TUI Group Investor Presentation August / September / October 2018

TUI-Red

239.0.0 Functional • Always use What is TUI Group? TUITypeLight New TUI-Green • Font size14pt & , Cruises and Destination Experiences holiday experiences “product” 170.215.0 • Line spacing 6 pt

provider with own distribution and fulfilment • titles in TUI-Dark TUI-Yellow Blue 255.225.0

Conventions • Bullet points & standard text in KEY HIGHLIGHTS HOLIDAY EXPERIENCES TUI-Dark Blue

€357m Leading leisure hotel and club brands around EBITA the world; investments, operations, ownership 20m customers

€256m €18.5bn revenues EBITA Leading German & UK cruise brands

New TUI-Blue New TUI-Grey 25% Achromatic 112.203.244 220.220.220 €35m (1) Tours, activities and service provider in New TUI-Blue 50% €1.1bn EBITA EBITA destination New TUI-Grey 194.230.250 115.115.115

TUI-Dark Blue % 23.6% ROIC SALES & MARKETING TUI-Black 9.42.94 0.0.0

Primary colours Primary 10% earnings growth €527m Market leaders in packaged distribution, fulfilment, TUI-White % EBITA 255.255.255 strong market and customer knowledge

(1) Underlying; Note: According to company guidance earnings growth is at constant currency

2 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Our business model: Product-focused holiday provider with 59% Holiday Experience New TUI-Green • Font size14pt earnings 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue SALES & MARKETING– 41% EBITA HOLIDAY EXPERIENCES – 59% EBITA INTEGRATION BENEFITS / 255.225.0 Digitalisation, diversification Growth, diversification STRATEGY Conventions • Bullet points & standard text in Northern, Central, Western 20m customers Portfolio approach TUI-Dark Blue 1 Own customer end-to-end ~150 TUI Yielding our risk capacity: 20m Aircraft, 3791 2 Owned / managed / JV customers to optimise own 3rd party flying Integrated ROIC FY17: 13% 3rd party distribution distribution hotels/ cruises demand Unique TUI holiday experiences Own, 3rd party 3 162 committed & and fulfillment differentiating TUI

New TUI-Blue Owned / JV Ships New TUI-Grey 25% Achromatic 112.203.244 non-committed Integrated ROIC FY17: 20% 3rd party from competition 220.220.220 distribution distribution 4 Double diversification across New TUI-Blue 50% Customer, Markets and Holiday Experiences New TUI-Grey 194.230.250 knowledge, 115 115.115.115 service & Owned / JV Destinations Integrated 3rd party

fulfilment ROIC FY17: 24% TUI-Dark Blue distribution distribution TUI-Black 9.42.94 ROIC FY17: 85%3 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 Q3 FY18 2 As at end of July 2018 3 This number relates to Sales & Marketing/ all other

3 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use What does it mean? Integrated model brings strong strategic benefits in the wider market TUITypeLight context New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt • titles in TUI-Dark INTEGRATION BENEFITS / TUI STRATEGY WIDER MARKET CONTEXT TUI-Yellow Blue 255.225.0

Conventions • Bullet points & 1 standard text in Enables us to personalise our customers’ holiday TUI-Dark Blue Own customer end-to-end experiences, basis for targeted marketing

2 Yielding our own risk capacity: 20m customers to Reduces reliance on third party distribution and allows optimise own hotels / cruises demand yielding of our products

New TUI-Blue New TUI-Grey 25% Achromatic 112.203.244 3 Unique TUI holiday experiences and fulfilment D ifferentiates us from the OTAs, other pure-play 220.220.220 differentiating TUI from competition distributors and the , drives customer New TUI-Blue 50% New TUI-Grey 194.230.250 satisfaction and retention 115.115.115

TUI-Dark Blue 4 Double diversification across Sales & Marketing and Diversified across source markets and destinations - TUI-Black 9.42.94 Holiday Experiences helps to mitigate the impact of cyclicality in individual 0.0.0 Primary colours Primary markets and geopolitical shocks TUI-White 255.255.255

4 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight TUI has moved on and developed into an integrated provider of holiday experiences New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue OTAs 255.225.0 “Depth of offering“

Conventions • Bullet points & standard text in • Agent model, trading margin “Best and unique product, TUI-Dark Blue individualized offering“ • No/ limited risk capacity • Dynamic packaging • Increasingly dynamic packaging • Own hotels, flights and cruises: Tour operators ̶ Yielding of risk capacities “Packaged holidays“ ̶ Own distribution & fulfillment • Packaging of hotel & flight, fulfillment ̶ Double diversification New TUI-Grey 25%

New TUI-Blue Airlines • Trading margin leveraged by Achromatic 112.203.244 220.220.220 “Ancillary packages“ ̶ Flight risk capacity New TUI-Blue 50% • as core business ̶ Hotel commitments1 New TUI-Grey 194.230.250 • Packages as add-on and to de-risk flight capacity 115.115.115

TUI-Dark Blue • Trading margin on hotels TUI-Black 9.42.94 • Increasingly direct hotel sourcing 0.0.0

Primary colours Primary Potential new entrants TUI-White 255.255.255 • Global tech companies

5 TUI GROUP | Investor Presentation | October 2018  TUI-Red

239.0.0 Functional • Always use TUITypeLight What do we offer to our investors – 3 reasons to be invested / to invest New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue • Global leading group 255.225.0 • Holiday product provider with own distribution

Conventions • Bullet points & STRONG • Own customer end to end: Sales & Marketing, Hotels, Cruises, Destination Experiences standard text in • Individualization and targeted marketing TUI-Dark Blue STRATEGIC POSITION • Yielding of own products • Risk mitigation by double diversification

• Global leisure travel market growing above GDP • Strong track record driven by merger synergies: STRONG • Underlying EBITA CAGR of 12%1 since merger New TUI-Blue New TUI-Grey 25%

EARNINGS • Underlying EPS CAGR of 21% since merger driven by lower interest and tax rate Achromatic 112.203.244 220.220.220 GROWTH • Future growth supported by digitalisation benefits and by reinvesting disposal proceeds At least +10% • EBITA growth target extended until 2020 New TUI-Blue 50% New TUI-Grey 194.230.250 115.115.115 • 23.6% group ROIC FY17, significantly above cost of capital

TUI-Dark Blue • Strong operating cash conversion, enabling to fund TUI-Black STRONG CASH • investments 9.42.94 GENERATION 0.0.0

Primary colours Primary • high cash returns to shareholders in form of dividends TUI-White • balance sheet stability 255.255.255

1 Underlying EBITA CAGR of 12% since merger / average CAGR of 13% since merger at constant currency 6 TUI GROUP | Investor Presentation | October 2018 GROWTH & DIGITALISATION INITIATIVES

7 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Upside potential: Three waves driving earnings, two yet to materialize: Future earnings New TUI-Green • Font size14pt growth driven by growth investments and digitalisation benefits 170.215.0 • Line spacing 6 pt

TUI-Yellow • titles in TUI-Dark STRONG GROWTH TRACK RECORD: FUTURE GROWTH: Blue FUTURE GROWTH 255.225.0 MERGER SYNERGIES DIGITALISATION, INVESTMENTS

Conventions • Bullet points & standard text in TUI-Dark Blue +10% • Target extended to 2020: at least 10% underlying EBITA 3rd wave: CAGR Digitalisation • Mix of earnings 1 +12% benefits growth changes 2nd wave: • Growth from Transformation Earnings growth

New TUI-Blue 1st wave: 1 investments New TUI-Grey 25% Achromatic 112.203.244 from investments 220.220.220 Synergies • Market demand & New TUI-Blue 50% digitalisation benefits New TUI-Grey 194.230.250 115.115.115 • Less seasonal earnings Earnings growth from 2 TUI-Dark Blue digitalisation benefits TUI-Black

