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lufthansagroup.com lufthansagroup.com/investor-relations 2020

TRANSFORMING THE WAY

WE CONNECT PEOPLE,

CULTURES AND ECONOMIESANNUAL REPORT

Key figures ? The Lufthansa Group ? Business segments To our shareholders ? The Executive Board ? Letter from the Executive Board ? Report of the Supervisory Board

Lufthansa share

Combined management report

Principles of the Group

↗→ Business activities and Group structure ↗↓ Goals and strategies ↑→ Fleet and route network ↑ Employees Research and development ↗ Legal and regulatory factors

Economic report

↑ Macroeconomic situation Sector developments → Course of business Earnings, assets and financial position Comparison with original forecast and overall statement by the Executive Board on the economic position

Business segments

→↗ Network Airlines business segment → Eurowings business segment ↑ Logistics business segment → MRO business segment ↓ Catering business segment Additional Businesses and Group Functions

Opportunities and risk report

↓↗ Opportunities and risk management ↓ Opportunities and risks at an individual level Overall statement on opportunities and risks → Description of the accounting-related Internal

Control System and risk management system

in accordance with Section ↑ Paragraph and Section ↗→ Paragraph HGB ?? Combined non-financial declaration About this combined non-financial declaration Environmental concerns Customer concerns ↗ Employee concerns ↗ Fighting corruption and bribery ↗↗ Respect for human rights ↗↗↑ Social concerns ↗↗ Responsible production and sustainability in the supply chain ↗↗ Summary

Forecast

↗↗ Macroeconomic outlook ↗↗ Sector outlook ↗↗ Changes in business and organisation ↗↑ Outlook Lufthansa Group ↗↑↗ Overall statement by the Executive Board on the expected development of the Lufthansa Group

Corporate Governance

↗↑↑ Supervisory Board and Executive Board ↗↑ Mandates ↗↑→ Disclosures in accordance with

Section ↑a Paragraph ↗ HGB and

Section ↗→a Paragraph ↗ HGB

↗↑ Declaration on corporate governance in accordance with Section ↑f HGB and Section ↗→d HGB

Notes to the individual financial statements

of Deutsche Lufthansa AG (HGB)

Consolidated financial statements

Declaration by the legal representatives

Independent auditor"s report

Remuneration report

Further information

Independent Auditor's Limited Assurance Report

regarding the Non-Financial Statement

Report of the independent auditor on the audit

of the remuneration report pursuant to Sec. ??? (?) AktG

Ten-year overview

Glossary

Chart and table overview

Credits/Contact/Financial calendar ???? and Disclaimer

CONTENTS

Further information

Internet references

Cross references

This interactive pdf is optimised for use

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LUFTHANSA GROUP ANNUAL REPORT 20201

The Lufthansa Group

The Lufthansa Group is an aviation group with operations worldwide. It is composed of the segments Network Airlines, Eurowings and Aviation Services.

T↓

KEY FIGURES LUFTHANSA GROUP

???? Change in %

Revenue and result

Total revenuem,,-

of which traffic revenuem,,-

Operating expensesm,,-

Adjusted EBITDA

1) m- ,,

Adjusted EBIT

1) m- ,,

EBITm- ,,

Net profit/lossm- ,,

Key balance sheet and cash flow statement figures

Total assetsm,,-

Equity ratio%..- . pts

Net indebtednessm,,

Pension provisionsm,,

Cash flow from operating activitiesm- ,,

Capital expenditure (gross)

2) m,,-

Adjusted free cash flow

1) m- ?,??????

Key profitability and value creation figures

Adjusted EBITDA margin

1) %- ..- . pts

Adjusted EBIT margin

1) %- ..- . pts

EBIT margin%- ..- . pts

ROCE%- ..- . pts

Adjusted ROCE

1) %- ??.??.?- ??.? pts

Lufthansa share

Share price at year-end..-

Earnings per share- ..

