Overall statement on the expected development of the Group

Ready for a safe journey

The Executive Board of Deutsche Lufthansa AG believes that the outlook for the Group remains positive overall. The combination of operating flexibility and solid financial profiles allows the Company to develop its business actively and independently of the prevailing market environment. At the same time, the business segments are addressing the structural shifts in the industry, which result from high fuel prices or state subsidised competitors on long-haul routes. Against the background of these changed conditions, Lufthansa must create competitive structures in order to be able to retain its market position and defend itself against competition, in particular low-cost carriers and airlines from the Middle East, for the long term. These challenges are being tackled vigorously as part of the SCORE programme. By taking difficult but necessary portfolio decisions in 2011 the Executive Board demonstrated that a sustainable financial perspective is a condition for a future in the Lufthansa Group, in addition to a good strategic fit. Furthermore, the Board attaches great importance to upholding a strong financial profile, as expressed in an investment grade rating.

With this orientation, the Lufthansa Group is setting its course for the future. Irrespective of the operating environment, which will remain subject to wide swings, Lufthansa is ready for a safe journey and is pursuing its course of sustainable, profitable growth.