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.

2 TUI GROUP | Corporate Presentation | December 2014

The world’s number one integrated tourism business at a glance*

Global

Company – domiciled in

Germany

Revenues of

€18.7 billion

Underlying EBITA

€869 million 77,000

colleagues in 130 countries More than

30 million

customers from

31

markets travelling to 180 destinations source Over

300

hotels with

210,000

beds A

FTSE 100

business Market capitalisation

€7 billion 136

aircraft

12

cruise ships About

1,800

retail shops in Europe *Based on numbers from FY 2013/14 3 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

Sale

2014

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 4 tourism business is created.

Group segments

Mainstream

Tour Operators Hotels & Resorts Cruises

Non-Mainstream

Hotelbeds Group Specialist & Activity

Responsibility

Johan Lundgren

Responsibility

Sebastian Ebel

Delivering a superior end-to-end customer experience Responsibility

Will Waggott

Focused on growth & value creation

Container Shipping (14% equity)

Held for disposal

5 TUI GROUP | Corporate Presentation | December 2014

Group segments

Mainstream

Tour Operators Hotels & 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. 6 TUI GROUP | Corporate Presentation | December 2014 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.

Group segments

Mainstream

Tour Operators Hotels & Resorts Cruises

Source markets

• Germany • UK & Ireland • France • Nordics (Sweden, Norway, Finland, Denmark) • Belgium • Netherlands • Austria • Switzerland • Poland • Spain • Italy • Portugal • Russia • Ukraine • Canada 7 TUI GROUP | Corporate Presentation | December 2014

Retail shops

1,800

Airlines

6

Aircraft

136

Customers

19 million

Colleagues

60,400

Cruise ships

12

Hotels & Resorts

312

Mainstream

Tour Operators Largest source markets

Germany UK & Ireland

Key brands

Nordics France Other

Market position

#1

Customer numbers

6m

Aircraft Airline routes

31 566 8 TUI GROUP | Corporate Presentation | December 2014 #1 5.2m

59 568 #2 1.6m

8 323 #1 1.6m

#1 / #1 * 5.1m

7 31 150 210 * Netherlands, Belgium, Austria, Poland

Mainstream

Hotels & Resorts Key Brands Number of hotels

103 23 24 35

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) 9 TUI GROUP | Corporate Presentation | December 2014

Mainstream

Cruises Companies Number of vessels

4

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” 3 5 • 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. 10 TUI GROUP | Corporate Presentation | December 2014

Non-Mainstream

Overview

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.

Top selling brands Overview

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.

Roomnights

26.9 million

Colleagues

11,800

Database

67,000 hotels

Colleagues

6,600

Customers

1.3 million 11 TUI GROUP | Corporate Presentation | December 2014

The new TUI Group – integrating market access and exclusive content

Exclusive content Market access

• •

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

After Holiday Research Book Pre-trip

•

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 •

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

On holiday Journey

•

Airline:

Modern leisure airline fleet with 136 aircraft – our airlines are the most carbon-efficient in Europe.

a 5* Plus rating

Unique proposition:

Designing and owning the entire customer journey. Customers receive a high quality, consistent, personalised, end-to-end holiday experience.

12 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

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

13 TUI GROUP | Corporate Presentation | December 2014 Group Director Controlling & FD Mainstream

Kenton Jarvis

Group Director Legal, Compliance & Board Office

Hilka Schneider

Group HR Director

Jacky Simmond s

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.

14 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 15 TUI GROUP | Corporate Presentation | December 2014