Analyst ConferenceDrägerwerk AG & Co. KGaAFrankfurt, March 8th 2018

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

OVERVIEWFiscal Year 2017

3

4

FY 2017 Highlights

Guidance achieved.Return to Net sales growth after decline in the prior year. Strong

order entry gives us a good basis for solid growth in 2018.Gross Profit margin stabilized and cost development well

controlled. EBIT and DVA increases.Successful completion of the Fit For Growth program. Innovation rate increased again. 5 year decline stopped. Decision to step up investments to support future growth.

5

2,524

535 581 621 835

2,572

2016 Q1 Q2 Q3 Q4 2017

Net sales growth and EBIT improvement Business development Dräger Group

Net Sales (in EUR million)

+3.3%FX adjusted

+1.9%Nominal

Order intake +4.4% cc above the net sales development.

Again strong year-end business, despite some issues in the supply chain.

Gross profit margin stable at 44.8% (PY 45.0%)

Continuous cost containment. Functional expenses on prior year’s level.

FY EBIT-margin improved to 6.1%.

Full-year FX impact negative on net sales and EBIT. (FY FX: Net sales –1.3pp, EBIT margin ~ -1pp)

DVA improved to EUR 70.7m (PY EUR 49.8m)

Highlights

136.9

2 17 24112 155.7

2016 Q1 Q2 Q3 Q4 2017

EBIT (in EUR million)

5.4%Margin

6.1%Margin

6

Positive order intake in all regionsOrder development Dräger Group

Order entry (in EUR million)Group

2,618

1,452

658

509

Group

Europe

Africa, Asia,Australia

America +1.0%

+4.5%

+5.6%

+4.4%

Net Sales

+3.5%

+3.5%

+3.1%

+3.3%

Growth rates are net of currency effects; incl. allocations

-0.2%+1.6%

Medical Safety

+10.4%+2.5%

+8.9%+3.4%

+7.7%+2.6%

Business Development RegionsFiscal Year 2017

7

8

Region AmericasFinancial performance

Order intake:

Solid FY Order and net sales growth in North America could off-set the decline in Central-, South-America.

Gross profit margin: -0.2 pp yoy

Functional expenses (FX adjusted): FY +4.5% yoy

Decline in EBIT in large parts due to one-off expenses in Central-/South America.

DVA EUR -16.6m (PY EUR -10.5m)

10.34.0

Order Entry

EBIT

515 509

2016 2017

+1.0%Currency adjusted

-61%2.0%EBIT-margin

0.8%EBIT-margin

Net Sales

504 510

2016 2017

+3.5%Currency adjusted

Comments

2016 2017

Q4 FYMedical -3.4% +1.5%Safety +3.1% -0.2%Americas -1.6% +1.0%

9

Region AmericasOperational performance and priorities

Brazil production site closed as planned. Activities transferred to South Africa.

New market fulfillment organization implemented in North America.

Improvement of working capital in the region Americas

Operational performance 2017

Implementation of new “Go to Market” approach in North America.

Return to growth in Central-, South America

Return to stronger growth in Safety markets (order entry in FY17 -0,2% FX adj.)

Priorities 2018 / 2019

10

Region EuropeFinancial performance

Order intake:

Good top line growth in many European countries. Germany slightly below strong PY level.

Gross profit margin: +0.5pp yoy

Functional expenses (FX adjusted): FY –0.5% yoy

DVA EUR 68.8m (PY EUR 44.5m)84.5 108.1

2016 2017

Order Entry

EBIT

1,383 1,448

2016 2017

+5.6%Currency adjusted

+28%6.1%EBIT-margin

7.6%EBIT-margin

Net Sales

1,384 1,416

2016 2017

+3.1%Currency adjusted

Comments

Q4 FYMedical +6.9% +3.3%Safety +9.5% +9.1%Europe +7.9% +5.6%

11

Region EuropeOperational performance and priorities

Implementation of “Future Technician Workplace”.

Strong performance in Safety, driven by Service & Consumables and also Safety Respiratory & Protective Systems.

Good recovery in many European markets outside of Germany.

Operational performance 2017

New Krefeld Site to go in operation and support European Rental & Shutdown Service growth.

Further roll-out of “Future Technician Workplace”.

Investment program in sales & service capabilities.

