


TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ⁱⁱ			TUI Travel PLC
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):	Change in delta relating to instruments with similar economic effect to qualifying financial instruments (see note 1, section 13)			YES
3. Full name of person(s) subject to the notification obligation: ⁱⁱⁱ		TUI AG, a company incorporated in Germany whose registered office is at Karl-Wiechert- Allee 4, 30625 Hannover, Germany
4. Full name of shareholder(s) (if different from 3.):^iv		As above
5. Date of the transaction and date on which the threshold is crossed or reached: ^v		20 May 2010
6. Date on which issuer notified:		21 May 2010
7. Threshold(s) that is/are crossed or reached: ^{vi, vii}		From 57% to 56%

8. Notified details:

A: Voting rights attached to shares ^{viii, ix}

Class/type of
shares

if possible using
the ISIN CODE

Situation previous
to the triggering
transaction

Resulting situation after the triggering transaction

Number
of
Shares

Number
of
Voting
Rights

Number
of shares

Number of voting
rights

% of voting rights ^x

Direct

Direct ^xi

Indirect ^xii

Direct

Indirect

GB00B1Z7RQ77

613,975,984

395,596,480

218,379,504

35.38%

19.53%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial
instrument

Expiration
date ^xiii

Exercise/
Conversion Period ^xiv

Number of voting
rights that may be
acquired if the
instrument is
exercised/converted.

% of voting
rights

Call Option

9 March 2013

From 16 January 2011 to 9 March 2013

131,412,455 (see note 2, section 13)

11.75%

Contingent Forward Purchase Agreement

31 March 2013

31 March 2013, subject to terms allowing for earlier settlement

86,967,049 (see note 3, section 13)

7.78%

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments ^{xv, xvi}

Resulting situation after the triggering transaction

Type of financial
instrument

Exercise price

Expiration date ^xvii

Exercise/
Conversion period ^xviii

Number of voting rights instrument refers to

% of voting rights ^{xix, xx}

Convertible bonds acquired pursuant to a Contingent Forward Purchase Agreement

£3.8234

27 April 2017

From 7 June 2010 subject to certain conditions

21,969,974

(calculated on a delta- adjusted basis (see note 1, section 13))

Nominal

Delta

1.97%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

635,945,958

56.88%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: ^xxi


Proxy Voting:
10. Name of the proxy holder:		N/A
11. Number of voting rights proxy holder will cease to hold:		N/A
12. Date on which proxy holder will cease to hold voting rights:		N/A

13. Additional information:	(1) TUI AG is required under the Disclosure and Transparency Rules to disclose its interest in the convertible bonds of TUI Travel plc on a delta-adjusted basis (see 8(c) above). A change in the delta relating to such bonds has resulted in a notifiable change in TUI AG's aggregate interest in the voting rights of TUI Travel plc, however TUI AG's actual holding of convertible bonds (on a nominal basis as well as the number of TUI Travel shares underlying such bonds) has not changed since the date of issue of such bonds on 27 April 2010. (2) 131,412,455 of those TUI Travel plc shares in which TUI AG has an indirect interest (as referred to in 8A above) are the same shares as those which it has a right to acquire under the Call Option (as referred to in 8B above). The registered holder of such shares is Nero Finance Limited. (3) 86,967,049 of those TUI Travel plc shares in which TUI AG has an indirect interest (as referred to in 8A above) are the same shares as those which it has a right to acquire under the Contingent Forward Purchase Agreement (as referred to in 8B above). The registered holder of such shares is Antium Finance Limited.
14. Contact name:	Joyce Walter
15. Contact telephone number:	01293 645700