SUMMARY 16 November 2018

Aktsiaselts Grupp Listing of Finnish Depositary Receipts on

This summary document (the “Listing Summary”) has been prepared in connection with the secondary listing of AS Tallink Grupp, a public limited liability incorporated under the laws of , in which AS Tallink Grupp’s shares are listed on the main list of Ltd (“Nasdaq Helsinki”) in the form of Finnish share depositary receipts (each a “Depositary Receipt” or “FDR”) (the “Listing”). AS Tallink Grupp’s shares are listed on the Baltic Main List of Nasdaq AS (“”) under the symbol TAL1T. The total number of AS Tallink Grupp’s shares is 669 882 040 and the closing price of the share was EUR 0.994 on 15 November 2018. In this Listing Summary, any reference to “Tallink”, the “Company” or the “Group” means Tallink together with its subsidiaries on a consolidated basis, except where it is clear from the context that the term means AS Tallink Grupp or a particular subsidiary or business segment only.

The Supervisory Board of the Company resolved on 21 May 2018 to approve the secondary listing of the Company’s shares on the main list of Nasdaq Helsinki and to authorize the Management Board of the Company to commence the preparations of the secondary listing. On the basis of such authorization, the Management Board of the Company resolved on 1 November 2018 to approve the Listing as well as to submit a listing application to Nasdaq Helsinki for the secondary listing of Tallink’s shares on the main list of Nasdaq Helsinki in the form of FDRs. On 16 November 2018, the Management Board of the Company approved this Listing Summary. Following the Listing, the Company’s shares will continue to be listed also on Nasdaq Tallinn. The Company does not offer or issue any new shares in connection with the Listing. The main purpose of the Listing is to further improve the Company’s visibility and to make the Company’s shares more widely accessible to investors, as well as to increase trading volumes and facilitate more efficient price formation of the Company’s shares. The Company is expected to submit an application to Nasdaq Helsinki on or about 19 November 2018 for the FDRs to be listed on the main list of Nasdaq Helsinki with the trading code TALLINK. The application relates to all the FDRs corresponding Tallink shares issued as at the date of this Listing Summary. Trading in the FDRs on the main list of Nasdaq Helsinki is expected to commence on or about 3 December 2018. OP Corporate plc is acting as the Finnish financial advisor and Swedbank AS as the Estonian financial advisor to the Company in connection with the Listing and issuance of FDRs.

Tallink has appointed Bank Abp as the issuer of the FDRs (“Nordea” or the “FDR Issuer”). The FDRs are issued in the Finnish book-entry system. One FDR entitles its holder to one share of the Company, and it may be converted into one share of the Company according to the FDR terms and conditions. A number of the Company’s shares corresponding to the number of the outstanding FDRs are held in custody by the sub-custodian bank appointed by the FDR Issuer in Estonia in the name of the FDR Issuer and for the account of the FDR holders. As at the date of this Listing Summary, the sub-custodian bank of the FDR Issuer in Estonia is Swedbank AS. An FDR is a form of right that has been issued as a book-entry in accordance with Chapter 5 of the Finnish Act on Book-Entry System and Settlement (348/2017, as amended) and registered into the Finnish book-entry system. An FDR is a security as defined in Chapter 2, Section 1, subsection 1 of the Finnish Securities Markets Act (746/2012, as amended) (the “Finnish Securities Markets Act”). In this document all the references to the issuer are references to the Company, except where it is clear from the context that the term means Nordea as the FDR Issuer. The Company has on 31 October 2018 entered into a market making agreement with Nordea Bank Abp’s Danish branch (the “Market Maker”) concerning certain market making activities to be provided by the Market Maker in respect of the FDRs.

No offering of FDRs or other securities of the Company is made on the basis of this Listing Summary in connection with the Listing in any jurisdiction. Ahead of the Listing, the Management Board of the Company resolved on 1 November 2018 to reward certain employees in Tallink Silja Oy and Tallink Silja AB (the “Target Employees”) with an FDR bonus in and Sweden (the “Employee Offering”). The Company has received FDR bonus acceptance forms from in total of 271 Target Employees. As a result, the Company will allocate in total up to 203 250 FDRs to the Target Employees pursuant to the Employee Offering. These bonus FDRs will also be listed on Nasdaq Helsinki as a part of the Listing. The Company has also agreed with Nasdaq Helsinki on the possibility to provide a one-off tranche of FDRs from treasury worth of approximately EUR 300 000 following the commencement of trading in the FDRs (the “Liquidity Tranche”). The possible offering of the Liquidity Tranche will be carried out in accordance with the applicable exemption from preparing the prospectus, and it is not carried out on the basis of this Listing Summary.

The FDR Issuer has agreed on not to charge the conversion fees from the Company’s shareholders amounting EUR 120, resulting from the conversion of their shares into FDRs, for a certain period of time (the “Free FDR Conversion Period”). During the Free FDR Conversion Period, one free conversion event is offered per book-entry account. However, the fees of the account service providers of Tallink shareholders will be charged from the Tallink shareholders. The Free Conversion Period commences on or about 19 November 2018 at 12.00 noon Finnish time and ends on or about 29 November 2018 at 6.00 pm Finnish time, provided that the Free FDR Conversion Period is not extended. Further details will be specified in a release.

This Listing Summary is not an offer to sell or solicitation to purchase FDRs or other securities of Tallink in any country. The FDRs or other securities of Tallink have not been nor will they be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States, and as such, and they cannot be offered or sold directly or indirectly in the United States (as defined in Regulation S of the U.S. Securities Act), unless they have been registered under the U.S. Securities Act or pursuant to an exemption from the registration requirements of the U.S. Securities Act and in compliance with any applicable state securities laws of the United States.

The distribution of this Listing Summary may be restricted by law in certain jurisdictions. This Listing Summary may not be sent to any jurisdiction in which it would not be permissible. Neither OP Corporate Bank plc nor Swedbank AS accept any legal responsibility whatsoever for the Listing Summary or the FDRs.

For certain risk factors related to Tallink or the FDRs, see “Section D - Risks” of this Listing Summary.

OP Corporate Bank plc Swedbank AS Finnish Financial Advisor to AS Tallink Grupp Estonian Financial Advisor to AS Tallink Grupp

Regulation applicable to the Listing Summary. This Listing Summary has been prepared in accordance with the Finnish Securities Markets Act, European Commission Regulation (EC) No 809/2004 (as amended) (the “Prospectus Regulation”) implementing Directive 2003/71/EC of the European Parliament and of the Council concerning information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements (the “Prospectus Directive”), European Commission Delegated Regulation (EU) No 486/2012 (as amended) amending Regulation (EC) No 809/2004 as regards the format and the content of the prospectuses, the base prospectuses, the summary and the final terms and as regards disclosure requirements (the “Commission Regulation 486/2012”), Decree 1019/2012 of the Ministry of Finance on the Prospectus Referred to in Chapter 3-5 of the Finnish Securities Markets Act, and the regulations and guidelines issued by the FIN- FSA.

Exemption from preparing a prospectus. This Listing Summary is not a prospectus. The Company has received an exemption from the Finnish Financial Supervisory Authority (the “FIN-FSA”) from the obligation to publish a prospectus in connection with the Listing, pursuant to Chapter 4, Section 5, subsection 2 of the Finnish Securities Markets Act. The FIN-FSA has not approved the Listing Summary and is not liable for the correctness of the information presented therein. The journal number of the FIN-FSA’s exemption decision is FIVA 60/02.05.04/2018. The Company has prepared this Listing Summary and is legally responsible for its contents according to and within the limitations of the Finnish Securities Markets Act.

Availability of the Listing Summary and other Company materials; no incorporation by reference. This Listing Summary has been prepared in Finnish and translated into English. In case of any discrepancies, the version is decisive. Both language versions of this Listing Summary are expected to be available in electronic form on the Company’s website at www.tallink.com/nasdaq-helsinki, and in Finnish on OP Financial Group’s website at www.op.fi/listautuminen, on or about 19 November 2018. Printed copies of both language versions of this Listing Summary are expected to be available at the Company’s headquarters at Sadama 5/7, 10111 Tallinn, Estonia, and printed copies of the Finnish language version are expected to be available at the service point of Nasdaq Helsinki at Fabianinkatu 14, FI-00100 Helsinki, Finland, on or about 19 November 2018. The English-language Offering Memorandum relating to the initial public offering of the Company, dated 18 November 2005, and the Offering Memorandum relating to the Company’s share issue, dated 8 August 2006, are expected to be available in electronic form on the Company’s website www.tallink.com/nasdaq-helsinki on or about 19 November 2018. The financial information of the Company is available in English at www.tallink.com/reports and stock exchange releases of the Company are available in English on at www.tallink.com/stock-exchange-releases. Information presented in any of the above-mentioned websites or any other website is not part of this Listing Summary, and prospective investors should not rely on such information.

Restrictions on reliance. Prospective investors should rely solely on the information contained in the Listing Summary as well as on the stock exchange releases published by Tallink. No one has been authorized to provide any information or give any statements other than those provided in the Listing Summary. Delivery of the Listing Summary shall not, under any circumstances, indicate that the information presented in the Listing Summary is correct on any day other than the date of the Listing Summary, or that there would not be any changes in the business of Tallink after the date of the Listing Summary. Information given in the Listing Summary is not a guarantee or grant for future events by Tallink, and shall not be considered as such. Unless otherwise stated, any estimates with respect to market development relating to Tallink or its industry are based upon the reasonable estimates of the Company’s management. The possible offering of the Liquidity Tranche will be carried out in accordance with the applicable exemption from preparing the prospectus, and it is not carried out on the basis of this Listing Summary.

No offering of securities. This Listing Summary is not an offer to sell or solicitation to purchase FDRs or other securities of Tallink in any country. No FDRs or any other securities of Tallink are offered or sold under this Listing Summary, and no action has been or will be taken to register or permit public offering of FDRs in any jurisdiction whatsoever. Ahead of the Listing, the Employee Offering was made solely to the Target Employees in Finland and Sweden subject to and in compliance with the respective exceptions concerning employee offerings provided in Chapter 4, Section 3, subsection 3, item 3 of the Finnish Securities Markets Act and the Swedish Financial Instruments Trading Act (SFS 1991:980) (Sw. Lag (1991:980) om handel med finansiella instrument), Chapter 2, Section 5, sixth paragraph.

No unlawful distribution of the Listing Summary. The distribution of this Listing Summary may be restricted by law in certain jurisdictions. Tallink requires that any person who receives this Listing Summary into their possession acquire adequate information of these restrictions and comply with them. Tallink accepts no legal responsibility for persons who violate these restrictions, irrespective of whether this person is Tallink’s shareholder or not. Correspondingly, this Listing Summary or release or any other material related to the Listing or the FDRs may not be delivered or published in or into any jurisdiction unless the laws and regulations of such jurisdiction are complied with. Failure to comply with these restrictions may result in violation of applicable securities laws.

Prospective investors shall consult their own advisors. Prospective investors must not construe the contents of this Listing Summary as legal, investment or tax advice. Each prospective investor should consult their own counsel, accountant or business advisor as to legal, investment and tax advice and related matters pertaining to the Listing or the FDRs, if they deem it necessary.

Forward-looking statements. Certain statements in this Listing Summary are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company’s management, and such statements may constitute forward-looking statements. Among others, the words “believe”, “expect”, “anticipate”, “intend” or “plan” and similar expressions identify certain of such forward- looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company, or industry results, to differ even materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, those discussed in “Section D - Risks” in this Listing Summary. The list of risks discussed in “Section D - Risks” is not exhaustive and new risks may emerge from time to time. Should one or more of these or other risks or uncertainties materialize, or should any underlying assumptions prove to be incorrect, the actual results of operations or financial condition of the Company could differ materially from those described in the Listing Summary as anticipated, believed, estimated or expected.

Legal matters. Certain legal matters in connection with the Listing will be passed upon for Tallink by Roschier, Attorneys Ltd with regard to the Finnish legislation and Ellex Raidla Advokaadibüroo OÜ with regard to the Estonian legislation.

SUMMARY

Summaries are made up of information required by regulation known as “elements”. These elements are numbered in Sections A – E (A.1 – E.7). This Listing Summary contains all the elements required to be included in a summary for this type of securities and issuer. Because some elements are not required to be addressed, there may be gaps in the numbering sequence of the elements. Even though an element may be required to be inserted in the summary because of the type of securities and issuer, it is possible that no relevant information can be given regarding the element. In this case a short description of the element is included in the summary with the mention of “not applicable”.

Section A — Introduction and warnings

A.1 Warning The Company has received an exemption from the FIN-FSA from the obligation to publish a prospectus pursuant to Chapter 4, Section 5, subsection 2 of the Finnish Securities Markets Act, and therefore the Company only publishes this Listing Summary, which is, despite its name, a standalone document instead of a summary of a full prospectus. Where a claim relating to the information contained in this Listing Summary is brought before a court, the plaintiff investor might, under applicable law, have to bear the costs of translating this Listing Summary before legal proceedings are initiated. Tallink assumes civil liability in respect of this Listing Summary only if it is misleading or inaccurate or inconsistent when read together with Tallink’s other disclosures (Tallink’s financial information is available in English at www.tallink.com/reports, and stock exchanges releases are available in English at www.tallink.com/stock-exchange-releases), or if it does not provide, when read together with Tallink’s other disclosures, key information in order to aid investors when considering whether to invest in the securities of the Company. A.2 Information to Not applicable. be provided regarding consent by the issuer or person responsible for drawing up the summary for the use of intermediary financial organizations

Section B — Issuer

B.1 Legal and The Company’s legal name is Aktsiaselts Tallink Grupp (AS Tallink Grupp) and Commercial it operates commercially under the trade marks Tallink, Silja Line and Club One. Name The legal and commercial name of the FDR Issuer is Nordea Bank Abp. B.2 Domicile/Legal The Company is a public limited liability company (in Estonian: aktiaselts) Form/Legislation/ incorporated and domiciled in Tallinn, Estonia, established on 21 August 1997 Country of and regulated by the Estonian Commercial Code (in Estonian: äriseadustik) and Incorporation supplementing Estonian laws and regulations. Since 9 December 2005, the shares of AS Tallink Grupp have been listed on Nasdaq Tallinn where the shares are traded under the symbol TAL1T. The ISIN code of Tallink’s shares is EE3100004466. Tallink has a single share class.

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The FDR Issuer is a public limited liability company incorporated and domiciled in Helsinki, Finland, established on 27 September 2017 and regulated by the Finnish Limited Liability Act (in Finnish: osakeyhtiölaki, 624/2006, as amended) and supplementing Finnish laws and regulations. B.3 Key factors Overview relating to the The Group is the leading1 European ferry operator in offering high quality mini- issuer’s current cruise and passenger transport services in the Northern Baltic Sea region as well operations and as a leading2 provider of ro-ro cargo services on selected routes. The Group principal provides its services on various routes between Finland and Sweden, Estonia and activities Finland, Estonia and Sweden, as well as Latvia and Sweden under the brand names of “Tallink” and “Silja Line”. The Group owns a total fleet of 14 vessels that include cruise ferries, high-speed ro-pax ferries and ro-ro cargo vessels. 11 core vessels consist of cruise ferries and ro-pax ferries. Additionally, the Group operates two ro-ro cargo vessels and owns one vessel chartered out. Further, the Group operates three hotels (prior to 15 November 2018 four hotels) in Tallinn and one hotel in Riga in leased premises. The Group also operates 15 shops and one restaurant in Estonia. The Group’s revenue has grown at a CAGR3 of 1.1 percent between 2015 and 2017. Strategy The Group’s vision is to be the market pioneer in Europe by offering excellence in leisure and business travel and sea transportation services. The Group has set the following long-term goals for itself for increasing the Group’s value and profitability:  Increase volumes and strengthen market position;  Strive for the highest level of customer satisfaction;  Optimal debt level that allows sustainable dividends;  Cost-efficient operations;  Develop a wide range of quality services for different customers and to pursue new growth opportunities. The Group’s main strategic cornerstones and competitive advantages for successful and profitable operations are modern fleet, a wide route network, strong quality brands, high safety and environmental standards, loyal customer base, comprehensive offering, and extensive sales network.

