Obbligazione Lufthansa German 1.125% ( XS1109110251 ) in EUR

Emittente Lufthansa German
Prezzo di mercato 100 EUR  ▼ 
Paese  Germania
Codice isin  XS1109110251 ( in EUR )
Tasso d'interesse 1.125% per anno ( pagato 1 volta l'anno)
Scadenza 12/09/2019 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Deutsche Lufthansa XS1109110251 in EUR 1.125%, scaduta


Importo minimo 1 000 EUR
Importo totale 500 000 000 EUR
Descrizione dettagliata Lufthansa è la principale compagnia aerea tedesca, un gruppo globale operante nel settore del trasporto aereo passeggeri e cargo, con numerose compagnie aeree sussidiarie.

The Obbligazione issued by Lufthansa German ( Germany ) , in EUR, with the ISIN code XS1109110251, pays a coupon of 1.125% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 12/09/2019







Debt Issuance Programme Prospectus
4 September 2014
This document constitutes the base prospectus of Deutsche Lufthansa Aktiengesellschaft in respect of non-equity securities
within the meaning of Art. 22 No. 6 (4) of the Commission Regulation (EC) No. 809/2004 of 29 April 2004, as amended, ("Non-
Equity Securities") for the purposes of Article 5.4 of Directive 2003/71/EC of the European Parliament and of the Council of
4 November 2003, as amended, (the "Prospectus Directive") (the "Debt Issuance Programme Prospectus" or the
"Prospectus").



Deutsche Lufthansa Aktiengesellschaft
(Cologne, Federal Republic of Germany)
as Issuer
EUR 4,000,000,000
Debt Issuance Programme
(the "Programme")
Application has been made to the Luxembourg Commission de Surveil ance du Secteur Financier (the
"Commission"), which is the Luxembourg competent authority for the purpose of the Prospectus Directive, for
its approval of this Prospectus. By approving a prospectus, the Commission shal give no undertaking as to the
economic and financial soundness of the operation or the quality or solvency of the issuer pursuant to Article
7(7) Luxembourg act relating to prospectuses for securities, as amended, (Loi relative aux prospectus pour
valeurs mobilières) (the "Luxembourg Act").
Application has been made to list Notes issued under the Programme on the official list of the Luxembourg
Stock Exchange and to trade Notes on the regulated market "Bourse de Luxembourg". The Luxembourg Stock
Exchange's regulated market is a regulated market for the purposes of the Market in Financial Instruments
Directive 2004/39/EC, as amended, (the "Regulated Market"). Notes issued under the Programme may also not
be listed at al .
The Issuer has requested the Commission in its capacity as competent authority under the Luxembourg Act
which implements the Prospectus Directive into Luxembourg law to provide the competent authorities in the
Federal Republic of Germany, the United Kingdom and Northern Ireland, the Republic of Austria and the
Republic of Ireland with a certificate of approval attesting that the Prospectus has been drawn up in accordance
with the Loi relative aux prospectus pour valeurs mobilières ("Notification"). The Issuer may request the
Commission to provide competent authorities in additional Member States within the European Economic Area
with a Notification.

Arranger
Deutsche Bank

Dealers

Barclays
Deutsche Bank
J.P. Morgan
Morgan Stanley
Société Générale
UBS Investment Bank
Corporate & Investment Banking

UniCredit Bank

This Prospectus wil be published in electronic form on the website of the Luxembourg Stock Exchange
(www.bourse.lu) as wel as on the website of Lufthansa (www.lufthansa.com).


