Disclaimer

2

Interim financial reports as well as preliminaries are not audited.

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.

3

OVERVIEWFiscal Year 2019

Overview 2019

4

Unsatisfying profitability

Strong top-line development

Product portfolio rejuvenation progressing: successful launch of the Atlan and new Evita.

Increasing regulatory hurdles, FDA Warning letter.New organizational set-up in place.

Particularly good order development in safety. Safety orders increased in all product categories.

Lower demand development in AAA.

Growth in 2019 well balanced: All 3 regions, medical and safety contributing.

Rising uncertainty, global economy cooling down.Higher investments of 2018/19 are starting to pay off.

Unsatisfying order development in medical.

5

The DRÄGER

TRIANGLEis the next step

in the evolution of the One Dräger idea

Safety organization

6

Processing Industries

− Large national & international companies

− Served directly through Dräger sales force & strategic key account management

Emergency & Rescue Services

− Public authorities, e.g. fire departments, emergency service, defense forces, law enforcement

− Sales through tender processes and within standard fiscal budgeting frame

Manufacturing Industries

− Focus wide industrial market (SMEs) for Occupational Health & Safety Equipment

− Broad market for alcohol/drug testing

− Mostly indirect distribution, including OEM & digital business

VISION ZERO TRUSTED ADVISOR PROTECTING YOU TO PROTECT OTHERS

…in a safeand secure

environment.

CertificatesEncryption

SystemSecurity

DataPrivacy

…enabling new clinical

applications…

Data Analytics

RemoteControl

ClinicalDecisionSupport

Smart Assist& Automation

…and areinteracting

with oneanother…

Medical-Grade Data

OpenCommu-nication

Bidirectional

StandardizedMedical devicesare connected as a system…

We envision a future of Acute Care where…

Medical devicesare connected as a system…

The new Atlan and the new EvitaConnected technology using SDC

8

High awareness created byinteroperability / SDC readiness.

Protective Ventilation and Connected Technologies as key topic

9

Medical organization

− Software applications and systems products, new services

− Strategic growth area, IT-, software- and data-driven

− Patient monitors

− Essential part of our Hospital strategy, drive networked systems with BU IT&System and BU Therapy

− Supply units, lights, GMS

− Project business with special business mechanics and value creation processes

− Anesthesia, ventilation, thermoregulation

− Core business with therapy devices, strong market position and long standing business relationship

− Generic and device-specific accessories

− Growth area, fast turning, efficient supply chain, close cooperation with device BUs

IT & Systems Therapy Patient Monitoring WPI HCA

FINANCIALSFiscal Year 2019

11

2,595

602 634 663 885

2,781

2018 Q1 Q2 Q3 Q4 2019

Business development Dräger Group

Net Sales (in EUR million)

+5.9%FX adjusted

+7.2%Nominal

Order intake +2.8% cc. Orders on hand slightly above prior year’s level.

Strong year-end business.

Gross profit margin stable at 42.7% (PY 42.7%).

Functional expenses increased due to investment program, restructuring charges and additional unplanned cost.

FY EBIT-margin stable at 2.4%.

Full-year FX impact positive on net sales and irrelevant on EBIT. (FY FX: Net sales growth +1.2pp)

DVA declined to EUR –32.7m (PY EUR –26.5m).

Highlights

62.6

-11 -2 9

69 66.6

2018 Q1 Q2 Q3 Q4 2019

EBIT (in EUR million)

2.4%Margin

2.4%Margin

12

Functional ExpensesDräger Group

12M 2018 12M 2019 Changenet of FX

€ million € million %

R&D -252.2 -263.7 4.6 3.3

% of Net Sales -9.7% -9.5%

Sales & Marketing -592.6 -621.9 4.9 3.9

% of Net Sales -22.8% -22.4%

Administration -198.5 -219.4 10.6 10.0

% of Net Sales -7.6% -7.9%

SG&A -791.1 -841.3 6.4 5.5

% of Net Sales -30.5% -30.3%

Other operating income 1.0 -11.7

Functional Expenses total -1,042.2 -1,116.8 7.2 6.4

% of Net Sales -40.2% -40.2%

Headcount1 14,845 3.1 1 Values as of reporting date

Change

%

14,399

13

Key FiguresDräger Group

12M 2018 12M 2019

€ million € million

Cashflow from operating activities 4.1 >+100

Investments 77.8 1.4

Cash and cash equivalents1 179.6 9.3

Net financial debt1 43.3 >+100

Net financial debt 1 /EBITDA 2 0.3

Capital employed 1 1,341.3 4.5

ROCE (EBIT 2 /Capital employed 1 ) 4.7%

Net Working Capital1 644.6 -3.4

Equity ratio 44.8 -3.0pp

EPS per common shares (on full distribution) 1.42 1.38

EPS per preferred shares (on full distribution) 1.48 1.44

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

78.8

196.3

88.7

0.5

1,401.3

4.8%

622.7

41.9

Change

%

164.4

14

Region AmericasFinancial performance

Order intake:

Positive order entry in North America, as well as in Central-South America. Good demand for Gas Detection and Service offerings.

