Company presentation December 2010

„ Tallink is the leading European provider of leisure and business travel and sea transportation services in the

„ Fleet of 19 vessels „ Operating five hotels

„ Revenues EUR 814 million „ EUR 1.9 billion asset base „ 6612 employees „ Over 8.4 million passengers annually „ 258 thousand cargo units annually „ Listed on Nasdaq OMX Baltic – TAL1T

Over 50 years of operating and cruising experience

2 Tallink business model

Product offering

1-2 overnight cruises & passenger transportation Conferences Revenue structure (Financial year 2009/10)

49,6% Othe r 7% 24,9% Cargo On-board Tax-Free Shopping City break 12%

Restaurant & shop sales 54%

Hotel & travel packages Cargo Transportation Ticket sales 27% 43,3% 12,4%

26,1%

3 Cruise

927 cabins, 2800 passengers

Buffet Nightclub

Tango lounge

Conference

Sauna

Shops, pubs, restaurants Car deck Show bar 4 Tallink’s passenger market share is 46% of the Northern Baltic Sea

Northern Baltic passenger market 18.2 million passengers 18 Other

16 Eckerö line

14

12 10 8.4 million passengers 8

6

4 Tallink 2

0 05/06 06/07 07/08 08/09 09/10 5 Market shares Passenger operations

Est - Fin / - 3% 6% 5% 6% 5% 6% 7% 7% 5% 7% 5% 4% 8% 7% 7% 14% 13% 21% 19% 13% 10% 19% 20% 20% 25% 19% 18% 13% 15% 15% 25% 25% 10% 10% 10% 12% 11% 14% 15% 22% 12% 19% 19% 23% 22% 22% 22% 20% 15% 15% 16% On - &

+3%* -12%* -Sweden routes +8%* 55% 57% 50% Tallink is the only provider 44% 45% 40% 42% 41% 39% 42% 42% 37% 38% of short cruises and daily Passenger transportation

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Tallink Viking Line Eckerö Line SuperSeaCat Nordic Jetline Linda Line

FIN - SWE / Helsinki - FIN - SWE / - Stockholm

47% 47% 47% 46% 43% 43%

53% 53% 53% 54% 57% 57%

6 2008 2009 2010

2008 2009 2010 Highlights and milestones

Operations -Sweden

Riga-Stockholm

St. Petersburg Finland-Germany Tallinn-Stockholm

Estonia-Finland

Hotel operations

Newbuilt vessels – investment € 1020 m Baltic Queen Acquisitions € 780 m 3 3 Superfast Baltic Princess 3IPO Superstar 3Private Placement Star Galaxy Victoria I Romantika

2002 2003 2004 2005 2006 2007 2008 2009 2010

7 Tallink´s position in the global ferry market

The World's top 25 Duty free & Travel Retail Shops 2009 Ranking by actual and estimated retail sales in US$ millions. Ferry operator by gross tons Rank Company Gross tons Rank Location Remarks 1 759 748 Sales> US$ 1,000.0 million 2 Tallink 598 529 1 Dubai - Dubai International Airport, U.A.E. AIRPORT SHOPS 3 P&O Ferries 502 924 2 London - Heathrow Airport, UK AIRPORT SHOPS 4 Tirrenia 381 899 Sales> US$ 900.0 million 5 Grandi Navi Veloci 352 555 3 Seoul - Incheon Int'l Airport, South Korea AIRPORT SHOPS Sales> US$ 800.0 million 4 Singapore - Changi Airport AIRPORT SHOPS Ferry operator by beds Sales> US$ 600.0 million Rank Company Beds 5 Frankfurt - Frankfurt-Main Airport, Germany AIRPORT SHOPS 1 Tallink 26 581 Sales> US$ 500.0 million 2 Tirrenia 15 258 6 Tallink Silja Line FERRY SHOPS 3 Stena Line 15 010 7 Paris - Charles de Gaulle Airport, France AIRPORT SHOPS 4 Viking Line 13 754 8 Hong Kong - Hong Kong International Airport AIRPORT SHOPS 5 Grand Navi Veloci 12 160 9 Bangkok - Suvarnabhumi Airport, Thailand AIRPORT SHOPS Sales> US$ 400.0 million 10 Amsterdam - Schipol Airport, Netherlands AIRPORT SHOPS Ferry operator by revenues (mEUR) Sales> US$ 300.0 million Rank Company Revenue 11 Oslo - Gardermoen Airport, Norway AIRPORT SHOPS 1 P&O Ferries 1030* 12 London - Gatwick Airport, UK AIRPORT SHOPS 2 Stena Line 936 13 Sao Paulo - Guarulhos Int’l Airport, Brazil AIRPORT SHOPS 3 DFDS 881 14 Tel Aviv - Ben Gurion Int’l Airport, Israel AIRPORT SHOPS 4 Tallink 792 15 Manchester - Int’l Airport, UK AIRPORT SHOPS 5 Color Group 551

Source: Generation Research 2010 Data: Ro/pax / ferries above 1,000 GT Source: ShipPax MARKET:10, 09* 8 Strategic plan

Tallink’s vision is to be the market pioneer in Europe by offering excellence in leisure and business travel and sea transportation services

Long term objectives for profitable operations: - Strive for the highest level of customer satisfaction - Increase volumes and strengthen the leading position on our home markets - Develop wide range of quality services for different customers and pursue new growth opportunities

Current focus is on core operations to realize past investments. Along with the optimal fleet deployment the emphasis is on the profitability improvement and deleveraging.