1 Measured by market share of passengers in the maritime passenger transport services in the Northern Baltic Sea region including Estonia- Finland, Finland-Sweden (incl. the Åland Island routes), Estonia-Sweden, Latvia-Sweden, Finland-Russia, and Estonia-Russia in 2017. Source: Company information for the Company’s passenger volumes; ShipPax MARKET:18 (reflects year 2017), except for management estimates for Navirail on Estonia-Finland route and BSL/DFS on Estonia-Sweden route as well as Port of Helsinki statistics for Finland-Russia route and statistics for Estonia-Russia route. 2 Measured by market share of cargo units on the Company operated routes between Estonia-Finland, Helsinki-Stockholm, and - Stockholm. Source: Company estimates; Company information for the Company’s and ’s cargo unit volumes and ShipPax for Eckerö Line and Finnlink cargo unit figures. 3 CAGR = (Ending value / Beginning value) ^(1/ (end year – beginning year)) -1.

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The following graphic presents a summary of Tallink’s strategic cornerstones:

(1) The arithmetic mean of the 11 core vessels’ ages is approximately 17 years. (2) Based on brand tracking surveys commissioned by Tallink and conducted by Annalect Finland on brand awareness, image and preference (continuous tracking since August 2016) the brands were ranked the highest in image and preference towards the brand categories in Estonia, Finland, and Sweden.

Key highlights The key highlights of Tallink are as follows: Well established platform Tallink is a market leader in passenger transport services in the Northern Baltic Sea region with a market share of 47%.4 The Group has a large, modern and high- quality fleet of 14 vessels with its 11 core vessels having a market value weighted average age of 14 years as at 30 June 2018. This enables the Company to benefit from scale and flexibility from optimizing its fleet utilization as well as to offer its customers a quality experience. Fleet book value amounted to EUR 1 269 million at the end of year 2017. Fleet quality is maintained through regular maintenance as well as a vessel renovation program launched in 2014. The vessels are operated in accordance with the MARPOL convention aiming to keep air and sea pollution at the lowest practicable level and the Group operates under a zero spill to the sea policy. The latest addition to the Company’s fleet, LNG-fueled Megastar, utilizes several energy saving technologies. The Company’s wide route network and frequent departures add convenience to customers. The Group offers frequent departures and short travel time on the Tallinn–Helsinki route connecting the two countries; Star and Megastar have a crossing time of two hours. The Company has comprehensive access to port facilities with favorable connections to main channels and city centers. Efficient port operations are based on long-lasting relationships with the local ports. Strong service orientation The Company has strong service orientation with focus on high quality services and comprehensive offering. “Tallink” and “Silja Line” are strong quality brands established in 1989 and 1957, respectively. The Company has a comprehensive offering to address various customer needs and preferences. It offers end-to-end travel solutions comprising shuttle service, short and overnight cruises and passenger transportation, on-board tax-free shopping, on-board catering, hotel and travel packages, conference services, onshore shopping, as well as cargo transportation solutions. The Company has developed a wide range of own brands for catering and retail, and additionally, has a wide range of external franchises and brands. The Group’s catering approach is built on i) different concepts to cater a wide range of customer segments, ii) local and global trend following, iii) introduction of new brands and concepts not available ashore, and iv) high level of service. The Group’s retail approach is based on the following four themes: i) great brands at

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competitive prices, ii) modern environments to deliver an enticing shopping experience, iii) building on captive audience, and iv) leveraging big data in development. Tax and duty regulations currently support advantageous prices on board.5 Advantageous prices partly support passenger volumes, contributing to onboard restaurant and shop sales and thus supporting margins. The Group’s service orientation is reflected in its revenue distribution: restaurant and shop sales generated over half of total revenue, ranging from 53% in 2015 to 56% in 2016 and 2017. The Company ranked the world’s 12th largest duty free and travel retail locations measured by revenue, being the only ferry operator among airport shops in 2017.6 Stable revenue profile with future opportunities High entry barriers are reflected in the Company’s market share and past stable revenue profile. In the Company management’s view, the following aspects create high barriers to entry: i) Port capacity & departure slots: Regional port capacity and convenient departure slots are already actively utilized and thus limit the capacity for additional vessels. ii) Low substitution risk: Shuttle is superior to air travel for Tallinn–Helsinki crossing, with low cost, easy access with light security controls, central end-point locations, and two-hour crossing time at fastest as its main benefits. Favorable characteristics are also reflected in the passenger choices; out of approx. 9 million passengers in total of Tallinn–Helsinki corridor crossings in 2016, the share of ferries was 97% whereas the trips by air totaled only 0.3 million.7 For differentiated cruise offering there are no similar travel alternatives. iii) Required asset base: Significant initial investment is required for a sufficient number of vessels to enable frequent timetables. iv) Highly regulated waterways: There are strict regulatory and environmental requirements for vessels and ports of operation, in addition to a requirement for an ice-class fleet for all-year operations. v) Brand recognition: “Tallink” and “Silja Line” are strong quality brands built over decades, established in 1989 and 1957, respectively. vi) Loyalty program: The Company has over 2.3 million Club One loyalty program members enabling targeted offers and facilitating understanding of customer needs. vii) Sales infrastructure: The Company has an extensive sales network of 11 own sales offices and nearly 2 000 travel agents and tour operators worldwide. Establishing a sales and marketing network in multiple countries is an operational challenge and requires investments. The Group’s past six-year revenue profile is stable with a CAGR 2012–2017 of 0.5%. The number of passengers has grown from 9.3 million in 2012 to 9.8 million in 2017 with a CAGR 2012–2017 of 1.0%.

4 Measured by market share of passengers in the maritime passenger transport services in the Northern Baltic Sea region including Estonia- Finland, Finland-Sweden (incl. the Åland Island routes), Estonia-Sweden, Latvia-Sweden, Finland-Russia, and Estonia-Russia in 2017. Source: Company information for the Company’s passenger volumes; ShipPax MARKET:18 (reflects year 2017), except for management estimates for Navirail on Estonia-Finland route and BSL/DFS on Estonia-Sweden route as well as Port of Helsinki statistics for Finland-Russia route and Port of Tallinn statistics for Estonia-Russia route. 5 According to the current regulation, onboard consumption is excise duty and VAT free on all operating routes. Excise tax and VAT are not applicable for routes via the Åland Islands. Duty free shopping is subject to quantity limitations. For Estonia–Finland–Estonia and Latvia– Sweden–Latvia routes VAT is defined by the departure country’s VAT level, and excise tax is Estonian or Latvian excise tax, respectively. 6 Source: Generation Research 2017. 7 Source: FinEst Link Final Report, 7 February 2018.

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The following table presents the Group’s total revenue and result from operating activities in millions of EUR for the periods indicated: Result from (Millions of EUR) Revenue operating activities 2017 967 72 2016 938 72 For the financial year 2015 945 103 ended 31 December 2014 921 71 (Audited) 2013 942 83 2012 944 94 Tallink has an extensive customer reach through omnichannel marketing communications offering long-term opportunities for business development. The main customer groups include transportation, leisure, shopping, entertainment, and cargo. Via Club One loyalty program the Company reaches 2.3 million members creating further possibilities in marketing communication to the Company. The total of Club One members has been increasing from 2.0 million in 2015, to 2.2 million in 2016, and reached 2.3 million in 2017. Over the long- term, the Company may have opportunities to increase the number of new international customers. The share of passengers from countries other than Finland, Estonia, Sweden, Latvia, Lithuania, and Russia carried by the Group has grown from 11% in 2015 to 13% in 2017. Dividend potential The Group’s dividend strategy foresees that if the economic performance enables it, dividends would be paid in the minimum amount of EUR 0.05 per share. Tallink has paid out a total of EUR 161 million distributions to shareholders both dividends and share capital reduction during the period from 1 January 2013 to 16 November 2018. Details on dividend distribution and dividend payout ratio8 are shown in the following table: For the financial year ended 31 December (EUR unless otherwise stated) 2017 2016 2015 2014 2013 Dividend per share 0.03 0.03 0.02 0.02 0.03 Dividend payout ratio (%) 43% 46% 23% 49% 46% In addition, in connection with the share capital reduction in 2016, a payment of EUR 0.06 per share was made to shareholders. On 9 October 2018, the Group’s Supervisory Board gave the Group’s Management Board the instruction to prepare a proposal for the General Meeting of Shareholders 2019 to reduce the Company’s share capital by at least EUR 0.07 per share. The aim of the reduction is to improve the Company’s capital structure. The Company intends to distribute the reduced amount to shareholders. A decline in the Group’s net debt supports the updated dividend policy. Tallink’s net debt has declined from EUR 722 million in 2013 to EUR 467 million in 2015 and totaled EUR 422.3 million on 30 September 2018. In addition, Tallink’s dividend potential is supported by the Company’s experienced management with strong transportation and regional expertise, skilled personnel, and a clear strategic plan supported by unrivalled suite of competitive advantages. The following table shows the decrease in net debt between the financial year 2013 and 30 September 2018: For the nine months ended For the financial year ended 30 September 31 December (Millions of EUR) 2018 2017 2017 2016 2015 2014 2013 Net debt 422.3 635.2 472 480 467 678 722

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Products and services The Group is the market leader in the Northern Baltic Sea in the maritime passenger transport sector with a modern fleet and a variety of routes and services, from various transport and leisure products to a high speed Tallink Shuttle service between Tallinn and Helsinki.9 The Group’s offering also includes complete leisure and fun-filled short and overnight cruise experiences with possible overnight hotel and spa stays at various destinations, on-board and onshore shopping, as well as ro-ro cargo transportation services. A proportion of the Group’s products are sold as combined services and travel packages. Travel packages are tailored to suit customer preferences by market areas to the type of vessel, length of trip, use of conference services, hotel accommodation and other leisure products. All the Group’s vessels are built to accommodate a large number of passenger vehicles as well as ro-ro cargo. The majority of the Group’s vessels have been designed and built in Finnish shipyards. The Group offers its customers end-to-end travel experiences, from joyful and easy cruises or transportation between top destinations to hotel accommodation as well as taxi services through AS Tallink Takso, of which the Group owns 34%. The Group has divided its operations into six services. The following table presents the Group’s revenue by service in thousands of euros for the periods indicated: For the nine months For the financial year ended ended 30 September 31 December (thousands of EUR) 2018 2017 2017 2016 2015 Services Restaurant and shop sales on- board and on mainland 394 336 403 235 536 742 521 456 500 601 Ticket sales 191 988 191 074 242 748 236 028 227 968 Sales of cargo transportation 92 672 86 852 117 718 103 900 104 433 Sales of accommodation 15 482 16 242 20 810 19 592 18 783 Income from charter of vessels 6 006 14 469 18 802 25 507 53 473 Other 22 689 22 249 30 157 31 322 39 945 Total 723 173 734 121 966 977 937 805 945 203

Restaurant and shop sales on-board and on mainland The Group offers a wide selection of products and options including restaurants, fast food and night clubs, as well as beauty products, beverages and deli items – onboard and onshore. In addition to its onboard offering, the Group has 15 shops and one restaurant in Estonia. Together these services accounted for approximately 55.5% of the Group’s revenue in 2017. The revenue of restaurant and shop sales grew 3.5% (CAGR) from 2015 through 2017. Ticket sales Ticket sales comprises ticket sales for cruises, shuttle transports and travel packages to passengers and vehicles. It is the second largest service by revenue. Ticket sales accounted for 25.1% of the Group’s revenue in 2017. The revenue of ticket sales grew 3.2% (CAGR) from 2015 through 2017.

8 The dividend payout ratio is calculated by dividing the total dividends for financial year by the consolidated net profit of the same financial year. 9 Measured by market share of passengers in the maritime passenger transport services in the Northern Baltic Sea region including Estonia- Finland, Finland-Sweden (incl. the Åland Island routes), Estonia-Sweden, Latvia-Sweden, Finland-Russia, and Estonia-Russia in 2017. Source: Company information for the Company’s passenger volumes; ShipPax MARKET:18 (reflects year 2017), except for management estimates for Navirail on Estonia-Finland route and BSL/DFS on Estonia-Sweden route as well as Port of Helsinki statistics for Finland-Russia route and Port of Tallinn statistics for Estonia-Russia route.

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Sales of cargo transportation The Group operates mainly mixed tonnage concept vessels, which carry both passengers and ro-ro cargo, such as lorries and trailers. In addition, the Group owns two cargo vessels. The Group offers cargo service on all its routes. In 2017, cargo services accounted for 12.2% of the Group’s revenue. The revenue of cargo services rose by 6.2% (CAGR) from 2015 through 2017. Sales of accommodation The Group operates the second largest hotel chain in Estonia and the third largest in the Baltics by the total number of beds under the brand “Tallink Hotels”. In 2017, number of stays totalled 311 000. As at the date of this Listing Summary, the Group operates four hotels: Tallink City Hotel, Tallink Spa & Conference Hotel, Tallink Express Hotel and Tallink Hotel Riga (Pirita Spa Hotel operations discontinued as of 15 November 2018). Accommodation services accounted for 2.2% of the Group’s revenue in 2017. The revenue of accommodation services grew 5.3% (CAGR) from 2015 through 2017. Income from charter of vessels The Company has currently one vessel, Superfast IX (renamed Atlantic Vision), chartered out. The vessel was also the only vessel chartered out in 2017. At the end of 2016, three vessels were chartered out, whereas four vessels were chartered out at the end of 2015.10 Revenue from chartering accounted for 1.9% of the Group’s revenue in 2017. The revenue of other services decreased 40.7% (CAGR) from 2015 through 2017. Other In addition to the aforementioned services, the Group has versatile onshore and onboard services including advertising, gaming, as well as spa and beauty services. Furthermore, the Company offers a wide range of conference and business meeting services on board and in the hotels. The Group also owns 34% of AS Tallink Takso, which offers taxi service in Tallinn. In 2017, other services accounted for 3.1% of the revenue. The revenue declined 13.1% (CAGR) from 2015 through 2017. The total number of passengers carried by the Group in 2017 was approximately 9.8 million. The total number of cargo units carried exceeded 364 thousand. On the Tallinn-Helsinki route alone the Group transported around 5 million passengers a year. The passenger mix by nationality was as follows: % of passengers Nationality 2017 2016 2015 Finnish 48% 51% 50% Estonian 19% 20% 20% Swedish 12% 12% 12% Latvian 4% 3% 3% Lithuanian 2% 2% 2% Russian 2% 2% 2% Other 13% 10% 11%

The following table provides an overview of transported passengers, cargo units and passenger vehicles by route in 2017, 2016 and 2015 and for the nine-month periods ended 30 September 2018 and 2017: For the nine months For the financial year ended ended 30 September 31 December 2018 2017 2017 2016 2015 PASSENGERS Finland-Sweden 2 166 480 2 223 966 2 918 850 2 886 383 2 825 699 Estonia-Finland 3 906 696 3 845 167 5 062 635 5 077 985 4 744 708 Estonia-Sweden 813 114 793 751 1 030 490 983 196 946 832 Latvia-Sweden 623 095 576 692 743 745 509 958 458 987 TOTAL 7 509 385 7 439 576 9 755 720 9 457 522 8 976 226

