Unique asset for investment

Index

1. Introduction (3-11)

2. Competitive position and strategy

(12-30)

3. Recent developments and financial

results (31-39)

Presenters

3

Marko RaidCFO/Member of the Management Board

Marju ZirelHead of Investor Relations

Resilient infrastructure business model

DIVERSIFICATION PROFITABILITY CASH FLOW GENERATION

2018 Cash Conversion(2)2018 Revenue 2018 Adjusted EBITDA Margin

38%

32%

23%

7%

Passenger H Cargo H Ferry Other

€131m

46%58%

11%

57%49%

82%63%

81%

Airports Ports Ferry Airports Ports Ferry

STRONG DIVIDEND PROFILE

€31m 2009-2019 average annual dividend(3)

✓ €30m 2019-20 minimum annual dividend(5)

70% Minimum payout policy(4) from 2021

✓ ✓

Peers Average(1) Peers Average(1)

Source: Company. Factset.

Note: (1) Data sourced from company reports. Airports peers: Aena, AdP, Fraport, Flughafen Wien, Flughafen Zurich. Ports peers: GPH, NCSP, HHLA, Luka Kooper, Global Ports. Ferry peers: Tallink, Viking Line. (2) Calculated as (Adjusted EBITDA – Capex) / Adjusted EBITDA. (3) 2009-2019, Excludes 2018 paid dividend of €105m. (4) The

dividend policy excludes any one-off effects and is subject to market conditions, growth and development plans and the need to maintain a reasonable level of liquidity.

€35m Actual dividend paid in 2019

✓

4

Where we operate

ESTONIA

• Part of EU, eurozone, OECD and NATO

• Currency EUR

• Next door to Russia, Scandinavia, Baltics

• Stable credit rating outlook A1 (Moody’s) and AA- (S&P)

• Consistently lowest government debt level in EU

5

A Well Balanced Business ProfileBusiness segments

Passenger Harbours Cargo Harbours

FerryOther

• 10-year agreement for icebreaking with the Estonian Maritime Administration until Q2 2022 covering northern Estonian ports in winter

• Short term contracts for various maritime support operations from May to Nov

• Waste management through a 51% stake in Green Marine joint venture

Icebreaking (MPSV Botnica)

Waste Management

Shipping

• Ferry service between Estonian mainland and two of the largest islands

• Services provided on 2 routes with 5 ferries

• Additional trips on summer peak time

• 10-year service agreement with the Estonian Road Administration until Q3 2026

Provision of infrastructure for vessels and cargo operators

Liquid bulk, Ro-Ro, dry bulk, containers, general cargo, industrial parks

Muuga Harbour

• Main cargo harbour in Estonia

Paldiski South Harbour

• Estonian export-import, cars, outsized goods

Provision of infrastructure for vessels and servicing of passengers and vehicles

Old City Harbour (main)

• Lines serviced include: Tallinn – Helsinki, Tallinn – Stockholm, Tallinn – St. Petersburg

• Serving PAX vessels’ Ro-Ro cargo

• Cruise vessels

Saaremaa Harbour

• Cruise and dry bulk

6

Where we operateFROM HARBOURSTO VESSEL OPERATIONS Muuga Harbour

Old City Harbour

PaldiskiSouth Harbour

SaaremaaHarbour

Tallinn

Old City Marina

Ferry transfer to islands

Ice-breakerBotnica

Revenue Structure & Main Customers

Clients

Republic of Estonia

Ferry

38% 32%

23%7%

Revenue 2018

Republic of Estonia

Other

Botnica

Terminal operators Shipping lines

Cargo harbours

(2)

44%32%

18%6%

Adj. EBITDA 2018

Regular lines Cruise

Passenger harbours

8

Revenue modelPassenger harbours

55%

34%

3%3%4%

Rental Income• Fixed lease income from operators using PoT’s land premises

(commercial operators e.g. shops, restaurants)

Cargo Charges• Pre-agreed tariffs for ro-ro cargo carried on ROPAX vessels

Passenger Fees• Passenger fees per passenger based on public price list• Line and Cruise passenger fees are based on similar model, but

have different tariffs

Vessel Charges

• Tonnage charges based on gross tonnage separately for each call of the vessel based on public price list

