TUI Offer For CP Ships Successful

HANOVER, GERMANY & GATWICK, UK (19 October 2005) - TUI AG and CP Ships Limited jointly announced today that shareholders holding more than 66#% of the outstanding CP Ships shares on a fully-diluted basis have accepted the Offer dated August 30, 2005 of Ship Acquisition Inc., an indirect wholly-owned subsidiary of TUI, for 100% of the CP Ships shares. All conditions of the Offer have been satisfied or waived and Ship Acquisition Inc. intends to take up the shares deposited under the Offer on October 20, 2005 and pay U.S.$21.50 per share on October 25, 2005.

Computershare Investor Services Inc., the depositary under the Offer, is counting the number of shares deposited under the Offer and the precise number of shares to be taken up will be announced shortly.

If at least 90% of outstanding shares have been deposited under the Offer, Ship Acquisition intends to acquire on October 26, 2005 the CP Ships common shares held by shareholders who did not accept the Offer under the compulsory acquisition provisions of the New Brunswick Business Corporations Act for U.S.$21.50 per share. A notice of compulsory acquisition will be mailed on October 26, 2005 to all registered holders of CP Ships shares subject to the compulsory acquisition.

If less than 90% of outstanding shares have been deposited under the Offer, TUI intends to cause a meeting of CP Ships shareholders to be held to consider an amalgamation, by which TUI would acquire 100% of the CP Ships shares. Upon acquisition of the shares deposited under the Offer, TUI will hold a sufficient number of shares to approve the amalgamation in accordance with applicable law. It is expected that an announcement regarding the meeting will be made shortly and the amalgamation will be completed by December 31, 2005.

Michael Frenzel, CEO of TUI stated, "By successfully acquiring CP Ships, we will transform our shipping division into a global player and at the same time establish our group on a second, profitable base."

"We are delighted to achieve this excellent outcome for our shareholders following our Board's strong recommendation of the TUI offer," commented CP Ships CEO Ray Miles.

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