9.42.94 0.0.0 Primary colours Primary TUI-White 255.255.255 FY14 FY15 FY16 FY17 FY18e FY19e FY20e

1 Underlying EBITA CAGR of 12% since merger / average CAGR of 13% since merger at constant currency; Note: According to company guidance earnings growth is at constant currency

8 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use 1 TUITypeLight TUI’s re-investment programme FY16-FY19 – doubling EBITA under way New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue GROWTH INVESTMENTS FY16 to FY18 9M GROWTH INVESTMENTS FY18 & FY19 REINVESTMENTS 255.225.0

Conventions • Bullet points & • Reinvestment of disposal standard text in 230 TUI-Dark Blue ~€0.4bn proceeds by FY19 • Own content growth 475  Basis for end-to-end ~€0.4bn • 40 profitability  200 • Investments on track  55 • More than doubling 4   280 returns New TUI-Blue 175 545 • Capital discipline continues New TUI-Grey 25%

~€1.2bn Achromatic 112.203.244 20 220.220.220  200 after FY19

 125 • ROIC as KPI New TUI-Blue 50% 454 110 New TUI-Grey 194.230.250 55 • Normalised capex levels 115.115.115 • Investments if attractive Disposal Marella 42 hotels Expedition Marella Transat PDPs UK Rem. pre- Rem. equity SGE 3 ~15 hotels PDPs UK Destination TUI-Dark Blue proceeds1 Discovery 2 since ships HL Explorer 1 (EV) Pensions funding contribution 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 6 7 TUI-White -€106m €25m €70m €25m €30m €11m €30m €25m €20m €10-25m +€261m 255.255.255 Deconsolidated EBITA Targeted EBITA6

1 Including working capital/cash effect; 2 Equity-contribution, delivery in Spring & Autumn 2019; 3 Assumes 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; 6 Based on targeted EBITA run-rate 7 Profitability growth expected in line with 3 year ramp-up phase of synergies; expected to complete in H2 FY18 9 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use 1 TUITypeLight Hotels & Resorts investments: 42 new hotels since merger, low capital intensity New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt PORTFOLIO DIVERSIFICATION DE-RISKED GROWTH

• titles in TUI-Dark TUI-Yellow 255.225.0 Blue • Pre-dominantly low capital

Conventions • Bullet points & intensity standard text in TUI-Dark Blue Croatia Bulgaria • Ownership in 365 days Dublin destinations/ where scarcity of New York Greece assets Portugal Ibiza Italy Turkey Dom Rep Cyprus Mexico Tunisia • De-risking through JV off- Egypt balance financings Jamaica Aruba • 15% ROIC hurdle New TUI-Blue St. Lucia New TUI-Grey 25%

Maldives Sri Lanka Thailand Achromatic 112.203.244 220.220.220

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

TUI-Dark Blue TUI-Black Management, Franchise 9.42.94 0.0.0

Ownership, Lease Primary colours Primary TUI-White > 65% OF INVESTMENTS WITH 42 NEW HOTELS OPENED SINCE ROIC 42 HOTELS FY18: >15% 255.255.255 CAPITAL DISCIPLINE LOW CAPITAL INTENSITY1 MERGER (TARGET)

1 Low capital intensity is defined as Management, Franchise and 50% of owned hotels due to joint venture structures

10 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use 1 TUITypeLight TUI’s cruise capacity growth financed through disposal proceeds re-investment New TUI-Green • Font size14pt programme and off-balance sheet (JV) 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue OFF-BALANCE FINANCING AS 255.225.0 BRAND / OWNERSHIP FLEET DEVELOPMENT Conventions • Bullet points & PREFERRED OPTION standard text in TUI-Dark Blue Off-balance: JV Current fleet: • Funded by JV Exit FY22 Update on fleet • No CAPEX requirements for TUI Deliveries: development FY19 FY23 FY24 FY26

On balance Current fleet: • Part of TUI’s growth investment plan New TUI-Blue Exit FY19 New TUI-Grey 25%

Achromatic 112.203.244 • Funded by re-investing disposal proceeds 220.220.220 Deliveries: FY19 (SGE1) New TUI-Blue 50% New TUI-Grey 194.230.250 115.115.115 On balance Current fleet: • Part of TUI’s growth investment strategy TUI-Dark Blue Exit FY18 TUI-Black 9.42.94 • Funded by re-investing disposal proceeds 0.0.0

Primary colours Primary Deliveries: FY19 FY20 FY21 TUI-White 255.255.255

1 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.

11 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use 1 TUITypeLight TUI Cruises orders two New Builds – participate in strong German market growth New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt • titles in TUI-Dark KEY FACTS TUI-Yellow BRAND / OWNERSHIP 255.225.0 Blue Green light for two new build

Conventions • Bullet points & cruise ships; TUI Cruises fleet to standard text in • TUI Cruises orders two more New Builds for the German market for TUI-Dark Blue delivery in 2024 and 2026 expand to nine ships until 2026 • New ships financed through JV – no capex for TUI shareholder • Building will take place at the Italian Fincantieri shipyard in Monfalcone • Participate in strong market growth in the German cruise market

New TUI-Blue New TUI-Grey 25% Achromatic 112.203.244 • 161,000 gross registered tons (GRT) per ship, with generous 220.220.220 passenger / space ratio New TUI-Blue 50% New TUI-Grey 194.230.250 • The two ships will be the first of the TUI Cruises fleet to be operated 115.115.115 with low-emission LNG propulsion

TUI-Dark Blue TUI-Black 9.42.94 • Combined exhaust after-treatment system consisting of a scrubber 0.0.0

Primary colours Primary and catalytic converters to comply with Sulphur Regulations TUI-White 255.255.255 • Orders still subject to final financing negotiations

12 TUI GROUP | Investor Presentation | October 2018

TUI-Red

239.0.0 Functional • Always use 1 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

New TUI-Blue On balance • Upgrade and modernise fleet New TUI-Grey 25% Achromatic 112.203.244 191 220.220.220 • Establish all-inclusive offering New TUI-Blue 50% 811 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 FY26e 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

13 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use 1 TUITypeLight Strategic expansion of our Destination Experiences business – Ticking all boxes: Musement New TUI-Green • Font size14pt acquisition complementary to recent HBG Destination Management acquisition 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue DIGITALISATION MORE PRODUCTS MORE GUESTS MORE DESTINATIONS 255.225.0

Conventions • Bullet points & standard text in • End-to-end digital process: • Differentiation of excursion • TUI package customers • More sun & beach

TUI-Dark Blue from supplier to customer portfolio • TUI non-package customers destinations • Part of global CRM platform • Activities • 3rd party customers • City destinations

• Omni-channel • Multi-day tours • Asia LAYERS • Personalisation

TUI TUI DX STRATEGY • Integrated marketing

New TUI-Blue campaigns 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  TUI-White    255.255.255 ACQUISITIONS

14 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use 1 TUITypeLight TUI‘s acquisition of Musement - strategic rationale and details New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow DESTINATION EXPERIENCES 255.225.0 Blue STRATEGIC RATIONALE ACQUISITION DETAILS

Conventions • Bullet points & VALUE CHAIN standard text in TUI-Dark Blue • Musement technology as basis for • All cash transaction DISTRIBUTION fully digitalised end-to-end process: • Acquisition earnings accretive from  from product supplier in the year two destination to TUI customer • ROIC hurdle rate of 15% achieved in • TUI as early mover: Destination PRODUCTION year two Experiences market still largely an

New TUI-Blue  offline market • Mid-term ROIC target of >50% New TUI-Grey 25% Achromatic 112.203.244 220.220.220 • Creates Destination Experiences • Closing expected for October 2018 New TUI-Blue 50% SOURCING powerhouse: TUI as fully digitalised New TUI-Grey 194.230.250 115.115.115  provider with destination product

