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: 17 September 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: 12,193,832 1.08% 4,812,587 0.42%
(2) Derivatives (other than
options): 917,369 0.08% 8,766,988 0.77%
(3) Options and agreements to
purchase/sell: 0 0.00% 0 0.00%
(4)
TOTAL: 13,111,201 1.16% 13,579,575 1.20%
Class of relevant security: Convertible Bond XS0503743949
Interests Short Positions
Number (%) Number (%)
(1) Relevant securities owned
and/or controlled: 2,000,000 0.50% 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: 2,000,000 0.50% 0 0.00%
Class of relevant security: Convertible Bond XS0455660216
Interests Short Positions
Number (%) Number (%)
(1) Relevant securities owned
and/or controlled: 9,300,000 3.16% 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: 9,300,000 3.16% 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 3,000,000 101.8000 GBP
ORD Purchase 311 3.6649 GBP
ORD Purchase 345 3.6615 GBP
ORD Purchase 504 3.6625 GBP
ORD Purchase 527 3.6730 GBP
ORD Purchase 702 3.6614 GBP
ORD Purchase 746 3.6517 GBP
ORD Purchase 779 3.6656 GBP
ORD Purchase 818 3.6635 GBP
ORD Purchase 1,035 3.6605 GBP
ORD Purchase 1,441 3.6655 GBP
ORD Purchase 1,529 3.6570 GBP
ORD Purchase 1,713 3.6665 GBP
ORD Purchase 1,763 3.6630 GBP
ORD Purchase 4,333 3.6674 GBP
ORD Purchase 4,850 3.6670 GBP
ORD Purchase 6,698 3.6640 GBP
ORD Purchase 7,117 3.6680 GBP
ORD Purchase 8,113 3.6644 GBP
ORD Purchase 8,726 3.6653 GBP
ORD Purchase 12,024 3.6610 GBP
ORD Purchase 12,415 3.6620 GBP
ORD Purchase 13,483 3.6639 GBP
ORD Purchase 16,735 3.6660 GBP
ORD Purchase 18,237 3.6690 GBP
ORD Purchase 28,779 3.6650 GBP
ORD Purchase 30,469 3.6646 GBP
ORD Purchase 30,950 3.6600 GBP
ORD Purchase 53,184 3.6611 GBP
ORD Sale 246 3.6663 GBP
ORD Sale 311 3.6649 GBP
ORD Sale 504 3.6613 GBP
ORD Sale 504 3.6625 GBP
ORD Sale 527 3.6730 GBP
ORD Sale 655 3.6530 GBP
ORD Sale 702 3.6614 GBP
ORD Sale 779 3.6656 GBP
ORD Sale 982 3.6653 GBP
ORD Sale 1,008 3.6575 GBP
ORD Sale 1,008 3.6643 GBP
ORD Sale 1,008 3.6658 GBP
ORD Sale 1,086 3.6645 GBP
ORD Sale 1,468 3.6635 GBP
ORD Sale 1,809 3.6570 GBP
ORD Sale 1,974 3.6648 GBP
ORD Sale 2,668 3.6618 GBP
ORD Sale 2,902 3.6615 GBP
ORD Sale 3,447 3.6665 GBP
ORD Sale 3,453 3.6590 GBP
ORD Sale 3,833 3.6605 GBP
ORD Sale 5,055 3.6571 GBP
ORD Sale 5,934 3.6655 GBP
ORD Sale 9,352 3.6633 GBP
ORD Sale 12,942 3.6580 GBP
ORD Sale 16,770 3.6591 GBP
ORD Sale 18,237 3.6690 GBP
ORD Sale 30,095 3.6680 GBP
ORD Sale 40,413 3.6636 GBP
ORD Sale 65,837 3.6670 GBP
ORD Sale 66,609 3.6640 GBP
ORD Sale 74,931 3.6626 GBP
ORD Sale 87,087 3.6620 GBP
ORD Sale 92,112 3.6630 GBP
ORD Sale 140,005 3.6610 GBP
ORD Sale 159,568 3.6660 GBP
ORD Sale 202,325 3.6650 GBP
ORD Sale 239,990 3.6600 GBP

(b) Derivatives transactions (other than options)

Class of Product Nature of dealing Number of Price per
relevant description reference unit
security securities
ORD SWAP Long 41,450 3.6618 GBP
ORD CFD Short 3,939 3.6585 GBP
ORD CFD Short 7,809 3.6650 GBP
ORD CFD Short 8,113 3.6644 GBP
ORD CFD Short 8,415 3.6653 GBP
ORD CFD Short 26,530 3.6661 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: 18 Sep 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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