RESPONSIBILITY STATEMENT
Deutsche Lufthansa Aktiengesellschaft ("Lufthansa" or "Lufthansa AG" or the "Issuer", together with its
consolidated group companies, the "Lufthansa Group") with its registered office in Cologne, Federal
Republic of Germany accepts responsibility for the information given in this Prospectus and for the
information which will be contained in the Final Terms (as defined herein).
The Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the
information contained in this Prospectus for which it is responsible is, to the best of its knowledge, in
accordance with the facts and contains no omission likely to affect its import.
NOTICE
This Prospectus should be read and understood in conjunction with any supplement hereto and with any
other documents incorporated herein by reference. Full information on the Issuer and any tranche of Notes
is only available on the basis of the combination of the Prospectus and the relevant Final Terms (as
defined herein).
The Issuer has confirmed to the Dealers (as defined herein) that this Prospectus contains all information
which is necessary to enable investors to make an informed assessment of the assets and liabilities,
financial position, profit and losses and prospects of the Issuer and the rights attaching to the Notes which
is material in the context of the Programme; that the information contained herein with respect to the
Issuer and the Notes is accurate and complete in all material respects and is not misleading; that any
opinions and intentions expressed herein are honestly held and based on reasonable assumptions; that
there are no other facts with respect to the Issuer or the Notes, the omission of which would make this
Prospectus as a whole or any of such information or the expression of any such opinions or intentions
misleading; that the Issuer has made all reasonable enquiries to ascertain all facts material for the
purposes aforesaid.
The Issuer has undertaken with the Dealers (i) to supplement this Prospectus or publish a new Prospectus
in the event of any significant new factor, material mistake or inaccuracy relating to the information
included in this Prospectus in respect of Notes issued on the basis of this Prospectus which is capable of
affecting the assessment of the Notes and which arises or is noted between the time when this Prospectus
has been approved and the final closing of any tranche of Notes offered to the public or, as the case may
be, when trading of any tranche of Notes on a regulated market begins, and (i ) where approval of the
Commission of any such document is required, to have such document approved by the Commission.
No person has been authorised to give any information which is not contained in or not consistent with this
Prospectus or any other document entered into in relation to the Programme or any information supplied
by the Issuer or any other information in the public domain and, if given or made, such information must
not be relied upon as having been authorised by the Issuer, the Dealers or any of them.
Neither the Arranger nor any Dealer nor any other person mentioned in this Prospectus, excluding the
Issuer, is responsible for the information contained in this Prospectus or any supplement hereto, or any
Final Terms or any document incorporated herein by reference, and accordingly, and to the extent
permitted by the laws of any relevant jurisdiction, none of these persons accepts any responsibility for the
accuracy and completeness of the information contained in any of these documents. This Prospectus is
valid for 12 months after its approval and this Prospectus and any supplement hereto as well as any Final
Terms reflect the status as of their respective dates of issue. The delivery of this Prospectus or any Final
Terms and the offering, sale or delivery of any Notes may not be taken as an implication that the
information contained in such documents is accurate and complete subsequent to their respective dates of
issue or that there has been no adverse change in the financial situation of the Issuer since such date or
that any other information supplied in connection with the Programme is accurate at any time subsequent
to the date on which it is supplied or, if different, the date indicated in the document containing the same.
The distribution of this Prospectus and any Final Terms and the offering, sale and delivery of Notes in
certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus or any Final
Terms come are required to inform themselves about and observe any such restrictions. For a description
of the restrictions applicable in the United States of America, the European Economic Area in general, the
United Kingdom and Japan see "Selling Restrictions". In particular, the Notes have not been and will not
be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and
include Notes in bearer form that are subject to tax law requirements of the United States of America;
2


