Introduction to TUI‘s cruise business 9 MAY 2018

Mein Schiff 6 INTRODUCTION FRITZ JOUSSEN

2 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Cruises – an important pillar of our integrated and product-focussed strategy New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue SALES & MARKETING - 41% EBITA HOLIDAY EXPERIENCES - 59% EBITA CRUISES ESSENTIAL PART OF 255.225.0 Digitalisation, diversification Growth, diversification INTEGRATED STRATEGY Conventions • Bullet points & standard text in 20m customers Portfolio approach TUI-Dark Blue • ~25% of Group EBITA ~150 TUI Aircraft, 1 • Unique product offering, Owned / managed / JV 383 3rd party flying Northern Integrated ROIC FY17: 13% Hotels 3rd party differentiates TUI in distribution: distribution distribution “line of defence” vs OTAs Own, 3rd party • Market leading position and committed & 162 high brand recognition New TUI-Grey 25% New TUI-Blue non-committed Owned / JV Ships

Central Achromatic 112.203.244 Integrated ROIC FY17: 20% 3rd party • TUI Cruises with 40% of repeat 220.220.220 distribution distribution Customer bookings in 2017 New TUI-Blue 50% service & New TUI-Grey 194.230.250 fulfilment 115 • Supports double diversification: 115.115.115 Western Owned / JV Destinations Cruises as “flexible” destination Integrated ROIC FY17: 24% 3rd party 3 TUI-Dark Blue ROIC FY17: 85% distribution distribution TUI-Black 9.42.94 0.0.0

Primary colours Primary GROUP PLATFORMS TUI-White 255.255.255

1 This number includes group hotels and 3rd party concept hotels as at end of H1 FY18 2 As at end of May 2018 3 This number relates to Sales & Marketing/ all other

3 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight TUI’s cruise business with distinct brand and tailored product offering New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow 255.225.0 Blue BRAND / OWNERSHIP MARKET SEGMENT PRODUCT STRATEGY

Conventions • Bullet points & standard text in TUI-Dark Blue Off-balance: JV / 6 ships³ • Yield product, distinct • Inventor of and market • Tailored to German speaking market segment leader in German premium customer demand • Capture market growth cruise segment • Premium all-inclusive

On balance / 6 ships³ • Tailored to UK customer demand • Yield product, distinct

New TUI-Blue • UK market leader in flycruise New TUI-Grey 25% Achromatic 112.203.244 • Ownership of end to end journey market segment 220.220.220 • Mid-premium cruise tailored to UK customer • Product upgrade New TUI-Blue 50% segment • All-inclusive1 • Capture market growth New TUI-Grey 194.230.250 115.115.115 On balance / 4 ships³ • Best cruise ships in the world² TUI-Dark Blue • Inventor of cruise shipping • 5 star plus luxury cruise TUI-Black 9.42.94 • Luxury pricing 0.0.0 • Market leader in German offering

Primary colours Primary • Internationalisation TUI-White luxury & expedition segment • Exclusive expedition routes • Expedition growth 255.255.255

1 from summer 2019 onwards; ² according to Berlitz Cruise Guide; ³ Fleet as of May 2018

4 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Hapag-Lloyd Cruises expedition growth: plan to order new ship New TUI-Green • Font size14pt Green light for a 3rd expedition 170.215.0 • Line spacing 6 pt cruise ship; Hapag-Lloyd • titles in TUI-Dark KEY FACTS Cruises will shortly launch the TUI-Yellow BRAND / OWNERSHIP 255.225.0 Blue planning / negotiation for a

Conventions • Bullet points & further Hanseatic standard text in • Hapag-Lloyd Cruises plans to take delivery of HANSEATIC new build 3 in TUI-Dark Blue spring / early summer 2021 • Participate in strong market growth in the expedition & experience segment • Strengthening position, improve quality leadership within Germany, Austria and Switzerland & internationalise product • Ship will be evolution of the first two expedition new builds delivered in 2019

New TUI-Blue • 230 lower berths New TUI-Grey 25% Achromatic 112.203.244 220.220.220 • Similar financing as other expedition ships: 80% funded by debt capital / New TUI-Blue 50% 20% equity contribution – part of TUI’s CAPEX plan New TUI-Grey 194.230.250 115.115.115

TUI-Dark Blue TUI-Black 9.42.94 0.0.0

Primary colours Primary TUI-White 255.255.255

5 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Hapag-Lloyd HANSEATIC new build 3: improved customer experience with a modern New TUI-Green • Font size14pt and efficient expedition fleet 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue 255.225.0

Conventions • Bullet points & standard text in TUI-Dark Blue

New TUI-Blue New TUI-Grey 25% Achromatic 112.203.244 220.220.220

New TUI-Blue 50% New TUI-Grey Marina Extendible glass-floored balconies 194.230.250 115.115.115

TUI-Dark Blue TUI-Black

9.42.94 0.0.0 Primary colours Primary TUI-White The HanseAtrium, a The Ocean Academy 255.255.255 multifunctional allows you to lounge with state-of- experience science Panoramic Cabin the-art technology however you desire Deck track at the bow Grand Suite

6 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight TUI’s cruise strategy proves to be successful: Strong growing business contributing ~25% of New TUI-Green • Font size14pt Group EBITA today 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue 255.225.0 BRAND / OWNERSHIP STRONG AND PROFITABLE GROWTH KEY HIGHLIGHTS

Conventions • Bullet points & standard text in TUI-Dark Blue Off-balance: JV / ROIC: 16% TUI Cruises² • TUI’s cruise business benefiting from 256 Marella Cruises  continued strong market demand Hapag-Lloyd Cruises 191  shortage of cruise ship supply % of Group profit 136  arrival of new ship capacity ordered

