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Investors‘ PresentationJuly 2018

Disclaimer

This presentation contains statements concerning the future performance of the Sartorius Group. These statements are based on assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we cannot guarantee that they will actually materialize. This is because our assumptions harbor risks and uncertainties that could lead to actual results diverging substantially from the expected ones. It is not planned to update our forward-looking statements.

Throughout this presentation, differences may be apparent as a result of rounding during addition.

Agenda

01 Overview and Strategy

Bioprocess Solutions Division02

Appendix0504 FY 2018 Guidance | Q1 2018 Results

03 Lab Products & Services Division

Sartorius at a glance

Based on FY 2017 figures; 1 Excluding extraordinary items 2 As of June 14, 2018; including SSB free float

€1.4bn 25.1% Sales revenue EBITDA1 margin

Bioprocess and laboratorytechnologies provider

International leading

Employees Market cap.2

~€10.7bn>7,500

~32%Americas

~43%EMEA

~25%Asia | Pacific

Well-balanced revenue base

Global sales and service network

Production sites in all regions

4

Sales revenue more than doubled in the last 6 years

19.720.1

20.521.0

23.6

25.0 ~25.1

18

19

20

21

22

23

24

25

26

27

28

0

0

0

0

0

0

0

0

+13.6%

Sales revenue EBITDA1 margin in % Intec Division; divested in 2|2015

2011 2015

+8.8%+12.6%

+16.0%

€733m

2012 2013 2014 2016

+18.2%

2011-17 Sales CAGR ~ +13% EBITDA1 Margin +5.4pp

~ €650m

2017

€1.4bn

5

+9.3%

Sales growth and CAGR for continued operations, in constant currencies 1 Excluding extraordinary items

Strategic focus on biopharma market

Molecule DevelopmentCell line and Process Development

Production Upstream & Downstream

Lab Products & Services Division

Bioprocess Solutions Division

Quality and Testing

~72%of Group Sales

~28%of Group Sales

6Based on FY 2017 figures

Market fundamentals remain very attractive

7

+6.5%CAGR

of worldwideprescription drugsales 2017-2022

9bnpeople by 2050

of which >2bn60yrs or older

Rise of biosimilars

>50%CAGR of

biosimilar sales2016-2021

Favorable R&D pipeline; strong advances in gene and cell therapy

~8%CAGR of biopharma market

2017-2025

>50%Share of biologicsin pharma R&D

pipeline

Favorable demographics Increasing healthcare spending

Portfolio continuously enhanced in line with strategy

Lab Products & Services

Bioprocess Solutions

Lab Products & Services


Sales ~€733m

Sales €1.4bn

Industrial Technologies

Biohit Liquid Handling

TAP Biosystems

2011 2017

Lonza Cell Culture Media

Industrial Technologies

AllPure Technologies

BioOutsource

Cellca

IntelliCyt

ViroCyt

kSep

11 acquisitions since 2011

Essen BioScience

Sales ~€650m1

Umetrics

81 Excluding Sartorius Industrial Technologies

SingaporeKuala Lumpur

Bangalore

Hanoi

TokyoBeijing Seoul

Hong KongBangkok

Shanghai

Mississauga

Mexico CityYauco

Bohemia

New OxfordAlbuquerque

Gain market share in North America; leverage strong market growth in Asia

~+15%CAGR1 Americas

North America: the largest market for biopharma and lab products

~+16%CAGR1 Asia|Pacific

~ €1.4bn

Sales share

Asia: the strongest growing pharma and lab market

Americas ~ 32%Asia|Pacific ~ 25%

Production | Sales SalesProduction | Sales Sales

Ann Arbor

91 CAGR 2012 to 2017, in constant currencies

Infrastructure prepared for further organic growth

10

New ERP and extension ofglobal IT infrastructure

Yauco, Puerto RicoDoubling of fluid managementand filter capacities

Goettingen, GermanyExtension of headquarters

Capex ratio expected to decrease from its above-average levels in 2016-18 as of 2019

Aubagne, France Capacity extensionof bag production ~x% Expansion

Capex

Minor expansionCapex~3%

Capitalized R&D~2%Maintenance Capex

~3%

02468

101214

14.9

8.8 7.1

~15 11.7

9.110.1

Capex ratioin %

1 Incl. discontinued operation 2 Based on 2018 guidance

201620142013120121 2015 2018e22017

Capex composition

Sartorius 2025 targets and initiatives

~28% EBITDA margin

~ 2|3Organic

~ 1|3 Acquisitions

Portfolio Adding high-impact innovation, e.g. digital tools Enhance process development capabilities Expand into adjacent applications

Regional Participate in strong Chinese market growth Continue to outgrow the important U.S. market