subject to certain exceptions, Notes may not be offered, sold or delivered within the United States of
America or to United States persons.
The language of the Prospectus is English. The German versions of the English language Terms and
Conditions are shown in the Prospectus for additional information. As to form and content, and all rights
and obligations of the Holders and the Issuer under the Notes to be issued, German is the controlling
legally binding language if so specified in the relevant Final Terms.
Each Dealer and/or each further financial intermediary subsequently reselling or finally placing
Notes issued under the Programme is entitled to use the Prospectus, if and for the respective offer
period so determined in the Final Terms, as set out in "Consent to the use of the Prospectus"
below.
This Prospectus may only be used for the purpose for which it has been published.
This Prospectus and any Final Terms may not be used for the purpose of an offer or solicitation by
anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to
whom it is unlawful to make such an offer or solicitation.
This Prospectus and any Final Terms do not constitute an offer or an invitation to subscribe for or
purchase any Notes.
In connection with the issue of any Tranche of Notes under the Programme, the Dealer or Dealers
(if any) named as stabilising manager(s) in the applicable Final Terms (or persons acting on behalf
of a stabilising manager) may over-allot Notes or effect transactions with a view to supporting the
price of the Notes at a level higher than that which might otherwise prevail. However, there is no
assurance that such stabilising manager(s) (or persons acting on behalf of a stabilising manager)
will undertake stabilisation action. Any stabilisation action may begin at any time after the
adequate public disclosure of the terms of the offer of the relevant Tranche of the Notes and, if
begun, may be ended at any time, but it must end no later than the earlier of 30 days after the Issue
Date of the relevant Tranche of Notes and 60 days after the date of the allotment of the relevant
Tranche of Notes. Any stabilisation action or over-allotment must be conducted by the relevant
stabilising manager(s) (or person(s) acting on behalf of any stabilising manager(s)) in accordance
with all applicable laws and rules.
FORWARD-LOOKING STATEMENTS
This Prospectus contains certain forward-looking statements. A forward-looking statement is a statement
that does not relate to historical facts and events. They are based on analyses or forecasts of future
results and estimates of amounts not yet determinable or foreseeable. These forward-looking statements
are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect",
"intend", "may", "plan", "predict", "project", "wil " and similar terms and phrases, including references and
assumptions. This applies, in particular, to statements in this Prospectus containing information on future
earning capacity, plans and expectations regarding Lufthansa Group's business and management, its
growth and profitability, and general economic and regulatory conditions and other factors that affect it.
Forward-looking statements in this Prospectus are based on current estimates and assumptions that the
Issuer makes to the best of its present knowledge. These forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results, including Lufthansa Group's financial
condition and results of operations, to differ materially from and be worse than results that have expressly
or implicitly been assumed or described in these forward-looking statements. Lufthansa Group's business
is also subject to a number of risks and uncertainties that could cause a forward-looking statement,
estimate or prediction in this Prospectus to become inaccurate. Accordingly, investors are strongly advised
to read the following sections of this Prospectus: "Risk Factors" and "Deutsche Lufthansa
Aktiengesellschaft as Issuer". These sections include more detailed descriptions of factors that might have
an impact on Lufthansa Group's business and the markets in which it operates.
In light of these risks, uncertainties and assumptions, future events described in this Prospectus may not
occur. In addition, neither the Issuer nor the Dealers assume any obligation, except as required by law, to
update any forward-looking statement or to conform these forward-looking statements to actual events or
developments.

3


TABLE OF CONTENTS


Page
Summary
.......................................................................................................................... 5

Section A Introduction and Warnings ................................................................................ 5

Section B Issuer ................................................................................................................ 6

Section C Securities ........................................................................................................ 10

Section D Risks ............................................................................................................... 12


Risks specific to the Issuer ............................................................................. 12


Risks specific to the Securities ....................................................................... 15

Section E Offer of the Securites ...................................................................................... 16
German Translation of the Summary ....................................................................................... 17

Abschnitt A Einleitung und Warnhinweise ......................................................................... 17

Abschnitt B Emittentin ........................................................................................................ 18

Abschnitt C Wertpapiere .................................................................................................... 22

Abschnitt D Risiken ............................................................................................................ 25


Risiken, die der Emittentin eigen sind............................................................. 25


Risiken, die den Wertpapieren eigen sind ...................................................... 28

Abschnitt E Angebot der Wertpapiere ................................................................................ 29
Risk Factors
........................................................................................................................ 31
Consent to the use of the Prospectus ...................................................................................... 54
Deutsche Lufthansa Aktiengesellschaft as Issuer .................................................................... 55
General Description of the Programme .................................................................................... 76
Issue Procedures ...................................................................................................................... 78
Terms and Conditions of the Notes (English Language Version) ............................................ 80

OPTION I ­ Terms and Conditions that apply to Notes with fixed interest rates ................ 80

OPTION II ­ Terms and Conditions that apply to Notes with floating interest rates ........... 94
Terms and Conditions of the Notes (German Language Version) ......................................... 109

OPTION I ­ Anleihebedingungen für Schuldverschreibungen mit fester Verzinsung ....... 110

