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Lufthansa Group Conference & Roadshow Presentation

March / April 2016 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 Group’s 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  The Lufthansa Group is based on three strong pillars - Synergetic portfolio of premium hub airlines, profitably growing P2P airlines and high margin aviation services - New organizational structure to create efficiencies and to help implementing seven fields of action

 The Lufthansa Group benefits from a sound financial setup - Strong balance sheet, investment grade rating, sustainable free cash flow generation - Clear and consistent dividend policy with industry leading pay-out ratio

 The Lufthansa Group has good FY15 results - Passenger airlines drive results improvement; improvements at MRO and Catering; Logistics below PY - Adj. EBIT of 1.8bn EUR (+55%), free cash flow of 800 m EUR (+1.1 bn EUR)

 The Lufthansa Group expects FY16 Adj. EBIT slightly above PY - Profit improvement FY 2016 to be driven by lower fuel and ex-fuel unit cost - Unit revenues to be significantly down due to dilution from strong Eurowings growth and lower yields

Page 3 The Lufthansa Group is based on three strong pillars Margin and growth-oriented goals for the business segments

#1 for customers, shareholders, employees and partners

Premium network Eurowings Group Aviation Services airline system #1 in Europe #1 in home markets* #1 worldwide

Premium positioning & Establishment of Eurowings Participation in global cost optimization as parallel brand market development

and others Margin improvement Profitable growth

Exploiting synergies and consistent capital allocation

* Germany, Austria, Switzerland and Belgium

Page 4 Hub Airlines

Revenue and cost optimization is focus at Hub Airlines Strengthening of yield premium and improvement of cost position

Revenue optimization

Premium products Network quality Distribution / individualization

Personalization & digitalization

One Uniform website fares New revenue management system

Cost optimization

Focus on fees and Exploiting commercial Fleet modernization Competitive

charges synergies tariff structures Synchronized processesSynchronized

Hub FRA

Hub MUC

Hub ZRH

Hub VIE

Retirement ongoing

Page 5 Hub Airlines

Network and partnerships offer connectivity for premium travellers Passenger network and partner overview for airlines

Premium products and services Network quality

. Installation of 11,200 new seats and assembly of Premium Economy Class at Lufthansa completed in 2015 Leading transatlantic JV First JV for Japan-Europe . Cabin upgrade in new B777 at SWISS 13.8bn EUR Rev, 36.1m Pax 44.4% 1.4bn EUR Rev, 3.0m Pax . Improved business class at Austrian Airlines of traffic revenue 2015 24.9% 17.8% . 5 Star Signature Service in business class & Skytrax JV Europe-China* Award for Best Airline Staff Service in Europe 3.6% . Lufthansa FlyNet on short- and medium-haul flights 3.6% First JV for Europe-SE Asia* . Lounge upgrades at hubs in FRA, MUC, ZRH and VIE 5.7% . New passenger terminal amendment (‚satellite‘) in MUC *in preparation 50% of long-haul revenues generated Quality-focus to strengthen yield premium through industry-leading JVs

Distribution / individualization

Introduction of new New uniform website New revenue Personalized value offer modular fare concept management system by using customer data Unbundling of fares to Group-wide digital market Real-time dynamic pricing Mobile lounge shopping, better allow for individual place for all of the beyond the 26 booking digital inflight shopping customer requirements Lufthansa Group Airlines classes with delivery to gate, etc.

300m EUR p.a. additional revenues from 2018 through ancillary services

Page 6 Hub Airlines

Network and partnerships offer connectivity for premium travellers Passenger network and partner overview for airlines

Fleet modernization Competitive tariff structures

. New Generation aircraft with greater number of seats and . Competitive wage agreement with significantly lower CASK* compared to older model SWISS and Austrian flight crew

. Fleet streamlining: Asset Utilization Fleet Modernization . Agreement with pilots’ union at

retirement of 268 234 Lufthansa City Line for lower cost 258 260 263 COC/ASK -13% 234 vs A320ceo 90-seaters & B737 A320neo operation of A340-300 +17% COC/ASK -18% . Asset utilization: E195 vs F100 . Agreement with ground/admin staff 178 174 157 156 154 710 COC/ASK -29% 2010 – 2015 vs ARJ100 in Germany on wages and changed pension system -15% CSeries ASK +17% COC/ASK -23% vs A340-300 . Arbitration with German cabin crew union ongoing A/C -15% B777 COC/ASK -17%

