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DISCLAIMER the Validity of This Offering Memorandum Has Expired

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DISCLAIMER the Validity of This Offering Memorandum Has Expired DISCLAIMER The validity of this Offering Memorandum has expired. The Offering Memorandum has been made available on this website solely as a condition for the receipt of the exemption from publishing a listing prospectus. This Offering Memorandum does not constitute an offer to sell, or the solicitation of an offer to buy or acquire, any shares, FDRs, rights or other securities of AS Tallink Grupp in any jurisdiction whatsoever, including but not limited to, Finland, Estonia, and other member states of the European Economic Area. VASTUUVAPAUSLAUSEKE Tämän tarjousta koskevan asiakirjan voimassaolo on päättynyt. Asiakirja on asetettu saataville tällä verkkosivulla yksinomaan ehtona listalleottoesitteen julkistamista koskevan poikkeusluvan saamiseksi. Tämä tarjousta koskeva asiakirja ei muodosta tarjousta myydä tai tarjouspyyntöä ostaa tai hankkia AS Tallink Gruppin osakkeita, osaketalletustodistuksia, oikeuksia tai muita arvopapereita millään lainkäyttöalueella, mukaan lukien mutta ei rajoittuen Suomessa, Virossa tai muissa Euroopan talousalueen jäsenvaltioissa. VASTUTUST PIIRAV KLAUSEL Käesoleva pakkumis- ja noteerimisprospekti kehtivusaeg on lõppenud. See pakkumis- ja noteerimisprospekt on tehtud kättesaadavaks sellel veebilehel üksnes noteerimisprospekti avalikustamise kohustusest vabastuse saamise tingimusena. Käesolev pakkumis- ja noteerimisprospekt ei ole pakkumine müüa või üleskutse teha pakkumine osta või omandada mis tahes AS-i Tallink Grupp aktsiaid, FDR-e, õigusi või muid väärtpabereid mis tahes jurisdiktsioonis, sealhulgas, kuid mitte ainult, Soomes, Eestis ja muudes Euroopa Majanduspiirkonna liikmesriikides. OFFERING MEMORANDUM Aktsiaselts Tallink Grupp 34,090,909 Ordinary Shares Offer Price Range EEK 73.50 (EUR 4.70) to EEK 92.00 (EUR 5.88) per Offer Share This is the initial offering of our shares. We are offering 26,500,000 newly issued shares and certain selling shareholders named in this offering memorandum are offering up to 7,590,909 existing shares. We will not receive any proceeds from the sale of the shares by the selling shareholders. This offering includes a public offering to retail investors in Estonia and Finland and an international offering to institutional investors in and outside of Estonia and Finland. This offering memorandum, including a summary translated into Estonian and Finnish, relates only to the Estonian and Finnish public offerings, respectively. The international offering is being made pursuant to a separate offering memorandum in the English language. Certain selling shareholders have granted the managers of the offering an option to purchase up to an aggregate of 3,409,091 additional shares at the offer price. The option is exercisable for 30 days from the commencement of trading in our shares on the Tallinn Stock Exchange solely to cover over-allotments, if any. The total number of shares offered and the offer price range may be changed. There is currently no public market for our shares. We have applied to have our shares listed on the main list of the Tallinn Stock Exchange. This offering memorandum has been prepared for purposes of the offering and the listing of our shares on the Tallinn Stock Exchange. Investing in the offer shares involves risks. See “Risk Factors” beginning on page 7. The shares have not been registered under the U.S. Securities Act of 1933, as amended. In the United States, the offering is being made only to qualified institutional buyers in accordance with Rule 144A under the Securities Act. Outside the United States, the offering is being made in accordance with Regulation S under the Securities Act. Prospective purchasers that are qualified institutional buyers are hereby notified that the issuer and the sellers of the shares may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. For a description of the selling restrictions and of certain restrictions on transfers of the shares, see “Plan of Distribution” and “Transfer Restrictions.” It is expected that the shares issued and sold in the offering will be ready for delivery through the facilities of the Estonian Central Securities Depository, Euroclear Bank S.A./N.V., as operator of the Euroclear System, or Clearstream Banking société anonyme, on or about December 8, 2005, against payment therefor in immediately available funds. Public trading in the shares is expected to commence on or about December 9, 2005. Global Co-ordinator and Sole Bookrunner Citigroup Co-lead Managers Nordea Suprema Securities SEB Eesti Ühispank November 18, 2005 N FINLAND W O S HELSINKI SWEDENMariehamn Kapellskär TALLINN Paldiski STOCKHOLM ESTONIA TABLE OF CONTENTS Page Summary .............................................................................. 1 Risk Factors ........................................................................... 7 RisksRelatingtoOurBusiness .......................................................... 7 Risks Relating to Our Industry ........................................................... 10 Risks Relating to Doing Business in Estonia and in the Baltic Region ............................ 12 RisksRelatingtotheOffering ........................................................... 13 Terms and Conditions of the Retail Offering .................................................. 15 InstructionstoInvestorsinEstonia ......................................................... 20 InstructionstoInvestorsinFinland ......................................................... 22 Use of Proceeds ........................................................................ 24 Capitalization .......................................................................... 24 Background and Reasons for the Offering .................................................... 25 Dividends and Dividend Policy ............................................................ 26 Exchange Rates ......................................................................... 27 Selected Financial Information ............................................................. 28 Operating and Financial Review and Prospects ................................................ 30 Overview ............................................................................ 30 Recent Developments and Outlook ....................................................... 31 Factors Affecting Results of Operations ................................................... 32 Results of Operations .................................................................. 33 Financial Year Ended August 31, 2005 Compared to Financial Year Ended August 31, 2004 .......... 34 Financial Year Ended August 31, 2004 Compared to Financial Year Ended August 31, 2003 .......... 36 LiquidityandCapitalResources.......................................................... 37 Off-Balance Sheet Guarantees ........................................................... 41 Critical Accounting Policies ............................................................. 41 ContractualObligations ................................................................ 42 MarketRiskDisclosure ................................................................ 43 Industry Overview ...................................................................... 44 European Mini-Cruise and Transport Ferry Markets .......................................... 44 Our Geographical Market Area .......................................................... 45 Business .............................................................................. 48 Overview ............................................................................ 48 Key Strengths ........................................................................ 48 Strategy............................................................................. 49 History ............................................................................. 50 Operational Segments .................................................................. 51 Routes Operated ...................................................................... 51 Products ............................................................................ 53 SalesandMarketing................................................................... 56 Fleet ............................................................................... 58 Competition ......................................................................... 60 Regulation ........................................................................... 62 Trademarks .......................................................................... 63 MaterialContracts .................................................................... 64 Insurance ............................................................................ 64 Employees and Labor Relations .......................................................... 65 Legal Proceedings ..................................................................... 65 Real Estate and Premises ............................................................... 66 Organization ......................................................................... 66 RelatedPartyTransactions.............................................................. 68 Management ........................................................................... 69 Structure of Our Management ........................................................... 69 Managements Holdings ................................................................ 72 Management Remuneration
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