TUI-Dark Blue offerings in more than 49 countries TUI-Black 9.42.94 DELIVERY • Linked to One CRM digitalised group 0.0.0 Primary colours Primary  TUI-White marketing initiative 255.255.255

15 TUITUI GROUP GROUP | Investor | Investor Presentation Relations || 14October September 2018 2018 TUI-Red

239.0.0 Functional • Always use 1 TUITypeLight Strong cash generation allowing to invest, pay dividends and strengthen balance sheet New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark ILLUSTRATIVE CASH FLOW PROFILE FY17 - FY19 CAPITAL ALLOCATION FRAMEWORK TUI-Yellow Blue 255.225.0

Conventions • Bullet points & standard text in   TUI-Dark Blue Attractive dividend Growth investments • In line with earnings growth • Re-investing disposal proceeds Normalised • FY17: €0.65 per share • 15% ROIC hurdle rate 1/3 of €2bn disposal proceeds1 ~65% Strong cash • Opportunistic M&A, if synergistic Covering generation allows all

New TUI-Blue Dividends New TUI-Grey 25% Achromatic 112.203.244 Growth boxes to be 220.220.220 Taxes  ticked  New TUI-Blue 50% Pensions Balance sheet stability JV growth New TUI-Grey 194.230.250 115.115.115 Deleveraging • Target leverage ratio • ~ 50% JV cash flow

TUI-Dark Blue etc. further reduced to pay-out to TUI TUI-Black 9.42.94 3.0x-2.25x 0.0.0 Underlying Investments Pre-funding Cash conversion • ~ 50% retained to Primary colours Primary finance JV growth TUI-White EBITDA 255.255.255

1 Disposal proceeds reinvested from FY16-FY19 16 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use 2 TUITypeLight Group initiatives and digitalisation driving efficiency New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue 255.225.0 BOOKINGS FLIGHT/ TRANSFER HOTELS & CRUISES • 6 One platforms introduced

Conventions • Bullet points & standard text in in 2015 TUI-Dark Blue • 2 new initiatives 2017 • One CRM One Brand One Aviation One Hotels Northern (Cloud based) Central • One Inventory Western One IT One DS One Cruises (Blockchain), One

New TUI-Blue New TUI-Grey 25% Base / / Base

Purchasing Achromatic

112.203.244 220.220.220 Introduced in 2015 • Initiatives quantified and New TUI-Grey New TUI-Blue 50% Purchasing

tracked, contributing to at 115.115.115

194.230.250 Inventory

least 50% of our EBITA

One

TUI-Dark Blue One growth target TUI-Black

9.42.94 0.0.0 Primary colours Primary TUI-White One CRM: Customer data monetization, ancillary opportunities 255.255.255

17 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use 2 TUITypeLight Data driven CRM process: One CRM platform rolled out to all source markets New TUI-Green • Font size14pt Title 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow 255.225.0 Blue DATA COLLECTION LAYER DATA MARKET LAYER DATA ANALYSIS LAYER CAMPAIGN LAYER

Conventions • Bullet points & standard text in • Level 1 TUI-Dark Blue • Level 2 • Level 3 Online Destinations Cloud

App Hotels New TUI-Blue • Multiple customer • Artificial intelligence • Campaign execution New TUI-Grey 25% • Centralised data lake Achromatic 112.203.244 220.220.220 touchpoints across all business units supported • Direct booking New TUI-Blue 50% • Consistent data collection • Campaign generation New TUI-Grey 194.230.250 and selection 115.115.115

TUI-Dark Blue TUI-Black 9.42.94 0.0.0

Primary colours Primary ROLL OUT ACROSS ALL SOURCE INTEGRATED ANALYSIS & LIMITED CAPEX SPENT CONSISTENT DATA COLLECTION TUI-White (LOW DOUBLE DIGIT INVESTMENT) MARKETS CUSTOMIZED CAMPAIGNS 255.255.255

18 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use 2 TUITypeLight Personalized experiences during journey increase customer satisfaction and revenues New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue BOOKING / HOLIDAY COUNTDOWN FLIGHT/ TRANSFER HOTELS & CRUISES FLIGHT 255.225.0

Conventions • Bullet points & standard text in Wellness TUI-Dark Blue Triggered Recommendations when Excursions follow-ups manage my booking Late Check-Out for when click or bundle offer those with late flight Post booking browse time call Room upgrade offer at hotel check-in Recommendations when

New TUI-Blue log-in to TUI app Select your seat reminder Select your room New TUI-Grey 25% Achromatic 112.203.244 & Premium Upgrade offer at hotel check-in 220.220.220 Recommendations on Recommendations when New TUI-Blue 50% confirmation page check-in for flight New TUI-Grey 194.230.250 In-flight In-flight retail 115.115.115 Improved in-store reminder at airport reminder at airport

TUI-Dark Blue sales process TUI-Black 9.42.94 0.0.0

Primary colours Primary REVENUE PER CUSTOMER INCREASE CUSTOMER DATA DRIVEN: APP, CLOUD REPEAT BOOKINGS TUI-White ENHANCEMENT SATISFACTION 255.255.255

19 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use 2 TUITypeLight Customer profile builds over time enabling personalized recommendations – example New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

NEW REPEAT PROSPECT TUI-Yellow • titles in TUI-Dark COOKIE CUSTOMER CUSTOMER Blue • Nota bene: Sophia is a 255.225.0

Conventions • Bullet points & Name 2801928128 Mrs Sophia Meyer Mrs Sophia Meyer Mrs Sophia Meyer fictional character standard text in TUI-Dark Blue Status: New Customer Status & Value Status: New Prospect Status: Repeat Customer • Digital platforms comply C: Low Value B: Medium Value

Marketing Email (Yes)/ Mobile (Yes)/ Email (Yes)/ Mobile (Yes)/ with relevant data Email (Yes)/ Mobile (No) preferences App (Yes) App (Yes) protection & privacy Life-stage Family Family Family laws (incl. EU General

New TUI-Blue Ibiza/ 4 Star/ Close to beach/ New TUI-Grey 25% Achromatic 112.203.244 Holiday preferences Ibiza Majorca/ Ibiza Majorca/ 4 Star Family room/ Extra Legroom Data Protection 220.220.220 Seat

New TUI-Blue 50% Product preferences Family Life/ Sensimar Regulation) New TUI-Grey 194.230.250 115.115.115

Shortlist:Majorca/Villa/5.5.17 Live: Majorca/ Hotel only/ Live:Majorca/Family Life/1.5.18

Booking status Inspiration TUI-Dark Blue Shortlist:Majorca/Hotel only/ 23.05.2017 Shortlist:Ibiza/Sensimar/1.8.18 TUI-Black 23.5.17 9.42.94 0.0.0 Offer concierge service for Primary colours Primary Offer Late check-out Next Best Action next booking TUI-White 255.255.255

20 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use 2 TUITypeLight Launched 2017: Destimo purchasing and Blockchain Inventory – Opportunity to commercialise New TUI-Green • Font size14pt our risk inventory of 100m bed nights and our €5bn purchasing volume from 3rd party hoteliers 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue Our vision: 255.225.0

Conventions • Bullet points & 20m customers - Cyrus Yield Management • Centralised inventory standard text in TUI-Dark Blue management based on Blockchain technology • Cyrus: Digital system driving yields, supporting marketing / Inventory + Destimo purchasing of 100m bed nights to

New TUI-Blue 20m customers New TUI-Grey 25% Achromatic 112.203.244 220.220.220 • Destimo: Proprietary New TUI-Blue 50% purchasing system New TUI-Grey 194.230.250 115.115.115 Hotels: Own and third party risk, Tours TUI-Dark Blue TUI-Black

9.42.94 0.0.0 Primary colours Primary TUI-White CENTRALISED INVENTORY ENABLING ARTIFICAL BLOCKCHAIN TECHNOLOGY COST EFFICIENT 255.255.255 DATA BASE INTELLIGENCE

