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Tallinn to VESSEL OPERATIONS Muuga Harbour Old City Harbour Old City Marina

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Tallinn to VESSEL OPERATIONS Muuga Harbour Old City Harbour Old City Marina Unique asset for investment Index 1. Business model (3-10) 2. Competitive position and strategy (11-29) 3. Volumes and financial results (30-35) Resilient infrastructure business model DIVERSIFICATION PROFITABILITY CASH FLOW GENERATION 2019 Revenue 2019 Adjusted EBITDA Margin 2019 Cash Conversion Peers Average Peers Average 7% 24% 38% €131m 57% 58% 82% 46% 60% 63% 49% 11% 31% Passenger H Cargo H Ferry Other Airports Ports Ferry Airports Ports Ferry STRONG DIVIDEND PROFILE min 70% of net profit for dividends 3 Where we operate ESTONIA • Part of EU, eurozone, OECD and NATO • Currency EUR • Next door to Russia, Scandinavia, Baltics • Stable credit rating outlook A1 (Moody’s) and AA- (S&P) • Consistently lowest government debt level in EU 4 A Well Balanced Business Profile Business segments Passenger Harbours Cargo Harbours International ferry lines, cruise, ro-ro Liquid bulk, Ro-Ro, dry bulk, containers, general cargo, industrial parks, PAX with vehicles Old City Harbour (main) Saaremaa Harbour Muuga Harbour Paldiski South Harbour Other Ferry Icebreaking (MPSV Botnica) Operation of local ferry lines to the • 10-year agreement with the state for main islands winter until Q2 2022 • 2 routes with 5 ferries • Off-shore and other projects in summer • 10-year agreement with the state until Q3 2026 Waste Management • Joint venture AS Green Marine 5 Ice-breaker Where we operate Botnica FROM HARBOURS Tallinn TO VESSEL OPERATIONS Muuga Harbour Old City Harbour Old City Marina PaldiskiSouth Harbour Ferry transfer to islands Saaremaa Harbour Revenue Structure & Main Customers Revenue 2019 Passenger harbours Cargo harbours Regular lines Cruise Terminal operators Shipping lines 31% 38% 7% 24% (2) Adj. EBITDA 2019 Other Ferry Botnica 30% Clients 44% Republic of Estonia 19% Republic of Estonia 7% 7 Revenue model Passenger harbours 2019 Contribution Revenue 38% Rental Income 4% 4% • Fixed lease income from operators using PoT’s land premises 3% (commercial operators e.g. shops, restaurants) Adjusted EBITDA Cargo Charges 44% 34% • Pre-agreed tariffs for ro-ro cargo carried on ROPAX vessels Passenger Fees • Passenger fees per passenger based on public price list Key CustomersCruise • Line and Cruise passenger fees are based on similar model, but Regular Lines have different tariffs Vessel Charges 55% • Tonnage charges based on gross tonnage separately for each call of the vessel based on public price list Cruise • Waste fee based on vessel gross tonnage for each vessel call, in case of passenger ships for one call per day • Mooring charge based on the gross tonnage of the vessel 8 Revenue model Cargo harbours 2019 Contribution Revenue 31% 3% Sales of Electricity • Calculated based on the readings of customers electricity meters 12% Adjusted EBITDA Rental Income • Fixed lease income from operators using PoT’s land and facilities 30% 23% Cargo Charges 14% • Pre-agreed tariff based charges (volume x tariff = charge) • Cargo charges agreed separately from operator to operator Key CustomersCruise • Contractual penalties if terminal operators fail to handle pre- Terminal Operators agreed minimum amounts of cargo 48% Vessel Charges • Tonnage charges based on vessel gross tonnage Shipping Lines • Waste fee • Mooring 9 Revenue model Ferry business Contract Means of 2019 Contribution Voyage Fee (per each voyage) Revenue Income Payments • Coverage of variable ope- 24% rating cost (mostly fuel) • Indexed quarterly to fuel ~ 20% price (90%) and annually to ~ 38% Ticket Sales Adjusted EBITDA CPI (10%) 19% Indexed Fixed Fee (monthly) ~ 30% • Coverage of fixed ope- rating cost State Subsidy • Indexed annually to CPI CustomerCruise (65%) and the Estonian • Delta between wage inflation index (35%) ~ 62% contract income ~ 50% and ticket sales Fixed Fee (monthly) • Paid monthly • Coverage of capital and interest cost State of Estonia Contract Collection 10 Competitive position and strategy 4th biggest passenger port in Northen Europe Finland PAX: consecutive growth for 12 years Helsinki Oslo Norway Sweden St. Petersburg 10.64m Stockholm Tallinn 11 60 Estonia PAX 10 0,7 Russia Latvia 9 1 50 Other • 2h voyages to Helsinki 10-15x per day Million • Mini-cruises to Stockholm 8 Cruise (trad.) • Mini-cruises to St. Petersburg 40 • New Muuga-Vuosaari line 2019 Lithuania 7 Tallinn-St. Petersburg Belarus • Ca 660th cruise ship PAX, 345 calls 6 30 Tallinn-Stockholm 5 9 Tallinn-Helsinki 4 20 Top 5 PAX Ports in Northern Europe in 2019(millions) 3 PAX H revenue 2 Helsinki 12,2 10 Finland 1 Stockholm 12,1 0 0 Sweden 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Dover 10,9 UK Natural Blue chip ✓ ✓ 10,6 monopoly customers Estonia Calais 8,5 France 