New TUI-Blue On balance / ROIC: 14% 100 several years ago “at the right time” New TUI-Grey 25% Achromatic 220.220.220 112.203.244 811  TUI Cruises with youngest fleet in 87 the market (low fuel consumption 1 61 New TUI-Blue 50% 10 68 and reduced emission levels) New TUI-Grey 194.230.250 115.115.115 31 13 30 33 • Participate in market growth through

TUI-Dark Blue On balance / ROIC: 10% -21 additional capacity for TUI Cruises TUI-Black 9.42.94 0.0.0 FY14 FY15 FY16 FY17 • >50% dividend conversion rate from Primary colours Primary TUI-White 1% 8% 19% 23% TUI Cruises JV³ 255.255.255 • 20% Cruise segment ROIC²

Note: Chart shows underlying EBITA in €m and % of TUI Group EBITA contribution; 1 Marella Cruises not included; 2 TUI Cruises JV (50%) is consolidated at equity; 3 Calculation: Dividends received by TUI / TUI‘s share of EAT

7 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight All three TUI cruise brands with strong financial track record New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue 255.225.0

Conventions • Bullet points & standard text in TUI-Dark Blue

4.5 2.7 3.5 2.1 2.1 579 594 2.0 536 2.7 401 450 115 116 121 131 348 355 349 1.7 171 169 171 173 99,9 99.0 100,6 101,7 68.2 76.2 76.8 76.7 New TUI-Blue New TUI-Grey 25%

102,3 102,7 102,6 101,9 Achromatic 112.203.244 220.220.220

New TUI-Blue 50% FY14 FY15 FY16 FY17 FY14 FY15 FY16 FY17 FY14 FY15 FY16 FY17 New TUI-Grey 194.230.250 Pax Days (m's) Av Daily Rate € Occupancy % Pax Days (m's) Av Daily Rate £ Occupancy % Pax Days(k's) Av Daily Rate € Occupancy % 115.115.115

TUI-Dark Blue TUI-Black 9.42.94 0.0.0

• ~30% capacity growth in 2017 for TUI Cruises and Marella Cruises at stable occupancy and increasing rates Primary colours Primary TUI-White • Hapag-Lloyd Cruises rate increases at constant occupancy 255.255.255

8 TUI GROUP | Capital Markets Day | 9 May 2018 CRUISE MARKET DYNAMICS FRITZ JOUSSEN

9 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight TUI participates in the highly attractive, ring-fenced European cruise market New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt • titles in TUI-Dark GLOBAL OCEAN CRUISE PASSENGERS BY ORIGIN1 EUROPE AS RING-FENCED MARKET TUI-Yellow Blue 255.225.0

Conventions • Bullet points & standard text in • #2 global market after North America TUI-Dark Blue North America Europe #1 #2 • Highly attractive growth prospects ~12m passengers ~7m passengers • Germany is the largest European market, Asia followed by UK #3 • Trips are the experience versus other ~3m passengers markets where the cruise ship is the

New TUI-Blue Market (PAX) 2.0m 1.9m New TUI-Grey 25% Achromatic 112.203.244 experience 220.220.220 TUI Cruises / Marella 0.5m 0.3m • Hence, certain cruise ship specifications Market-share 25% 15% New TUI-Blue 50% Other Australia required to meet customer demand for New TUI-Grey 194.230.250 115.115.115 #4 distinctive „European style“ cruising

~1m passengers TUI-Dark Blue ~3m passengers TUI-Black 9.42.94 Global cruise market 0.0.0 Primary colours Primary ~26 million passengers TUI-White 255.255.255

1 Sources: CLIA, Statistics & markets Europe 2016, CLIA Asia Cruise Trends 2016, Cruise Market Watch 10 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Global cruise market demand remains strong with 6% CAGR projected growth New TUI-Green • Font size14pt until 2023 (+11m PAX)… 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow 255.225.0 Blue EUROPEAN MARKETS GROWING FAST BUT STILL UNDERPENETRATED MARKET DYNAMICS

Conventions • Bullet points & standard text in 1 TUI-Dark Blue Penetration Rate 2016 & 2023 ca. 4.1% in 2023 • German and UK cruise market growing fast but still underpenetrated compared to US ca. 3.2%1 in 3.5%1 2023 ca. 4.2%1 in ca. 0.6%1 in • Growth driven by 2023 2023  Demographics

New TUI-Blue New TUI-Grey 25% Achromatic (av. customer age 52 years) 112.203.244 11.5m PAX 220.220.220  Change in holiday behavior New TUI-Blue 50% 2.7%1 2.5%1 0.2%1 New TUI-Grey 194.230.250 (experience, convenience, safety) 115.115.115 1.9m PAX 2.0m PAX 2.1m PAX

 Cruise ship innovation and premium TUI-Dark Blue UK GER US CH TUI-Black 9.42.94 all-inclusive product 0.0.0

Primary colours Primary +0.3m PAX +1.4m PAX +1.7m PAX +6.5m PAX TUI-White (2023) (2023) (2023) (2023) 255.255.255 CAGR 2% 8% 2% 22%

1 Share of population that participates in cruise itineraries; Sources: CLIA, Statistics & markets Europe 2016, Cruise Market Watch, Statista; Assumptions regarding the penetration rate: i) country population constant over period 2017-2023 ii) every PAX goes once per year iii) the growth for 2017- 2023 is calculated with same growth rate as the past five years (2011-2016) for all countries except China. China had a CAGR of 66% between 2011-2016. In the penetration calculation above (2017-2023) a CAGR of 22% is used for China. 11 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight … while global cruise ship supply continues to be constrained. Supply expected to grow New TUI-Green • Font size14pt ~5% CAGR until 2023 (+9m PAX) 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow 255.225.0 Blue ONLY FEW SHIP YARDS ABLE TO BUILD LARGER SIZE CRUISE SHIPS MARKET DYNAMICS

