Presiding Committee of TUI AG Supervisory Board approves first step to support Hapag-Lloyd AG

The Presiding Committee of the TUI AG Supervisory Board today approved a first package of measures to support Hapag-Lloyd AG. A company to be founded by shareholders of Hamburgische Seefahrtsbeteiligung “Albert Ballin” GmbH & Co. KG and TUI AG will take over Hapag-Lloyd AG’s 25.1% share in Container-Terminal Altenwerder (CTA) for a purchase price of 315 million euros.

TUI AG will contribute a sum of 215 million euros towards financing the purchase. The plans envisage that Hapag-Lloyd will repurchase its share in the CTA as soon as the economic situation permits. The City of Hamburg as co-shareholder has guaranteed that 25 million euros will be returned to TUI AG on 31 March 2011 for the sum which exceeds its proportional shareholding.

The Hapag-Lloyd AG shareholders have agreed in principle to reach a decision over the next few weeks as regards the announced capital and financing measures which are intended to support the shipping company over the long term. These measures form the basis for applications for government guarantees. In connection with the forthcoming capital measures, the TUI AG Supervisory Board and Executive Board give top priority to the repayment of TUI’s own financial commitments on sched-ule.

The Presiding Committee of the TUI AG Supervisory Board has satisfied themselves of the future viability of Hapag-Lloyd on the basis of the interim opinion prepared by management consultants Roland Berger. The restructuring and cost reduction measures which have been initiated and in some cases already implemented by the Hapag-Lloyd management are beginning to take effect. TUI AG is convinced that following execution of the announced capital measures, the shipping company will emerge stronger from the crisis and that it will be possible over the medium term to realise the substantial value that are involved in this stakeholding.