Priorities 2018 / 2019

12

Region Africa, Asia, AustraliaFinancial performance

Order intake:

Recovery in the Middle East and continuous good top-line development in China.

Gross profit margin:-1.8pp yoy

Functional expenses (FX adjusted): FY -2.4% yoy

DVA EUR 18.5m (PY EUR 15.8m)

42.143.7

2016 2017

Order Enty

EBIT

641 658

2016 2017

+4.5%Currency adjusted

+4%6.6%EBIT-margin

6.8%EBIT-margin

Net Sales

636 646

2016 2017

+3.5%Currency adjusted

Comments

Q4 FYMedical -7.0% +2.3%Safety +6.8% +10.3%AAA -2.8% +4.5%

13

Region Africa, Asia, AustraliaOperational performance and priorities

Main growth driver is Safety with demand growth in all product areas.

After a weak 2016, strong recovery in Middle East Africa.

Start of production site in India. Production of medical support units targeted at Emerging Markets.

ERP roll-out in Australia and New Zealand.

Operational performance 2017

System Center for Gas Detection business

Balanced growth in 2018, recovery of the markets that did not grow in 2017

Priorities 2018 / 2019

FINANCIALSFiscal Year 2017

14

15

Q4‘16 Q4‘17

112.3108.9 136,9155,7

FY16 FY17

Business developmentDräger Group

Net Sales

EBIT

819,5 835,3

Q4‘16 Q4‘17

2.523,8 2.572,3

FY16 FY17

+5.0%Currency adjusted

+3.3%Currency adjusted

+3% +14%13.3%EBIT-margin

13.4%EBIT-margin

5.4%EBIT-margin

6.1%EBIT-margin

Order intake (FX adjusted)

Orders on hand ~+9% cc Gross profit margin

12M 44.8% (py 45.0%) 12M Functional Expenses

yoy +0.2% (cc); excluding restructuring in py +1.2%

12M restructuring cost€ 0m (py € ~10m)

12M other fin.& invest. result€ -4.4m (py € 0.7m)

EBIT-margin incl. ~ -1 pp from FX

DVA €70.7m (py € 49.8m)

Comments

Q4 FYMedical +0.7% +2.6%Safety +7.8% +7.7%Group +3.3% +4.4%

16

Functional ExpensesDräger Group

12M 2016 12M 2017 Changenet of FX and restructuring

€ million € million %

R&D -234.7 7.1 8.1 % of Net Sales -9.1%

Sales & Marketing -566.3 2.1 3.3 % of Net Sales -22.0%

Administration -197.7 -4.7 1.0 % of Net Sales -7.7%

SG&A -764.0 0.2 2.7 % of Net Sales -29.7%

Functional Expenses total -992.0 -0.7 1.2 % of Net Sales -38.6%

Headcount1 13,739 3.6 1 Values as of reporting date

13,263

Change

%

-219.0 -8.7%

-554.7 -22.0%

-207.4 -8.2%

-762.1 -30.2%

-999.2 -39.6%

17

Key FiguresDräger Group

12M 2016 12M 2017

€ million € million

Cashflow from operating activities 143.3 -26.6 in % of EBIT 92%

Investments 106.2 6.3

Cash and cash equivalents1 247.6 11.8

Net financial debt1 -29.2 >-100Net financial debt 1/EBITDA 2 -0.12

Capital employed 1 1,243.6 -0.3 ROCE (EBIT 2/Capital employed 1) 12.5%

Net Working Capital1 557.2 -1.1

Equity ratio 45.4 +2.0pp

EPS per common shares (on full distribution) 3.40 4.12 21.2EPS per preferred shares (on full distribution) 3.46 4.18 20.81 Values as of reporting date2 EBITDA and accordingly EBIT of the last twelve months