Current strategic cornerstones and competitive advantages:

Most modern Wide route Strong market share & High safety level & fleet network brand awareness environmental standards

9 Results quarterly seasonality breakdown

Passengers (millions) Cargo (th. units) Revenue (EUR millions) EBITDA (EUR millions)

360 159 9 8.43 350 792 814 150 145 331 800 787 8.12 761 8 89 133 300 75 126 7.07 237 255 272 7 6.87 2.84 258 227 84 2.70 252 250 600 78 Q4 6 2.36 100 49 2.33 95 59 67 94 74 85 5 200 188 185 188 176 202 4.20 1.83 2.16 405 60 400 4 72 69 1.56 1.63 150 63 25 27 Q3 83 79 210 3 2.03 159 175 167 50 14 30 1.81 57 158 1.62 100 54 17 1.36 1.57 47 200 21 15 Q2 2 10 0.84 81 15 50 93 92 194 1 0.60 1.79 1.81 76 68 51 190 187 181 33 29 30 1.62 1.51 27 Q1 0.74 38 63 11 0 0 0 0 05/06 06/07 07/08 08/09 09/10 05/06 06/07 07/08 08/09 09/10 05/06 06/07 07/08 08/09 09/10 05/06 06/07 07/08 08/09 09/10

10 The dynamics of high seasonality on the profit level

in EUR million Net profit/loss by quarters 50

Summer 40

30

42 20

29 32 10

0 Autumn Winter Spring -7 -2 -2 -1 -3 -17 -16 -10 -21

-20

-30 07/08 08/09 09/10

Typical to the Tallink business model is that the result is made in Q4, the summer high season

11 Passenger traffic

Passenger number quarterly development 3.0

2.5 2.70 2.84

Millions 2.0 2.36 2.16 1.5 1.79 1.81 1.83 1.81 1.57 1.63 1.62 1.0 1.51 0.5 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 07/08 07/08 07/08 07/08 08/09 08/09 08/09 08/09 09/10 09/10 09/10 09/10 Passenger revenues 250 100

200 225 80 212 150 184 60 165 150 144 100 133 131 137 132 137 125 40 50 20 0 0 Revenues EUR m in

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenue per pax EUR 07/08 07/08 07/08 07/08 08/09 08/09 08/09 08/09 09/10 09/10 09/10 09/10 Total ticket, restaurants & shops revenues Ticket, restaurants & shops revenues per passenger

12 Cargo traffic

Cargo units & revenues

100 80

92 70

Units th in 80 85 79 60 75 76 69 m EUR in Revenue 60 68 67 50 60 59 44 57 54 40 40 39 40 37 35 30 28 25 26 23 24 25 20 20 20 10

0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 07/08 07/08 07/08 07/08 08/09 08/09 08/09 08/09 09/10 09/10 09/10 09/10

Cargo units Cargo revenues

13 Consolidated Income Statement

(in EUR million) 2006/20072006/2007 2007/20082007/2008 2008/20092008/2009 2009/20102009/2010

Sales 761 786 792 814

Cost of sales (1) (560) (622) (627) (646)

Marketing, general & admin (1) (114) (111) (101) (94)

EBITDA 159 126 133 145

Margin (%) 20.9% 16.0% 16.8% 17.8%

Net Profit 67 19 -8.2 22

EPS 0.10 0.03 -0.01 0.03

Notes:

(1) Includes depreciation and amortization

14 Costs breakdown

Structure Costs in EUR(th) 2008/2009 2009/2010 2008/2009 2009/2010 change Cost of goods 22% 22% -174 145 -169 981 -2%

Staff costs 15% 15% -119 029 -118 048 -1%

Marketing & Administrative expenses (1) 12% 11% -91 893 -86 012 -6%

Port & stevedoring costs 11% 12% -90 947 -91 546 1%

Fuel cost 11% 14% -90 576 -110 793 22%

Ship operating expenses 8% 8% -64 736 -61 527 -5%

Other costs 3% 4% -26 672 -29 178 9% Total costs from operations -657 998 -667 085 -2%

Depreciation and amortisation -69 939 -73 177 5%

Net finance cost -72 891 -47 423 -35%

(1) amortisation and depreciation excluded

15 Consolidated Cash Flow Statement

(in EUR million) 2006/2007 2007/2008 2008/2009 2009/2010

Operating cash flow 135 109 146 164

Capital expenditure (141) (271) (163) (6)

Asset disposal 44 29 1 7

Free cash flow 38 (133) (16) 165

Debt financing (9) 171 59 (107)

