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Investor presentation October 2006 Riga. 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;

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investor presentation october 2006 riga
Investor presentation

October 2006 Riga

financial year 2005 2006
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.
tallink s vessels high quality flexible fleet
Tallink’s vesselsHigh-quality, flexible fleet

High-speedFerries

Cruise Ferries

Romantika

Victoria I

Galaxy

AutoExpress 2

Meloodia I

Regina Baltica

Fantaasia

Vana Tallinn

Ro-ro Cargo Ferries

Fast Ro-pax

AutoExpress 3

Regal Star

AutoExpress 4

Superfast VII , Superfast VIII , Superfast IX

Kapella

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

silja s vessels high quality flexible fleet
Silja’s vesselsHigh-quality, flexible fleet

Cruise Ferries

Ro-paxFerries

Silja Serenade

Silja Symphony

Sky Wind

Silja Europa

Silja Festival

Sea Wind

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

share price december 2005 september 2006
Share price December 2005 – September 2006

  • 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)

Tallink

6.0

600

Baltix

5.5

550

5.0

500

4.5

450

4.0

400

3.5

350

3.0

300

December

January

February

March

April

May

June

July

August

September

Source: Tallinn Stock Exchange

tallink in brief
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
  • Annualrevenue 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

tallink the strongest in the baltic sea
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”

tallink business model

Mini-cruise, Hotel and Travel Packages

Tallink business model

Product Offering

Success Story and Growth Drivers

  • 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

High-speed, Passenger and Cargo Traffic

tallink passenger growth strong passenger growth over the past decade
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

slide11
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

600

15,0

16

20%

536

14

16%

500

12

12%

400

9,4

10

8,5

(in million)

(in million)

8%

291

6,2

300

8

4,1

4%

CAGR 1996-2004

187

6

166

2,6

200

133

0%

4

1,3

100

0,9

-4%

2

0,7

0,6

24

0

-8%

0

DK-SE*

FI-SE

DK-D

FI-E

DK-N

D-SE

N-SE

PL-SE

SE-E

D-N

Asia

America

Baltic

Med

North Sea

Pacific

Trailer Traffic – Global

Trailer Traffic – Baltic and Scandinavia

12

1,0

20%

10

0,8

10

16%

0,8

7

8

7

0,6

12%

(in million)

0,6

(in million)

6

8%

0,4

4

0,4

CAGR 1996-2004

4

4%

0,3

0,2

0,2

0,1

0,04

0,2

2

1.0

0%

0,1

0.4

0,03

0,0

-4%

0

D-SE

DK-SE*

DK-D

FI-SE

PL-SE

FI-E

DK-N

SE-E

D-N

N-SE

North Sea

Med

Baltic

Asia

America

Pacific

*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;

tallink routes
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
finland estonia helsinki tallinn

Nordic Jet

Line

Linda Line

3%

7%

Eckerö Line

14%

43%

Viking Line

15%

Sea Containers

18%

Finland – EstoniaHelsinki – Tallinn

Customers and Products

Market Share

  • 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

Key Words

  • Developing passenger market
  • Increased cargo demand

Galaxy

Meloodia

Regal Star

Auto Express 2

Auto Express 3

Auto Express 4

finland sweden helsinki stockholm turku stockholm kapellsk r

Viking Line

44%

Turku-Stockholm

56%

Viking Line

43%

57%

Finland – SwedenHelsinki – Stockholm; Turku – Stockholm/Kapellskär

Customers and Products

Market Share

Helsinki-Stockholm

  • Helsinki – Stockholm
    • Revenues mainly from onboard and ticket sales
    • Approximately 65% passengers are Finnish
    • Over-night cruise

Silja Serenade

Silja Symphony

  • Turku – Stockholm/Kapellskär
    • Revenues mainly from cargo and ticket sales
    • Majority of passengers are Finnish
    • Over-night and day trips

Key Words

  • Tax-free status (via Aland islands)
  • Strong brand – Silja
  • Loyal passenger base
  • Increased cargo demand
  • Overnight cruise
  • City-break
  • Hotel package sales

Silja Europa

Silja Festival

Sea Wind / Sky Wind

sweden estonia stockholm tallinn kapellsk r paldiski
Sweden – EstoniaStockholm – Tallinn; Kapellskär – Paldiski

Customers and Products

Market Share

  • Stockholm – Tallinn route
    • Revenues mainly from onboard and ticket sales
    • Approximately 70% of passengers are Swedish
    • Over-night cruise
  • 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

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

sweden latvia stockholm riga
Sweden – LatviaStockholm – Riga

Customers and Products

Market Share

  • Stockholm – Riga route
    • Revenues mainly from onboard and ticket sales
    • Approximately 70% of passengers are Swedish
    • Over-night cruise
  • 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

Regina Baltica

finland germany hanko rostock

Power-line

4%

29%

Transfennica

21%

Finnlines

46%

Finland – GermanyHanko – Rostock

Customers and Products

Freight Market Share in 2005

  • Hanko – Rostock route
    • Revenues mainly from cargo sales
    • 24 hour trip

Superfast VII

Superfast VIII

Superfast IX

  • High quality fast ice-classed vessels

Key Words

  • The fastest link between Finland and Germany
  • High cargo space utilization
  • Potential in passenger transportation
proven strategy market leadership and investment for profitable growth
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
high quality fleet sophisticated and modern vessels
High quality fleetSophisticated and modern vessels

Ferries Built for the Region

New Cruise Ferry II

Europa

High-speed ro-pax II

Superfast VII and VIII

Gabriella

Symphony

High-speed ro-pax I

Victoria I

Galaxy

Superfast IX

Serenade

Cinderella

Paradise*

Romantika

89

90

91

92

93

94

95

96

97

98

99

00

01

02

03

04

05

06

07

08

Year

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

strong operational and financial track record significant growth momentum across all key indicators

3 500

200

3 000

3 274

150

2 828

2 500

131

2 598

2 000

103

95

Passengers (in '000)

Cargo units (in '000)

100

1 500

1 000

50

500

0

0

02/03

03/04

04/05

02/03

03/04

04/05

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

*Note: Excludes revenue from cargo operations

EEK/€ pegged since 1999 (EEK15.6466 = €1)

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.

group financial data
Group financial data

(in € million)

2002/2003

2003/2004

2004/2005

*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)

investor presentation october 2006 riga1
Investor presentation

October 2006 Riga