SLF +0.8pts. 2010 2011 2012 2013 2014 2015 vs A340-300 . Negotiations with Lufthansa mainline pilots’ union ongoing; A350 ASK (bn) # of aircraft SLF (%) future pilot hires subject to satisfactory agreement

Focus on uniform and cost efficient fleet Competitive agreements in place for majority of staff

Exploiting commercial synergies Fees and charges

. Joint sales activities & harmonized revenue management . No fare increase at Frankfurt airport . Network management and product development aligned . Reduction of fees for air traffic control in Germany of 20 – 30 m EUR p.a. . Integration and sharing of administrative functions (reduction of management positions by 15% for the whole . New lease contract with Vienna airport: positive Group) one-time effect and reduced rent payments in the future 500 m EUR profit contribution by 2019 Successful initiative to reduce fees and charges

*Cash Operating Cost (COC): all cost to operate an aircraft (fuel, crew, maintenance, landing and air traffic control fees, except capital cost and insurance)

Page 7 Eurowings

Eurowings is #1 P2P in home markets; expansion of long-haul routes Eurowings as parallel brand of the Group and consolidation platform

Intercontinental P2P network Integration under Umbrella Brand Eurowings

Teheran Las Vegas Boston Bangkok Miami Cancun* Eurowings Commercial & Service Puerto Plata Bundling of commercial and administrative functions

Phuket Varadero Dubai Punta Cana* Mauritius Brand Product Sales Network Admin/IT ...

*served by tuiFly on behalf of Eurowings in winter schedule 15/16

Innovative brand and favorable offers

Pricing Fare structure Inflight Ancillaries entertainment Short-haul Long-haul Others

Eurowings Eurowings Germanwings SunExpress In-seat + own DE EU DE devices

Page 8 Eurowings

P2P platform aims at stable and profitable growth Positive performance und unit cost advantages

Fleet Development1 Competitive cost structures

2 # of a/c Development unit costs Eurowings (excl. fuel) 98 aircraft 99 aircraft 86 aircraft l/h 7 8 s/h 3

+30% ASK 83 91 91 +35% ASK

2015 2016 2017

Founding of EW Europe in Vienna

New joint management under EW Commercial & Service 2015 2016 2017 2018 Launch of EW long-haul route (CGN-VRA) 2 per ASK Set-up Executive Board “Eurowings & Aviation Services” Unit costs in 2016 already c. 30% Transfer of Germanwings 3 overhead to EW C&S below those of hub airlines

3 at same share of short and long haul operations 1 according to current planning

Page 9 Aviation Services

Aviation Service companies push multiple growth initiatives Expansion of the diversified portfolio in existing and new markets

. Growth e.g. in the field of . Focus on integrated buy-on- . Program to sustainably maintenance services for board service concepts (RIM*) increase profitability is set up low cost carriers . Continued growth in . Taking over air cargo . Extension of innovation adjacent markets business of Eurowings center in Hamburg

Other business segments

e.g. Miles & More: development of multi partner program for further expansion of non-airline business and others

* RIM = Retail in Motion

Page 10 Consistent implementation of measures to increase efficiency of Group Efficiency measures within the Lufthansa Group

2012 2013 2014 2015 2016 2017 2018

LHP: ‘Freeze’ fleet size Capacity & fleet Less growth: 25 LHP: Introduction A380 and Boeing 747-8 1 dimensioning fewer aircraft -20% unit LHP: Lower SKO growth until competitive structures have been established costs LHP: Introduction 2-Class intercont. fleet LHP: Introduction new A/C (A350/ B77x) Fleet LHP: lower-cost sub-fleet (Jump) with 14 A343 development & LHP: Reduction short-haul fleet from 9 to 3 A/C types LHP: Eurowings concept on P2P routes in Europe production platforms LX: New platform in Geneva LHP: Eurowings long-haul LCAG: Introduction B777 LX: New short- and long-haul fleet

structures LHP: Reduction in overhead costs via Shared Services LHP goal: competitive personnel costs

LHP: Reduction of costs for all suppliers (air traffic control, internal service providers, etc.) Annual cost

Cost General unit cost LHP/LX/OS: Savings in fuel consumption reductions of reduction OS: new collective wage agreement for 40m EUR LCAG: Profit and fleet optimization program measures flight crews LHT: Optimization of administration Stricter process orientation acros the whole LH Group

