TUI GROUP –INVESTOR PRESENTATION · Central Europe +3 +5 +2 France tour operators +2 -4 -6 Belgium -3 +2 +5 Netherlands +4 +7 +3 Western Europe Flat +2 +1 SPECIALIST & ACTIVITY

Aktiengesellschaft

TUI GROUP – INVESTOR PRESENTATION

Munich, 26 - 27 September 2012

German Investment Conference

UniCredit / Kepler

Aktiengesellschaft

AktiengesellschaftFuture-related statements

This presentation contains a number of statements related to the future development of TUI. These

statements are based both on assumptions and estimates. Although we are convinced that these

future-related statements are realistic, we cannot guarantee them, for our assumptions involve risks

and uncertainties which may give rise to situations in which the actual results differ substantially from

the expected ones. The potential reasons for such differences include market fluctuations, the

development of world market fluctuations, the development of world market commodity prices, the

development of exchange rates or fundamental changes in the economic environment. TUI does not

intend or assume any obligation to update any forward-looking statement to reflect events or

circumstances after the date of these materials.

TUI AG | Investor Relations | Page 2

Aktiengesellschaft

Tourism

Tour operator Hotels Cruises

TUI group – Current structure

Core business

Aktiengesellschaft


22%-stake

Container line

Exit

Aktiengesellschaft

Tourism

Three key trends for TUIKey-Trend

TUI Position

Trend: Content

H

� Differentiated &exclusive product

� Specialist & Activityproducts

Trend: Online

� “Go online”, search,compare, book & share

Trend: Emerging Markets

� New markets –growth shifting away from Europe

� Increase of differentiated

products in all markets

� Further development of

brand positioning (e.g. Hotels

& Cruises concepts)

� Development of “best-in-

class” multi-channel

distribution

� Online transformation of

production and sales

� Focused expansion of

activities with market-specific

business models

� Incoming activities in Europe

may also benefit from

Emerging Markets boom


Aktiengesellschaft

Tourism

TUI Travel

AktiengesellschaftTUI Travel – Overview

� Europe´s leading tourism company

� About 30 million customers from above 30 source

markets

� Bundling of sales (on- and offline), tour operator

and flight activities

� Leading provider of accommodation and

destination services


AktiengesellschaftTUI Travel – Business model

� Flights

� Hotel beds

� Car hire, transfers,

excursions

Component

Providing choice and flexibility for the customer

� Online

� Retail

� Call Centre

Customer

Modern package holidays

Exclusive / differentiated

holidays

Tailor-made holidays

Self-selected individual

components

Dynamic packaging


Aktiengesellschaft

• Only A&D service provider with global reach

• Accommodation online services

• Destination services

• Leading position in cruise handling

Tourism

TUI Travel – Business units

Mainstream

Accommodation &

Destinations

Specialist &

Activity

Emerging Markets

• Modern Mainstream: Differentiated and

exclusive product

• 145 aircraft, 3,500 retail shops

• Market leadership

• World’s largest provider of specialist and

experiential travel

• Over 100 brands

• Growing portfolio of travel businesses

• Specific source markets: Russia & CIS, India

and China


Making travel experiences special

Aktiengesellschaft

Tourism

TUI Hotels & Resorts

Aktiengesellschaft

Tourism

TUI Hotels & Resorts – Overview

� No 1 leisure hotelier in Europe with

248 hotels and approx. 157,300 beds*

� Most hotel companies with local partners

� Focus on four star category

� High occupancy rates through access

to TUI Travel customers and direct distribution

� Selective growth in existing and new destinations

* per FY 2010/11


Aktiengesellschaft

Tourism

TUI Hotels & Resorts

Hotel brands

10

61

29

3 stars 4 stars 5 stars

31%

24%

23%

12%

10% Western Med.

North Africa

Caribbean

Eastern Med.

Other

Total

157,300 53%38%

6% 3%

Management

Ownership

Lease

Franchise

Financing structure (%)

Hotels by categories (%)

Owned hotel beds by region (%)


Aktiengesellschaft

Club Hotel Riu Karamboa,

Cape Verdes


AktiengesellschaftROBINSON Club Maldives


Aktiengesellschaft

Tourism

Cruises

Aktiengesellschaft

Tourism

Cruises – Overview

� Joint Venture (50/50) with Royal Caribbean Cruises Ltd.

