Jungheinrich : Speech Dr Lars Brzoska, Chairman of the Board of Management

ANNUAL

GENERAL MEETING

Jungheinrich Aktiengesellschaft, Hamburg, Germany

27 August 2020

POWER

ON

MANUSCRIPT OF THE SPEECH

DELIVERED BY

DR LARS BRZOSKA

Chairman of the Board of Management

- Check against delivery -

1. Welcome

Dear shareholders,

Welcome to the Jungheinrich Annual General Meeting 2020.

Unusual times call for unusual measures. That is why our shareholder meeting this year is so totally different from all the others that Jungheinrich has held over the past years.

The coronavirus pandemic has forced us to rethink many things that we had taken for granted. For this reason, we didn't gather today in the big Neue Flora auditorium in Hamburg as we have in previous years, but met virtually instead.

In light of the COVID-19 pandemic, the protection of our shareholders, your protection, and the health of our employees is our top priority. Practising "social distancing" this year is an expression of taking responsibility. At Jungheinrich we say: "Standing together means keeping your distance." And so I address you today from our virtual studio at the Jungheinrich headquarters in Hamburg-Wandsbek.

The physical distance makes virtual proximity possible and this is an opportunity that we want to take advantage of today. With this Annual General Meeting we can for the first time reach shareholders for whom a trip to Hamburg is out of the question. This is a big advantage that, in our view, mitigates to a large extent the resulting absence of physical proximity and the partially limited capacity for interaction.

Therefore, when it became clear that a "normal" Annual General Meeting would not be possible this year, we decided on this format. We moved the date to the end of August to avoid creating any further temporal distance from the 2019 financial year and its annual report.

Being virtual means not being bound to a location, barrier-free and near but far. Digitalisation is inexorably forging ahead. This is also a consequence of the

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coronavirus and will cause living together and especially working together to keep changing in the long run - even in the Jungheinrich Group.

Ladies and gentlemen,

it is a tradition that Jungheinrich provides entertainment at the end of the Annual General Meeting to its participants. This year that won't be possible for the stated reasons. We also purposefully did not send a lunch package to all of your homes.

Instead, we decided to support those people for whom money for food is especially tight in this unusual time. That is why this year we are donating the equivalent that is usually used for the shareholder meal to the Hamburger Tafel. 100 volunteers distribute around 40 tonnes of food that can no longer be sold every week to more than 20,000 people in need. When we asked them, the Tafel requested a pallet stacker - for the experts and anyone interested out there, it's an EJC 220 - which is currently being prepared in our factory in Dresden and will be delivered as soon as it's ready. We are delighted to be able to support a great social institution in this way.

2. Financial position for 2019 Growth target of €4 billion achieved

Ladies and gentlemen,

The 2019 financial year was a decent one for Jungheinrich. Despite a clearly discernible slowdown in economic momentum in the second half of the year, we achieved our strategic growth target of €4 billion in revenue one year earlier than planned. This is a milestone in the history of Jungheinrich.

Although we experienced one-off negative impacts on earnings, we achieved an EBIT of €263 million. Profit or loss increased compared to 2018.

At the same time, we were able to significantly increase the cash flow from operating activities to €345 million and also considerably reduce our net debt.

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We have thus performed well in an increasingly difficult market environment. We want you to share in this success and propose a dividend of €0.46 per ordinary share and €0.48 per preferred share, as pointed out in the Annual Report.

Awards as additional evidence of good work

The fact that we were able to close 2019 on a decent note is the result of good work throughout the Jungheinrich Group.

The many awards we received in 2019 also demonstrate this good work.

For the third time in a row, Jungheinrich was awarded the title "Best Logistics Brand". From more than 200 companies in the competition, the members of the GermanLogistics Association and the readers of the trade magazine Logistik Heute chose Jungheinrich. A title which, by the way, we were also able to win again in 2020.

We are proud of the fact that we have always been able to prevail against all our competitors in this important competition. It confirms our determination to continue on our path, maintain continuity and to further expand our portfolio of reliable products, process chains that have been thought through down to the last detail, and outstanding service for our customers.

The fact that customer benefit is the focus of Jungheinrich is also proven by the award of the Service Management Prize 2019, in which Jungheinrich was able to assert itself with the training simulator against such renowned competitors as Audi, Thyssen Krupp or Viessmann. Our simulator was recognised by the German Customer Service Association as an exceptional service innovation that enables Jungheinrich customers to train their own forklift drivers perfectly with little organisational effort in times of a shortage of skilled workers. A fast, efficient and sustainable solution. That is what Jungheinrich stands for.