LHT: Unit cost reduction in component maintenance 300m EUR additional 500m EUR revenues annually in efficiency LHP/LX/OS: Personalization and new distribution strategy measures Investments in OS: New flight to Shanghai revenue quality LCAG: Sales push standard products LCAG: Increase of Security Surcharge LHT: Cooperation with OEMs LSG: Establishment and expansion of convenience retail and rail business segments

quality LHP: First western 5-star airline Revenue Product LHP: Premium Economy Class LHT: Expansion of “on-wing” engine maintenance initiatives LSG: Expansion of expertise in buy-on-board business

1compared to planning in 2012 Page 11 Realignment of group structure puts strategy into action New organizational structure from 2016

Corporate Center: Holding with steering function Levers to increase competitiveness

• Simplification of cross divisional business relationships • Lean and standardized support processes Profit contribution through cost synergies and process 500 m EUR p.a.1 optimization

Hub Airlines Eurowings Aviation Services

Streamlined management -15% managers

Reduction of management by 25% levels • Commercial co- • Competitive cost • Preferred supplier ordination of hubs structure for group airlines responding to • Consistent • Efficient intra customer needs Reduction of executive customer group business by 30% experience • Active and relationship boards and committees passive ability for • Realization of • Third party consolidation Synergies business growth

1) Full effect from 2019

Page 12 Challenges in all pillars approached, competitiveness strengthened Highlights of „7to1 – Our Way Forward“ in 2015

Customer Completion of cabin centricity & quality focus retrofit at Lufthansa Passenger Airlines

Innovation Implementation of Effective and digitali- Decision about new zation new distribution and lean strategy organi- organizational zation structure

Constantly Several competitive improving Culture efficiency tariff agreements and Reduction of reached leadership management levels

Value-based New steering Introduction of new concepts Start operations KPIs for growth new Eurowings

Page 13  The Lufthansa Group is based on three strong pillars - Synergetic portfolio of premium hub airlines, profitably growing P2P airlines and high margin aviation services - New organizational structure to create efficiencies and to help implementing seven fields of action

Page 14 Basis of the structure is a solid financial profile Access to attractive financing options, investment grade rated

1. Lufthansa Group is profitable and 2. Conservative fleet structure and 3. Solid financial profile provides produces strong cash flows robust balance sheet provide competitive edge in financing financial stability conditions

in bn EUR S&P Investment Grade owned & Rating (BBB-, stable) unencumbered 1.7 confirmed in May 2015 owned 1.7 1.8 1.5 1.8 14.5 bn € leased Recent 500m EUR Bond Debt coupon: 1.125%; 1.8 1.2 financing maturity: 5 years 1.0 0.7 1.0 ca. 90% of fleet is owned vs. 10% leased (Sept 2014 - Sept 2019) 2011 2012 2013 2014 FY 2015 >70% of fleet is financially unencumbered (not used as security for financing deals) 500m EUR Hybrid Bond Depreciation Adj. EBIT coupon: 5.125% maturity: 60 years Target FY14 FY15 (Aug 2015 – Aug 2075) 3.3 3.4 first call date after 5.5 years 2.8 50% equity credit by S&P 2.4 2.0 Min. 2.3 2.6bn 3.0bn 1.4 1.3 Liquidity bn EUR EUR EUR 0.8 * 0.7 7.2 6.6 * Debt Re- 45% 5.8 * payment 21% 31% * 4.7 * (min. 35%) 2.2 -0.3 Ratio 3.4 3.3 2.3 2.0 1.7 2011 2012 2013 2014 FY 2015 Equity 25% 2011 2012 2013 2014 FY 2015 13% 18% Operating Cash Flow Free Cash Flow Ratio midterm pension provisions net financial debt

* pension provisions: flexible funding model, no "margin call" for additional fundings

Page 15 Investments are focused on modern and less complex fleet Fleet overview and capex plan

Aircraft orders: long-haul Lufthansa Group Fleet (as of 31 December 2015)

Delivery schedule Manufacturer / type LH LX OS LCAG EW Group Fleet Aircraft type 2016 17 18 19 20

