The world’s number one integrated leisure tourism business – the new TUI

About us Embarking on a new era The new TUI Group is a company of opportunities – for our customers, our shareholders and our employees. United under one roof we will have our unique hotel portfolio, our cruise lines, six European airlines, the distribution strength of our tour operators, both online and through our travel agencies all over Europe. As the world’s number one inte-grated leisure tourism Group we offer an end-to-end customer experience. Direct access to customers makes investment in hotels and state-of-the-art cruise liners easier to plan and secures occupancy early in the game. This will enable us to grow faster and develop more travel products exclusive to TUI. TUI GROUP | Corporate Presentation | December 2014

The world’s number one integrated tourism business at a glance* Global Company – domiciled in Germany 77,000 colleagues in 130 countries More than 30 million customers from 31 source markets travelling to 180 destinations Revenues of €18.7 billion Over 300 hotels with 210,000 beds Underlying EBITA €869 million 136 aircraft A FTSE 100 business 12 cruise ships Market capitalisation €7 billion About 1,800 retail shops in Europe *Based on numbers from FY 2013/14 TUI GROUP | Corporate Presentation | December 2014

From an industrial conglomerate to a global tourism group Transformation into a leading tourism company 1997 2000 – 2002 2007 2009 2014 Sale In 2006 TUI sold its last industrial holding. Subsequently after selling a majority shareholding in its Hapag-Lloyd container shipping business in March 2009, TUI Group now focuses fully on its core business of tourism. With the merger in 2014 the world’s number one integrated leisure tourism business is created. TUI GROUP | Corporate Presentation | December 2014

Group segments Mainstream Non-Mainstream Tour Operators Hotels & Resorts Cruises Hotelbeds Group Specialist & Activity Responsibility Responsibility Responsibility Container Shipping (14% equity) Johan Lundgren Sebastian Ebel Will Waggott Delivering a superior end-to-end customer experience Focused on growth & value creation Held for disposal TUI GROUP | Corporate Presentation | December 2014

Group segments Mainstream Hotels Tour Operators & Resorts Cruises Europe’s leading tour operators, offering renowned holiday brands including TUI (Germany), Thomson (UK), Fritidsresor (Sweden), Marmara (France), Jetair (Belgium) and Arke (Netherlands), providing unique holidays in 180 countries. Number one leisure hotelier in Europe with more than 300 hotels, resorts and clubs with well-known brands such as RIU and Robinson and approximately 210,000 beds in 24 countries. TUI Cruises is a joint venture between TUI Group and Royal Caribbean Cruises and serves the volume market with its premium ships “Mein Schiff 1” to “Mein Schiff 3”. Hapag- Lloyd Cruises, with the “MS Europa” and “MS Europa 2”, is the leading provider of luxury and expedition cruises in German-speaking regions. In addition, TUI UK operates 5 cruise ships. TUI GROUP | Corporate Presentation | December 2014

Group segments Mainstream Tour Operators Hotels & Resorts Cruises Source markets Retail shops Customers Germany UK & Ireland France Nordics (Sweden, Norway, Finland, Denmark) Belgium Netherlands Austria Switzerland Poland Spain Italy Portugal Russia Ukraine Canada 1,800 19 million Airlines Colleagues 6 60,400 Aircraft Cruise ships 136 12 Hotels & Resorts 312 TUI GROUP | Corporate Presentation | December 2014

Mainstream Tour Operators Germany UK & Ireland Nordics France Other 6m Largest source markets Germany UK & Ireland Nordics France Other Key brands Market position #1 #1 #2 #1 #1 / #1* Customer numbers 6m 5.2m 1.6m 1.6m 5.1m Aircraft 31 59 8 7 31 Airline routes 566 568 323 150 210 * Netherlands, Belgium, Austria, Poland TUI GROUP | Corporate Presentation | December 2014

Mainstream Hotels & Resorts 103 23 24 35 Key Brands Number of hotels Highlights Number one leisure hotelier in Europe with more than 300 hotels and 210,000 beds in 24 countries Portfolio of owned premises will be expanded by another 60 hotels in coming years Consolidation and focus on core brands such as TUI Hotel, RIU and Robinson Most hotel companies with local partners Focus on four and five star category High occupancy rates (80.9% on average across the portfolio) TUI GROUP | Corporate Presentation | December 2014

