Simone Menne, Member of the Executive Board and CFO Frankfurt/Main, May 14, 2013

Page 1

Disclaimer in respect of forward-looking statements

Information published in this presentation concerning the future development of the Lufthansa Group and its subsidiaries consists purely of forecasts and assessments and not of definitive historical facts. These forward-looking statements are based on all discernible information, facts and expectations available at the time. They can, therefore, only claim validity up to the date of their publication. Since forward-looking statements are by their nature subject to uncertainties and imponderable risk factors such as changes in underlying economic conditions and rest on assumptions that may not occur, or may occur differently, it is possible that the Groups actual results and development may differ materially from the forecasts. Lufthansa makes a point of checking and updating the information it publishes. However, the Company is under no obligation to update forward-looking statements or adapt them to subsequent events or developments. Accordingly, it neither explicitly nor implicitly accepts liability, nor gives any guarantee for the actuality, accuracy or completeness of this data and information.

Page 2

Overview

European airline industry is consolidating and becoming increasingly rational

Consolidation and financial pressure are driving change at all major European airlines

Capacity discipline is intact

Benefits of tight capacity management are already becoming visible

Lufthansa is in the pole position to be the structural winner from industry consolidation
Strong balance sheet and cash generation despite accelerated investments in modern fleet and best in class products

Diversified Group is a key success factor

Broad setup with a portfolio of airlines and non-airline segments provides LH Group with stable baseline profits

Lufthansa Group is implementing structural changes through its program SCORE

SCORE works and is to improve operating profit to 2.3 bn EUR by 2015. One-off costs apply during the implementation.

Page 3

Consolidation and cost pressure are driving industry rationality Capacity growth is on low levels, fuel costs remain high
Competition is driven by three network carriers and two main LCCs Oil price remains on high level, especially in EUR terms
160

Capacity growth in Europe is on record low levels

15%

140

120

10%

100

+
80 60

=
Oil price in USD Oil price in EUR

5%

40

0%

20

Europe to Rest of World Intra-European

-5%

0 2007

2008

2009

2010

2011

2012

2013

2001

2003

2005

2007

2009 2011

2013

Sources: Airlines' logos: www.wikipedia.org ASK based on flight plan data (FLASH), for 2013 summer schedule used as proxy

Page 4

Business models are converging Legacy carriers reduce costs and low cost carriers increase prices
Legacy carriers focus on margin improvement. LCCs with moderate growth and more yield focus
(Communicated outlooks)

Capacity discipline continues

(Communicated capacity plans)

1.6 bn EUR operating profit by 2015

(FY2011 operating profit 485 m EUR)

-1.9% in 2013

2.5-3.0 bn EUR EBITDA by 2014

(FY11 operating loss -353 m EUR, EBITDA 1.3 bn EUR)

+1.5% in 2013

2.3 bn EUR operating profit by 2015

(FY 11 operating profit 820 m EUR)

+1.0% in 2013

revenue per seat +8.5% for FY13

(on constant currency)

ca. +3.3% for current financial year

average fare +6% for FY13

ca. 5% growth p.a. despite recent large fleet order

Source: Companies' presentations *Fleet size will remain stable at Lufthansa Passenger Airlines ASK growth only via fleet rollover and higher productivity.

Page 5

Positive effect of capacity discipline is visible in operational figures Higher seat load factor and yield increases

Lufthansa Group Passenger Airline Group

Q1 12

Q2 12

Q3 12

Q4 12

FY 12

Q1 13

Capacity vs. Demand

(ASK vs. RPK)

Seat Load Factor

(increase vs. 2011)

+1.3 pts.

+1.0 pts.

+1.3pts.

+1.4 pts.

+1.2 pts.

+1.9pts

Yield
(increase vs. 2011)

+3.7%

+3.8%

+4.5%

+3.0%

+3.7%

+0.9%

Page 6

Lufthansa will continue its restrictive capacity path in 2013 Capacity forecast and current business development

Passenger Business Current Trading

Capacity growth only driven by long-haul capacity, in particular due to larger aircraft and increase in Economy vs. Business Class capacity Forward bookings show positive trend in volumes bookings, except for April because of Easter effect and strike Increases in load factor continue due to restrictive capacity Diverse yield development continues Europe: positive development Long-haul: Yield remains diluted due to temporarily enlarged Economy Class Americas: positive development. Asia /Pacific and MidEast/Africa: weaker