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CARGO UNITS Finland-Sweden 54 144 54 311 74 409 69 167 64 309 Estonia-Finland 184 282 171 707 233 381 209 062 197 324 Estonia-Sweden 36 486 32 191 43 648 42 402 39 155 Latvia-Sweden 11 760 8 742 12 858 7 559 7 241 TOTAL 286 672 266 951 364 296 328 190 308 029

PASSENGER VEHICLES Finland-Sweden 130 321 134 929 161 909 164 184 161 772 Estonia-Finland 642 902 631 645 827 576 873 132 830 044 Estonia-Sweden 55 765 57 330 72 239 72 893 71 793 Latvia-Sweden 57 029 56 523 72 599 57 286 56 308 Total 886 017 880 427 1 134 323 1 167 495 1 119 917 The Group’s geographical Estonia-Finland segment generated 36.7% of the revenue in 2017, Finland-Sweden segment 35.7%, Estonia-Sweden 12.1%, Latvia-Sweden segment 6.9%, and the Other segment including ships chartered out by the Group, hotel operations, as well as shops and a restaurant in Estonia 8.6% of the total revenue in 2017. In addition, with four hotels and a total of over 1 000 rooms, the Group operates the second largest hotel chain in Estonia and the third largest hotel chain in the Baltics by the total number of beds. The Group operates the hotels as a tenant. Discontinuation of the Pirita Spa Hotel operations as of 15 November 2018 is due to the sale of the property by the Company’s major shareholder AS Infortar. The following table provides information on Tallink’s hotels: Name of the Hotel Location Rooms in total Opened Tallink Hotel Riga Riga; Latvia 256 2010 Tallink City Hotel Tallinn; Estonia 332 2007 Tallink Express Hotel Tallinn; Estonia 163 2009 The Tallink Spa & Tallinn; Estonia 275 2007 Conference Hotel Fleet The Group’s main revenue-generating assets are vessels, which account for approximately 80% of total assets. At the end of 2017 financial year the Group owned 14 vessels. The vessel types and operations at the end of the financial year 2017 are described in the following table:

Vessel Built/ Flag/ Other name Vessel type Renovated Ice-class Route information Silja Cruise ferry 1993/2016 Estonia/ 1A Finland- overnight Europa super Estonia cruise Star High-speed 2007 Estonia/ 1A Finland- shuttle service ro-pax Estonia Megastar High-speed 2017 Estonia/ 1A Finland- shuttle service ro-pax Estonia Sea Wind Ro-ro cargo 1972/1989 Estonia/ 1B Finland- cargo vessel /2013 Estonia transportation Baltic Cruise ferry 2009 Estonia/ 1А Sweden- overnight Queen super Estonia cruise Victoria I Cruise ferry 2004 Estonia/ 1A Sweden- overnight super Estonia cruise Regal Star Ro-ro cargo 1999 Estonia/1A Sweden- cargo vessel Estonia transportation Silja Cruise ferry 1991 Sweden/1A Finland- overnight Symphony super Sweden cruise Silja Cruise ferry 1990 Finland/1A Finland- overnight Serenade super Sweden cruise

10 Two chartered out vessels were sold in the second quarter of 2015. One chartered out vessel, the cruise ferry Silja Europa, returned to Tallink’s own operations to the Tallinn–Helsinki route on 13 March 2016. Two chartered out vessels were sold, and were handed over on 14 December 2017.

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Galaxy Cruise ferry 2006 Sweden/1A Finland- overnight super Sweden cruise Baltic Cruise ferry 2008 Finland/ 1А Finland- overnight Princess super Sweden cruise Romantika Cruise ferry 2002 Latvia/1A Sweden- overnight super Latvia cruise Isabelle Cruise ferry 1989 Latvia/1A Sweden- overnight super Latvia cruise/ Atlantic High-speed 2002 Canada/1A Chartered Former name Vision ro-pax super out “Superfast IX”/ Canada As at 31 December 2017 the book value of the ships amounted to EUR 1 269 million (EUR 1 230 million at the end of 2016). The Group’s vessels are regularly valued by two to three independent international shipbrokers who are also approved by mortgagees. All of the Group’s vessels have protection and indemnity insurance (P&I) and hull and machinery insurance (H&M) and they meet all applicable safety regulations. For information on Tallink’s ongoing fleet development projects, see Element B.7, “Recent events”. Routes The picture below shows the routes on which the Group operates:

Route Type Tallinn–Helsinki–Tallinn Passenger and cargo Helsinki–Stockholm–Helsinki (via Mariehamn) Passenger and cargo Turku–Stockholm–Turku (via Mariehamn) Passenger and cargo Tallinn–Stockholm–Tallinn (via Mariehamn) Passenger and cargo Riga–Stockholm–Riga Passenger and cargo Paldiski–Kapellskär–Paldiski Cargo Muuga–Vuosaari–Muuga Cargo

9

Personnel The following table provides a detailed overview of the Group’s personnel: As at As at 30 September 31 December 2018 2017 2017 2016 2015 Personnel

Onshore total 1 648 1 579 1 602 1 642 1 565 Estonia 919 862 869 884 835 Finland 473 478 472 489 471 Sweden 167 150 173 181 177 Latvia 71 72 71 72 66 Russia 12 11 11 11 10 Germany 6 6 6 5 6

At sea 5 132 5 133 5 093 5 030 4 788

Hotel1 600 594 616 562 613

Total 7 380 7 306 7 311 7 234 6 966 1 The number of hotel personnel is not included in the total number of onshore personnel.

B.4a Most significant Macro trends recent trends In the global context, the Baltic Sea region is one of the busiest and largest sea trip areas with total annual trips amounting to approximately 4 million with over 260 million passengers travelling.11 In comparison, the Northern Baltic Sea region (Sweden, Finland, Latvia and Estonia) population in 2017 was 18.8 million.12 All four countries, which are Tallink’s geographical home market, belong to European Union with a strong S&P credit rating.13 In 2017 the average unemployment rate in the region was 7.5%. Estonia showed the lowest unemployment rate of 5.8% following Sweden’s 6.7%, Finland’s 8.6% and Latvia’s 8.7%.14 Consumer price index ("CPI") has grown in the region with an average rate of 1.4% from 2015 through 2017. During the mentioned period, Estonia has shown CPI growth with an average rate of 2.2% following Latvia’s 1.5%, Sweden’s 1.4% and Finland’s 0.6%.15 The following table presents 2010-2017 macro indicators compound annual growth rates ("CAGR") in Sweden, Finland, Latvia and Estonia at constant prices:16 Sweden Finland Latvia Estonia Real GDP 2.4% 0.7% 3.5% 2.2% Average household disposable income/ yearly 2.0% 0.1% 4.4% 2.9% Leisure expenditure 2.6% 1.0% 6.6% 1.6% Household earnings 2.9% 0.7% 7.3% 7.3%

11 Measured by market share of passengers in the maritime passenger transport services in the Northern Baltic Sea region including Estonia- Finland, Finland-Sweden (incl. the Åland Island routes), Estonia-Sweden, Latvia-Sweden, Finland-Russia, and Estonia-Russia in 2017. Source: Company information for the Company’s passenger volumes; ShipPax MARKET:18 (reflects year 2017), except for management estimates for Navirail on Estonia-Finland route and BSL/DFS on Estonia-Sweden route as well as Port of Helsinki statistics for Finland-Russia route and Port of Tallinn statistics for Estonia-Russia route. 12 Source: Oxford Economics. 13 Source: Standard & Poor’s. 14 Source: OECD data base. 15 Source: Oxford Economics. 16 Source: Oxford Economics.

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The following table presents the CAGR of the selected private consumer spending indicators from 2010 to 2017 in Sweden, Finland, Latvia and Estonia:17 Sweden Finland Latvia Estonia Per capita transportation expenditure 1.5% 0.7% 7.7% 1.7% Per capita recreational and cultural consumer expenditure 2.1% 0.2% 6.5% 7.6% Per capita package holiday expenditure 0.7% 0.8% 16.8% 7.1% Real earnings (relative to CPI) 1.7% 0.2% 4.1% 3.8% For the last 7 years (2010-2017) oil price (USD per barrel) has fallen with a CAGR of 5.3%.18 Competitive landscape The Northern Baltic Sea region is a very competitive market. Tallink, Viking Line and Rederiaktiebolaget Eckerö (Eckerö Line belongs to Rederiaktiebolaget Eckerö and services the Tallinn-Helsinki route only) are the three largest companies providing passenger marine transport services in the region. Tallink also provides ro-ro cargo transportation services, and its main competitors that provide cargo services in the region are DFDS, Stena Line and Finnlines. Tallink is a market leader in passenger marine transport services in the Northern Baltic Sea region.19 The Group’s total revenue was EUR 967 million, result from operating activities was EUR 72 million and EBITDA was EUR 158 million in 2017, whereas Viking Line’s revenue was EUR 523 million, operating income was EUR 10 million and EBITDA was EUR 35 million and Rederiaktiebolaget Eckerö’s revenue was EUR 233 million, operating profit was EUR 16 million and EBITDA was EUR 31 million in 2017. Tallink operates a total of 14 vessels while Viking Line operates seven vessels and Rederiaktiebolaget Eckerö five vessels (Eckerö Line operates one vessel, and Rederiaktiebolaget Eckerö operates two more cruise ships and two cargo ships). Currently Tallink serves passengers on five routes (Tallinn-Helsinki, Tallinn- Stockholm, Helsinki-Stockholm, Turku-Stockholm, Riga-Stockholm) where the Company serviced approximately 9.8 million passengers in 2017. Viking Line competes with Tallink on three routes (Tallinn-Helsinki, Helsinki-Stockholm, Turku-Stockholm) and serviced total number of approximately 6.9 million passengers during 2017. Rederiaktiebolaget Eckerö competes with Tallink on one route: Eckerö Line belonging to Rederiaktiebolaget Eckerö was active on Tallinn-Helsinki route and serviced approximately 1.5 million passengers during the same year (Rederiaktiebolaget Eckerö serviced a total number of 3.1 million passengers). For Tallink, the largest route by number of passengers is Tallinn- Helsinki with approximately 5 million passengers in 2017, followed by the Helsinki/Turku-Stockholm routes with approximately 3 million passengers, Tallinn-Stockholm route with approximately 1 million passengers and Riga- Stockholm route approximately with 0.7 million passengers.

17 Source: Oxford Economics. 18 Source: Oxford Economics. 19 Measured by market share of passengers in the maritime passenger transport services in the Northern Baltic Sea region including Estonia- Finland, Finland-Sweden (incl. the Åland Island routes), Estonia-Sweden, Latvia-Sweden, Finland-Russia, and Estonia-Russia in 2017. Source: Company information for the Company’s passenger volumes; ShipPax MARKET:18 (reflects year 2017), except for management estimates for Navirail on Estonia-Finland route and BSL/DFS on Estonia-Sweden route as well as Port of Helsinki statistics for Finland-Russia route and Port of Tallinn statistics for Estonia-Russia route.

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In 2017, cargo units carried by Tallink totalled 364 thousand, exceeding Viking Line’s 128 thousand and Rederiaktiebolaget Eckerö’s 80 thousand (and Eckerö Line’s 77 thousand’s) cargo units.20 The following table presents Tallink’s market shares by number of passengers on Tallink’s passenger transportation routes in the Northern Baltic Sea region in 2015-2017:21 Viking Eckerö Linda Route Tallink Line Line Line 2017 EST-FIN (TAL-HEL) 57% 26% 17% 1% FIN-SWE (HEL-STO) (TUR-STO) 54% 46% - - EST-SWE1 (TAL-STO) 100% - - - LAT-SWE2 (RIG-STO) 100% - - - 2016 EST-FIN (TAL-HEL) 58% 23% 17% 2% FIN-SWE (HEL-STO) (TUR-STO) 54% 46% - - EST-SWE1 (TAL-STO) 100% - - - LAT-SWE2 (RIG-STO) 100% - - - 2015 EST-FIN (TAL-HEL) 56% 24% 17% 3% FIN-SWE (HEL-STO) (TUR-STO) 53% 47% - - EST-SWE1 (TAL-STO) 100% - - - LAT-SWE2 (RIG-STO) 100% - - - 1 Tallink is the only provider of daily passenger transportation on the EST-SWE (TAL-STO) route. 2 Tallink is the only provider of daily passenger and ro-ro cargo transportation on the LAT-SWE (RIG-STO) route.

In addition, Tallink has the youngest fleet comparing to its two biggest competitors Viking Line and Rederiaktiebolaget Eckerö (Eckerö Line). The average age of Tallink’s fleet is 19 years while Viking Line’s and Rederiaktiebolaget Eckerö’s average age is respectively 25 years.22 Tallinn – Helsinki tunnel According to FinEst Link Project’s study, the possible rail tunnel between Tallinn and Helsinki could have a significant impact on the passengers numbers on the route once the tunnel would be completed. In the base case scenario of the study, the total number of annual passenger on the route would increase due to the tunnel to 22.4 million passengers by 2050, as compared to 14.0 million passengers without the tunnel. In the base scenario of the study, the number of annual new train passengers would be 11.6 million passengers including 3.5 million passengers as a total shift from ferries to trains by year 2050.23

20 Source: Company information and the annual reports 2017 of Tallink, Viking Line and Rediebolaget Eckerö. 21 Source: ShipPax MARKET: 2018 report (2017 data); Linda Line annual statements for the years 2015 and 2016. 22 Source: Company information, Tallink, Viking Line, Rederiaktiebolaget Eckerö and Eckerö Line Annual Reports 2017. 23 Source: Helsinki-Tallinn Transport Link: Feasibility Study – Final Report: pages 7 and 38.

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The following table presents an estimate of the impact of the possible rail tunnel between Tallinn and Helsinki on the passenger traffic between Helsinki and Tallinn (million passengers/year):24 2050 – without

2015 2050 – with tunnel tunnel Ferry 9 10.8 14 Tunnel - 11.6 -

B.5 Group As at the date of this Listing Summary 2018, the Group consisted of 46 companies. All subsidiaries are ultimately wholly owned by AS Tallink Grupp. The following diagram represents the Group’s structure as at 16 November 2018:

Tallink Grupp AS Holding & Operating company

Ship-owning companies Sales & Operations Service companies

AS Tallink Latvija Tallink Hansaway Tallink Silja Ab SIA TLG Hotel Tallink Line Ltd Sales & Marketing OÜ TLG Hotell Ltd Sales & Marketing Latvija “Megastar” and crewing in Hotel operator “Star” in Sweden Hotel operator Latvia

OÜ Hera Salongid OÜ Tallink Travel Tallink Autoexpress Tallinn Swedish OOO Tallink Ru AS Hansatee Line Ltd Sale of beauty Club Ltd “Silja Serenade” “Silja Symphony” Sales & Marketing Cargo products Travel services “Silja Europa” “Sea Wind” in Russia Dormant

AS Tallink Duty OÜ HT Tallink Victory Tallink Sea Line AS Tallink Tallink Finland Oy Free Laevateenindus Line Ltd Ltd Riga-Stockholm Dormant Supply of goods Technical ship “Victoria I” “Galaxy” route Management & crewing

OÜ Baltic Retail Tallink High Speed Tallink Ltd AS Tallink Baltic Retail sales Line Ltd SIA HT “Romantika” Dormant “Baltic Queen” Shipmanagement Technical ship management in Latvia HTG Stevedoring Oy Hansalink Ltd Tallink Fast Ltd Stevedoring “Isabelle” “Baltic Princess” services OÜ Hansaliin Crewing

Tallinn-Helsinki OÜ Hansatee Baltic SF IX Ltd AS Tallink Scandinavian Line Ltd Kinnisvara OÜ HT “Superfast IX” “Regal Star” Holding company Lease of vehicles Meelelahutus Entertainment on ships Tallinn-Stockholm Tallink Superfast Line Ltd (in Tallink Silja Oy OÜ Mare Catering Ltd liquidation) Catering services Dormant Sales & Marketing in Finland Dormant Ingleby (1699) Ltd Process agent

Vana Tallinn Line Sally Ab Tallink Silja Gmbh Baltic SF VII Ltd OÜ Baan Thai Ltd (in liquidation) Sales agent in Sales agent in Dormant Catering services Dormant Åland Germany

Baltic SF VIII Ltd Dormant

The Group also owns 34% of Tallink Takso AS.