Proposed dividend per share--

Traffic figures

3)

Flightsnumber,,,-

Passengersthousands,,-

Available seat-kilometresmillions,,-

Revenue seat-kilometresmillions,,-

Passenger load factor%..- . pts

Available cargo tonne-kilometresmillions,,-

Revenue cargo tonne-kilometresmillions,,-

Cargo load factor%... pts

Employees

Employees as of ?? Decnumber,,-

Average number of employeesnumber,,-

1)

Derivation

Financial strategy and value-based management, p. 21ff., Earnings, assets and financial position, p. 38ff.

2)

Without acquisition of equity investments.

3)

Previous year's figures have been adjusted.

Date of publication: 4 March 2021.

LUFTHANSA GROUP ANNUAL REPORT 20202KEY FIGURES

The Lufthansa Group

Business segments

Network Airlines

The Network Airlines segment comprises Lufthansa German Airlines, SWISS, Austrian Airlines and Brussels Airlines. With their multi-hub strategy, the Network Airlines offer their customers a premium, high-quality product and service, and a comprehensive route network combined with the highest level of travel flexibility.

Eurowings

The Eurowings business segment includes the flight operations of Eurowings and Eurowings Europe, as well as the equity investment in SunExpress. With Eurowings, the Lufthansa Group has an innovative offering for price-sensitive and service-oriented customers in the structurally growing European direct traffic segment.

T↗

NETWORK AIRLINESChange in %

Revenuem,-

of which traffic revenuem,-

Adjusted EBITm- ,

Adjusted EBIT margin%- .- . pts

Adjusted ROCE%- .- . pts

Segment capital expenditurem-

Employees as of Decnumber,-

T↑

EUROWINGSChange in %

Revenuem-

of which traffic revenuem-

Adjusted EBITm- -

Adjusted EBIT margin%- .- . pts

Adjusted ROCE%- .- . pts

Segment capital expenditurem-

Employees as of Decnumber,-

Logistics

In addition to Lufthansa Cargo AG, the Lufthansa Group"s logistics specialists, the Logistics segment includes the airfreight container management specialist Jettainer group, the time:matters subsidiary, which specialises in particularly urgent consignments, and the equity invest- ment in the cargo airline AeroLogic.

Catering

The LSG group offers a comprehensive range of products, concepts and services related to in-flight service. As the strongest revenue driver in the LSG group, LSG Sky Chefs offers classical catering for airlines, as well as lounge management. After the sale of its European business, the LSG group still works for more than 300 airlines with

139 plants in 46 countries.

MRO Lufthansa Technik is the world"s leading independent provider of maintenance, repair and overhaul services (MRO) for civilian commercial aircraft. Lufthansa Technik AG serves more than 800 customers worldwide, including

OEMs, aircraft leasing companies and operators of

VIP jets, as well as airlines.

T→

LOGISTICSChange in %

Revenuem,

of which traffic revenuem,

Adjusted EBITm

Adjusted EBIT margin%.. pts

Adjusted ROCE%.. pts

Segment capital expenditurem-

Employees as of Decnumber,-

T

MROChange in %

Revenuem,-

of which external revenuem,-

Adjusted EBITm-

Adjusted EBIT margin%- .- . pts

Adjusted ROCE%- .- . pts

Segment capital expenditurem-

Employees as of Decnumber,-

T

CATERINGChange in %

Revenuem,-

of which external revenuem,-

Adjusted EBITm-

Adjusted EBIT margin%- .- . pts

Adjusted ROCE%- .- . pts

Segment capital expenditurem-

Employees as of Decnumber,-

LUFTHANSA GROUP ANNUAL REPORT 20203KEY FIGURES

Business segments

The Executive Board

Deutsche Lufthansa AG

Carsten Spohr, Chief Executive Officer

Born in

1966, industrial engineer, Chairman of the Executive Board

and CEO since 1 May 2014, Executive Board member since 2011, with the Lufthansa Group since 1994Christina Foerster, Chief Customer Officer Born in 1971, MBA, Executive Board member since 2020, with the Lufthansa Group since 2002