Ladies and gentlemen,

our understanding of sustainability is the foundation on which we create lasting value. Jungheinrich combines social and ecological responsibility with profitable growth. For

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our commitment to corporate responsibility, we were awarded gold status in 2019 by the independent assessment institute EcoVadis. This means Jungheinrich belongs to the most responsible five per cent of more than 55,000 certified companies. This means: Jungheinrich assumes its responsibility. The environmental compatibility and energy efficiency of our products is particularly important to us. In 2019, 97 per cent of all units we produced were electric trucks, and a fast-growing percentage of those were equipped with cutting-edgelithium-ion technology. Over their lifetimes, electric trucks with lithium-ion batteries cause 52 per cent less CO2 than diesel trucks in the same lifting capacity class. This is good for the climate, good for our customers and good for Jungheinrich.

Electric mobility is in our DNA. In 2011, Jungheinrich became the first truck manufacturer to bring a series-produced truck with a lithium-ion battery onto the market. To this day, we have been able to maintain our lead and are the leader in this field in our industry. Lithium-ion technology has opened up the possibility for us to implement completely new truck concepts which we consistently continue to develop. While electric trucks were literally built around lead acid batteries with steel housing for many decades, lithium-ion batteries now allow for much more flexibility when it comes to truck design and construction. This is how forklift trucks can be made much more compact and ergonomic, and thus gain improved driving properties and performance. One truck that combines these advantages is the reach truck ETV 216i, which won the IFOY award in 2019.

With its integrated battery, the ETV 216i is the most compact and powerful truck in its class. Jungheinrich customers benefit from better ergonomics, easier manoeuvrability, higher work safety and improved efficiency. We have started to consistently use these advantages of lithium-ion technology in the design concept of other truck types as well, thus creating a completely new generation of material handling equipment.

Our success proves us right. We have just delivered our 1,000th ETV 216i to a major grocery chain in Italy.

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Cloudiness in the second half of the year 2019

Dear shareholders,

Innovative products, revolutionary trucks and unique service are the basis of Jungheinrich's success and were also the conditions for achieving our strategic revenue target of €4 billion in 2019.

But, as already mentioned, light and shadow were very close together in 2019. Since the second half of the year at the latest, we have seen a clouding of economic conditions. The main drivers of this development were of a political nature.

The worsening of the trade conflict between the USA and China increasingly burdened the prospects for the global economy. The threat of a hard Brexit, which is still looming today, is further exacerbating uncertainty, particularly in Europe.

This was clearly expressed in a large number of profit warnings issued since summer 2019 by numerous companies, especially in the key industries of automotive, automotive suppliers, chemicals and mechanical engineering. The significant decline in these industries and thus also among our customers led to lower capital expenditure in all areas and also had a negative impact on the intralogistics sector.

With a drop of 2 per cent, or 31 thousand forklift trucks, in 2019, the global market for material handling equipment recorded a decline compared to the previous year for the first time since 2012. This was due to declining orders in both the European and North American markets.

Even Jungheinrich could not escape this development. At 122 thousand units, incoming orders in the new truck business based on units remained 7 per cent below the previous year, due in particular to a lower supply of new trucks to our short-term rental fleet.

Over the course of the second half of 2019, it became increasingly clear to us that the economic boom of recent years had come to an end and that we would most

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likely be confronted with the beginning of a possible global recession and the corresponding negative effects on our markets.

Due to these negative economic and market signals, we had to assume that the business trend would be significantly weaker in 2020.

In light of this, we published a forecast for 2020 in an ad hoc press release on 18 December 2019, which included revenue and EBIT ranges significantly below the 2019 level.

The clear reactions on the capital market showed that our expectations were not shared by all market participants at that time. We now know that this defensive planning for 2020 was correct and necessary.

Jungheinrich made itself weatherproof early on

In the late summer of 2019 we had already started to make ourselves "weatherproof". To this end, we developed and consistently implemented a comprehensive programme of measures to improve efficiency and hedge risks under the name "4JU".

This also includes adjusting material costs, personnel costs and capital expenditure in line with the earnings performance of the respective organisational units. The programme also involved reducing stocks of short-term rental and used equipment, reducing inventories, expanding and intensifying credit management and reducing the level of receivables as well as reducing projects and project budgets to the strategically most important core issues.