24 Source: Helsinki-Tallinn Transport Link: Feasibility Study – Final Report: pages 7 and 38.

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B.6 Major As at the date of this Listing Summary, the following shareholders were the shareholders biggest shareholders of the Company: Shareholder No. of Shares Shareholding, % Infortar AS 261 311 973 39.0 Baltic Cruises Holding, L.P. 107 843 230 16.1 Baltic Cruises Investment L.P. 36 931 732 5.5 ING Luxembourg S.A. AIF Account 24 829 806 3.7 Nordea Bank Abp/Non Treaty Clients 21 560 066 3.2 ING Luxembourg Client Acc 19 262 260 2.9 Citigroup Venture Capital International G.P 13 850 000 2.1 State Street Bank And Trust Omnibus Account A 12 099 341 1.8 Fund No OM01 Clearstream Banking Luxembourg S.A. Clients 9 749 291 1.5 LHV Pensionifond L 6 761 235 1.0 None of Tallink’s shareholders has control over Tallink as referred to in Chapter 2, Section 4 of the Finnish Securities Markets Act. Shareholders Agreement Certain major shareholders of AS Tallink Grupp have entered into a shareholders’ agreement in August 2006 (the “Shareholders Agreement”). The Shareholders Agreement was amended in December 2012 and the current parties to the Shareholders Agreement are Amber Trust II SCA (“Amber”), Baltic Cruises Holding L.P. (“BCH”), AS Infortar (“Infortar”), Ain Hanschmidt, Kalev Järvelill, Keijo Erkki Mehtonen and Enn Pant (Hanschmidt, Järvelill, Mehtonen and Pant jointly the “Promoters”). Material conditions of the Shareholders Agreement include the following: 1) The parties to the Shareholders Agreement have to notify each other of the contemplated increases of their shareholding in Tallink in a manner enabling all other parties to participate in the proposed transaction on a pro-rata basis with their respective holdings or give them the possibility to acquire shares from other persons on a pro-rata basis with their respective holdings. This obligation does not apply to minor acquisitions up to 0.1% per annum of the share capital of Tallink. 2) While BCH or Amber (with their affiliates) hold more than 50% of the shares in Tallink that, in the case of BCH, were held by Citigroup Venture Capital International and, in the case of Amber, were held by Amber immediately after the completion of the rights issue of Tallink in 2006, the Promoters or Infortar shall not, without the consent of BCH and Amber, sell their shares in Tallink such that their combined shareholding falls below 35%. In the event Infortar and/or the Promoters sell their shares in Tallink to a third party purchaser such that as a result of such transaction their combined holding in Tallink falls below 35%, then the seller(s) shall procure that, upon such request, BCH and/or Amber will have the opportunity to also sell their shares to the same purchaser. These restrictions do not apply in case Infortar and/or the Promoters sell their shares in Tallink to any of their affiliates. 3) The Promoters, Infortar, BCH and Amber agree to use their best efforts to ensure that, by the end of 2009, Tallink achieves a secondary listing on the London Stock Exchange, the New York Stock Exchange or the NASDAQ, or other international exchange acceptable to Infortar and CVCI and Amber. 4) BCH and Amber both have the right to present for appointment 1 member to the Supervisory Board of Tallink. Such right will only be valid while a secondary listing of the shares of Tallink has not occurred or BCH or Amber together with their affiliates holds more than 50% of the shares in Tallink that, in the case of BCH, were held by Citigroup Venture Capital International and, in the case of Amber, were held by Amber immediately after the completion of the rights issue of Tallink in 2006.

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5) Notwithstanding other provisions of the Shareholders Agreement, each member of the Supervisory Board and each shareholder of Tallink (including the parties to the Shareholders Agreement) shall remain independent in their decisions and shall not be restricted by the Shareholders Agreement or otherwise, directly or indirectly, to exercise their voting rights or any other powers available to them, in the manner which, in its own opinion, best complies with its duties under Estonian laws, any Rules of Tallinn Stock Exchange or the Corporate Governance Recommendations (in Estonian Hea Ühingujuhtimise Tava). Commitment Letter Amber, BCH, Firebird Republics Fund Ltd and KJK Fund SICAV-SIF have on 3 December 2012 concluded a commitment letter, under which Amber and its affiliates undertake not to dispose of Tallink shares if as a result of such disposal Amber and its affiliates retain in their ownership 50% or less of the Tallink shares the aforementioned persons owned on 5 September 2006 without BCH’s consent. Co-Investment Agreement In addition, BCH and Baltic Cruises Investment L.P. (“BCI”), and another shareholder, Citigroup Venture Capital International Growth Partnership (Employee) II L.P. (“CVCI”), entered on 29 June 2017 into an agreement that restricts the free transferability of AS Tallink Grupp shares (the “Co-Investment Agreement”). Material conditions of the Co-Investment Agreement include the following: 1) CVCI grants to each of BCH and BCI a right of first refusal to purchase any or all of CVCI’s Tallink shares that it may propose to sell or otherwise transfer to a party other than BCH or BCI, at the same price and on the same terms and conditions as those offered to the prospective transferee. However, such right of first refusal shall not apply to any transfer of Tallink Shares by CVCI to any of its affiliates, provided, however, that no such Transfer shall be permitted unless such affiliate shall be bound by the same terms as those applicable to CVCI under the Agreement; 2) BCH shall not sell or otherwise dispose of any Tallink shares unless CVCI is provided with an offer to sell a proportionate number of Tallink shares it holds at such time, in the same transaction, at the same time, on the same economic terms (including price) and otherwise on substantially similar terms as BCH; 3) In the event of any proposed sale or other disposition of Tallink shares by either BCH or BCI, CVCI shall sell a proportionate number of Tallink shares it holds at such time, (e.g., if either BCH or BCI sells or otherwise disposes of 20% of its Tallink shares, CVCI shall sell or otherwise dispose of 20% of Tallink shares it holds at such time in the same transaction at the same time, on the same economic terms (including price) and otherwise on substantially similar terms); 4) CVCI shall not sell or otherwise dispose of any Tallink shares unless each of BCH and BCI are provided with an offer to sell a proportionate number of Tallink shares held by BCH and BCI, respectively, at the same time, on the same economic terms (including price) and otherwise on substantially similar terms as CVCI. However, this clause shall not apply to any proposed sale or other disposition of Tallink shares by CVCI to an affiliate of CVCI. The Co-Investment Agreement terminates with (a) respect to BCI, when BCI no longer holds any Tallink shares, (b) with respect to BCH, when BCH no longer holds (directly or indirectly) any Tallink shares or (c) with respect to CVCI, when CVCI no longer holds any Tallink Shares.

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B.7 Selected The following table sets forth the Group’s consolidated income statement data historical key for the periods indicated: information For the nine months For the year ended ended 30 September 31 December 2018 2017 2017 2016 2015 (thousands of EUR) (unaudited) (audited) CONSOLIDATED INCOME STATEMENT Total revenue 723 173 734 121 966 977 937 805 945 203 Cost of Sales -573 964 -578 026 -772 372 -745 223 -721 780 Gross profit 149 209 156 095 194 605 192 582 223 423 Sales and marketing expenses -52 601 -54 182 -71 339 -72 268 -63 578 Administrative expenses -39 124 -37 234 -53 672 -50 973 -47 311 Other operating income 2 499 444 2 873 2 450 983 Other operating expenses -153 -182 -509 -184 -10 254 Result from operating activities 59 830 64 941 71 958 71 607 103 263 Financial income 7 767 7 806 12 738 10 514 12 808 Financial costs -22 176 -23 183 -33 987 -37 289 -46 964 Share of profit of equity-accounted investees 0 0 40 13 64 Profit before income tax 45 421 49 564 50 749 44 845 69 171 Current tax expense -3 612 -4 138 -4 184 -122 -8 173 Change in deferred taxes 0 0 -69 -619 -1 928 Net profit attributable to equity holders of the Parent 41 809 45 426 46 496 44 104 59 070 Other comprehensive income/expense 411 0 0 0 0 Exchange differences on translating foreign operations 302 -22 13 -469 160 Other comprehensive income/expense for the year 713 -22 13 -469 160 Total comprehensive income attributable to equity holders of the Parent 42 522 45 404 46 509 43 635 59 230 Basic, euro 0.062 0.068 0.069 0.066 0.088 Diluted, euro1 0.062 0.068 0.069 0.066 0.088 Average number of the shares, thousands 669 882 669 882 669 882 669 882 669 882 1 Basic earnings per share and diluted earnings per share (in EUR per share).

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The following table sets forth the Group’s consolidated balance sheet data as at the dates indicated: As at 30 September As at 31 December 2018 2017 2016 2015 (thousands of EUR) (unaudited) (audited and restated1) CONSOLIDATED BALANCE SHEET

ASSETS

Cash and cash equivalents 92 978 88 911 78 773 81 976 Trade and other receivables 50 341 46 466 38 674 36 583 Prepayments 15 417 5 395 7 926 5 274 Prepaid income tax 49 40 91 1 224 Inventories 37 574 40 675 38 719 29 197 Current assets 196 359 181 487 164 183 154 254 Investments in equity-accounted investees 403 403 363 350 Other financial assets 338 344 348 308 Deferred income tax assets 18 718 18 722 18 791 19 410 Investment property 300 300 300 300 Property, plant and equipment 1 272 234 1 308 441 1 304 897 1 311 418 Intangible assets 46 435 48 900 50 127 52 726 Non-current assets 1 338 428 1 377 110 1 374 826 1 384 512 TOTAL ASSETS 1 534 787 1 558 597 1 539 009 1 538 766

LIABILITIES AND EQUITY Interest-bearing loans and borrowings 161 951 159 938 106 112 81 889 Trade and other payables 100 081 95 548 106 9701 92 1701 Derivatives 26 633 29 710 0 0 Dividends payable to shareholders 2 3 4 0 Income tax liability 34 34 10 4567 Deferred income 34 084 31 429 30 895 28 906 Current liabilities 322 785 316 662 243 9911 207 5321

Interest-bearing loans and borrowings 353 281 400 968 452 793 467 447 Derivatives 0 4 688 32 359 42 863 Other liabilities 16 0 0 192 Non-current liabilities 353 297 405 656 485 152 510 502 Total liabilities 676 082 722 318 729 1431 718 0341

Share capital 361 736 361 736 361 736 404 290 Share premium 639 639 639 639 Reserves 70 038 68 946 68 774 65 083 Retained earnings 426 292 404 958 378 7171 350 7201 Equity attributable to equity holders of the Parent 858 705 836 279 809 8661 820 7321 Equity 858 705 836 279 809 8661 820 7321 TOTAL LIABILITIES AND EQUITY 1 534 787 1 558 597 1 539 009 1 538 766 1 During the reporting period 2017 the Group paid the former seafarers of Superfast vessels operating on the Finnish-German route compensation of 3 690 thousand euros due to the inactivity of the former ship-

17 owners. By analyzing the course of the proceedings, the Group concluded that it would have been correct to recognize the possible outcome of the legal dispute, which started in 2006, as a cost and a liability before the 2016 reporting period. Due to the above, the Group decided to recognize the compensation paid of 3 690 thousand euros as a correction of a prior period error. The correction of the prior period error has no effect on the current and comparative period income statements.

The following table sets forth the Group’s cash flow data as at the dates and for the periods indicated: For the nine months ended For the year ended 30 September 31 December 2018 2017 2017 2016 2015 (thousands of EUR) (unaudited) (audited) CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flow from operating activities Net profit for the period 41 809 45 426 46 496 44 104 59 070 Adjustments for: Depreciation and amortisation 58 960 64 545 86 371 77 858 78 102 Net loss on disposals of property, plant and equipment -39 1 -1 903 -83 9 164 Net interest expense 15 501 17 976 23 744 27 980 36 099 Net expense/income from derivatives -1 501 -2 305 5 631 -6 215 4 926 Gain on disposal of financial assets - - - - -186 Profit from equity- accounted investees 0 0 -40 -13 -64 Net unrealised foreign exchange gain/loss 291 -27 -7 564 4 889 -5 591 Share option programme reserve 0 0 0 -910 300 Retained earnings 411 0 0 0 0 Income tax 3 612 4 138 4 253 741 10 101 Adjustments 77 235 84 328 110 492 104 247 132 851 Changes in: Receivables and prepayments related to operating activities -13 891 -20 727 -6 707 -4 969 1 463 Inventories 3 101 -7 595 -1 956 -9 522 2 118 Liabilities related to operating activities 8 123 -5 238 -12 140 16 785 -4 139 Changes in assets and liabilities -2 667 -33 560 -20 803 2 294 -558 Cash generated from operating activities 116 377 96 194 136 185 150 645 191 363 Income tax paid -73 9 -7 -3265 553 NET CASH USED IN OPERATING ACTIVITIES 116 304 96 203 136 178 147 380 191 916

CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant, equipment and intangible assets -20 119 -212 031 -219 207 -68 638 -43 629 Proceeds from disposals of property, plant, equipment 68 224 132 448 169 115 370

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Proceeds from other financial assets 0 0 0 0 229 Interest received 2 1 1 74 74 Net cash flow in investing activities -20 049 -211 806 -86 758 -68 395 72 044

Cash flow from financing activities Proceeds from loans 0 184 000 184 000 280 000 0 Repayment of loans -49 333 -51 241 -134 321 -313 524 -133 263 Change in overdraft 0 27 580 -40 110 36 713 -59 052 Payments for settlement of derivatives -2 622 -2 698 -3 592 -4 289 -4 045 Payment of finance lease liabilities -79 -78 -102 -99 -80 Interest paid -15 448 -16 159 -20 744 -24 083 -33 210 Payment of transaction costs related to loans -1 047 -216 -216 -2 989 -1 429 Dividends paid -20 096 -20 096 -20 096 -13 398 -13 398 Reduction of share capital -1 -1 -1 -40 189 0 Income tax on dividends paid -3 562 -4 100 -4 100 -330 -2 818 NET CASH USED IN FINANCING ACTIVITIES -92 188 116 991 -39 282 -82 188 -247 295

TOTAL NET CASH FLOW 4 067 1 388 10 138 -3 203 16 665

Cash and cash equivalents at the beginning of period 88 911 78 773 78 773 81 976 65 311 Increase/decrease in cash and cash equivalents 4 067 1 388 10 138 -3 203 16 665 Cash and cash equivalents at the end of period 92 978 80 161 88 911 78 773 81 976

Segment information The Group’s operations are organized and managed separately according to the nature of the different markets, and different routes represent Tallink’s business segments. As at 30 September 2018, the Group operated in the following business segments:  Finland-Sweden route  Estonia-Finland route  Estonia-Sweden route  Latvia-Sweden route  Other segment, comprising ships chartered out by the Group (one as at 30 September 2018) as well as hotel operations (four25 in Estonia and one in Latvia as at 30 September 2018), restaurants (one in Estonia as at 30 September 2018) and shops (14 in Estonia as at 30 September 2018).