Conventions • Bullet points & standard text in TUI-Dark Blue • Significant order lead time

• Location: Papenburg • Location: Wismar  New cruise ship orders in 2018 (GER) and Turku (FI) • Under new ownership (Genting) delivered in 2023/2024 only Global cruise ship 1 • No track record for larger cruise • TUI with significant order book capacity (m PAX) vessels  Expecting 5 new cruise ship

New TUI-Blue 35 New TUI-Grey 25% Achromatic

deliveries until 2023 112.203.244 26 220.220.220  Participate in market growth through New TUI-Blue 50% additional capacity delivery and New TUI-Grey 194.230.250 115.115.115 further enhancement of TUI’s

market leading position TUI-Dark Blue TUI-Black 9.42.94 • Location: St. Nazzaire (F) 2017FC 2023FC • Location: Sestri Ponete (Genoa), • Additional cruise ship orders through 0.0.0 Primary colours Primary • Partly nationalised by Monfalcone and other locations in TUI Cruises JV likely (no additional TUI-White Italy (IT) French government. 50% CAPEX for TUI shareholders) 255.255.255 owned by Fincantieri • Parent company of VARD shipyard • Government owned 1Assuming 360 operating days, average duration 8 days, new berths 40.000 p.a. and 10% of the new berths replaces old tonnage 12 TUI GROUP | Capital Markets Day | 9 May 2018

TUI‘S CRUISE FLEET INVESTMENT HORST BAIER

13 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Ring-fenced ship financing: A closer look at our TUI Cruises JV New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue KEY JV FINANCIALS 2017 255.225.0 MUTUAL BENEFICIAL JV Conventions • Bullet points & (100% VIEW, €M) standard text in TUI-Dark Blue Profit & Loss Statement1 Balance Sheet1 Cash Flow1 • TUI with strong brand / distribution power Turnover: 1,053 Net debt: 1,423 Net operating • Royal Caribbean with strong cash flow: 415 relationships to ship yards EBITA: 304 Adjusted net debt/ EBITDAR: 3.5x Net investments: (95) • Ring-fenced and standalone financing

New TUI-Blue EBITA margin: 29% by TUI Cruises JV New TUI-Grey 25% Achromatic 112.203.244 Equity ratio: 27% Debt repayments: (140) 220.220.220 Net income: 272 • Strong JV performance, allowing to New TUI-Blue 50% ROIC: 16% Dividends to TUI finance growth and pay dividends to New TUI-Grey 194.230.250 Net income margin: 26% Cruises shareholders: (180) TUI at the same time 115.115.115

TUI-Dark Blue • De-risking TUI investment: TUI-Black 50% of upside, 50% of downside

9.42.94 0.0.0 Primary colours Primary TUI-White 255.255.255

1 P&L = Financial Year; Balance Sheet & Cash Flow = Calendar year

14 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight TUI’s cruise capacity growth financed through disposal proceeds re-investment programme New TUI-Green • Font size14pt and off-balance sheet (JV) 170.215.0 • Line spacing 6 pt

OFF-BALANCE FINANCING AS • titles in TUI-Dark BRAND / OWNERSHIP FLEET DEVELOPMENT TUI-Yellow Blue PREFERRED OPTION 255.225.0

Conventions • Bullet points & standard text in Off-balance: JV Current fleet: • Funded by JV TUI-Dark Blue • No CAPEX requirements for TUI Deliveries: FY19 FY23

On balance Current fleet: • Part of TUI’s growth investment plan Exit FY19 • Funded by re-investing disposal proceeds New TUI-Blue New TUI-Grey 25%

Deliveries: FY19 (SGE*) Achromatic 112.203.244 220.220.220

New TUI-Blue 50% New TUI-Grey On balance 194.230.250 Current fleet: • Part of TUI’s growth investment strategy 115.115.115 Exit FY18

• Funded by re-investing disposal proceeds

TUI-Dark Blue Deliveries: TUI-Black

9.42.94 FY19 FY20 FY21 (planned) 0.0.0 Primary colours Primary TUI-White 255.255.255

* Marella Cruises acquires SkySea Golden Era (SGE) to replace Mein Schiff 2, which will remain within TUI Cruises fleet due to high demand in the German cruise market. 15 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight TUI’s re-investment programme FY16-FY19 – on balance cruise capacity orders reflected New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark GROWTH INVESTMENTS FY16 to FY18 H1 GROWTH INVESTMENTS FY18 & FY19 REINVESTMENTS TUI-Yellow Blue 255.225.0

Conventions • Bullet points & • Reinvestment of disposal standard text in 230 TUI-Dark Blue ~€0.4bn proceeds by FY19 400 • Own content growth Basis for end-to-end ~€0.4bn  • 40 55 profitability 4  270 • Investments on track  Acquisition of  175 830 Destination • More than doubling 20 Management returns New TUI-Blue  for EV of New TUI-Grey 25% 400 €110m from • Capital discipline continues ~€1.2bn Achromatic  220.220.220 112.203.244 HBG after FY19 200 • ROIC as KPI New TUI-Blue 50% 554 110 New TUI-Grey 194.230.250 55 • Normalised capex levels 115.115.115 • Investments if attractive Disposal Marella 38 Hotels Expedition Transat PDPs UK Rem. pre- Rem. equity Mein Schiff ~20 hotels PDPs UK Destination 1 TUI-Dark Blue proceeds Discovery 2 since ships HL (EV) Pensions funding contribution 1 & SGE 3 until 2019 Pensions Management TUI-Black 9.42.94 merger prepayment 2 2016 Expedition 2018 0.0.0 2

ships HL Primary colours Primary 5 6 6 6 6 6 6 8 TUI-White -€106m €25m €60m €30m €11m €30m €50m €30m €10-25m +€261m 255.255.255 Deconsolidated EBITA Targeted EBITA7