OPTION II ­ Anleihebedingungen für Schuldverschreibungen mit variabler Verzinsung . 126
Form of Final Terms ............................................................................................................... 143
Description of Rules Regarding Resolution of Holders .......................................................... 157
Use of Proceeds ..................................................................................................................... 159
Taxation
...................................................................................................................... 160
Selling Restrictions ................................................................................................................. 167
General Information ................................................................................................................ 171
Documents Incorporated by Reference .................................................................................. 172
Names and Addresses ........................................................................................................... 174

4


SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These elements are numbered
in Sections A ­ E (A.1 ­ E.7).
This summary (the "Summary") contains all the Elements required to be included in a summary for this
type of Notes and Issuer. Because some Elements are not required to be addressed, there may be gaps in
the numbering sequence of the Elements.
Even though an Element may be required to be inserted in the Summary because of the type of Notes and
Issuer, it is possible that no relevant information can be given regarding the Element. In this case, a short
description of the Element is included in the Summary with the mention of "not applicable".
[The Summary contains options, characterised by square brackets or typesetting in italics (other than the
respective translations of specific legal terms), and placeholders regarding the Notes to be issued under
the Programme. The summary of the individual issue of Notes will include the options relevant to this issue
of Notes as determined by the applicable Final Terms and will contain the information, which had been left
blank, as completed by the applicable Final Terms.]1
Element
Section A ­ Introduction and warnings


A.1
Warnings
Warning that:
this Summary should be read as an introduction to the
Prospectus;
any decision to invest in the Notes should be based on
consideration of the Prospectus as a whole by the investor;
where a claim relating to the information contained in the
Prospectus is brought before a court, the plaintiff investor
might, under the national legislation of the Member States,
have to bear the costs of translating the Prospectus, before
the legal proceedings are initiated; and
civil liability attaches only to the Issuer which has tabled the
Summary including any translation thereof, but only if the
Summary is misleading, inaccurate or inconsistent when read
together with the other parts of the Prospectus or it does not
provide, when read together with the other parts of the
Prospectus, key information in order to aid investors when
considering whether to invest in the Notes.
A.2
Consent to the use of [Each Dealer and/or each further financial intermediary
the Prospectus
subsequently reselling or finally placing the Notes is entitled to
use the Prospectus in the Grand Duchy of Luxembourg, the
United Kingdom of Great Britain and Northern Ireland, the
Republic of Ireland, the Republic of Austria and the Federal
Republic of Germany for the subsequent resale or final
placement of the Notes during the offer period for the
subsequent resale or final placement of the Notes from [] to [],
provided however, that the Prospectus is stil valid in accordance
with Article 11 of the Luxembourg Law relating to prospectuses
for securities (Loi relative aux prospectus pour valeurs
mobilières), as amended, which implements Directive
2003/71/EC of the European Parliament and of the Council of
4 November 2003 (as amended).
The Prospectus may only be delivered to potential investors
together with all supplements published before such delivery.
Any supplement to the Prospectus is available for viewing in
electronic form on the website of the Luxembourg Stock
Exchange (www.bourse.lu) and on the website of Lufthansa
(www.lufthansa.com).When using the Prospectus, each Dealer
and/or relevant further financial intermediary must make certain

1 To be deleted for the summary of an individual issue of Notes.

5


that it complies with all applicable laws and regulations in force in
the respective jurisdictions.
In the event of an offer being made by a Dealer and/or a
further financial intermediary the Dealer and/or the further
financial intermediary shall provide information to investors
on the terms and conditions of the Notes at the time of that
offer.][Not applicable. No consent has been given.]

