Award of Phantom Shares

TUI AG (the “Company”) announces that phantom share awards (“Awards”) were granted to its members of the Executive Board as set out in the table below under TUI AG’s Long Term Incentive Plans.

The Awards were granted with effect as of 1 October 2019 at a base price of EUR 9.87 per share. This share price equals the average XETRA price of TUI AG shares over a period of 20 trading days prior to the date of grant.

Name of the PDMR	Corporate Body	Number of Awards
Friedrich Joussen	Executive Board	185,410
Birgit Conix	Executive Board	93,212
David Burling	Executive Board	93,212
Sebastian Ebel	Executive Board	93,212
Dr Elke Eller	Executive Board	88,146
Frank Rosenberger	Executive Board	77,508

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