1 Including working capital/cash effect; 2 Equity-contribution, delivery in Spring & Autumn 2019; 3 Assumes MS1+ SkySea Golden Era (SGE) purchase as cash transaction; 4 €10m quarterly adjustment until 2019 - pro rata approach; 5 Number includes €93m EBITA of HBG & Travelopia as well as EAT of MS1 within TUI Cruises of €12.5m due transferring the ship to UK market, delivery in Summer 2018; 6 run-rate; 7 Based on targeted EBITA run-rate 8 Profitability growth expected in line with 3 year ramp-up phase of synergies; closing expected in H2 FY18 16 TUI GROUP | Capital Markets Day | 9 May 2018 SUMMARY / OUTLOOK FRITZ JOUSSEN

17 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight TUI’s cruise business – Strong basis for future growth New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue STRONG AND PROFITABLE GROWTH WILL 255.225.0 BRAND / OWNERSHIP GROWTH LEVERS Conventions • Bullet points & CONTINUE standard text in TUI-Dark Blue Off-balance: JV • Leverage distinct product offering Cruises EBITA • Keep market share % of Group profit 256

191

New TUI-Blue On balance • Upgrade and modernise fleet New TUI-Grey 25% Achromatic 112.203.244 220.220.220 • Establish all-inclusive offering 1 New TUI-Blue 50% 81 New TUI-Grey 194.230.250 115.115.115 10 1

TUI-Dark Blue On balance • Grow expedition business TUI-Black 9.42.94 FY14 FY15 FY16 FY17 FY20e 0.0.0 • Internationalisation Primary colours Primary TUI-White 1% 8% 19% 23% 255.255.255

Note: Chart shows underlying EBITA in €m and % of TUI Group EBITA contribution; 1 Marella Cruises not included

18 TUI GROUP | Capital Markets Day | 9 May 2018 TUI CRUISES – LEADER IN GERMAN PREMIUM CRUISE SEGMENT WYBCKE MEIER

19 TUI GROUP | Capital Markets Day | 9 May 2018 Mein Schiff – „Eine Klasse für mich“ Contemporary premium class ships for German speaking cruise passengers

TUI Group | Capital Markets Day | 09 May 2018 German Holiday preferences

69 m of Germans travel more than 5 days and spend ca. 1010 € (FUR 2017)

34 % are interested in taking a cruise holiday (BAT Study 2018)

2.19m Germans booked an ocean cruise in 2017 (CLIA Market Report 2017) Germans prefer German brands – 90% would choose a German Cruise for holiday

Since 2010: more childless couples than single parents / couples with children Prognosis: in 2025 more than 33 m Germans are over 50 & pensioners (Total wealth of the new senior citizens makes up billions of Euro)

TUI Group | Capital Markets Day | 09 May 2018 21 Increasing interest in cruise holidays since 2010

Interested in booking a cruise in %

Not interested in booking a cruise in %

TUI Group | Capital Markets Day | 09 May 2018 Source: Prof. Dr. Reinhardt, Stiftung für Zukunftsfragen, BAT 22 German and international Brands & Positioning Market separates into 3 segments Sporty-casual - club ship High-quality & contemporary Classic & expedition ship

45% 7% 24% market market market share share share

24% market share

TUI Group | Capital Markets Day | 09 May 2018 Source CLIA Passenger breakdown 2017 23 Fleet status quo: six newbuilds plus one in 2019 Mein Mein Mein Mein Mein New Mein New Mein Schiff Herz Schiff 3 Schiff 4 Schiff 5 Schiff 6 Schiff 1 Schiff 2

2019 Year of 1997 2014 2015 2016 2017 2018 construction (new build)

Berths 1,912 2,500 2,500 2,500 2,500 2,894 2,894

Tonnage 77.000 100.000 100.000 100.000 100.000 112.000 112.000 Former MS2 Replaced Will replace stays in MS 1 in MS 2 in Fleet under 2018 2019 17000 a new name berths

TUI Group | Capital Markets Day | 09 May 2018 24 Mein Schiff contemporary premium class ships

great passenger space ratio of 40

TUI Group | Capital Markets Day | 09 May 2018 25 Our customers Erik & Elke – The Curious Mein Schiff Explorer

58 % First-time cruisers 20 % Second-time 58 % of cruisers our 19 % Regular guests guests 3 % Other

Before we traveled with Mein Schiff for the first time, we always associated cruises with either pure luxury or pure mass handling. Finally, the extraordinary PAI concept without extra costs convinced us to choose Mein Schiff - and we were not disappointed. Particularly the great variety of selections, the versatile entertainment program and the individual freedom on board will surely bring us back to Mein Schiff fleet."

TUI Group | Capital Markets Day | 09 May 2018 26 Distribution of customers around the year Differs from season to destination Almost no children in Ø Age increases Central America to 60y or Northern (54y in the Europe Caribbean)

Share of children during the Destinations: holiday season Med in summer up Ø 14 % UAE/ Canary Islands in winter

TUI Group | Capital Markets Day | 09 May 2018 27 Crew Cabins

Bar & Lounges Entertainment

Restaurants & Bistros Premium All inclusive Sports & SPA

Outer Decks Routings Innovative event concepts

TUI Group | Capital Markets Day | 09 May 2018 28 TUI Group | Capital Markets Day | 09 May 2018 29 Room with a view – state of the art cabins

82 % balcony 8 % suites cabins

17m² + 26 m² - 77 m² balcony + balcony or terrasse

TUI Group | Capital Markets Day | 09 May 2018 30 Crew Comfortable crew – passenger ratio (2,5)

. Mein Schiff 3 – 6 ~ 1.030 crew on board . new Mein Schiff 1 + 2 ~1.100 crew on board thereof ~130 in the deck & engine departments ~900 for Hotel & Guest services . High retention rate of 79%