21 TUI GROUP | Investor Presentation | October 2018 21 TUI-Red

239.0.0 Functional • Always use 2 TUITypeLight Blockchain Inventory: first feature launched in July 2017 – bed swap New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue • Bundling of inventory 255.225.0 UK customer UK source market Conventions • Bullet points & across source markets standard text in TUI-Dark Blue • Artificial intelligence based demand analysis Room allocation One Inventory Base Customer demand CYRUS YIELD SYSTEM • Bed swapping mechanism for same hotel room to highest demand

New TUI-Blue source market optimizes yield across New TUI-Grey 25% Achromatic 112.203.244 220.220.220 source markets New TUI-Blue 50% New TUI-Grey 194.230.250 115.115.115 German customer German source market TUI-Dark Blue TUI-Black

9.42.94 0.0.0 Primary colours Primary TUI-White INTRODUCTION IN JULY 2017 , UK & NORDICS PROPRIETARY TUI SYSTEMS ARTIFICAL INTELLIGENGE BASED 255.255.255

22 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use 2 TUITypeLight Blockchain Inventory: Bed swap screenshot 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

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 TUI-White 255.255.255

23 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use 2 TUITypeLight Blockchain Inventory: Strategic optionality – Low risk entry into new markets and New TUI-Green • Font size14pt reduction of yield pressure at the same time 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow 255.225.0 Blue • Source markets

Conventions • Bullet points & standard text in 20m customers expansion into new TUI-Dark Blue (Northern ) Own risk capacity and 3rd markets by applying TUI party hotels Own risk capacity and 3rd party () LTE LTE technology hotels () LTE LTE LTE • Leverage new markets Mexico Thailand

New TUI-Blue LTE / Inventory + Destimo purchasing demand for risk capacity New TUI-Grey 25% Achromatic 112.203.244 Colombia 220.220.220 LTE clusters Brazil New TUI-Blue 50% Own risk capacity New TUI-Grey LTE and 3rd party 194.230.250 Chile hotels 115.115.115 (Southeast Asia)

TUI-Dark Blue TUI-Black

9.42.94 0.0.0 Primary colours Primary TUI-White 255.255.255 DIGITALISED GROWTH DIVERSIFICATION LOW CAPITAL INTENSITY YIELD IMPROVEMENTS

24 TUI GROUP | Investor Presentation | October 2018 OUR AMBITION

25 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Our ambition: Strong strategic positioning, strong earnings growth and strong cash New TUI-Green • Font size14pt generation with underlying EBITA almost doubling in 6 years 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue €~1.5bn 255.225.0 STRONG Conventions • Bullet points & standard text in STRATEGIC TUI-Dark Blue POSITION • Underlying EBITA almost doubling in 6 years • No equity raised, but dividends paid

STRONG €779m1 EARNINGS

New TUI-Blue GROWTH New TUI-Grey 25% Achromatic 112.203.244 At least +10% 220.220.220

New TUI-Blue 50% New TUI-Grey 194.230.250 115.115.115 STRONG CASH TUI-Dark Blue TUI-Black 9.42.94 GENERATION 0.0.0

Primary colours Primary FY 2014 FY 2020e TUI-White 255.255.255

1 Pro Forma EBITA; Note: According to company guidance earnings growth is at constant currency 26 TUI GROUP | Investor Presentation | October 2018 APPENDIX

27 TUI GROUP | Investor Presentation | October 2018 FY18 Q3 RESULTS

28 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Group strategy delivers further growth in positive 9M result New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow 255.225.0 Blue • Second year of profitable 9M result demonstrates

Conventions • Bullet points & standard text in successful strategic positioning of TUI and further TUI-Dark Blue reduced seasonality TURNOVER UNDERLYING EBITA €11.8bn €34.8m • Strategy enables continued growth with some external challenges +6.3% YoY Up +€58m1/€28m YoY • Airline disruption ~€13m in Q3, action taken to

New TUI-Blue address operational resilience New TUI-Grey 25% Achromatic 112.203.244 220.220.220 • High level of early bookings helps to limit New TUI-Blue 50% impact of prolonged good weather in key New TUI-Grey 194.230.250 GUIDANCE REITERATED 115.115.115 REPORTED EBITA markets; however outperformance less likely

AT LEAST 10% TUI-Dark Blue -€9.7m TUI-Black 9.42.94 UNDERLYING EBITA • Expect to deliver at least 10% underlying EBITA 0.0.0 Primary colours Primary Up +€42m YoY GROWTH FOR FY181 growth for FY181 TUI-White 255.255.255

1 At constant currency rates

29 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight 9M earnings improvement delivered for the fourth consecutive year New TUI-Green • Font size14pt - building basis for FY18 growth in line with guidance 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark 9M UNDERLYING EBITA IN €M Net effect special items €10m >50% of TUI-Yellow FY18 255.225.0 Blue guidance delivered Conventions • Bullet points & -20 standard text in already -9 43 -13 TUI-Dark Blue -14 -30 71 65 35 7

-45

-101 Air Traffic Control New TUI-Grey 25% New TUI-Blue Good portfolio Includes Corsair Includes impact of

Net disposal Achromatic

Growth from content 112.203.244 performance with some extended maintenance disruption during 220.220.220 investment and good impact of four Riu revaluation of € loan challenges from external in Q1 and revaluation of May & June underlying trading properties balances within TRY factors share based payments New TUI-Blue 50% -191 entities 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 9M FY14 (pro 9M FY15 9M FY16 9M FY17 Holiday Sales & All other Riu Disposals Impact of Niki Airline 9M FY18 FX translation 9M FY18 255.255.255 forma) Experiences Marketing segments bankruptcy Disruptions Constant Currency

30 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Good overall performance in an environment with more external challenges leading to flat New TUI-Green • Font size14pt Q3 results year-on-year 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue 255.225.0 FY18 Q3 UNDERLYING EBITA (€m) Conventions • Bullet points & standard text in TUI-Dark Blue -21 30 1 8 -13 -22 - 12 Net disposal Air Traffic Control Growth driven Good result in Central, Benelux impact of Riu disruption during by hotels and St Martin May & June Includes impact cruise and Nordics, offset of revaluation of New TUI-Blue by lower margins € loan balances New TUI-Grey 25%

in the UK, France Achromatic 112.203.244 227 within TRY 220.220.220 222 challenging entities 193 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 FY17 Q3 Holiday Sales & All other Riu Disposals Airline FY18 Q3 Pre Easter timing FX translation FY18 Q3 TUI-White Experiences Marketing segments Disruptions Easter & FX 255.255.255

31 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Holiday Experiences: Hotels & Resorts – Q3 New TUI-Green • Font size14pt Strong overall performance 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue 255.225.0 AVERAGE OCCUPANCY % AVERAGE REVENUE PER TURNOVER AND EARNINGS (€m)

Conventions • Bullet points & BED € standard text in 88 88 59 FY18 Q3 FY17 Q3 % TUI-Dark Blue 75 80 59 59 58 Turnover 161.0 151.3 6.4 Underlying EBITA 74.7 77.7 -3.9 o/w Equity result 21.7 17.0 27.6 FY17 Q3 FY18 Q3 FY17 Q3 FY18 Q3 Hotels & Resorts RIU Hotels & Resorts RIU New TUI-Grey 25%

New TUI-Blue BRIDGE UNDERLYING EBITA (€M) Achromatic 112.203.244 42 NEW HOTEL OPENINGS UNDERLYING EBITA €M 220.220.220 SINCE MERGER -3 1 3 -11 New TUI-Blue 50% 77.7 7 New TUI-Grey 194.230.250 74,7 115.115.115 New hotel openings partly offset by renovation closures in Robinson; demand