Equity financing 0 (4) 0 0

Interests & other financial items (36) (51) (60) (50)

Change in cash (7) (17) (17) 8

16 Consolidated Balance Sheet

(in EUR million) 31.08.2007 31.08.2008 31.08.2009 31.08.2010

Total assets 1,698 1,898 1,947 1,871 Non-current assets 1,537 1,723 1,815 1,741 Current assets 161 175 132 130 - of which cash - 83 67 50 57 Total liabilities 1,050 1,247 1,304 1,203

Interest bearing liabilities 948 1,120 1,181 1,068 Other liabilities 102 127 123 135 Shareholders’ equity 648 651 643 668

Gearing (1) 59% 63% 65% 62% Equity/assets ratio 38% 34% 33% 36%

BVPS (2) (in EUR) 0.96 0.97 0.96 1

Note: (1) Gearing represents interest bearing liabilities / (interest bearing liabilities + shareholders’ equity) (2) Shareholders’ equity / number of shares outstanding 17 Tallink’s loan agreements have aggressive repayment schedules, the vessels useful life is however longer

Loan balance according to the current repayment schedules 1750 Fleet value Million EUR Million 1500

1250

1000

750

500

250

0 Aug 31. AugAug 31. Aug 31. Aug 31. Aug 31. Aug 31. Aug 31. Aug 31. Aug 31. Aug 31. Aug 31. Aug 31. 2009 20102010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

18 The scheduled outstanding loan is displayed according to the agreements of the maturing loans and does not take into account future borrowings Tallink’s Fleet

Baltic Queen Victoria I Built: 2009 Built: 2004 Length 212.1m Length 193.8m Passengers: 2800 Passengers: 2500 Tallinn-Stockholm Lane meters: 1130 Tallinn-Stockholm Lane meters: 1000

Baltic Princess Superfast VII/VIII/IX Built: 2008 Built: 2001/2002 Length 212.1m Length 203.3m Passengers: 2800 Passengers: 717 Tallinn-Helsinki Lane meters: 1130 Rostock-Helsinki Lane meters: 1900

Silja Europa Galaxy Built: 1993 Built: 2006 Length 201.8m Length 212.1m Passengers: 3123 Passengers: 2800 Turku-Stockholm Lane meters: 932 Turku-Stockholm Lane meters: 1130

In the last 10 years Tallink has invested 1.3 billion EUR to create a modern fleet

19 Tallink’s Fleet

Superstar Star Built: 2008 Built: 2007 Length 175.1m Length 186m Passengers: 2080 Passengers: 1900 Tallinn-Helsinki Lane meters: 1930 Tallinn-Helsinki Lane meters: 2000

Silja Serenade Silja Symphony Built: 1990 Built: 1991 Length 202.9m Length 202.9m Passengers: 2852 Passengers: 2852 Helsinki-Stockholm Lane meters: 950 Helsinki-Stockholm Lane meters: 950

Romantika Silja Festival Built: 2002 Built: 1986 Length 193.8m Length 170.7m Passengers: 2500 Passengers: 2023 -Stockholm Lane meters: 1000 Riga-Stockholm Lane meters: 885

In addition the Group has 2 ro-pax cargo vessels in operation and 3 older ferries which have been replaced and are available for charter or sale

20 Age of fleet

Age of fleet by value (EUR m) Tallink Grupp ships age (value-weighted average): „ Tallink + Silja core fleet – 7.7 years „ Superfast fleet – 8.3 years 20+ years „ Ships out of core operations and 11-20 years cargo vessels – 23.5 years

1-5 years

World-wide ships age*: „ Ferries – 21.2 years

6-10 years „ Cruise – 16.2 years

* - source: ShipPax Market:10 Statistics, 2010

21 Ownership structure

Shareholders of AS Tallink Grupp Ten largest shareholders on 31.08.2010 Infortar 40% ING Luxemburg S.A 10% Nordea Bank Finland PLC / non-resident legal entities 10% Citigroup Venture Capital International Jersey Ltd 7% 3% Infortar Skandinaviska Enskilda Banken AB Clients JP Morgan Chase Bank / London Client’s account 3% 40% State Street Bank and Trust Omnibus fund 3% Firebird Republics Fund Ltd 1% Infortar AS BNYM / ING BANK SLASKI AC LM AKCJI FIO 1% 39% Mellon Treaty Omnibus 1%

EUR

Top 10 shareholders Institutional investors Retail investors

22 Safety, security and environmental protection are a high priority

„ Safety and Security Policy „ Environmental Policy

„ ISO 14001:2004 Environmental Certificate by Lloyds Register „ MARPOL Sewage Pollution Prevention Certificate „ MARPOL Air Pollution Prevention Certificate „ International Anti-Fouling System Certificate „ MARPOL Oil Pollution Prevention Certificate „ Document of Compliance for Anti-Fouling System „ MARPOL Garbage Pollution Prevention Attestation „ Passenger Ship Safety certificate „ International Ship Security Certificate „ Safety Management Certificate „ Document for Dangerous Goods

23