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AS Tallink Grupp Unaudited Consolidated Interim Report Q3 2021

Teade

In the third quarter (1 July - 30 September) of the 2021 financial year, Tallink
Grupp AS and its subsidiaries (the Group) carried 1 144 092 passengers, which is
13.0% less than in the third quarter last year. The number of cargo units
transported decreased by 1.1% in the same comparison. The Group's unaudited
consolidated revenue increased by 18.6% or EUR 26.7 million to a total of EUR
170.5 million. Unaudited EBITDA was EUR 35.1 million (EUR 5.7 million in Q3
2020) and unaudited net profit was EUR 5.5 million (net loss of EUR 23.9 million
in Q3 2020).

Despite some alleviation of restrictions in Group's home markets in Estonia and
Sweden, in the third quarter, the Group's operations and operating results were
continuously strongly influenced by the COVID-19 situation. Restrictions on
international travel and communications advising against travelling by state
authorities, particularly in Finland, was in place for most of the quarter. The
operational factors impacting results were following:

  * during the quarter 2 shuttle vessels, 2 cargo vessels, 6 cruise ferries and
    3 hotels were operating;
  * reopening of Tallinn-Stockholm and Helsinki-Stockholm routes;
  * short-term charter of Victoria I and Romantika;
  * significant increase in the global fuel prices;
  * cost savings from previously implemented measures.

To enhance travelling and contribute to resolving the COVID-19 crisis, the Group
offers the opportunity for passengers to perform COVID-19 antigen testing and
get vaccine shots on board the Tallinn-Helsinki shuttle ferries since June 2021.

Operations during the quarter
Given the uncertainty regarding the duration of the crisis and the course of the
post-crisis recovery with progress of vaccinations, the business environment has
remained challenging.
In the current situation, the focus has remained on costs and cash flow
management to ensure the sustainability of the Group's core business.

Cruise ferry Baltic Queen returned to operations on Tallinn-Stockholm route in
the beginning of July. Cruise ferry Silja Europa operated on Tallinn-Helsinki
route. Cruise ferry Silja Serenade operated special cruises on Helsinki-
Mariehamn routes in July. Cruise ferry Silja Symphony operated Swedish domestic
cruises in July and August. In the beginning of August, the operations of the
Helsinki-Stockholm route were restarted with cruise ferry Silja Serenade. Cruise
ferry Silja Symphony started operating on Helsinki-Stockholm route from late
August.

Cruise ferries Victoria I and Romantika were chartered out to Morocco during the
quarter. Operations of the Riga-Stockholm route vessel Isabelle were suspended
during the quarter.

Tallink City Hotel, Tallink Spa & Conference Hotel and Tallink Express Hotel
were all operating during the third quarter. Tallink Hotel Riga has remained
closed since October 2020 and will not be opened in 2021.

Estonia-Finland routes' shuttle vessels Megastar and Star, Paldiski-Kapellskär
route cargo vessels Regal Star and Sailor, and Turku-Stockholm route cruise
ferries Baltic Princess and Galaxy continued their operations throughout the
quarter.

Sales and segments
In the third quarter of 2021, the Group's total revenue increased by EUR 26.7
million to EUR 170.5 million. Total revenue in the third quarter of 2020 and
2019 was EUR 143.7 million and EUR 287.8 million, respectively.

Revenue from route operations (core business) increased by EUR 10.5 million to
EUR 142.7 million. The passenger operations and segment results on all routes
were significantly affected by the COVID-19 situation and imposed travel
restrictions.

The number of passengers carried on the Estonia-Finland routes decreased by
30.3% compared to last year. The number of transported cargo units decreased by
5.3%. Estonia-Finland routes' revenue decreased by EUR 7.0 million, or 10.0%, to
EUR 63.2 million. The segment result increased by EUR 6.7 million to EUR 10.1
million. The segment effectively reflects operations of two shuttle vessels, one
cruise ferry and the costs of cargo vessel SeaWind being docked for repairs for
the majority of the quarter.

The number of passengers carried on the Finland-Sweden routes increased by
10.3%. The number of transported cargo units increased by 4.9%. The route's
revenue increased by EUR 6.6 million to EUR 60.9 million and the segment result
improved by EUR 16.4 million to EUR 6.3 million. The segment reflects the
operations of Turku-Stockholm and Helsinki-Stockholm routes, as well as domestic
cruises.

