Investor presentationOctober 2006 Riga

2

Financial Year 2005/2006

KEY EVENTS

Successful IPO and listing on the Tallinn Stock Exchange in December 2005;

Ordering of a new cruise ferry, a sister vessel of M/S Galaxy;

The delivery of M/S Galaxy;

Starting operations between Riga and Stockholm;

The acquisition of Superfast vessels and the launch of Finland - Germany service;

The sale of M/S Autoexpress;

M/S Fantaasia chartered to Mediterranean from;

Acquisition of Silja ferry business;

Rights Issue to the shareholders.

3

Financial year 2005/2006 9 months Key Figures

(in € million) 01.09.2005-31.05.2006

‘ 01.09.2004-31.05.2005

Change %

Net sales 194.9 181.5 7.4Net profit for the period 8.4 11.9 -29.1Net profit margin (%) 4.3 6.5EBITDA 31.1 32.7 -4.9EBITDA margin (%) 15.9 18.0Depreciation 14.7 12.9 13.9Capital Expenditure 480.4 20.0 2,300.0

Number of passengers (millions) 2.2 2.2 -3.0Cargo units (thousands) 116.8 96.5 21.0Average number of employees (thousands) 2.8 2.7 2.5

31.05.2006 31.08.2005 Change %Total assets 970.3 442.7 119.2Total liabilities 660.9 273.0 142.1Interest-bearing liabilities 615.2 245.2 150.9Total equity 309.4 169.7 82.3Equity/assets ratio (%) 31.9 38.3 -16.7Weighted average number of shares outstanding 126,987,179 110,000,000 15.4Shareholder’s equity per share 2.44 1.54 57.9

4

Tallink’s vesselsHigh-quality, flexible fleet

Romantika Victoria I

Regal Star

Kapella

AutoExpress 2

AutoExpress 4

Meloodia I Regina Baltica Vana Tallinn Fantaasia

Cruise Ferries

High-speedFerries

Ro-ro Cargo Ferries

As a result of its ongoing investment and fleet renewal program, Tallink deploys some of the most advanced cruise ferries in the region.

AutoExpress 3

Galaxy

Fast Ro-pax

Superfast VII , Superfast VIII , Superfast IX

5

Silja’s vesselsHigh-quality, flexible fleet

Silja SerenadeCruise Ferries

As a result of its ongoing investment and fleet renewal program, Tallink deploys some of the most advanced cruise ferries in the region.

Ro-paxFerries

Silja Europa

Silja Symphony

Silja Festival

Sky Wind

Sea Wind

6

Share price December 2005 – September 2006

3.0

3.5

4.0

4.5

5.0

5.5

6.0

300

350

400

450

500

550

600Tallink

Baltix

March May July

€

January September

Since listed on the Tallinn Stock Exchange, a large proportion of turnover is derived directly from trading Tallink’s shares

— 34.9% of Tallinn Stock Exchange share turnover (09.12.05 – 18.09.06)

— 20.0% of Total Baltic Market share turnover (09.12.05 – 18.09.06)

Source: Tallinn Stock Exchange

December February April June August

7

Tallink in brief

Tallink is the biggest ferry operator in Northern Baltic Sea offering mini-cruise, passenger transportation and ro-ro cargo transportation services.

21 vessels linking 10 ports on seven routes between:— Finland and Estonia;

— Finland and Sweden;

— Sweden and Estonia;

— Sweden and Latvia;

— Finland and Germany.

350 room hotel operation in the center of Tallinn

Annual revenue base over 620 million euro * Over 6,000 employees More than 6.5 million passengers annually *

* Combined with the 12 months pro forma figures of the acquired Silja Line ferry business

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Tallink: The strongest in the Baltic Sea

Outstanding macro fundamentals

Strong market position

High-quality, flexible fleet

Broad product offering

Strong brands

Competitive cost base

Experienced management team

“The biggest Northern Baltic shipping group providing

high-quality mini-cruise and passenger transport services, as well as a

leading provider of ro-ro cargo services on selected

routes”

9

Tallink business model

Product Offering Success Story and Growth Drivers

Mini-cruise, Hotel and Travel Packages

High-speed, Passenger and Cargo Traffic

Broad transportation, leisure and retail product: complete mini-cruise and overnight hotel & spa packages, city-break day trips, high-speed ferry and cargo

Highly popular mini-cruise product across Scandinavia and the Baltics with extensive onboard retail and entertainment facilities

Our destinations are attractive and lucrative for tourism and shopping destination

Significant demand from business customers, tourism and cargo traffic boosted by EU accession

10

0

500

1 000

1 500

2 000

2 500

3 000

3 500

Passengers

(in

'000)Tallink passenger growthStrong passenger growth over the past decade

Total Tallink Passenger Volumes

Over the past decade, Tallink has outperformed a fast-

growing home market and is set to capitalise further on

Tallinn’s growing attractiveness as a tourist

destination.

