28, 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 H1

� Due to low order book at the end of Q4, weak start into the year. Order intake improved in Q2.

� Order intake (currency adjusted):Q2 +0.9% yoyH1 +0.5% yoy

� Despite net sales decline, Q2 EBIT on prior year’s level.

� Gross profit margin:Q2 45.5% (+0.9% yoy)H1 43.8% (-2.1% yoy)

� Functional expenses down year over year. More cost savings to be implemented in H2.

� H1 EBIT includes EUR 6.2m restructuring charges (additional EUR 4m exp. in H2).

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21.721.2

Q2‘15 Q2‘16

22.7

5.5

H1'15 H1'16

Net Sales

EBIT

634

579

Q2‘15 Q2‘16

1,180

1,111

H1'15 H1'16

-6.3%Currency adjusted

-3.3%Currency adjusted

-2% -76%3.4%EBIT-margin

3.7%EBIT-margin

1.9%EBIT-margin

0.5%EBIT-margin

Order development in H1

Order entry (€ million)Group

1,221

673

311

237

Group

Europe

Africa, Asia,Australia

America +4.6%

-2.8%

+0.7%

+0.5%

4

Net Sales

-2.6%

-6.7%

-1.9%

-3.3%

Growth rates are net of currency effects

+8.7%+2.8%

Medical Safety

-11.7%+0.7%

+0.9%+0.6%

-0.5%+1.1%

Business development H1Group

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Q2 2015 Q2 2016 6M 2015 6M 2016

€ million € million € million € million

Order Intake 634.0 621.4 -2.0 1,249.3 1,221.1 -2.3

% growth (currency adjusted) 4.4% 0.9% 5.2% 0.5%

Net Sales 634.0 579.0 -8.7 1,179.5 1,111.4 -5.8

% growth (currency adjusted) 6.8% -6.3% 3.4% -3.3%

Gross margin 44.6% 45.5% +0.9pp 45.8% 43.8% -2.0pp

Functional Expenses -261.6 -243.0 -7.1 -514.9 -482.1 -6.4 % of Net Sales -41.3% -42.0% -43.7% -43.4%

EBIT 21.7 21.2 -2.3 22.7 5.5 -75.8 EBIT Margin 3.4% 3.7% +0.3pp 1.9% 0.5% -1.4pp

Interest Result -5.7 -4.0 29.8 -11.3 -8.4 25.7

Net Profit 10.9 12.5 14.7 7.7 -1.1 -114.3

DVA 62.0 -39.4 -163.5

Change Change

% %

Functional Expenses

6

6M 2015 6M 2016 Changenet of currency effects

€ million € million %

R&D -114.8 -109.9 -4.3 -3.9 % of Net Sales -9.7% -9.9%

Sales & Marketing -293.1 -268.5 -8.4 -6.5 % of Net Sales -24.8% -24.2%

Administration -107.3 -101.9 -5.0 -3.9 % of Net Sales -9.1% -9.2%

SG&A -400.4 -370.4 -7.5 -5.8 % of Net Sales -33.9% -33.3%

Functional Expenses total -514.9 -482.1 -6.4 -5.0 % of Net Sales -43.7% -43.4%

Change

%

7

Key Figures

6M 2015 6M 2016

€ million € million

Cashflow from operating activities -66.5 42.4 >100

Investments 111.4 42.2 -62.1

Cash and cash equivalents1 132.1 162.2 22.8

Net financial debt1 189.9 150.6 -20.7 Net financial debt 1 /EBITDA 2 0.76 1.12

Capital employed 1 1,310.0 1,259.2 -3.9

ROCE (EBIT 2 /Capital employed 1 ) 12.8% 3.9%

Net Working Capital1 652.9 568.5 -12.9

Headcount1 13,851 13,412 -3.2 1 Values at due date2 EBITDA and accordingly EBIT of the last twelve months

%

Change

Business development H1Segments

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* net of currency effects

Order entry Net sales Net sales EBITEBIT-

margin

∆ in %* million € ∆ in %* million € %

Europe 0.7 624.2 -1.9 10.3 1.6

America 4.6 216.2 -2.6 -9.0 -4.1

Africa, Asia, Australia -2.8 271.1 -6.7 4.2 1.6

Group 0.5 1111.4 -3.3 5.5 0.5

Medical 1.1 704.1 -4.9 -9.1 -1.3

Safety -0.5 407.4 -0.3 14.6 3.6

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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10