X 1 Airbus 330-300 Airbus A319 30 5 7 0 43 85 Airbus A320 51 28 16 0 26 121 25 Airbus 350-900 until 2023 Airbus A321 64 8 6 0 0 78 43 Boeing 777 until 2025 Airbus A330 21 16 0 0 0 37 777-9X 69 from 2020 Airbus A340 42 15 0 0 0 57 Airbus A380 14 0 0 0 0 14 Aircraft orders: short-haul Boeing 737 14 0 0 0 0 14 Boeing 747 32 0 0 0 0 32 Delivery schedule Boeing 767 0 0 6 0 0 6 Aircraft type 2016 17 18 19 20 Boeing 777 0 0 5 5 0 10

152 A320 Family Boeing MD11F 0 0 0 14 0 14

30 Bombardier CSeries Bombardier CRJ 19 0 0 0 16 35 Bombardier Q-Series 0 0 18 0 0 18 182 Avro RJ 0 16 0 0 0 16 Embraer 42 0 1 0 0 43

(bn EUR) 2.8 2.6* 2.6 2.7* Fokker F70 0 0 6 0 0 6 2.5 2.3 2.5 2.5 2.0 Fokker F100 0 0 14 0 0 14

Total aircraft 329 88 79 19 85 600

Aircraft to be phased-out FY 13 FY 14 FY 15 FY 16 FY 17 FY 18

Gross invest Net invest Thereof fleet invest

* 200m EUR capex to shift from FY15 to FY16

Page 16 Shareholders to participate in good result Payout proposal in line with dividend policy

Cumulative dividend payments in m EUR

Shareholder Return in % of 2,000 > 1.7 bn EUR since 2008 market capitalization 2008 - 2016

Lufthansa Group 25% 1,500 Ryanair 21% 1,000 easyJet 14%

500 Air France KLM 8% IAG 4%

Market capitalization at 31.12.2015 Year of payout 2008 2009 2010 2011 2012 2013 2014 2015 2016* Source: Annual reports, company presentations Financial year 2007 2008 2009 2010 2011 2012 2013 2014 2015 and broker research

Dividend policy Proposal FY 2015 Target

Base EBIT 1,676 m EUR Continuous 13.9% Pay-out 10 - 25% dividend (0.50 EUR / share* = 232 m EUR) payments Restriction Local GAAP result = max. payout Local GAAP result allows for payout

*Proposal; subject to approval by AGM

Page 17  The Lufthansa Group is based on three strong pillars - Synergetic portfolio of premium hub airlines, profitably growing P2P airlines and high margin aviation services - New organizational structure to create efficiencies and to help implementing seven fields of action

Page 18 Financial KPIs developed positively FY 2015 at a glance

Lufthansa Group (in m EUR) FY 15 FY 14 vs. PY Q4 15 Q4 14 vs. PY Total revenue 32,056 30,011 +6.8% 7,752 7,387 +4.9% of which traffic revenue 25,322 24,388 +3.8% 5,935 5,928 +0.1% EBIT 1,676 1,000 +67.6% 13 -48 -- Adjusted EBIT 1,817 1,171 +55.2% 124 183 -32.2% Net income 1,698 55 +2,987.3% -50 -427 +88.3%

FY 15 FY 14 vs. PY Passenger Airline KPIs FY 15 Q4 15 Operating cash flow 3,393 1,977 +71.6% No. of flights +0.2% +0.1%

Net invest 2,559 2,274 +12.5% ASK (capacity) +2.2% -0.3%

Free cash flow 834 -297 -- RPK (volume) +2.7% -0.5%

SLF (load factor) +0.3pts. -0.1pts. Equity ratio 18,0% 13,2% +4.8pts. Net financial debt 3,347 3,418 -2.1% Yield (pricing) +2.1% +2.2% Pension provisions 6,626 7,231 -8.4% RASK* (unit revenue) +2.6% +2.1%

CASK (unit costs) +1.3% +4.4% EACC 323 -223 -- ROCE 7.7% 4.6% +3.1pts. * Standard definition comprises traffic revenue excl. other operating income RASK incl. Other operating income: FY 2015: +4.0%; Q4 2015: +3.5%

Page 19 Result improvement mainly driven by passenger airlines Segment overview FY 2015

Passenger 2 in m EUR Airline Group

Revenue 24,449 17,944 4,542 2,102 1,909 vs. PY in % +5.1% +4.9% +7.1% +1.6% Others & Consolidation3

Adj. EBIT1 1,505 970 429 52 38 Revenue -2,919 vs. PY in % +114.7% +143.1% +54.3% +477.8% vs. PY in % +7.6%