Element
Section B ­ Issuer

B.1
Legal and commercial
Deutsche Lufthansa Aktiengesellschaft ("Lufthansa")
name
B.2
Domicile / Legal form /
Deutsche Lufthansa Aktiengesellschaft is a German stock
Legislation / Country of
corporation (Aktiengesellschaft) incorporated under the laws of
incorporation
the Federal Republic of Germany with registered seat in
Cologne, Federal Republic of Germany.
B.4b
Known trends affecting
Developments in the first half-year 2014 to date suggest that
the Issuer and the
global economic growth is gradually picking up. It is expected
industries in which it
that the global economy will expand by 2.8% this year. This is
operates
slightly less than what was forecasted for economic growth three
months ago. Unchanged, growth rates in many developed
economies are still below their levels before the financial crisis.
Growth of 1.6% is predicted for Europe in 2014. Futures rates
show the expectation of falling oil prices. Overall, oil prices
remain highly exposed to geopolitical developments, however.
Volatile fuel costs should therefore also be expected for the
remainder of the year 2014. Forecasts for the airline industry
predict strong growth in 2014 based on the positive
macroeconomic environment. For the airline industry as a whole,
the trade association IATA is forecasting profits of USD 18.0
billion for the full year 2014 (previous year: USD 10.6 billion), the
highest in five years. The pace of mergers and partnerships
continued unbroken in the first half of 2014.
The performance of the Lufthansa Group varied across the
individual business segments and regions in the first half of 2014.
Increasing excess capacity, which leads to falling prices on
routes and the weakness of certain currencies and strikes had a
negative effect, particularly on the revenue of the airborne
companies. Lower fuel expenses reduced costs, however, as did
lower depreciation and amortisation as a result of the new
depreciation policy for aircraft and reserve engines.
The result for the year 2014 at all Lufthansa Group airlines, in
terms of both opportunities and risks, remains highly dependent
on the further development of average yields. Overall, the airlines
are now expecting growth for this year at roughly 3%.
Additionally, Lufthansa expects advance bookings to remain
under pressure over the coming months. These weak earnings
are affecting every passenger airline as well as freight airline
which is mostly due to a significant increase in capacity of all
competitors.
B.5
Description of the
Deutsche Lufthansa Aktiengesellschaft is both an operatively
Group and the Issuer's
active aviation company and the holding company of Lufthansa
position within the
Group with, directly or indirectly, a total of more than 400
Group
subsidiaries and associated companies as of 30 June 2014.
B.9
Profit forecast or
Not applicable. No profit forecast or estimate has been made.
6


estimate
B.10
Nature of any
Not applicable. The auditor's reports do not include any
qualifications in the
qualifications.
audit report on
historical financial
information
B.12
Selected historical key financial information

Period ended Period ended Financial year Financial year
30 June
30 June
ended
ended
2014
2013(3)
31 December 31 December

2013
2012(2)
(EUR in millions,

unless otherwise indicated)
Revenues
14,166
14,464
30,028
30,135
EBITDA(1)
778
860
2,668
3,581
Net profit attributable to
-79
-203
313
1,228
shareholders of Lufthansa AG
Cash flows from operating
1,744
2,316
3,290
2,842
activities
Total Assets
29,959
29,585
29,084
28,559
Shareholders' equity
4,964
5,168
6,108
4,839
Employees
119,092
116,888
118,214
116,957

(1) "EBITDA" is defined as earnings before interest, taxes, depreciation and amortisation. Depreciation and
amortisation includes write-downs of tangible and intangible assets and of current and non-current financial
assets, as well as impairments of investments accounted for using the equity method and of assets held for
sale. EBITDA should not be considered by investors as an alternative to Lufthansa's profit/loss from
operating activities or profit/loss from ordinary activities as an indication of operating performance, or as an
alternative to cash flows from operating activities as indication of cash flows.
(2) The comparative figures for the previous year have been adjusted retrospectively due to the application of
the revised IAS 19 as of 1 January 2013.
(3) The figures for the previous period have been adjusted due to the application of IFRS 11.

Information for the period ended 30 June 2014 and 30 June 2013 (adjusted due to the
application of IFRS 11) extracted from the Interim Report January to June 2014 of Deutsche
Lufthansa AG.

Information for financial year ended 31 December 2013 and financial year ended
31 December 2012 (adjusted retrospectively due to the application of the revised IAS 19 as of
1 January 2013) extracted from the Annual Report 2013 of Deutsche Lufthansa AG.


