Change in the Supervisory Board
At the Supervisory Board meeting on 28 October 2009, Dr Jürgen Krumnow resigned from his mandate as chairman of TUI AG’s Supervisory Board for personal reasons with immediate effect. Dr Krumnow will leave the Supervisory Board at the end of December 2009. Dr Dietmar Kuhnt was elected as new chairman of the Supervisory Board.
The Supervisory Board elected Dr Peter Barrenstein as new chairman of the Audit Committee, hitherto chaired by Dr Kuhnt.
Issuance of convertible bond
On 17 November 2009 (value date), TUI AG issued convertible bonds cum rights worth an aggregate nominal value of €217.8m, with initially 38.7m shares in TUI AG underlying the bonds. The coupon has been set at 5.5% per annum and is payable semi-annually in arrears. The maturity of the convertible bonds is five years. TUI intends to extend its maturities profile through this transaction. The proceeds from the issuance of the convertible bonds will be used for general corporate purposes.