Questions & Answers

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Appendix

Business developmentSegments

12

Europa Amerika Afrika, Asien, Australien Dräger Konzern

Q2 2015 Q2 2016 Q2 2015 Q2 2016 Q2 2015 Q2 2016 Q2 2015 Q2 2016

Mio. € Mio. € Mio. € Mio. € Mio. € Mio. € Mio. € Mio. €

Order entry 337.6 349.2 122.8 120.8 173.6 151.4 634.0 621.4

Net Sales 349.9 324.5 119.6 112.2 164.5 142.3 634.0 579.0

EBITDA 29.0 26.1 2.9 5.2 10.1 11.1 42.0 42.4

EBIT 19.0 15.6 -2.5 -0.2 5.2 5.8 21.7 21.2

EBIT-margin 5.4 4.8 -2.1 -0.2 3.2 4.1 3.4 3.7

Capital Employed1 631.6 590.2 281.5 301.2 397.0 367.8 1,310.0 1,259.2

ROCE1,2 19.0 8.3 0.5 -6.8 11.5 5.7 12.8 3.9

DVA 70.6 7.4 -22.1 -40.5 13.5 -6.4 62.0 -39.4 1 Values at due date2 EBIT of the last twelve months

Business developmentSegments

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Europa Amerika Afrika, Asien, Australien Dräger Konzern

6M 2015 6M 2016 6M 2015 6M 2016 6M 2015 6M 2016 6M 2015 6M 2016

Mio. € Mio. € Mio. € Mio. € Mio. € Mio. € Mio. € Mio. €

Order entry 679.0 673.2 239.3 236.6 331.1 311.3 1,249.3 1,221.1

Net Sales 646.4 624.2 232.8 216.2 300.4 271.1 1,179.5 1,111.4

EBITDA 40.6 30.4 3.5 1.7 18.6 14.4 62.7 46.5

EBIT 20.8 10.3 -7.1 -9.0 9.0 4.2 22.7 5.5

EBIT-margin 3.2 1.6 -3.0 -4.1 3.0 1.6 1.9 0.5

Capital Employed1 631.6 590.2 281.5 301.2 397.0 367.8 1,310.0 1,259.2

ROCE1,2 19.0 8.3 0.5 -6.8 11.5 5.7 12.8 3.9

DVA 70.6 7.4 -22.1 -40.5 13.5 -6.4 62.0 -39.4 1 Values at due date2 EBIT of the last twelve months

Business developmentMedical

Q2 2015 Q2 2016 6M 2015 6M 2016€ million € million € million € million

Order entry 411.9 417.3 1.3 4.2 814.5 800.7 -1.7 1.1

Europe 205.6 221.6 7.8 9.7 412.1 408.3 -0.9 0.6

America 85.0 83.2 -2.2 4.0 165.3 159.9 -3.2 2.8

Africa, Asia, Australia 121.3 112.5 -7.2 -4.9 237.0 232.5 -1.9 0.7

Net Sales 405.8 365.9 -9.8 -7.4 760.2 704.1 -7.4 -4.9

Europe 207.7 185.7 -10.6 -9.2 385.2 358.6 -6.9 -5.6

America 82.2 79.5 -3.3 1.8 160.1 148.7 -7.1 -2.3

Africa, Asia, Australia 115.9 100.8 -13.0 -10.6 214.9 196.8 -8.4 -5.8

EBIT 11.2 7.9 -29.7 15.0 -9.1 <-100

EBIT-margin 2.8 2.1 2.0 -1.3

% %Change

% (FX adj.)Change Change

% (FX adj.)Change

Business developmentSafety

Q2 2015 Q2 2016 6M 2015 6M 2016

€ million € million € million € million

Order entry 222.1 204.2 -8.1 -5.4 434.9 420.4 -3.3 -0.5

Europe 132.0 127.6 -3.3 -1.8 266.9 264.8 -0.8 0.9

America 37.8 37.7 -0.4 4.4 74.0 76.6 3.6 8.7

Africa, Asia, Australia 52.3 38.9 -25.5 -21.6 94.0 78.9 -16.1 -11.7

Net Sales 228.2 213.1 -6.6 -4.2 419.4 407.4 -2.9 -0.3

Europe 142.1 138.9 -2.3 -0.8 261.2 265.6 1.7 3.4

America 37.5 32.7 -12.6 -9.3 72.7 67.5 -7.2 -3.4

Africa, Asia, Australia 48.6 41.5 -14.6 -10.3 85.5 74.2 -13.1 -8.8

EBIT 10.5 13.4 27.2 7.8 14.6 88.4

EBIT-margin 4.6 6.3 1.9 3.6 94.0

Change

%

Change Change

% % (FX adj.)

Change

% (FX adj.)

Cash-flow statement

6M 2015 6M 2016€ million € million

Group net profit 7.7 -1.1 <-100

Change in inventories -60.9 -38.1 37.5

Change in accounts receivables 45.7 122.7 >100

Change in accounts payables -35.6 -31.1 12.6

Depreciation and amortization 40.0 40.9 2.3

Other operating cash flow items -63.3 -50.9 19.5

Operating cash flow -66.5 42.4 >100

Investing cash flow -111.4 -42.2 62.1

Free cash flow -177.9 0.2 >100

Financing cash flow 3.8 -9.8 <-100

Change in cash1 -174.1 -9.6 94.5

Cash and cash equivalents2 132.1 162.2 22.8

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

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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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