Horst Baier

Executive Board

46233

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.