Material adverse change There has been no material adverse change in the prospects of
in the prospects of the Lufthansa since 31 December 2013.
Issuer
Significant change in Not applicable. There has been no significant change in the
the financial and trading financial or trading position of Lufthansa since 30 June 2014.
position
B.13
Recent events
Lufthansa Passenger Airlines presented its new 'Premium
Economy Class' in March 2014. The product is positioned
between Economy Class and Business Class, and passengers
are able to book tickets since May 2014 before the product is
launched on long-haul routes in November 2014.
The Lufthansa Group wil be realigning its IT activities and thus

7


laying the foundations for the future. One key aspect is the set of
organisational changes to what is now Lufthansa Systems AG.
The plan is therefore to split Lufthansa Systems AG into three
separate companies. This will involve transitioning the
Infrastructure division into a partnership with an international IT
service provider as part of the Lufthansa Group outsourcing
process. The Airline Solutions and Industry Solutions divisions
will be retained as independent companies operating within the
Lufthansa Group.
On 11 June 2014, Lufthansa adjusted its earnings forecast as a
result of the revenue development in the passenger and freight
businesses, which was below expectations. The revenue risks
mentioned when Lufthansa presented the first quarter figures on
6 May 2014 have materialised. Lufthansa Group had already
warned against increasing risks to the earnings forecast in the
first quarterly report 2014. Above all, it is Lufthansa Group's
American and European business that has suffered from
increasing excess capacity, which leads to falling prices on these
routes. Lufthansa will therefore noticeably reduce its capacity
during the winter timetable period. Strong capacity growth by
state-owned Gulf carriers is a major concern. They are
advancing ever further into the European market, also by means
of investments in European airlines. The strike by the
Vereinigung Cockpit pilots' union (VC) in early April 2014 had a
significant negative results impact whereas booking activity has
returned to normal only recently. Additionally, impairments on
receivables denominated in Venezuelan Bolivar have
significantly burdened the result of the current financial year so
far. In order to boost the competitiveness of the Lufthansa
Group, structural measures will be implemented at a higher
pace.
On 9 July 2014, Lufthansa Group announced new growth
concepts. Lufthansa Group will be establishing new platforms
with competitive cost structures to ensure that it derives
maximum benefit from the further growth of the aviation sector.
Thus, the Group's present multi-brand system with its multiple
hubs of Frankfurt, Munich, Zurich, Vienna and Brussels will now
be consistently complemented by the new "WINGS" multi-
platform concept in all the Group's European home markets. The
new WINGS family, which will build on the success of the
Germanwings concept, wil be specifically aligned to the high-
growth market for private air travel. The Lufthansa Group also
plans to create a competitive new long-haul platform under the
WINGS banner for the price-sensitive segment of private travel.
Studies are currently being conducted into whether this should
be done alone or with a further partner.
B.14.
Please see Element B.5
Statement of
Not applicable. Lufthansa is not dependent upon other entities
dependency upon other
within the Lufthansa Group.
entities within the group
B.15
Principal activities
The passenger airline business operated directly by Deutsche
Lufthansa Aktiengesellschaft (under the brand name
"Lufthansa") and the other airlines belonging to Lufthansa
Group (such as Germanwings, Swiss, Austrian Airlines)
represents the core business of its operating activities. The
product portfolio ranges from standard flights to individualised
high-quality offers on German, European and intercontinental
distances. Deutsche Lufthansa Aktiengesellschaft and its Star
Alliance partner airlines together currently operate flights to more
than 1,000 destinations worldwide.
8


The segment Logistics' core business (mainly operated by
Lufthansa Cargo AG) is the provision of airport-to-airport air-
freight services. The segment includes services such as e.g. the
transport of valuable cargo, perishables or dangerous goods,
urgent express deliveries or individual transport solutions for
specific industries.
The focus of the segment MRO encompasses maintenance,
repair and overhaul services of both the aircraft fleets of
Lufthansa Group and aircrafts of airlines outside the group. The
product covers the whole spectrum from single jobs to the
servicing of entire fleets.
The segment IT services offers IT solutions for Lufthansa Group
and for clients outside the group of both within and outside the
airline sector.
In the segment Catering LSG Sky Chefs is the global service
provider for both the Lufthansa Group and airlines outside the
group. This includes the development, sourcing and logistics of
onboard equipment as well as the management of all processes
that take place before, during and after the on-board service.
The segment Other includes in particular the services of the
Lufthansa Flight Training, the frequent-flyer programme "Miles &
More" or the business travel payment management solutions of
the AirPlus Group.
B.16
Controlling Persons
Name
Total share
Reference date