On Estonia-Sweden routes' the number of passengers carried increased by 103
thousand (reopening of Tallinn-Stockholm route). The number of transported cargo
units increased by 22.3%. Estonia-Sweden routes' revenue increased by EUR 13.6
million to EUR 18.6 million and the segment result improved by EUR 5.1 million
to EUR 1.6 million. Estonia-Sweden route reflects operation of two cargo vessels
and one cruise ferry.

The Latvia-Sweden route operations were suspended in the third quarter. The EUR
-1.9 million segment results reflects the expenses of the suspended cruise ferry
Isabelle.

Revenue from the segment other increased by a total of EUR 15.6 million and
amounted to EUR 28.1 million. The increase was mainly driven by charter revenue
and various retail activities.

Earnings
In the third quarter of 2021, the Group's gross profit improved by EUR 33.3
million compared to the same period last year, amounting to EUR 30.3 million.
EBITDA increased by EUR 29.4 million and amounted to EUR 35.1 million.

During the quarter, there was a reduction in ships' fairway dues in Estonia
amounting to EUR 0.6 million. The reduction is valid until the end of 2021. The
exemption from ships' fairway dues in the third quarter of 2020 amounted to EUR
1.1 million.

In the third quarter, the government assistance from Group's home markets was
limited at EUR 0.3 million (EUR 4.6 million in third quarter of 2020).

The quarterly earnings of 2021 account for EUR 0.5 million non-recurring
expenses related to the public offering of shares.

Amortisation and depreciation expense decreased by EUR 1.7 million to EUR 23.7
million compared to last year.

As a result of increased interest-bearing liabilities net finance costs
increased by EUR 2.0 million compared to the third quarter of last year.

Despite the continuous negative impact of COVID-19, lower impact from support
measures and government assistance, increasing fuel prices, the Group managed to
earn the first quarterly net profit since the beginning of the COVID-19
pandemic. The earnings were supported by partial alleviation of travel
restrictions, cost savings from previously implemented measures and short-term
chartering of vessels.

The Group's unaudited net profit for the third quarter of 2021 was EUR 5.5
million or EUR 0.008 per share compared to a net loss of EUR 23.9 million or EUR
0.036 per share in 2020 and net profit of EUR 54.6 million or EUR 0.082 per
share in 2019.

Results of the first 9 months of 2021
In the first 9 months (1 January - 30 September) of the 2021 financial year the
Group carried 1.8 million passengers which is 43.7% less compared to the same
period last year. The Group's unaudited revenue for the period decreased by
14.7% and amounted to EUR 310.3 million. Unaudited EBITDA for the first 9 months
was EUR 33.2 million (EUR 6.9 million, 9 months 2020) and unaudited net loss was
EUR 53.2 million (EUR 81.5 million, 9 months 2020).

The financial result of the first 9 months of 2021 was impacted by suspension of
operations of vessels and hotels due to the COVID-19 situation and travel
restrictions as well as increase in global fuel prices.

Investments
The Group's investments in third quarter of 2021 amounted to EUR 3.7 million.

Due to the changed economic environment and suspension of vessel operations,
ship-related investments were kept to minimum and only critical maintenance and
repair works were performed.

Investments were also made in the development of the online booking and sales
systems as well as other administrative systems and in relation to the opening
of Burger King restaurants.

Dividends
Due to a deteriorated operating environment and considering the Group's long-
term interests, the shareholders' annual general meeting decided not to
distribute dividends for 2020.

Financial position
In order to relieve the liquidity issues caused by the COVID-19 situation, Group
entities were allowed to postpone tax payments in 2020 and 2021 by home markets
tax boards. The postponed tax liabilities amounted to EUR 4.9 million at the end
of the quarter and have different settlement dates over the coming years.

At the end of the preceding quarter, the Group agreed with financial
institutions on the amendment and the prolongation of the waivers of financial
covenants and the postponement of principal payments under existing loan
agreements. From the second quarter of 2021 until the end of first quarter of
2022 repayments in the total amount of EUR 82.1 million are deferred and added
to the last payment of each respective loan facility. The deferrals for the
2021 financial year amount to EUR 67.4 million.

In order to strengthen the liquidity position, the Group held a public offering
of shares in Estonia and Finland in the third quarter. The Group issued
73 687 024 new shares and raised EUR 34.6 million new equity capital.

At the end of the third quarter 2021, the Group's net debt had increased by EUR
19.2 million to EUR 659.7 million compared to the end of the third quarter 2020.

