In accordance with section 161 of the German Stock Corporation Act, the Executive Board and Supervisory Board hereby declare:
“Since the last declaration of compliance was published in December 2022, the recommendations of the German Corporate Governance Code in its applicable version have been complied with, with the exception of some of the recommendations in section G.I.3.
In the framework of the stabilisation measures agreed with the Economic Stabilisation Fund, restrictions were agreed for TUI AG regarding the remuneration of Executive Board members. These restrictions lead to the situation that the members of the Executive Board were not be granted and thus were not be constituted variable or comparable remuneration during the stabilisation measures.
With the termination of the stabilisation measures and the determination of target values for long-term variable remuneration by the Supervisory Board, the remuneration system for TUI AG's Executive Board members will again apply without restrictions, so that the precautionary declared deviations from some recommendations have ceased to apply.
The recommendations of the German Corporate Governance Code in its applicable version are thus again fully complied with."
Hanover, August 2023
The Executive Board and the Supervisory Board
(The German version of this declaration is legally binding. The Company cannot be held responsible for any misunderstandings or misinterpretation arising from this translation.)