Operations Accelerate workflows across the organization

through digitalization Extend manufacturing base in Asia

Strategic initiatives 2025 targets

~€4bn1

Sales revenue

2025 ambition is based on 2017 currency exchange rates; non-organic revenue growth is accounted for companies acquired from 2018 onwards; EBITDA excluding extraordinary items 11

Sartorius 2025 ambition per division

SSB | BPS

~€2.8bnSales revenue

~30% EBITDA margin

~€1.2bnSales revenue

~25% EBITDA margin

~28% EBITDA margin

Sartorius GroupLPS

~€4bn1

Sales revenue

12

Agenda





Solution Provider for Biomanufacturing

Highly regulated environment | validated processes

Broadest portfolio in the industry; ii~75% recurring revenues

Sales revenue €1.010mn

EBITDA1 margin 28.0%

Unique position in an attractive market

Figures based on FY 2017 results; 1 Excluding extraordinary items 14

The widest product portfolio across the biopharma process chain

Cell culture media Cell

Media Preparation

Seed Fermentation

ProductionFermentation

Cell Removal | Clarification

ViralClearance

y y

y yy

y

y

yy

yy

y

y y

y

yy

y

y

Antibodies Contaminents such as viruses

Simplified diagram

y y

yy

Media Preparation

Seed Fermentation

ProductionFermentation

Cell Removal Clarification

Capture Polishing VirusClearance

Downstream Processing Upstream Processing ProcessDevelopment

Vaccines, monoclonalantibodies, ...

15

Leading market positions in key technology platforms

More than85 % of sales generated from a TOP 1-3 position

Strong double-digit market shares in most technology platforms

Filtration TOP 3 Fluid Management #1 Fermentation #1

16

1 CAGR 2012 to 2017, excluding fx effects and acquisitions

Four strong pillars drive above-average growth

~ +11%Organic CAGR1

17

0

2012 2013 2014 2015 2016

Pharma market

Biopharma market

Single-use penetration

Market share gains

CAGR 4-7%

CAGR 8-9%

Double-digit growth

Esp. in North America 2017

Competence in data analytics recently strengthened

Leading software for bioprocess data analytics

Powerful solutions for modeling and optimizing development and manufacturing processes of biopharmaceuticals

Successful distribution and co-marketing cooperation with Umetrics since 2012

Acquired in early April 2017; annual sales of ~$15mn; significant double-digit profitability

18

Agenda





Premium Lab Portfolio for R&D and QA

Expert in sample prep.; unique bioanalytics offering

Global sales & service infrastructure established

Sales revenue €394mn

EBITDA1 margin 18.0%

Sound laboratory business platform created since 2012

Figures based on FY 2017 results; 1 Excluding extraordinary items 20

Strong market position in key categories

Average global market share of > 10%

Significant growth potential, especially in U.S. and Asia

Lab Balances #2 Pipettes #4 Lab Filtration #3 Microb. Analysis #2(membrane based)

21

Innovative bioanalytics solutions added

Acquisition of US companies IntelliCyt (mid 2016) and Essen BioScience (early 2017)

Combination of unique technologies in the area of high throughput (IntelliCyt) and real-time quantitative analysis (Essen)

Unrivalled solutions which provide significant benefits to biopharma R&D workflows

Fully automated time-lapse-image capture in the incubator and over a longer period

Analyzes cell health, morphology, movement,...

Award-winning technology for rapid, high content, multiplexed analysis of cells and beads in suspension

22

Bioanalytics portfolio offers strong double-digit growth potential

Broadest and most innovative cell analysis portfolio for biopharma applications

Addressing strongly growing areas in R&D, e.g. antibody discovery and immuno-oncology applications

Young technologies with significant leeway to penetrate relevant markets

Combination with Sartorius’ global reach provides additional growth potential

Annual sales of approx. €56m in 2017; significant sales and margin potential

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Scalable business with considerable growth and margin potential

Well established sample prep. portfolio

Premium instruments and consumables offering with strong global positions

Significant market share opportunities in certain regions to be addressed primarily by direct sales force

Unique bioanalytics portfolio established

Innovative and unrivalled technologies added through recent acquisitions

Combination with Sartorius’ global reach provides significant growth potential

24

Agenda





Outlook for 2018 confirmed

26

Growth guidance includes non-organic contribution by recent acquisitions: ~ 0.5pp for BPS and ~ 2.5pp for LPS, i.e. ~ 1.0pp for the Group

Capex ratio ~ 15% (FY 2017: 14.9%)

As a result from the US tax reform, SAG´s tax rate is expected to decrease from 2018 onwards by 2pp to around 27%

