Company Presentation

October 2009
 Tallink in brief

 Tallink is the leading European provider of leisure and business travel and sea transportation
services in the Baltic Sea.

 Fleet of 20 vessels
 Operating four hotels in Tallinn

 Revenues EUR 787 million (FY07/08)

 EUR 2.0 billion asset base
 More than 6,800 employees
 Over 8 million passengers annually
 252 thousand cargo units annually
 Listed on OMX Tallinn – TAL1T

Over 50 years of operating and cruising experience

 The size of the market

20
Total market (passengers, millions)
18

16

14

12 Aland-Swe
Fin-Swe
10 Lat-Swe
Est-Swe
8
9m 5m Tal-Hel
6

1.5m 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Tallink’s passenger volume development (millions)

8
2.6m
7

0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
 Tallink business model

Product offering Operational segments

Others
1-2 overnight cruises & 5,2%
passenger transportation Conferences
Cargo
20,2%

Restaurants & shop

49,6% sales
49,6%

24,9%

On-board Tax-Free Shopping City break Ticket sales

24,9%

Geographical segments
Other
Lat-Swe 4,7%
4,5%
Fin-Ger
9,0%

Hotel & travel packages Cargo Transportation

Fin-Swe
43,3% 43,3%
Est-Swe
12,4%12,4%

26,1%

Est-Fin
26,1%

Data: Financial year 2007/08

 Competition

Market shares (passengers)

Tallinn-Helsinki Finland-Sweden Finland-Germany

Linda Line 6%
Eckerö 14% 55% 54%
40%

+3%* -13%*
+8%*
VikingLine On Estonia-Sweden &
Finnlines
25% VikingLine Latvia-Sweden routes
60%
Tallink is the only provider
46%
of daily passenger
transportation

The market share improved on the main routes

Tallinn – Helsinki and Finland-Sweden

* - change of market share from last year

Source: Tallink; publicly available information on competitors; Port of Tallinn

 Tallink´s position in the global ferry market

Operators by Gross Tons Operators by beds

Rank Company Gross tons Rank Company Beds
1 Stena Line 760 715 1 Tallink 27 798
2 Tallink 600 995 2 Stena Line 14 374
3 P&O Ferries 502 924 3 Tirrenia 14 288
4 Tirrenia 386 967 4 Viking Line 13 754
5 ANEK lines 342 861 5 Grandi Navi Veloci 11 960

Operators by revenues (2008) Operators by no. of employees

Rank Company Revenue (mEuro) Rank Company Staff
1 P&O Ferries 1 030,0 1 Tallink 6 093
2 Stena Line 945,8 2 Stena Line 5 700
3 Tallink 786,8 3 P&O Ferries 5 000
4 Finnlines 735,7 4 DFDS Seaways 4 215
5 Scandlines 584,0 5 Color Line 3 827

Data: Ro/pax / ferries above 1,000 GT

Source: ShipPax MARKET:09
 Tallink in the world

Source: Generation Research - www.generation.se

 Highlights and milestones

Revenue (€ mln)

800 787
761
Routes Finland-Sweden

Riga-Stockholm 600
550
534

St. Petersburg Finland-Germany

405
Tallinn-Stockholm 400

Estonia-Finland 260

200 195
182

Newbuilt vessels – investment € 1020 mln Baltic Queen

Baltic Princess 0
04/05 05/06 06/07 07/08
Superstar
Star EBITDA (€ mln)
Galaxy
Victoria I 180
Romantika
159

140
Acquisitions - € 780 mln Tallink Taxi 127

IPO Silja Line

Tallink Express Hotel 100 94
Superfast ferries Pirita Top Spa Hotel
Private Placement Tallink Spa & Conference Hotel 60 58

Tallink City Hotel

20
2001 2002 2003 2004 2005 200 2007 2008 2009
6 04/05 05/06 06/07 07/08
 Fleet renewal program (2002-2009) is completed

The newbuilding Baltic Queen was delivered in April 2009

Baltic Queen - EUR 180 million

Delivery: April 2009
Passengers: 2,800

Outlook
 Modern cruise ferry prices have increased significantly
 After the delivery of Baltic Queen, Tallink has most modern and competitive fleet
 Currently no more new orders are planned
 The need for further newbuildings and new standards will become clear in 3-5 years.
 Recent development - Passenger traffic

Monthly passenger volume (th.)

