Conference callInterim reportJanuary 1 to September 30, 2015

Lübeck, November 5, 2015

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.

2

47.2-22.6

Q3‘14 Q3‘15

81.2

0.2

9M'14 9M'15

Business developmentGroup

Net Sales

EBIT

591.8

604.0

Q3‘14 Q3‘15

1,664.9

1,783.6

9M'14 9M'15

+0.2%Currency adjusted

+2.3%Currency adjusted

>-100% -100%

� Order entry Q3 +3.5% (cc +1.2%)9M +8.7% (cc +3.8%)

� Book to bill 1.06 (py 1.05)

� Gross profit margin Q3 41.8% (py 47.8%)9M 44.5% (py 46.5%)

� 9M Functional Expenses yoy+12.4% (cc +7.4%)

� 9M Other financial resultEUR -6.1m (py EUR +7.8m)

� Q3 one-off cost EUR ~20m

� 9M net profit EUR -11.1m

8.0%EBIT-margin

-3.7%EBIT-margin

4.9%EBIT-margin

0.0%EBIT-margin

3

* Middle East, Africa & Others

9M Net sales

in € millionChange

in %

Net of currency

effects in %

Europe +6.6 +6.0Americas +8.4 - 2.9

Asia-Pacific +4.7 - 5.5

MEAO* +12.7 +4.7

Total +7.1 +2.3

Functional Expenses

4

9M 2014 9M 2015Change FX adj.

Mio. € Mio. € %

R&D -155.4 -174.9 12.6 6.5 % of Net Sales -9.3% -9.8%

Sales & Marketing -399.6 -445.6 11.5 6.0 % of Net Sales -24.0% -25.0%

Administration -142.9 -164.8 15.3 11.5 % of Net Sales -8.6% -9.2%

SG&A -542.5 -610.4 12.5 7.4 % of Net Sales -32.6% -34.2%

Functional Expenses total -700.3 -787.5 12.4 7.4 % of Net Sales -42.1% -44.2%

Change

%

Business developmentMedical division: order entry in Q3 2015 and 9M 2015

208.6 620.2

89.7 254.8

82.3 225.4

39.9 134.6

Q3 2015 9M 2015

420.6 1235.0

% nom % cc

+1.8% -0.9%

-24.7% -29.9%

+20.6% +13.6%

+12.3% +7.0%

-1.6% -1.2%

% nom % cc

+9.0% +3.8%

+12.7% +4.5%

+16.9% +5.0%

+14.4% +3.9%

+3.7% +3.2%

Middle East, Africa & Others

Asia/Pacific

Americas

Europe

5

26.2 -24.1

Q3‘14 Q3‘15

35.8

-9.1

9M'14 9M'15

Business developmentMedical division

Net Sales

EBIT

378.8 388.1

Q3‘14 Q3‘15

1,063.1

1,148.2

9M'14 9M'15

+0.2%Currency adjusted

+2.6%Currency adjusted

>-100% >-100 %

� Order entry Q3 +1.8% (cc -0.9%)9M +9.0% (cc +3.8%)

� Book to bill 1.08 (py 1.07)

� Gross profit margin (yoy)Q3 -7.5 pp9M -1.5 pp

� 9M Functional Expenses yoy+12.6% (cc +7.2%)