Adj. EBIT Margin1 6.1% 5.4% 9.4% 2.5% 2.0% Adj. EBIT -315 vs. PY +3.1pts. +3.1pts. +2.8pts. +2.1pts. vs. PY in % -160.3% Adj. EBIT Margin nmf. Share of vs. PY LH Group‘s external revenue 74.3% 0.8% 32,056

7.3% 7.4%

10.2% Logistics MRO Catering

Revenue 2,355 Revenue 5,099 Revenue 3,022 vs. PY in % -3.3% vs. PY in % +17.6% vs. PY in % +14.8%

Adj. EBIT 74 Adj. EBIT 454 Adj. EBIT 99 vs. PY in % -3.8% vs. PY in % +19.5% vs. PY in % +12.5%

Adj. EBIT Margin 3.1% Adj. EBIT Margin 8.9% Adj. EBIT Margin 3.3% vs. PY -1.9pts. vs. PY +0.1pts. vs. PY -0.1pts.

1 Sun Express und SN Brussels proportionally in PAG included; 2 Eurowings contained in LH Passenger Airlines figures; 3 mainly AirPlus, IT-Services and central functions included

Page 20 Pricing developed better in Q4; one-time effects burden unit costs Operative KPIs Passenger Airline Group

Total FY '15 Q4 '15 Europa FY '15 Q4 '15 Asia/Pacific FY '15 Q4 '15 Number of flights +0.2% +0.7% ASK +0.0% -0.4% ASK +3.4% -0.5% ASK +2.2% -0.3% RPK +1.1% -0.7% RPK +4.2% -0.2% RPK +2.7% -0.5% SLF +0.8pts. -0.3pts. SLF +0.6pts. +0.2pts. SLF +0.3pts. -0.1pts. RASK +1.2% +1.5% RASK +2.9% +2.1% RASK ex currency -2.1% -1.0% RASK ex currency -3.6% -1.0%

Yield 2.1% 2.2% Americas FY '15 Q4 '15 Mid East / Africa FY '15 Q4 '15

Yield ex currency -3.5% -1.9% ASK +4.2% +1.9% ASK -0.3% -7.4% RASK* +2.6% +2.1% RPK +4.0% +1.2% RPK -0.9% -6.9% CASK +1.3% +4.4% SLF -0.2pts. -0.5pts. SLF -0.4pts. +0.4pts.

RASK ex currency -3.0% -2.0% RASK +6.4% +2.0% RASK +1.2% +6.0%

CASK ex currency ex fuel +2.4% +7.4% RASK ex currency -1.9% -4.9% RASK ex currency -6.3% +0.7%

* Standard definition comprises traffic revenue excl. other operating income; RASK incl. other operating income: FY 2015: +4.0%; Q4 2015: +3.5%

Page 21 Adjusted EBIT and one-off factors Quarterly results 2014-2015

in m EUR Q1 Q2 Q3 Q4 6M 9M Full Year

Adjusted EBIT 2014 -240 418 810 183 178 988 1,171

incl. strikes -10 -60 -35 -127 -70 -105 -232

incl. Venezuela -38 -23 +7 -5 -61 -54 -59

Adjusted EBIT ex one-off factors -192 501 838 315 309 1,147 1,462

Adjusted EBIT 2015 -167 635 1,225 124 468 1,693 1,817

incl. strikes -42 -58 -30 -101 -100 -130 -231

incl. Venezuela -60 +5 -5 -12 -55 -60 -72

Adjusted EBIT ex one-off factors -65 688 1,260 237 623 1,883 2,120

vs. PY +127 +187 +422 -78 +314 +736 +658

Page 22 Adjusted EBIT margins FY 2015 vs. FY 2014

13.0 all figures in % 12.0

11.0

10.0 9.4 8.9 9.0 8.8

8.0

7.0 6.6 6.1 5.7 6.0 5.4 5.1 5.0 3.9 4.0 3.3 3.3 3.0 3.1 3.0 2.3 2.5 2.0

1.0 0.4 0.0 Lufthansa SWISS Austrian Airlines Passenger Logistics MRO Catering Lufthansa Passenger Airline Group Group Airlines

FY 2015 FY 2014

Page 23  The Lufthansa Group is based on three strong pillars - Synergetic portfolio of premium hub airlines, profitably growing P2P airlines and high margin aviation services - New organizational structure to create efficiencies and to help implementing seven fields of action

Page 24 Group capacity development reflects growth focus in P2P airlines Lufthansa Group capacity growth 2016 per region

11.5%

4.2% 2.4% nmf. 3.8% Hub Eurowings LH 1.8% Airlines Group nmf. Hub Eurowings LH 12.5% Airlines Group 9.2% nmf.

