Tallinna Sadam                NEWS RELEASE                      07/15/2004



ARTICLES OF ASSOCIATION CHANGED



On July 14th, 2004, the extraordinary general meeting of Port of Tallinn 

approved the following changes into the Articles of Association:

1. To replace the first sentence in article 4.3.2 as follows 

"The Management Board has one to five members".

2. Reword article 4.3.3 as follows:

"4.3.3 If the Management Board has more than two members, Supervisory Board

shall elect the Chairman of the Management Board from among the members of 

the Management Board to organise the activity of the Management Board."

3. Reword article 4.3.4 as follows:

"4.3.4 Participation of the members of the Management Board in the 

organisation of day-to-day economic operations of the Company and 

the procedure of adoption of resolutions by the Management Board shall be 

determined with rules of procedure of the Management Board."

4. Leave out article 4.3.5.





Erik Sakkov

Marketing Director

6318067