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Aktsiaselts Tallink Grupp 28,300,000 Ordinary Shares Offer Price EEK 55.0 (EUR 3.5154) Per Offer Share

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Aktsiaselts Tallink Grupp 28,300,000 Ordinary Shares Offer Price EEK 55.0 (EUR 3.5154) Per Offer Share OFFERING MEMORANDUM Aktsiaselts Tallink Grupp 28,300,000 Ordinary Shares Offer Price EEK 55.0 (EUR 3.5154) per Offer Share This is the secondary offering of our shares. We are offering 28,300,000 newly issued shares (the “Offer Shares”), and the subscription rights (the “Subscription Rights” or “Rights”) thereto, to our existing shareholders. This offering is only directed to our existing shareholders and is made only in Estonia. The shares of AS Tallink Grupp are currently traded on the main list of the Tallinn Stock Exchange. We have applied to have our Offer Shares also 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 Offer Shares and subscription rights on the Tallinn Stock Exchange. Investing in the Offer Shares involves risks. See “Risk Factors” beginning on page 14. This offer is not directed to persons whose involvement in the offer requires any extra registration, prospectus or other measures in addition to those necessary under Estonian law. No action has been or will be taken in any jurisdiction by AS Tallink Grupp that would permit the public offering of Rights or the Offer Shares other than in Estonia, and the offering is not being made in any jurisdiction in which it would not be permissible to offer the Rights or the Offer Shares. The Offer Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended, nor under the securities laws of any state of the United States, nor under any other jurisdiction except Estonia. The Offer Shares may not be offered, sold, resold, allotted or subscribed to, directly or indirectly, in the countries where it is unlawful to do so without meeting additional requirements, unless any applicable exemption of those requirements exists. Distribution of the copies of the prospectus or any related documents are not allowed in those countries where such distribution or participation in the offer requires any extra measures or is in confl ict with the laws and regulations of these countries. Persons who receive the prospectus or any related document should inform themselves about any restrictions and limitations on distribution of the information contained in this prospectus and on acceptance of the offering of the securities. The issuer is not liable in cases where persons or entities take measures that are in contradiction with the restrictions mentioned in this paragraph. It is expected that the Offer Shares will be ready for delivery through the facilities of the Estonian Central Securities Depository on or about August 30, 2006, against payment therefore in immediately available funds. Public trading in the Offer Shares is expected to commence earliest August 31, 2006. Lead Manager Hansabank August 8, 2006 TABLE OF CONTENTS Summary.......................................................................................................................................................... 8 Risk Factors ................................................................................................................................................... 14 Risks Relating to Our Business................................................................................................................. 14 Specifi c Risks Relating to Silja................................................................................................................. 18 Risks Relating to Our Industry.................................................................................................................. 18 Risks Relating to Doing Business in Estonia and in the Baltic Region.................................................... 20 Risks Relating to the Offering................................................................................................................... 21 Terms and Conditions of the Offering............................................................................................................ 24 Instructions to Investors................................................................................................................................. 28 Use of Proceeds.............................................................................................................................................. 30 Capitalization ................................................................................................................................................. 30 Background and Reasons for the Offering..................................................................................................... 31 Dividends and Dividend Policy ..................................................................................................................... 32 Exchange Rates.............................................................................................................................................. 33 Selected Financial Information...................................................................................................................... 34 Operating and Financial Review and Prospects............................................................................................. 36 Overview................................................................................................................................................... 36 Recent Developments and Outlook........................................................................................................... 38 Factors Affecting Results of Operations ................................................................................................... 39 Results of Operations ................................................................................................................................ 40 Financial Year Ended August 31, 2005 Compared to Financial Year Ended August 31, 2004................. 41 Financial Year Ended August 31, 2004 Compared to Financial Year Ended August 31, 2003................. 44 Liquidity and Capital Resources ............................................................................................................... 46 Off-Balance Sheet Guarantees .................................................................................................................. 51 Critical Accounting Policies...................................................................................................................... 51 Contractual Obligations ............................................................................................................................ 53 Market Risk Disclosure............................................................................................................................. 53 Industry Overview ......................................................................................................................................... 55 European Mini-Cruise and Transport Ferry Markets................................................................................55 Our Geographic Market Area.................................................................................................................... 56 Business ......................................................................................................................................................... 60 Overview................................................................................................................................................... 60 Key Strengths............................................................................................................................................ 61 Strategy ..................................................................................................................................................... 62 History....................................................................................................................................................... 63 Operational Segments ............................................................................................................................... 64 Routes Operated........................................................................................................................................ 64 Products..................................................................................................................................................... 67 Sales and Marketing.................................................................................................................................. 72 Fleet........................................................................................................................................................... 74 Competition............................................................................................................................................... 76 Regulation ................................................................................................................................................. 79 Trademarks................................................................................................................................................ 80 Material Contracts..................................................................................................................................... 81 Insurance ..................................................................................................................................................
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