195.3 143%

99.9

221.5

34.7 0.16

1,247.0 11.0%

563.2

43.4

Change

%

Update „Fit For Growth“

18

19

FIT FOR GROWTH Targets achieved

FIT FOR GROWTHFIT FOR

GROWTH1122

33SHAPE

Optimize global Sales, Marketing &

Administration set-up

FIT!Optimize

innovationset-up

Global footprint

Optimizeproduction

set-up Improveworkflow anddelivery timesand reduce

production cost

Improveworkflow anddelivery timesand reduce

production cost

Bring customervalue faster tothe market and

increaseinnovationshare

Bring customervalue faster tothe market and

increaseinnovationshare

Improve SG & A expense ratio

Improve SG & A expense ratio

20172016

SG&A2017~30%

SG&A2017~30%

Annual savings~ € 9m

Annual savings~ € 9mT2M

-50%by 2019

T2M -50%

by 2019

FIT FOR GROWTH - SHAPE Results of the initiatives

20

Continuous cost control in administrative areas Continue optimization of global purchasing to reduce COGS Pricing excellence project to increase price enforcement

and grow margin contribution Continue to harmonize ERP landscape and standardize

back-office & logistic processes

Improve SG&Aexpense ratio

SHAPE Optimize global Sales, Marketing & Administration set-up

Initiatives continuing in the line organization

New governance model implemented in Q1/16 250 cost containment measures achieve cost savings

of >EUR 100m vs. original budget Reduction of SGA ratio to <30% in 2017

FIT FOR GROWTH – GLOBAL FOOTPRINTResults of the initiatives

21

Further optimization of logistic structure through new hub for safety products in Frankfurt.

Expansion of our Rental & Shutdown Service infrastructure in Krefeld.

Global roll-out of market fulfillment concept Focus on Operational Excellence Initiatives

Improve workflow and delivery times and reduce production cost

Global Footprint Optimize production and logistic set-up

Initiatives continuing in the line organization

New „Zukunftsfabrik“ in Lübeck. Savings ~ EUR 9m p.a. Transfer of production with high labor content to Czech

Republic. Site consolidation: Closure of Pittsburgh site, Closure of Brazil

production.

FIT FOR GROWTH – FIT!Results of the initiatives

22

Continue to focus on “Time to market” achievement (target: reduction by 50% until 2019).Examples: More development by strategic development partners Actively scouting for technology partnerships Upgrade Product Lifecycle Management System

Bring customer value faster to the market

FIT! Optimize innovation set-up

Initiatives continuing in the line organization

New Innovation organization implemented. Optimization of the innovation process

(e.g. AGILE development, Innovation incubator “Garage”, rapid prototyping, …).

Reduction of complexity (e.g. reduction of internal standards) Acceleration of up to 30% with new development projects

Faster. Connected. Innovative. Selection of new products 2017

MEDICAL SAFETY

IACS VG6/VG7 Vista 120 S

Movita® Lift Strong Savina® 300 Select

Secor ® 7000

Dräger-Tubes App Dräger Alcotest® 5000

Pulsar 7000

23

Oxylog® VE300 Dräger X-am® 8000

Planned investments 2018/2019 will support future growth…

24

WE ARE INVESTING IN … WE WILL ACHIEVE …

… increasingsales resources

&-capabilities

… acceleratingR&D

roadmap

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

EXAMPLES:

…a strengthened sales force to support bringing the innovation road map to market.

…major product releases in 2020, 2021 and 2022.

SG&A2018/19~30%

SG&A>2020<30%

MedicalInnovationrate 2017

26%

MedicalInnovationrate 2020

>28%

…and will lift EBIT margin above 6% again from 2020

OurVision

… care givers have access to all relevant

information anywhere, anytime to improve

decision making.

an acute care environment

where …

… stress factors such as nuisance alarms and noise

are avoided for patients and care givers alike

… … medical devices are safely accessible remotely for preventive checks to increase uptime

Alarm management initiatives and Silent ICUCurrent Situation

up to 350alarms per patient / day (1)

~ 80 - 95 %clinically irrelevant (2)

50 %are not noticed (3)

~ 40different sounds

in one ICU (4)

up to

40 min.to alarm confirmation (5)

(2): Lawless, S., Crit Care Med 1994; Koski, E., Int J Clin Monit Comput 1990, Chambirn, M., Intensiv Care Med 1999

(3), (4): Cropp, A., et al. Chest 1994 (5): Reslan, ZA., University of Connecticut 200726

Alarm management Quiet and stress-reduced environments

Alarm history viewsproviding patient specific or departmental overviews for alarm consultation

Smart alarmsSoft thresholds reduce the number of false alarms significantly to reduce alarm fatigue

Secure alarm distributionallowing for confirmed alarm on mobile or stationary devices outside the patient room

27

OUTLOOKFiscal Year 2018

28

29

2016 2017

0.13 € 0.40 €

Dividend proposal for FY 2017

* after earnings attributable to non-controlling interests** Without minimum dividend, after taxes

Dividend percommon share preferred share Dividend policy

2016 (in EUR million) 2017 (in EUR million)

Net profit* 81.7 98.5

Dividend 3.7 11,4

Participation certificates** 0.9 3.8

Common shares 1.3 4,1

Preferred shares 1.4 3.5

Net payout ratio 5.3% 11.6%

2016 2017

0.19 € 0.46 €In future fiscal years, Dräger plans to distribute at least 10% of group net profit (less earnings attributable to non-controlling interests) to the company’s shareholders and participation certificate holders.

