AS Tallink Grupp Stock Exchange Release 17.01.2007 Resolutions of the Annual General Meeting of 17 January 2007 There were shareholders having 102 443 318 votes representing at the Annual General Meeting, 60,81% of total of the votes represented by shares of AS Tallink Grupp. Resolutions adopted at the meeting: 1. Approval of the Annual Report of 01.09.2005 - 31.08.2006 of AS Tallink Grupp. Based on § 298 section 1 subsection 7, of the Commercial Code the General Meeting resolved: Approve the Annual Report of 01.09.2005 - 31.08.2006 of AS Tallink Grupp. Tabulation of votes: In favor: 102 442 637 votes (100 % of the represented votes) Against: 0 votes (0,00 % of the represented votes) Impartial: 255 votes (0,00 % of the represented votes) Did not vote: 426 votes 2. Distribution of profits. Based on § 298 section 1 subsection 7 and § 335 of the Commercial Code, the General Meeting resolved: 1) To distribute from the net profits of the accounting year 01.09.2005 – 31.08.2006, totaling to 1 484 206 000 kroons, into the mandatory legal reserve capital 74 210 300 kroons, whereupon the mandatory legal reserve capital will be totaling to 101 710 300 kroons, and the rest of the sum 1 409 995 700 kroons to enter into the retained earnings of prior accounting periods. 2) Not to distribute dividends to the shareholders from the profits. Tabulation of votes: In favor: 102 441 731 votes (100 % of the represented votes) Against: 634 votes (0,00 % of the represented votes) Impartial: 527 votes (0,00 % of the represented votes) Did not vote: 426 votes 3. Awarding a bonus for the Members of the Supervisory Board. Based on § 298 section 2 of the Commercial Code, the General Meeting resolved: To award a bonus to the members of the Supervisory Board as follows: Lauri Kustaa Äimä 100 000 kroons, Ain Hanschmidt 100 000 kroons, Toivo Ninnas 50 000 kroons, Eve Pant 100 000 kroons. Tabulation of votes: In favor: 102 432 819 votes (99,99 % of the represented votes) Against: 0 votes (0,00 % of the represented votes) Impartial: 9873 votes (0,00 % of the represented votes) Did not vote: 626 votes 4. Amending the Articles of Association. Based on § 298 section 1 subsection 1, § 341 section 3 and § 349 of the Commercial Code, the General Meeting resolved: 1) To alter the clause 2.1 of Articles of Association of AS Tallink Grupp and reword it as follows: “The amount of the minimum share capital of the company shall be 5 000 000 000 (five billion) kroons. The maximum capital of the company shall be 20 000 000 000 (twenty billion) kroons.” 2) To alter the second sentence of clause 2.4 of Articles of Association of AS Tallink Grupp and reword it as follows: “Supervisory Board shall be authorized within two year from 01 March 2007, to increase the share capital by 400 000 000 kroons increasing the share capital up to 7 138 170 400 kroons.” Tabulation of votes: In favor: 102 440 596 votes (100 % of the represented votes) Against: 196 votes (0,00 % of the represented votes) Impartial: 1950 votes (0,00 % of the represented votes) Did not vote: 576 votes 5. Increasing the Share Capital by way of a bonus issue. Based on § 350 of the Commercial Code, the General Meeting resolved: On the bases of the approved Annual Report of 01.09.2005 - 31.08.2006 and of the profit distribution resolution, to increase the share capital by way of a bonus issue upon the following terms and conditions: 1) To increase the share capital from the share premium (3 208 578 400 kroons) and the retained earnings of the prior accounting periods (1 845 049 400 kroons) without making additional contributions (bonus issue) by 5 053 627 800 kroons issuing 3 new shares with nominal value 10 kroons for each existing share. Total 505 362 780 new shares shall be issued. As a result of the bonus issue the share capital shall increase from 1 684 542 600 kroons to 6 738 170 400 kroons. 2) The shareholders who are entered into the list of shareholders of AS Tallink Grupp as at 31 January 2007, at 08.00 A.M., shall participate at the bonus issue. All shareholders participating at the bonus issue shall acquire 3 (three) new shares for each existing share. 3) The new shares issued at the bonus issue shall be entered into the securities accounts of the shareholders latest by 02 February 2007. 4) The shares issued at the bonus issue shall give the right to receive dividends as from the annual financial year beginning at 1 September 2006. Tabulation of votes: In favor: 102 442 487 votes (100 % of the represented votes) Against: 0 votes (0,00 % of the represented votes) Impartial: 255 votes (0,00 % of the represented votes) Did not vote: 576 votes 6. Authorizing the acquisition of own shares. Based on § 283 section 2 and § 284 section 1 of the Commercial Code, the General Meeting resolved: To grant to the public limited company the right to acquire the shares of AS Tallink Grupp subject to the following conditions: 1) The company is entitled to aquire own shares within one year from adoption of this resolution. 2) The total nominal values of the share aquired by the company in a calendar year shall not exceed 5 % of the share capital. 3) The price payable for one share shall not be more than is the highest price paid at Tallinn Stock Exchange for the share of AS Tallink Grupp at the day when the share is aquired. 4) Own shares shall be paid for from the assets exceeding the share capital, mandatory legal reserve and issue premium. 