Capacity outlook for full year 2013 Passenger Airline Group [ASK]

Capacity outlook for summer 2013 Passenger Airline Group [ASK]

Cargo Current Trading

Market recovery anticipated in second half of the year Visibility remains limited however Capacity estimate for full year 2013 now 0% vs. PY

Page 7

Aircraft orders are mainly for replacements not growth Fleet rollover is being accelerated and new products are introduced
Aircraft deliveries 2013-2025
Airbus 380 Boeing 747-8i Boeing 777 (of which 5 freighters) Airbus 330 Airbus 320 family Embraer 195 Bombardier C Series Total

Total
4 15 11 3 165 4 30 232

Example: Lufthansa Passenger Airlines

market growth LH base case ca. +2% p.a. stable fleet

current fleet (less planned phased outs)

orders in place

orders outstanding

New First Class

New Business Class

New Economy Class

New terminal facilities

Page 8

Financial strength puts LH in pole position for future developments Cash flow generation is strong and financial profile is conservative
1. Lufthansa is profitable and produces strong cash flows 2. Solid financial profile provides competitive edge in financing conditions 3. Conservative fleet structure allows flexible fleet and capacity management
100 90 80 70 60 50 40 30 20 10 0

S&P Investment Grade Rating (BBB-, stable) confirmed in Dec '12

Aircraft are depreciated over 12 years to 15% residual value

0 1 2 3 4 5 6 7 8 9 10 11 12

1.7 bn EUR

moderate net Debt

5.2 bn EUR

high liquidity

ca. 90% of fleet is owned vs. 10% leased

Flexible Pension Model

IAS 19 accounting change has no cashflow effect

in bn EUR

>70% of fleet is financially unburdened (not used as security for financing deals)

Page 9

Non-airline segments are key for the solid financial profile Diversified portfolio provides LH Group with stable baseline profits
Revenue Operating result Range of op. margin

Airlines
23.6 bn +4.8%

Passenger Airlines Group

258 m -0.1% +11.4% 104 m -8.0%

Logistics (Cargo)

2.7 bn

Service Companies
4.0 bn 318 m +8.8%

MRO
+6.9% 2.5 bn +3.9% 97 m +3.1% +6.2%

Catering

non-cyclical profit base of ca. 300-450 m EUR

IT Services

0.6 bn

21 m +1.8%
2008 2009 2010 2011 2012

Others incl. Group Functions

-263 m (burdened by restructuring costs)

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The profit trend at Lufthansa Group must be turned around Passenger business in focus
Lufthansa Group Operating result and adj. op margin
1,280

Largest Segment: Passenger Airline Group Operating result and adj. op margin

1,020 820 4.7% 3.4% 1.4% 524

5.8%

789 4.9% 629 4.0% 349 2.3% 0.8% -8

2.1%

258 1.6%

130

2008

2009

2010

2011

2012

2008

2009

2010

2011

2012

LH Group Operating Result LH Group Adj. op. margin

Pas. Airl. Group Operating result Pas. Airl. Group Adj. op. margin

Page 11

SCORE transforms Lufthansa into a strong and more profitable Group Comprehensive restructuring and SCORE measures
Unprofitable Lufthansa Italia shut down in Oct 2011 Highly loss making British Midland sold Exit from Jade Cargo Austrian Airlines' operations transferred into ca. -25% lower cost subsidiary Tyrolean Airways as of July 2012 Program to rationalize 1,110 admin functions (Finance, HR, Procurement) launched in Oct 2012 Restructuring of loss-making point-to-point traffic. Transfer to existing low cost platform from Jan 2013 Process optimization and reduction of staff costs at LH Passenger Airlines

SHAPE!

+1.5 bn EUR 0.8 bn EUR

Operating profit financial year 2011
Page 12

2.3 bn EUR

Operating profit target financial year 2015

SCORE is to improve the Group operating profit to 2.3 bn EUR by 2015 Current SCORE pipeline of gross contributions before cost headwinds
further headwinds to be compensated by additional measures