FY 2017 FY 2018 Guidance1

Sales revenuegrowth1

UnderlyingEBITDA margin

Sales revenuegrowth

UnderlyingEBITDA margin

Sartorius Group 9.3% 25.1% ~ 9% - 12% ~ +0.5pp

Bioprocess Solutions 4.9% 28.0% ~ 8% - 11% ~ +0.5pp

Lab Products & Services 22.0% 18.0% ~ 12% - 15% ~ +1.0pp

1 In constant currencies

Dynamic start into the year but significant FX headwinds

1 Constant currencies 2 Underlying = excluding extraordinary items 3 Underlying EPS = based on net profit aamortization and based on a normalized financial result and tax rate

fter non-controlling interest; adjustedfor extraordinary items as well as 27

Sartorius Group in millions of € unless otherwise specified

Q1 2017 Q1 2018 in % in % cc1

Sales revenue 343.1 364.9 +6.3 +11.4

Order intake 376.9 404.8 +7.4 +12.4

Underlying EBITDA2 84.6 88.6 +4.7

Underlying EBITDA2 margin in % 24.7 24.3 -0.4 pp

Underlying EPS3 (ord.) in € 0.50 0.54 +8.1

Underlying EPS3 (pref.) in € 0.51 0.55 +8.0

Capex ratio in % 12.8 10.3 -2.5pp

151.2 159.3

80.089.0

111.9 116.6

Well balanced regional contributions to sales growth

Asia|Pacific ~ 24%

Americas ~ 32%

EMEA ~ 44%

~ €365m

Acc. to customers‘ location; growth in constant currencies

+18.2 %+13.8 % +6.3 %

Americas: BPS with good momentum; LPS growth fueled by Essen BioScience acquisition

EMEA: Performance equally driven by LPS and BPS; sound organic growth

Asia|Pacfic: Both divisions once again with strong double-digit growth rates

Q1 17

Americas€ in millions

EMEA€ in millions

Asia|Pacific€ in millions

Sales by Regionin %

Q1 17 Q1 18Q117Q1 18 Q1 18

28

68.4 70.3

Q1 17 Q1 18

BPS: Robust growth but FX headwinds

Order Intake € in millions

Sales Revenue€ in millions

Underlying EBITDA & Margin€ in millions

Solid development in both sales revenue and order intake

All product segments contribute to growth

Underlying EBITDA margin diluted by unfavorable FX trend

283.5 295.1

Q1 17 Q1 18

251.1 263.4

Q1 17 Q1 18

27.2% 26.7%

+9.1% cc+4.1%

+10.0% cc+4.9%

+2.9%

29

LPS: Double-digit growth in sales revenue and profit

Order Intake € in millions

Sales Revenue€ in millions

Underlying EBITDA & Margin€ in millions

Overproportionate increase in order intake mainly driven by Bioanalytics

Recent acquisition of Essen BioScience contributes ~11pp inorganic sales growth

Margin improved despite FX headwinds due to volume and product mix

93.4109.6

Q1 17 Q1 18

16.318.3

Q1 17 Q1 18

92.0101.4

Q1 17 Q1 18

17.7%18.0%

+22.7% cc+17.3%

+15.3% cc+10.3%

+12.6%

30

Cash flow influenced by higher earnings and lower taxes

1 net profit amortization and based on a normalized financial result and tax rate2 A 3 Net cash flow from investing activities and acquisitionsUnderlying net profit = adjusted for extraordinary items,

fter non-controlling interest 31

Increase in extraordinary items in line with expectations; mainly reflects integration costs of Essen BioScience

Net operating cash flow influenced by lower tax payment

Net investing cash flow in previous year primarily reflects the Essen acquisition

Sartorius Group € in millions

Q1 2017 Q1 2018 in %

Underlying EBITDA 84.6 88.6 +4.7

Extraordinary items -6.1 -7.2 -17.4

Financial result -3.7 -4.1 -12.2

Underlying net profit1,2 34.4 37.2 +8.0

Reported net profit2 26.6 26.6 +0.0

Net operating cash flow 22.9 38.9 +70.0

Net investing cash flow3 -332.5 -40.6 n.m.

Key financial indicators remain at robust levels

Net debt in millions of € (lhs)Net debt to underlying EBITDA (rhs)

Net Debt and Net Debt to Underlying EBITDAKey Financial Indicators

Sartorius Group Dec. 31, 2017 Mar. 31, 2018

Equity ratio in % 35.1 35.4

Net debt in millions of € 895.5 900.4

Net debt | underlying EBITDA 2.5 2.5

Q1-Q420152014

Q1-Q4 Q1-Q42016

Q1-Q42017

0

0.6

1.2

1.8

2.4

3

0

0.6

1.2

1.8

2.4

3.0

Q12018

0

200

400

600

800

1000

32

Agenda





Sartorius legal & operational structure

100%~ 74%

Other Sartorius Subsidiaries

Lab Products & Services DivisionBioprocess Solutions Division

Sartorius Group Operational Setup

~ 74% Sartorius AG ~ 26% Free float

Sartorius AGStock market listed in Germany

Sartorius Stedim Biotech S.A. Stock market listed in France

> 50% Administered by executor ~ 34% Bio-Rad Laboratories ~ 9% Treasury shares ~ 5% Family owned ~ 2% Free floatO