1 200
2007/08 2008/09 change
Passengers 7 070 264 8 124 412 14,9%
1 000
Finland - Sweden 2 860 278 3 169 370 10,8%
Annual growth +1 million (+15%)
Estonia - Finland 2 934 674 3 485 321 18,8%
800 Estonia - Sweden 772 811 850 087 10,0%
Latvia - Sweden 357 533 520 493 45,6%
600 Finland - Germany 144 968 99 141 -31,6%

Passenger cars 671 537 862 982 28,5%

400
Finland - Sweden 164 059 181 127 10,4%
Estonia - Finland 363 194 528 662 45,6%
200 Estonia - Sweden 52 839 56 915 7,7%
Latvia - Sweden 51 652 68 754 33,1%
- Finland - Germany 39 793 27 524 -30,8%
Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.

2007/08 2008/09

The number of passengers grew on all routes,

except Finland-Germany where the traffic capacity was reduced

0
 Recent development - Cargo traffic

Monthly cargo volume (th. units)

35
Annual decrease -24%
30

25 2007/08 2008/09 change

Cargo units 331 151 252 035 -23,9%
20 Finland - Sweden 102 949 87 625 -14,9%
Estonia - Finland 118 526 94 321 -20,4%
15 Estonia - Sweden 44 353 31 271 -29,5%
Latvia - Sweden 13 262 13 587 2,5%
10 Finland - Germany 52 061 25 231 -51,5%

-
Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.

2007/08 2008/09

Cargo volumes have stabilized on a new, but lower level.

The volumes are lower on all routes, except Latvia-Sweden

1
 Consolidated Income Statement

(in € million) 2005/2006 2006/2007 2007/2008

Sales 405 761 787

Cost of sales (1) (288) (560) (622)

Marketing, general & admin (1)

(50) (114) (111)

EBITDA 94 159 127

Margin (%) 23.2% 20.9% 16.1%

Integration related one-off costs 0 (16) 0

Net Profit (2) 50 67 20

EPS (2) 0.09 0.10 0.03

Notes:
(1) Includes depreciation and amortization
(2) 2005/2006 Net Profit adjusted with exclusion of negative goodwill

2
 Consolidated Balance Sheet

(in € million) 31.08.2006 31.08.2007 31.08.2008

Total assets 1,657 1,698 1,898

Non-current assets 1,481 1,537 1,723
Current assets 176 161 175
- of which cash - 90 83 67

Total liabilities 1,077 1,050 1,234

Interest bearing liabilities 956 948 1,120
Other liabilities 121 102 114
Shareholders’ equity 580 648 664

Gearing (1) 62.2% 59.4% 62.8%

Equity/assets ratio 35.0% 38.2% 35.0%
BVPS (2) (in EUR) 0.86 0.96 0.99
Note:
(1) Gearing represents interest bearing liabilities / (interest bearing liabilities + shareholders’ equity)
(2) Shareholders’ equity / number of shares outstanding

3
 Consolidated Cash Flow Statement

(in € million) 2005/2006 2006/2007 2007/2008

Net income 95 67 20
Depreciation and amortization 27 59 62
Other (43) 9 27
Operating cash flow 79 135 109
Capital expenditure (562) (141) (271)
Asset disposal 12 44 29
Free cash flow (471) 38 (133)
Debt financing 327 (9) 171
Equity financing 226 0 (4)
Interests & other financial items (12) (36) (51)
Change in cash 69 (7) (17)

4
 Fleet loans

Fleet loans & loan balance projection

 Average of 10-year scheduled 1200

repayment profile

EUR Millions
1000

 No high bullet repayments before 2013

800

600

400

200

0
FY 2008 2008/2009 20092009/2010 2010 2010/20112011 2011/20122012 2012/20132013 2013/20142014

Estimated market value of the fleet is ca EUR 2 billion.

5
 CONFIDENTIAL

Ownership structure

Shareholders of AS Tallink Grupp Ten largest shareholders on Sept.15, 2009 %

Infortar 40,0%
ING Luxembourg S.A. 10,1%
Nordea Bank Finland Plc / Non-resident legal entities 9,8%

Infortar Citigroup Venture Capital International Jersey Ltd 7,3%

40% State Street Bank / Trust Omnibus Account A Fund No.OM01 4,3%
Skandinaviska Enskilda Banken AB Clients 3,5%
Infortar AS JP Morgan Chase clients / Vanguard Marketing Corp. 1,8%
39% Firebird Republics Fund Ltd 1,2%
BNYM / ING BANK SLASKI AC LM AKCJI FIO 1,2%
Firebird Avora Fund Ltd 1,1%
Top 10 shareholders
Institutional investors
Retail investors