FORM 8.5 (EPT/NON-RI)

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN

EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS (OR WHERE RI STATUS IS NOT APPLICABLE)

Rule 8.5 of the Takeover Code (the "Code")

1. KEY INFORMATION

(a) Name of exempt principal trader: BARCLAYS CAPITAL SECURITIES LTD
(b) Name of offeror/offeree in relation to whose

TUI TRAVEL PLC

relevant securities this form relates:
(c) Name of the party to the offer with which exempt TUI TRAVEL PLC
principal trader is connected
(d) Date position held/dealing undertaken: 18 July 2014
(e) Has the EPT previously disclosed, or is it YES:
today disclosing, under the Code in respect TUI AG
of any other party to this offer?

2. POSITIONS OF THE EXEMPT PRINCIPAL TRADER

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security: ORD
Interests Short Positions
Number (%) Number (%)
(1) Relevant securities owned
and/or controlled: 13,060,748 1.17% 2,977,194 0.27%
(2) Derivatives (other than
options): 899,005 0.08% 9,441,156 0.84%
(3) Options and agreements to
purchase/sell: 0 0.00% 0 0.00%
(4) TOTAL:
13,959,753 1.25% 12,418,350 1.11%
Class of relevant security: Convertible Bond XS0503743949
Interests Short Positions
Number (%) Number (%)
(1) Relevant securities owned
and/or controlled: 5,500,000 1.38% 0 0.00%
(2) Derivatives (other than
options): 0 0.00% 0 0.00%
(3) Options and agreements to
purchase/sell: 0 0.00% 0 0.00%
(4) TOTAL:
5,500,000 1.38% 0 0.00%
Class of relevant security: Convertible Bond XS0455660216
Interests Short Positions
Number (%) Number (%)
(1) Relevant securities owned
and/or controlled: 1,100,000 0.31% 0 0.00%
(2) Derivatives (other than
options): 0 0.00% 0 0.00%
(3) Options and agreements to
purchase/sell: 0 0.00% 0 0.00%
(4) TOTAL:
1,100,000 0.31% 0 0.00%

All interests and all short positions should be disclosed.

Details of any open derivative or option positions, or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors' and other executive options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

3. DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER

(a) Purchases and sales

Class of relevant Purchase/sale Number of Price per unit
security securities
Convertible Bond Purchase 600,000 105.7500 GBP
ORD Purchase 286 3.6715 GBP
ORD Purchase 286 3.6785 GBP
ORD Purchase 286 3.6815 GBP
ORD Purchase 286 3.6915 GBP
ORD Purchase 305 3.6860 GBP
ORD Purchase 610 3.6840 GBP
ORD Purchase 1,542 3.6750 GBP
ORD Purchase 1,853 3.6780 GBP
ORD Purchase 3,525 3.6777 GBP
ORD Purchase 4,312 3.6971 GBP
ORD Purchase 5,787 3.6819 GBP
ORD Purchase 9,044 3.6784 GBP
ORD Purchase 13,555 3.6774 GBP
ORD Purchase 13,937 3.6841 GBP
ORD Purchase 15,515 3.6822 GBP
ORD Purchase 15,699 3.6895 GBP
ORD Purchase 28,600 3.6998 GBP
ORD Purchase 33,612 3.6816 GBP
ORD Purchase 33,796 3.6786 GBP
ORD Purchase 55,509 3.6805 GBP
ORD Sale 211 3.6885 GBP
ORD Sale 286 3.6715 GBP
ORD Sale 286 3.6785 GBP
ORD Sale 286 3.6815 GBP
ORD Sale 286 3.6915 GBP
ORD Sale 305 3.6840 GBP
ORD Sale 492 3.6732 GBP
ORD Sale 1,679 3.6740 GBP
ORD Sale 1,927 3.6801 GBP
ORD Sale 2,141 3.6900 GBP
ORD Sale 2,426 3.6880 GBP
ORD Sale 2,540 3.6820 GBP
ORD Sale 2,549 3.6890 GBP
ORD Sale 2,735 3.6870 GBP
ORD Sale 3,147 3.6750 GBP
ORD Sale 3,427 3.6965 GBP
ORD Sale 3,544 3.6730 GBP
ORD Sale 3,943 3.6770 GBP
ORD Sale 4,486 3.6759 GBP
ORD Sale 5,557 3.6810 GBP
ORD Sale 6,784 3.7112 GBP
ORD Sale 6,956 3.7140 GBP
ORD Sale 8,951 3.6860 GBP
ORD Sale 10,561 3.6818 GBP
ORD Sale 11,367 3.6710 GBP
ORD Sale 24,415 3.6850 GBP
ORD Sale 25,404 3.6760 GBP
ORD Sale 31,167 3.6887 GBP
ORD Sale 36,648 3.6883 GBP
ORD Sale 39,615 3.7075 GBP

(b) Derivatives transactions (other than options)

Class of Product Nature of dealing Number of Price per
relevant description reference unit
security securities
ORD CFD Long 2,103 3.6750 GBP
ORD SWAP Long 3,427 3.6965 GBP
ORD CFD Long 13,015 3.7135 GBP
ORD SWAP Short 583 3.7118 GBP
ORD CFD Short 4,312 3.6971 GBP
ORD SWAP Short 5,274 3.6829 GBP
ORD SWAP Short 15,515 3.6822 GBP
ORD CFD Short 15,894 3.6776 GBP
ORD SWAP Short 54,926 3.6802 GBP
ORD CFD Short 31,062 3.6998 GBP

(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying

Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type

e.g. American, European etc.

Expiry date Option money paid/ received per unit

(ii) Exercising

Class of relevant security Product description

e.g. call option

Number of securities Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security Nature of dealing

e.g. subscription, conversion

Details Price per unit (if applicable)

The currency of all prices and other monetary amounts should be stated.

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

If there are no such agreements, arrangements or understandings, state "none"

NONE

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:

(i) the voting rights of any relevant securities under any option; or

(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

If there are no such agreements, arrangements or understandings, state "none"

NONE

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached? NO
Date of disclosure: 21 Jul 2014
Contact name: Rajesh Muthanna
Telephone number: 020 3555 4634

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

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