30

Outlook

2017 guidance 2017 2018e

Net Sales(net of currency effects)

0.0 % – 3.0 % 3.3 % 2.0 % – 5.0 %

EBIT margin 5.0 % – 7.0 % 6.1 % 4.0 % – 6.0 %*

Gross profit margin 44.0 – 46.0 % 44.8 % 44.0 – 46.0 %

Dräger Value Added EUR 40m – 90m EUR 70.7m EUR 15m – 65m

* based on exchange rates at the start of the year 2018

Assumptions for FY 2018 Guidance Downside risk of strong market interruptions, e.g. caused by rising political protectionism, not reflected in guidance. Continuously strong top-line development in AAA Region. Continued growth in North America. Return to growth in Central- /

South America. After a strong 2017, growth in the Europe Region expected to be more towards the lower end of the guidance range.

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 245 – 260 million.

SG&A ratio stable.

Corporate Social Responsibility at Dräger

31

OHSAS 18001 certified:>80% of Dräger employees

Werespect ourenvironment

Compliance System withmandatory trainings

Quality Management SystemISO 9001 and ISO 13485

~100 SupplierAudits per annum

Wecreatevalue

Weact

ethical

Weprotectpeople

32

Questions & Answers

Guidance 2018

33

2017 2018e

Net sales 3.3%(net of currency effects)

+2.0 - +5.0 %(net of currency effects)

EBIT margin 6.1% 4.0 - 6.0%

Dräger Value Added EUR 70.7 million EUR 15 - 65 million

Other forecast figures:

Gross margin 44.8 % 44.0 - 46.0 %

Research and development costs EUR 234.7 million EUR 245 - 260 million

Interest result EUR -12.8 million Slight improvement

Days wokring capital (DWC) 111.7 days on prior year's level

Investment volume EUR 106.2 million EUR 85 - 100 million

Net financial debt EUR -29.2 million Slight improvement

1 Based on exchange rates at the start of the year 20182 excluding company acquisitions

2013 2014 2015 2016 2017SEGMENT EUROPEOrder Entry 1 € million 1,322.4 1,357.0 1,391.0 1,382.5 1,447.8Net Sales 1 € million 1,333.5 1,362.2 1,420.7 1,384.3 1,415.5EBIT € million 131.2 128.5 59.4 84.5 108.1EBIT margin % 9.8 9.4 4.2 6.1 7.6

SEGMENT AMERICAOrder Entry 1 € million 465.2 461.5 496.8 515.0 509.2Net Sales 1 € million 458.7 471.2 509.1 503.7 510.4EBIT € million 8.5 -0.4 -18.6 10.3 4.0EBIT margin % 1.8 -0.1 -3.7 2.0 0.8

SEGMENT AFRICA, ASIA, AUSTRALIAOrder Entry 1 € million 597.0 597.0 644.5 641.2 657.6Net Sales 1 € million 581.9 601.3 679.1 635.8 646.4EBIT € million 61.2 50.5 25.8 42.1 43.7EBIT margin % 10.5 8.4 3.8 6.6 6.8

1 years 2012–2014 were adjusted pro-forma due to the change in segment reporting.

