Tallinn Stock Exchange         NEWS RELEASE              21.11.2005



CONDITIONAL LISTING OF SHARES OF AS TALLINK GRUPP



The Listing and Surveillance Committee (hereinafter: the Committee)

of  the  Tallinn  Stock  Exchange reviewed the  application  by  AS

Tallink  Grupp, filed with the Committee for listing the shares  of

AS Tallink Grupp in the Main List of TSE.



The Committee decided on November 20, 2005:



1.  To  satisfy  the listing application and to list  the  ordinary

shares of AS Tallink Grupp conditionally in the Main List of TSE as

follows:



1.1.  to  list the existing 110,000,000 shares after the  following

conditions are met:



- the  Extraordinary General Meeting  of shareholders of AS Tallink

Grupp  has  decided to issue the New Shares as stated in the  Terms

and Conditions of the Offering;

- the  Offering  has  been completed according  to  the  principles

described  in  the  offering prospectus  and  the  results  of  the

offering are disclosed;

- the Offer Shares have been transferred to the securities accounts

of new investors in Estonian CSD;

- after  the Offering at least 25% of the share capital represented

with  the  shares  of  the company is in the  public  hands  (incl.

professional   investors  who  participate  in  the   Institutional

Offering and will be allocated less than 5% of the total number  of

shares);

- the  company  has  concluded  a market making  agreement  with  a

trading  member of TSE that will provide sufficient  liquidity  for

the  listed  shares during a period of at least 1  year  after  the

shares are admitted to trading. The spread between the buy and sell

offer price should not exceed 1% and the size of such buy and  sell

orders should be at least 2000 shares;

- after  meeting  the aforementioned  conditions, the  company  has

submitted the respective report to TSE.



1.2.  to list up to 26,500,000 New Shares (to be issued) after  the

following conditions are met:



- the conditions stipulated in clause 1.1 are fully met;

- the  increase in the company's share capital  is registered  with

the Commercial Registry;

- after  meeting  the  aforementioned conditions, the  company  has

submitted the respective report to TSE.



2. The first listing day  of the shares mentioned in clause 1.1  is

the  first  trading day after meeting the conditions stipulated  in

clause 1.1.

The  first listing day of the shares mentioned in clause 1.2 is the

first trading day after meeting the conditions stipulated in clause

1.2.





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