TUI AG : Cancellation of trading of Subscription -2-

related investments in connection with the Offering or otherwise. Accordingly, references in this announcement to the 
Securities being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any 
issue, offer, subscription, acquisition, placing or dealing by each of the Joint Global Coordinators and any of their 
affiliates in such capacity. In addition, certain of the Joint Global Coordinators or their affiliates may enter into 
financing arrangements (including swaps, warrants or contracts for difference) with investors in connection with which 
such Joint Global Coordinators (or their affiliates) may from time to time acquire, hold or dispose of Securities. None 
of the Joint Global Coordinators or any of their affiliates intends to disclose the extent of any such investment or 
transactions otherwise than in accordance with any legal or regulatory obligation to do so. 
No person has been authorised to give any information or to make any representations other than those contained in this 
announcement and the Prospectus published or the international offering circular issued, by the Company in connection 
with the Offering, as the case may be (together with any amendments or supplements thereto) and, if given or made, such 
information or representations must not be relied on as having been authorised by the Company, the Joint Global 
Coordinators, the Sponsors or any of their respective affiliates. 
Forward-Looking Statements 
Certain statements included in this announcement are forward-looking. These statements can be identified by the fact 
that they do not relate only to historical or current facts. By their nature, they involve risk and uncertainties 
because they relate to events and depend on circumstances that will occur in the future. Actual results could differ 
materially from those expressed or implied by such forward-looking statements. The potential reasons for such 
differences include market fluctuations, the development of world market fluctuations, the development of world market 
commodity prices, the development of exchange rates or fundamental changes in the economic environment. The Company 
does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances 
after the date of this announcement. The potential reasons for such differences include market fluctuations, the 
development of world market fluctuations, the development of world market commodity prices, the development of exchange 
rates or fundamental changes in the economic environment. The Company does not intend or assume any obligation to 
update any forward-looking statement to reflect events or circumstances after the date of this announcement. 
Forward-looking statements often use words such as "expects", "may", "will", "could", "should", "intends", "plans", 
"predicts", "envisages" or "anticipates" or other words of similar meaning. They include, without limitation, any and 
all projections relating to the results of operations and financial conditions of the Company and its subsidiary 
undertakings from time to time (the 'Group'), as well as plans and objectives for future operations, expected future 
revenues, financing plans, expected expenditure and divestments relating to the Group and discussions of the Group's 
business plan. All forward-looking statements in this announcement are based upon information known to the Group on the 
date of this announcement and speak as of the date of this announcement. Other than in accordance with its legal or 
regulatory obligations, the Group does not undertake to update or revise any forward-looking statement to reflect any 
changes in events, conditions or circumstances on which any such statement is based. 
Actual results may differ from those expressed or implied in the forward-looking statements in this announcement as a 
result of any number of known and unknown risks, uncertainties and other factors, including, but not limited to, the 
effects of the COVID-19 pandemic and uncertainties about its impact and duration, many of which are difficult to 
predict and are generally beyond the control of the Group, and it is not reasonably possible to itemise each item. 
Accordingly, readers of this announcement are cautioned against relying on forward-looking statements. All 
forward-looking statements made on or after the date of this announcement and attributable to the Company are expressly 
qualified in their entirety by the primary risks set out in that section. Many of these risks are, and will be, 
exacerbated by the COVID-19 pandemic and any further disruption to the travel and leisure industry and economic 
environment as a result. 
Information to Distributors 
Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets 
in financial instruments, as amended (MiFID II); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 
supplementing MiFID II; and (c) local implementing measures (together, the MiFID II Product Governance Requirements), 
and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for 
the purposes of the Product Governance Requirements) may otherwise have with respect thereto, the Securities the 
subject of the Offering have been subject to a product approval process, which has determined that such Securities are: 
(i) compatible with an end target market of retail investors and investors who meet the criteria of professional 
clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all 
distribution channels as are permitted by MiFID II (the Target Market Assessment). Notwithstanding the Target Market 
Assessment, distributors should note that: (i) the price of the Securities may decline and investors could lose all or 
part of their investment; (ii) the Securities offer no guaranteed income and no capital protection; and (iii) an 
investment in the Securities is compatible only with investors who do not need a guaranteed income or capital 
protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of 
evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses 
that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, 
legal or regulatory selling restrictions in relation to the Offering. Furthermore, it is noted that, notwithstanding 
the Target Market Assessment, the Joint Global Coordinators will only procure investors who meet the criteria of 
professional clients and eligible counterparties. 
For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or 
appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest 
in, or purchase, or take any other action whatsoever with respect to the Securities. Each distributor is responsible 
for undertaking its own Target Market Assessment in respect of the Securities and determining appropriate distribution 
channels. 
=---------------------------------------------------------------------------------------------------------------------- 
ISIN:           DE000TUAG000 
Category Code:  ARI - TUI 
TIDM:           TUI 
LEI Code:       529900SL2WSPV293B552 
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State 
Sequence No.:   92076 
EQS News ID:    1162354 
 
End of Announcement  EQS News Service 
=------------------------------------------------------------- 

(MORE TO FOLLOW) Dow Jones Newswires

January 22, 2021 06:24 ET (11:24 GMT)



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