25 Of the four hotels, the Group has stopped operating Pirita SPA Hotel from 15 November 2018 as a result of Tallink's major shareholder AS Infortar selling the hotel property.

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From 2015 through 2017 the Estonia-Finland segment revenue increased 2.4% (CAGR), the Finland-Sweden segment revenue increased 1.7% (CAGR), the Estonia-Sweden segment revenue increased 6.0% (CAGR), the Latvia-Sweden segment revenue increased 25.8% (CAGR) and the Other segment revenue decreased 18.8% (CAGR). The following tables present the Group’s revenue and profit/loss before income tax by reportable segments for the periods indicated: For the nine months ended 30 September 2018 (thousands of EUR) (unaudited) Inter- Finland- Estonia- Estonia- Latvia- segment SEGMENT Sweden Finland Sweden Sweden elimi- INFORMATION route route route route Other nation Total Sales to external customers 255 198 269 346 92 115 55 088 51 426 0 723 173 Intersegment sales 0 0 0 0 7 031 -7 031 0 Revenue 255 198 269 346 92 115 55 088 58 457 -7 031 723 173 Segment result 17 491 60 993 6 975 -655 11 804 0 96 608 Unallocated expenses ------36 778 Net financial items ------14 409 Profit/Loss before income tax ------45 421

For the nine months ended 30 September 2017 (thousands of EUR) (unaudited) Inter- Finland- Estonia- Estonia- Latvia- segment SEGMENT Sweden Finland Sweden Sweden elimi- INFORMATION route route route route Other nation Total Sales to external customers 262 442 265 352 89 774 51 182 65 371 0 734 121 Intersegment sales 0 0 0 0 8 033 -8 033 0 Revenue 262 442 265 352 89 774 51 182 73 404 -8 033 734 121 Segment result 21 340 56 651 9 941 -906 14 887 0 101 913 Unallocated expenses ------36 972 Net financial items ------15 377 Profit/Loss before income tax ------49 564

For the year ended 31 December 2017 (thousands of EUR) (audited) Inter- Finland- Estonia- Estonia- Latvia- segment SEGMENT Sweden Finland Sweden Sweden elimi- INFORMATION route route route route Other nation Total Sales to external customers 344 833 354 497 117 246 66 453 83 948 0 966 977 Intersegment sales 0 0 0 0 10 237 -10 237 0 Revenue 344 833 354 497 117 246 66 453 94 185 -10 237 966 977 Segment result 18 475 77 877 10 578 -1 200 17 536 0 123 266 Unallocated expenses ------51 308 Net financial items ------21 249 Share of profit of equity-accounted investees ------40 Profit/Loss before income tax ------50 749

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For the year ended 31 December 2016 (thousands of EUR) (audited) Inter- Finland- Estonia- Estonia- Latvia- segment SEGMENT Sweden Finland Sweden Sweden elimi- INFORMATION route route route route Other nation Total Sales to external customers 337 352 353 290 110 062 44 576 92 525 0 937 805 Intersegment sales 0 0 0 0 9 944 -9 944 0 Revenue 337 352 353 290 110 062 44 576 102 469 -9 944 937 805 Segment result 15 317 75 444 11 563 6 909 11 081 0 120 314 Unallocated expenses ------48 707 Net financial items ------26 775 Share of profit of equity-accounted investees ------13 Profit/Loss before income tax ------44 845

For the year ended 31 December 2015 (thousands of EUR) (audited) Inter- Finland- Estonia- Estonia- Latvia- segment SEGMENT Sweden Finland Sweden Sweden elimi- INFORMATION route route route route Other nation Total Sales to external customers 333 263 338 183 104 360 41 964 127 433 0 945 203 Intersegment sales 0 0 0 0 10 180 -10 180 0 Revenue 333 263 338 183 104 360 41 964 137 613 -10 180 945 203 Segment result 17 207 90 255 6 371 5 319 40 693 0 159 845 Unallocated expenses ------56 582 Net financial items ------34 156 Share of profit of equity-accounted investees ------64 Profit/Loss before income tax ------69 171 Key figures Tallink monitors several key figures which it uses to measure its financial performance and to increase understanding of the profitability of its business. Key figures also include alternative performance measures. The following table sets forth Tallink’s key figures as at the dates and for the periods indicated: As at or for the nine months ended 30 As at or for the year ended September 31 December 2018 2017 2017 2016 2015 (millions of EUR unless otherwise (audited and restated1, unless stated) (unaudited) otherwise indicated 3) KEY FIGURES

For the period Revenue 723.2 734.1 967.0 937.8 945.2 Gross profit 149.2 156.1 194.6 192.6 223.4 Net profit for the period 41.8 45.4 46.5 44.1 59.1 EBITDA3 118.8 129.5 158.3 149.5 181.4 Depreciation and amortisation 59.0 64.5 86.4 77.9 78.1

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EBIT3 59.8 64.9 72.0 71.6 103.3 Capital expenditures3 20.4 212.1 219.3 68.9 43.6 Weighted average number of shares outstanding1 669 882 040 669 882 040 669 882 040 669 882 040 669 882 040 Earnings per share (EUR) 0.062 0.068 0.069 0.066 0.088 Number of passengers3 7 509 385 7 439 576 9 755 720 9 457 522 8 976 226 Number of cargo units3 286 672 266 951 364 296 328 190 308 029 Average number of employees3 7 496 7 445 7 406 7 163 6 835

As at Total assets (million euros) 1 534.8 1 714.5 1 558.6 1 539.0 1 538.8 Total liabilities (million euros) 676.1 879.3 722.3 729.1 718.0 Interest-bearing liabilities (million euros) 515.2 715.3 560.9 558.9 549.3 Net debt (million euros) 3 422.3 635.2 472.0 480.1 467.3 Total equity (million euros) 858.7 835.2 836.3 809.9 820.7 Equity ratio (%)3 55.9% 48.7% 53.7% 52.6% 53.6% Number of shares outstanding2 669 882 040 669 882 040 669 882 040 669 882 040 669 882 040 Shareholders’ equity per share3 1.28 1.25 1.25 1.21 1.23

Ratios Gross margin (%)3 20.6% 21.3% 20.1% 20.5% 23.6% EBITDA margin (%)3 16.4% 17.6% 16.4% 15.9% 19.2% EBIT margin (%) 8.3% 8.8% 7.4% 7.6% 10.9% Net profit margin (%)3 5.8% 6.2% 4.8% 4.7% 6.3% Return on assets (ROA, %)3 4.2% 4.5% 4.3% 4.6% 6.3% Return on equity (ROE, %)3 5.2% 6.1% 5.6% 5.4% 7.4% Return on capital employed (ROCE, %)3 5.3% 5.5% 5.3% 5.6% 7.7% Net debt to EBITDA (times) 3 2.9 4.0 3.0 3.2 2.6 1 During the reporting period 2017 the Group paid the former seafarers of Superfast vessels operating on the Finnish-German route compensation of 3 690 thousand euros due to the inactivity of the former ship-owners. By analyzing the course of the proceedings, the Group concluded that it would have been correct to recognize the possible outcome of the legal dispute, which started in 2006, as a cost and a liability before the 2016 reporting period. Due to the above, the Group decided to recognize the compensation paid of 3 690 thousand euros as a correction of a prior period error. The correction of the prior period error has no effect on the current and comparative period income statements. 2 Share numbers include own shares. 3 Unaudited.

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Alternative performance measures Tallink presents in this Listing Summary certain performance measures, which in accordance with the “Alternative Performance Measures” guidance by the European Securities and Markets Authority (ESMA) are not accounting measures of historical financial performance, financial position and cash flows, defined or specified in IFRS, but which are instead non-financial measures and alternative performance measures (“APMs”). In Tallink’s view, the non-financial measures and APMs provide the management, investors, securities analysts and other parties significant additional information related to Tallink’s results of operations, financial position or cash flows and are often used by analysts, investors and other parties. All used non-financial measures and APMs relate solely to the performance of the past. The non-financial measures are the following:

 Number of passengers

 Number of cargo units

 Number of passenger vehicles

 Average number of employees

The Company uses the following APMs:

 Gross margin, which measures the gross profit in relation to total revenue

 EBIT, which is the result from operating activities and effectively measures earnings before net financial items, share of profit of equity- accounted investees, taxes

 EBIT margin, which measures the EBIT relative to total revenue

 EBITDA, which measures the result from operating activities before net financial expenses, taxes, depreciation and amortization and due to relatively low net working capital of Tallink can be considered a simplified proxy for operating cash flows

 EBITDA margin, which measures the EBITDA in relation to total revenue

 Net profit margin, which measures the net profit in relation to total revenue

 Capital expenditure, which reflects the total addition of (investment to) both property, plant and equipment and intangible assets during the period

 Net debt, which measures the interest-bearing liabilities less cash & cash equivalents at the end of the period

 Equity ratio, which measures total equity in relation to total assets at the end of the period

 Net debt to EBITDA, which measures the net debt at the end of the period in relation to EBITDA earned during the last twelve month period and indicates company’s ability to service the principal portion of the outstanding debt

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 Return on assets (ROA, %), which measures the result from operating activities of the last twelve month period in relation to the average assets measured at the end of the last four quarterly periods or operational efficiency of the assets

 Return on equity (ROE, %), which measures the net profit of the last twelve month period in relation to the average equity measured at the end of the last four quarterly periods or financial efficiency of the equity

 Return on capital employed (ROCE, %), which measures the operating result of the last twelve months in relation to the average capital employed (average of total assets less current liabilities) or efficiency the employed capital Measures of financial performance relative to total revenue, such as gross margin, EBIT margin, EBITDA margin and net profit margin give an overview of the company’s relative financial performance and efficiency. Due to the capital-intensive nature of the operating model measures such as capital expenditure, depreciation & amortisation, EBITDA, net debt, equity ratio and net debt to EBITDA are highly relevant performance measures. For the same reason financial performance and efficiency is considered relative to the capital and asset employment, hence return on assets, return on equity and return on capital employed are used. The non-financial measures and APMs should not be considered in isolation or as substitute to the measures under IFRS. All companies do not calculate APMs in a uniform way, and, therefore, the APMs presented in this Listing Summary may not be comparable with similarly named measures presented by other companies. The APMs are unaudited, except for result from operating activities (EBIT), which is audited in the financial statements for the financial years ended December 31, 2017, December 31, 2016 and December 31, 2015, prepared in accordance with IFRS. Calculation formulas used in the calculation of alternative performance measures EBITDA: result from operating activities before net financial items, share of profit of equity-accounted investees, taxes, depreciation and amortization EBIT: result from operating activities Earnings per share: net profit / weighted average number of shares outstanding Equity ratio: total equity / total assets Shareholder’s equity per share: shareholder’s equity / number of shares outstanding Gross margin: gross profit / net sales EBITDA margin: EBITDA / net sales EBIT margin: EBIT / net sales Net profit margin: net profit / net sales Capital expenditure: additions to property, plant and equipment + additions to intangible assets ROA: earnings before net financial items, taxes / average total assets ROE: net profit / average shareholders’ equity ROCE: earnings before net financial items, taxes / (total assets – current liabilities (average for the period)) Net debt: interest-bearing liabilities less cash and cash equivalents Net debt to EBITDA: net debt / 12-months trailing EBITDA

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Reconciliations of certain alternative performance measures The following table sets forth the reconciliations of certain alternative performance measures to the nearest IFRS measure, for the periods indicated: As at and for the nine As at and for the year ended 31 months ended 30 December September (EUR in thousand, 2018 2017 2017 2016 2015 unless otherwise (unaudited) (audited, unless otherwise indicated) indicated) Depreciation of property, plant, and equipment 54 563 60 001 80 224 72 262 72 750 Amortisation of intangible assets 4 397 4 544 6 147 5 596 5 352 Depreciation and amortisation 58 960 64 545 86 371 77 858 78 102

Result from operating activities 59 830 64 941 71 958 71 607 103 263 Depreciation and amortization 58 960 64 545 86 371 77 858 78 102 EBITDA 118 790 129 486 158 3291 149 4651 181 3651

Additions to property, plant and equipment 18 497 208 114 214 334 65 783 40 738 Additions to intangible assets 1 932 3 996 4 920 3 075 2 920 Capital Expenditures 20 429 212 110 219 2541 68 8581 43 6581

Net profit 41 809 45 426 46 509 43 635 59 230 Weighted average number of shares outstanding 669 882 040 669 882 040 669 882 040 669 882 040 669 882 040 Earnings per share 0.06 0.07 0.07 0.07 0.09

Liabilities under finance lease 395 318 287 373 298 Unsecured bonds 95 061 95 379 91 288 98 627 93 097 Overdraft 0 67 690 - 40 110 3 397 Long-term bank loans 419 776 551 934 469 331 419 795 452 544 Interest-bearing liabilities 515 232 715 321 560 906 558 905 549 336

Interest-bearing liabilities 515 232 715 321 560 906 558 905 549 336 Cash and cash equivalents 92 978 80 161 88 911 78 773 81 976 Net debt 422 254 635 160 471 9951 480 1321 467 3601

Total equity 858 705 835 174 836 279 809 866 820 732 Total assets 1 534 787 1 714 505 1 558 597 1 539 009 1 538 766 Equity ratio (%) 55.9% 48.7% 53.7%1 52.6%1 53.3%1

Equity attributable to equity holders of the Parent 858 705 835 174 836 279 809 866 820 732 Number of ordinary shares outstanding 669 882 040 669 882 040 669 882 040 669 882 040 669 882 040 Shareholders’ equity per share 1.28 1.25 1.25 1.21 1.23

Result from 66 846 75 277 operating activities 12-months trailing 71 958 71 607 103 263 Total assets 30 Sep. (previous period) 1 741 505 1 552 007 - - -

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Total assets 31 Dec. (previous period) 1 558 597 1 539 009 1 539 009 1 538 766 1 685 598 Total assets 31 Mar. 1 531 619 1 730 199 1 730 1991 1 554 7531 1 674 5251 Total assets 30 June 1 554 542 1 739 028 1 739 0281 1 567 4251 1 665 4541 Total assets 30 Sep. 1 534 786 1 714 505 1 714 5051 1 552 0071 1 652 5821 Total assets 31 Dec. - - 1 558 597 1 539 009 1 538 766 Average of assets 1 578 810 1 654 950 1 656 2681 1 550 3921 1 643 3851 Return on assets (ROA, %) 4.2% 4.5% 4.3%1 4.6%1 6.3%1

Net profit 12- 42 878 48 939 months trailing 46 509 43 635 59 230 Total equity 30 Sep. (previous period) 835 174 807 469 - - - Total equity 31 Dec. (previous period) 836 278 809 866 809 866 820 732 774 600 Total equity 31 Mar. 817 056 789 396 789 3961 808 6471 761 2481 Total equity 30 June 812 701 787 374 787 3741 804 0131 776 4861 Total equity 30 Sep. 858 705 835 174 835 1741 807 4691 821 5731 Total equity 31 Dec. - - 836 278 809 866 820 732 Average of equity 831 983 805 856 811 6181 810 1451 790 9281 Return on equity (ROE, %) 5.2% 6.1% 5.7%1 5.4%1 7.5%1

