On 17 January 2007 the Shareholders General Meeting of AS Tallink Grupp (Tallink) authorized Tallink to buy back own shares which nominal values in aggregate does not exceed 5% of the issued share capital of Tallink. The authorized maximum number of shares which can be repurchased is thereby 33,690,852. Acting on the granted authorization the Management Board of Tallink decided to initiate the share buyback program. Tallink plans to buy back maximum of up to 5,817,040 shares or up to the total aggregate consideration of EUR 7 million (EEK 109.5 million). The share buyback period will start on 10 December 2007 and will end on 17 January 2008 when the granted authorization expires. The purpose of the share buyback is to reduce share capital by cancelling the repurchased shares. The share buyback program is being implemented in accordance with the provisions of the European Commission's regulation no. 2273/2003 of December 2003, which protects listed companies against violation of insider legislation in connection with share buybacks. Tallink has appointed Hansapank as lead manager of the program, who under a separate agreement with Tallink will buy back shares on behalf of Tallink. Hansapank will be independent on its trading decisions irrespective of and without influence from Tallink as to the timing of the purchases as well as carry out the buyback according to the regulations and within the set framework of the programme. The share buyback will be implemented under the following framework: 1) The maximum amount of shares bought will not exceed 5 817 040 shares, which corresponds to 0.86% of the issued share capital; 2) The maximum aggregate consideration for the Tallink shares bought will not exceed EUR 7 million (EEK 109.5 million); 3) In one single day the amount of shares bought will not exceed 25% of the average daily volume of Tallink shares traded in the 20 preceding trading days on the Tallinn Stock Exchange; 4) The share price in the transactions undertaken will not exceed the higher of: a. the share price of the last independent trade and b. the highest current independent bid on the Tallinn Stock Exchange. Tallink does not own currently any of its own shares. At least every seven trading days from the start of this program Tallink will give an update about the status of the program by issuing an announcement in respect of the transactions made under the program. Janek Stalmeister Financial Director AS Tallink Grupp Tel. +372 6409 800 Fax: +372 6409 810 E-mail: janek.stalmeister@tallink.ee