in m EUR

744

768

900 Target 2013: 740 m EUR gross contributions

numbers as of snapshot as of 28 February 2013

Page 13

Operating segments are on track to improve results Key figures for Q1 2013

Share of LH Groups external revenue

74.1%

9.0%

9.4%

6.5%

1.0%

Q1 2013
in m

Passenger Airline Group 5,069

+0.6%

Logistics 599
-9.5%

MRO 994
-3.1%

Catering 569
+0.2%

IT Services 150
+2.7%

Other & consolidation -753

-8.5%

Revenue
vs. PY

Operating result
vs. PY

-363
+15.0%

27
+35.0%

81
+24.6%

3
+250%

3
-25.0%

-110
-533%

operating segments: EUR +95m year on year

EUR -95m year on year (of which -64m restructuring costs, -31m from exchange rate gains/losses)

in m

Lufthansa Passenger Airlines

SWISS

Austrian Airlines

Total revenue
vs. PY

3,672
+0.7%

987
+2.1%

426
-3.4%

Operating result
vs. PY

-292
+20.9%

-16
-433.3%

-56
+16.4%

Previous years figures adjusted due to changes in pension accounting (IAS 19 new).

Page 14

Group Outlook unchanged: operating profit higher than last year's Outlook for the Group for FY 2013

Outlook 2013
Revenue above previous year Operating profit 2013 higher than reported operating profit for 2012 SCORE activities should make a substantial gross contribution to earnings in 2013 Operating result will be significantly impacted by SCORE restructuring costs and project costs SCORE restructuring costs similar to previous year In 2013, the larger part of the operating result for the year will be generated by the airlines, i.e. the Passenger Airline Group and Lufthansa Cargo

Operating result in EUR m

Page 15

>524

Summary

European airline industry is consolidating and becoming increasingly rational

Consolidation and financial pressure are driving change at all major European airlines

Capacity discipline is intact

Benefits of tight capacity management are already becoming visible

Lufthansa is in the pole position to be the structural winner from industry consolidation
Strong balance sheet and cash generation despite accelerated investments in modern fleet and best in class products

Diversified Group is a key success factor

Broad setup with a portfolio of airlines and non-airline segments provides LH Group with stable baseline profits

Lufthansa Group is implementing structural changes through its program SCORE

SCORE works and is to improve operating profit to 2.3 bn EUR by 2015. One-off costs apply during the implementation.

Page 16

Simone Menne, Member of the Executive Board and CFO Frankfurt/Main, May 14, 2013

Page 17

Appendix Supplementary Financial Information

Page 18

All segments expect to improve or maintain their profits in FY 2013 Outlook for business segments

Passenger Airline Group Outlook

moderate increase in revenue and operating profit; absolute level depends on macroeconomic, fuel price and exchange rate developments.

Logistics

MRO

Catering

IT Services

operating profit in the three-digit million euro range. An increase on the previous years result is anticipated.

expectations of stable earnings development

moderate increase in revenue. year-on-year increase in operating profit.

moderate revenue growth. further increase in profitability.

Lufthansa Passenger Airlines

SWISS

Austrian Airlines

Outlook
higher revenue and improvement in the operating result in spite of volatile external cost factors. Absolute level will depend to a great extent on fuel costs and exchange rates operating result roughly on a par with last year. In addition to fuel prices, an important factor affecting business performance remains the Swiss franc. consolidating the successfully initiated turnaround and thereby achieving an operating profit.

Page 19

FY 2012 Key Figures for the Group

Lufthansa Group (in m EUR)

FY 2012 30,135
24,793

FY 2011 28,734
23,779

vs. PY +4.9%
+4.3%

Group Revenue
of which traffic revenue

Operating result Adj. operating margin* EBITDA Net Income

524 2.3% 3,270 990

820 3.4% 2,546 -13

-36.1% -1.1pts. +28.4% n.a.

Operating Cash Flow Free Cash Flow Cash Value Added

2,842 1,397 375

2,356 713 99

+20.6% +95.9% +278.8%

Equity Ratio Net Debt

29.2% 1,953

28.6% 2,328

+0.6pts. -16.1%

Market Capitalization

6,550

4,208

+55.6%

*incl. income from reversed provision

Page 20

FY 2012 Overview Group segments

Share of external LH Group Revenue

75.8%

8.8%

8.1%

6.4%

0.9%

in m EUR

Passenger Airline Group 23,559

+5.7%

Logistics 2,688
-8,7%

MRO 4,013
-2.0%

Catering 2,503
+8.9%

IT Services 609
+1.7%

Others & Consolidation -3,237

-7.2%

Revenue
vs. PY

Op. result
vs. PY

258
-26.1%

104
-58.2%

318
+23.7%

97
+14.1%

21
+10.5%

-274
-97.1%

EBITDA
vs. PY

1,851
+11.0%

196
-40.2%

491
+30.2%

214
+45.6%

76
31.0%

507
+894.1%

in m EUR

Lufthansa P. Airlines

SWISS

Austrian Airlines

Revenue
vs. PY

17,261
+5.4%

4,220
+7.1%

2,158
+5.4%

Op. result
vs. PY

-45
-

191
-26.3%

65
-

EBITDA
vs. PY

1,113
-0.7%

507
+0.8%

228
+113.1%

Page 21

FY 2012: Adj. operating margin per airline and business segment FY2012 vs. FY2011