In terms of content, this was nothing new and is regularly carried out in the day-today business of our units, but in the course of the programme the measures were implemented promptly and sustainably with far greater intensity and consistency. In this way, we have cut costs, increased efficiency and reduced risks in a very short amount of time.

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3. The situation in the first half of 2020 Corona is an unprecedented crisis

Dear shareholders,

when we launched these measures, none of us could have foreseen that a few months later, with the outbreak of the coronavirus pandemic, the biggest medical and economic crisis since World War II would come to the world, and therefore to us.

Instead of the economic crisis we had expected, we suddenly found ourselves confronted with one of the greatest entrepreneurial challenges in our company's history.

The speed at which the pandemic has found its way around the world and into all our lives has been shocking for most of us. The effects on the global economy are unprecedented.

Shortly after the beginning of the year, our colleagues in China were affected by the first lockdown measures; from early March onwards, Europe had become a hotspot. The previously open borders of the EU were closed, curfews were imposed, and economic life came to a temporary standstill in large parts of the continent.

The business of Jungheinrich did not come to a standstill. Through the measures mentioned above, which we had already introduced in late summer 2019, we were in a position to react very quickly to the new, aggravated situation and to ensure the Group's ability to act.

In light of this and right from the beginning, our most important goals were protecting our employees and ensuring our delivery capability. For this, we implemented a variety of measures and could also rely first and foremost on the phenomenal engagement of our Jungheinrich colleagues.

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Character shows during a crisis

Ladies and gentlemen,

our former Federal Chancellor Helmut Schmidt once said, "Character shows during a crisis".

I can confirm: Jungheinrich as a team has shown real character in this crisis. We have used the past few months as a period of probation and development. Our employees have shown what they're made of and have performed admirably under difficult conditions.

First of all there are our colleagues in production and in the warehouses, who guaranteed smooth operation in the production plants despite all the adversities of the COVID-19 pandemic. For these employees, it was not possible to work from home, because forklift trucks can't be built from home.

Through their great effort, these colleagues ensured that production at all Jungheinrich production plants is running even today, that we can supply our customers and that Jungheinrich had the ongoing capacity to act and deliver. In these times, this merits great recognition for the entire Group, and I would like to sincerely thank you on behalf of the Board of Management, the Supervisory Board and I'm sure also on behalf of our shareholders.

The same goes for our colleagues in the field, particularly for our after-sales service technicians. They are the face of our company to our clients and courageously visit plants and factories every day, despite the risks to their own health, to ensure that our equipment is operating smoothly. Their undaunted efforts and exceptional commitment allow our customers to continuously rely on Jungheinrich as they were used to before the start of the coronavirus pandemic.

Jungheinrich is of systemic importance

This effort is of great importance for society as a whole. Jungheinrich provides essential products and services to safeguard the supply of our communities.

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Jungheinrich forklift trucks are used in the warehouses of major retailers to pick the goods that restock empty supermarket shelves all over Europe. Without our trucks, system solutions and services, shelves would still be empty of everything from pasta to toilet paper.

We are contributing to supply lines for people and companies and did our part during the crisis to prevent the German, European and global economies from grinding to a halt. We are proud of that.

4. Outlook & Strategy

Ladies and gentlemen,

I am certain that Jungheinrich will emerge strengthened from the crisis.

This is for certain: Despite all the preparations and great achievements in recent months, the effects of the coronavirus pandemic are clearly felt.

First half of 2020

It is unusual to give a report on the first half of financial year 2020 at the Annual General Meeting where the financial position of 2019 is being discussed. However, the timing of our Annual General Meeting makes it possible to comment briefly on the figures that were published two weeks ago.

Due to the crisis, orders for new trucks in the first half of 2020 were, at 53.9 thousand trucks, significantly below the previous year's level. At €1.81 billion, the value of incoming orders of the Jungheinrich Group also remained below the previous year's figures.

Nonetheless, with an EBIT of €95 million and EBIT return on sales of 5.3 per cent, we reached a very good result for such a crisis half-year.

The effective measures taken early on in the Group to reduce costs and secure liquidity successfully limited the negative impact of the crisis on Jungheinrich.

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Cash flow from operating activities came to around €201 million for the period from January to June 2020, doubling the figure from the previous year. Furthermore, we were also able to reduce net debt from €172 million from the end of 2019 to €36 million despite the crisis. This is a reduction of €136 million. At the same time, Jungheinrich has a very solid liquidity reserve and a very healthy statement of financial position.

