Brille: Fielmann. Glasses: Fielmann

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2 Brille: Fielmann Glasses: Fielmann 23 million people wear Fielmann glasses. Fielmann is known to more than 90% of the German population. Fielmann is the market leader in German-speaking countries: Austria, Germany and Switzerland

3 Key figures Founded: Shops: Units sold: External sales: ( ) 8.0 million (2016) 1.5 billion (2016) Consolidated sales: 1.3 billion (2016) Net profit: Employees: million (2016) 17,862 ( )

4 Fielmann 2016 at a glance Sales (in million) Shops Glasses (in pcs) Germany: 1, ,640,000 Switzerland: ,000 Austria: ,000 Others: ,000 1, ,990,000

5 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

6 Fielmann is the market leader

7 High productivity means value for money Market Share 2016 shops Sales units sold 5% 21% 53% 4% 3% 15% 20% 45% 33% Fielmann Sector

8 Clear winner in optical segment of German market Sales in Germany ,226.3 (in EUR m including VAT) Shops 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 opticians Frames sold per day >180 > <2 9 Traditional optician Other chains Fielmann shops Fielmann supercenters Megastore

10 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

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12 Rathenow - Production and logistics center

13 The optician needs to carry out an eyesight test

14 Accurate optometric fitting Different levels on both sides!

15 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

16 Further sales potential

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

18 New shops, relocation and space increase In the medium term, we are planning 170 moves and renovations: 2016 : e: e: 40

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

23 Contact lenses: Fully integrated multi-channelsystem

24 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.

25 Hearing aid market Germany Units sold (in 000 pcs) 1,220 1,170 1, Market volume 2016 ~1.4 bn (incl. accessories) Average ticket-price ~ Source ZVEI Independent suppliers (estimated) 2016

26 Hearing aid market is fragmented Germany Market share units sold Independent ~ 79% Kind ~ 8% Geers ~ 7% Amplifon ~ 3% 1) Fielmann ~ 2% Seifert ~ 1% shops 4, ) Fielmann Group: 175 hearing aid centers as at 30 June 2017

27 Shop-in-shop concept for hearing aids

28 Employees

29 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

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

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

32 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).

33 Fielmann Academy at Plön Castle Plön Hamburg

34 Fielmann Academy at Plön Castle More than 7,000 opticians trained per year.

35 Growth potential Fielmann thinks long-term, is planning to open new shops Switzerland 45 shops 550,000 glasses External sales m 230 Germany >600 shops > 7.5 million pairs of glasses External sales m 1,500 Poland 40 shops 300,000 glasses Austria 40 shops 500,000 glasses External sales m 110

36 Expansion in the Italian speaking area Italy Shops Unit sales External sales ,000 m 35 Varese Merano Bressanone Bolzano Trento Vicenza Verona Piacenza

37 Interim report as at 30 June 2017 Fielmann at a Glance Quantities sold (glasses in pcs. m) % External sales (in m) % Consolidated sales Pre-tax Profit Net income (in m) (in m) (in m) % +6.0 % +6.0 %

38 Shareholder-friendly dividend policy for years (in % of net income less minority interest) 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 %

39 Growth potentials for the medium- and long-term Space growth Germany Switzerland 600+ shops Up to 45 shops At least 3 % yoy The proportion of variofocals will increase accordingtly demographic development Organic growth Like for Like Demography Austria Up to 40 shops The german market is underdeveloped Contactlenses Poland Italy Up to 40 shops 20+ shops Unique offer by Fielmann Up to 250 hearing aid centers Glasses for free insurance Hearing aid

40 The Fielmann share

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

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

43 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 %

44 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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