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Not for distribution in the United States, Canada or Japan



These materials are not an offer for sale of securities.  The securities have  not

been  registered  under  the  U.S.  Securities  Act  of  1933,  as  amended   (the

"Securities Act") and may not be offered or  sold  in  the  United  States  absent

registration or an exemption from the registration requirements of the  Securities

Act.  Any public offering of securities will be made  by  means  of  a  prospectus

that may be obtained from the issuer or selling  security  holder  and  that  will

contain detailed  information  about  the  company  and  management,  as  well  as

financial statements.

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             OFFER PRICE AND RESULTS OF THE INITIAL PUBLIC OFFERING OF

                        SHARES OF AKTSIASELTS TALLINK GRUPP



The offer period in the initial public offering ("Offering")  of  ordinary  shares

of aktsiaselts Tallink Grupp ("Tallink") ended on December 1, 2005.



In the Offering, a total of 31,574,545 shares  of  Tallink  ("Shares")  are  being

sold and issued to Estonian, Finnish  and  international  institutional  investors

("Institutional Offering") and to the  public  in  Estonia  and  Finland  ("Retail

Offering") of which 26,500,000 Shares are new Shares to be issued by  Tallink  and

5,074,545 are Shares to be sold by certain existing shareholders of  Tallink  (the

"Selling Shareholders"). The Selling Shareholders have  granted  the  managers  of

the Offering an option to purchase up to  an  aggregate  of  3,157,455  additional

Shares solely to cover over-allotments.



The Supervisory Council of Tallink  fixed  the  offer  price  at  EEK  82.50  (EUR

5.2727) per Share ("Offer Price").



The  total  demand  in  the  Retail  Offering  was  15,307,074  Shares  (of  which

approximately 97% was subscribed in Estonia  and  approximately  3%  in  Finland),

which was approximately 3 times larger than the total amount of  Shares  allocated

in the Retail Offering.



A total of  34,732,000  Shares  (including  3,157,455  Shares  pursuant  to  over-

allotments) were allocated in the Offering of which 29,522,200 Shares  (85%)  were

allocated in the Institutional Offering and 5,209,800 Shares (15%) were  allocated

in the Retail  Offering.   A  total  of  527,182  Shares  were  allocated  to  the

employees and members of the supervisory council and management board  of  Tallink

and its subsidiaries (the "Employees").



In the Retail Offering the Shares were allocated as follows.



The guaranteed individual allocation  in  the  Retail  Offering  was  set  at  284

Shares, corresponding to EEK 23,430 (approximately EUR 1,497.45)  when  multiplied

by the Offer Price. A total of 3,770,099 Shares (i.e. approximately 72.4%  of  all

Shares allocated in the Retail  Offering)  were  allocated  as  a  result  of  the

guaranteed allocation.



Subscription undertakings up to and including 284 Shares were fully accepted.



Subscription undertakings up to  and  including  568  Shares  were  allocated  284

Shares plus 25 % of the amount exceeding 284 Shares.



Subscription undertakings exceeding 568 Shares were allocated 284 Shares  plus  25

% of the amount between 285 and 568 Shares plus 5.75 %  of  the  amount  exceeding

568 Shares.



The Employees were granted a preferential allocation. All  of  their  subscription

undertakings were fully accepted.



The Shares allocated in the Retail Offering will be transferred to the  securities

accounts of investors in  Estonia  on  or  about  December  8,  2005.  The  Shares

allocated in the Retail Offering will be transferred to  the  book-entry  accounts

or custody accounts of investors in Finland on or about December 8, 2005.



Investors in Estonia may obtain information about the amount of  Shares  allocated

to them as of December 8, 2005 after the completion of  settlement  by  submitting

an inquiry to the custodian operating his securities account  in  accordance  with

the terms and conditions established by the  respective  custodian.   Nordea  Bank

Finland will on or about December 7, 2005 send confirmation notices  to  investors

in Finland to whom Shares have been allocated.



Trading in the Shares is expected to commence on the Tallinn Stock Exchange on  or

about December 9, 2005.