• Waste fee based on vessel gross tonnage for each vessel call, in case of passenger ships for one call per day

• Mooring charge based on the gross tonnage of the vessel

Adjusted EBITDA

Revenue

2018 Contribution

CruiseKey Customers

Regular Lines

Cruise

38%

44%

9

Revenue modelCargo harbours

50%

14%

22%

12%

3% Sales of Electricity• Calculated based on the readings of customers electricity meters

Rental Income• Fixed lease income from operators using PoT’s land and facilities

Cargo Charges• Pre-agreed tariff based charges (volume x tariff = charge)• Cargo charges agreed separately from operator to operator• Contractual penalties if terminal operators fail to handle pre-

agreed minimum amounts of cargo

Vessel Charges

• Tonnage charges based on vessel gross tonnage

• Waste fee

• Mooring

Adjusted EBITDA

Revenue

2018 Contribution

32%

32%

CruiseKey Customers

Terminal Operators

Shipping Lines

10

Revenue modelFerry business

~ 50%

~ 30%

~ 20%

Voyage Fee• Coverage of flexible cost,

EUR/voyage• Indexed to fuel price (90%)

and CPI (10%)

Variable Fee• Coverage of fixed ope-

rating cost, EUR/year basis• Indexed to CPI (65%) and

the Estonian wage inflationindex (35%)

Fixed Fee• Coverage on capital and

interest cost, EUR/yearbasis

Adjusted EBITDA

Revenue

2018 Contribution

CruiseCustomer

23%

18%

State of Estonia

~ 60%

~ 40% Ticket Sales

Subsidy• Delta between

contract income and ticket sales

Means of Payments

ContractIncome

Contract Collection

11

Competitive position and strategy

4th biggest passenger port in Northen Europe

St. PetersburgSweden

Stockholm

Russia

Estonia

Tallinn

Finland

Helsinki

• 2h voyages to Helsinki 10-15x per day

• Mini-cruises to Stockholm

• Mini-cruises to St. Petersburg

• New Muuga-Vuosaari line 2019

• Ca 640 cruise ship calls

NorwayOslo

Belarus

Latvia

Lithuania

UK

Sweden

Finland

France

Estonia

Top 5 PAX Ports in Northern Europe in 2018 (millions)

9,1

10,6

11,8

12,1

12,1Helsinki

Stockholm

Dover

Calais

0,7

1

9

0

1

2

3

4

5

6

7

8

9

10

11

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Mill

ion

s

Tallinn-Helsinki

Tallinn-Stockholm

Tallinn-St. Petersburg

Cruise (trad.)

Other

10.6m

PAX: consecutive growth for 11 years

Natural monopoly

✓Blue chip customers

✓Resilient PAX flow

✓Cruise growth

✓

13

Cargo -change of business model

• Revenue resisting despite of downturn in volumes

• Less addicted to Russian transit

o 2007 – political conflict between Estonia and Russia

o 2012 – Ust-Luga port starts operations

o 2014 – sanctions for Russia, ship-terminal-ship model

Cargo volume and revenue

0

10

20

30

40

50

60

0

5

10

15

20

25

30

35

40

45

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Rev

enu

em

EU

R

volu

me

mln

to

ns

Liquid bulk Dry bulk General cargo Containers Ro-ro Cargo H revenue [R]

14

Restart in cargo

• A shift from East-West to North-South direction

• New operators and business models

• Cooperation with Helsinki and other ports

• EU TEN-T network connection

• China Belt and Road connection

• Digitalisation

Rail Baltica 2026 http://www.railbaltica.org/

15

MUUGA HARBOURNew projects, cargo operators and owners

Transiidikeskus → HHLA TK

(containers)

PK Terminal (dry bulk, break bulk)

Stivis→ Baltic Maritime

Logistics Group(dry bulk, break bulk)

Rail Baltica freight terminal,

in progress

MPG AgroProduction(oil seed complex),

in progress Bulk&Tank (dry bulk,

break bulk), in progress

Oiltanking→Olerex

(liquid bulk)

Vopak E.O.S.→Liwathon E.O.S.