Business Development Segments

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

Business developmentSegments

35

Europe Americas Africa, Asia, Australia Dräger GroupQ4 2016 Q4 2017 Q4 2016 Q4 2017 Q4 2016 Q4 2017 Q4 2016 Q4 2017

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

Order entry 372.6 397.9 143.8 129.8 173.2 158.8 689.6 686.4

Net Sales 435.1 454.7 167.9 165.6 216.5 214.9 819.5 835.3

EBITDA 69.2 76.7 26.4 18.9 37.4 38.5 133.0 134.1

EBIT 58.8 66.2 19.0 13.2 31.1 32.9 108.9 112.3

EBIT-margin 13.5 14.6 11.3 8.0 14.4 15.3 13.3 13.4

Capital Employed1 559.7 575.9 312.0 294.4 375.3 373.3 1,247.0 1,243.6

ROCE1,2 15.1 18.8 3.3 1.3 11.2 11.7 11.0 12.5

DVA 44.5 68.8 -10.5 -16.6 15.8 18.5 49.8 70.7 1 Values at due date2 EBIT of the last twelve months

Business Development medical and safety products

36

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

2013 2014 2015 2016 2017MedicalOrder Entry € million 1,559.3 1,569.8 1,646.0 1,662.6 1,683.7Net Sales € million 1,545.2 1,577.2 1,698.8 1,647.4 1,668.0EBIT € million 126.1 107.6 46.2 85.3 92.9EBIT margin % 8.2 6.8 2.7 5.2 5.6

SafetyOrder Entry € million 825.3 845.7 886.2 876.1 931.0Net Sales € million 829.0 857.5 910.1 876.5 904.3EBIT € million 74.7 71.0 20.5 51.6 62.8EBIT margin % 9.0 8.3 2.2 5.9 6.9

Business developmentMedical products

37

Q4 2016 Q4 2017 12M 2016 12M 2017€ million € million € million € million

Order entry 444.5 430.3 -3.2 0.7 1,662.6 1,683.7 1.3 2.6

Europe 221.4 234.4 5.9 6.9 835.8 859.1 2.8 3.3

America 103.3 91.5 -11.5 -3.4 359.5 356.9 -0.7 1.5

Africa, Asia, Australia 119.8 104.5 -12.8 -7.0 467.2 467.7 0.1 2.3

Net Sales 553.4 561.7 1.5 4.6 1,647.4 1,668.0 1.3 2.6

Europe 270.8 278.7 2.9 3.4 829.2 842.9 1.6 2.1

America 123.4 125.2 1.5 8.1 353.5 358.6 1.5 3.7

Africa, Asia, Australia 159.2 157.8 -0.9 3.8 464.7 466.5 0.4 2.5

EBIT 77.6 88.2 13.7 85.3 92.9 9.0

EBIT-margin 14.0 15.7 5.2 5.6

Change% (FX adj.)

Change% %

Change% (FX adj.)

Change

Business developmentSafety products

38

Q4 2016 Q4 2017 12M 2016 12M 2017

€ million € million € million € million

Order entry 245.2 256.1 4.5 7.8 876.1 931.0 6.3 7.7

Europe 151.2 163.5 8.1 9.5 546.7 588.7 7.7 9.1

America 40.5 38.3 -5.4 3.1 155.5 152.3 -2.0 -0.2

Africa, Asia, Australia 53.4 54.3 1.7 6.8 174.0 190.0 9.2 10.3

Net Sales 266.1 273.6 2.8 5.9 876.5 904.3 3.2 4.6

Europe 164.3 176.1 7.2 8.5 555.0 572.6 3.2 4.5

America 44.4 40.4 -9.1 -1.7 150.3 151.8 1.0 2.9

Africa, Asia, Australia 57.3 57.1 -0.4 4.1 171.2 180.0 5.2 6.2

EBIT 31.3 24.1 -23.0 51.6 62.8 21.7

EBIT-margin 11.7 8.8 5.9 6.9

Change

% (FX adj.)

Change

%

Change Change

% % (FX adj.)

