PDMR Interest in 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 retroactive effect to 1 October 2018 at a base price of EUR 15.46 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	118,370
Birgit Conix	Executive Board	59,508
David Burling	Executive Board	59,508
Sebastian Ebel	Executive Board	59,508
Dr Elke Eller	Executive Board	56,274
Frank Rosenberger	Executive Board	49,483

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.