(liquid bulk)

16

Ferry business

• Subsidiary TS Laevad

• Operating 5 vessels on 2 routes

• Agreement with the state until 2026

• Additional trips on summer peak-time

Saaremaa

Hiiumaa

Heltermaa

Rohuküla

KuivastuVirtsu

Estonia

Mainland

0,4

2,22,3

1,9

0,2

1,01,0

0,8

2,0 2,1

0,8 0,9

0

0,5

1

1,5

2

2,5

Growing service volumes (mln)

veichles (other)

PAX (other)

veichles (TS)

PAX (TS)

2,1

0,9

17

MPSV Botnica

• Subsidiary TS Shipping

• Agreement with the state for icebreaking in winter until 2022

• Summer charters (May-Nov):

o 2018-2022: Baffinland Iron Mines. Ice management and escort service for iron ore shipments from Baffin island.

o 2014: Karmorneftegaz(Rosneft+Exxon Mobile). Support of drilling campaign in the Kara Sea.

o 2013: NDE Offshore, Siemens. Air diving works in the North Sea renewables sector.

18

Maritime and logistics sector

VISION MEGATRENDS

Largervessels

Cost efficiency

Environmental requirements

Digitalisation and automation

Unmanned vessels

Client experience

Green port

Digital data exchange

Fully automated terminals and multimodality

19

Green port

• 93% of ship generated waste reused in the circular economy

• Waste water reception via pipeline from PAX ships

• On-shore Power Supply

• Auto-mooring system

• E-Nose system in Muuga

• LNG bunkering for ROPAX ships

• Silver quality label in CSR

• ISO 14001, EBRD standards20

Growth opportunities -

Passengers

• Line traffic development –Muuga-Vuosaari line

• Services for Asian clients

• Passenger terminals renovation

• Continuous growth in cruise -cruise terminal construction

• Service speed and quality - Smart Port and traffic management systems, auto-mooring

21

Growth opportunities -

Cargo

• Trade increase Scandinavia-Mediterranean (incl. Rail Baltica)

• Belt and Road (e-trade, distribution center)

• LNG and container goods market growth

• Increased cooperation and further digitalization of the logistics chain

• Available existing capacity for growth

22

Growth opportunities -

Shipping

Ferry service:

• 3rd ferry on Saaremaa line

• Efficiency of operations

• New routes

Icebreaking/offshore:

• MPSV Botnica summer charter(increasing demand)

23

Growth opportunities -

Real estate

Old City Harbour development plan Masterplan 2030+

• MOU with Tallinn City, detail plans in process

• Total build-up area of 460,000 gross m2

above ground (including 160,000m2 extension possibility by land reclamation)

Development of the industrial parks in Muuga (76ha) and Paldiski (34ha) and providing additional value

Prime Real Estate in the City Centre

Plot 2

Plot 1

Plot 3

Plot 5

Commercial use Commercial and Residential use

Old Town

Old City Harbour

Total land area of 16.2 ha

24

25

Old City Harbour „Masterplan 2030+“

Future vision by Zaha Hadid Architects

IPO 2018 success story12 500 shareholders

• First large scale IPO in the Baltics in 18 years

• Professional international team

• IPO volume €147m

• Oversubscribed more than 3X

• IPO 2018 won several regional awards as the IPO of the year

26

Trading of the shareListed on Nasdaq Baltic Main list

• In TOP3 most traded shares in the Baltics

• Stable shareholder structure

• Market capitalisation EUR 518 mln

• Free float 33%, i.e. 86.7 million shares

• Analyst coverage: Citi, ERSTE, Carnegie, SEB, Swedbank, LHV

• Analysts’ target price range EUR 2.2-2.4

800

850

900

950

1000

1,90

2,00

2,10

2,20

Share price (EUR)

TSM1T (L) OMXBBGI (R)

Estonian State

67% (67%)EBRD

4% (4%)

INT funds

11% (14%)

EST retail10% (7%)

EST PF&IF6% (6%)

BALTIC funds (LV, LT)

2% (2%)

*as at 30.09.2019 compared to 12.06.2018 in brackets27

Experienced Management and a Supportive Governance Framework

Management Board

To function as the maritime vehicle and the driver of strategic initiatives in the Estonian logistics sector

Strategic

FinancialTo operate efficiently and profitably in order to support stable and growing dividends

Transparency To set the standard for best-practice business culture

Main objectives of the state as majority shareholder:

Valdo Kalm CEO

Joined: 2016

Previously CEO of Eesti Telekom

Marko Raid CFO

Joined: 1997

Various managerial positions within PoT

Margus Vihman CCO

Joined: 2016

Several executive positions at various organisations

Aare TarkChairman of the Board

Üllar Jaaksoo Member of the Board

Ahti Kuningas Member of the Board

Urmas Kaarlep Member of the Board

Raigo Uukkivi Member of the Board

Maarika LiivamägiMember of the Board

Supervisory Board / Board of Directors4/6 independent members

Supervisory Board selected through a comprehensive and transparent selection process (Nomination Committee proposal) to ensure independent majority

✓INDEPENDENT INDEPENDENT

INDEPENDENT MINISTRY OF FINANCE

MINISTRY OF ECONOMIC AFFAIRS AND COMMUNICATION

INDEPENDENT

Good corporate governance. Silver label in CSR.✓

Excellent HSSE track record. ISO 9001 and 14001 compliance since 2003.✓

28

Substantial Cash Flow Generation

Strong Margins……with Major Investments

Completed in Recent Years…

Adjusted EBITDA(1) & Margin

Expected average annual capex 20-25 mEUR

Capex

€63 m €66 m €67 m

2015 2016 2017 2018

67% 64%55% 57%

€65m

€43m€36m

2015 2016 2017 2018

Ferries Other investments

€14m

Moderate EBITDA growth driven by shipping✓

Margin evolution driven by changing business mix✓

4 newbuild ferries, 1 used✓

Passenger terminal D✓

Upgrade of passenger quays✓

Old City Harbour traffic solution✓

Source: Company.

Note: (1) 2016 financial information has been restated to reflect the impact of new International Financial Reporting Standards applicable to the Company from FY 2017 onwards.

€74m

29

Dividend stockEquity story

• Expectations of the State as the majority shareholder for continuous stable dividends

DIVIDEND POLICY

• Min EUR 30M annually in 2019 and 2020

• starting 2021 at least 70% of net profit

• Dividend paid in 2019 EUR 35,242M(EUR 0,134 per share)

Income tax 20% or 14% ,gross-up, based on dividends

3135

48

105

35

0

20

40

60

80

100

120

2015 2016 2017 2018 2019

Dividends paid (mEUR)

30

Recent developments & financial results

• Vopak E.O.S. acquired by Liwathon

• PAX vessels maintenance in Q1 decline in PAX, vessel calls and revenues

• Additional ferry trips on Saaremaa line in summer

• MPSV Botnica charter for summer in Baffin island

• Dividend payment on 04.06.2019 (EUR 0.134 per share)

• New RO-PAX ship on Muuga-Vuosaari line by Eckerö and start of PAX service by Eckerö and Tallink