Dividend continuity in the crisis

In light of this, we are continuing with our stable dividend policy this year despite the crisis and recommend to the Annual General Meeting that the dividend of €0.46 per ordinary share and €0.48 per preferred share advised in the 2019 Annual Report be upheld.

2020 forecast

According to the forecast we published on 22 July this year, we expect incoming orders to range between €3.4 billion and €3.6 billion in 2020. Group revenue is also expected to range between €3.4 billion and €3.6 billion. According to current estimates, earnings before interest and taxes (EBIT) in 2020 should come to between €130 million to €180 million. EBIT return on sales is expected to be in a range of 3.8 per cent to 5.0 per cent.

We set the right course for the future

Ladies and gentlemen,

the development of the first half of 2020 and the forecast show that we have set the course for a successful future through our determined response to the first signs of crisis. Today, we can say that so far Jungheinrich has come through the biggest global economic crisis in decades as good as can be expected under the circumstances. This gives us confidence for the future. The Board of Management and all employees work every day to further develop our Group and make it even more successful.

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Strategy 2025

At the moment we are developing the Group strategy 2025+, which we will publish in the fourth quarter of this year. In it, we will address the challenges of a changing market and competitive environment, but also the opportunities that arise from this. To this end we will concentrate on the fields of action that are digitalisation, automation, efficiency, energy systems, sustainability and the expansion of our global footprint. Our goal is to further expand our global market position and sustainably create value for all our stakeholders.

Against this background, I am very happy that since the beginning of the year we have had Sabine Neuß on our side in the Board of Management team. Within a very short period of time, Ms Neuß set standards as Chief Technology Officer, proved her determination and decisiveness during the crisis and initiated important projects. Dear Ms Neuß, we're glad you're here.

5. Conclusion and thanks

Ladies and gentlemen,

this is my first Annual General Meeting as Chairman of the Board of Management of Jungheinrich. Therefore, I would like to take this opportunity to thank some people, starting with my predecessor, Hans-Georg Frey. Until August of last year, Mr Frey successfully led Jungheinrich for more than twelve years. Not least, Mr Frey, you were the one who set the growth target of €4 billion for Jungheinrich and created over 8,000 new jobs around the world in recent years. Mr Frey, I am delighted that we have been able to continue our more than six-year cooperation on the Board of Management in a new constellation over the past year. I look forward to continuing our close and trusting cooperation.

I would also like to thank Mr Jürgen Peddinghaus, who resigned as Chairman of the Supervisory Board in September, as announced a year earlier. Mr Peddinghaus had been a member of Jungheinrich's Supervisory Board since 2001 and its Chairman since 2006. Dear Mr Peddinghaus, with your commitment you have had a lasting impact on Jungheinrich AG over the past two decades. You have always been a

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reliable anchor and your advice a great asset. On behalf of the Board of Management and all employees, I would like to thank you most sincerely.

In March of this year, Dr Klaus-Dieter Rosenbach, member of the Management Board responsible for Logistics Systems, left the Board of Management prematurely of his own volition. For almost six years, I was able to work closely and successfully with Dr Klaus-Dieter Rosenbach on the Board of Management. Over the years, I have greatly appreciated his extraordinary commitment to Jungheinrich and his professional expertise.

Even as a Group with €4 billion in revenue and around 18,000 employees, Jungheinrich has been able to retain its character as a family-owned company. The shareholder families Lange and Wolf still shape the company today. Therefore, a bereavement in these families is also a bereavement for Jungheinrich. On August 9, Winfried Lange died at the age of 97. Over many years, Winfried helped shape Jungheinrich in various functions. He was the personally liable partner, managing director and member of the advisory board of the former Jungheinrich Unternehmensverwaltung KG.

Dear Ms Lange, on behalf of the Board of Management and all employees, I would like to express my sincere condolences. We will cherish the memory of your husband here with us at Jungheinrich.

Dear shareholders, I would like to sincerely thank you for your loyalty and your trust in us. This year has been an unusual one. That makes collegiality and optimism all the more important. At Jungheinrich, we have both. Our team spirit is what drives us.

That's why I would like to end my speech by showing a short film about how we at Jungheinrich stand together in these unique times, encourage each other and say thank you. And this thanks also goes to you. Stay with us and most of all, stay healthy.

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