Lufthansa in €234 Million Exchangeable Bond Offering

April 5, 2012

Cleary Gottlieb advised Goldman Sachs, Morgan Stanley, and UBS as underwriters in the €234 million exchangeable bond offering by Lufthansa Malta Blues LP, a Maltese finance subsidiary of Deutsche Lufthansa Aktiengesellschaft. The notes, which are guaranteed by Lufthansa, were sold in a Rule 144A U.S. institutional private placement and are due in 2017. They are exchangeable into shares of common stock of JetBlue Airways. The notes priced on March 29 and the transaction closed on April 5, 2012. Lufthansa purchased a stake in JetBlue in December 2007 and currently owns 16% of the company.