-0.5% Hub Eurowings LH -2.3% Airlines Group Hub Eurowings LH Airlines Group 35.2%

Landings

ASK 6.9% 4.3% 6.6% 1.3% 2.3%

Hub Airlines* Eurowings Lufthansa Group Update Hub Airlines in line with mid-term growth rate of c. 3% p.a.

* 2016 growth includes base effect due to strikes in 2015 (1.3pts.) and leap year 2016 (0.3pts.)

Page 25 Trading assumptions 2016 indicate profit improvement Trading assumptions FY 2015 and 2016

FY15 FY16 assumptions Explanation FY16 assumptions

Slight increase at hub airlines; +0.2% c. 2.3% No. of Flights increase mainly due to Eurowings fleet growth

Hub airlines +4.3% (thereof 1.3pts. strike effect); Capacity +2.2% c. 6.6% in line with mid-term growth rate of 3% p.a.; (ASK) Eurowings +35.2% due to growing long-haul operations

Volume +2.7% in line with (RPK) capacity growth

Load Factor +0.3pts. stable (SLF) Yield decline partly driven by Eurowings (long-haul); Pricing -3.5% clearly negative development at hub airlines less negative; (Yield ex currency) yield pressure could increase with lower fuel prices

Unit Revenue -3.0% clearly negative (RASK ex currency) Strong reduction at Eurowings; Unit Costs +2.4 reduction also reduction at hub airlines; (CASK ex fuel ex currency) assumption in the absence of further strikes

Reduction in freighter capacity overcompensated by slight increase slight increase Cargo Capacity growing belly capacity of passenger aircraft

Page 26 Expected fuel costs decrease versus previous year Fuel forecast and sensitivities FY 2016 and 2017

Lufthansa Group fuel expenses after hedging Lufthansa Group price curve remainder of 2016 and 2017 (in bn EUR) 130

LH price 2016 120 Sensitivities with deviating oil price LH price 2017 Market price

5.8 110

4.8 5.0 (+20%) 2015 4.9 (+10%) 100 4.7 (-10%) 2016e

4.6 (-20%)

1.6 1.6 1.3 1.3 1.3 1.3 80 1.1 1.1 Hedging result Hedging result 70

FY 152 FY 16 Q1 16 Q2 16 Q3 16 Q4 16 FY 17 Price paid USD/barrel paid Price in 60 Fuel hedging -- 78% 81% 80% 79% 73% 40% level 50 Exp. volume 9.1 9.5 2.1 2.5 2.6 2.3 -- (in m tons) 40 Jet fuel price 704 557 565 552 556 554 518 (USD/ton)1 30 EUR/USD 30 40 50 60 70 80 90 100 110 120 130 1.11 1.10 1.10 1.10 1.10 1.10 1.10 forward Market price in USD/barrel

Brent forward 56 39 34 38 39 41 44 Market price: 40 USD/bbl (USD/bbl) LH-price: 57 USD/bbl Hedging result: -17 USD/bbl as of 29 Feb 2016 1 incl. fuel hedging 2 forwards are actual numbers for FY15

Page 27 Lufthansa Group expects Adj. EBIT slightly above PY for 2016 Forecast Lufthansa Group 2016

Lufthansa Group Adjusted EBIT Actual and Forecast Forecast FY 2016:  Expected fuel costs: 4.8 bn EUR1 slightly above previous year  Tailwind of 1.0 bn EUR vs. PY at Brent forward of 39 USD/bbl;1.10 USD/EUR 1,817  Operating KPIs passenger airlines  ASK growth: +6.6%  RASK2: clearly negative  CASK2: reduced 1,171  Other business segments (Logistics, MRO, 972 986 Catering and Others) with lower profit contribution  Forecast includes 100 m EUR restructuring costs 725  Forecast before any negative effect on earnings from possible strikes

2011 2012 2013 2014 2015 Forecast 2016 in m EUR 1 As of 29 Feb. 2016; details in appendix of presentation 2 Unit revenues excl. currency, unit costs excl. currency and fuel

