5. Oktober 2017

PDMR Interest in Shares

Awards of Phantom Shares Under Long Term Incentive Programmes

TUI AG (the “Company”) announces that phantom share awards (“Awards”) were granted to Mr Horst Baier, a member of the Company’s Executive Board, as set out in the table below under the TUI AG Long Term Incentive Plan. The Awards were granted at a base price of € 14,60¹ per share on 1 October 2017:

Name of the PDMR

Corporate Body

Number of Phantom Shares

Horst Baier

Executive Board



The Awards granted to Mr Baier were granted in accordance with the terms of his service contract and will vest and be paid in cash subject to (i) a TSR performance target determined over a 4-year performance period; and (ii) the share price at the date of vesting.

1       Average XETRA price of TUI AG shares over the 20 trading days prior to the date of grant.