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) Harbour 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 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 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 Rohuküla

Heltermaa

Virtsu Kuivastu Saaremaa

16 MPSV Botnica charter 14 300

12 250 10 MPSV Botnica 200 8 150 6

100 Charterdays

4 Revenue Revenue EUR mln • 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 EUR 447 mln (20.10.2020) BALTIC funds (LV, LT) 8% (6%) 2% (2%) • Free float 33%, i.e. 86.7 million shares EST retail • Analyst coverage: Citi, ERSTE, Carnegie, SEB, 11% (7%) Swedbank, LHV, Enlight Research INT funds 8% (14%) Estonian State 67% (67%) EBRD 4% (4%)

*as at 30.09.2020 compared to 12.06.2018 in brackets 26 Experienced Management and a Supportive Governance Framework

Management Board Main objectives of the State as majority shareholder:

To function as the maritime vehicle and the Strategic driver of strategic initiatives in the Estonian logistics sector

To operate efficiently and profitably in order Financial to support stable and growing dividends

Valdo Kalm Marko Raid Margus Vihman CEO CFO CCO Trans- To set the standard for best-practice Joined: 2016 Joined: 1997 Joined: 2016 parency business culture

Previously CEO of Various managerial Several executive Eesti Telekom positions within PoT positions at various organisations

Supervisory Board selected through a Supervisory Board / Board of Directors comprehensive and transparent selection 6/8 independent members process (Nomination Committee proposal) to ensure independent majority 27 Substantial Cash Flow Generation

…with Major Investments Strong Margins… Completed in Recent Years

Adjusted EBITDA(1) & Margin Capex €65m €74m €74m €43m €63m €66m €67m €36m €29m €14m 67% 64% 55% 57% 57% 2015 2016 2017 2018 2019 Ferries Other investments

2015 2016 2017 2018 2019 ✓ 4 newbuild ferries, 1 used ✓ Upgrade of passenger quays

Moderate EBITDA growth driven by shipping ✓ ✓ Passenger terminal D ✓ Old City Harbour traffic solution

✓ Margin evolution driven by changing business mix Expected average annual capex 20-25 mEUR

Source: Company. 28 Note: (1) 2016 financial information has been restated to reflect the impact of new International Financial Reporting Standards applicable to the Company from FY 2017 onwards. Dividend stock Dividends paid Equity story 120 450% 105 400% 100 • Expectations of the State as the 350%

majority shareholder for continuous 80 300% stable dividends

250% mEUR 60 48 200%

DIVIDEND POLICY Dividend 40 35 35 150% profit year of last % 31 • Min EUR 30M annually in 2019 and 2020 30 100% • starting 2021 at least 70% of net profit 20 70% 50%

0 0% Income tax 20% or 14% ,gross-up, based on dividends 2015 2016 2017 2018 2019 2020

29 Volumes & financial results Volumes

Passengers Cargo

12000 25 10 619 10 639 20.6 10000 638 660 19.9 1009 933 20 8297 1,9 1,8 8000 641 3,9 15.5 4,5 715 15 14.3 1,4 1,4 6000 3,1 5,4 5,4 3,2

Milliontons 10 8797 8798 3703 4,1 Thousand PAX Thousand 4000 4,0 6747 138 5 8,8 2000 7,6 6,6 3401 5,2

0 0 2018 2019 2019 9M 2020 9M 2018 2019 2019 9M 2020 9M

Tallinn-Helsinki Tallinn-Stockholm Muuga-Vuosaari Liquid bulk Ro-Ro Dry bulk Containers General cargo Tallinn-St.Petersburg Cruise (traditional) Other

31 Results of the Group (1/2)

In thousand EUR 2018 2019 6M 2019 6M 2020 Revenue 130 635 130 536 61 350 50 289 Operating profit 52 075 51 679 24 731 15 113 Adjusted EBITDA 74 380 74 292 35 706 26 394 Depreciation, amortisation and -22 345 -23 037 -11 193 -11 912 impairment Income tax -26 199 -5 764 -5 764 -4 913 Profit for the period 24 423 44 404 18 199 9 151 Investments 14 251 29 484 11 070 17 382

Number of employees (average) 496 492 487 471 Cargo volume (th tons) 20 608 19 931 10 009 10 235 Number of passengers (th) 10 619 10 639 4 697 2 083 Number of vessel calls 7 652 7 855 3 671 3 197 32 Results of the Group (2/2)

In thousand EUR 2018 2019 6M 2019 6M 2020 Operating profit/revenue 39.9% 39.6% 40.3% 30.1% Adjusted EBITDA/revenue 56.9% 56.9% 58.2% 52.5% Profit for the period/revenue 18.7% 34.0% 29.7% 18.2% EPS: Profit for the period/weighted average number 0.11 0.17 0.07 0.03 of shares (EUR) Equity/number of shares (EUR) 1.40 1.43 1.33 1.35 Profit for the period/total assets 3.9% 7.1% 3.0% 1.4% Profit for the period/equity 6.6% 11.8% 5.2% 2.6%

In thousand EUR at period end 2018 2019 6M 2020 Total assets 623 639 625 532 640 662 Net debt 171 049 172 663 160 132 Equity 367 674 377 018 355 994 Number of shares (th) 263 000 263 000 263 000 Share price 2.04 1.99 1.92 33 Cash Flow and Financial Position

Financial position Cash Flow statement 700 In thousands 2018 2019 6M 2019 6M 2020 600 Cash from operating 57 113 63 419 31 484 26 610 500 activities 356 377 Cash used in investing 400 -12 325 -28 244 -10 159 -13 257 activities 579 584 300 Free cash flow (FCF) 44 788 35 175 21 325 13 353 80 41 200 Cash from/used in -9 179 -42 555 -39 350 -4 205 financing activities 100 208 204 11 12 35 44 NET CASH FLOW 35 609 -7 380 -17 925 9 148 0 31.12.19 31.12.19 30.06.20 30.06.20 NET DEBT (at period 171 049 172 663 185 591 160 132 Cash Other current assetes end) Non-current assets Debt Other liabilities Equity 34 Revenue generation by segments

140

8,9 9,8 120 4,6

30,1 30,8 100 27,1

80 Other 39,8 41,7 40,1 4,8 5,3 1,5 mEUR 13,0 Ferry 60 4,3 8,4 13,9 Cargo harbours 14,8 4,6 23,3 24,1 22,2 40 14,4 Passenger harbours 2,2 20,0 6,7 49,9 49,9 49,8 1,8 20 18,7 11,9 6,7 33,3 32,4 32,8 22,3 12,0 12,5 14,9 0 5,9 2017 2018 2019 6M 2019 6M 2020 2017 2018 2019 6M 2019 6M 2020 Revenue EBITDA

35 Thank You!

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