Page 28 Passenger Airlines to improve Adj. EBIT, other segments slightly lower Forecast 2016 per segment

Segment Adj. EBIT 2015 (m EUR) Adj. EBIT Forecast for 2016

Lufthansa Passenger Airlines 970 slightly above previous year SWISS 429 slightly below previous year Austrian Airlines 52 significantly above previous year Eurowings slightly negative result Reconciliation 54

Passenger Airline Group 1,505 slightly above previous year Logistics 74 slightly above previous year MRO 454 significantly below previous year Catering 99 slightly below previous year Other -370 significantly above previous year Internal revenue / Reconciliation 55

Lufthansa Group 1,817 slightly above previous year

Page 29 Lufthansa Investor Relations Contact

Deutsche Lufthansa AG Investor Relations / FRA IR Lufthansa Aviation Center Airportring D-60546 Frankfurt

Andreas Hagenbring, Head of IR Phone: +49 (0) 69 696 28000 Fax: +49 (0) 69 696 90990 E-mail: [email protected]

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

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Page 31 Appendix – ESG and Corporate Governance –

Page 32 Lufthansa Group focuses on sustainable development Corporate responsibility is an important objective

. Cultural and sports sponsorships:  xxx . Value-based management system Lufthansa Orchestra, Deutsche hilfe . Opportunity and risk . Humanitarian aid: management system Help Alliance, Cargo Human Care,

. Committed to recommendations . Customer of UN Global satisfaction Compact & targets integrated German Corporate in bonus system Governance Code . Comfort and . CRS purchasing safety of guidelines passengers and . Regular crew compliance trainings for employees

. Modern human resources . Reduction of fuel consumption strategy: group-wide health and emissions management system . Active noise abatement . Social responsible redundancies . Energy and resource management

Page 33 Appendix – Financial Figures FY 15 –

Page 34 Fuel and currency effects provide significant relief Operating costs and revenues

Lufthansa Group (in m EUR) FY 2015 vs. PY Q4 2015 vs. PY

Total revenue 32,056 +6.8% 7,752 +4.9% Other operating income 3,035 +44.4% 851 +35.9%

Total operating income 35,091 +9.3% 8,603 +7.4%

Operating expenses 33,536 +7.4% 8,595 +6.3% Non-fuel operating expenses 27,752 +13.4% 7,305 +12.1% Cost of materials and services 17,640 +2.1% 4,337 +1.3%

Fuel expenses 5,784 -14.3% 1,290 -17.9%

Fees and charges 5,651 +7.3% 1,336 +3.8% Staff costs 8,075 +10.1% 2,173 +15.6% Depreciation 1,715 +12.2% 450 -3.4% Other operating expenses 6,106 +20.0% +6.5% exkl. FX losses 1,635 +11.9% +6.7% exkl. FX losses

Result from equity investments 121 -- 5 -81.5% EBIT 1,676 +67.6% 13 -- Adjustments 141 111 Adjusted EBIT 1,817 +55.2% 124 -32.2%

Page 35 Group revenue and currency influence FY 2015 vs. FY 2014

Currency influence on EBIT (in m EUR) in m EUR Q1 Q2 Q3 Q4 FY

-134 -24 -18 -37 -213

Currency: +5.9% Volume: +2.0% Price: -4.1% 495 1,443 -1,004

25.322 Traffic revenue (+3.8%)

24,388

6,734 5,623 Other revenue (+19.8%)

FY 2014 FY 2015

∑ 30,011 ∑ Group revenue (+6.8%) ∑ 32.056

Page 36 Fuel costs FY 2015 vs. FY 2014

Hedging result by quarter (in m EUR) in m EUR Q1 Q2 Q3 Q4 FY

2014 -20 -3 -30 -96 -149

2015 -203 -205 -271 -309 -988

-967 Volume Price 6,751 119

Currency 5,784

-3,283 1,358 Hedging

839

FY 2014 FY 2015

Page 37 Cash flow increases significantly, liquidity is on good level Cash flow statement

Lufthansa Group (in m EUR) FY 2015 vs. PY 3.3 3.4 2.8 2.4 EBT (earnings before income taxes) 2,026 +1,846 2.0 Depreciation & amortization (incl. non-current assets) 1,790 +282

Net proceeds from disposal of non-current assets -53 -192 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015