86 TUI-Dark Blue of which ~65% are low 78 continues to shift back to Turkey against 75 TUI-Black

9.42.94 capital intensity strong prior year comparatives for Spain 0.0.0 Primary colours Primary TUI-White FY17 Q3 FY18 Q3 255.255.255 FY17 RIU Robinson Blue Other FY18 Q3 FX FY18 Q3 Diamond Pre FX Q3

32 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Holiday Experiences: Cruises – Q3 New TUI-Green • Font size14pt Strong demand and capacity growth continue to drive earnings performance 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow TURNOVER AND EARNINGS (€M) 255.225.0 Blue TUI CRUISES MARELLA CRUISES

Conventions • Bullet points & 183 200 FY18 Q3 FY17 Q3 % standard text in 126 138 TUI-Dark Blue Turnover 227.3 214.3 6.1 100 100 101 99 Memo: TUI Cruises Turnover 312.6 260.7 19.9 1.1 1.2 0.8 0.8 Underlying EBITA 90.9 67.1 35.5 o/w EAT TUI Cruises* 56.6 39.6 42.9 FY17 Q3 FY18 Q3 FY17 Q3 FY18 Q3 * TUI Cruises joint venture (50%) is consolidated at equity Occupancy % Pax Days (m's) Av Daily Rate € Occupancy % Pax Days (m's) Av Daily Rate £

New TUI-Blue New TUI-Grey 25% Achromatic BRIDGE UNDERLYING EBITA (€M) 112.203.244 220.220.220 HAPAG-LLOYD CRUISES UNDERLYING EBITA €M -1 90.9 8 New TUI-Blue 50% 562 571 17 New TUI-Grey 194.230.250 67.1 115.115.115 73 86 76 87 Reflects new ship capacity for both TUI 91 TUI-Dark Blue 67 Cruises and Marella Cruises and dry TUI-Black

9.42.94 dock costs for Hapag-Lloyd Cruises 0.0.0 Primary colours Primary FY17 Q3 FY18 Q3 TUI-White FY17 TUI Marella Hapag- FY18 Lloyd 1 Occupancy % Pax Days(k's) Av Daily Rate € FY17 Q3 FY18 Q3 Q3 Cruises Cruises Q3 255.255.255 Cruises 1 FX translation impact is less than €1m

33 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Holiday Experiences: Destination Experiences – Q3 New TUI-Green • Font size14pt Global tours & activities leader well-positioned for strong future growth 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue 255.225.0

Conventions • Bullet points & TURNOVER AND EARNINGS (€M) • Good operational performance in Q3 standard text in TUI-Dark Blue FY18 Q3 FY17 Q3 % • Arrival guests grew by 8% Turnover 65.6 55.3 18.6 • Expect to deliver ~15% growth in underlying Underlying EBITA 15.3 13.4 14.2 EBITA pre-acquisition of Hotelbeds Destination Management business for FY181

New TUI-Blue New TUI-Grey 25%

• Acquisition of Destination Management business Achromatic 112.203.244 220.220.220 from Hotelbeds Group partly completed end of New TUI-Blue 50% July; full completion expected by end of financial New TUI-Grey 194.230.250 year; small single-digit underlying EBITA to be 115.115.115

TUI-Dark Blue consolidated for remainder of FY18 TUI-Black 9.42.94 0.0.0

1 At constant currency rates Primary colours Primary TUI-White 255.255.255

34 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Sales & Marketing – Q3 New TUI-Green • Font size14pt Good portfolio performance with some external challenges in recent months 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue 255.225.0 TURNOVER AND EARNINGS (€M) Conventions • Bullet points & CUSTOMERS (M‘s) UNAIDED AWARENESS % standard text in FY17 70% TUI-Dark Blue 2,1 2,2 2,1 2,2 63% FY18 Q3 FY17 Q3 % Q3 TUI Pre 1,6 1,6 47% Rebrand 42% Turnover 4,408.7 4,211.6 4.7 FY18 22% Q3 TUI June Underlying EBITA 42.5 93.5 -54.5 2018 4% 3% 6% Northern Central Western UK Nordics N'lands

New TUI-Blue BRIDGE UNDERLYING EBITA (€M) New TUI-Grey 25% Achromatic 220.220.220 112.203.244 ONLINE DISTRIBUTION % DIRECT DISTRIBUTION % -44 6 New TUI-Grey New TUI-Blue 50% 73 74 -13 17 194.230.250 47 115.115.115 46 94 -19 Good result in Central, Benelux 2 TUI-Dark Blue and Nordics, offset by lower -384 60 43 TUI-Black 9.42.94 margins in the UK, France 0.0.0

challenging Primary colours Primary TUI-White FY17 Northern Central Western Airline FY18 Q3 Easter FX FY18 255.255.255 FY17 Q3 FY18 Q3 FY17 Q3 FY18 Q3 Q3 Region Region Region Disruptions Pre Easter Q3 & FX

35 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use Current trading – Summer 2018 TUITypeLight New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt HOLIDAY EXPERIENCES SALES & MARKETING

• titles in TUI-Dark TUI-Yellow Blue HOTELS & RESORTS • 4% growth in S181 bookings with 86% of programme sold and load 255.225.0

Conventions • Bullet points & • Four new hotel openings for Summer 2018 factor broadly in line with prior year standard text in TUI-Dark Blue • Continued shift in demand back to Turkey and North Africa • Significant growth in demand for Greece and Turkey, offsetting more • Spain performing well against strong comparatives normalised level of bookings for Spain • High level of early bookings helps to limit impact of prolonged good CRUISES weather in key source markets, however outperformance less likely • New ship launches continue to perform very well • France increasingly challenging - detailed performance review

New TUI-Blue New TUI-Grey 25% Achromatic 112.203.244 • Strong yield performances continue underway 220.220.220

New TUI-Blue 50% New TUI-Grey 194.230.250 115.115.115 DESTINATION EXPERIENCES TUI-Dark Blue TUI-Black 9.42.94 • Strong volumes for Q4 expected 0.0.0 Primary colours Primary • Destination Management acquisition from Hotelbeds to be fully TUI-White 255.255.255 completed by end of financial year

1These statistics are up to 29 July 2018 and shown on a constant currency basis and relate to all customers whether risk or non-risk

36 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Income Statement reflects further improvement in 9M result New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue In €m FY18 9M FY17 9M 255.225.0

Conventions • Bullet points & Turnover 11,829.9 11,129.2 ADJUSTMENTS standard text in 7.3 Includes PPA €22m and planned restructuring costs in TUI-Dark Blue Underlying EBITA 34.8 Adjustments (SDI's and PPA) -44.5 -59.0 Sales & Marketing. FY18 guidance remains at -€80m EBITA -9.7 -51.7 INTEREST Net interest expense -90.0 -91.0 In line with prior year, FY18 guidance remains at ~€120m Hapag-Lloyd AG - 35.2 EBT -99.7 -107.5 TAX Income taxes 10.0 22.6

New TUI-Blue Underlying effective tax rate remains at 20% New TUI-Grey 25% Achromatic 112.203.244 Group result continuing operations -89.7 -84.9 220.220.220 Discontinued operations 41.4 -151.8 DISCONTINUED OPERATIONS New TUI-Blue 50% Minority interest -75.9 -78.5 Expiry of €41m volume provision relating to Hotelbeds New TUI-Grey 194.230.250 115.115.115 Group result after minorities -124.2 -315.2 transaction

TUI-Dark Blue TUI-Black

9.42.94 Basic EPS (€, continuing) -0.28 -0.28 0.0.0 Primary colours Primary TUI-White 255.255.255

37 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Cash Flow & Movement in Net Cash New TUI-Green • Font size14pt Strong free cashflow after dividends 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue In €m FY18 9M FY17 9M 255.225.0 1