As at 30 September 2021, the Group's cash and cash equivalents amounted to EUR
143.1 million (EUR 30.7 million at 30 September 2020) and the Group had EUR
109.3 million in unused credit lines (EUR 84.3 million at 30 September 2020).
The total liquidity buffer (cash, cash equivalents and unused credit facilities)
amounted to EUR 252.5 million (EUR 115.0 million at 30 September 2020). The
current trade and other payables amounted to EUR 85.6 million (EUR 102.9 million
at 30 September 2020).

Personnel
As at 30 September 2021, the Group had 4 513 employees (5 726 at 30 September
2020). The number of employees includes 232 employees on maternity leave. The
following table provides a more detailed overview of the Group's personnel.

Due to the COVID-19 situation some of the Finnish personnel were on unpaid leave
following the end of summer season, except the staff on duty on vessels.

In the third quarter of 2021, staff costs amounted to EUR 36.5 million (EUR
48.1 million in 2020), which is an 24.1% decrease compared to the same period
last year. In the third quarter of 2021 the Group did not receive any salary
support from governments (EUR 3.8 million from government of Sweden in 2020,
recognised as other operating income).

Economic Environment
The Group considers Finland, Sweden, Estonia and Latvia its home markets with
the most exposure to the economic and travel restriction developments in
Finland. The Group has also high exposure to the economic and travel restriction
developments in Estonia and Sweden. In the third quarter of 2021, the Group's
economic environment was dominated by the ongoing COVID-19 pandemic and
restrictions related to international travel.

The confidence of the Finnish and Estonian consumers continued to improve
throughout the quarter and in Sweden the consumer confidence remained high.
However, the overall demand in passenger traffic remained negatively affected by
the COVID-19 related considerations, particularly on the Finnish market. For the
first time since the start of the COVID-19 pandemic, the return of the customers
from outside the company's regular home markets was seen during the quarter.

In the third quarter, the cargo market fared better than the passenger business,
supported by the continuously robust business confidence on all home markets.
Yet the market conditions regarding the price competition remained challenging,
resulting in a stagnant development in the segment compared to the previous
year.

Measured in euros and weighted with the Group's consumption volumes, the global
fuel prices increased, on average, by 110% in the third quarter of 2021 compared
to last year. The annual increase in the effective prices for the Group was
lower due to a fuel price agreement with the price fixed above the market level
effective a year ago. Increase in the fuel prices was the main cause of the
Group's overall fuel cost increase by 45% compared to the same period last year.

By the end of the third quarter, Finland and Sweden had reached vaccination
rates among their population ranking among the highest in the World, allowing
for most of the COVID-19 restrictions in those societies to be lifted. The
vaccination pace in Estonia and Latvia has unfortunately lagged and the
relatively low level of vaccination rate of the population has contributed to
the countries' high infection rate and hospitalisation statistics.

For the foreseeable future, the key risk has to do with global and regional
developments of the COVID-19 situation, progress of national vaccination efforts
and related restrictions on travel and other economic activities, the economic
damage it may cause and its impact on local and international trade.

Events in Q3
Short-term charter agreements
In late June, the Group and Tanger MED Port Authority S.A., a Moroccan state-
owned company, signed short-term time-charter agreements for the vessels
Victoria I and Romantika. The vessels operated on international shipping routes
between Morocco and France and between Morocco and Italy in July-September 2021.

Disposal of subsidiary and exit from onshore fashion retail business
In the third quarter, the Group sold 100% shares in its wholly owned subsidiary
Baltic Retail OÜ. With the disposal of the shares in Baltic Retail OÜ the Group
exited from onshore fashion retail business and has relinquished the onshore
franchise rights of Esprit, Vero Moda, Jack & Jones, SuperDry and United Colors
of Benetton brands.

Christening of the new LNG shuttle vessel MyStar
The new LNG shuttle vessel MyStar was christened according to the traditions of
shipbuilding in Rauma shipyard on 12 August 2021. The godmother of the new
vessel is the former President of the Republic of Estonia Kersti Kaljulaid.

Public offering of new shares
The Group held the public offering of new shares from 18 August to 1 September.
As a result of the public offering, altogether 73 687 024 new shares were issued
and the Group's share capital was increased by EUR 34.6 million.

Short-term chartering of cruise ferries Silja Europa and Romantika
In late September, the Group signed short-term agreement for cruise ferry Silja
Europa to provide accommodation for the COP26 event in Glasgow, Scotland from
17 October to 17 November 2021. In addition, cruise ferry Romantika will be
joining the event to provide accommodation for the period of 15 October to 15
November 2021.

