TUI Extends CP Ships Offer

TUI AG and CP Ships Limited jointly announced that TUI has extended its Offer dated August 30, 2005 for 100 percent of the CP Ships common shares. The offer is now open for acceptance until 6:00 p.m. (Eastern time) on October 18, 2005, unless further extended or withdrawn.

TUI has extended its Offer in order to allow time for, among other things, the satisfaction of the condition under its Offer relating to the receipt of necessary regulatory approvals. As of October 7, 2005, the original expiry date under the Offer, regulatory approvals have been obtained or waiting periods expired under the Investment Canada Act and competition legislation in Canada and the U.S. Regulatory review periods have not expired yet under competition legislation in the EU and certain other countries in which the companies carry on business.