Conventions • Bullet points & EBITDA reported 303.1 249.6 standard text in Working capital 1,243.7 1,415.8 TUI-Dark Blue OPERATING CASHFLOW Other cash effects 15.2 4.4 • Reduction due to higher hotel prepayments in the period At equity income -199.4 -159.9 and deconsolidation of Travelopia versus FY17 Dividends received from JVs and associates 149.1 76.8 Tax paid -134.9 -107.4 In €m 30 Jun 2018 30 Jun 2017 Interest (cash) -62.3 -45.7 Opening net cash as at 1 October 583 32

New TUI-Blue Pension contribution -115.9 -110.8 Movement in cash net of debt 206 25 New TUI-Grey 25% Achromatic Asset Finance -199 -145 220.220.220 112.203.244 Operating Cashflow 1,198.6 1,322.8 Other -1 322 Net capex -581.8 -622.0 New TUI-Blue 50% Closing net cash as per Balance Sheet 589 234 New TUI-Grey 194.230.250 Net financial investments 13.8 -90.5 115.115.115 Net pre-delivery payments -17.7 -195.9

TUI-Dark Blue Disposal proceeds - 67.6 TUI-Black 9.42.94 0.0.0

Free Cashflow 612.9 482.0 Primary colours Primary TUI-White Dividends -406.9 -456.6 255.255.255 Free Cashflow after Dividends 206.0 25.4

38 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Financial profile substantially improved, successful execution of TUI Schuldschein New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

Leverage Ratio improvement Financial discipline delivers increased flexibility to balance sheet • titles in TUI-Dark TUI-Yellow Blue 255.225.0 • Our strong financial discipline post-merger has helped us to achieve Conventions • Bullet points & 3.50x standard text in 3.25x both an improvement in our leverage ratio and global credit profiles TUI-Dark Blue 2.75x 3.00x 2.50x • These improvements have enabled us to: 2.25x • Access finance at more attractive rates 3,3 2,5 FY18 Leverage Target • Take advantage of favourable market conditions range 3.00x – 2.25x • Achieve higher credit rating on our issued securities than our Group corporate rating New TUI-Blue FY 16 FY 17 New TUI-Grey 25%

• Diversify our refinancing instruments and therefore increasing our Achromatic 112.203.244 220.220.220 balance sheet flexibility Credit Rating improvement New TUI-Blue 50% • TUI Schuldschein of €425m successfully issued in June 2018, further New TUI-Grey 194.230.250 building on our capital markets orientated financing strategy 115.115.115 Credit FY16 FY17 FY18

TUI-Dark Blue Agency latest view • Proceeds will partly fund latest aircraft re-fleeting; helping to drive cost TUI-Black 9.42.94 efficiencies as a result of lower fuel consumption and reduced CO 0.0.0 Moody’s Ba2/stable Ba2/stable Ba2/positive 2 Primary colours Primary emissions and increased flying range TUI-White S&P BB-/positive BB/stable BB/stable 255.255.255

39 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight FY18 Q3 Turnover by Segment * New TUI-Green • Font size14pt (excludes Intra-Group Turnover) 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue In €m FY18 Q3 FY17 Q3 Change FX Change ex FX 255.225.0 Hotels & Resorts 161.0 151.3 9.7 -14.0 23.7 Conventions • Bullet points & standard text in - Riu 108.7 107.2 1.5 -7.1 8.6 TUI-Dark Blue - Robinson 19.4 19.5 -0.1 -0.7 0.6 - Blue Diamond ------Other 32.9 24.6 8.3 -6.2 14.5 Cruises 227.3 214.3 13.0 -2.6 15.6 - TUI Cruises ------Marella Cruises 153.3 135.6 17.7 -2.6 20.3

New TUI-Blue - Hapag-Lloyd Cruises 74.0 78.7 -4.7 - -4.7 New TUI-Grey 25% Achromatic 112.203.244 Destination Experiences 65.6 55.3 10.3 -1.9 12.2 220.220.220 Holiday Experiences 453.9 420.9 33.0 -18.5 51.5 New TUI-Blue 50% - Northern Region 1,808.9 1,727.8 81.1 -33.7 114.8 New TUI-Grey 194.230.250 115.115.115 - Central Region 1,657.7 1,557.5 100.2 -7.4 107.6

TUI-Dark Blue - Western Region 942.1 926.3 15.8 - 15.8 TUI-Black 9.42.94 Sales & Marketing 4,408.7 4,211.6 197.1 -41.1 238.2 0.0.0

Primary colours Primary All other segments 153.8 142.9 11.1 -0.3 11.4 TUI-White TUI Group continuing operations 5,016.4 4,775.4 241.2 -59.8 301.0 255.255.255

*Table contains unaudited figures and rounding effects; simplified to disclose Destination Experiences (previously Destination Services) from Other Tourism and remaining business segments within Other Tourism into All other segments.

40 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use * TUITypeLight FY18 Q3 Underlying EBITA by Segment New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

TUI-Yellow • titles in TUI-Dark In €m FY18 Q3 FY17 Q3 Change FX Change ex FX Blue 255.225.0 Hotels & Resorts 74.7 77.7 -3.0 -11.3 8.3

Conventions • Bullet points & - Riu 78.3 74.8 3.5 -3.6 7.1 standard text in TUI-Dark Blue - Robinson 5.2 10.6 -5.4 -2.4 -3.0 - Blue Diamond** 4.3 3.4 0.9 -0.5 1.4 - Other -13.1 -11.1 -2.0 -4.8 2.8 Cruises 90.9 67.1 23.8 -0.4 24.2 - TUI Cruises** 56.5 39.5 17.0 - 17.0 - Marella Cruises 30.2 22.0 8.2 -0.4 8.6 - Hapag-Lloyd Cruises 4.2 5.6 -1.4 - -1.4 New TUI-Blue New TUI-Grey 25% Destination Experiences 13.4 1.9 -0.3 2.2

15.3 Achromatic 112.203.244 220.220.220 Holiday Experiences 180.9 158.2 22.7 -12.0 34.7 New TUI-Blue 50% - Northern Region 16.0 81.0 -65.0 1.7 -66.7 New TUI-Grey 194.230.250 - Central Region 35.4 24.5 10.9 - 10.9 115.115.115 - Western Region -8.9 -12.0 3.1 - 3.1 TUI-Dark Blue Sales & Marketing 42.5 93.5 -51.0 1.7 -52.7 TUI-Black 9.42.94 All other segments -30.0 -30.1 0.1 -1.4 1.5 0.0.0 Primary colours Primary TUI Group continuing operations 193.4 221.6 -28.2 -11.7 -16.5 TUI-White 255.255.255

*Table contains unaudited figures and rounding effects; simplified to disclose Destination Experiences (previously Destination Services) from Other Tourism and remaining business segments within Other Tourism into All other segments. **Equity result 41 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use 1 TUITypeLight FY18 Guidance New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue FY18e FY17 255.225.0 2

Conventions • Bullet points & Turnover Around 3% growth €18,535m standard text in Underlying EBITA At least 10% growth €1,102m TUI-Dark Blue FX translation ~€70m negative Adjustments ~€80m €76m Net interest expense ~€120m €119m Underlying effective tax rate ~20% 20% Net capex & investments incl. PDPs ~€1.2bn €1.1bn

New TUI-Blue Net (debt)/cash Slightly negative €0.6bn New TUI-Grey 25% Achromatic 112.203.244 220.220.220 Leverage ratio 3.0x to 2.25x 2.5x

New TUI-Blue 50% Interest cover 5.75x to 6.75x 6.1x New TUI-Grey 194.230.250 Growth in line with 115.115.115 Dividend per share €0.65 underlying EBITA TUI-Dark Blue TUI-Black 1 Assuming constant foreign exchange rates are applied to the result in the current and prior period 9.42.94 2 Excluding cost inflation relating to currency movements 0.0.0

