Preamble

This present management report is a combined management report that has been drawn up for both the TUI Group and TUI AG. It was prepared in accordance with sections 289, 289 (a), 315, 315 (a), 315 (b), 315 (c) and 315 (d) of the German Commercial Code (HGB).

The combined management report also includes the Statement on corporate governance and the Financial highlights.