TUI Group | Capital Markets Day | 09 May 2018 31 Crew area Cabins 50% single 50% double Pool Deck Fitness Mess

TUI Group | Capital Markets Day | 09 May 2018 32 Food & Beverage Top Gastronomy & high class service in more Premium All Inclusive – Bars TUI Bar, Schaubar, Himmel & Meer Lounge, than 25 outlets Überschaubar, Unverzichtbar, Abtanz Bar, Casino & Lounge, LUMAS Bar, Hoheluftbar, Ebbe&Flut . great variety of restaurants, bistros, bars and lounges Specialty Bars Champagner Treff, Diamant Bar, Café Lounge, Café Bar . great beverage selection also beyond main mealtimes . high class service at the table in the main dining no seating restaurant time frames around Premium All Inclusive – Restaurants the clock Anckelmannsplatz Buffet Restaurant, Atlantik service Restaurant, GOSCH, Tag & Nacht Bistro, Bosporus Snack Bar, Ganz schön gesund

Specialty Restaurants Surf & Turf Steakhouse, Hanami by Tim Raue, Schmankerl

TUI Group | Capital Markets Day | 09 May 2018 33 Sport & SPA Sports and well-being at sea

. large SPA areas on each ship with different types of saunas. The access is included in PAI. . great variety of different SPA treatments . large gym and fitness area . different lectures about the topics motion, nutrition and relaxation

Including Jogging track on outer deck

TUI Group | Capital Markets Day | 09 May 2018 34 Entertainment Formats for everybody

. large state-of-the art theater on every ship with around 1000 seats . small theater on every ship with around 220 seats (e.g. Klanghaus) . own large-scale productions as well as several small formats (spectacles, vocals, artistry & dance shows) . additional formats: Pool Escape parties & Lectures & game disco Readings (MS6 & MS1)

Event Show & cruises & Jazz bands Guest artists

TUI Group | Capital Markets Day | 09 May 2018 35 Routings – six ships on the seven seas Destinations and number of passenger per region Summer: Northern Europe

Western Europe / Med 22%

Winter: 17% Med. & Canary Islands 32% 13% Canary Islands 9%

Caribbean 3% Central America

UAE Positioning cruises

Asia 4%

TUI Group | Capital Markets Day | 09 May 2018 36 Easy access to and on Mein Schiff Mein Schiff App – state of the art way for booking and experiencing the cruise

TUI Group | Capital Markets Day | 09 May 2018 37 Chances and challenges

Who is interested? What do not-interested ones say?

. 34 % in total . preference for other holiday forms . 40 % 34-54 years . concerns about high (extra) costs . 55 % > 55 years . lack of mobility / flexibility . more income = more interest . too many people onboard, missing . the keener on travelling – the keener on individuality cruises . all inclusive and relaxing atmosphere are  environmental issues the key needs  overcrowded ports . bigger ships attract younger travelers 53 % say: “Cruises are only for elderly, rich people”

TUI Group | Capital Markets Day | 09 May 2018 38 Splendid views New vessels setting new standards – being best oft its class worlwide

. Continuing high level of guest satisfaction – NPS 68 . Very solid and efficient business model, proven to be scalable . Strong offering position, unique concept (Premium all inclusive, German onboard language) . 24 % market share (2017) and 25 % (2018)in a fast growing, profitable market. Number two behind AIDA . Strong booking situation for 2018 (occupancy 87 %) and 2019 (occ. 21%) . minimised ecological impact of cruises to the lowest possible level . optimised energy-efficiency: 40% less energy . Youngest fleet

TUI Group | Capital Markets Day | 09 May 2018 39 Thank you very much for your attention and now you are welcome to explore our new Number One!

TUI Group | Capital Markets Day | 09 May 2018 APPENDIX

41 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Player in the global cruise market New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow 255.225.0 Blue TOP CRUISE COMPANIES IN 2016 TOP CRUISE BRANDS BY MARKET SHARE

Conventions • Bullet points & (BASED ON REVENUE IN BN US$) 1 standard text in (IN %, BASED ON NUMBER OF PAX 2018 ) TUI-Dark Blue Carnival 16.4 Carnival 22.0 Royal Caribbean Cruises 19.2 Royal Caribbean Cruises 8.5 Norwegian Cruise Line 8.7 Norwegian Cruise Line 4.9 MSC Cruises 7.2 MSC Cruises 2.1 Princess 6.4 Costa Cruises 6.0 TUI Cruise Brands (TC, Marella & HLC) 1.6 German & UK customer focus AIDA 4.6

New TUI-Blue Disney Cruises 0.9 Celebrity 3.5 New TUI-Grey 25% Achromatic Holland America 3.2 220.220.220 112.203.244 Genting Hong Kong Cruise Brands 0.9 TUI Cruise Brands (TC, Marella, HLC) 2.7 TUI Cruises New TUI-Blue 50% 0.9 P&O Cruises 2.4 New TUI-Grey 194.230.250 … … 115.115.115 TUI Cruises 2.0 Marella Cruises 0.4 … TUI-Dark Blue TUI-Black … Marella Cruises 0.4 9.42.94 0.0.0 Hapag-Lloyd Cruises … Primary colours Primary 0.3 Hapag-Lloyd Cruises 0.3 TUI-White … … 255.255.255 Source: Statista and company data; FX-rate US$/EUR for TUI Cruise brands=1.09 Source: cruisemarketwatch.com; based on company data, CLIA, FCCA, DVB Bank; 1 estimated numbers