Functional expenses

39

Changenet of FX and restructuring

%

R&D 8.1 % of Net Sales

SG&A 2.7 % of Net Sales

Other operating income

Functional Expenses total 1.2 % of Net Sales

Headcount11 Values as of reporting date

-764.0 -29.7%

6.7

-992.0 -38.6%

13,739

2017

€ million

-234.7 -9.1%

13,334 13,737 13,936 13,263

-861.2 -33.0%

-1,098.4 -42.1%

-762.1 -30.2%

-39.7% -39.6%

-2.2 -6.6 -6.1 -18.1

-999.2

-231.1 -8.9%

2015

€ million€ million

-201.5 -8.5%

-738.4 -31.1%

-942.2

2013

-212.0

-30.8%

-967.8 -39.7%

€ million

2014

-8.7%

-749.2

2016

€ million

-219.0 -8.7%

Cash-flow statement

40

Group net profit 119.9 104.7 33.3 81.7 98.5

Change in inventories -36.5 -1.2 -5.4 17.4 -30.0

Change in receivables -69.5 1.6 -44.6 31.3 -22.4

Change in payables 6.4 25.2 -22.8 -10.2 22.2

Depreciation and amortization 69.0 77.0 84.2 85.8 84.2

Other operating cash flow items -31.1 -19.3 -4.8 -10.6 -9.3

Operating cash flow 68.3 188.0 39.9 195.3 143.3

Investing cash flow -86.5 -102.6 -167.0 -77.3 -65.5

Free cash flow -18.2 85.4 -127.1 118.1 77.8

Financing cash flow -70.8 -26.3 -1.3 -70.0 -41.9

Change in cash1 -88.9 59.0 -128.4 48.1 35.9

Cash and cash equivalents2 232.1 296.9 172.8 221.5 247.6 1 Change in cash and cash equivalents, i.e. without any effect of exchange rates2 Values as of reporting date

2017€ million

2013 2014 2016€ million

2015€ million € million € million

Consolidated balance sheet

41

31 Dec 2016 31 Dec 2017 Change€ million € million %

Intangible Assets 347.6 342.5 -1.5 Property, plant and equipment 420.9 432.3 2.7 Other noncurrent assets 150.1 154.0 2.6 Noncurrent assets 918.6 928.8 1.1

Inventories 386.8 387.7 0.2 Trade receivables 681.7 669.2 -1.8 Other current assets 103.8 121.1 16.7 Cash and cash equivalents 221.5 247.6 11.8 Current assets 1,393.8 1,425.5 2.3

Total assets 2,312.3 2,354.4 1.8

Consolidated balance sheet

42

31 Dec 2016 31 Dec 2017 Change€ million € million %

Equity 1,003.5 1,068.3 6.5

Liabilities from participation certificates 22.7 23.8 4.7 Provisions for pensions and similar oblig 318.3 313.0 -1.7 Noncurrent interest bearing loans 188.6 137.8 -27.0 Other noncurrent liabilities 108.6 114.0 5.0 Noncurrent liabilities 638.2 588.6 -7.8

Current Provisions 211.2 195.1 -7.6 Current loans and liabilities to banks 57.0 71.5 25.4 Trade payables 179.8 202.9 12.9 Other current liabilities 222.6 228.0 2.4 Current liabilities 670.6 697.4 4.0

Total equity and liabilities 2,312.3 2,354.4 1.8

43

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 

2015 2016 2017Net profit (less the share of earnings attributable to non‐controlling interests)

'000 € 33,575 81,391 98,530

Scenario: 100% pay‐out ratio 100% 100% 100%tax benefit from pay‐out to PCs* '000 € 3,188 7,888 9,493Earnings attrib. to shares and PCs (incl. tax benefit) '000 € 36,763 89,279 108,023 100%

Earnings attributable to PCs** '000 € 11,719 28,425 34,420 32%

Earnings attributable to shares '000 € 25,044 60,855 73,603 68%

   EPS (common share) € 1.40 3.40 4.12   EPS (preferred share) € 1.46 3.46 4.18

Scenario: actual/proposed pay‐out ratio 12.9% 5.3% 11.6%tax benefit from pay‐out to PCs* '000 € 340 341 960Earnings attrib. to shares and PCs (incl. tax benefit) '000 € 33,915 81,732 99,490 100%

Earnings attributable to PCs** '000 € 1,249 1,236 3,482 3%

Earnings attributable to shares '000 € 32,665 80,496 96,008 97%

   EPS (common share)*** € 1.83 4.51 5.38   EPS (preferred share)*** € 1.89 4.57 5.44

PCs = participation certificates (Genussscheine)

44

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%

23%

7%

20152012

10%

27%

33%

28%

2013

6%

34%

22%

2014

10%

32%

18%

2%2016

20%

22%

4%2017

26%

March 8, 2018 - Analysts’ meeting

April 26, 2018 - Report for the first three months 2018 Conference call

May 4, 2018 - Annual shareholders' meeting, Lübeck, Germany

July 26, 2018 - Report for the first six months 2018 Conference call

October 30, 2018 - Report for the first nine months 2018 Conference call

Financial calendar 2018

45

46

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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