10,0%

9,1%

8,6% 6,9%

8,0% 6,6% 6,0% 4,7% 4,0% 3,8% 2,1% 1,6% 4,2% 4,0% 3,6% 3,9% 3,7%

3,4% 2,3%

2,0%

1,4% 0,3%

0,0%

-2,0% -2,7% -4,0% Lufthansa Passenger Airlines 2012 SWISS Austrian Airlines Passenger Airline Group Logistics MRO IT Services Catering LH Group

2011

Page 22

Q1 2013 Key figures for the Lufthansa Group

Lufthansa Group (in EUR m)

Q1 2013 6,628
5,337

Q1 2012 6,619
5,349

vs. PY +0.1%
-0.2%

Total revenue
of which traffic revenue

Operating result Adjusted operating margin* EBITDA Net profit/loss for the period

-359 -5.2% -3 -459

-359 -5.2% 76 -394

+0.0% +0.0 pts. -16.5%

Cash flow from operating activities Free cash flow

976 463

833 540

+17.2% -14.3%

31.3.2013 Equity ratio Net debt 15.4% 1,702

31.12.2012 16.9% 1,953 -1.5 pts. -12.9%

Market capitalization

7,010

6,550

+7.0%

* incl. income from the write-back of provisions. Previous years figures adjusted due to changes in pension accounting (IAS 19 new).

Page 23

As expected, IAS 19 resulted in a clear shift on the balance sheet Implementation of IAS 19
Balance sheet as of 31.12.2012 (prior to new accounting)
assets equity and liabilities

Balance sheet as of 31.3.2013 (based on new accounting)

assets equity and liabilities 4.6

non current assets

18.0 8.3 2.1

shareholders equity pension provisions

equity ratio

equity ratio

29.2%

15.4%
5.9 18.4

pension provisions

pension asset surpluses

0.6

deferred tax assets other liabilities

18.0

0.7

19.2

current assets

9.8 off-balance-sheet In EUR bn ca. 4.5

10.6

unrecognised positions off-balance

In EUR bn

Impact on balance sheet and p&l

Balance sheet: Cash flow: P&L staff costs: P&L interest result: Pension provisions in the balance sheet increase by approx. EUR 3.8bn; shareholders equity reduces strongly. IAS 19 does not lead to higher annual pension fund allocations; financing plan remains unchanged. No amortisation of off-balance-sheet pension provisions; but offset in 2013 due to lower interest rates that cause increase service costs Interest result declines as interest rate for pension assets lowered (from 5.2% to 3.5%) under IAS 19 new; At the same time, interest expense is also reduced as rates lowered due to general decline in market rates (4.5% to 3.5%).

Page 24

Balance sheet targets adjusted with regards to new IFRS rules Financial targets

New Target

Old Target

Current Status IFRS changes (especially pensions) have impaired equity sustainably but do not change underlying economic situation. Equity ratio target adjusted accordingly.

Equity Equity Ratio Ratio

25% 25% mid-term

30%

15%

Gearing Gearing

no n.a. target

40-60%

New IAS19 pension accounting leads to significant volatility of equity. Gearing loses its steering function. Measure of adjusted operating cash flow to net debt incl. pension provisions. New target is to manage the Group's borrowing capacity. Closely related to rating agency thresholds. Minimum liquidity provides security buffer for any adverse scenario. Target is unchanged

Debt Debt Repayment Repayment Ratio Ratio

Minimum Liquidity

45% 45% (min 35%) 35%) (min

2.3 bn EUR

34%

2.3 bn EUR

5.2 bn EUR

Page 25

SCORE transforms the Group in all areas All operating entities are contributing through own projects
Examplatory projects per airline / segment Company LHP Project New Germanwings Premium Economy Extension of "Two-Product Fleet" SHAPE! LX Calvin New Concept for Geneva Manumea Technical Service Set Up Fuel Saving Measures OS LSG LHT LCAG New Contract Airport Vienna New Catering Concept Restructuring Germany New Operating Model Air New Zealand NETwork SixToOne Product Push Revenue Management Optimization > 2,500 ideas generated within 1 year Number of projects per Group segment
Passenger Airline Group