Result from operating activities 12-months trailing 66 846 75 277 71 958 71 607 103 263 Total assets 30 Sep. (previous period) 1 741 505 1 552 007 - - - Total assets 31 Dec. (previous period) 1 558 597 1 539 009 1 539 009 1 538 766 1 685 598 Total assets 31 Mar. 1 531 619 1 730 199 1 730 1991 1 554 7531 1 674 5251 Total assets 30 June 1 554 542 1 739 028 1 739 0281 1 567 4251 1 665 4541 Total assets 30 Sep. 1 534 786 1 714 505 1 714 5051 1 552 0071 1 652 5821 Total assets 31 Dec. - - 1 558 597 1 539 009 1 538 766 Current liabilities 30 Sep. (previous period) 288 067 289 621 - - - Current liabilities 31 Dec. (previous period) 316 663 243 991 243 991 207 532 317 466 Current liabilities 31 Mar. 327 805 299 899 299 8991 290 8291 330 2581 Current liabilities 30 June 367 624 355 025 335 0251 327 0951 339 1621 Current liabilities 30 Sep. 322 784 288 067 288 0671 289 6211 307 9471 Current liabilities 31 Dec. - - 316 663 243 991 207 532 Total assets – current liabilities 30 Sep. (previous period) 1 426 438 1 262 386 - - - Total assets - current liabilities 31 Dec. (previous period) 1 241 934 1 295 018 1 295 0181 1 331 2341 1 368 1321 Total assets - current liabilities 31 Mar. 1 203 814 1 430 300 1 430 3001 1 263 9241 1 344 2671 Total assets - current liabilities 30 June 1 186 919 1 404 003 1 404 0031 1 240 3301 1 326 2921 Total assets - current liabilities 30 Sep. 1 212 002 1 426 438 1 426 4381 1 262 3861 1 344 6351 Total assets - current liabilities 31 Dec. - - 1 241 9341 1 295 0181 1 331 2341 Average of assets - current liabilities 1 254 222 1 363 629 1 359 5391 1 278 5781 1 342 9121

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Return on capital employed (ROCE, %) 5.3% 5.5% 5.3%1 5.6%1 7.7%1

Net debt 422 254 635 160 471 9951 480 1321 467 3601 EBITDA for the year - - 158 3291 149 4651 181 3651 EBITDA, 9 months 118 790 129 486 - - - EBITDA, previous year Q4 28 842 29 907 - - - 12-months trailing EBITDA 147 635 159 393 158 3291 149 4651 181 3651 Net debt to EBITDA 2.9 4.0 3.01 3.21 2.61 1 Unaudited.

Recent events On 18 October 2018, Tallink announced having signed on 17 October 2018 a Letter of Intent with Rauma Marine Constructions for the construction of a new shuttle ferry for the Tallinn-Helsinki route. The estimated cost of the project is approximately EUR 250 million and the new vessel will be built at the Rauma shipyard in Finland. The construction of the new ship is expected to be completed by the end of 2021. The project will provide approximately 1500 man-years employment for the shipyard. Financing arrangements for the project will be concluded in due course. In the past Tallink has financed similar investments 80% with long-term bank loans drawn simultaneously with the delivery and 20% with instalments paid during the period of construction. On 18 October 2018, Tallink announced that it has repaid NOK 900 million senior unsecured bonds that were issued and listed in (Oslo Bors) in October 2013. The bonds were repaid in total amount of EUR 120 million, of which EUR 110 million was drawn from the loan and EUR 10 million from Company’s cash reserves. On 1 November 2018, Tallink published an update on the Listing, including information on the timing of the Listing and the FDRs, conversion of the Company’s shares into FDRs and the Company’s intention to acquire its own shares in the maximum amount of EUR 500,000 in order to convert them into FDRs. A portion of the acquired shares will be used as part of a FDR reward program, approved by Tallink’s Management Board on 1 November 2018, for certain employees of Tallink Silja Oy and Tallink Silja AB. The remaining acquired shares are intended to be used to ensure readiness to, upon necessity, support the liquidity of the FDRs on Nasdaq Helsinki. See also Element C.7 – Dividend policy. Debt structure The Company has currently five loan agreements outstanding, including a syndicated loan and amortizing project loans. The loan agreements have maturities of 1–11 years and either a fixed rate or a floating rate that adjusts based on EURIBOR. All the agreements are denominated in EUR. The development of cash & cash equivalents, interest bearing liabilities, and net debt is presented in the following table: As at As at 30 September 31 December (unaudited) (audited) (Millions of EUR) 2018 2017 2016 2015 Cash & cash equivalents 93 89 79 82 Interest bearing liabilities 515 561 559 549 Net debt 422 472 480 467

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In addition to net debt level, the Company’s net debt to EBITDA has remained relatively constant during 2015–2017. Tallink’s debt development is presented in the following table: For the nine months ended For the financial year ended 30 September 31 December (unaudited) (audited) (Millions of EUR) 2018 2017 2016 2015 Long term debt 420 469 420 453 Bond 95 91 99 93 Net debt to EBITDA 2.9 3.0 3.2 2.6 Capital expenditure and cash conversion During financial years 2015–2017, the Company’s investments were EUR 331.8 million in total. A large part of the capital expenditures in 2017 was related to Megastar’s final payment. The planned purchase of ship similar to Megastar excluded, no substantial capital expenditures are expected over the coming years. The fleet’s useful life ranges between 17 and 35 years with a residual value of 15%. Capital expenditure, depreciation & amortization, and Megastar payments are reported in the table below: For the financial year ended 31 December (audited) (Millions of EUR) 2017 2016 2015 CAPEX 219 69 44 CAPEX (Megastar) 189 23 23 D&A 86 78 78

The following table presents a breakdown of the Company’s costs for the periods indicated: Cost structure For the financial year ended in 31 December (Millions of EUR) 2017 2016 2015 Cost of goods 228 225 215 Staff cost 160 152 142 Marketing & administration 117 115 103 Port & stevedoring 105 101 92 Fuel cost 86 74 94 Ship operating expenses 80 90 76 Other costs 35 32 22 Total costs from operations 810 789 745

B.8 Selected key pro Not applicable; there have been no material changes in the Company’s operations forma financial that would require the presentation of pro forma financial information. information B.9 Profit forecasts Not applicable; Tallink has not published a profit forecast. and estimates B.10 Qualifications in Not applicable; the audit reports do not include any qualifications. the audit reports B.11 Sufficiency of In the opinion of the Company, Tallink’s working capital is sufficient for its working capital present needs for the next twelve months following the date of this Listing Summary.

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Section C — Securities

C.1 Type and class Tallink’s shares are registered in book-entry form under the name Tallink Grupp of the aktsia and the ISIN code EE3100004466 in the Estonian book-entry system which securities is operated by Nasdaq CSD SE. The Company has one class of shares. Tallink’s shares have been issued and are governed in accordance with Estonian laws and regulations. Tallink’s shares are being issued and listed on the main list of Nasdaq Helsinki in the form of FDRs. Each single FDR represents one existing share of Tallink and entitles its holder to one share of Tallink, and it may be converted into one share of Tallink according to the FDR terms and conditions. The FDRs are dematerialized depositary interests which represent entitlements to the underlying shares in Tallink. Physical certificates are not issued for the FDRs. An FDR is a form of right that has been issued as a book-entry in accordance with Chapter 5 of the Finnish Act on Book-Entry System and Settlement (348/2017, as amended) and registered into the Finnish book-entry system operated by Euroclear Finland. An FDR is a security as defined in Chapter 2, Section 1, subsection 1 of the Finnish Securities Markets Act. Investors may be registered as FDR holders directly or, in case of investors who are not Finnish, by means of nominee registration. The ISIN code of the FDRs is FI4000349378. A number of ordinary shares in Tallink corresponding to the number of outstanding FDRs will be held in custody by the sub-custodian bank appointed by the FDR Issuer in the name of the FDR Issuer on account of the FDR holders. As at the date of this Listing Summary, the sub-custodian bank of the FDR Issuer (i.e. Nordea Bank Abp) in Estonia is Swedbank AS. The FDRs have been issued and are governed in accordance with Finnish laws and regulations. The complete terms and conditions of the FDRs will be kept available at the Company’s website in Finnish and English. C.2 Currency of AS Tallink Grupp shares are denominated in EUR and the said shares and the the securities FDRs are traded in EUR. issue C.3 Share As at the date of this Listing Summary, AS Tallink Grupp had a total of 669 882 information 040 shares issued and fully paid. AS Tallink Grupp shares have no nominal value. On 9 June 2015, the Annual General Meeting of AS Tallink Grupp approved the terms of a share option program that allowed issuing options for up to 20 million shares. As at 30 September 2018, no options had been issued under the 2015 share option program. According to the resolution of the General Meeting of 9 June 2015, the Company was granted the right to acquire its own shares subject to the following conditions: 1) The Company is entitled to acquire own shares within five years as from the adoption of the resolution. 2) The total notional value of the shares owned by the Company may not exceed 10% of share capital. 3) The price payable for one share may not be more than the highest price paid on the Tallinn Stock Exchange for a share of AS Tallink Grupp at the day when the share is acquired. 4) Own shares will be paid for from assets exceeding share capital, mandatory legal reserve and share premium. The Supervisory Board is authorized to increase the share capital by EUR 25 000 000 to up to EUR 386 736 302 within three years as from 1 January 2017. The Management Board of AS Tallink Grupp has not been granted the right to issue new shares.

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As announced on 1 November 2018 with the stock exchange release of the Company, within the framework of the share buy-back conditions, approved by Annual General Meeting of AS Tallink Grupp on 9 June 2015, AS Tallink Grupp has acquired from 2 November 2018 onwards and will continue to acquire onwards its own shares in the maximum amount of EUR 500,000 and convert these shares into FDRs. A portion of the acquired shares will be used as part of the Employee Offering. The remaining acquired shares are intended for the provision of the Liquidity Tranche. As at 15 November 2018, in total 259 442 shares had been acquired. C.4 Rights AS Tallink Grupp has one class of shares all of which carry equal rights. Most attached to the relevant rights attached to the shares are (i) the right to participate and vote in the securities General Meeting of Shareholders of AS Tallink Grupp; (ii) the right to information; (iii) the right to dividends; and (iv) the right to subscribe for new shares upon the increase of share capital of AS Tallink Grupp. General Meeting of the Shareholders Each share carries one vote at the General Meeting of Shareholders. No preference shares or shares with special rights have been issued. The agenda of the General Meetings of Shareholders is determined by the Supervisory Board. However, if the shareholders or the auditor convene a General Meeting of Shareholders, they also determine the agenda of that meeting. The Management Board or one or more shareholders whose shares represent at least one-twentieth of the share capital of AS Tallink Grupp (one-tenth in case of non- listed companies) are entitled to request that additional items be included on the agenda of an Ordinary General Meeting of Shareholders, if such a request is made not later than 15 calendar days before the day of the General Meeting of Shareholders. In addition, they can make resolution proposals on items listed in the agenda. An Extraordinary General Meeting of Shareholders must be convened in cases set forth by the Estonian Commercial Code, for example, if the net assets decrease below the legally required minimum level, if the Supervisory Board, the auditor of AS Tallink Grupp or shareholders whose shares represent at least one-twentieth of the share capital of the company (one-tenth in case of non-listed companies) make such a request to the Management Board, or if this is clearly in the interests of the company. If the Management Board does not convene an Extraordinary General Meeting of Shareholders within one month following the receipt of a request of one or more shareholders, the Supervisory Board or the auditor, the person or the persons who have submitted the respective request are entitled to convene an Extraordinary General Meeting of Shareholders. In order to have the right to attend and vote at a General Meeting of Shareholders, a shareholder must be registered in the shareholders’ register on the record date, which is seven days before the meeting. A shareholder whose shares are registered in the name of a nominee may exercise the voting rights only if the nominee account holder has given a power of attorney to the shareholder. A shareholder may attend and vote at a General Meeting of Shareholders in person or by proxy. At a General Meeting of Shareholders, resolutions generally require the approval of a majority of the votes represented at the meeting. However, pursuant to law certain resolutions require a higher majority (e.g. of two- thirds or three-quarters) of the votes represented at the General Meeting of Shareholders. Shareholder’s right to information Shareholders have the right to receive information on the activities of AS Tallink Grupp from the Management Board at the General Meeting of Shareholders. The Management Board may refuse to give information if there is a basis to presume that this may cause significant damage to the interests of AS Tallink Grupp. If the

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Management Board refuses to give information, the shareholder may demand that the General Meeting of Shareholders decide on the legality of the shareholder’s request or to file, within two weeks after the General Meeting of Shareholders, a petition to a court by way of proceedings on petition in order to oblige the Management Board to give information. Right to dividends All shares are eligible pari passu for dividends proportionally to their existing shareholding in AS Tallink Grupp. Under the Estonian Commercial Code, the payment of dividends is resolved by the General Meeting of Shareholders. The Management Board must present a profit distribution proposal to the General Meeting of Shareholders together with submitting an annual report. The Supervisory Board has the right to make changes to the proposal of the Management Board before submission to the General Meeting of Shareholders. Right to subscribe for new shares upon the increase of share capital Pursuant to the Estonian Commercial Code, the existing shareholders of AS Tallink Grupp have, upon the increase of the share capital of AS Tallink Grupp and the issue of the new shares of AS Tallink Grupp, the preferential right to subscribe for such new shares of the AS Tallink Grupp proportionally to their existing shareholding in AS Tallink Grupp. Such preferential right can be excluded by the respective resolution of the General Meeting of Shareholders, which requires the affirmative vote of three-fourths of the votes represented at the General Meeting of Shareholders. Rights attached to the FDRs Tallink’s FDR holders have the right to all dividends and other distributions related to the underlying shares in Tallink, subject to taxation and applicable fees, such as Tallink’s FDR holder’s book-entry account operator’s possible service fees. Should the distribution of profit by the Company be in any other form than money and if it is not legally possible or technically feasible to implement the distribution of such a profit in accordance with the decision by the Company to the FDR holders the same way as for the Company’s shareholders, the FDR Issuer has the right to compensate the FDR holders in cash (if feasible under the legislation of the FDR holder) and any action (including but not limited to disposal of securities or other assets) by the FDR Issuer to so compensate the FDR holders shall be effected in a timely manner and at fair market value. Due to Tallink’s FDRs having being registered in the Finnish book-entry system, Tallink’s FDR holders do not have directly certain rights attached to the underlying shares registered in Estonia represented by the FDRs, such as voting rights in General Meetings. The rights may be limited and the use of such rights require specific actions to be taken, and may be subject to the further instructions by Tallink and Nordea. The FDR Issuer will provide a power of attorney, in keeping with the applicable laws and regulations and terms and conditions of the FDRs, to the Company authorizing each FDR holder to vote at a General Meeting of Shareholders with the number of votes corresponding to number of FDRs held by an FDR holder at a relevant record date. The FDR holders are entitled to receive information or documents supplied by the Company, which affect the position of the FDR holders in accordance with the applicable legislation and information what would otherwise be provided to the holders of the Shares. An FDR holder can convert its FDRs into shares in Tallink and a shareholder of Tallink can convert its shares into FDRs following the procedure specified in the terms and conditions of the FDRs.

