This Luftwaffe flight Oberst is wearing what is probably the most correct version of his "happy days" awards.
Most correct because, as a glance at the regulations of 1939 reveals, the last two actually weren't mentioned... specifically.
Since he is wearing the ribbon of a KVK2(X) in his buttonhole, this probably dates after 1940, by which time the regulations had been clarified. Of course, he is ALSO wearing his KVK2X ribbon on his ribbon bar, so he should NOT be wearing TWO of the SAME ribbon. Presumably on his normal daily dress he wore no ribbon bar at all and his 1914 EK1 and the button hole ribbon as "reduced wear" fashion to show his highest awards from both World Wars at the time.
Courtesy of Robert Noss.