10

11

The Baltic ferry sector in a global contextTallink: Positioned at the heart of an exciting growth market

Passenger Traffic – Global Passenger Traffic – Baltic and Scandinavia

Trailer Traffic – Global Trailer Traffic – Baltic and Scandinavia

*Note: Red Sea region excluded due to negligible volumes; North Sea includes Inland Lakes Europe; Domestic Baltic and Scandinavian markets excludedDK – Denmark; SE – Sweden; FI – Finland; D – Germany; E – Estonia; N – Norway; PL – Poland; DK-SE includes data from Oresund bridge crossingSource: ShipPax, 2004 & 1996 data;

15,0

9,48,5

1,3 0,9 0,7 0,6

2,6

4,16,2

0

2

4

6

8

10

12

14

16

DK-SE* FI-SE DK-D FI-E DK-N D-SE N-SE PL-SE SE-E D-N

(in m

illio

n)

-8%

-4%

0%

4%

8%

12%

16%

20%

CA

GR

1996-2004

0,8

0,6

0,4

0,2 0,2 0,10,1

0,04

0,03

0,3

0,0

0,2

0,4

0,6

0,8

1,0

D-SE DK-SE* DK-D FI-SE PL-SE FI-E DK-N SE-E D-N N-SE

(in m

illio

n)

-4%

0%

4%

8%

12%

16%

20%

CA

GR

1996-2004

10

77

4

0.41.0

0

2

4

6

8

10

12

North Sea Med Baltic Asia America Pacific

(in m

illio

n)

536

291

187166

133

24

0

100

200

300

400

500

600

Asia America Baltic Med North Sea Pacific

(in m

illio

n)

12

Tallink routes

Tallink operates between:— Helsinki and Tallinn;

— Stockholm and Tallinn;

— Paldiski and Kapellskär;

— Stockholm and Riga;

— Hanko and Rostock;

— Helsinki and Stockholm;

— Turku and Stockholm/Kapellskär.

Northern Baltic Sea region –17 million passenger market

13

Finland – EstoniaHelsinki – Tallinn

Helsinki – Tallinn— Revenues mainly from onboard and ticket sales

— Approximately 80% of the passengers are Finnish

— 3.5 hour trip with day ferry

— 1 hour 40 minute trip with high-speed ferry

— 22 hour over-night cruise with “Galaxy”

Investments— In 2002 and 2006 two brand new vessels

— In 2007 brand new Ro-pax ferry will be introduced

Sea Containers

18%

Viking Line

15%

43%

Nordic JetLine

7%

Eckerö Line

14%

Linda Line

3%

Market ShareCustomers and Products

Galaxy Meloodia Regal Star

Auto Express 2 Auto Express 3 Auto Express 4

Key Words

Developing passenger market Increased cargo demand

14

Finland – SwedenHelsinki – Stockholm; Turku – Stockholm/Kapellskär

Helsinki-Stockholm

56%

Viking Line44%

Turku-Stockholm

57%

Viking Line43%

Market ShareCustomers and Products

Helsinki – Stockholm— Revenues mainly from onboard and ticket sales

— Approximately 65% passengers are Finnish

— Over-night cruise

Turku – Stockholm/Kapellskär— Revenues mainly from cargo and ticket sales

— Majority of passengers are Finnish

— Over-night and day trips

Silja Europa

Silja Symphony

Silja Festival Sea Wind / Sky Wind

Silja Serenade

Key Words

Tax-free status (via Aland islands)