5) Own shares shall be transferred within one year after the aquisition thereof. Tabulation of votes: In favor: 102 440 396 votes (100 % of the represented votes) Against: 196 votes (0,00 % of the represented votes) Impartial: 2150 votes (0,00 % of the represented votes) Did not vote: 576 votes 7. Approval of the conditions for share options. Based on § 298 section 2 subsection and § 345 section 1 of the Commercial Code, the General Meeting resolved: 1) To grant to the Supervisory Board the right to carry out share options in order to motivate the leading employees of AS Tallink Grupp and the companies belonging to the same group on the following conditions: (1) The Supervisory Board of AS Tallink Grupp is entitled to issue up to 4 000 000 (four million) share options whereas each share option grants the entitled person right to buy 1 (one) share of AS Tallink Grupp. (2) The entitled persons of a share option and the amount of shares being transferred to them shall be determined by the Supervisory Board of AS Tallink Grupp. The Supervisory Board of AS Tallink Grupp shall elect the entitled persons for the share option from amongst the leading employees of AS Tallink Grupp and the companies belonging to the same group whereas persons working under the employment contract as well as the management shall be considered the leading employees. The members of the Supervisory Board of AS Tallink Grupp may not be determined as entitled persons of a share option. The Management Board of AS Tallink Grupp may submit proposals to the Supervisory Board in regards to the persons to be determined as entitled persons for a share option. The number of persons entitled to a share option may not exceed 90. (3) An entitled person for a share option may not transfer the share option issued to him/her. (4) For the compliance with the conditions for the share option up to 4 000 000 (four million) shares of AS Tallink Grupp shall be issued or purchased. The Supervisory Board shall decide whether the compliance with the conditions for the share option shall be effected by issue of the new shares or by purchase of own shares from the secondary market. (5) No more than 260 000 shares may be distributed to an entitled person for a share option pursuant to these conditions for share option. (6) The right to exercise share option is effective for an entitled person in time period as from 17 January 2008 until 17 April 2008. The entitled person shall express his intention to AS Tallink Grupp in order to exercise the option. (7) In case the contractual relationship with AS Tallink Grupp or with a company belonging to the same group, of an entitled person for a share option terminates before the entitled person becomes eligible to exercise the share option, he looses the right to exercise the share option unless the Supervisory Board of AS Tallink Grupp resolves otherwise. The Supervisory Board of AS Tallink Grupp shall be authorized to set forth additional conditions for termination of eligibility to exercise the option. (8) The exercise price of a share option shall be fixed as follows: a) In case new shares are issued for the compliance with the conditions of a share option, then the price fixed for the option shall not be less than an average weighted price at Tallinn Stock Exchange on a day preceding to the day when the conditions for the share option were determined. In case no transactions were made with the shares of AS Tallink Grupp at the day preceding to the day when the conditions for the share option were determined then the exercise price for the share option shall be the weighted average of the day when the transactions were last made. b) In case no new shares are issued for the compliance with the conditions of a share option, then the fixed exercise price may not be lower than the average weighted price of the purchased shares. (9) Upon the authorization by Tallinn Stock Exchange, the Supervisory Board may change the exercise price of a share option. (10) In case new shares are issued for the compliance with the conditions of the share option, then these shares shall entitle the shareholder for dividends from the financial year beginning on 1 September 2007, if the distribution of dividends is decided. 2) To exclude the pre-emptive subscription right of shareholders to subscribe new shares for the compliance with the conditions for the share option. Tabulation of votes: In favor: 94 957 485 votes (92,69 % of the represented votes) Against: 7 483 545 votes (7,31 % of the represented votes) Impartial: 1712 votes (0,00 % of the represented votes) Did not vote: 576 votes 8. Election of the members of the Supervisory Board. Based on § 298 section 1 subsection 4 and § 319 section 1 of the Commercial Code, the General Meeting resolved: 1) To elect Mr Sunil Kumar Nair for the next term of membership in the Supervisory Board 2) To elect a new member of the Supervisory Board of AS Tallink Grupp Mr Kalev Järvelill. Tabulation of votes: In favor: 102 432 414 votes (99,99 % of the represented votes) Against: 272 votes (0,00 % of the represented votes) Impartial: 10 056 votes (0,00 % of the represented votes) Did not vote: 576 votes 9. Determination of the amount of remuneration of the members of the Supervisory Board. Based on § 326 section 1 of the Commercial Code, the General Meeting resolved: To fix the monthly remuneration of the chairman of the Supervisory Board 30 000 kroons and of other members of the Supervisory Board 25 000 kroons. Tabulation of votes: In favor: 102 431 244 votes (99,99 % of the represented votes) Against: 1150 votes (0,00 % of the represented votes) Impartial: 10 348 votes (0,01 % of the represented votes) Did not vote: 576 votes 10. Nomination of an auditor and determination of the procedure for remuneration. Based on § 298 section 1 subsection 5 and § 328 of the Commercial Code, the General Meeting resolved: 1) To nominate the Auditors Company KPMG Baltics AS to conduct the audit of the financial year 01.09.2006 - 31.08.2007, whereby the leading auditor shall be Mr Andres Root and the executive auditor Mr Eero Kaup; 2) The auditors shall be remunerated according to hourly tariff in the audit contract to be concluded upon the approval of the draft thereof by the Supervisory Board. Tabulation of votes: In favor: 99 380 274 votes (97,01 % of the represented votes) Against: 272 votes (0,00 % of the represented votes) Impartial: 2791 votes (0,00 % of the represented votes) Did not vote: 3 059 981 votes Janek Stalmeister Financial Director AS Tallink Grupp Tel. +372 6409 800