• New dry bulk and general cargo terminal in Muuga Harbour by PK Terminal

Latest highlightsIn 2019

32

Volumes

Cargo Volumeby cargo type

Number of Passengersby routes

7,4 8,8

5,15,3

4,13,9

1,91,90,60,6

0,0

5,0

10,0

15,0

20,0

25,0

2017 2018

Mill

ion

ton

s

FY 2017-2018

General cargo

Containers

Dry bulk

Ro-Ro

Liquid bulk

19,2+7,4%

20,6

4,3 4,0

2,7 2,7

1,8 2,0

1,0 0,90,3 0,4

0,0

2,0

4,0

6,0

8,0

10,0

12,0

2018 6M 2019 6M

Mill

ion

ton

s

6M 2018-2019 10,1-0,8%

10,0

8798 8797

1013 100983 85566 638100 90

0

2000

4000

6000

8000

10000

12000

2017 2018

Th

ou

san

d P

AX

FY 2017-2018

Other

Cruise

(traditional)Tallinn-

St.PetersburgTallinn-

StockholmTallinn-Helsinki

+0,6%10 560 10 619

4026 3968

491 41631 28244 24134 43

0

1000

2000

3000

4000

5000

6000

6M 2018 6M 2019T

ho

usa

nd

PA

X

6M 2018-2019 -2,7%4827 4697

33

Volumes 9M

Cargo Volumeby cargo type

Number of Passengersby routes

6,95,2

4,0

4,0

2,8

3,2

1,41,4

0,50,5

0,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

16,0

18,0

2018 9M 2019 9M

Mill

ion

ton

s

Liquid bulk Ro-Ro Dry bulk Containers General cargo

15.6-8.3%

14.3

6756 6747

793 71527 7863 59

624 64143 57

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

2018 9M 2019 9M

Th

ou

san

d P

AX

Tallinn-Helsinki Tallinn-Stockholm Muuga-Vuosaari

Tallinn-St.Petersburg Cruise (traditional) Other

-0.1%8305 8297

34

Results of the Group

In thousands 2017 2018 +/- 6M 2018 6M 2019 +/-

Revenue 121 295 130 635 7.7% 62 166 61 350 -1.3%

Adjusted EBITDA 66 521 74 380 11.8% 35 695 35 706 0.0%

Adjusted EBITDA margin 54.8% 56.9% 2.1 57.4% 58.2% 0.8

Operating profit 40 317 52 075 29.2% 24 950 24 731 -0.9%

Income tax -11 955 -26 199 119.1% -26 250 -5 764 -78.0%

Profit/loss for the period 26 425 24 423 -7.6% -2 256 18 199 906.7%

Investments 35 847 14 251 -60.2% 5 190 11 070 113.3%

35

Cash Flow and Financial Position

In thousands 2018 6M 2019

Cash from operating activities 57 113 31 484

Cash used in investing activities -12 325 -10 159

Free cash flow (FCF) 44 788 21 325

Cash from/used in financing activities -9 179 -39 250

NET CASH FLOW 35 609 -17 925

NET DEBT (at the end of the period) 171 049 185 591

Cash Flow statement

43 25

8

12

573 572

214 210

42 48

368 351

0

100

200

300

400

500

600

700

31.12.18 31.12.18 30.06.19 30.06.19

Financial position

Cash Other current assetesNon-current assets DebtOther liabilities Equity

36

Revenue generation by segments

49,9 49,9

22,333,3 32,4

14,9

39,8 41,7

19,9

23,3 24,1

11,9

27,130,1

14,8

8,4 13

6,7

4,68,9

4,31,5

4,8

2,2

0

20

40

60

80

100

120

140

2017 2018 2019 - 6m 2017 2018 2019 - 6m

mEU

R

Other

Ferry

Cargo harbours

Passenger harbours

Revenue EBITDA

37

Results of the Group

Unit 2018 2017 %

Revenue EUR ‘000 130 635 121 295 7.7%

Operating profit EUR ‘000 52 075 40 317 29.2%

Adjusted EBITDA EUR ‘000 74 380 66 521 11.8%

Depreciation, amortisation and impairment

EUR ‘000 -22 345 -26 430 -15.5%

Income tax EUR ‘000 -26 199 -11 955 119.1%

Profit for the period EUR ‘000 24 423 26 425 -7.6%

Investments EUR ‘000 14 251 35 847 -60.2%

Number of employees (average)

496 508 -2.4%

Cargo volume t ‘000 20 608 19 182 7.4%

Number of passengers t ‘000 10 619 10 560 0.6%

Number of vessel calls 7 652 7 716 -0.8%

Unit 2018 2017 %

Total assets at period -end EUR ‘000 623 639 597 137 4.4%

Net debt at period -end EUR ‘000 171 049 228 646 -25.2%

Equity at period-end EUR ‘000 367 674 325 792 12.9%

Number of shares at period -end ‘000 263 000 185 203 42.0%

Operating profit/revenue 39.9% 33.2%

Adjusted EBITDA/revenue 56.9% 54.8% 2.1

Profit for the period/revenue 18.7% 21.8%

EPS: Profit for the period/weighted average number of shares

EUR 0.11 0.14 -25.1%

Equity/number of shares EUR 1.40 1.76 -20.5%

Profit for the period/total assets 3.9% 4.4%

Profit for the period/equity 6.6% 8.1%

Share price at period -end 2.04

P/E: Share price/earnings per share 19.1

38

AS Tallinna Sadam - Port services for passengers and cargo

OÜ TS Laevad100%

Ferry service to Saaremaa and Hiiumaa

OÜ TS Shipping 100%

Icebreaker Botnica charter

AS Green Marine51%

Waste management

Group companies

39

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