TUIGROUP–InvestorPresentationHorstBaier(CFO)Commerzbank–GermanInvestmentSeminarNewYork,13–14January20152ImportantnoticeTUIGROUP|InvestorRelations|13-14January2015NOTFORRELEASE,PUBLICATIONORDISTRIBUTIONINWHOLEORINPARTIN,INTOORFROMANYJURISDICTIONWHERETODOSOWOULDCONSTITUTEAVIOLATIONOFTHERELEVANTLAWSOFSUCHJURISDICTION.Thisdocumentisnotintendedto,anddoesnot,constitute,representorformpartofanyoffer,invitationorsolicitationofanoffertopurchase,otherwiseacquire,subscribefor,sellorotherwisedisposeof,anysecuritiesorthesolicitationofanyvoteorapprovalinanyjurisdictionwhetherpursuanttothisannouncementorotherwise.Nosharesarebeingofferedtothepublicbymeansofthisdocument.Therelease,publicationordistributionofthisdocumentinjurisdictionsotherthantheUnitedKingdommayberestrictedbylawandthereforeanypersonswhoaresubjectto