� Operating 2 ships in the premium-volume segment

� Third ship to be delivered in 2014

� Hapag-Lloyd Cruises operates 4 ships in the German

luxury and expedition segment

� Strategic fleet expansion with “Europa 2” in 2013, will

strengthen the luxury segment


Aktiengesellschaft

� New build

� Luxury segment

� 516 passengers

� Spring 2013

Tourism

Cruises – Fleet expansion

TUI Cruises

MS Europa 2 New build TUI Cruises

� New build

� Premium-volume segment

� 2,500 passengers

� 2014

Hapag-Lloyd Cruises


� Continue to participate in the on-going growth of the German cruise market

� Strengthening position in luxury and premium segment

� Fleet expansion with attractive 3rd party financing and minimal cash requirements for TUI AG

Aktiengesellschaft

TUI AG | Investor Relations | Seite 17

Financials & Outlook

Aktiengesellschaft

Tourism

Seasonality of earnings

Q4

Q3

Q2

Q1

Oct - Dec Jan - Mar Apr - Jun Jul - Sep

winter season

summer season


AktiengesellschaftOutlook FY 2011/12

Turnover

Underlying EBITA

Net result*

11,455

-269

-393

+7%

+4%

-15%

9M 2011/12

Key figures (in €m)

FY 2010/11

17,480

600

118 positive

FY 2011/12e

Outlook

* before minorities


Aktiengesellschaft

Outlook FY 2011/12

Expectations for underlying EBITA

TUI AG | Investor Relations | Conference Call Q3 11/12

� Group underlying earnings expected to rise

� Positive Group result expected for FY 2011/12

� Continued growth in the German cruise market

� Despite positive operating performance, earnings are expected to decrease

due to start-up and financing costs for the fleet expansion

� Moderate increase in capacity and bednights sold

� Improvement in occupancy rates and average selling prices

� Earnings expected to rise significantly y-o-y

� Positive effects of business improvement programme

� Improved margins through higher sales of differentiated products

� Opportunity: positive FX effect, if GBP remains strong vs. €

� Risk: development of consumer sentiment in the key source markets

� Earnings expected to rise y-o-y

TUI Travel

TUI Hotels &

Resorts

Cruises

TUI Group


Aktiengesellschaft

Group balance sheet

Significant reduction in net financial debt

2,238

817

0

500

1000

1500

2000

2500

3000

09/2010 09/2011 09/2012e

€m


AktiengesellschaftReduction in Hapag-Lloyd investment

29 June 2012

� Sale of 17.4% stake to

Albert Ballin consortium

Feb – Apr 2012

� Redemption / sale of remaining

financing granted to Hapag-Lloyd �

Cash inflow

for TUI

∑ €700m

€225m

€475m� -17.4%

TUI stake in

Hapag-Lloyd

(39,5%)

IPO3rd party

investor

~22%

Exit options for

remaining stake:


Aktiengesellschaft

Further expanding in growth markets like Russia, China and India

Focusing on a high-yield, differentiated hotel portfolio in TUI Hotels & Resorts

Expanding the market share in the German-speaking premium and volume market for cruises

Increasing controlled distribution, in particular strengthening online sales

Increasing proportion of sales of differentiated and exclusive product

Exit remaining Hapag-Lloyd stake

Deliver on new business improvement programme

Outlook

Group strategy

The TUI Group is well prepared to cope with a challenging environment


AktiengesellschaftAppendix

AktiengesellschaftTurnover and earnings 9M 11/12

Turnover (€m) Q3 11/12 Q3 10/11 %

TUI Travel 4,563.5 4,247.3 +7.4

TUI Hotels & Resorts 90.6 78.9 +14.8

Cruises 59.3 48.8 +21.5

Central Operations 11.3 12.5 -9.6

Group 4,724.7 4,387.5 +7.7

9M 11/12 9M 10/11 %

10,996.4 10,331.5 +6.4

262.6 236.6 +11.0

161.6 145.4 +11.1

34.6 38.3 -9.7

11,455.2 10,751.8 +6.5

Underlying EBITA (€m) Q3 11/12 Q3 10/11 %

TUI Travel 89.2 87.5 +1.9


Cruises -2.2 0.2 n.m.

