Registration: Reg S Only; Comments: 11/24/2020 Deutsche Lufthansa AG (LHAGR) EUR1bn (from EUR750m-1bn) Reg S bearer sr unsec notes due 05/29/26 (5.5y). NCL (3mo par call, 80% clean-up call). (Expect Ba2)/BB- (negative/negative). Via CS/DB/MS/UniCredit (B&D) as jt active books. Off its EMTN programme (dated 17 November 2020 and supplemented on 20 November 2020). List Lux. German Law. Annual coupon (Act/Act). Settles 12/01 (T+5). ISIN: XS226539657. IPT 3.75%-3.875%. Guidance: 3.25%-3.375%. Launched: EUR1bn at 3.125% yield, expect a 3.00% coupon. Priced: 3.00% at 99.390, yield 3.125%. +387.8bp vs DBR 0.50% Feb 2026. ms+355.9bp. Final books EUR4bb. Fixed income investor calls started 11/23 (MS coordinated logistics). Books went subject at 12:10 UKT 11/24. UOP: GCP. Biz: Europe’s leading airline group. HQ: Koeln, Germany.;