Fielmann covers the whole range of optics

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2 Fielmann covers the whole range of optics Outlets 1) Total 706 Germany (589 shops) Switzerland (40 shops) Austria (37 shops) Netherlands (13 shops) Poland (20 shops) Luxembourg (2 shops) Italy (5 shop) Lithuania / Latvia (23 shops) Production Frames Lenses Grinding plant Agent and Services Fielmann AG 1) As at 31 March 2017

3 Primary market Germany growth potential in Europe 2016 Sales 1,337.2 Mio. 12.8% 5.9% 2.5% 78.9 % Germany Switzerland Austria Other

4 Horizontal integration excluding wholesale The value creation chain is abridged or covered directly by Fielmann and thus enables Fielmann to increase efficiency x and realise the full sales potential. External Production & Design Wholesale Retail Fielmann Production

5 Fielmann is setting the trend in German market

6 High productivity means value for money Market Share Germany % 21% 53% shops sales units sold Fielmann Sector

7 Fielmann is the market leader

8 Clear winner in optical segment of German market Sales in Germany ,226.3 (in EUR m) Branches Ø sales Fielmann m Apollo m Pro Optik m Optik Matt m Aktivoptik m Optiker Bode m Eyes + more m Krass Optik m Abele- Optik m Binder Optik m own estimates and published figures

9 Fielmann shops sell much more than traditional opticans Frames sold per day >180 > <2 9 Traditional optician Other chains Fielmann shops Fielmann supercenters Megastore

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11 Up to 48 times of turnover of a traditional optician Average annual sales per shop (in EURm) > 17.0 > Traditional optician Fielmann shops Fielmann supercenters Megastore

12 High-Tech used by Fielmann

13 Rathenow - production and logistics center

14 Further sales potential in Germany

15 Sales mix 2016 Fielmann Group contact lenses 9 % sunglasses 3 % hearing aids 4 % others 1 % frames 18% Lenses 65 %

16 Growth potential in southern Germany 6% 32% 57% > 600 shops 7,500,000 units sold 1,500 m sales shops sales units sold market share 2016> 55 % Fielmann Sector

17 Relocation and space increase 2016: 26 relocation/ refurbishing 2017: 40 relocation/ refurbishing 2018: 40 relocation/ refurbishing

18 Supercenter Cologne

19 Percentage of people wearing glasses is increasing % % 58 % %

20 High potential for multifocal lenses in Germany Index 2006 = 100

21 Complex surface geometry of multifocal lenses

22 Accurate optometric fitting Different levels on both sides!

23 The perfect vision Each lens on a pair of spectacles features a specific point for optimum vision. The optician measures the point of vision precisely to the millimetre and cuts the lens to the correct shape. Only when this point is situated directly in line with the pupil can the wearer see properly. In this way, the lens can be fitted perfectly into the frame, ensuring comfortable, perfect vision

24 Market for Contact lenses in Germany offers above-average growth potential Users of contact lenses in % of population 18% Switzerland 17% Sweden 5% Germany

25 Customer retention program Glasses for free insurance by Fielmann and HanseMerkur For a premium of just 10 per year, immediately on signing the contract, insured parties are offered high fashion metal or plastic glasses from the glasses for free collection, with Zeiss single-vision lenses and a three-year guarantee, a new pair of glasses after two years and free replacement in the event of breakage, damage or a change of prescription. Customers wishing to insure varifocals or multifocals pay an annual premium of 50. Glasses for free. Fielmann.

26 Hearing aid market Germany (units sold in 000 pcs) , ) 1) According to the Association of hearing aid industry. Source ZVEI Independent suppliers (estimated)

27 Hearing aid market is fragmented Germany Independent ~ 79% Kind ~ 8% Geers ~ 7% Amplifon ~ 3% 1) Fielmann ~ 2% Seifert ~ 1% shops 4, Market share units sold 1) Fielmann Group: 168 hearing aid centers as at 31 December 2016

28 Shop-in-shop concept for hearing aids

29 Hearing aid market Germany Standard segment Mid-range segment Premium price segment selling price 650 up to 1,500 up to 3,000 Average ticket-price ~960 Market share units sold ~ 40% ~ 50% ~10% Market share sales ~ 30% ~ 45% ~ 25% Market volume 2016 ~1.4 bn (incl. accessories) Hearing million persons impaired persons 3 4 million hearing aid users

30 Employees

31 Medical care, especially in the countryside, becomes more difficult Gera, June 2013 People waiting for an eye specialist s appointment. Rathenow, January 2013

32 The challenge to qualify employees 9,150 9,640 9,900 10,034 1,480 1,810 1,820 1,701 9,776 1,484 17,287 16,158 16,732 15,494 14,871 12,608 13,235 13,733 10,470 11,160 11,858 2,497 2,674 2,738 2,779 2,874 2,922 3,065 1,715 1,941 2,212 1,502 17,873 3, employees apprentices

33 Fielmann is also market leader in training schemes 5% shops 40% apprentices

34 Fielmann Academy at Plön Castle Plön Hamburg

35 Fielmann Academy at Plön Castle More than 7,000 apprentices, opticians, students of master degree courses are getting trained at Plön Castle every year with the latest technical equipment.