Events after the reporting period and outlook
Opening of Burger King restaurants
In October 2021, one new restaurant was opened in Lithuania. The Group continues
preparations for opening additional Burger King restaurants in 2021. In the last
quarter of the year altogether four new Burger King restaurants are planned to
be opened in Latvia and Lithuania.

Short-term outlook of vaccination against COVID-19
At the date of the report, 70% of the adult population of European Union (EU)
had been fully vaccinated, reaching the milestone set by the EU. Although the EU
milestone had been achieved by the end of August, the development and pace of
the vaccination and natural infections in Group's home markets in Estonia and
Latvia remain the main concern.

Earnings
The Group's earnings are not generated evenly throughout the year. The summer
period is the high season in the Group's operations. In management's opinion and
based on prior experience most of the Group's earnings are generated during the
summer (June-August). However, this year, dependent on situation with the
vaccinations and cross-border travelling, the period may extend to autumn.

Due to the ongoing COVID-19 situation the earnings outlook is uncertain and
continues to be strongly affected by external factors such as the progress of
vaccination, states' decisions regarding the timing of the lifting or imposing
of travel restrictions and allowing passenger traffic, passengers' willingness
to travel as well as the duration of the recovery period. Management expects the
passenger traffic between Estonia and Finland to recover after vaccination,
infection and hospitalisation rates in Estonia improve and travelling
restrictions remain lifted.

Research and development projects
Tallink Grupp AS does not have any substantial ongoing research and development
projects. The Group is continuously seeking opportunities for expanding its
operations in order to improve its results.

The Group is continuously looking for innovative ways to upgrade the ships and
passenger area technology to improve its overall performance through modern
solutions. The most recent technical projects are focusing on the solutions for
reduction of the ships CO2 footprint.

Risks
The Group's business, financial position and operating results could be
materially affected by various risks. These risks are not the only ones we face.
Additional risks and uncertainties not presently known to us, or that we
currently believe are immaterial or unlikely, could also impair our business.
The order of presentation of the risk factors below is not intended to be an
indication of the probability of their occurrence or of their potential effect
on our business.

  * COVID-19 situation and developments
  * Governmental restrictions on business activities
  * Accidents, disasters
  * Macroeconomic and labour market developments
  * Changes in laws and regulations
  * Relations with trade unions
  * Increase in the fuel prices and interest rates
  * Market and customer behaviour


Key Figures

 For the period                                         Q3 2021     Q3 2020
-------------------------------------------------------------------------------
 Revenue (million euros)                                      170.5       143.7

 Gross profit/loss (million euros)                             30.3        -3.0

 EBITDA¹ (million euros)                                       35.1         5.7

 EBIT¹ (million euros)                                         11.5       -19.7

 Net profit/loss for the period (million euros)                 5.5       -23.9



 Depreciation and amortisation (million euros)                 23.7        25.4

 Capital expenditures¹ ²(million euros)                         3.7        53.8

 Weighted average number of ordinary shares outstanding 694,444,381 669,882,040

 Earnings/loss per share¹                                     0.008      -0.036



 Number of passengers                                     1,144,092   1,314,301

 Number of cargo units                                       90,538      91,578

 Average number of employees                                  4,647       6,031



 As at                                                   30.09.2021  30.06.2021
-------------------------------------------------------------------------------
 Total assets (million euros)                               1,616.7     1,524.7

 Total liabilities (million euros)                            920.8       869.1

 Interest-bearing liabilities (million euros)                 802.8       744.5

 Net debt¹ (million euros)                                    659.7       706.7

 Net debt to EBITDA¹                                           19.2       143.2

 Total equity (million euros)                                 695.9       655.7

 Equity ratio¹ (%)                                              43%         43%



 Number of ordinary shares outstanding                  743,569,064 669,882,040

 Equity per share¹                                             0.94        0.98



 Ratios¹                                                Q3 2021     Q3 2020
-------------------------------------------------------------------------------
 Gross margin (%)                                             17.8%       -2.1%

 EBITDA margin (%)                                            20.6%        4.0%

 EBIT margin (%)                                               6.7%      -13.7%

 Net profit/loss margin (%)                                    3.2%      -16.6%



 ROA (%)                                                      -4.0%       -3.9%

 ROE (%)                                                     -11.5%       -9.6%

 ROCE (%)                                                     -4.7%       -4.6%

(1) Alternative performance measures based on ESMA guidelines are disclosed in
the Alternative Performance Measures section of this Interim Report.
(2) Does not include additions to right-of-use assets.

