1. Investor presentation October 2006 Riga

2. 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. 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 sales194.9181.57.4 Net profit for the period8.411.9-29.1 Net profit margin (%)4.36.5 EBITDA31.132.7-4.9 EBITDA margin (%)15.918.0 Depreciation14.712.913.9 Capital Expenditure480.420.02,300.0 Number of passengers (millions)2.2 -3.0 Cargo units (thousands)116.896.521.0 Average number of employees (thousands)2.82.72.5 31.05.200631.08.2005Change % Total assets970.3442.7119.2 Total liabilities660.9273.0142.1 Interest-bearing liabilities615.2245.2150.9 Total equity309.4169.782.3 Equity/assets ratio (%)31.938.3-16.7 Weighted average number of shares outstanding126,987,179110,000,00015.4 Shareholder’s equity per share2.441.5457.9

4. 4 Tallink’s vessels High-quality, flexible fleet Romantika Victoria I Regal Star Kapella AutoExpress 2 AutoExpress 4 Meloodia I Regina Baltica Vana Tallinn Fantaasia Cruise Ferries High-speed Ferries 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. 5 Silja’s vessels High-quality, flexible fleet Silja Serenade Cruise 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-pax Ferries Silja Europa Silja Symphony Silja Festival Sky Wind Sea Wind

6. 6 Share price December 2005 – September 2006 3.0 3.5 4.0 4.5 5.0 5.5 6.0 300 350 400 450 500 550 600 Tallink Baltix MarchMayJuly € JanuarySeptember 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 DecemberFebruaryAprilJuneAugust

7. 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

8. 8 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. 9 Tallink business model Product OfferingSuccess 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. 10 Tallink passenger growth Strong 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. 11 The Baltic ferry sector in a global context Tallink: Positioned at the heart of an exciting growth market Passenger Traffic – GlobalPassenger Traffic – Baltic and Scandinavia Trailer Traffic – GlobalTrailer Traffic – Baltic and Scandinavia *Note: Red Sea region excluded due to negligible volumes; North Sea includes Inland Lakes Europe; Domestic Baltic and Scandinavian markets excluded DK – Denmark; SE – Sweden; FI – Finland; D – Germany; E – Estonia; N – Norway; PL – Poland; DK-SE includes data from Oresund bridge crossing Source: ShipPax, 2004 & 1996 data; 15,0 9,4 8,5 1,3 0,9 0,7 0,6 2,6 4,1 6,2 0 2 4 6 8 10 12 14 16 DK-SE*FI-SEDK-DFI-EDK-ND-SEN-SEPL-SESE-ED-N (in million) -8% -4% 0% 4% 8% 12% 16% 20% CAGR 1996-2004 0,8 0,6 0,4 0,2 0,1 0,04 0,03 0,3 0,0 0,2 0,4 0,6 0,8 1,0 D-SEDK-SE*DK-DFI-SEPL-SEFI-EDK-NSE-ED-NN-SE (in million) -4% 0% 4% 8% 12% 16% 20% CAGR 1996-2004 10 7 7 4 0.40.4 1.01.0 0 2 4 6 8 12 North SeaMedBalticAsiaAmericaPacific (in million) 536 291 187 166 133 24 0 100 200 300 400 500 600 AsiaAmericaBalticMedNorth SeaPacific (in million)

12. 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. 13 Finland – Estonia Helsinki – 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 Jet Line 7% Eckerö Line 14% Linda Line 3% Market ShareCustomers and Products GalaxyMeloodiaRegal Star Auto Express 2Auto Express 3Auto Express 4 Key Words Developing passenger market Increased cargo demand

14. 14 Finland – Sweden Helsinki – Stockholm; Turku – Stockholm/Kapellskär Helsinki-Stockholm 56% Viking Line 44% Turku-Stockholm 57% Viking Line 43% 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 FestivalSea 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. 15 Sweden – Estonia Stockholm – 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 RomantikaVictoria Paldiski – Kapellskär route —Revenues mainly from cargo and ticket sales —Approximately 70% of passengers are Estonian —11,5 hour trip Vana TallinnKapella 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. 16 Sweden – Latvia Stockholm – 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. 17 Finland – Germany Hanko – Rostock Freight Market Share in 2005Customers and Products Hanko – Rostock route —Revenues mainly from cargo sales —24 hour trip Key Words Superfast VIISuperfast VIIISuperfast IX The fastest link between Finland and Germany High cargo space utilization Potential in passenger transportation Finnlines 46% Transfennica 21% Power-line 4% 29% High quality fast ice-classed vessels

18. 18 Proven strategy Market 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. 19 Year High quality fleet Sophisticated and modern vessels Ferries Built for the Region Cruise FerriesHigh-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 899091929394959697989900010203040506 Cinderella Europa Romantika Galaxy Victoria I Paradise* Gabriella 0708 High-speed ro-pax I High-speed ro-pax II Serenade New Cruise Ferry II Superfast IX Superfast VII and VIII

20. 20 *Note: Excludes revenue from cargo operations EEK/€ pegged since 1999 (EEK15.6466 = €1) Strong operational and financial track record Significant growth momentum across all key indicators Passenger Growth Since 02/03Revenue Growth Since 02/03Cargo Growth Since 02/03 Profitable growth is key to Tallink’s success – this has been demonstrated over the past 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 02/0303/0404/05 Passengers (in '000) Cargo units (in '000) 131 103 95 0 50 100 150 200 02/0303/0404/05

21. 21 *Note: (1) ROE represents net profit / average equity for the period (2) Equity Asset ratio = shareholders equity / total assets EEK/€ pegged since 1999 (EEK15.6466 = €1) Group financial data 2002/20032003/20042004/2005(in € million) Sales 191218260 EBITDA514658 Margin (%) 26.8%21.1%22.2% Net Profit242030 Operating Cash Flow545157 Capital expenditure(40)(153)(23) Total assets291442443 Total liabilities197302273 Shareholders equity94139170 ROE (1) 30%17%20% Equity assets ratio (2) 32%31%38%

22. Investor presentation October 2006 Riga