6.9%EBIT-margin

-6.2%EBIT-margin

3.4%EBIT-margin

-0.8%EBIT-margin

6

* Middle East, Africa & Others

9M Net sales

in € millionChange

in %

Net of currency

effects in %

Europe +7.2 +6.8Americas +8.2 - 2.7

Asia-Pacific +6.9 - 4.3

MEAO* +13.8 +5.1

Total +8.0 +2.6

Business developmentSafety division: order entry in Q3 2015 and 9M 2015

135.4 402.3

38.9 112.9

35.0 102.8

15.9 42.0

Q3 2015 9M 2015

225.2 660.0% nom % cc

+6.9% +5.2%+10.9% +9.5%+9.1% +6.5%

+8.7% +1.4%

+5.3% +5.4%

% nom % cc

+8.1% +3.8%

+10.7% +5.2%+12.2% +3.0%

+10.3% -2.0%

+6.2% +5.4%

Middle East, Africa & Others

Asia/Pacific

Americas

Europe

7

21.01.5

Q3‘14 Q3‘15

45.5

9.3

9M'14 9M'15

Business developmentSafety division

Net Sales

EBIT

213.0 216.0

Q3‘14 Q3‘15

601.8635.3

9M'14 9M'15

+0.0%Currency adjusted

+1.6%Currency adjusted

-93% -80%

� Order entry Q3 +6,9% (cc +5.2%)9M +8.1% (cc +3.8%)

� Book to bill 1.04 (py 1.01)

� Gross profit margin (yoy) Q3 -3.2 pp9M -2.8 pp

� 9M Functional Expenses yoy+12.1% (cc +7.8%)

9.8%EBIT-margin

0.7%EBIT-margin

7.6%EBIT-margin

1.5%EBIT-margin

8

* Middle East, Africa & Others

9M Net sales

in € millionChange

in %

Net of currency

effects in %

Europe +5.7 +5.0Americas +8.8 - 3.4

Asia-Pacific - 0.0 - 7.9

MEAO* +9.3 +3.7

Total +5.6 +1.6

9

Key Figures

9M 2014 9M 2015

Mio. € Mio. €

Cashflow from operating activities 71.0 -7.2 -110.1

Investments 84.1 156.7 86.3

Cash and cash equivalents1 175.4 128.7 -26.6

Net financial debt1 118.9 165.5 39.1

Net financial debt 1 /EBITDA 2 0.5 0.9

Capital employed 1 1,112.9 1,256.4 12.9

ROCE (EBIT 2 /Capital employed 1) 15.3% 7.8%

Net Working Capital1 550.1 592.4 7.7

Headcount1 13,698 14,014 2.3

1 Values at due date2 EBITDA and accordingly EBIT of the last twelve months

Change

%

Outlook

2014 2015e

Net Sales + 4.0%(net of currency effects)

1.0% – 3.0%(net of currency effects)

EBIT margin 7.3% 2.5% – 4.5%*

Gross margin 46.7% below prior year

Operating cash flow

105.0% of EBIT

> 50.0% of EBIT

Equity ratio 40.1% > 40.0%

* Based on exchange rates at the end of Q3; excluding potential additional restructuring expenses in Q4

11

Questions & Answers

12

Appendix

13

Business developmentDräger Group

Q3 2014 Q3 2015 9M 2014 9M 2015

€ million € million € million € million

Order Intake 624.0 645.7 3.5 1 1,743.4 1,895.1 8.7 1

Net Sales 591.8 604.0 2.1 1 1,664.9 1,783.6 7.1 1

% growth 6.6% 2.1% 0.5% 7.1%% growth (currency adjusted) 6.7% 0.2% 3.0% 2.3%

Gross Profit 282.8 252.7 -10.6 773.4 793.5 2.6 Gross margin 47.8% 41.8% 46.5% 44.5%

Functional Expenses -242.4 -272.6 -12.5 -700.3 -787.5 -12.4 % of Net Sales -41.0% -45.1% -42.1% -44.2%

