Tallinna Sadam                NEWS RELEASE                      05/21/2003



SHAREHOLDERS' MEETING



On May 21 at 11 a.m. the ordinary shareholders' meeting of 

Port of Tallinn took place.



Participating shareholders:

Republic of Estonia, based on law represented by Meelis Atonen, 

the minister of economic affairs and communications



Agenda:

1. approving of the annual report;

2. distribution of profit;

3. electing of an auditor.



The general meeting decided:

1. to approve the 2002 annual report of Port of Tallinn.

2. to approve EEK 433 570 528 as the net profit of the 2002 financial year 

of Port of Tallinn; EEK 133 700 000 as part of profit paid out as dividends 

to the shareholders; EEK 21 678 526 as part of profit allocated 

into mandatory legal reserve; EEK 278 192 002 as part of profit allocated 

to retained earnings.

3. to name AS PriceWaterhouseCoopers as the auditor of Port of Tallinn 

for the financial years 2003 to 2005.





Erik Sakkov

Marketing Director

6318067