Result from equity investments -121 -- Operativer Cashflow Net interest result 170 -86

2.6 2.8 2.6 2.6 Income tax payments/reimbursements -197 +23 2.4 2.5 2.3 2.0 Measurement of financial derivatives through profit or loss -691 -1,151 1.6 1.4

Change in working capital -392 +92 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 Change of other assets / liabilities 861 +602 Gross invest Net invest Operating cash flow 3,393 +1,416

Capital expenditure (net) -2,559 -285 1.4 1.3 0.7 0.8 Free cash flow 834 +1,131

Cash and cash equivalents as of 30.12.15* 996 +168 -0.3 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 Current securities 1,994 +209 Total Group liquidity 2,990 +377 Free Cash Flow

* Excluding fixed-term deposits with terms from three to twelve months (2015: 103 m EUR, 2014: 125 m EUR)

Page 38 Appendix – Definition of financial KPIs –

Page 39 KPIs directly link profit figures and value creation metric EBIT, EACC and ROCE are transparent and can be calculated easily

Total Op. Income Balance Sheet Total (Rev.+ Oth. Op. Income) ./. non-interest bearing ./. operating costs liabilities Capital Employed + Income from Current Year 50 Subsidiaries : Capital Employed 50 EBIT Last Year + Interest on Liquidity +/- pension changes: past service costs,…

./. Tax (assumed tax +/- book gains/losses rate 25%) on asset disposal

WACC X ./. Cost of Capital +/- impairments

EACC Adj. EBIT

(EBIT + Interest on Liquidity – Tax) ROCE = Average Capital Employed

Page 40 KPIs directly links profit figures and value creation metric Calculation for financial year 2015

in m EUR 32,462 35,091

./. 13,657 ./. 33,536

18,805 + 121 50 : 50 17,584 EBIT: 1,676

+ 186 +25

./. 466 -39

5.9% X ./. 1,073 +155

EACC: 323 Adj. EBIT: 1,817

(1,676 + 186 - 466) ROCE = = 7.7% 18,195

Page 41 Adjusted EBIT and EBIT per quarter 2015

in m EUR Q1 Q2 Q3 Q4 6M 9M Full Year

Adj. EBIT -167 635 1,225 124 468 1,693 1,817

pension changes 0 +32 0 -57 +32 +32 -25

book gains / losses on asset disposals +22 +24 0 -7 +46 +46 +39

impairments +1 -84 -25 -47 -83 -108 -155 EBIT -144 607 1,200 13 463 1,663 1,676

interest on liquidity +186

taxes (25% lump sum) -466

cost of capital -1,073 EACC 323

average capital employed 18,195

WACC 5.9% ROCE 7.7%

Page 42 WACC is based on a target capital structure of 50:50 Current WACC is 4.8%

Cost of Debt1 Cost of Equity2

2.4% (FY 2016) 7.2% (FY 2016)

Target Capital Structure 50 : 50

WACC: 4.8%

1 Currently no consideration of tax shield 2 Cost of Equity FY 2016 = Risk-free market interest rate of 1.7% + (Market risk premium of 5.0% x Beta Factor 1.1)

Page 43 Current capital employed is ca. 18.8 bn EUR Weighted average cost of capital is 5.9%

17,565 Average 18,101 17,526 17,545 Capital Employed

WACC 7.0% 6.2% 5.9 % 5.9%

2012 2013 2014 2015

Balance Sheet Total 28.559 29,108 30,474 32,462 ./. Non-Interest Bearing Liabilities 10.940 11,563 12,890 13,657 - liabilities from unused flight documents 2.612 2,635 2,848 2,901 - trade payables, other fin. liabillites, other provisions 4.887 5,113 5,151 5,605 - adv. payments, deferred income, other non-fin. liabilities 2.096 2,151 2,103 2,141 - others 1.345 1,664 2,798 3,010 Capital Employed at year-end 17.619 17,545 17,584 18,805 Average Capital Employed 17.526 17,582 17,565 18,195 WACC 7,0% 6.2% 5.9% 5.9%

EBIT 1.645 936 1,000 1,676 Interest on liquidity 75 67 84 186 Taxes -430 -251 -271 -466 Cost of capital -1,227 -1,090 -1,036 -1,073 EACC 63 -338 -223 323 ROCE 7.4% 4.3% 4.6% 7.7%

Page 44