of latest notice
BlackRock, Inc.
5.43%
23 May 2012
The Capital Group

Companies
5.34%
16 January 2014
Templeton Global

Advisors Limited
5.00%
11 January 2012
B.17
Credit ratings of the
Standard & Poor's Credit Market Services Europe Limited
Issuer or its debt
("Standard & Poor's")1,3 has assigned the long-term credit
securities
rating BBB-4,5 (outlook stable) and Moody's Investors Service
Ltd. ("Moody's")2,3 has assigned an Ba14,6 rating (outlook
positive) to Deutsche Lufthansa Aktiengesellschaft.


1 Standard & Poor's is established in the European Community and is registered under Regulation (EC) No 1060/2009 of
the European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended, (the "CRA
Regulation").
2 Moody's is established in the European Community and is registered under Regulation (EC) No 1060/2009 of the
European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended, (the "CRA
Regulation").
3 The European Securities and Markets Authority publishes on its website (www.esma.europa.eu) a list of credit rating
agencies registered in accordance with the CRA Regulation. That list is updated within five working days following the
adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall publish that updated
list in the Official Journal of the European Union within 30 days following such update.
4 A credit rating assesses the creditworthiness of an entity and informs an investor therefore about the probability of the
entity being able to redeem invested capital. It is not a recommendation to buy, sell or hold securities and may be revised
or withdrawn by the rating agency at any time.
5
Standard & Poor's defines BBB- in the Standard & Poor's Guide to Credit Rating Essentials (2011) as follows:
Considered lowest investment grade by market participants.
6
Moody's defines Ba1 in its Global Long-Term Rating Scale in Rating Symbols and Definitions (June 2013) as follows:
Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

The information sourced from Standard & Poor's and Moody's has been accurately reproduced and, as far as Lufthansa is aware
of and able to ascertain from information published by Standard & Poor's and Moody's, no facts have been omitted which would
render the reproduced information inaccurate or misleading.

9


Element
Section C ­ Securities

C.1
Class and type of the
Class
Notes / Security
The Notes are unsubordinated and unsecured.
Identification Number
[Fixed Rate Notes
The Notes bear a fixed interest income throughout the entire
term of the Notes.]
[Floating Rate Notes
The Notes will bear interest at a rate determined [(and as
adjusted for the applicable margin)] on the basis of a reference
rate appearing on the agreed screen page of a commercial
quotation service.]
ISIN
[]
Common Code
[]
WKN
[]
C.2
Currency
The Notes are issued in []
C.5
Restrictions on free
Not applicable. The Notes are freely transferable.
Transferability
C.8
Rights attached to the
Negative pledge
Notes (including ranking The Terms and Conditions of the Notes contain a negative
of the Notes and
pledge provision of the Issuer.
limitations to those
rights)
Taxation
Principal and interest shall be payable without withholding or
deduction for or on account of any present or future taxes, duties
of whatever nature imposed, levied or collected by or on behalf
of the Federal Republic of Germany, or by or on behalf of any
political subdivision or authority thereof or therein having power
to tax (the "Withholding Taxes"), unless such withholding or
deduction is required by law. In such event, the Issuer will,
subject to the exceptions set out in the Terms and Conditions,
pay such additional amounts as shall be necessary in order that
the net amounts received by the Holders of the Notes after such
withholding or deduction shall equal the respective amounts of
principal and interest which would otherwise have been
receivable in respect of the Notes in the absence of such
withholding or deduction.
[Early redemption in the case of fixed rate Notes
The Notes can be redeemed prior to their stated maturity [at the
option of the] [Issuer,] [and][or] [the holders of the Notes (the
"Holders")] for taxation reasons, for reasons of a change of
control or upon the occurrence of an event of default).]
[Early redemption in the case of floating rate Notes
The Notes can be redeemed prior to their stated maturity [at the
option of the Issuer,] for taxation reasons, for reasons of a
change of control or upon the occurrence of an event of
default).]
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