rdin

ary

shar

es ~ 91% Free float ~ 9% Treasury shares

Pref

eren

ce sh

ares

Sartorius Group Legal Setup

34

0

50

100

150

200

250

300

Key account business with limited dependence on individual accounts

More than half of 2017 BPS sales were generated with the Top 50 customers

No individual customer accounts for more than 5% of BPS sales revenue

No single drug accounts for more than 3% of BPS sales revenue

Limited dependence on individual accountsLong term business relationships with leading global (bio-)pharma companies

Sales to Top 50 customersin 2017, € in millions

Top 10 11 to 20 21 to 30 31 to 40 41 to 50

Cumulativeshare~25%

~40%~45% ~50% ~55%


35

Leading positions in key technology platforms

Sartorius Merck | Millipore

Danaher | Pall

ThermoFisher

GE Top 3 Players

Filtration1. Merck | Millipore2. Danaher | Pall3. Sartorius

Fluid Management

1. Sartorius2. Thermo Fisher3. Merck | Millipore

Fermentation1. Sartorius2. Thermo Fisher3. GE

Purification1. GE2. Merck | Millipore3. Danaher | Pall

Cell Culture Media

1. Thermo Fisher2. Merck | Millipore3. GE

Pie charts indicate completeness of product offering


36

Technology shift towards single use


1 Own estimates

Past Present Future

10 – 20%

30 – 40%

70 – 80%

Single-use market penetration1Key benefits

+ Capex reduction over entire lifecycle

+ Lower water and energy consumption

+ Reduced risk of cross-contamination

+ Higher flexibility

37

SingaporeKuala Lumpur

Bangalore

Hanoi

TokyoBeijing Seoul

Hong KongBangkok

Shanghai

Mexico CityYauco

Bohemia

São Paulo

Buenos AiresMelbourne

KajaaniHelsinki

St. PetersburgMoscow

GoettingenPoznan

Guxhagen

Lourdes

Milan

Florence

ViennaBudapest

Madrid

Vilvoorde

Epsom

StonehouseDublin

Sales Production | Production and Sales

Royston

Rotterdam

European home market; Americas and Asia gaining significance

Aubagne

Ann Arbor

Tagelswangen

Glasgow

Laupheim

M’ HamdiaAlbuquerque

Global Presence: > 30 sales and 20 manufacturing sites

~25%Share of SalesAsia | Pacific

~32%Share of Sales

Americas

~43%Share of Sales

EMEA

New Oxford

Malmö

38

Fermentation & Cell Culture Media

Extract of the Bioprocess Solutions’ product portfolio

Filtration Purification

Fluid Management

39

Pipettes

Extract of the Lab Products & Services’ product portfolio

Filtration | Lab Filtration

Lab Balances | Lab Water Systems Bioanalytics

40

Recap 2020 targets and initiatives

1 Based on 2015 fx rates 2 Excluding extraordinary items

~€2bn1

Sales revenue

~ 3|4Organic

~ 1|4 Acquisitions

Portfolio Complementary extensions through alliances

and acquisitions Own product development

Regional Gain share in North America Leverage strong market growth in Asia

Infrastructure Expansion of production capacity Significant investments into IT infrastructure

Strategic initiatives 2020 targets

~26-27%2

EBITDA margin

41

Executive Board of Sartorius AG

Rainer Lehmann, CFOsince March 2017

Finance, IT, Business Processes

Joachim Kreuzburg, CEOsince 2003

Corporate Strategy, Legal & Compliance, Operations, Communications, Human Resources

Reinhard Vogtsince 2009

Marketing, Sales & Services

42

Petra Kirchhoff

Vice President Corporate Communications & IR

Phone: +49.551.308.1686E-mail: [email protected]

Sartorius Corporate Administration GmbHOtto-Brenner-Straße 2037079 Goettingen, Germanywww.sartorius.com

Financial calendar and contacts

Ben Orzelek

Director Investor Relations

Phone: +49.551.308.1668E-mail: [email protected]

July 24, 2018Publication of the Interim Financial Report 2018

August 28, 2018Commerzbank Sector Conf. Week | Frankfurt

September 04, 2018M.M. Warburg Roadshow | Edinburgh

September 05, 2018Metzler Roadshow | London

September 06, 2018Goldman Sachs European Medtech Conf. | London

September 12, 2018Commerzbank Roadshow | Chicago

September 13, 2018Morgan Stanley Global HC Conf. | New York

September 25, 2018Berenberg German Corporate Conf. | Munich

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