Strong brand – Silja Loyal passenger base Increased cargo demand

Overnight cruise City-break Hotel package sales

15

Sweden – EstoniaStockholm – Tallinn; Kapellskär – Paldiski

Market ShareCustomers and Products

Stockholm – Tallinn route— Revenues mainly from onboard and ticket sales

— Approximately 70% of passengers are Swedish

— Over-night cruise

Romantika Victoria

Paldiski – Kapellskär route— Revenues mainly from cargo and ticket sales

— Approximately 70% of passengers are Estonian

— 11,5 hour trip

Vana Tallinn Kapella

Tallink is the only provider of daily passenger and ro-ro cargo services on the routes between Sweden and Estonia

Key Words

Tax-free status (via Aland islands) High development potential Overnight cruises City-breaks Hotel package sales

16

Sweden – LatviaStockholm – Riga

Market ShareCustomers and Products

Stockholm – Riga route— Revenues mainly from onboard and ticket sales

— Approximately 70% of passengers are Swedish

— Over-night cruise

Regina Baltica

Tallink is the only provider of regular passenger and ro-ro cargo services on the route between Sweden and Latvia

Key Words

High growth potential Overnight cruise City-break Hotel package sales

17

Finland – GermanyHanko – Rostock

Freight Market Share in 2005Customers and Products

Hanko – Rostock route— Revenues mainly from cargo sales

— 24 hour trip

Key Words

Superfast VII Superfast VIII Superfast IX

The fastest link between Finland and Germany

High cargo space utilization Potential in passenger transportation

Finnlines46%

Transfennica21%

Power-line4%

29%

High quality fast ice-classed vessels

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Proven strategyMarket leadership and investment for profitable growth

Continue to invest in our fleet— Central to maintaining market leadership and growing our business

— Enhanced efficiency and profitability

— Increased per-passenger spend from a wider demographic customer base

— Further strengthening of the Tallink & Silja brands

Build upon strong positions on existing routes— Strengthen overall market share and volumes

— Further increase strong brand recognition

— Broader customer base

— Enhanced mini-cruise experience and promotion of our different travel destinations

Pursue new growth opportunities in the North Europe region— Potential route expansion

— Travel-related products, services and packages

Maintain profitability through efficient and flexible management while seeking revenue growth

19

Year

High quality fleetSophisticated and modern vessels

Ferries Built for the Region

Cruise Ferries High-speed Ro-pax Ferries

Fleet renewal Higher quality of onboard facilities Increased passenger, cargo and retail capacity Increased profitability through lower cost per

passenger

Helsinki–Tallinn in less than 2 hours Increased passenger, cargo and retail capacity Expanded onboard consumption and retail

facilities Reduce seasonality through ice-class specification

*Note: Pure cruise vessel with no separate cargo or passenger car deck

Symphony

89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06

Cinderella

Europa

Romantika

Galaxy

Victoria I

Paradise*

Gabriella

07 08

High-speed ro-pax I

High-speed ro-pax II

Serenade

New Cruise Ferry II

Superfast IX

Superfast VII and VIII

20

*Note: Excludes revenue from cargo operationsEEK/€ pegged since 1999 (EEK15.6466 = €1)

192

218

260

0

50

100

150

200

250

300

02/03 03/04 04/05

(in

€ m

illi

on

)

Strong operational and financial track recordSignificant growth momentum across all key indicators

Passenger Growth Since 02/03 Revenue Growth Since 02/03 Cargo Growth Since 02/03

Profitable growth is key to Tallink’s success – this has been demonstrated over thepast three years and will remain central to its investment case going forward.

3 274

2 828

2 598

0

500

1 000

1 500

2 000

2 500

3 000

3 500

02/03 03/04 04/05

Pas

seng

ers

(in '0

00)

Car

go u

nits

(in

'000

)

131

10395

0

50

100

150

200

02/03 03/04 04/05

21

*Note:(1) ROE represents net profit / average equity for the period(2) Equity Asset ratio = shareholders equity / total assetsEEK/€ pegged since 1999 (EEK15.6466 = €1)

Group financial data

2002/2003 2003/2004 2004/2005(in € million)

Sales 191 218 260

EBITDA 51 46 58

Margin (%) 26.8% 21.1% 22.2%

Net Profit 24 20 30

Operating Cash Flow 54 51 57

Capital expenditure (40) (153) (23)

Total assets 291 442 443

Total liabilities 197 302 273

Shareholders equity 94 139 170

ROE (1) 30% 17% 20%

Equity assets ratio (2) 32% 31% 38%

Investor presentationOctober 2006 Riga