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The FDR Issuer shall have the right to charge the Company’s shareholder or FDR holder for any fees, costs and expenses arising in connection with conversion of the FDRs or shares in accordance with its price list valid at any given time, including potential costs arising from the conversion and charged from the FDR Issuer by foreign . As at the date of this Listing Summary, the conversion fee of the FDR Issuer amounted to EUR 120. See further details of the terms and conditions of the FDRs and of the liquidity provider arrangement between the Company and Nordea in Element E.3. Witholding tax deduction from dividends From 2019, dividends distributed by Tallink in an amount lower than or equal to the amount of the average of distributed dividends in the preceding three years (transitional rules for 2019 and 2020 dividends) and on which income tax has been paid by Tallink, are taxed at the lower 14/86 income tax rate instead of the regular 20/80 income tax rate. If such lower taxed dividends are paid to resident or non- resident individuals, Tallink must make an income tax withholding of 7%. A lower withholding tax rate may apply under the tax treaty Estonia has concluded with the residence country of the individual recipient. If FDRs are held on a nominee account, the identity of the persons behind the nominee account must be made available to Tallink for Tallink to be able to determine and prove to Estonian tax authorities that dividends payable in relation to such FDRs may be made without the withholding tax deduction (i.e. dividends paid to legal persons or to individuals whose tax residence is in a country with whom Estonia has a tax treaty applying lower withholding tax rate). Direct and indirect FDR holders that are legal persons may not receive dividend distributions from Tallink without the 7% income tax withholding unless they inform Tallink of their identity. Individual FDR holders that wish to receive dividends from which the withholding tax is deducted under an applicable tax treaty at a rate which is lower that 7% must present their residency certificates to Tallink. Withholding tax will be deducted from the dividends paid to direct or indirect FDR holders the identity of whose is not known to Tallink. Such withholding tax may not be creditable from the dividend recipient’s income tax due in the recipient’s residence country as it is impossible to receive the tax withholding certificate from either Tallink or Estonian tax authorities unless the identity of the recipient is known. Free FDR conversion period The FDR Issuer has agreed on not to charge the conversion fees from the Company’s shareholders amounting EUR 120, resulting from the conversion of their shares into Tallink’s FDRs, for a certain period of time (the “Free FDR Conversion Period”). During the Free FDR Conversion Period, one free conversion event is offered per book-entry account. However, the fees of the account service providers of Tallink shareholders will be charged from the Tallink shareholders. The Free FDR Conversion Period commences on the listing application approval date, on or about 19 November 2018 at 12.00 noon Finnish time and ends on or about 29 November 2018 at 6.00 pm Finnish time, provided that the Free FDR Conversion Period is not extended. Further information will be provided by way of a stock exchange release. Instructions on conversion A person or entity owning the Company’s shares may convert the Company’s shares into FDRs by giving the FDR Issuer, eligible account operator and the shareholder’s Finnish account operator (who shall contact the FDR Issuer) an order to this effect. The eligible account operator shall always provide the FDR Issuer with information and instructions concerning such conversion.

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An FDR holder may convert FDRs into the Company’s shares by giving both the Finnish account operator with whom the FDRs are registered in a book-entry account and the eligible account operator (who shall contact the FDR Issuer) an order to this effect. The eligible account operators shall always provide the FDR Issuer with information and instructions concerning such conversion. Conversion is conditional upon the fulfilment of certain requirements. When all the obligations are fulfilled, the FDR Issuer uses it reasonable efforts to convert on the same day. For the requirements, see the terms and conditions of the FDRs available at the Company’s website. The FDR Issuer shall have the right to charge the Company’s shareholder or FDR holder for any fees, costs and expenses arising in connection with conversion, and may also decline to carry out the requested conversion or postpone it. Fractional shares or FDRs will not be registered. Public disclosures by Tallink The main languages used by Tallink in its stock exchange releases are English and Estonian. However, Tallink publishes certain key information derived from its regular financial reporting in Finnish and Swedish. From the annual report this includes total revenue, total number of passengers, total net profit/loss, shops’ and restaurants’ total revenue, turnover and net profit increase/decrease percentages, total number of cargo units transported, total cargo revenue, total ticket revenue and the Group’s total investments. From the interim reports this includes total number of passengers, total number of cargo units, total revenue, total net profit/loss, changes in passenger numbers by route, total number of passenger vehicles transported and number of cargo units transported by route. The information is published as a press release simultaneously with the publication of the relevant annual report or interim report. These Finnish and Swedish press releases include a reference to the English-language annual or interim report. In addition to the above information, Tallink may publish specific highlights from its relevant annual report or interim report in its Finnish and Swedish press release. Notifications of changes in significant shareholdings If the number of votes in Tallink belonging to a person constitutes 5, 10, 15, 20, 25 or 50%, or 1/3 or 2/3 of all the votes represented by the shares issued by Tallink or exceeds any notification threshold either when increasing or decreasing, the person must notify Tallink and the Estonian Financial Supervision Authority in respect of the number of votes held by the person. For the purposes of this requirement, shares are considered to belong to a person if the person holds or exercises the rights arising from such shares: (i) directly; (ii) together with one or several controlled companies; (iii) by one or several companies controlled by the person; or (iv) by a person or a company controlled by the person upon agreement with a third party, or if the voting rights arising therefrom are deemed to belong to a person. The Estonian Securities Market Act stipulates the requirements and exceptions to such notification obligation, as well the rules to determine under which circumstances is a company considered to be controlled by a person. Obligations to notify changes in significant shareholdings apply to Tallink shareholders as well as holders of FDRs. For the purposes of such notifications, the votes granted by Tallink shares and FDRs shall be aggregated. Mandatory takeover bids If a person (either directly or together with any persons acting in concert) gains dominant influence over Tallink such person is required under the Estonian Securities Market Act to make a mandatory offer to all remaining shareholders for acquisition of the shares held by them in the relevant company (i.e. mandatory takeover bid). Dominant influence over Tallink is deemed to have been gained by the person, for instance, upon acquisition by the person (alone or together with

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persons acting in concert) of more than 50% of the shares in Tallink. The obligation to make a mandatory takeover bid is triggered when the acquirer becomes the holder of the voting rights attached to the shares of Tallink representing the majority of all votes. The obligation to make a mandatory takeover bid may be triggered also regardless of the stake acquired, if: the person, as Tallink's shareholder, has the right to appoint or remove the majority of Tallink's supervisory board or management board members; the person, as Tallink's shareholder, controls alone the majority of votes on the basis of an agreement with other shareholders; or the person has dominant influence or control over Tallink and the possibility to exercise it. The mandatory takeover bid must be published within 20 days of gaining a dominant influence over the Tallink. For the purposes of determining the obligation to make a mandatory takeover bid, person’s shares and FDRs as well as the votes granted by each of these instruments shall be aggregated. C.5 Restrictions on According to the articles of association of AS Tallink Grupp, shares can be freely the free transferred. No authorization needs to be obtained in order to buy or sell AS transferability Tallink Grupp shares. of the shares FDRs can be freely transferred. No authorization needs to be obtained in order to buy or sell FDRs. C.6 Admission to Since 9 December 2005, the shares of AS Tallink Grupp have been listed on trading Nasdaq Tallinn where the shares are traded under the symbol TAL1T. The Company will submit an application to Nasdaq Helsinki on or about 19 November 2018 for the FDRs to be listed on the main list of Nasdaq Helsinki with the trading code TALLINK. The application relates to all the FDRs corresponding to Tallink shares issued as at the date of this Listing Summary. Trading in the FDRs on the main list of Nasdaq Helsinki is expected to commence on or about 3 December 2018. Important dates 16 November 2018 – the FIN-FSA’s approval of the exemption application 19 November 2018 (on or about) – filing of the listing application with Nasdaq Helsinki 19 November 2018 (on or about) – publication of the Listing Summary 19 November 2018 at 12:00 noon Finnish time (on or about) – Free FDR Conversion Period commences 26 November 2018 (on or about) – expected listing application approval by Nasdaq Helsinki 29 November 2018 at 6:00 pm Finnish time (on or about) – Free FDR Conversion Period ends (unless extended) 3 December 2018 (on or about) – trading in FDRs is expected to commence Liquidity provider arrangement The Company has on 31 October 2018 entered into a market making agreement with Nordea Bank Abp acting via Nordea’s Danish branch (the “Market Maker”), concerning certain market making activities to be provided by the Market Maker in respect of the FDRs. The purpose of the agreement is to promote the liquidity in the FDRs and reduce the difference between bid and ask prices in trading in the FDRs on Nasdaq Helsinki. Pursuant to the agreement, the Market Maker has an obligation to quote bid and ask prices continuously, for its own account, regarding the FDRs for at least 85% of the time of ordinary trading hours of Nasdaq Helsinki. The maximum difference between the bid and ask prices referred to in the agreement is 4% of the bid. The minimum volume of FDRs subject to a bid or ask referred to in the agreement is a number of FDRs worth of at least EUR 4 000. The

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term of the agreement is fixed from the first day of the trading of the FDR’s on Nasdaq Helsinki for a period of 6 months, after which the agreement continues to remain in force until further notice subject to mutual notice period of one (1) month. Free float requirements and FDR liquidity Pursuant to the rules of Nasdaq Helsinki, dated 3 January 2018, in order for a reliable price formation process to exist in respect of a security to be admitted to public trading, there has to be a sufficient demand and supply for such security. Further, a sufficient number of securities shall be distributed to the public and the issuer company shall have a sufficient number of shareholders. Such sufficient number of securities distributed to the public is usually considered to be 25% of the shares within the same share class (so called “free float requirement”). Nasdaq Helsinki may also accept a percentage lower than 25% to constitute a sufficient free float in respect of a security to be admitted to public trading, if it is satisfied that the market will operate properly. For the purposes of listing the FDRs on Nasdaq Helsinki and meeting the abovementioned free float requirement, the Company has agreed with Nasdaq Helsinki on certain arrangements supporting the liquidity of the FDRs. Such arrangements include (i) the liquidity provider arrangement with the Market Maker; (ii) the Employee Offering; (iii) the promotion campaign to Tallink’s shareholders offering one conversion event of Tallink’s shares into FDRs (but not vice versa) per book-entry account exempt of the FDR Issuer’s EUR 120 conversion fee; and (iv) Tallink having readiness to provide, pursuant to the applicable exemptions from preparing a prospectus, one-off supply of FDRs from treasury worth of around EUR 300 000 following the commencement of trading in the FDRs (the “Liquidity Tranche”). C.7 Dividend The Group’s dividend strategy foresees that if the economic performance enables policy it, dividends would be paid in the minimum amount of EUR 0.05 per share. On 9 October 2018, the Supervisory Board of the Group assigned the Group’s Management Board to draft a proposal for the Annual General Meeting in 2019 on the reduction of share capital by minimum of EUR 0.07 per share. The Company intends to distribute the reduced amount to shareholders. In June 2018 the Annual General Meeting of Shareholders decided to pay dividend to the shareholders of EUR 0.03 per share from the net profit for 2017, in the total amount of EUR 20.1 million. The total amount of dividend was paid out on 5 July 2018. In June 2017 the Annual General Meeting of Shareholders decided to pay a dividend of EUR 0.03 per share from net profit for 2016. The total dividend of EUR 20.1 million was paid out on 5 July 2017. In June 2016 the Annual General Meeting of Shareholders decided to pay dividends to the shareholders of EUR 0.02 per share from the net profit for 2015. The total dividend of EUR 13.4 million was paid out on 5 July 2016. In addition to the dividend payment the Annual General Meeting of Shareholders decided on a reduction of share capital of EUR 40.2 million or EUR 0.06 per share. The share capital reduction payments to the shareholders were made on 23 December 2016.

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Section D — Risks

Potential investors should carefully review the following risk factors, in addition to other information contained in this Listing Summary and Tallink’s other disclosures available at www.tallink.com/about in English. Any of the risks presented could have a material adverse effect on the Group’s business, financial condition, results of operations and future prospects, and they may individually or together result in the Group failing to achieve its operating and financial targets. Should these risks lead to a decline in the market price of Tallink’s shares or FDRs, investors who have invested in Tallink’s shares or FDRs could lose part or all of their investment. In addition to the risks described in this Listing Summary and in Tallink’s other disclosures, risks and uncertainties currently unknown to the Company, or deemed immaterial by the Company could also have a material adverse effect on the Group’s business, financial condition and results of operations as well as on the value of an investment in Tallink. The order in which the risk factors are presented in this Listing Summary does not reflect the probability of their realization or their potential impact on the Group. D.1 Risks specific Risks relating to the Group and its business to the Company or  The Group operates in a highly competitive market. There are currently and/or may in the future be other ferry and/or cargo operators on the routes Its industry on which the Group operates in passenger and cargo traffic, and the Group cannot guarantee that it is successful in retaining or improving its market position.  The introduction of new vessels and routes and related capacity increases involves risks and uncertainties relating to successful delivery and introduction of ordered new vessels, investments, changes in economic cycles, dealing with authorities, obtaining permits, as well as marketing expenditures.  Possible increases in the fleet capacity of the Group’s competitors in the Group’s key markets and potential overcapacity in these markets may cause the Group to lower pricing, which would reduce profitability and adversely affect the Group’s results of operations.  The Group competes with onshore shops and faces uncertainties regarding onboard trade and price development. The prices in the Group’s onboard shops must be comparable to the prices in onshore shops in the countries of the Group’s operating region in order to be competitive.  A large proportion of the Group’s revenue and earnings is concentrated on the Finland-Estonia segment, which emphasizes the importance of undisrupted operation of the ships operating in that segment. Disruption on that segment could adversely affect the Group’s results of operations.  Consumer behavior may change due to the changes in economic environment, demographics or consumption preferences, which may affect the Group’s earnings and demand for its services.  The Group’s passenger vessel operations are subject to the dynamics of high seasonality, as most of the Group’s revenue and profit is made during the summer months. Thus, the Group may not be able to generate revenue that is sufficient to cover its expenses during certain periods of the year.  The Group is dependent on third party services who sell tickets to the Group’s ferries. Changes in their operations or ceasing partnership with the Group may reduce the number of passengers.

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 The Group may be unable to retain key management personnel or other employees in its service or to attract qualified new personnel, which may negatively impact the Group’s business.  The Group may be negatively affected by the actions of trade unions and general strikes, and constructive relations with trade unions are important for the continuity of the Group’s operations.  Information systems failures, computer viruses or cyber-attacks impacting the Group’s shoreside or shipboard operations may adversely affect the Group’s results of operations.  Ship repair or revitalization delays or other mechanical and technical issues on existing vessels may result in cancellation of trips or unscheduled drydockings and repairs or loss of reputation of the Group and thus adversely affect the Group’s results of operations.  Inability to implement the Group’s maintenance plan and upgrades on terms that are favorable or consistent with the Group’s expectations, as well as increases to the Group’s repairs and maintenance expenses and refurbishment costs as the Group’s fleet ages may adversely affect the Group’s results of operations.  The Group’s operates a capital expenditure heavy business, which may at times require sizeable investments in new vessels and in the refurbishment and maintenance of existing vessels. Such sizeable investments may from time to time affect the Group’s ability to distribute dividends or return capital to its shareholders as well as increase the Group’s financing expenses.  Commissioning construction of new vessels involves a counterparty risk in case the contract party fails to deliver the vessel in due shape, in due time or at all. Realization of such counterparty risk could cause delays and force the Group to change its future plans. Any prepayments made by the Group in connection with such construction projects may be tied to the respective projects for long periods of time even if the counterparty risk realizes.  The Group relies on supply chain vendors and third-party service providers who are integral to the operations of the Group’s businesses. These vendors and service providers may be unable or unwilling to deliver on their commitments or may act in ways that could harm the Group’s business.  The Group’s business continues to demand the use of systems and technology. If the Group is unable to refine, update and replace these systems and technologies on a timely basis or within reasonable cost parameters, or if the Group is unable to appropriately and timely train its employees to operate any of these new systems, the Group’s business could suffer.  The Group’s success depends on the strength and continued development of its brands and on the effectiveness of its brand strategies. Failure to protect and differentiate its brand from competitors throughout the passenger and cargo transportation markets could adversely affect the Group’s results of operations.  The Group may be exposed to risks and costs associated with protecting the integrity and security of its guests’ and employees’ personal information.