42 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Passenger numbers of global cruise market New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue DEVELOPMENT OF OCEAN CRUISE 255.225.0 OCEAN CRUISE PASSENGERS BY COUNTRY (IN M,2016) Conventions • Bullet points & PASSENGER NUMBERS (PAX IN M) standard text in TUI-Dark Blue +5.7% 27.2 11.5 25.8 +4.6% 24.7 22.3 23.1 20.5 20.9 21.3 19.1 17.8

New TUI-Blue New TUI-Grey 25% Achromatic

2.1 112.203.244 2.0 1.9 220.220.220

New TUI-Blue 50% 1.3 New TUI-Grey 194.230.250 0.8 0.8 115.115.115 0.6 0.5 0.5

TUI-Dark Blue TUI-Black 9.42.94 0.0.0

Primary colours Primary 2009 2010 2011 2012 2013 2014 2015 2016 2017p 2018p USA China Germany UK Australia Canada Italy France Brazil Spain TUI-White 255.255.255 Source: CLIA Source: CLIA

43 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Passenger numbers – Germany New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark DEVELOPMENT OF OCEAN CRUISE DEVELOPMENT OF PASSENGERS – GERMAN VS TUI-Yellow Blue PASSENGER NUMBERS IN GERMANY (PAX IN K) INTERNATIONAL CRUISE BRANDS (PAX IN K) 255.225.0

Conventions • Bullet points & standard text in TUI-Dark Blue 2,188 2,018 +33.4%1 1,642 1,771 1,813 1,687 1,463 1,544 1,388 1,182 1,231 1,219 1,117

New TUI-Blue 1,027 New TUI-Grey 25% Achromatic 220.220.220 112.203.244 -6.0%1 570 589 582 555 547 New TUI-Blue 50% New TUI-Grey 194.230.250 115.115.115

TUI-Dark Blue TUI-Black 9.42.94 0.0.0

Primary colours Primary 2009 2010 2011 2012 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 TUI-White German Cruise brands 255.255.255 Source: CLIA International Cruise brands Source: DRV/ CLIA; 1 %-change 2017 vs. 2015

44 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Passenger numbers – UK New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark DEVELOPMENT OF OCEAN CRUISE PASSENGERS TUI-Yellow Blue IN UK (PAX IN K) 255.225.0

Conventions • Bullet points & standard text in 1,950 1,959 TUI-Dark Blue 1,789 1,700 1,701 1,726 1,622 1,644

New TUI-Blue New TUI-Grey 25% Achromatic 112.203.244 220.220.220

New TUI-Blue 50% New TUI-Grey 194.230.250 115.115.115

TUI-Dark Blue TUI-Black 9.42.94 0.0.0

Primary colours Primary 2010 2011 2012 2013 2014 2015 2016 2017 TUI-White 255.255.255 Source: Cruise Lines International Association UK & Ireland

45 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Top destinations – Germany and UK New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow 255.225.0 Blue TOP DESTINATIONS FOR GERMAN CRUISE TOP DESTINATIONS FOR UK CRUISE

Conventions • Bullet points & PASSENGERS IN 2017 (IN %) standard text in PASSENGERS IN 2016 (IN %) TUI-Dark Blue 36% 28% 26% 28%

New TUI-Blue New TUI-Grey 25% Achromatic 112.203.244 220.220.220 14% 11% 13% 9% 10% New TUI-Blue 50% 7% 9% New TUI-Grey 194.230.250 6% 115.115.115 3% TUI-Dark Blue TUI-Black 9.42.94 0.0.0

Primary colours Primary Northern Medi- Caribbean/ Canary Baltic Sea Africa/ Asia/China Other Mediterranean Northern Europe Caribbean Atlantic Islands Other TUI-White Europe terranean Bahamas/ Islands Middle East Bermuda 255.255.255 Source: DRV; CLIA Source: Cruise Lines International Association UK & Ireland

46 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Limited building capacity for larger cruise vessels due to capacity limitation of ship yards New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow 255.225.0 Blue CRUISE ORDER BOOK BY COMPANY BY BERTHS CRUISE ORDER BOOK

Conventions • Bullet points & standard text in (2018-2022) TUI-Dark Blue New builds Other Delivery Total berths 6% >1,500 berth New builds 14% 5%

4% 2018 8 8 34,084 3% 3% 2% 2019 9 15 42,228 18% 1%

New TUI-Blue 2020 9 7 40,972 5% New TUI-Grey 25% Achromatic 112.203.244 220.220.220 2021 9 6 37,858 New TUI-Blue 50% 2022 10 4 41,918 New TUI-Grey 194.230.250 115.115.115 39%

TUI-Dark Blue TUI-Black 9.42.94 • Approx. 9 larger cruise vessels can be delivered p.a. Carnival Star Cruises Viking Cruises 0.0.0 Primary colours Primary RCCL Virgin Cruises Saga Cruises TUI-White • Annual production capacity is ~ 40,000 berth (total) MSC Cruises TUI Cruises Others 255.255.255 NCL Disney Cruises Source: cruiseindustrynews.com

47 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Sustainability initiatives of our cruise brands – whole fleet covered by ISO 14001 certification New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue • New ships are one of the most energy efficient ships of • Environmentally-friendly waste management and • Single engine running procedure to run the engines 255.225.0 their class using smart energy management systems, biological sewage treatment plant at their most efficient speed

Conventions • Bullet points & efficient air conditioning, innovative lightening controls and standard text in • SCR catalyst (scrubber technology) and cold ironing • Installing new equipment on-board to reduce energy engine waste heat to save fuel TUI-Dark Blue on Europa 2 and new builds demand e.g. laundry Scrubber technology lowers up to 99% of sulphur • Marella Dream retrofitted with digital engine • • More than 2/3rds of fuel consumption covered by lubricating oil control units, reducing oil emissions – TUI Cruises reduced sulphur intensity by marine gas oil (low emission diesel); stabilisers and consumption by 20% 21.3% in 2017 y-o-y bow thruster operating with ecological oil Environmentally-friendly wastewater treatment and • Revised sustainability strategy developed for • • Own desalination plant / water production wastewater disposal (AWP system) implementation in 2018, focus on emissions, water • Underwater coating without TBT (Tributyltin) and waste reduction initiatives, biodiversity, • Underwater silicon coating to reduce water resistance community programs New TUI-Blue • MS Bremen as first passenger ship worldwide New TUI-Grey 25%