Central Operations -20.1 -8.3 -142.2

Group 102.3 96.2 +6.3

9M 11/12 9M 10/11 %

-297.2 -297.6 +0.1

90.5 53.6 +68.8

-7.9 -2.7 -192.6

-54.6 -32.2 -69.6

-269.2 -278.9 +3.5


AktiengesellschaftTurnover and earnings FY 2010/11

Turnover (€m) FY 10/11 FY 09/10 %

TUI Travel 16,867.0 15,754.8 +7.1


Cruises 200.8 178.7 +12.4

Central operations 49.9 63.4 -21.3

Group 17,480.3 16,350.1 +6.9

Underlying EBITA (€m) FY 10/11 FY 09/10 %

TUI Travel 500.1 484.6 +3.2

TUI Hotels & Resorts 145.3 148.0 -1.8

Cruises 11.2 7.6 +47.4

Central operations -56.5 -51.0 -10.8

Group 600.1 589.2 +1.8


Aktiengesellschaft

Tourism

TUI Travel – Trading update Summer 2012

Current trading1

y-o-y variation (%) ASP² Sales² Customers² Capacity³

MAINSTREAM

UK +9 +4 -5 -6

Nordic Region +3 +8 +6 +4

Northern Region +8 +5 -3

Germany +3 +5 +2 -7

Austria +2 -2 -3

Switzerland -6 +5 +12

Poland +5 +39 +32

Central Europe +3 +5 +2

France tour operators +2 -4 -6

Belgium -3 +2 +5

Netherlands +4 +7 +3

Western Europe Flat +2 +1

SPECIALIST & ACTIVITY N/A +3 N/A

A&D4 +7 +17 +9

Risk only

1) These statistics are up to 29 July 2012 and are shown on a constant currency basis 2) These statistics relate to all customers whether risk or non-risk

3) These statistics include all risk capacity programmes 4) These statistics refer to online accommodation businesses only; Sales refer to

total transaction value (TTV) and customers refers to roomnights

Aktiengesellschaft

Tourism

TUI Hotels & Resorts – Operating data (9M)

Hotel

9M 11/12 9M 10/11 % 9M 11/12 9M 10/11 % p. 9M 11/12 9M 10/11 %

Riu 12,646 12,196 +3.7 80.0 79.0 +1.0 47.93 45.85 +4.5

Robinson 1,975 1,931 +2.3 66.5 62.3 +4.2 85.68 85.82 -0.2

Iberotel 1,819 1,867 -2.6 64.0 56.8 +7.2 39.23 38.34 +2.3

Grupotel 501 504 -0.6 69.1 68.6 +0.5 38.60 37.54 +2.8

Grecotel 271 278 -2.5 60.0 62.1 -2.1 57.03 56.97 +0.1

Other 87 261 -66.7 49.4 37.2 +12.2 62.16 46.77 +32.9

Total 17,299 17,037 +1.5 76.0 73.5 +2.5 50.84 49.04 +3.7

Capacity ('000)1 Occupancy (%)² Average revenue per bed (€)³

1) Group owned or leased hotel beds multiplied by number of open days per quarter

2) Occupied beds divided by capacity

3) Arrangement turnover divided by occupied beds


Aktiengesellschaft

Tourism

Cruises – Operating data

Q3 11/12 Q3 10/11 9M 11/12 9M 10/11

Occupancy (%) 76.4 75.7 75.5 73.6

Passenger days ('000) 100.9 80.2 256.6 223.5

Average rate (€)* 358 390 377 406

Q3 11/12 Q3 10/11 9M 11/12 9M 10/11

Occupancy (%) 99.1 97.0 99.1 97.1

Passenger days ('000) 328.6 257.1 1,024.6 597.2

Average rate (€)* 169 167 142 141

*per day and passenger


AktiengesellschaftSustainable Development at TUI

“Satisfying our guests is our foremost priority. Our values set our course for achieving this

goal. Quality, variety, innovation, sustainability and growth are firmly anchored in our

entrepreneurial thinking and activity at TUI. They point the way in our quest to develop

unmistakeable products and to delight our customers.”

Our Priorities

Environment

� Climate protection

� Preserving biodiversity

� Efficiency of resources

� Certification of

environmental

management systems

Employees

� Staff development

� Diversity in our

corporate culture

� Work-life balance

Society

� Social commitment in

the holiday

destinations

� Supporting human and

children‘s rights

� Fair working conditions

Product

� Sustainable product

development

� Consumer information

and safety

Our Listings

TUI AG is the sector leader in the Dow Jones Sustainability

Index 2012/13.

DAXglobal® Sarasin Sustainability Germany

For further information please visit our website: www.tui-group.com/en/sustainability

AktiengesellschaftFinancial calendar

14 August 2012 Third Quarter 2011/12

19 December 2012 Financial Year 2011/12

13 February 2013 Annual General Meeting


AktiengesellschaftContact

TUI Investor Relations

� [email protected]

℡ +49-511-566-1425

TUI GROUP –INVESTOR PRESENTATION · Central Europe +3 +5 +2 France tour operators +2 -4 -6 Belgium -3 +2 +5 Netherlands +4 +7 +3 Western Europe Flat +2 +1 SPECIALIST & ACTIVITY

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