AS Tallink Grupp             PRESS RELEASE              21.11.2005



AS Tallink Grupp launches an initial public offering



------------------------------------------------------------------

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, 

IN OR INTO THE UNITED STATES OF AMERICA, CANADA OR JAPAN.

------------------------------------------------------------------



Today  AS  Tallink  Grupp launches an initial public  offering  of

shares  for retail investors in Estonia and Finland and a  private

placement for international institutional investors.



Up  to  34,090,909 ordinary shares of AS Tallink Grupp  are  being

offered  to  retail  investors  in  Estonia  and  Finland  and  to

institutional investors in and outside of Estonia and Finland. The

shares  offered include 26,500,000 new shares to be issued  by  AS

Tallink  Grupp and 7,590,909 existing shares to be sold by certain

existing  shareholders.  In addition, the underwriters  have  been

granted  an over-allotment option equal to 10% of the offer  size,

representing up to 3,409,091 existing shares.



The offer period  commences  on  November 21,  2005  and  ends  on 

December 1, 2005. AS Tallink Grupp expects to announce  the  offer 

price and the results of  the offering on December 2, 2005 through 

the Tallinn Stock Exchange.



Tallinn   Stock   Exchange  has  decided  to   list   the   shares

conditionally  on  the  main list of the Tallinn  Stock  Exchange.

Trading  of  the  shares on the main list  of  the  Tallinn  Stock

Exchange is expected to commence on or about December 9, 2005.



The  preliminary offer price range is EEK 73.50 (EUR 4.70) to  EEK

92.00  (EUR 5.88) per share. The final offer price will be decided

by   the  supervisory  council  of  AS  Tallink  Grupp  after  the

completion  of  the bookbuilding process directed at institutional

investors. The offer price will be the same for all investors.



Citigroup Global Markets Limited is acting as sole bookrunner  and

global  coordinator of the offering. Nordea Bank Finland Plc.,  AS

Suprema  Securities and SEB Eesti Ühispank are acting  as  co-lead

managers of the offering.



Tallink  is  a  leading provider of high-quality  mini-cruise  and

passenger transport services in the Northern Baltic Sea region  as

well  as  a  leading provider of ro-ro cargo services on  selected

routes.  Tallink  owns and operates passenger  ferries,  including

cruise ferries and high-speed ferries, and ro-ro cargo vessels  on

routes between Finland and Estonia and between Sweden and Estonia.

Tallink’s  current  routes  are  between  Helsinki  and   Tallinn,

Stockholm  and  Tallinn;  and  between  Kapellskär  and  Paldiski.

Tallink is the current market leader on the Tallinn-Helsinki route

and  the  only provider of daily passenger and ro-ro cargo traffic

services on the routes between Sweden and Estonia.



Tallink   transported  more  than  3.2  million   passengers   and

approximately 130,000 ro-ro cargo units during the last  financial

year  ended  August 31, 2005. In May 2004, Tallink  broadened  the

company’s product offering through the introduction of a  350-room

Hotell  Tallink situated in the principal tourist area of Tallinn.

The  ongoing  investment  and fleet  renewal  program  is  set  to

continue with the delivery of the new cruise ferry, scheduled  for

the  spring  of  2006, and the introduction of  the  two  recently

ordered high-speed ro-pax ferries, scheduled for delivery in  2007

and 2008.





For additional info contact:



Janek Stalmeister

Financial Director

AS Tallink Grupp

Tel: +372 6409 800



Jeremy Hughes

Public Relations Officer

Citigroup Global Markets Limited

Tel: +44 20 7986 5607

E-mail: jeremy.hughes@citigroup.com



------------------------------------------------------------------

THE  INFORMATION  CONTAINED  HEREIN  IS  NOT  FOR  PUBLICATION  OR

DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES

OF  AMERICA.  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. THERE

IS  NO  INTENTION TO REGISTER ANY PORTION OF THE OFFERING  IN  THE

UNITED  STATES  OF  AMERICA OR TO CONDUCT  A  PUBLIC  OFFERING  OF

SECURITIES IN THE UNITED STATES OF AMERICA.

THE INFORMATION CONTAINED HEREIN SHALL NOT CONSTITUTE AN OFFER  TO 

SELL OR THE  SOLICITATION OF AN OFFER TO BUY, NOR SHALL  THERE  BE 

ANY SALE OF  THE SECURITIES REFERRED TO HEREIN IN ANY JURISDICTION 

IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL  PRIOR

TO REGISTRATION,  EXEMPTION  FROM  REGISTRATION  OR  QUALIFICATION  

UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.