Project with Futouris & United Against Waste e.V. resulted • Underwater silicon coating to reduce water Achromatic 112.203.244 • receiving the Polar Ship Certificate (regulations 220.220.220 resistance in 17% reduction of food waste onboard MS4, initiatives concerning construction, equipment and crew are rolled out across whole fleet • Fleet-wide programme since 2014 to upgrade HVAC New TUI-Blue 50% training), rest of the fleet certified in 2018 New TUI-Grey 5€ donation per booked trip in the category „Green & system components and reduce the energy 194.230.250 • • Zodiac with Torqueedo electric motors reducing air 115.115.115 Fair“ to local environmental protection projects e.g. consumed by air conditioning and noise emissions in remote locations • Passenger guide with sustainability advice including TUI-Dark Blue supporting coral reef protection TUI-Black energy and water saving tips, reducing need for 9.42.94 0.0.0 single-use plastics and opportunities to support Primary colours Primary destination communities TUI-White

255.255.255 REDUCTION IN CO EMISSIONS PER 2017 ENVIRONMENTAL IMPROVEMENT 1.5%* CARBON EFFICIENCY IMPROVEMENT 2 PASSENGER NIGHT BY 5.5%*

*compared to 2015 baseline 48 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight TUI Cruises New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue 255.225.0 MARKET SHARE CUSTOMER PROFILE KEY FIGURES FY17A Conventions • Bullet points & (100% View) standard text in TUI-Dark Blue Age group of TUI Cruises passengers Turnover: €1,053m • 24% market share in 2017 in German (% of FY 2017 Pax1) cruise market (by revenue) Underlying EBITA: €304m 5% 8% EBITA margin: 29% 18-30 • Second largest share in German cruise Total Pax: 467K 31-40 market, second to Aida (different 40% New TUI-Blue 17% Fleet Size: (May 2018) 6 New TUI-Grey 25% 41-50 Achromatic 112.203.244 product offering) 220.220.220 51-60 Total Berths: (May 2018) 14,886 New TUI-Blue 50% Over 60 New TUI-Grey 194.230.250 • Inventor of & market leader in German Passenger Days: 4.5M 115.115.115 premium cruise segment 30% Average Daily Rate: €173 TUI-Dark Blue TUI-Black 9.42.94 Occupancy: 101.9% 0.0.0

Primary colours Primary Average passenger age: 55.4 Direct Distribution2: ~39% TUI-White 255.255.255 NPS: 68

1 Based on passengers over age of 18 2 Controlled channels: Own tour operator, direct online and own agencies including franchise

49 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight TUI Cruises New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue 255.225.0

Conventions • Bullet points & CURRENT FLEET & NEW ADDITION PRODUCT OFFER DESTINATIONS/ITINERARIES standard text in TUI-Dark Blue Current Fleet (6 ships as at May 2018) • Contemporary cruise liners (% of 2017 Pax) • New Mein Schiff 1 – 2,894 berths 3% • Premium all-inclusive (inclusive of 9% 4% • Mein Schiff Herz – 1,912 berths restaurant, sports, sauna and 32% • Mein Schiff 3 – 2,506 berths entertainment) 13%

New TUI-Blue • Mein Schiff 4 – 2,506 berths New TUI-Grey 25% Achromatic 112.203.244 • Greater space per passenger ratio (40) 220.220.220 • Mein Schiff 5 – 2,534 berths 17% New TUI-Blue 50% New TUI-Grey • Mein Schiff 6 – 2,534 berths 22% 194.230.250 • German speaking 115.115.115

TUI-Dark Blue Additional ship deliveries • Well-being and relaxation focussed Mediterranean UAE TUI-Black 9.42.94 Northern Europe Asia 0.0.0

Primary colours Primary • Mein Schiff 2 – 2,894 berths (2019) • International itineraries Canary Islands Other TUI-White • Mein Schiff 7 – 2,894 berths (2023) Caribbean 255.255.255

50 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Marella Cruises New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue 255.225.0 MARKET SHARE CUSTOMER PROFILE KEY FIGURES FY17A Conventions • Bullet points & (fully consolidated subsidiary) standard text in TUI-Dark Blue 2,1m 30% Age group of Marella passengers Turnover: €502.4m (% of W16/17 Pax1) 2,0m 1,95m 1,96m Underlying EBITA: €86.5m

25%

1,9m 1% EBITA margin: 17.2% 1,79m 20% 3% Total Pax: 308K 1,8m 16-24 New TUI-Blue 25% New TUI-Grey 25%

17% 15% 25-34 Fleet Size: (May 2018) 6

Achromatic

112.203.244 Marella Share 220.220.220 UK UK Mkt (Pax m) 1,7m 35-54 14% 13% Total Berths: (May 2018) 9,635 10% Over 55 1,6m New TUI-Grey New TUI-Blue 50% Passenger Days: 2.7M 194.230.250 71% 115.115.115 1,5m 5% Average Daily Rate: £131 2015 2016 2017 TUI-Dark Blue TUI-Black Occupancy: 101.7% 9.42.94 • No 3 market position in the UK by pax 0.0.0 Primary colours Primary Average age of all Direct Distribution2: 85% TUI-White • Market leader in flycruise sector passengers for W16/17: 55.7 255.255.255 NPS: 54