Logistics

MRO

Catering

IT Services

526

302

225

1,292

59

Top 20 projects account for ca. 1bn EUR

Page 26

Examplatory SCORE project: New Germanwings Non-hub traffic merged into one profitable carrier with only two aircraft types

2009
# of brands # of aircraft types

2012

2015

5
(Lufthansa, Germanwings, Eurowings, Cityline, Contact Air)

3
(Lufthansa, Germanwings, Eurowings)

1
(Germanwings)

8
(B737-300,-500,CRJ-200,-700,-900,ATR72-500,ATR42500,F100)

5
(A320,A319,B737-300,B737-500,CRJ-900)

2
(A320 Family, CRJ-900)

Fragmented production and complex fleet, diluted brand identity

Progress towards homogeneous fleet, three brands remain

Fleet homogenization completed, new Germanwings

20% lower unit costs

200 m EUR expected earnings improvement (=break-even 2015)

Starting from market leader position

Page 27

SCORE leads to one-off restructuring costs Overview of staff measures

Provisions for >2,000 severances packages in FY 2012 Further restructuring measures have recently been announced GLOBE Group-wide pooling of HR, Procurement, Finance and Accounting ~ 1.100 FTEs affected ~ 200 m EUR cumulative savings 2013-2018 ~ 75 m EUR savings p.a. from 2019 onwards SHAPE! Streamlining, simplification and flexibilization of processes at Lufthansa Passenger Airlines ~ amount of affected FTEs and details tbd in May 2013 ~ 150 m EUR savings p.a. from 2015 netWork More than 200 projects in order to restructure administrative functions at Lufthansa Technik Restructuring costs FY2012: 160 m EUR ~ 650 FTEs affected ~ 30 m EUR savings p.a. from 2015

Page 28

Fuel cost for 2013 now expected at EUR 7.0 bn Fuel forecast and sensitivities
150

140

LH price 2013

130

USD/barrel

120

Market price

7.8bn (+20% oil price) 7.4bn (+10% oil price) 7.0bn (base case) 6.5bn (-10% oil price) 6.2bn (-20% oil price) USD 103/barrel as of 30.4.2013

110

100

90

80

70 70 80 90 100 110 120 130 140 150

LH Group fuel expenses after hedging (in EUR bn)

as of 15 April 2012 Brent forward 100 USD/barrel EURUSD 1.31

USD/barrel

Page 29

Lufthansa's fuel hedging strategy Rolling approach to reduce volalitility of costs

Current hedging level status

FY2013 FY2014

76% 38%

Lufthansa's hedging strategy is designed to reduce volatility Rolling approach with 24 months lead time before actual consumption Hedging level is increased month-by-month until 85% is hedged Mainly options not fixed contracts to still benefit from falling oil prices

# months before actual date of consumption

Page 30

High flexibility is the key in a volatile industry Example: LH Cargo flexibly adapts to all market phases
%

50 40
2008 2009

ton km sales in % vs. previous year

2010

2011

2012

2013

30 20 10
47 Operating profit in m EUR (per quarter) 109 4 -72 -62 -66 full fleet reactivated 3rd global price increase of 20% 29 35

86

80

64

69

76 40 19 28 19 38 27

0 -10 -20 -30

first aircraft activated

-40
2nd global price increase of 10% 1st global price increases of 20% 2 more aircraft grounded short-time work intensified (-25% working hours) first 2 aircraft grounded introduction of short-time work (-20% working hours) start of Earnings Savings Program capacity -10% plus cost cuts

capacity cuts begin again

capacity reallocated from APAC to Americas

capacity equaling 2 a/c grounded

Page 31

Lufthansa Investor Relations Contact

Deutsche Lufthansa AG Investor Relations / FRA IR Lufthansa Aviation Center Airportring D-60546 Frankfurt Phone: +49 (0) 69 696 28010 Fax: +49 (0) 69 696 90990 E-mail: investor.relations@dlh.de

Visit our webpage: lufthansa-group.com/investor-relations

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