36 Customer satisfatction is deciding factor for staff bonuses for Fielmann shop managers

37 Fielmann offers its staff the opportunity to invest in the company More than 80 per cent of staff take advantage of this opportunity and receive dividends in addition to their salaries (around 12,700 custody accounts).

38 Expansion in Europe

39 Switzerland

40 Similar business patterns in Switzerland as in Germany Market share Switzerland % 15 % 45 % shops sales units sold Fielmann Sector

41 Expansion Switzerland targets for the medium term Basel Retail Switzerland Zurich Branches 45 External sales m 230

42 Austria

43 Austria Market share Austria % 20 % 33 % shops sales units sold Fielmann Sector

44 Expansion Austria targets for the medium term Wien Retail Austria Branches External sales 40 m 110

45 Italy

46 Expansion in the Italian speaking area Merano Bressanone Bolzano Verona Trento Vicenza Retail Italy Branches External sales 20 m 35

47 Expansion Eastern Europe

48 Expansion Eastern Europe GERMANY Rathenow POLAND Gdynia Rumia Koszain Gdansk Bialystok Szczecin Bydgoszcz Poznan Torun Warszawa Gorzów Płock Radom Lodz Kielce Legnica Wroclaw Czestochowa Gliwice Bytom Chorzów Lublin Sosnowiec Katowice Krakow Minsk Kiev BELARUS UKRAINE

49 Expansion in the Baltic States ESTONIA Tallinn POLAND LATVIA LITHUANIA Riga Liepaja Klaipeda Panevezys Siauliai Kaliningrad Kaunas Vilnius BELARUS

50 Figures at a glance Fielmann at a Glance Quantities sold (glasses in pcs. m) External sales (in bn) Consolidated sales (in bn) Pre-tax Profit (in m) Net income (in m) Dividend (in )

51 Interim report as at 31 March 2017 Fielmann at a Glance Quantities sold External sales Consolidated sales Pre-tax Profit Net income (glasses in pcs. m) (in m) (in m) (in m) (in m)

52 Trend taxation ratio 47.7% 42.1% 29.5% 28.7% 37.5% 38.4% 39.8% 33.6% 32.9% 29.6% 29.6% 29.0% 27.8% 28.2% 28.7% 28.0% 29.0% 29.1% According to HGB According to IAS / IFRS

53 Shareholder-friendly dividend policy for years (in % of net income less minority intrest) 50.0% 60.5% 72.4% 72.5% 73.0% % 85.9% 89.7% 74.4% 75.0% % % 88.3% 85.4% 88.8% IFRS 2005 / 2006; until 2004 according to HGB Dividend in payout ratio in %

54 Growth potentials for the medium- and long-term Space growth Germany Switzerland Up to 700 branches Up to 45 branches At least 3 % yoy The proportion of variofocals will increase accordingtly demographic development Organic growth Like for Like Demography Austria Up to 40 branches The german market is underdeveloped Contactlenses Poland Italy Up to 40 branches Up to 20 branches Unique offer by Fielmann Up to 250 hearing aid centers Glasses for free insurance Hearing aid

55 The Fielmann share

56 A comparison of Fielmann shares with DAX, SDAX, MDAX and TecDAX 300 % 200 % 100 % 0 % Fielmann share DAX M-DAX S-DAX TecDAX

57 Studies on Fielmann analyst date recommendation Hauck & Aufhäuser Chr. Salis hold equinet Bank S. Heilmann sell HSBC P. Rossington hold M.M. Warburg T. Kleibauer hold Kepler Cheuvreux C. Abbott hold Baader Bank V. Bosse buy Commerzbank O. Metzger buy UBS B. Orzelek sell LBBW J. Graf hold DZ Bank T. Maul sell Bankhaus Lampe P. Steiner hold Oddo Seydler M. Decot neutral Deutsche Bank A. Rott hold Merrill Lynch A. Hamer buy Berenberg Bank A. Patrice hold

58 The Fielmann share IPO: ISIN: DE Segment: MDAX, Prime Standard Shares outstanding: 84,000,000 (share split 1:2 as at and as at ) Shareholder structure: Fielmann family % Free float %

59 Disclaimer The present document was produced by Fielmann AG, Hamburg for exclusive use in analyst presentations given by the Management Board or the Investor Relations department of Fielmann AG and may not be copied or passed on to anyone not participating in the presentation. The document contains predictions that do not describe historical facts, but assumptions and expectations. Predictions are based on forecasts, estimates and what is anticipated on the basis of information currently available to the management of Fielmann AG. Such predictions are subject to risks and uncertainties, which may result in the final results deviating significantly from the predictions. Many of the risks and uncertainties result from factors, which cannot be precisely estimated by Fielmann AG or are beyond its control. These include the legal framework conditions, the future economic and market situation, the behaviour of other players in the market and the ability to achieve corporate targets. We would ask you not to place complete faith in the predictions, which are only valid on the date of the presentation. Fielmann AG shall not be liable for correcting or further developing such predictions in the light of new information, future events or amended forecasts given by the Management Board.

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