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Authorised capital measures 

Authorisation to issue convertible bonds or similar

The Executive Board is authorised to issue convertible bonds, option bonds, income bonds or a combination thereof up to a nominal total of EUR 1.5bn until 16 May 2011. They may entitle the holders to purchase up to 45,792,000 Lufthansa shares (10 per cent). This provides the Company with a further opportunity to make use, depending on the market situation, of attractive financing alternatives on the capital market. The previous 18 June 2002 authorisation to issue convertible bonds and/or option bonds was cancelled at the same time.

Share buyback authorisation

The Executive Board is authorised, with the consent of the Supervisory Board, to purchase up to 10 per cent of the nominal capital in its own shares.
This gives Lufthansa, like most established listed companies, additional entrepreneurial flexibility. This flexibility can, inter alia, be used to expand the financing alternatives in the case of acquiring another company or equity shares. This AGM resolution renewed the authorisation that was first granted in 2003 and has since been reaffirmed annually. Lufthansa has yet to make use of it.

Authorised Capital A

The 2005 Annual General Meeting resolved to create a new Authorised Capital A.
This allows the Executive Board, with the consent of the Supervisory Board, to increase the nominal capital of Lufthansa by up to EUR 200m by single or multiple issues of new shares until 24 May 2010. In principle, existing shareholders have a subscription right that can, however, be suspended in certain circumstances.

Authorised Capital B

At the 2004 Annual General Meeting, the shareholders approved the creation of a new Authorised Capital B for employee shares.
The Executive Board is thereby entitled, with the consent of the Supervisory Board, to increase the nominal capital of Lufthansa by up to EUR 25m by single or multiple issues of new shares until 15 June 2009. The shares are offered solely to employees of Deutsche Lufthansa AG and its affiliated companies. Existing shareholders have no subscription right.

Capital measures undertaken

In June 2004, Lufthansa undertook a 20 per cent capital increase. The new shares were fully entitled to a dividend for the financial year 2004. They were listed for trading on all German stock exchanges on 17 June.

June 2004 capital increase

• New shares 76.320.000
• Take-up percentage 99.82
• Subscription right 5:1
• Subscription price 9.85 €
• Gross proceeds of share issue 752 Mio. €