EBITDA: result from operating activities before net financial items, share of
profit of equity-accounted investees, taxes, depreciation and amortization
EBIT: result from operating activities
Earnings per share: net profit or loss/ weighted average number of shares
outstanding
Equity ratio: total equity / total assets
Shareholder's equity per share: shareholder's equity / number of shares
outstanding
Gross margin: gross profit / net sales
EBITDA margin: EBITDA / net sales
EBIT margin: EBIT / net sales
Net profit margin: net profit or loss / net sales
Capital expenditure: additions to property, plant and equipment - additions to
right-of-use assets + additions to intangible assets
ROA: earnings before net financial items, taxes 12-months trailing / average
total assets
ROE: net profit 12-months trailing / average shareholders' equity
ROCE: earnings before net financial items, taxes 12-months trailing / (total
assets - current liabilities (average for the period))
Net debt: interest-bearing liabilities less cash and cash equivalents
Net debt to EBITDA: net debt / EBITDA 12-months trailing



Consolidated statement of profit or loss and other comprehensive income

                                                                     Jan-Sep  Jan-Sep

 Unaudited, in thousands of EUR                    Q3 2021  Q3 2020     2021     2020
-------------------------------------------------------------------------------------
 Revenue (Note 3)                                  170,495  143,747  310,319  363,639

 Cost of sales                                    -140,185 -146,771 -308,689 -388,730
-------------------------------------------------------------------------------------
 Gross loss /profit                                 30,310   -3,024    1,630  -25,091



 Sales and marketing expenses                       -8,260   -9,260  -20,254  -30,528

 Administrative expenses                           -11,866  -12,061  -32,272  -35,090

 Impairment loss on receivables

 Other operating income                              1,281    4,695   13,002   22,365

 Other operating expenses                               -9      -14      -17      -93
-------------------------------------------------------------------------------------
 Result from operating activities                   11,456  -19,664  -37,911  -68,437



 Finance income (Note 4)                                70        0       71        1

 Finance costs (Note 4)                             -6,226   -4,160  -16,054  -12,860

 Share of profit/loss of equity-accounted
 investees                                               0        0        0        0
-------------------------------------------------------------------------------------
 Loss/ profit before income tax                      5,300  -23,824  -53,894  -81,296



 Income tax                                            220      -64      656     -161



 Net loss/ profit for the period                     5,520  -23,888  -53,238  -81,457

 Net loss/ profit for the period attributable to
 equity holders of the Parent                        5,520  -23,888  -53,238  -81,457



 Other comprehensive income

 Items that may be reclassified to profit or loss

 Exchange differences on translating foreign
 operations                                             32       46      136      127
-------------------------------------------------------------------------------------
 Other comprehensive income for the period              32       46      136      127



 Total comprehensive loss/ profit for the period     5,552  -23,842  -53,102  -81,330

 Total comprehensive loss/ profit for the period
 attributable to equity holders of the Parent        5,552  -23,842  -53,102  -81,330



 Loss/ profit per share (in EUR, Note 5)             0.008   -0.036   -0.079   -0.122
-------------------------------------------------------------------------------------



Consolidated statement of financial position

 Unaudited, in thousands of EUR                30.09.2021 30.09.2020 31.12.2020
-------------------------------------------------------------------------------
 ASSETS

 Cash and cash equivalents                        143,113     30,671     27,834

 Trade and other receivables                       34,370     25,690     25,463

 Prepayments                                       14,605     10,664      7,216

 Prepaid income tax                                    25         22          0

 Inventories                                       35,191     32,506     28,707
-------------------------------------------------------------------------------
 Current assets                                   227,304     99,553     89,220



 Investments in equity-accounted investees            245        403        245

 Other financial assets and prepayments               544      2,228      2,233

 Deferred income tax assets                        20,270     18,674     20,270

 Investment property                                  300        300        300

 Property, plant and equipment (Note 6)         1,330,698  1,380,154  1,363,485

 Intangible assets (Note 7)                        37,295     41,620     40,448
-------------------------------------------------------------------------------
 Non-current assets                             1,389,352  1,443,379  1,426,981

 TOTAL ASSETS                                   1,616,656  1,542,932  1,516,201



 LIABILITIES AND EQUITY

 Interest-bearing loans and borrowings (Note
 8)                                                89,157    145,547    111,601

