De la doble instancia

We look to develop and maintain good working relationships with tax authorities in the countries in which we operate. We communicate with them in an open, honest and positive manner. Where it is possible to do so, we seek to discuss our major commercial transactions and their tax consequences and treatment with tax authorities in advance of their execution or seek an advance ruling of the tax consequences and treatment of such transactions in order to provide us with certainty of the tax treatment. We are committed to transparent and prompt full disclosure in all tax matters. We pay our tax liabilities when they become due.

We recognise that there will be areas of differing legal interpretations between the Group and tax authorities. Where this occurs, we will engage with tax authorities to try to resolve the matters in a co- operative and expedited manner. Where a conclusion cannot be reached in such a manner, the tax authority or the Group may choose to litigate the issue through the relevant legal system.

The Group reviews new tax law and regulations that governments around the world introduce from time to time. Where we believe that new laws would have a disproportionate or detrimental impact on the Group’s businesses or require amendment to achieve the intention of the new law, we will lobby the relevant government, either in our own name or as part of a trade association, to explain the potential issues and to suggest alternatives.

Non-Executive Chairman (Age 50)

Friedrich Joussen joined the Board on 8 February 2013 as a Non-Executive Director and was appointed Non-Executive Chairman on 25 March 2013. He was appointed a member of the Executive Board of TUI AG on 15 October 2012 and

took over as Chief Executive Officer of TUI AG on 13 February 2013. From 2005 to September 2012, he was Chief Executive Officer of Vodafone Germany, the largest operating company in the Vodafone Group. Friedrich joined Mannesmann

Mobilfunk GmbH in 1988 and held various positions in the newly-founded Mannesmann Mobilfunk, including Marketing Director, between 1997 and 2000.

When the Mannesmann Group was taken over by Vodafone, he was appointed Director of Global Product Management at the Vodafone Group in Newbury

(UK). He has a Master of Science in electrical engineering from RWTH Aachen University and has registered several patents. Friedrich was a key contributor to the introduction of SMS in the German mobile market and is considered the creative architect behind the development and marketing of the mobile portal

‘Vodafone Live’.

Sir Michael Hodgkinson†• *

Non-Executive Deputy Chairman and Senior Independent Director (Age 69)

Sir Michael Hodgkinson joined the Board of First Choice Holidays PLC (First

Choice) as a Non-Executive Director in January 2004 and became Chairman

in March 2004. He joined the Board of TUI Travel PLC on 28 June 2007 as

Non-Executive Deputy Chairman and is the Senior Independent Director. Following an early career in the automotive industry, he was appointed Chief

Executive of Grand Metropolitan’s European Food Division in 1986 and, in 1992,

he joined BAA plc and became Chief Executive in 1999, a post from which he retired in June 2003. Sir Michael was Senior Non-Executive Director at Royal

Mail and Chairman of Post Office Limited until September 2007, a Director of Bank of Ireland plc from May 2004 until July 2006, a Non-Executive Director of

Dublin Airport until November 2011 and a Non-Executive Director of Transport

for London and Crossrail Limited until June 2012. He has been Chairman of Keolis (UK) Limited since 11 October 2011.

Peter Long

Chief Executive (Age 61)

Peter Long joined the Board on 28 June 2007 as Chief Executive. In November 1996 he was appointed Group Managing Director of First Choice and became

Chief Executive in September 1999. Prior to joining First Choice, he was Chief Executive of Sunworld Holidays. From February 2001 to June 2005 Peter was

a non-executive director of RAC plc, and from April 2006 to July 2009 he was a

non-executive director of Debenhams plc. He was appointed as a Non-Executive Director of Rentokil Initial Plc in 2005 and is currently the Senior Independent Non-Executive Director. In October 2013, Peter was appointed President of the Family Holiday Association, a UK-based charity which provides short breaks away from home for more than 2,000 disadvantaged families.

Deputy Chief Executive (Age 46)

Having worked in the tourism industry for 27 years, Johan is the Deputy Chief Executive responsible for the Mainstream Sector and was appointed to the Board on 21 December 2007. Prior to his appointment as Deputy Chief Executive in

October 2011, he was Managing Director of the Northern Region of TUI Travel’s

Mainstream Sector which includes the Source Markets UK and Ireland, Canada, Sweden, Norway, Denmark and Finland. Prior to the merger in 2007, Johan was Chief Executive of TUI Nordic and also took responsibility for tourism sales in the source markets of Italy and Russia.

William Waggott

Chief Financial Officer (Age 50)

William Waggott joined the Board on 28 June 2007 as Commercial Director.

He was appointed Chief Financial Officer of TUI Travel PLC in November 2010. Will spent the early part of his career with Coopers & Lybrand and Courtaulds Textiles plc, where he performed various senior group finance and divisional

director roles. He entered the leisure travel industry when he joined Airtours plc

and held a number of positions including UK leisure group finance director, prior

to joining Thomson Travel Group in 2001. He went on to become Chief Financial

Officer of TUI Tourism in 2006.

Dr Volker Böttcher

Managing Director, German Specialist Businesses (Age 54)

Volker Böttcher joined the Board on 19 June 2007. After an early career in law, Volker joined Touristik Union International in 1987 as a legal adviser. Having occupied various management positions, he became head of TUI’s Special Programmes Division in 1996 which included responsibility for long-haul

destinations, city tours and the Eastern Mediterranean. He was appointed to the board of TUI Deutschland GmbH in April 2000. Following the restructuring

of TUI’s business model in Germany, he was appointed CEO of TUI Deutschland GmbH in July 2001. In 2003 Volker was appointed Chairman for Central Europe

for TUI AG, being responsible for all tourism activities in the source markets of Germany, Austria, Switzerland and Poland. After the reorganisation of the

Mainstream Sector in 2012, Volker was appointed Managing Director for German

Specialist Businesses and source markets Austria, Poland and Switzerland. Horst Baier

Non-Executive Director (Age 56)

Horst Baier joined the Board as a Non-Executive Director on 13 October 2009. He commenced his professional career in the Treasury Department of

Continental AG, the German tyre manufacturer. Between 1994 and 1996 Horst

was responsible for Group Financing for the Furth-based Schickedanz Group.

In 1996, he took over responsibility for the Treasury, Accounting and Tax

Department at TUI AG. Since 2001, Horst has been responsible for Accounting & Reporting for TUI AG and, in November 2007, was appointed to the Executive Board of TUI AG with responsibility for the Controlling function. In February

2010, Horst was appointed Chief Financial Officer of TUI AG.

Tony Campbell

Independent Non-Executive Director (Age 63)

Tony Campbell became a Non-Executive Director of First Choice in April 1997

and joined the Board of TUI Travel PLC on 28 June 2007 as a Non-Executive Director. Tony was Deputy Chief Executive of Asda Stores Limited until March 2001. He is currently the Chairman of T M Lewin Group Limited, The White Company (UK) Limited, a non-executive director of The Original Factory Shop and a Director of Data Transfer & Communications Limited.

our BoArD