Primary colours Primary TUI-White 255.255.255

42 TUI GROUP | Investor Presentation | October 2018 FY17 RESULTS

43 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight FY17 Turnover by Segment * New TUI-Green • Font size14pt (excludes Intra-Group Turnover) 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue In €m FY17 FY16 Change FX Change ex FX 255.225.0 Hotels & Resorts 679.0 618.6 60.4 -24.9 85.3 Conventions • Bullet points & standard text in - Riu 493.1 461.6 31.5 -10.2 41.7 TUI-Dark Blue - Robinson 82.6 72.2 10.4 -0.8 11.2 - Blue Diamond ------Other 103.3 84.8 18.5 -13.9 32.4 Cruises 814.9 703.1 111.8 -53.1 164.9 - TUI Cruises ------Marella Cruises 502.3 406.4 95.9 -53.1 149.0

New TUI-Blue - Hapag-Lloyd Cruises 312.6 296.7 15.9 - 15.9 New TUI-Grey 25% Achromatic 112.203.244 Destination Services 202.6 191.4 11.2 -3.4 14.6 220.220.220 Holiday Experiences 1,696.5 1,513.1 183.4 -81.4 264.8 New TUI-Blue 50% - Northern Region 6,601.5 6,564.4 37.1 -543.7 580.8 New TUI-Grey 194.230.250 115.115.115 - Central Region 6,039.5 5.562.9 476.6 4.2 472.4

TUI-Dark Blue - Western Region 3,502.2 2,869.9 632.3 -0.2 632.5 TUI-Black 9.42.94 Sales & Marketing 16,143.2 14,997.2 1,146.0 -539.7 1,685.7 0.0.0

Primary colours Primary All other segments 695.3 643.6 51.7 -0.4 52.1 TUI-White TUI Group continuing operations 18,535.0 17,153.9 1,381.1 -621.5 2,002.6 255.255.255 *Table contains unaudited figures and rounding effects; restated to treat Hotelbeds Group and Travelopia as discontinued operations, and simplified to disclose Destination Services from Other Tourism and Marella Cruises from Northern Region to Cruise segment and remaining business segments within Other Tourism into All other segments.

44 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use * TUITypeLight FY17 Underlying EBITA by Segment New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue In €m FY17 FY16 Change FX Change ex FX 255.225.0 Hotels & Resorts 356.5 303.8 52.7 -5.5 58.2

Conventions • Bullet points & standard text in - Riu 355.9 318.3 37.6 -5.5 43.1 TUI-Dark Blue - Robinson 38.5 38.7 -0.2 1.6 -1.8 - Blue Diamond** 20.1 16.5 3.6 0.6 3.0 - Other -58.0 -69.7 11.7 -2.2 13.9 Cruises 255.6 190.9 64.7 -7.8 72.5 - TUI Cruises** 135.9 100.1 35.8 - 35.8 - Marella Cruises 86.5 61.3 25.2 -7.8 33.0

New TUI-Blue - Hapag-Lloyd Cruises 33.2 29.5 3.7 - 3.7 New TUI-Grey 25% Achromatic 112.203.244 Destination Services 35.1 36.7 -1.6 -7.0 5.4 220.220.220 Holiday Experiences 647.2 531.4 115.8 -20.3 136.1 New TUI-Blue 50% - Northern Region 345.8 383.1 -37.3 -5.3 -32.0 New TUI-Grey 194.230.250 115.115.115 - Central Region 71.5 85.1 -13.6 -0.2 -13.4 - Western Region 109.2 86.0 23.2 -0.1 23.3 TUI-Dark Blue TUI-Black 9.42.94 Sales & Marketing 526.5 554.2 -27.7 -5.6 -22.1 0.0.0

Primary colours Primary All other segments -71.6 -85.1 13.5 7.2 6.3 TUI-White TUI Group continuing operations 1,102.1 1,000.5 101.6 -18.7 120.3 255.255.255 *Table contains unaudited figures and rounding effects; restated to treat Hotelbeds Group and Travelopia as discontinued operations, and simplified o disclose Destination Services from Other Tourism, Blue Diamond to Hotels & Resorts and Marella Cruises to Cruise segment both from Northern Region and remaining business segments within Other Tourism into All other segments. **Equity result

45 TUI GROUP | Investor Presentation | October 2018 TUI-Red

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

• titles in TUI-Dark TUI-Yellow Blue In €m FY17 FY16 ADJUSTMENTS 255.225.0 Reduced by €27m due to completion of post-merger integration Conventions • Bullet points & Turnover 18,535.0 17,153.9 standard text in TUI-Dark Blue Underlying EBITA 1,102.1 1,000.5 INTEREST Adjustments (SDI's and PPA) -75.6 -102.4 Improvement of €60m, due to lower RCF utilisation, lower interest on provisions EBITA 1,026.5 898.1 and refinancing of High Yield Bond to Senior Notes with lower coupon rate, partially offset by additional finance lease interest for new aircraft and cruise ships Net interest expense -119.2 -179.5 Hapag-Lloyd AG 172.4 -100.3 HAPAG-LLOYD AG EBT 1,079.7 618.3 Book profit of €172m realised on disposal of HLAG interest. Prior year reflects share value impairment during H1 FY16 Income taxes -168.8 -153.4

New TUI-Blue New TUI-Grey 25% Achromatic 112.203.244 Group result continuing operations 910.9 464.9 TAX 220.220.220 Discontinued operations -149.5 687.3 Underlying effective tax rate remains at 20% New TUI-Blue 50% Minority interest -116.6 -114.8 New TUI-Grey 194.230.250 DISCONTINUED OPERATIONS 115.115.115 Group result after minorities 644.8 1,037.4 Completion of Travelopia disposal; charge of €131m relating to disposal of net assets and recycling of FX losses. Prior year reflects Hotelbeds transaction TUI-Dark Blue TUI-Black Basic EPS (€) 1.10 1.78 9.42.94 EPS 0.0.0 Primary colours Primary Basic EPS (€, continuing) 1.36 0.61 Significant underlying increase driven by operational performance, financial and tax TUI-White Pro forma Underlying EPS (€, continuing) 1.14 0.86 efficiency 255.255.255

46 TUI GROUP | Investor Presentation | October 2018 TUI-Red

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

• titles in TUI-Dark TUI-Yellow Blue Per Capital Markets Update Realised to FY16 Realised to FY17 255.225.0

Conventions • Bullet points & May 2015 standard text in TUI-Dark Blue Synergies One-off Synergies One-off Synergies One-off costs to costs to costs to In €m achieve achieve achieve Corporate 50 35 40 35 53 35 streamlining Occupancy 30 - 30 - 30 -

New TUI-Blue improvement New TUI-Grey 25% Achromatic 112.203.244 Destination 220.220.220 20 42 10 31 17 34 Services New TUI-Blue 50% New TUI-Grey 194.230.250 TOTAL 100 77 80 66 100 69 115.115.115

TUI-Dark Blue Underlying effective tax rate for FY17 at 20% TUI-Black 9.42.94 0.0.0

Primary colours Primary MERGER SYNERGIES FULLY DELIVERED TUI-White 255.255.255

* Excludes Hotelbeds Group. One-off costs include SDI’s and Capex. 47 TUITUI GROUPGROUP || Investor Investor Presentation Presentation | |October August 20182018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Adjustments & Net Interest Result New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt In €m FY17 FY16 • titles in TUI-Dark Gain/(Loss) on disposals 2.2 -0.8 TUI-Yellow Blue 255.225.0 Restructuring expense -23.1 -12.0

Conventions • Bullet points & standard text in Purchase Price Allocation -29.2 -41.9 TUI-Dark Blue Other one-off items -25.5 -47.7 Total Adjustments -75.6 -102.4

New TUI-Blue In €m FY17 FY16 New TUI-Grey 25% Achromatic 112.203.244 Debt related interest -102 -126 220.220.220

New TUI-Blue 50% Non-debt related charge -38 -75 New TUI-Grey 194.230.250 Interest income 21 21 115.115.115