12 Cargo - Cargo volume and revenue change of 45 60 business 40 50 model 35 30 40 tons 25 • Revenue resilient despite mEUR decrease in volumes mln 30 20 Revenue • Less dependency on Russian volume transit cargo 15 20 o 2007 – political conflict between 10 Estonia and Russia 10 o 2012 – Russian Ust-Luga port starts 5 operations 0 0 o 2014 – sanctions against Russia, 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 ship-terminal-ship model Liquid bulk Dry bulk General cargo Containers Ro-ro Cargo H revenue [R] 13 Cargo logistics chain developments Rail Baltica 2026 • A shift from East-West to North- http://www.railbaltica.org/ South cargo flows • New operators/owners and business models • Cooperation with Helsinki and other ports • EU TEN-T network connection • China Belt and Road connection • Digitalisation 14 New: MPG AgroProduction Vopak E.O.S.→ (oil seed complex), New: Bulk&Tank Liwathon E.O.S. in progress (liquid bulk) (dry bulk, break bulk), in progress Oiltanking→ Olerex New: PK Terminal (liquid bulk) (dry bulk, break bulk) Transiidikeskus → HHLA TK (containers) Stivis→ Baltic Maritime Rail Baltica Logistics Group freight terminal, (dry bulk, break bulk) in progress MUUGA HARBOUR New projects, cargo operators and owners 15 Ferry business Growing volumes (mln) 3 35 mln 2,5 30 EUR 2,4 25 2 2,2 2,3 • Subsidiary TS Laevad 2,0 2,1 2,1 20 1,5 1,0 1,0 15 1 0,8 0,9 1,0 • Operating 5 vessels on 2 routes 0,9 10 0,5 5 0,4 • Agreement with the State until 0 0,2 0 Sept 2026 PAX (TS) veichles (TS) PAX (other) veichles (other) Ferry revenue [R] • Additional trips on summer peak-time Estonia Mainland Hiiumaa Rohuküla Heltermaa Virtsu Kuivastu Saaremaa 16 MPSV Botnica charter 14 300 12 250 10 MPSV Botnica 200 8 150 6 100 Charter days 4 Revenue Revenue EURmln • Subsidiary TS Shipping 2 50 0 0 2013 2014 2015 2016 2017 2018 2019 • Agreement with the State for Charter days Revenue icebreaking in winter until Apr 2022 • Summer charters (May-Nov): o 2018-2022: Baffinland Iron Mines. Ice management and escort service for iron ore shipments from Baffin island. o 2014: Karmorneftegaz (Rosneft + ExxonMobil). Support of drilling campaign at the Kara Sea. o 2013: NDE Offshore, Siemens. Air diving works in the North Sea renewables sector. 17 Green solutions • Dues discount for vessels based on ESI index • 93% of ship generated waste reused in the circular economy • Waste water reception via pipeline from PAX ships • On-shore Power Supply • Auto-mooring system • E-Nose system in Muuga • LNG bunkering for ROPAX ships • Silver quality label in CSR, ISO 14001 18 COVID-19 main impacts • PASSENGER H: strong downturn from March 2020, no cruise calls. Temporary restrictions for passenger movement, ro-ro cargo keeps ROPAX vessels moving • CARGO H: volume growth in 9M, possible downturn in some cargos depending on overall economy; temporary lines in Paldiski • FERRY: no significant effect • OTHER: no significant effect Investments continue. Hold-back in repairs and personnel costs Maritime and logistics sector MEGATRENDS VISION Environmentally Unmanned vessels friendly vessels Fully automated terminals and Cost efficiency multimodality Digital data exchange Digitalisation and automation Sustainable port Environmental Client experience requirements 20 Growth opportunities Passengers • Line traffic development – Muuga-Vuosaari line also for passengers • Passenger terminals renovation • Cruise terminal construction • Service speed and quality - Smart Port and traffic management systems, auto-mooring 21 Growth opportunities Cargo • Trade increase Scandinavia- Mediterranean (incl. Rail Baltica) • Belt and Road (e-trade, distribution center) • Green energy and container goods market growth • Increased cooperation and further digitalization of the logistics chain • Available existing capacity for growth 22 Growth opportunities Shipping Ferry service: • 3rd ferry on Saaremaa line • Efficiency of operations • New routes Icebreaking/offshore: • MPSV Botnica summer charter (increasing demand) 23 Growth opportunities - Prime Real Estate in Tallinn City Centre Real estate Tallinn Old City Harbour development plan Masterplan 2030+ Plot 2 Old City Harbour • Detail planning process ongoing Plot 1 with 5 areas • 2 Total build up area of 240 000 m Plot 3 gross area + extension possibility by Plot 5 land reclamation Development of the industrial parks Old Town in Muuga (76ha) and Paldiski (34ha) and providing additional value Commercial use Commercial and Residential use Total land area (for real estate) of 16.2 ha 24 Tallinn Old City Harbour „Masterplan 2030+“ Future vision by Zaha Hadid Architects 25 Trading Share price (EUR) 2,40 1500 2,20 1000 of the share 2,00 1,80 500 Listed on Nasdaq Baltic Main list 1,60 1,40 0 • In TOP3 most traded shares in the Baltics TSM1T (L) OMXBBGI (R) • Stable shareholder structure EST PF&IF • Market capitalisation
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