TT. Tui Travel

    RNS Number : 2510X
  TUI Travel PLC
  23 June 2008
   

    23 June 2008

    TUI Travel PLC

    Aircraft Sale and Leaseback

    TUI Travel PLC ("TUI Travel" or the "Group") is pleased to announce that it has signed an agreement with AerCap Holdings N.V. ("AerCap")
and Deucalion Aviation Funds (advised and managed by DVB Bank AG) for the sale and leaseback of 19 owned aircraft within the TUI Travel
fleet for proceeds of $526 million. AerCap have secured external facilities to finance this transaction, which will be fully satisfied by
cash. 

    The transaction enables the Group to further increase the flexibility of its business model while securing continued access to a modern
and fuel-efficient aircraft such as the Boeing 737-800 NG. The Group will use the disposal proceeds to pay down existing debt.  

    The Group will continue to operate all 19 aircraft on operating leases with one to seven year terms within TUIfly, Thomsonfly and TUIfly
Nordic. The aircraft portfolio included in the transaction comprises eleven Boeing 737-800s, six Boeing 757-200s and two Boeing 767-300ER
aircraft.

    The transaction has no impact upon the ongoing discussions with Lufthansa regarding a potential merger of Germanwings and TUIfly, on
which we intend to update the market in due course.

    The Board expects the transaction to be earnings neutral for the year ended 30 September 2008. The book value of the assets included in
the transaction at 31 May 2008 was $681m, and the resulting loss on disposal will be treated as a separately disclosed item in the year
ended 30 September 2008. 

    Commenting on the transaction Paul Bowtell, Chief Financial Officer of TUI Travel said, "We are delighted to have refinanced the
aircraft which will further enhance the flexibility of our business model, and we look forward to a successful partnership with AerCap."

    "With this major acquisition of Boeing 737-800 aircraft, AerCap has strengthened its portfolio and continued to optimize its fleet with
next generation fuel-efficient equipment which remain in strong demand in the current high fuel price environment. In addition AerCap is
very pleased to welcome TUI Travel, a leading international leisure travel group, to our global customer base," said Klaus Heinemann, Chief
Executive Officer of AerCap.

    Enquiries:

    Investors/Analysts 

    TUI Travel PLC
    Andy Jones, Director of Finance & Investor Relations           Tel: 01293 645 795
    David Paterson, Head of Strategy & Investor Relations         Tel: 01293 645 795

    Press 

    Hudson Sandler
    Jessica Rouleau / Kate Hough                                                Tel: 020 7796 4133


    About TUI Travel PLC:

    TUI Travel PLC is a leading international leisure travel group, which operates in approximately 180 countries worldwide and serves more
than 30 million customers in over 20 source markets. Headquartered in Crawley, near Gatwick airport in the UK, the Group employs
approximately 48,000 people and for the year ended 30 September 2007 generated proforma turnover and underlying operating profits of �12.8
billion and �287 million respectively. The Group primarily serves the leisure travel consumer and is organised and managed through four
business Sectors: Mainstream, Specialist & Emerging Markets, Activity and Online Destination Services.

    About AerCap Holdings N.V.:

    AerCap is an integrated global aviation company with a leading market position in aircraft and engine leasing, trading and parts sales.
AerCap also provides aircraft management services and performs aircraft and engine maintenance, repair and overhaul services and aircraft
disassemblies. AerCap has a fleet of 320 aircraft and 71 commercial engines that were either owned, on order, under contract or letter of
intent, or managed. AerCap is headquartered in The Netherlands and has offices in Ireland, the United States, Singapore, China and the
United Kingdom.

    About DVB Bank/Deucalion

    The Deucalion Aviation Funds consist of a series of actively managed funds which act as investment vehicles through which private and
institutional investors together invest in aviation equity investments in aircraft and engines, airlines and aviation related assets. The
funds are advised and managed by DVB Bank. 

    DVB Bank AG, based in Frankfurt/Main, is an international advisory bank and finance house that specialises in the global transport
market. DVB offers integrated financing solutions and advisory services in respect of Shipping, Aviation, and Land Transport. The Bank
operates out of offices in Frankfurt/Main, Bergen/Oslo, Cardiff, Curao, Hamburg, Hong Kong, London, New York, Piraeus, Rotterdam, Singapore,
Tokyo, and Zurich. DVB Bank AG is listed on the Frankfurt Stock Exchange (ISIN: DE0008045501).

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