Mainstream Cruises 4 3 5 Companies Number of vessels Information Leading provider of luxury and expedition cruises in German- speaking regions. The fleet‘s flagships set international standards: “MS Europa” and “MS Europa 2” successfully garnered the highest possible 5-star plus rating in the Berlitz Cruise Guide and are the only ships in this category Expedition vessels “MS Hanseatic” and “MS Bremen” Joint venture (50/50) between TUI AG and Royal Caribbean Cruises founded in 2008, premium volume market segment Christening of the first ship “Mein Schiff” and first cruise in May 2009 “Mein Schiff 2” followed in 2011, "Mein Schiff 3" since May 2014 in operation Vessel “Mein Schiff 4“ being constructed (delivery June 2015) “Mein Schiff 5” and “Mein Schiff 6” have been ordered (2016/2017), two more optioned. Offers various cruises from family-friendly to adults-only cruises in the UK market. TUI GROUP | Corporate Presentation | December 2014

Non-Mainstream 26.9 million 11,800 67,000 hotels 6,600 1.3 million Roomnights 11,800 Colleagues The Hotelbeds Group is a global provider of travel services in more than 180 countries. Its businesses provide hotel accommodation, transfers, excursions and tours, meetings and events, visa outsourcing and cruise handling services. Its main clients are tour operators, travel agencies, corporate clients and final consumers. Its brands include Hotelbeds, LateRooms.com, Destination Services and Intercruises. Overview Top selling brands Hotelbeds Group Database 67,000 hotels 6,600 Colleagues The Specialist & Activity Sector is the world’s largest provider of specialist and experiential travel. The Group delivers a range of unique experien-ces through its range of unique experiences, from private jets, polar expeditions, sailing and ski holidays and more. Overview 1.3 million Customers Specialist & Activity TUI GROUP | Corporate Presentation | December 2014

The new TUI Group – integrating market access and exclusive content Leading brand: TUI is the most recognised travel brand in Europe – awards in several countries for TUI also as most valuable tourism brand and most trusted brand Leading holiday hotelier: Our hotels business is Europe’s largest with more than 300 hotels and 210,000 beds including renowned brands such as RIU and Robinson Cruise ships: 12 cruise ships – with the luxury vessels ”MS Europa 2” and “MS Europa” voted as the world’s best cruise ships by the Berlitz Cruise Guide – both the only ships with a 5* Plus rating Market access Customers: Over 30 million customers world- wide from 31 source markets Tour operator brands: Leading portfolio of tour operator brands offering holidays in 180 countries Distribution: Leading online tour operator platforms and 1,800 travel agencies across Europe Airline: Modern leisure airline fleet with 136 aircraft – our airlines are the most carbon-efficient in Europe. Research Book After Holiday Pre-trip On holiday Journey Unique proposition: Designing and owning the entire customer journey. Customers receive a high quality, consistent, personalised, end-to-end holiday experience. TUI GROUP | Corporate Presentation | December 2014

Management structure Group Executive Committee Executive Board Joint-CEO Friedrich Joussen Joint-CEO Peter Long Group Deputy CEO, CEO Mainstream Johan Lundgren Chief Financial Officer Horst Baier Chief HR Officer, CEO Platforms Sebastian Ebel CEO Non-Mainstream William Waggott Group Director Controlling & FD Mainstream Kenton Jarvis Group Director Legal, Compliance & Board Office Hilka Schneider Managing Director TUI UK & Ireland David Burling Managing Director TUI Germany Christian Clemens Group Director Corporate & External Affairs Thomas Ellerbeck Group Chief Marketing Officer Erik Friemuth Group HR Director Jacky Simmonds TUI GROUP | Corporate Presentation | December 2014

Pioneering sustainability change in our sector Both TUI Travel and TUI AG have a strong history of sustainability and the coming together of these two Groups will ensure that sustainability continues to be a priority for TUI as well as the rest of our industry. Our vision is to make travel experiences special whilst minimising environmental impact, respecting culture and people and bringing economic benefits to communities. TUI airlines are the most carbon-efficient in Europe We have taken over 11.5 million customers to hotels with credible sustainability certifications over the last 3 years TUI's commitment to sustainability is widely acknowledged. We have won a number of notable awards , continue to be well positioned on sustainable development indices and we are signatories of the UN Global Compact. TUI GROUP | Corporate Presentation | December 2014

Conclusion The worlds number one integrated leisure tourism business A simplified business, unlocking value Delivering Mainstream growth Unique holidays Direct distribution Leveraging our scale Maximising value creation of Non-Mainstream business Pioneering sustainability change in our sector TUI GROUP | Corporate Presentation | December 2014