Michael Niggemann, Chief HR & Legal Officer

Born in 1974, lawyer, Executive Board member since 2020, with the Lufthansa Group since 2007Harry Hohmeister, Chief Commercial Officer

Born in

1964, diploma in commercial air transport, Executive Board

member since 2013, with the Lufthansa Group since 1985Detlef Kayser, Chief Operations Officer

Born in

1965, Aerospace engineer, Executive Board member

since 2019, with the Lufthansa Group since 2016

Remco Steenbergen, Chief Financial Officer

Born in 1968, MBA, RegisterAccountant, Executive Board member since 2021, with the Lufthansa Group since 2021 LUFTHANSA GROUP ANNUAL REPORT 20204TO OUR SHAREHOLDERS

The Executive Board

Ladies and gentlemen,

2020 was one of the most challenging years in the history of the Lufthansa Group. We will never forget it.

The outbreak of the coronavirus pandemic dealt an unprecedented blow to the entire airline industry and this

also to the Lufthansa Group.

Last year, we welcomed only 36 million passengers on board our flights - a quarter of our normal passenger

numbers. Our passenger airlines had to cut their capacity significantly, and for much longer and in more areas

than anticipated over the course of the year. Austrian Airlines and Brussels Airlines even had to shut down their

flight operations entirely at times. At the same time, we accepted our particular responsibilities as one of Europe's

leading airlines in these challenging times. In cooperation with the governments of their respective countries,

our airlines carried out hundreds of repatriation flights to bring travellers home from all over the world. They also

maintained Europe's supply chains and transported urgently needed medical equipment.

Right from the start of the crisis, we cut our costs across the organisation and avoided cash outflows wherever

possible. Despite acting so quickly and consistently, we had to resort to government stabilisation measures in

the middle of the year to ensure the Company's continued existence. We agreed a stabilisation package with the

Federal Republic of Germany's Economic Stabilisation Fund in May and June, which included funding measures

and loans of up to EUR 9bn. State aids negotiated with the governments of Switzerland, Austria and Belgium are

included in this stabilisation package.

After a brief upswing, international air traffic declined again significantly at the end of the summer travel

periods. This was also due to a new increase in infection rates and the resulting increase in travel restrictions.

The situation remained difficult even after the end of the year. Overall, the Lufthansa Group's revenue fell by

63% in the reporting year due to the coronavirus crisis. Adjusted EBIT, our main performance indicator, decreased

to EUR -

5,451m. Only Lufthansa Cargo made a positive contribution to earnings, reporting a record result.

Global air traffic will take years to return to its pre-crisis levels. In order to survive the crisis successfully, the

Lufthansa Group is adapting to the current situation, changing and becoming smaller. This is the only way we

can continue our contribution to society by connecting people, cultures and economies in the future. This crisis

has shown what an important contribution that is, and how severe the long-term consequences for society

can be if people can no longer come together across national boundaries and cultures. That is why the mission

statement for our strategic vision in the years ahead, and at the same time the title of this annual report, is

TRANSFORMING THE WAY WE CONNECT PEOPLE, CULTURES AND ECONOMIES. LUFTHANSA GROUP ANNUAL REPORT 20205TO OUR SHAREHOLDERS

Letter from the Executive Board

With the ReNew restructuring programme, we are adapting the Lufthansa Group to the new market conditions

and establishing the conditions for repaying the funding from the stabilisation package quickly as well as ensuring

sustainable, profitable growth. We have already made good progress with the restructuring. Last year, we signed

crisis agreements with all the main trade unions of the Lufthansa Group in Germany and streamlined our organi

sational structure. Around the world, more than 28,000 colleagues have left the Company. We have also introduced

many structural measures to reduce complexity in the Company and increase our efficiency. ReNew also provides

for a reduction of the fleet by 150 aircraft across the Group. To achieve this, we are decommissioning primarily

older aircraft ahead of schedule. The programme also aims to focus the Lufthansa Group even more sharply

on the core airline business. In this context, we are planning to resume the sales process for the remaining

non-European business of the LSG group as soon as possible.