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 Changes in regulations concerning subsidies granted for shipping companies from state funds in relation to enhancing the competitiveness of vessels under Finnish and Swedish flags may cause a rise in labor costs, particularly concerning onboard personnel of the Group’s vessels.  The Group’s operations could be affected by any actions taken by competition authorities. The Group operates in the transportation sector, which has traditionally been subject of special attention by the competition authorities, particularly at the European Union level.  The Group uses bank loans to finance its operations, and the Group’s obligations under the loan agreements have been secured by different security arrangements. If Tallink or any of Tallink’s ship-owning subsidiaries default under any of the Group’s respective loan agreements, the Group could forfeit the rights to the Group’s vessels through the enforcement of the securities by creditors.  The Group’s loan agreements contain extensive requirements relating to the use of the Group’s vessels, compliance with environmental laws and the Group’s insurance policies. Some of the Group’s loan agreements contain restrictions on payment of dividend by the Group and/or provisions according to which payment of dividend requires prior consent of the lenders. The loan agreements also include various financial covenants, including minimum level of liquidity, minimum equity ratio, maximum net debt to EBITDA multiple and loan to asset values. These terms and conditions of the Group’s loan agreements may adversely affect the Group’s ability to operate its business efficiently or to be able to adjust to changes in the operating environment.  The interest rates of the Group’s loan agreements are mainly tied to EURIBOR with specific margins, and interest rate fluctuations may affect the amounts payable under the loan agreements.  Fluctuations in the market value of the Group’s fleet may impair the Group’s ability to obtain additional funding. This depends in part on the general economic and market conditions affecting the ferry industry, competition from other ferry companies, the supply of similar vessels, the price of new vessels, government regulations, the development of other means of transportation, and technological advancements. It should be expected that the fair market value of the vessels will fluctuate, and as vessels grow older, they generally decline in value.  In its ordinary course of business, Tallink processes from time to time claims relating to, among other things, ship crew members and other employees and adverse events in the ferry business, and while none of the recent claims is considered significant by the Company, any future development or future legal or regulatory proceedings or claims could have a material adverse effect on Tallink. In addition to claims within its ordinary course of business, Tallink estimates that it has as at the date of this Listing Summary in particular the following claim-related risks that may, if realized, have a material adverse effect on the Group’s financial position, results of operations and future prospects:  In 1996 and 1997, 1 321 rescued victims or alleged successors of the victims of M/S Estonia’s shipwreck commenced proceedings against S.A. Bureau Veritas (company who conducted the classification operations of the vessel), Jos L. Meyer Werft GmbH (builder of the vessel) and Swedish Maritime Administration (reviewer of the safety equipment) before French courts. The claimants’ claim against Jos L. Meyer Werft GmbH and S.A. Bureau Veritas were based on the findings of the international

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investigation commission, which found that the casualty was caused by the invasion of seawater to the hull of the vessel at the level of the car deck ramp. Subsequently, the Tribunal de Grande Instance of Nanterre withdrew the proceedings commenced against the Swedish Maritime Administration on the claimants' request. The claimants' claims against S.A. Bureau Veritas and Jos L. Meyer Werft GmbH amounted to approximately EUR 117 million as per their latest pleadings filed in December 2017. On 27 September 1996, Bureau Veritas commenced indemnity proceedings against various companies of the Estline group and against Silja Finance Oy as the successor in title to the first owner of the vessel, Rederei AB Sally, which owned the vessel between 1980 and 1989. Silja Finance Oy in turn is the legal predecessor of Tallink Silja Oy, a Tallink Group company. However, at the time of ordering the vessel, Rederei AB Sally was a completely non-related company to Silja Finance Oy, and at the time of the shipwreck was not the owner or operator of the M/S Estonia vessel. All proceedings were joined in 1997. For a significant time, questions of jurisdiction of French courts were discussed and proceedings were even terminated in November 2010 and the case remained dormant. During a procedural hearing in September 2018, the courts fixed a time- table and set a further date for procedural hearing on 3 December 2018. As at the date of this Listing Summary, the proceedings are adjudicated in the court of first instance meaning that the remaining duration of the proceedings, taking into account possible appeals, cannot be estimated at the date of this Listing Summary. Any potential liability for the Group will be dependent on the judgment in the claims against S.A. Bureau Veritas and Jos L. Meyer Werft GmbH as well as on any merits of the indemnity claim by S.A. Bureau Veritas. In addition, S.A. Bureau Veritas has not specified the amount of its indemnity claim against Tallink Silja Oy. As a result, the Group cannot estimate the final judgment of the case, and therefore there can be no assurance that the proceedings would not lead to liability for Tallink Silja Oy. However, based on the current information the Group does not consider the risk material as it considers the indemnity claim presented against Tallink Silja Oy as its subsidiary to be completely without merit and it has rejected all the claims in the proceedings as unfounded.  Some members of the Management Board are entitled to termination benefits if their service agreement is terminated by the Group’s Supervisory Board. At 31 December 2017 the maximum amount of such benefits was EUR 2 268 thousand, and it is possible that such termination benefits are realized in connection of any future service agreement terminations. Risks relating to the Group’s industry  Fuel costs and increases in port and regulatory fees are beyond the Group’s control and may have a material adverse effect on the Group’s business, results of operations and financial condition.  Marine transportation is inherently risky, and an incident involving vessels could harm the Group’s reputation and have a material adverse effect on the Group’s business, results of operations and financial condition.

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 Compliance with environmental, health and safety and other national and international laws and regulations may increase the Group’s operating costs. The Group’s vessels operate within the rules and regulations of the International Maritime Organization, the United Nations agency for maritime safety and the prevention of marine pollution by ships, the European Union and other jurisdictions in which the Group’s vessels operate or are registered. Failure to comply with such laws and regulations may entail actions by authorities or regulators and affect the Group’s reputation.  The Group’s insurance coverage may be insufficient to cover losses that may occur to the Group’s property or result from the Group’s operations. Even if the Group’s insurance coverage is adequate to cover the Group’s direct losses, the Group may be adversely affected by a loss of earnings during the period in which a damaged vessel is being repaired, or while the Group search for a replacement vessel in the event of a loss.  Poor weather conditions in the Northern Baltic Sea region may disturb the Group’s operations and reduce passenger volumes.  Port authorities’ changes in tariffs or port operations may increase the Group’s costs or restrict the operations of the Group’s vessels. Changes in the port authorities’ pricing policies may increase its costs and reduce earnings, and other changes in their operations may restrict or disturb the operations of the vessels, including favorable arrival and departure times. The Group’s possibilities to agree on individual prices are also affected by the ownership base of the ports, whether state, municipality or privately- owned.  Terrorist attacks and other acts of violence or war may affect trade and passenger flows, which could have a material adverse effect on the Group’s business, results of operations and financial condition.  Epidemics and viral outbreaks could have an adverse effect on the Group’s business, financial condition and results of operations through constraints imposed by authorities on travelling or quarantines or a decline in number of passengers. Risks relating to doing business in the Baltic Sea region  Regulatory, legal, political or economic developments relating to countries the Group operates in may have a material adverse effect on the Group’s business, results of operations and financial condition.  Fluctuation in imports and exports of the countries in the region may affect the amount of cargo that the Group transports.  Changes in taxation or excises in the countries the Group operates in could have a material adverse effect on the Group’s business, results of operations and financial condition.  Fluctuations in exchange rates could have a material adverse effect on the Group’s business, results of operations and financial condition.  Developments in infrastructure and traffic regulations in the region’s major ports and adjacent areas may affect the Group’s ability to continue to transport both passengers and cargo on the same ferries.  Possible realization of a tunnel between Helsinki and Tallinn sometime in the next decades may reduce the demand for the Group’s services and materially hinder the Group’s business model.

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D.3 Risks specific Risks related to the Listing, FDRs and Tallink shares to the securities  The FDRs are dematerialized depositary interests representing entitlements to the underlying shares in Tallink. The Company will provide information on how FDR holders may participate and vote in the General Meeting of Shareholders and the FDR Issuer shall provide a power of attorney to the Company authorizing each FDR holder to vote at a General Meeting of the Company. Tallink or the FDR Issuer are not responsible for an FDR holder’s failure to follow Tallink or the FDR Issuer’s instructions on participation in a General Meeting. Further, FDR holders may not receive the distributions that Tallink makes on the Tallink shares or any value for them if it is illegal or impracticable for the FDR Issuer to make them available to the holders.  Tallink is a public limited liability company incorporated and domiciled in Estonia and regulated under the Estonian Commercial Code and supplementing Estonian laws and regulations and the Articles of Association of AS Tallink Grupp. Shareholder rights provided by these laws and regulations may from time to time differ from those in a Finnish limited liability company.  As an Estonian company with its primary listing on Nasdaq Tallinn, Tallink is subject to the Corporate Governance Recommendations (CGR) (in Estonian: Hea Ühingujuhtimise Tava) of Nasdaq Tallinn instead of the Finnish Corporate Governance Code. The recommendations on good corporate governance in the CGR may from time to time differ materially in scope and content from the recommendations set out in the Finnish Corporate Governance Code, due to which shareholder rights in Tallink may differ from those in a Finnish listed company.  Although this Listing Summary and certain marketing materials relating to the Listing are published in the English and Finnish languages, Tallink will continue to publish its stock exchange releases and financial reports in the English and Estonian languages, except for certain key information derived from Tallink’s regular financial reporting which are in addition to the English and stock exchange releases published through a press release in Finnish and in Swedish.  If a direct or indirect FDR holder’s identity is not known to Tallink, and the FDR holder does not confirm its identity to Tallink upon the payment of dividend, Tallink has the obligation to deduct from the dividends paid to such FDR holder a withholding tax of 7%, and such withholding tax may not be creditable from the dividend recipient’s income tax due in the recipient’s residence country as it is impossible to receive the tax withholding certificate from either Tallink or Estonian tax authorities unless the identity of the recipient is known.  The tax treatment of a conversion of Tallink shares into FDRs and vice versa may depend on the laws and regulations applicable to each individual shareholder and FDR holder, and therefore the conversion may in case of some shareholders and FDR holders a taxable event. Every shareholder and FDR holder wishing to convert their holdings should confirm possible tax implications of the conversion with their tax advisor.  There can be no assurances of distribution of dividends or capital repayment to the shareholders or FDR holders (including the contemplated capital reduction announced on 10 October 2018), or the amounts of such dividends or capital repayment, in the future.

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 The clearing and settlement of the first FDRs to the book-entry accounts of the FDR holders will take place after the date of this Listing Summary, on or about 26 November 2018. There can be no assurances that such clearing and settlement will come to pass in the predicted schedule or at all.  The market price and liquidity of the FDRs may differ from the market price and liquidity of Tallink’s shares from time to time, and market price and liquidity of the FDRs and Tallink’s shares may fluctuate significantly. There are no assurances that an active market will emerge or can be maintained for the FDRs.  The possibility to convert Tallink shares into FDRs or vice versa may not be available to Tallink shareholders and FDR holders at all times.  If the FDR Issuer or the Company would cease to exist or become insolvent, the FDRs or the Tallink shares could lose their value.  The Listing may not necessarily succeed as expected, or occur at all.  Tallink’s principal shareholder Infortar and parties exercising control over it hold a significant interest in Tallink and, consequently, will be able to significantly influence the outcome of any shareholder vote. The Group has in the past and will in the future engage in transactions with Infortar or its affiliates, and it can be expected that the role of Infortar will remain significant in the Group’s future development and operations.  The Company’s principal shareholder Infortar may sell a significant part of its shareholding, which may have a negative effect on the market price of the shares or result in other adverse effects for the Company.

Section E — Offer

E.1 Total proceeds No new shares will be issued in connection with the Listing, and therefore the and expenses Company will not receive any proceeds from the Listing. Tallink estimates that the fees and expenses payable by it in relation to the Listing will amount to approximately EUR 1.7 million. E.2a Reasons for the The main purpose of the Listing is to further improve the Company’s visibility and Listing and use to make the Company’s shares more widely accessible to investors, as well as to of proceeds increase trading volumes and facilitate more efficient price formation of the Company’s shares. See Element E.1 for information on proceeds and expenses.

E.3 Terms and Not applicable; there will be no offering of securities. conditions of the offering E.4 Material OP Corporate Bank plc as the Finnish Financial Advisor and Swedbank AS as the interests Estonian Financial Advisor of Tallink and Nordea Bank Abp as the FDR Issuer, other entities within the same groups and/or their affiliates have provided, and/or may provide in the future, investment, insurance, banking and/or other services to the Company in the ordinary course of business, for which they may have received and may continue to receive customary fees and commissions.

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OP Corporate Bank plc, Swedbank AS and Nordea Bank Abp do not intend to disclose the content of any such services, investments or transactions otherwise than in accordance with any legal or regulatory obligation to do so. They will also receive fees in connection with the Listing and, as such, have an interest in the Listing. E.5 Names of Not applicable; there will be no share sale or lock-up agreements in connection persons offering to the Listing. to sell / Lock-up agreements E.6 Dilution Not applicable; no new shares will be issued. E.7 Estimated There are no expenses charged to the investors by the Company in connection expenses with the Listing. charged to the A shareholder’s or an FDR holder’s book-entry account operator may charge the investor shareholder or FDR holder fees for its custody and/or other services in connection with opening a book entry-account as well as holding and trading in securities on such account. The FDR Issuer shall have the right to charge the Company’s shareholder or the FDR holder for any fees, costs and expenses arising in connection with conversion of the FDRs or shares in accordance with its price list valid at any given time, including potential costs arising from the conversion and charged from the FDR Issuer by foreign banks. As at the date of this Listing Summary, the conversion fee of the FDR Issuer amounted to EUR 120. The FDR Issuer has agreed on not to charge the conversion fees from the Company’s shareholders amounting EUR 120, resulting from the conversion of their shares into Tallink’s FDRs, during the Free FDR Conversion Period. During the Free FDR Conversion Period, one free conversion event is offered per book- entry account. However, the fees of the account service providers of Tallink shareholders will be charged from the Tallink shareholders.

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THE COMPANY

AS Tallink Grupp Sadama 5/7 EE-10111 Tallinn Estonia

FDR ISSUER

Nordea Bank Abp Satamaradankatu 5 FI-00020 Nordea Finland

FINANCIAL ADVISOR TO THE COMPANY

Finnish Financial Advisor to the Company Estonian Financial Advisor to Company OP Corporate Bank plc Swedbank AS Gebhardinaukio 1 Liivalaia 8 FI-00510 Helsinki EE-15040 Tallinn Finland Estonia

LEGAL ADVISOR TO THE COMPANY

As to Finnish law: As to Estonian law: Roschier, Attorneys Ltd. Ellex Raidla Advokaadibüroo OÜ Kasarmikatu 21 A Roosikrantsi 2 FI-00130 Helsinki EE-10119 Tallinn Finland Estonia

AUDITORS

KPMG Baltics OÜ Narva maantee 5 EE-10117 Tallinn Estonia