Gross profit margin: +0.4 pp yoy

Functional expenses (FX adjusted): FY +1.8% yoy

DVA EUR -37.5m (PY EUR -51.6m)-30.2

-14.2

Order Entry

EBIT

526 553

2018 2019

+1.5%FX adjusted

+5.1%Nominal

+53%-6.0%EBIT-margin

-2.6%EBIT-margin

Net Sales

499 548

2018 2019

+5.9%FX adjusted

9.7%Nominal

Comments

2018 2019

Q4 FYMedical -0.9% -1.0%Safety -1.8% +7.0%Americas -1.2% +1.5%

15

Region EuropeFinancial performance

Order intake:

Good top line growth in Germany (FY order entry +8.7%) with mixed performance in other European countries.

Gross profit margin: -0.5 pp yoy

Functional expenses (FX adjusted): FY +6.8% yoy

DVA EUR 23.1m (PY EUR 41.5m)

82.068.5

2018 2019

Order Entry

EBIT

1,450 1,529

2018 2019

+5.5%FX adjusted

+5.4%Nominal

-17%5.7%EBIT-margin

4.6%EBIT-margin

Net Sales

1,432 1,503

2018 2019

+5.1%FX adjusted

+5.0%Nominal

Comments

Q4 FYMedical +4.8% +2.1%Safety +10.6% +10.3%Europe +7.3% +5.5%

16

Region Africa, Asia, AustraliaFinancial performance

Order intake:

Strong order growth in China was overcompensated by decline in orders in India and MEA.

Gross profit margin:+0.6 pp yoy

Functional expenses (FX adjusted): FY +10.0% yoy

DVA EUR -18.4m (PY EUR -16.3m)

10.812.4

2018 2019

Order Enty

EBIT

710 714

2018 2019

-1.6%FX adjusted

+0.6%Nominal

+15%1.6%EBIT-margin

1.7%EBIT-margin

Net Sales

664 730

2018 2019

+7.6%FX adjusted

+9.9%Nominal

Comments

Q4 FYMedical -10.2% -6.8%Safety +3.9% +11.6%AAA -6.1% -1.6%

17

Medical divisionFinancial performance

Order intake:

Solid FY net sales growth in all Regions and nearly all product areas. Order entry declined in Americas and AAA.

Gross profit margin: +0.2 pp yoy

Functional expenses (FX adjusted): FY +4.7% yoy

6.913.1

2018 2019

Order Entry

EBIT

1,723 1,729

2018 2019

-1.2%FX adjusted

+0.3%Nominal

+91%0.4%EBIT-margin

0.8%EBIT-margin

Net Sales

1,643 1,742

2018 2019

+4.6%FX adjusted

+6.0%Nominal

Comments

Q4 FYEuropa +2.1% +4.8%Americas -0.9% -1.0%AAA -10.2% -6.8%Medical -0.7% -1.2%

18

Safety divisionFinancial performance

Order intake:

Solid FY Order- and net sales growth in all Regions an in nearly all product areas.

Gross profit margin: -0.3 pp yoy

Functional expenses (FX adjusted): FY +9.6% yoy

55.853.5

Order Entry

EBIT

963 1,068

2018 2019

+10.0%FX adjusted

+10.9%Nominal

-4%5.9%EBIT-margin

5.1%EBIT-margin

Net Sales

952 1,039

2018 2019

+8.4%FX adjusted

+9.1%Nominal

Comments

2018 2019

Q4 FYEuropa +10.6% +10.3Americas -1.8% +7.0AAA +3.9% +11.6Safety +7.0% +10.0

OUTLOOKFiscal Year 2020

20

2018 2019

Dividend proposal for FY 2019

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

Dividend percommon share preferred share Dividend policy

2018 (in EUR million) 2019 (in EUR million)

Net profit* 34.4 33.4

Dividend 4.3 4.3

Participation certificates** 1.6 1.6

Common shares 1.3 1.3

Preferred shares 1.4 1.4

Net payout ratio 12.6% 13.0%

2018 2019

0.19 € 0.19 €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.

0.13 €0.13 €

21

Outlook FY 2020

2019 guidance1 2019 2020e

Net Sales(net of currency effects)

4.0 % – 6.0 % 5.9 % 1.0 % – 4.0 %

EBIT margin 1.0 % – 3.0 % 2.4 % 1.0 % – 4.0 %2

Gross profit margin Prior year’s level (42.7%) +/-1 pp

42.7 % +/- 1 pp

Dräger Value Added EUR -60m to -10m EUR -32.7m EUR -70 to +20m

1 last published guidance2 based on exchange rates at the start of the year 2020

Questions & Answers