EBITDA 66.8 -0.7 -101.1 135.8 62.0 -54.4 EBITDA Margin 11.3% -0.1% 8.2% 3.5%

EBIT 47.2 -22.6 -147.8 81.2 0.2 -99.8 EBIT Margin 8.0% -3.7% 4.9% 0.0%

Interest Result -6.3 -3.1 50.7 -17.8 -14.4 19.5

Tax rate 32.9% 21.6%

Net Profit 27.7 -18.9 -168.1 42.5 -11.1 -126.1

DVA 76.2 -11.8 -115.5

1 Currency adjusted 9M: order intake +3.8%, net sales +2.3%

Currency adjusted quarter: order intake +1.2%, net sales +0.2%

Change

%

Change

%

Business developmentMedical and Safety division

14

Medical Division Q3 2014 Q3 2015 9M 2014 9M 2015

Mio. € Mio. € Mio. € Mio. €

Order Intake 413.3 420.6 1.8 1 1,132.7 1,235.0 9.0 1

Net Sales 378.8 388.1 2.5 1 1,063.1 1,148.2 8.0 1

EBIT 26.2 -24.1 -191.7 35.8 -9.1 -125.4

EBIT Margin 6.9% -6.2% 3.4% -0.8%

DVA 40.5 -2.2 -105.4

1 Currency adjusted 9M: order intake +3.8%, net sales +2.6%.

Currency adjusted quarter: order intake -0.9%, net sales +0.2%

Safety Division Q3 2014 Q3 2015 9M 2014 9M 2015

Mio. € Mio. € Mio. € Mio. €

Order Intake 210.7 225.2 6.8 1 610.7 660.0 8.1 1

Net Sales 213.0 216.0 1.4 1 601.8 635.3 5.6 1

EBIT 21.0 1.5 -92.8 45.5 9.3 -79.6

EBIT Margin 9.8% 0.7% 7.6% 1.5%

DVA 47.8 8.7 -81.8

1 Currency adjusted 9M: order intake +3.8%, net sales +1.6%.

Currency adjusted quarter: order intake +5.2%, net sales +0.0%

Change

Change

%

%%

Change

Change

%

Functional Expenses

15

Q3 2014 Q3 2015 9M 2014 9M 2015

Mio. € Mio. € Mio. € Mio. €

R&D -51.8 -60.1 16.0 -155.4 -174.9 12.6 % of Net Sales -8.8% -9.9% -9.3% -9.8%

Sales & Marketing -136.8 -152.5 11.5 -399.6 -445.6 11.5 % of Net Sales -23.1% -25.2% -24.0% -25.0%

Administration -52.9 -57.5 8.7 -142.9 -164.8 15.3 % of Net Sales -8.9% -9.5% -8.6% -9.2%

SG&A -189.7 -210.0 10.7 -542.5 -610.4 12.5 % of Net Sales -32.1% -34.8% -32.6% -34.2%

Functional Expenses total -242.4 -272.6 -12.5 -700.3 -787.5 12.4 % of Net Sales -41.0% -45.1% -42.1% -44.2%

%

Change

%

Change

16

Cash-flow statement

9M 2014 9M 2015Mio. € Mio. €

Group net profit 42.5 -11.1 >-100

Change in inventories -50.8 -76.4 -50.4

Change in accounts receivables 81.7 71.3 -12.8

Change in accounts payables -23.1 -25.0 -8.0

Depreciation and amortization 54.5 61.9 13.6

Other operating cash flow items -33.8 -27.9 17.6

Operating cash flow 71.0 -7.2 >-100

Investing cash flow -72.8 -141.2 -93.9

Free cash flow -1.8 -148.4 >-100

Financing cash flow -60.8 -23.6 61.1

Change in cash 1 -62.6 -172.0 >-100

Cash and cash equivalents 2 175.4 128.7 -26.6

1 Change in cash and cash equivalents, i.e. without any effect of exchange rates2 Values at due date

Change%

March 11, 2015 - Accounts press conference, Lübeck- Analysts meeting, Frankfurt

April 29, 2015 - Report for the first three months 2015 - Conference call, Lübeck

April 30, 2015 - Annual shareholders' meeting, Lübeck

July 30, 2015 - Report for the first six months 2015 - Conference call, Lübeck

November 5, 2015 - Report for the first nine months 2015 - Conference call, Lübeck

Financial calendar

17

18

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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