Completion of Russian Joint Venture

THOMAS COOK GROUP COMPLETES RUSSIAN JOINT VENTURE

WITH VAO INTOURIST

13 July 2011

Thomas Cook Group plc announces that, on 12 July 2011, it successfully completed the establishment of a joint venture with VAO Intourist, marking its entry into the Russian travel market. The joint venture, originally announced on 25 November 2011, includes Intourist's outbound, domestic and inbound tour operating operations as well as its retail travel network and will focus on expansion in Russia and the other CIS countries.

Thomas Cook is initially acquiring a 50.1% stake in the joint venture company, for a maximum consideration of US$45 million (subject to an adjustment for net debt and working capital). The initial consideration is being satisfied by a cash payment of US$10 million and by the issue of US$35 million of Thomas Cook shares. A total of 16,697,548 ordinary shares have been issued to the vendor.

The new ordinary shares were admitted to the Official List maintained by the UK Listing Authority, and were admitted to trading by the London Stock Exchange plc on its market for listed securities at 8.00am on 12 July 2011.

-ENDS-

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