1 Based on lead passenger age 2 Controlled channels: Own tour operator, direct online and own agencies including franchise 51 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Marella Cruises New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue 255.225.0 CURRENT FLEET & NEW ADDITION PRODUCT OFFER DESTINATIONS

Conventions • Bullet points & standard text in TUI-Dark Blue Current Fleet (6 ships as at May 2018) • Fully all-inclusive fleet from Summer (% of 2017 Pax) • Marella Spirit – 1,254 berths (exits 2019 5% 6% 1% 2018) • All-inclusive (inclusive of flights, 12% • Marella Dream – 1,533 berths transfers & tips) 40%

New TUI-Blue • Marella Celebration – 1,262 berths • Ownership of end to end journey New TUI-Grey 25% Achromatic 112.203.244 15% 220.220.220 • Marella Discovery – 1,830 berths • Cruise & Stay options New TUI-Blue 50% • Marella Discovery 2 – 1,832 berths New TUI-Grey 194.230.250 • ~95% flying with TUI Airways 21% 115.115.115 • Marella Explorer – 1,924 berths Western Med Middle East • English speaking TUI-Dark Blue Additional ship to be launched in S19 TUI-Black 9.42.94 Eastern Med Northern Europe 0.0.0 • International itineraries Primary colours Primary • Marella Explorer 2 (previously Skysea Caribbean Transtlantic TUI-White Golden Era) – 1,814 berths • Marella Explorer 2 - adult only ship Canary Islands 255.255.255

52 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Hapag-Lloyd Cruises New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt • titles in TUI-Dark TUI-Yellow Blue 255.225.0 MARKET & HERITAGE CUSTOMER PROFILE KEY FIGURES FY17A Conventions • Bullet points & (fully consolidated subsidiary) standard text in TUI-Dark Blue • Market leader for 5* Expedition and Age group of HPLC passengers Turnover: €312.6m (% of FY17 Pax1) Luxury cruising segment in Germany, Underlying EBITA: €33.2m Austria & Switzerland 4% EBITA margin: 10.6% 2% under 18 • German speaking 16% Total Pax: 26K 18-34 New TUI-Blue Fleet Size: (May 2018) 4 New TUI-Grey 25% 35-55 Achromatic 112.203.244 • Inventor of cruising - Augusta Victoria, 220.220.220 over 55 the largest ship of its kind in Germany Total Berths: (May 2018) 1,254 New TUI-Blue 50% at the time, launched in 1891 New TUI-Grey 194.230.250 78% Passenger Days: 349K 115.115.115 Average Daily Rate: €594 TUI-Dark Blue TUI-Black 9.42.94 Occupancy: 76.7% 0.0.0 64 Primary colours Primary Average passenger age: Direct Distribution2: 50% TUI-White 255.255.255 NPS: 82

1 Based on all passengers 2 Controlled channels: Direct and own agencies including franchise

53 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Hapag-Lloyd Cruises New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt • titles in TUI-Dark CURRENT FLEET & NEW ADDITIONS PRODUCT OFFER DESTINATIONS/ITINERARIES TUI-Yellow Blue 255.225.0

Conventions • Bullet points & standard text in Current Fleet (4 ships as at May 2018) Luxury Segment FY17 Destination by pax TUI-Dark Blue 7% Luxury Segment • Holds the highest distinction as the only 5 16% • Europa – 408 berths stars plus luxury cruise ships in the world 3% 9% • Europa 2 – 516 berths • Europa and Europa 2 awarded “ The Worlds 10% 12% best cruise ships” by the Berlitz Cruise Expedition Segment 8% Guide 2018 14% 5% • Bremen – 155 berths 16% • Hanseatic – 175 berths (exits 2018) Expedition Segment

New TUI-Blue Northern Europe New TUI-Grey 25% Achromatic 112.203.244 • Bremen and Hanseatic hold the highest ice 220.220.220 3 additional ships to be delivered in class certification Western Med & Western Europe Eastern Med New TUI-Blue 50% 2019 & 2021 • Hanseatic ranked as the worlds only 5 stars New TUI-Grey 194.230.250 Expedition Segment expedition ship Africa & Indian Ocean 115.115.115 Asia & Russia • Hanseatic Nature – 230 berths, new build delivery • Innovative and evocative itineraries with TUI-Dark Blue TUI-Black April 2019 expert guides Australia/NZ/South Pacific 9.42.94 0.0.0 • Hanseatic Inspiration – 230 berths, new build delivery Caribbean, Central & South America

Primary colours Primary • Nature and Inspiration will have the highest October 2019 North America TUI-White ice class certification for passenger ships • Hanseatic new build 3 – 230 berths, delivery 2021 Artic & Antarctic 255.255.255 Rest of the World

54 TUI GROUP | Capital Markets Day | 9 May 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue 255.225.0

Conventions • Bullet points & standard text in TUI-Dark Blue

New TUI-Blue New TUI-Grey 25% Achromatic 112.203.244 220.220.220 ANALYST AND INVESTOR ENQUIRIES New TUI-Blue 50% Peter Krüger, Director of Investor Relations and M&A Tel: +49 (0)511 566 1440 New TUI-Grey 194.230.250 Contact 115.115.115 Contacts for Analysts and Investors in UK, Ireland and Americas TUI-Dark Blue Sarah Coomes, Head of Investor Relations Tel: +44 (0)1293 645 827 TUI-Black 9.42.94 0.0.0

Hazel Chung, Investor Relations Manager Tel: +44 (0)1293 645 823 Primary colours Primary TUI-White 255.255.255 Contacts for Analysts and Investors in Continental Europe, Middle East and Asia Nicola Gehrt, Head of Investor Relations Tel: +49 (0)511 566 1435 Ina Klose, Investor Relations Manager Tel: +49 (0)511 566 1318

55 Jessica Blinne, Junior Investor Relations Manager Tel: +49 (0)511 566 1425