Customers will always remain at the centre of our efforts. For this reason, we will continue to consistently build

our products and services around individual customer needs. We want to use innovation and digitisation to

increase customer satisfaction even further and offer our customers the best airline product in Europe.

Responsibility will continue to be the foundation of all business activity in the Lufthansa Group. Here, we aspire to

lead the airline industry with our high standards. We are expanding our environmental commitment. For instance,

we support the industrial production and use of alternative, sustainable fuels and the expansion of intermodal traffic.

The Executive Board and the entire management team are working hard together to realign the Lufthansa Group.

And even if the impact of the crisis continues to weigh on the entire sector for a long time, we are convinced

that we will emerge stronger from this crisis than our competitors. People want to fly again, and do so whenever

the opportunity to travel safely opens up again.

We will be pleased if you stayed with us on our journey, and we hope to welcome you aboard our aircraft

again soon.

Frankfurt, February 2021

Carsten Spohr

Chief Executive Officer

LUFTHANSA GROUP ANNUAL REPORT 20206TO OUR SHAREHOLDERS

Letter from the Executive Board

To our shareholders

Report of the Supervisory Board

Ladies and gentlemen,

The 2020 financial year was a historically challenging year for the Lufthansa Group. The impacts of the coronavirus pandemic on global air traffic and therefore also on our Com pany dominated the work of the Executive Board and the Supervisory Board. The Supervisory Board oversaw the work of the Executive Board members and advised them. The Supervisory Board carried out the duties conferred on it by statute, the Company's Articles of Association and its internal regulations. In 2020, the Supervisory Board held a total of ten meetings, seven of which were conducted virtually. Overall, Supervisory Board members had an attendance rate of 99%. No member of the Supervisory Board was present at only half or fewer of the meetings of the Supervisory Board or the Supervisory Board committees. An overview of individual attendance rates can be found at https://investor-relations.lufthansa- To ensure the ability to act quickly in times of crisis, the Supervisory Board transferred key powers to the Steering Committee in the period from April to September 2020. The Steering Committee met twelve times during this period, which allowed it to keep abreast of the developments in the Group and to provide intensive advice to the Executive Board. Due to the pandemic, no professional training events were organised in the 2020 financial year. The Executive Board regularly provided the Supervisory Board with full, timely information on the course of business, the competitive environment, planned Company policy and all significant strategic and operating decisions. In particular, they were regularly informed about the decline in business as a result of the pandemic, the status of liquidity and short- time working, and the restructuring measures planned and implemented as a result of the coronavirus crisis. On numerous occasions, the Executive Board informed the Supervisory Board about the content and status of the government stabi lisation measures as well as potential insolvency scenarios. The Executive Board also informed us regularly and on an ad hoc basis of changes in the shareholder structure and the performance of the Lufthansa share. As Chairman of the Supervisory Board, I read the minutes of the Executive Board meetings and discussed the current situation and the course of business with the Chairman of the Executive Board and

CEO on an ongoing basis.

Karl-Ludwig Kley,

Chairman of the Supervisory Board

LUFTHANSA GROUP ANNUAL REPORT 20207TO OUR SHAREHOLDERS

Report of the Supervisory Board

Key topics discussed by the Supervisory Board

Our meetings focused on the economic development

of Deutsche Lufthansa AG and its associated companies. Against the background of the coronavirus pandemic, we regularly addressed the liquidity situation in particular. The stabilisation measures of the German Economic Stabilisation Fund (WSF) and in our other home countries as well as alternative scenarios and the planned measures for Group financing, restructuring and refinancing of the Company were discussed a number of times by the Supervisory Board or the Steering Committee. At its meeting on 18 March 2020, the Supervisory Board approved taking out additional funding of up to EUR 5bn by the end of 2020. In addition, at its meeting on 21 September

2020, the Supervisory Board approved the issue of a con

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