TUI-Dark Blue Net interest result -119 -180 TUI-Black

9.42.94 o/w cash interest -57 -71 0.0.0 Primary colours Primary TUI-White 255.255.255

48 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Earnings per share (continuing operations) New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue Reported Reported Pro forma Pro forma* 255.225.0 In €m FY17 FY16 FY17 FY16

Conventions • Bullet points & standard text in EBITA 1,027 898 1,102 1,001 TUI-Dark Blue -119 Net interest expense -119 -180 -180 Underlying effective tax HL AG book value adjustment and equity result 172 -100 - - rate calculated based on underlying EBT EBT 1,080 618 983 821 Tax rate 16% 25% 20% 25% Tax Charge -169 -153 -197 -205

New TUI-Blue Minority Interest -117 -111 -117 -111 New TUI-Grey 25% Achromatic 112.203.244 220.220.220 Net Income 794 354 670 504 Pro forma NOSH based on New TUI-Blue 50% Basic number of shares (m) 584 584 587 587 issued share capital as at New TUI-Grey 194.230.250 115.115.115 Basic Earnings Per Share (€) 1.36 0.61 1.14 0.86 30.9.17

TUI-Dark Blue * Pro forma number of shares excludes 6.5m shares relating to employee stock options and Employee Benefit Trust; figures are rounded TUI-Black

9.42.94 0.0.0 Primary colours Primary TUI-White 255.255.255

49 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Cash Flow & Movement in Net Debt New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue STRONG OPERATING IMPROVEMENT IN 255.225.0 In €m FY17 FY16 CASHFLOW WORKING CAPITAL Conventions • Bullet points & standard text in EBITDA reported1 1,490.9 1,305.1 Full-year improvement of ~€560m Driven by growth in Source TUI-Dark Blue Markets turnover Working capital 406.2 271.8 Other cash effects 89.9 63.7 TRAVELOPIA - DISPOSAL HAPAG-LLOYD AG SHARES At equity income1 -252.3 -187.2 PROCEEDS OF ~€400M – DISPOSAL PROCEEDS OF Dividends received from JVs and associates 118.2 82.2 Completed sale to KKR on 15 June ~€400M 2017, at agreed enterprise value of Interest in Hapag-Lloyd AG now Tax paid -146.1 -186.4 £325m fully disposed Interest (cash) -57.1 -71.2 New TUI-Blue New TUI-Grey 25%

Achromatic 112.203.244 Pension contribution -141.3 -335.6 In €m FY17 FY16 220.220.220 Operating Cashflow 1,508.4 942.4 Opening cash (debt) 350 -214 New TUI-Blue 50% Net capex & investments incl PDPs2 -1,071.9 -634.8 Movement in cash net of debt 368 778 New TUI-Grey 194.230.250 115.115.115 Disposal proceeds 388.0 811.6 Employees Benefit Trust -22 - Asset Finance -149 -350 TUI-Dark Blue Free Cashflow 824.5 1,119.2 Other 36 136 TUI-Black 9.42.94 Dividends -456.8 -341.1 0.0.0 Closing net cash including Discontinued Ops 583 350 Primary colours Primary Movement in Cash Net of Debt 367.7 778.1 TUI-White Travelopia - -318 1 Continuing ops basis, non-continuing adjustment in Other cash effects 255.255.255 2 Net capex of €766.9m, net investments of €102.5m and net PDPs of €202.5m Closing net cash as per Balance Sheet 583 32

50 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Net Financial Position, Pensions and Operating Leases New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

TUI-Yellow • titles in TUI-Dark In €m 30 Sep 2017 30 Sep 2016 Blue 255.225.0 Financial liabilities -1,933 -2,041

Conventions • Bullet points & standard text in - Finance leases -1,227 -1,232 TUI-Dark Blue - High Yield Bond - -306 - Senior Notes -296 - - Liabilities to banks -381 -411 - Other liabilities -29 -92

New TUI-Blue Cash 2,516 2,073 New TUI-Grey 25% Achromatic 112.203.244 Net cash (debt) 583 32 220.220.220 New TUI-Blue 50% - Net Pension Obligation -1,127 -1,451 New TUI-Grey 115.115.115 194.230.250 - Discounted value of operating leases1 -2,619 -3,144

TUI-Dark Blue 1 At simplified discounted rate of 1.75% with both years on continuing ops basis TUI-Black

9.42.94 0.0.0 Primary colours Primary TUI-White 255.255.255

51 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Leverage ratio – medium-term we feel well placed within new target range (3.0x-2.25x) New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt LEVERAGE RATIO FY17 DEVELOPMENT AND OUTLOOK • titles in TUI-Dark TUI-Yellow 255.225.0 Blue €m FY17 Guidance 3.50x

Conventions • Bullet points & standard text in Gross debt 1,933 3.25x TUI-Dark Blue to Bonds 296 SPLIT 2.75x 3.00x to Liabilities to banks 80% Aircraft 381 20% Cruises & Other 2.50x to Finance leases 1,227 2.25x to Other financial liabilities 29 Pensions 1,127 3.3 Target range for FY 18 New TUI-Grey 25%

New TUI-Blue 1 Achromatic 112.203.244 Discounted value of operating leases 2,619 2.5 3.00x – 2.25x 220.220.220 Debt 5,680 New TUI-Blue 50% New TUI-Grey 194.230.250 Reported EBITDAR 2,241 115.115.115

Leverage Ratio 2.5x

TUI-Dark Blue TUI-Black 9.42.94 1 At simplified discounted rate of 1.75% 0.0.0 FY 16 FY 17 Primary colours Primary TUI-White 255.255.255

52 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Transformational Growth Investments funded by Disposal Proceeds New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt

• titles in TUI-Dark TUI-Yellow Blue NORMALISED NET INVESTMENTS (€BN) DISPOSALS (€BN) 255.225.0

Conventions • Bullet points & 1.2 standard text in 0.4 1.1 1.1 TUI-Dark Blue Additional net Hapag-Lloyd

investments for xx 2 transformation 0.4 1 FY16-19 = €1.9bn Travelopia 0.6 ~€2.0bn

Normalised net New TUI-Blue 2 New TUI-Grey 25%

investments Achromatic 112.203.244 ~3.5% of Revenue 1.2 220.220.220

Hotels ~30% Hotelbeds New TUI-Blue 50% Cruises ~20% New TUI-Grey 194.230.250 Source Markets ~15% 115.115.115 IT ~10% Other 25%

TUI-Dark Blue TUI-Black 9.42.94 FY 16 FY17 FY18E FY19E 0.0.0

Additional net investments (Transformation) including PDPs Primary colours Primary Normalised net investments TUI-White

255.255.255 1 Assumed MS1 and MS2 purchase as cash transaction / final decision on transaction structure/financing not yet taken 2 Net of costs & including WC/cash effect

53 53 TUI GROUP | Investor Presentation | October 2018 TUI-Red

239.0.0 Functional • Always use TUITypeLight Financial Calendar 2018 & 2019 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 13 DECEMBER 2018 12 FEBRUARY 2019 12 FEBRUARY 2019

ANNUAL REPORT ANNUAL GENERAL Q1 RESULTS FY18 MEETING

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 TUI-White 255.255.255

54 TUI GROUP | Investor Presentation | October 2018 ANALYST AND INVESTOR ENQUIRIES Peter Krueger, Member of the Group Executive Committee, Contact Group Director Strategy, M&A and Investor Relations Tel: +49 (0)511 566 1440

Contacts for Analysts and Investors in UK, Ireland and Americas Sarah Coomes, Head of Investor Relations Tel: +44 (0)1293 645 827 Hazel Chung, Senior Investor Relations Manager Tel: +44 (0)1293 645 823

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, Senior Investor Relations Manager Tel: +49 (0)511 566 1318 Jessica Blinne, Junior Investor Relations Manager Tel: +49 (0)511 566 1425