 Trade and other payables                          85,645    102,923     73,477

 Derivatives                                            0          0          0

 Payables to owners                                     6          6          6

 Income tax liability                                  14         30         10

 Deferred income                                   32,361     27,314     23,253
-------------------------------------------------------------------------------
 Current liabilities                              207,183    275,820    208,347



 Interest-bearing loans and borrowings (Note
 8)                                               713,606    525,605    593,518
-------------------------------------------------------------------------------
 Derivatives                                            0          0          0

 Other liabilities                                      0          0          0
-------------------------------------------------------------------------------
 Non-current liabilities                          713,606    525,605    593,518
-------------------------------------------------------------------------------
 Total liabilities                                920,789    801,425    801,865



 Share capital (Note 9)                           349,477    314,844    314,844

 Share premium                                        663        663        663

 Reserves                                          68,454     70,685     69,854

 Retained earnings                                277,273    355,315    328,975
-------------------------------------------------------------------------------
 Equity attributable to equity holders of the
 Parent                                           695,867    741,507    714,336

 Total equity                                     695,867    741,507    714,336
-------------------------------------------------------------------------------
 TOTAL LIABILITIES AND EQUITY                   1,616,656  1,542,932  1,516,201



Consolidated statement of cash flows

                                                                Jan-Sep Jan-Sep

 Unaudited, in thousands of EUR                 Q3 2021 Q3 2020    2021    2020
-------------------------------------------------------------------------------


 CASH FLOWS FROM OPERATING ACTIVITIES

 Net profit/loss for the period                   5,520 -23,888 -53,238 -81,457

 Adjustments                                     29,734  29,646  86,110  88,117

 Changes in:

 Receivables and prepayments related to
 operating activities                            -4,274  -3,422 -13,371   7,872

 Inventories                                       -171   4,529  -7,073   4,749

 Liabilities related to operating activities     -6,584  -6,419  19,492 -13,964
-------------------------------------------------------------------------------
 Changes in assets and liabilities              -11,029  -5,312    -952  -1,343

 Cash generated from operating activities        24,225     446  31,920   5,317

 Income tax repaid/paid                             -41     -66    -117     -86
-------------------------------------------------------------------------------
 NET CASH FROM OPERATING ACTIVITIES              24,184     380  31,803   5,231



 CASH FLOWS FROM INVESTING ACTIVITIES

 Purchase of property, plant, equipment and
 intangible assets (Notes 6, 7)                  -3,686 -41,447 -11,001 -82,861

 Proceeds from disposals of property, plant,
 equipment                                          776      31     790      78

 Proceeds from other financial assets                 0       0       0       0

 Interest received                                    1       0       2       1
-------------------------------------------------------------------------------
 NET CASH USED IN INVESTING ACTIVITIES           -2,909 -41,416 -10,209 -82,782



 CASH FLOWS FROM FINANCING ACTIVITIES

 Proceeds from loans received (Note 8)           90,000  40,000  90,000  55,000

 Repayment of loans received (Note 8)                 0       0 -14,667 -14,667

 Repayment of bonds (Note 8)                          0       0       0       0

 Change in overdraft (Note 8)                   -30,407  18,668   9,926  50,673

 Payments for settlement of derivatives               0       0       0       0

 Payment of lease liabilities (Note 8)           -4,039  -3,947 -10,744  -8,861

 Interest paid                                   -5,871  -4,479 -14,968 -12,168

 Payment of transaction costs related to loans     -294    -427    -495    -632
-------------------------------------------------------------------------------
 Dividends paid (Note 10)                             0       0       0       0

 Increase of share capital                       34,633       0  34,633       0

 Income tax on dividends paid                         0       0       0       0
-------------------------------------------------------------------------------
 NET CASH FROM/USED IN FINANCING ACTIVITIES      84,022  49,815  93,685  69,345



 TOTAL NET CASH FLOW                            105,297   8,779 115,279  -8,206
-------------------------------------------------------------------------------


 Cash and cash equivalents at the beginning of
 period                                          37,816  21,892  27,834  38,877

 Change in cash and cash equivalents            105,297   8,779 115,279  -8,206
-------------------------------------------------------------------------------
 Cash and cash equivalents at the end of period 143,113  30,671 143,113  30,671



Joonas Joost
Financial director

AS Tallink Grupp
Sadama 5
10111 Tallinn, Estonia
E-mail [email protected]